Vanguard Short-Term Bond Index Fund Institutional Plus Shares is an index mutual fund designed to track the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, providing broad exposure to U.S. investment‑grade bonds with short maturities. Its mandate spans Treasury, agency, and high‑quality corporate debt, emphasizing limited interest rate sensitivity typical of the short‑term bond category. The fund employs a market‑value‑weighted approach and an indexing strategy to deliver diversified core fixed income exposure at a very low expense ratio, aiming for efficient representation of the short end of the investment‑grade curve. With thousands of holdings and an effective duration in the low‑to‑mid two‑year range, it seeks to balance income generation with lower volatility relative to intermediate and long‑duration strategies. This share class targets large institutions through a high minimum investment and monthly distributions, serving as a liquidity‑aware building block for cash segmentation, short‑duration core allocation, or liability‑matching needs within multi‑asset portfolios. Its scale and process position it as a benchmark‑like vehicle for managing short‑term interest rate exposure in U.S. fixed income markets.
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