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Objective
The Bond Portfolio seeks to track the performance of a broad, market-weighted bond index.
Strategy
The Portfolio invests 100% of its assets in Vanguard Total Bond Market Index Fund. The Underlying Fund employs an indexing investment approach designed to track the performance of the Barclays U.S. Aggregate Float Adjusted Index. This Index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States—including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities—all with maturities of more than 1 year.
The Underlying Fund invests by sampling the Index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. All of the Underlying Fund's investments will be selected through the sampling process, and at least 80% of the Underlying Fund's assets will be invested in bonds held in the Index. The Underlying Fund maintains a dollar-weighted average maturity consistent with that of the Index, which generally ranges between 5 and 10 years.
Risks
As with any investment, your investment in the Portfolio could lose money or the Portfolio's performance could trail that of other investments. Each Portfolio has a different level of risk. For a full description of the investment risks associated with this Portfolio, see the Program Description.
