Overview |
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Investment Objective
The portfolio seeks income consistent with the preservation of principal.
Investment Strategy
The portfolio invests all of its assets in the Vanguard Short-Term Reserves Account, through which the portfolio owns funding agreements (traditional and separate account), synthetic investment contracts (SICs), and shares of Vanguard Federal Money Market Fund. SICs are also called alternative investment contracts or wrapped bond contracts. Funding agreements and SICs are interest-bearing contracts that are structured to preserve principal and accumulate interest earnings over the life of the investment. Traditional funding agreements generally pay interest at a fixed interest rate and have fixed maturity dates that normally range from 2 to 5 years. Separate account funding agreements and SICs pay a variable interest rate and have an average duration range between 2 and 5 years. Investments in either new funding agreements or SICs are based upon the available liquidity in the portfolio, and the competitiveness of offered yields, based on market conditions and trends. The Short-Term Reserves Account also purchases shares of Vanguard Federal Money Market Fund to meet normal liquidity needs.
The total amount invested in the Federal Money Market Fund is expected to range between 0% and 25%. The Federal Money Market Fund invests in high-quality, short- term money market instruments issued by the U.S. government and its agencies and instrumentalities. The Federal Money Market Fund maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less.
The performance of the Stable Value Portfolio will reflect the blended earnings of the funding agreements, SICs, and Federal Money Market Fund shares held by the portfolio, minus the portfolio’s expenses. Because the Vanguard Short-Term Reserves Account is not a registered investment company (mutual fund), there is no separate prospectus available.
Investment Risks
These risks are discussed under Vanguard Investment Risks per the Disclosure Booklet.
Average Annual Returns - Updated Monthly as of
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Annual Investment Returns
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Since Inception returns for less than one year are not annualized.
The performance data shown represents past performance. Past performance - especially short-term past performance - is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' units, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
