Performance for the long run

Our funds are among the industry’s best long-term performers.

For the ten-year period ended March 31, 2009, these percentages of Vanguard funds outperformed their Lipper averages:

• 100% of money market funds (11 of 11)
• 89% of balanced funds (8 of 9)
• 100% of bond funds (28 of 28)
• 54% of stock funds (28 of 52)

Results will vary for other time periods. Only funds with a minimum ten-year history were included in the comparisons. (Source: Lipper Inc.)

Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks.