0000932471-16-013698.txt : 20160608 0000932471-16-013698.hdr.sgml : 20160608 20160608080324 ACCESSION NUMBER: 0000932471-16-013698 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 106 FILED AS OF DATE: 20160608 DATE AS OF CHANGE: 20160608 EFFECTIVENESS DATE: 20160608 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD FIXED INCOME SECURITIES FUNDS CENTRAL INDEX KEY: 0000106444 IRS NUMBER: 231899003 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-47371 FILM NUMBER: 161702692 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD FIXED INCOME SECURITIES FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WESTMINSTER BOND FUND INC DATE OF NAME CHANGE: 19800619 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD FIXED INCOME SECURITIES FUNDS CENTRAL INDEX KEY: 0000106444 IRS NUMBER: 231899003 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-02368 FILM NUMBER: 161702693 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD FIXED INCOME SECURITIES FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WESTMINSTER BOND FUND INC DATE OF NAME CHANGE: 19800619 0000106444 S000002582 Vanguard GNMA Fund C000007087 Investor Shares VFIIX C000007088 Admiral Shares VFIJX 0000106444 S000002583 Vanguard Short-Term Treasury Fund C000007089 Investor Shares VFISX C000007090 Admiral Shares VFIRX 0000106444 S000002584 Vanguard High-Yield Corporate Fund C000007092 Investor Shares VWEHX C000007093 Admiral Shares VWEAX 0000106444 S000002586 Vanguard Intermediate-Term Investment-Grade Fund C000007097 Investor Shares VFICX C000007098 Admiral Shares VFIDX 0000106444 S000002587 Vanguard Intermediate-Term Treasury Fund C000007099 Investor Shares VFITX C000007100 Admiral Shares VFIUX 0000106444 S000002588 Vanguard Long-Term Investment-Grade Fund C000007101 Investor Shares VWESX C000007102 Admiral Shares VWETX 0000106444 S000002589 Vanguard Long-Term Treasury Fund C000007103 Investor Shares VUSTX C000007104 Admiral Shares VUSUX 0000106444 S000002590 Vanguard Short-Term Federal Fund C000007105 Investor Shares VSGBX C000007106 Admiral Shares VSGDX 0000106444 S000002591 Vanguard Short-Term Investment-Grade Fund C000007107 Investor Shares VFSTX C000007108 Admiral Shares VFSUX C000007109 Institutional Shares VFSIX 0000106444 S000048081 Vanguard Ultra-Short-Term Bond Fund C000151975 Admiral Shares VUSFX C000151976 Investor Shares VUBFX 485BPOS 1 merged.htm FIXED INCOME XBRL merged.htm - Generated by SEC Publisher for SEC Filing

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-1A  
 
REGISTRATION STATEMENT (NO. 2-47371)  
UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 110 [X]
and  

 

REGISTRATION STATEMENT (NO. 811-2368) UNDER THE INVESTMENT COMPANY ACT

OF 1940

Amendment No. 111

[X]

VANGUARD FIXED INCOME SECURITIES FUNDS

(Exact Name of Registrant as Specified in Declaration of Trust)

P.O. Box 2600, Valley Forge, PA 19482 (Address of Principal Executive Office)

Registrant’s Telephone Number (610) 669-1000

Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482

It is proposed that this filing will become effective (check appropriate box)
[X] immediately upon filing pursuant to paragraph (b)
[ ] on (date) pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(1)
[ ] on (date), pursuant to paragraph (a)(1)
[ ] 75 days after filing pursuant to paragraph (a)(2)
[ ] on (date) pursuant to paragraph (a)(2) of rule 485
If appropriate, check the following box:
[ ] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

 


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant hereby certifies that it meets all requirements for effectiveness of this Registration Statements pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town of Valley Forge and the Commonwealth of Pennsylvania, on the 8th day of June, 2016.

VANGUARD FIXED INCOME SECURITIES FUNDS

BY: /s/ F. William McNabb III*

F. William McNabb III
Chairman and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

/s/ F. William McNabb III* Chairman and Chief Executive June 8, 2016
  Officer  
F. William McNabb III    
/s/ Emerson U. Fullwood* Trustee June 8, 2016
Emerson U. Fullwood    
/s/ Rajiv L. Gupta* Trustee June 8, 2016
Rajiv L. Gupta    
/s/ Amy Gutmann* Trustee June 8, 2016
Amy Gutmann    
/s/ JoAnn Heffernan Heisen* Trustee June 8, 2016
JoAnn Heffernan Heisen    
/s/ F. Joseph Loughrey* Trustee June 8, 2016
F. Joseph Loughrey    
/s/ Mark Loughridge* Trustee June 8, 2016
Mark Loughridge    
/s/ Scott C. Malpass* Trustee June 8, 2016
Scott C. Malpass    
/s/ André F. Perold* Trustee June 8, 2016
André F. Perold    
/s/ Peter F. Volanakis* Trustee June 8, 2016
Peter F. Volanakis    
/s/ Thomas J. Higgins* Chief Financial Officer June 8, 2016
Thomas J. Higgins    

 

*By: /s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on April 22, 2014, see File Number 2-17620, Incorporated by Reference.


INDEX TO EXHIBITS  
 
XBRL Instance Document Ex-101.INS
XBRL Taxonomy Extension Schema Document Ex-101.SCH
XBRL Taxonomy Extension Calculation Linkbase Document Ex-101.CAL
XBRL Taxonomy Extension Definition Linkbase Document. Ex-101.DEF
XBRL Taxonomy Extension Labels Linkbase Document Ex-101.LAB
XBRL Taxonomy Extension Presentation Linkbase Document Ex-101.PRE

 

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Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) Fund Summary Investment Objective The Fund seeks to provide current income while maintaining limited price volatility. 0 Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) 0 0.0006 0 0 0.0001 0 0.0007 Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) Example The following example is intended to help you compare the cost of investing in the Fund&#8217;s Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 7 Portfolio Turnover 23 40 90 0 7 23 40 0 90 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 75% of the average value of its portfolio. 0 0 0.75 Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Principal Investment Strategies The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#145;s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#146;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#145;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#146;s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody&#146;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#146;s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years. Principal Risks The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#146;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#146;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#146;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#146;s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.<br /><br />&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#146;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#146;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#146;s portfolio turnover rate. Call risk should be low for the Fund.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0017 0 0.0003 0.002 Annual Total Returns Example The following example is intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 20 64 113 255 20 64 113 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#145;s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#146;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Annual Total Returns &#8212; Vanguard Short-Term Investment-Grade Fund Institutional Shares During the periods shown in the bar chart, the highest return for a calendar quarter was 6.06% (quarter ended June 30, 2009), and the lowest return for a quarter was &#8211;3.39% (quarter ended September 30, 2008). 255 Average Annual Total Returns for Periods Ended December 31, 2015 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Portfolio Turnover 0.0106 0.0066 0.0024 0.0116 0.0255 0.0129 0.0119 0.0217 0.0407 0.023 0.0231 0.036 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the fiscal period from February 24, 2015, to January 31, 2016, the Fund&#8217;s portfolio turnover rate was 24% of the average value of its portfolio. The Fund invests in a diversified portfolio of high-quality and, to a lesser extent, medium-quality fixed income securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#8216;s Investors Service, Inc. (Moody&#8216;s) or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. The Fund may invest no more than 30% of its assets in medium-quality fixed income securities. The Fund is expected to maintain a dollar-weighted average maturity of 0 to 2 years. Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities. The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk should be low for the Fund, because it invests only a portion of its assets in corporate bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.24 Principal Investment Strategies The Fund invests in a diversified portfolio of high-quality and, to a lesser extent, medium-quality fixed income securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#8216;s Investors Service, Inc. (Moody&#8216;s) or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. The Fund may invest no more than 30% of its assets in medium-quality fixed income securities. The Fund is expected to maintain a dollar-weighted average maturity of 0 to 2 years. Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities. Principal Risks The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk should be low for the Fund, because it invests only a portion of its assets in corporate bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. Annual Total Returns An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#145;s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Keep in mind that the Fund&#146;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. 800-662-7447 vanguard.com/performance When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Fund Summary Investment Objective The Fund seeks to provide current income while maintaining limited price volatility. Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) 0 0 0.0514 0.0601 -0.0461 0.1421 0.0537 0.0206 0.0466 0.011 0.019 0.0116 year-to-date return 2016-03-31 0.0177 highest return 2009-06-30 0.0606 0 0 lowest return 2008-09-30 -0.0339 0 0 The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund has not been in operation long enough to report a full calendar-year return. vanguard.com/performance 800-662-7447 <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000032 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000033 column period compact * ~</div> 20 20 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000034 column period compact * ~</div> Vanguard Long-Term Investment-Grade Fund Investment Objective The Fund seeks to provide a high and sustainable level of current income. Fees and Expenses 0 0 The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Example The following example is intended to help you compare the cost of investing in the Fund&#8217;s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 35% of the average value of its portfolio. Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Principal Investment Strategies The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be intermediate- and long-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#8216;s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor.) The Fund&#8217;s dollar-weighted average maturity is expected to fall within a range that is five years shorter than or five years longer than that of its benchmark index, which had a dollar-weighted average maturity of 23.2 years as of January 31, 2016. The Fund uses multiple investment advisors. <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000012 column period compact * ~</div> Principal Risks An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally high for long-term corporate bonds.<br /><br />&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#8217;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Call risk should be moderate for the Fund. To minimize the impact of call risk, the advisors generally seek to purchase bonds that have reasonable protection from being called.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally high for long-term bond funds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000013 column period compact * ~</div> 0.0017 0.0009 0 0 0.0003 0.0003 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000014 column period compact * ~</div> 0.002 0.0012 Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 15 to 30 years. An investment in the Fund could lose money over short or even long periods. You should expect the Fund's share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund's performance:<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.<br /><br />&#149; Income risk, which is the chance that the Fund's income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000016 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000017 column period compact * ~</div> Examples The following examples are intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 20 12 Vanguard Long-Term Treasury Fund 64 39 Investment Objective The Fund seeks to provide a high and sustainable level of current income. 113 68 Fees and Expenses 255 154 The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) 20 12 64 39 113 68 255 154 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund&#8217;s performance. During the fiscal period from February 24, 2015, to January 31, 2016, the Fund&#8217;s portfolio turnover rate was 24% of the average value of its portfolio. Principal Investment Strategies Principal Risks The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. 0 0 0 0 0.0008 0 0.0002 The Fund has not been in operation long enough to report a full calendar-year return. 0.001 vanguard.com/performance Example The following example is intended to help you compare the cost of investing in the Fund&#8217;s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 10 800-662-7447 32 56 128 10 32 56 128 Annual Total Returns &#8212; Vanguard Long-Term Investment-Grade Fund Admiral Shares During the periods shown in the bar chart, the highest return for a calendar quarter was 11.37% (quarter ended September 30, 2009), and the lowest return for a quarter was &#8211;8.25% (quarter ended March 31, 2009). Average Annual Total Returns for Periods Ended December 31, 2015 Portfolio Turnover 1.17 Principal Investment Strategies Principal Risks The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 117% of the average value of its portfolio. 0.24 0 0 An investment in the Fund could lose money over short or even long periods. 0 0 An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. 0.001 0 0.0002 0.0012 Annual Total Returns &#8212; Vanguard Long-Term Treasury Fund Admiral Shares 12 39 68 154 <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000022 column period compact * ~</div> 0.0191 0.0942 0.2269 -0.1193 0.0906 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000023 column period compact * ~</div> 0.2941 0.0357 -0.1294 0.254 -0.0144 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000024 column period compact * ~</div> year-to-date return 2016-03-31 0.0833 highest return 2011-09-30 0.2476 lowest return 2015-06-30 -0.0867 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 800-662-7447 vanguard.com/performance Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. During the periods shown in the bar chart, the highest return for a calendar quarter was 24.76% (quarter ended September 30, 2011), and the lowest return for a quarter was &#8211;8.67% (quarter ended June 30, 2015). -0.0211 -0.0195 Average Annual Total Returns for Periods Ended December 31, 2015 0.0742 0.0711 0.0658 0.0605 -0.0144 -0.0121 0.076 0.0774 0.066 0.0673 Fund Summary Investment Objective The Fund seeks to provide current income while maintaining limited price volatility. Fees and Expenses Fund Summary The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund. Investment Objective Shareholder Fees<br/><br/>(Fees paid directly from your investment) The Fund seeks to provide a high level of current income. Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Fees and Expenses Example The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund. The following example is intended to help you compare the cost of investing in the Fund&#8217;s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Shareholder Fees<br/><br/>(Fees paid directly from your investment) Portfolio Turnover Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the fiscal period from February 24, 2015, to January 31, 2016, the Fund&#8217;s portfolio turnover rate was 24% of the average value of its portfolio. Examples Principal Investment Strategies The following examples are intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Fund invests in a diversified portfolio of high-quality and, to a lesser extent, medium-quality fixed income securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#8216;s Investors Service, Inc. (Moody&#8216;s) or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. The Fund may invest no more than 30% of its assets in medium-quality fixed income securities. The Fund is expected to maintain a dollar-weighted average maturity of 0 to 2 years. Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities. Portfolio Turnover Principal Risks The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 34% of the average value of its portfolio. The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk should be low for the Fund, because it invests only a portion of its assets in corporate bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bonds&#8212;commonly known as &#8220;junk bonds&#8221;&#8212;with medium- and lower-range credit-quality ratings. The Fund invests at least 80% of its assets in corporate bonds that are rated below Baa by Moody&#8217;s Investors Service, Inc. (Moody&#8217;s); have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor.<br /><br />The Fund may not invest more than 20% of its assets in any of the following, taken as a whole: bonds with credit ratings lower than B or the equivalent, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. The loans in which the Fund may invest will be rated Baa or below by Moody&#8217;s; have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. The Fund&#8217;s high-yield bonds and loans mostly have short- and intermediate-term maturities. Annual Total Returns The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Principal Risks 0 An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#146;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#146;s performance:<br /><br />&#149; Credit risk, which is the chance that a bond or loan issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#146;s ability to make such payments will cause the price of that bond or loan to decline. Credit risk should be high for the Fund because it invests primarily in bonds and loans with medium- and lower-range credit-quality ratings.<br /><br />&#149; Income risk, which is the chance that the Fund&#146;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds and moderate for intermediate-term bond funds, so investors should expect the Fund&#146;s monthly income to fluctuate accordingly.<br /><br />&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#146;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#146;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#146;s portfolio turnover rate. Call risk should be moderate for the Fund because it invests only a portion of its assets in callable bonds.<br /><br />&#149; Interest rate risk, which is the chance that bond or loan prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds and loans and moderate for intermediate-term corporate bonds and loans.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />Because of the speculative nature of junk bonds, you should carefully consider the risks associated with this Fund before you purchase shares.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0 0 0 0.0009 Annual Total Returns 0 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. 0.0003 Annual Total Returns &#8212; Vanguard High-Yield Corporate Fund Investor Shares 0.0012 12 39 68 0 0 0 0 154 0 0 0 0 The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. 20 20 An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund has not been in operation long enough to report a full calendar-year return. vanguard.com/performance 0.002 0.0012 800-662-7447 0 0 0.24 0.0003 0.0001 0.0023 0.0013 12 39 68 154 <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000042 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000043 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000044 column period compact * ~</div> 24 13 74 42 130 73 293 166 24 13 74 42 130 73 293 166 0.0824 0.0204 -0.2129 0.3909 0.124 0.0713 0.1436 0.0454 0.0458 -0.0139 During the periods shown in the bar chart, the highest return for a calendar quarter was 14.43% (quarter ended June 30, 2009), and the lowest return for a quarter was &#8211;13.94% (quarter ended December 31, 2008). year-to-date return 2016-03-31 0.023 highest return 2009-06-30 0.1443 lowest return 2008-12-31 -0.1394 Average Annual Total Returns for Periods Ended December 31, 2015 <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000052 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000053 column period compact * ~</div> -0.0139 -0.0386 -0.0065 -0.013 -0.0447 -0.0253 0.0572 0.032 0.0338 0.0583 0.0504 0.0523 0.0602 0.0335 0.0356 0.0614 0.0696 0.0641 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000054 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000056 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000057 column period compact * ~</div> Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance 800-662-7447 An investment in the Fund could lose money over short or even long periods. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.34 The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 15 to 30 years. An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Vanguard Long-Term Treasury Fund Investment Objective The Fund seeks to provide a high and sustainable level of current income. Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Examples The following examples are intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 117% of the average value of its portfolio. Principal Investment Strategies Principal Risks Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Annual Total Returns &#8212; Vanguard Long-Term Treasury Fund Investor Shares During the periods shown in the bar chart, the highest return for a calendar quarter was 24.73% (quarter ended September 30, 2011), and the lowest return for a quarter was &#8211;8.70% (quarter ended June 30, 2015). Average Annual Total Returns for Periods Ended December 31, 2015 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. 0 0 0 0 0 0 0 0 Vanguard Intermediate-Term Treasury Fund 20 20 Vanguard Intermediate-Term Investment-Grade Fund Vanguard GNMA Fund 0.0017 0.0008 0 0 0.0003 0.0002 0.002 0.001 20 64 10 32 113 56 255 128 20 10 64 32 113 56 255 128 1.17 An investment in the Fund could lose money over short or even long periods. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Vanguard Short-Term Federal Fund Investment Objective Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. vanguard.com/performance 800-662-7447 Vanguard Intermediate-Term Treasury Fund Investment Objective The Fund seeks to provide a moderate and sustainable level of current income. Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) The Fund seeks to provide current income while maintaining limited price volatility. Fees and Expenses Investment Objective Investment Objective Investment Objective The Fund seeks to provide a moderate and sustainable level of current income. The Fund seeks to provide a moderate level of current income. The Fund seeks to provide a moderate and sustainable level of current income. Fees and Expenses Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund. Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund. The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) Shareholder Fees<br/><br/>(Fees paid directly from your investment) Shareholder Fees<br/><br/>(Fees paid directly from your investment) The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) 0 0 0 0 0 0 0 0 0.0174 0 0 0.0924 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20 20 20 20 0 20 20 0 0.2252 -0.1205 0.0893 0.2928 0.0347 -0.1303 0.2528 -0.0154 year-to-date return 2016-03-31 0.083 highest return 2011-09-30 0.2473 0.0017 0.0009 lowest return 2015-06-30 -0.087 0.0018 0.0009 Vanguard Short-Term Investment-Grade Fund 0.0017 0.0009 0 0 Investment Objective 0 0 The Fund seeks to provide current income while maintaining limited price volatility. 0 0 Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund. 0.0003 0.0001 0.0003 0.0002 0.0003 0.0001 0.002 0.001 0.002 0.001 0.0021 0.0011 -0.0154 -0.0332 -0.0041 -0.0144 -0.0121 0.0749 0.0563 0.0527 0.076 0.0774 0.0647 0.0456 0.0446 0.066 0.0673 Vanguard Intermediate-Term Investment-Grade Fund Investment Objective The Fund seeks to provide a moderate and sustainable level of current income. Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund. Shareholder Fees<br /><br />(Fees paid directly from your investment) Annual Fund Operating Expenses<br /><br />(Expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees<br/><br/>(Fees paid directly from your investment) Examples Example The following example is intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Examples Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 70% of the average value of its portfolio. Examples Principal Investment Strategies The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#8216;s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years. The following examples are intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The following examples are intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Risks The following examples are intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate accordingly.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally moderate for intermediate-term corporate bonds.<br /><br />&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#8217;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Call risk should be moderate for the Fund.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally moderate for intermediate-term bond funds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Vanguard Short-Term Treasury Fund Investment Objective Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The Fund seeks to provide current income while maintaining limited price volatility. Fees and Expenses Annual Total Returns &#8212; Vanguard Intermediate-Term Investment-Grade Fund Investor Shares The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund. During the periods shown in the bar chart, the highest return for a calendar quarter was 8.16% (quarter ended June 30, 2009), and the lowest return for a quarter was &#8211;6.06% (quarter ended September 30, 2008). Vanguard GNMA Fund Shareholder Fees<br/><br/>(Fees paid directly from your investment) Average Annual Total Returns for Periods Ended December 31, 2015 0 Vanguard Long-Term Treasury Fund 0 Vanguard Long-Term Investment-Grade Fund 0 Investment Objective Investment Objective Investment Objective 0 The Fund seeks to provide a moderate level of current income. The Fund seeks to provide a high and sustainable level of current income. The Fund seeks to provide a high and sustainable level of current income. Fees and Expenses Fees and Expenses Annual Fund Operating Expenses <br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Fees and Expenses Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. 20 10 The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund. 10 0.0008 20 0 Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. 0.0002 The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund. 0.0017 0.001 0 0.0003 32 0.002 22 11 64 68 35 118 62 Example Shareholder Fees<br/><br/>(Fees paid directly from your investment) 113 56 0 The following example is intended to help you compare the cost of investing in the Fund&#8217;s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Shareholder Fees<br/><br/>(Fees paid directly from your investment) Shareholder Fees<br/><br/>(Fees paid directly from your investment) 268 141 0 255 128 10 32 64 32 0 113 56 56 After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. 128 255 128 0 0 Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Example 20 10 0 The following example is intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 20 10 0 0 Vanguard Short-Term Treasury Fund 0 0 22 11 32 Vanguard Short-Term Federal Fund 0 68 35 10 64 0 32 0 113 56 0 118 62 56 0 Vanguard Short-Term Investment-Grade Fund 64 32 Investment Objective 128 Investment Objective 0 Investment Objective 0.0017 0 The Fund seeks to provide current income while maintaining limited price volatility. The Fund seeks to provide current income while maintaining limited price volatility. 0 The Fund seeks to provide current income while maintaining limited price volatility. Fees and Expenses Fees and Expenses 0 Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund. 0.0003 20 The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund. 0.002 The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund. 64 113 56 Shareholder Fees<br/><br/>(Fees paid directly from your investment) 113 255 128 255 128 255 Shareholder Fees<br/><br/>(Fees paid directly from your investment) 0 Portfolio Turnover 268 141 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 211% of the average value of its portfolio. Shareholder Fees<br/><br/>(Fees paid directly from your investment) Principal Investment Strategies The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years. 0 Principal Risks Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#146;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#146;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#146;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) 20 64 113 Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) 255 Examples 0.0018 Examples 0.0017 Examples 0.0019 0 The following examples are intended to help you compare the cost of investing in the Fund&#146;s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested &#36;10,000 in the Fund&#146;s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The following examples are intended to help you compare the cost of investing in the Fund&#146;s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested &#36;10,000 in the Fund&#146;s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 The following examples are intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0 0.0003 Portfolio Turnover 0.0003 Portfolio Turnover 0.0002 Portfolio Turnover 0.0021 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 211% of the average value of its portfolio. 0.002 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 314% of the average value of its portfolio. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 75% of the average value of its portfolio. 0.0021 Principal Investment Strategies Annual Total Returns Principal Investment Strategies Principal Investment Strategies The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years. The Fund invests at least 80% of its assets in short-term bonds issued or guaranteed by the U.S. government and its agencies and instrumentalities, many of which are not backed by the full faith and credit of the U.S. government. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years. The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#8216;s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody&#8217;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years. Principal Risks Annual Total Returns &#8212; Vanguard Short-Term Treasury Fund Admiral Shares Principal Risks Portfolio Turnover Principal Risks The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#146;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#146;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#146;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#146;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#146;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#146;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.<br /><br />&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#8217;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Call risk should be low for the Fund.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Portfolio Turnover Portfolio Turnover 0.0017 0 During the periods shown in the bar chart, the highest return for a calendar quarter was 3.41% (quarter ended March 31, 2008), and the lowest return for a quarter was &#8211;1.12% (quarter ended June 30, 2008). Annual Total Returns Portfolio Turnover Annual Total Returns Annual Total Returns 0.0003 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Annual Total Returns &#8212; Vanguard Short-Term Treasury Fund Investor Shares The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 142% of the average value of its portfolio. Average Annual Total Returns for Periods Ended December 31, 2015 Annual Total Returns &#8212; Vanguard Short-Term Federal Fund Investor Shares The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 314% of the average value of its portfolio. 0.002 Annual Total Returns &#8212; Vanguard Short-Term Investment-Grade Fund Investor Shares During the periods shown in the bar chart, the highest return for a calendar quarter was 3.38% (quarter ended March 31, 2008), and the lowest return for a quarter was &#8211;1.14% (quarter ended June 30, 2008). Principal Investment Strategies During the periods shown in the bar chart, the highest return for a calendar quarter was 3.89% (quarter ended December 31, 2008), and the lowest return for a quarter was &#8211;0.90% (quarter ended June 30, 2013). The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 706% of the average value of its portfolio. During the periods shown in the bar chart, the highest return for a calendar quarter was 6.02% (quarter ended June 30, 2009), and the lowest return for a quarter was &#8211;3.42% (quarter ended September 30, 2008). Average Annual Total Returns for Periods Ended December 31, 2015 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 70% of the average value of its portfolio. Average Annual Total Returns for Periods Ended December 31, 2015 The Fund invests at least 80% of its assets in short-term bonds issued or guaranteed by the U.S. government and its agencies and instrumentalities, many of which are not backed by the full faith and credit of the U.S. government. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years. Average Annual Total Returns for Periods Ended December 31, 2015 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. 0.0055 0.0092 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Principal Risks Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Example 0.009 0.0124 Example The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Example 0.0273 0.0304 Principal Investment Strategies Principal Investment Strategies The following example is intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies The following example is intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Example The following example is intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The following example is intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years. The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#8216;s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years. 0 0 22 The Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Fund&#8217;s assets may be invested in other types of securities such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Fund&#8217;s dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, the Fund&#8217;s dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years). 20 22 68 64 0 0 68 118 113 118 268 255 268 0 0 0 0 0 0 0 0 0 0 20 0 0 Principal Risks Principal Risks 64 0 0 113 0 0 255 0 0 Principal Risks 0 0 20 20 20 20 20 20 An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate accordingly.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage&#8217;s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such prepayments and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Prepayment risk is high for the Fund.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, homeowners will prepay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Fund and delay the Fund&#8217;s ability to reinvest proceeds at higher interest rates. Extension risk is high for the Fund.<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate accordingly.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. In addition, when interest rates decline, GNMA prices typically do not rise as much as the prices of comparable bonds. This is because the market tends to discount GNMA prices for prepayment risk when interest rates decline. Interest rate risk should be moderate for the Fund.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate accordingly.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally moderate for intermediate-term corporate bonds.<br /><br />&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#8217;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Call risk should be moderate for the Fund.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally moderate for intermediate-term bond funds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0 0.0393 0.0802 0.0679 0.0154 0.0276 0 0.75 0.0236 0.0079 0 0.0082 0 0.0055 0.0016 0.0008 0.0017 0.0008 0 0.0017 0.0009 0 0 0 0 0 0 0.0004 0.0002 0.0003 0.0002 0.0003 0.0001 0.002 0.001 0.002 0.001 0.002 0.001 Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) 20 64 22 113 2.11 255 0.0045 0.001 0.0026 0.0055 0.0092 <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000152 column period compact * ~</div> 0.0073 0.0023 0.0043 0.0083 0.0093 Annual Total Returns 0.0103 0.0017 0.0058 0.0113 0.0106 Annual Total Returns 0.0017 0.008 0.0049 0.005 0.009 0.0124 0.0114 0.007 0.0072 0.0125 0.0123 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000153 column period compact * ~</div> 0.7 0.0204 0.0111 0.0121 0.0213 0.0255 0 0.0261 0.0183 0.0176 0.0273 0.0304 20 0.0303 0.0212 0.0203 0.0306 0.0313 0.0003 22 0.0346 0.0222 0.0221 0.0356 0.0407 0.002 68 Annual Total Returns 64 68 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. 118 113 The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. 118 268 255 268 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000154 column period compact * ~</div> The following example is intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Annual Total Returns &#8212; Vanguard Intermediate-Term Treasury Fund Investor Shares An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Portfolio Turnover Annual Total Returns &#8212; Vanguard Intermediate-Term Investment-Grade Fund Investor Shares Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 75% of the average value of its portfolio. Portfolio Turnover Portfolio Turnover <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000156 column period compact * ~</div> Annual Total Returns &#8212; Vanguard GNMA Fund Investor Shares 20 0.0443 0.0614 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 706% of the average value of its portfolio. 64 -0.0616 113 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 117% of the average value of its portfolio. 0.1773 Principal Investment Strategies 255 0.1047 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 35% of the average value of its portfolio. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000157 column period compact * ~</div> 0.0752 The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#8216;s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody&#8217;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years. 20 Principal Risks 64 0.0914 The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.<br /><br />&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#8217;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Call risk should be low for the Fund.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. -0.0137 During the periods shown in the bar chart, the highest return for a calendar quarter was 3.97% (quarter ended December 31, 2008), and the lowest return for a quarter was &#8211;2.79% (quarter ended June 30, 2013). 7.06 During the periods shown in the bar chart, the highest return for a calendar quarter was 7.97% (quarter ended December 31, 2008), and the lowest return for a quarter was &#8211;3.20% (quarter ended June 30, 2009). 113 0.0581 0.0153 255 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. During the periods shown in the bar chart, the highest return for a calendar quarter was 8.16% (quarter ended June 30, 2009), and the lowest return for a quarter was &#8211;6.06% (quarter ended September 30, 2008). 1.17 0.35 Average Annual Total Returns for Periods Ended December 31, 2015 Annual Total Returns Average Annual Total Returns for Periods Ended December 31, 2015 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Principal Investment Strategies Average Annual Total Returns for Periods Ended December 31, 2015 Principal Investment Strategies Principal Investment Strategies The Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Fund&#8217;s assets may be invested in other types of securities such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Fund&#8217;s dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, the Fund&#8217;s dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years). Annual Total Returns &#8212; Vanguard Short-Term Federal Fund Investor Shares Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 15 to 30 years. The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be intermediate- and long-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#8216;s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor.) The Fund&#8217;s dollar-weighted average maturity is expected to fall within a range that is five years shorter than or five years longer than that of its benchmark index, which had a dollar-weighted average maturity of 23.2 years as of January 31, 2016. The Fund uses multiple investment advisors. 20 64 113 During the periods shown in the bar chart, the highest return for a calendar quarter was 3.89% (quarter ended December 31, 2008), and the lowest return for a quarter was &#8211;0.90% (quarter ended June 30, 2013). 255 vanguard.com/performance 0.015 0.0055 0.0098 0.0161 0.0184 0.0133 0.0015 0.008 0.0143 0.0139 0.0153 0.001 0.0096 0.0163 0.0069 800-662-7447 Portfolio Turnover 0.0296 0.0197 0.0201 0.0306 0.0392 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 142% of the average value of its portfolio. 0.0445 0.0272 0.0287 0.0456 0.0498 Principal Investment Strategies The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years. 0.031 0.0186 0.019 0.032 0.0305 0.0461 0.0325 0.0321 0.0474 0.052 0.0461 0.0307 0.03 0.0472 0.0466 0.0534 0.0345 0.0349 0.0545 0.0576 Principal Risks An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate accordingly.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Average Annual Total Returns for Periods Ended December 31, 2015 Principal Risks Principal Risks Principal Risks An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage&#8217;s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such prepayments and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Prepayment risk is high for the Fund.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, homeowners will prepay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Fund and delay the Fund&#8217;s ability to reinvest proceeds at higher interest rates. Extension risk is high for the Fund.<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate accordingly.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. In addition, when interest rates decline, GNMA prices typically do not rise as much as the prices of comparable bonds. This is because the market tends to discount GNMA prices for prepayment risk when interest rates decline. Interest rate risk should be moderate for the Fund.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally high for long-term corporate bonds.<br /><br />&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#8217;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Call risk should be moderate for the Fund. To minimize the impact of call risk, the advisors generally seek to purchase bonds that have reasonable protection from being called.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally high for long-term bond funds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. year-to-date return 2016-03-31 0.0126 Fund Summary highest return 2008-03-31 0.0341 Fund Summary lowest return 2008-06-30 Fund Summary year-to-date return -0.0112 2016-03-31 0.0354 highest return 2009-06-30 Investment Objective 0.0816 lowest return Investment Objective 2008-09-30 0.0432 -0.0606 Investment Objective 0.0743 0.0704 The Fund seeks to provide a moderate level of current income. 0.0279 0.0324 The Fund seeks to provide a high level of current income. 0.0276 0.0144 -0.0035 The Fund seeks to provide a high level of current income. 0.0117 Fees and Expenses 0.0073 Fees and Expenses An investment in the Fund could lose money over short or even long periods. Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund. The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund. Annual Total Returns 0.0153 0.0069 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. 0.0445 0.0498 Annual Total Returns &#8212; Vanguard Short-Term Investment-Grade Fund Investor Shares 0.0534 0.0576 An investment in the Fund could lose money over short or even long periods. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shareholder Fees<br/><br/>(Fees paid directly from your investment) Shareholder Fees<br/><br/>(Fees paid directly from your investment) Shareholder Fees<br/><br/>(Fees paid directly from your investment) During the periods shown in the bar chart, the highest return for a calendar quarter was 6.02% (quarter ended June 30, 2009), and the lowest return for a quarter was &#8211;3.42% (quarter ended September 30, 2008). Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) An investment in the Fund could lose money over short or even long periods. An investment in the Fund could lose money over short or even long periods. 0 0 An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns Annual Total Returns Annual Total Returns year-to-date return The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. 2016-03-31 20 10 1.42 20 10 0.0127 10 20 highest return 64 32 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. 2008-12-31 64 32 64 32 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. 0.0389 113 56 lowest return 113 56 2013-06-30 113 56 -0.009 255 128 255 128 255 128 0 0 An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0 20 10 0 20 10 Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. 20 10 64 32 64 32 64 32 0.0073 0.0093 56 113 113 56 113 56 0.0114 0.0123 255 128 255 128 255 128 0.0303 0.0306 0.0499 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. 0.0586 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. -0.0474 0.1403 Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. 0.0521 Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. 0.0193 0.0452 vanguard.com/performance 0.0097 800-662-7447 0.0176 0.0103 800-662-7447 vanguard.com/performance 0 0 0 0 0 0 An investment in the Fund could lose money over short or even long periods. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.002 Annual Total Returns &#8212; Vanguard Intermediate-Term Treasury Fund Investor Shares 0.0012 0.0018 0 0 0 0.0003 0.0001 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 800-662-7447 vanguard.com/performance Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. 0.0377 0.0432 0.0013 0.0003 0.0023 0.0021 0.0443 0.0433 0.0314 0.0998 0.0701 year-to-date return 0.0614 0.1332 0.0314 -0.0616 2016-03-31 0.0998 0.0722 0.0174 0.1332 -0.0169 0.0529 highest return -0.0169 0.1773 0.0735 0.0735 2009-06-30 0.1047 0.098 0.0695 0.0602 0.098 Example 0.0267 0.0769 lowest return Example 0.0752 -0.0309 0.0267 2008-09-30 0.0432 0.0914 Example 0.015 0.0235 -0.0342 -0.0309 -0.0222 -0.0137 The following example is intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0432 0.0581 0.0665 The following example is intended to help you compare the cost of investing in the Fund&#8217;s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.015 0.0133 0.0499 0.0789 0.0153 0.0743 The following example is intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0586 0.0668 0.0704 -0.0474 0.0144 0.0279 0.1403 0.0264 0.0324 0.0521 0.0226 0.0276 0.0193 0.0069 0.0144 0.0452 -0.001 -0.0035 0.0097 0.0071 24 0.0117 0.0176 0.0045 13 0.0073 22 74 42 20 68 130 64 0.0103 113 During the periods shown in the bar chart, the highest return for a calendar quarter was 7.97% (quarter ended December 31, 2008), and the lowest return for a quarter was &#8211;3.20% (quarter ended June 30, 2009). 255 293 73 118 166 268 Average Annual Total Returns for Periods Ended December 31, 2015 24 13 22 74 42 68 1.42 130 0.7 73 118 7.06 293 166 268 <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000252 column period compact * ~</div> year-to-date return 2016-03-31 0.0342 highest return 2008-12-31 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000254 column period compact * ~</div> 0.0797 lowest return 2009-06-30 -0.032 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000253 column period compact * ~</div> Portfolio Turnover Portfolio Turnover Portfolio Turnover <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000256 column period compact * ~</div> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 706% of the average value of its portfolio. 7.06 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000257 column period compact * ~</div> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 34% of the average value of its portfolio. 0.34 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 34% of the average value of its portfolio. 0.34 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. vanguard.com/performance An investment in the Fund could lose money over short or even long periods. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 800-662-7447 year-to-date return Average Annual Total Returns for Periods Ended December 31, 2015 year-to-date return year-to-date return 2016-03-31 2016-03-31 2016-03-31 0.0123 0.0127 Principal Investment Strategies The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 0.0174 Principal Investment Strategies highest return highest return Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. highest return Principal Investment Strategies 2008-03-31 An investment in the Fund could lose money over short or even long periods. 2008-12-31 0.015 0.0184 2009-06-30 An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0338 The Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Fund&#8217;s assets may be invested in other types of securities such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Fund&#8217;s dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, the Fund&#8217;s dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years). 0.0389 0.0296 0.0392 vanguard.com/performance 0.0602 0.0461 0.052 lowest return lowest return lowest return 2008-06-30 800-662-7447 2013-06-30 2008-09-30 The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bonds&#151;commonly known as &#8220;junk bonds&#8221;&#151;with medium- and lower-range credit-quality ratings. The Fund invests at least 80% of its assets in corporate bonds that are rated below Baa by Moody&#8217;s Investors Service, Inc. (Moody&#8217;s); have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor.<br/><br/>The Fund may not invest more than 20% of its assets in any of the following, taken as a whole: bonds with credit ratings lower than B or the equivalent, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. The loans in which the Fund may invest will be rated Baa or below by Moody&#8217;s; have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. The Fund&#8217;s high-yield bonds and loans mostly have short- and intermediate-term maturities. -0.0114 -0.009 Annual Total Returns &#8212; Vanguard GNMA Fund Investor Shares The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bonds&#151;commonly known as &#8220;junk bonds&#8221;&#151;with medium- and lower-range credit-quality ratings. The Fund invests at least 80% of its assets in corporate bonds that are rated below Baa by Moody&#8217;s Investors Service, Inc. (Moody&#8217;s); have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor.<br/><br/>The Fund may not invest more than 20% of its assets in any of the following, taken as a whole: bonds with credit ratings lower than B or the equivalent, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. The loans in which the Fund may invest will be rated Baa or below by Moody&#8217;s; have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. The Fund&#8217;s high-yield bonds and loans mostly have short- and intermediate-term maturities. -0.0342 Annual Total Returns &#8212; Vanguard Long-Term Treasury Fund Investor Shares Annual Total Returns &#8212; Vanguard Long-Term Investment-Grade Fund Investor Shares An investment in the Fund could lose money over short or even long periods. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0103 0.0106 0.0204 0.0255 0.0346 0.0407 0.0433 0.0174 0.0286 0.0701 0.0924 0.0375 0.0722 0.2252 0.0229 0.0529 -0.1205 0.0875 0.0695 0.0893 0.1071 0.0769 0.2928 0.1718 0.0235 0.0347 0.1166 -0.0222 -0.1303 -0.0587 0.0665 0.2528 0.1817 0.0133 -0.0154 -0.0221 The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 800-662-7447 800-662-7447 800-662-7447 vanguard.com/performance vanguard.com/performance The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. vanguard.com/performance Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Principal Risks Principal Risks Principal Risks An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 800-662-7447 <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000212 column period compact * ~</div> vanguard.com/performance <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualPortfolioOperatingExpenses000213 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000214 column period compact * ~</div> Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. During the periods shown in the bar chart, the highest return for a calendar quarter was 3.97% (quarter ended December 31, 2008), and the lowest return for a quarter was &#8211;2.79% (quarter ended June 30, 2013). <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000216 column period compact * ~</div> During the periods shown in the bar chart, the highest return for a calendar quarter was 24.73% (quarter ended September 30, 2011), and the lowest return for a quarter was &#8211;8.70% (quarter ended June 30, 2015). During the periods shown in the bar chart, the highest return for a calendar quarter was 11.33% (quarter ended September 30, 2009), and the lowest return for a quarter was &#8211;8.28% (quarter ended March 31, 2009). 3.14 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000217 column period compact * ~</div> An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance: <br/><br/>&#149; Credit risk, which is the chance that a bond or loan issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond or loan to decline. Credit risk should be high for the Fund because it invests primarily in bonds and loans with medium- and lower-range credit-quality ratings. <br/><br/>&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds and moderate for intermediate-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate accordingly. <br/><br/>&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#8217;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Call risk should be moderate for the Fund because it invests only a portion of its assets in callable bonds. <br/><br/>&#149; Interest rate risk, which is the chance that bond or loan prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds. <br/><br/>&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds and loans and moderate for intermediate-term corporate bonds and loans. <br/><br/>&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. <br/><br/>Because of the speculative nature of junk bonds, you should carefully consider the risks associated with this Fund before you purchase shares. <br/><br/>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 800-662-7447 vanguard.com/performance An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance: <br/><br/>&#149; Credit risk, which is the chance that a bond or loan issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond or loan to decline. Credit risk should be high for the Fund because it invests primarily in bonds and loans with medium- and lower-range credit-quality ratings. <br/><br/>&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds and moderate for intermediate-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate accordingly. <br/><br/>&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#8217;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Call risk should be moderate for the Fund because it invests only a portion of its assets in callable bonds. <br/><br/>&#149; Interest rate risk, which is the chance that bond or loan prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds. <br/><br/>&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds and loans and moderate for intermediate-term corporate bonds and loans. <br/><br/>&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. <br/><br/>Because of the speculative nature of junk bonds, you should carefully consider the risks associated with this Fund before you purchase shares. <br/><br/>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance: <br/><br/>&#149; Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage&#8217;s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such prepayments and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Prepayment risk is high for the Fund. <br/><br/>&#149; Extension risk, which is the chance that during periods of rising interest rates, homeowners will prepay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Fund and delay the Fund&#8217;s ability to reinvest proceeds at higher interest rates. Extension risk is high for the Fund. <br/><br/>&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate accordingly.<br/><br/>&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. In addition, when interest rates decline, GNMA prices typically do not rise as much as the prices of comparable bonds. This is because the market tends to discount GNMA prices for prepayment risk when interest rates decline. Interest rate risk should be moderate for the Fund. <br/><br/>&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. <br/><br/>&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets. <br/><br/>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Vanguard Short-Term Federal Fund Investment Objective The Fund seeks to provide current income while maintaining limited price volatility. An investment in the Fund could lose money over short or even long periods. Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) An investment in the Fund could lose money over short or even long periods. An investment in the Fund could lose money over short or even long periods. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 2.11 0 The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 0 800-662-7447 An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. vanguard.com/performance Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. year-to-date return 0 year-to-date return Annual Total Returns year-to-date return Annual Total Returns 2016-03-31 2016-03-31 Annual Total Returns 2016-03-31 0.0342 0.0189 0 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000182 column period compact * ~</div> 0.0354 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. highest return highest return highest return 2008-12-31 2009-06-30 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000183 column period compact * ~</div> 0.0797 0.0816 2008-12-31 0.0397 lowest return lowest return 2009-06-30 2013-06-30 -0.032 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000184 column period compact * ~</div> -0.0279 lowest return year-to-date return 2008-09-30 year-to-date return -0.0606 year-to-date return The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. The bar chart and table do not reflect additional fees and expenses that are deducted by the income annuity program through which you invest. If such fees and expenses were included in the calculation of the Fund&#8217;s returns, the returns would be lower. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. 2016-03-31 2016-03-31 Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) 2016-03-31 0.0189 0.083 0.0677 highest return highest return <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000186 column period compact * ~</div> highest return 2008-12-31 2011-09-30 2009-09-30 0.0397 0.0008 0.2473 0.1133 0 lowest return 0.0002 lowest return <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000187 column period compact * ~</div> lowest return 0.001 2013-06-30 2015-06-30 2009-03-31 -0.0279 -0.087 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund. -0.0828 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 3.14 Example 800-662-7447 The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The following example is intended to help you compare the cost of investing in the Fund&#8217;s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 800-662-7447 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 800-662-7447 10 800-662-7447 vanguard.com/performance Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. 32 56 When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. 128 vanguard.com/performance After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. vanguard.com/performance Average Annual Total Returns for Periods Ended December 31, 2015 Average Annual Total Returns for Periods Ended December 31, 2015 Average Annual Total Returns for Periods Ended December 31, 2015 vanguard.com/performance 10 32 0.0133 0.0139 -0.0154 -0.0121 56 -0.0221 -0.0195 0.031 0.0305 128 Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. 0.0749 0.0774 When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. 0.0732 0.0711 0.0461 0.0466 Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. 0.0647 0.0673 0.0646 0.0605 After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 314% of the average value of its portfolio. Principal Investment Strategies The Fund invests at least 80% of its assets in short-term bonds issued or guaranteed by the U.S. government and its agencies and instrumentalities, many of which are not backed by the full faith and credit of the U.S. government. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years. Principal Risks The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The bar chart and table do not reflect additional fees and expenses that are deducted by the income annuity program through which you invest. If such fees and expenses were included in the calculation of the Fund&#8217;s returns, the returns would be lower. <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000192 column period compact * ~</div> The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be intermediate- and long-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#8216;s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor.) The Fund&#8217;s dollar-weighted average maturity is expected to fall within a range that is five years shorter than or five years longer than that of its benchmark index, which had a dollar-weighted average maturity of 23.2 years as of January 31, 2016. The Fund uses multiple investment advisors. An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally high for long-term corporate bonds.<br /><br />&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#8217;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Call risk should be moderate for the Fund. To minimize the impact of call risk, the advisors generally seek to purchase bonds that have reasonable protection from being called.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally high for long-term bond funds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Annual Total Returns &#8212; Vanguard Short-Term Federal Fund Admiral Shares <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000193 column period compact * ~</div> When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. During the periods shown in the bar chart, the highest return for a calendar quarter was 3.91% (quarter ended December 31, 2008), and the lowest return for a quarter was &#8211;0.87% (quarter ended June 30, 2013). Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. Average Annual Total Returns for Periods Ended December 31, 2015 After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000194 column period compact * ~</div> 0.0083 0.0093 Annual Total Returns &#151; Vanguard High-Yield Corporate Fund Investor Shares When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. 0.0125 0.0123 Annual Total Returns &#151; Vanguard High-Yield Corporate Fund Admiral Shares Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. Annual Total Returns &#151; Vanguard GNMA Fund Investor Shares 0.0313 0.0306 After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000196 column period compact * ~</div> Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Vanguard Long-Term Investment-Grade Fund Investment Objective The Fund seeks to provide a high and sustainable level of current income. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000197 column period compact * ~</div> Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Examples The following examples are intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000202 column period compact * ~</div> Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 35% of the average value of its portfolio. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000203 column period compact * ~</div> 0.75 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000204 column period compact * ~</div> The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Principal Investment Strategies 800-662-7447 vanguard.com/performance <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000206 column period compact * ~</div> Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. Principal Risks <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000207 column period compact * ~</div> 0.0753 0.0715 0.0289 During the periods shown in the bar chart, the highest return for a calendar quarter was 3.97% (quarter ended December 31, 2008), and the lowest return for a quarter was &#150;2.79% (quarter ended June 30, 2013). 0.0336 0.0286 0.0154 During the periods shown in the bar chart, the highest return for a calendar quarter was 14.47% (quarter ended June 30, 2009), and the lowest return for a quarter was &#150;13.92% (quarter ended December 31, 2008). -0.0025 0.0127 0.0083 During the periods shown in the bar chart, the highest return for a calendar quarter was 14.43% (quarter ended June 30, 2009), and the lowest return for a quarter was &#150;13.94% (quarter ended December 31, 2008). Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Annual Total Returns &#8212; Vanguard Long-Term Investment-Grade Fund Investor Shares During the periods shown in the bar chart, the highest return for a calendar quarter was 11.33% (quarter ended September 30, 2009), and the lowest return for a quarter was &#8211;8.28% (quarter ended March 31, 2009). 3.14 Average Annual Total Returns for Periods Ended December 31, 2015 The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000122 column period compact * ~</div> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000132 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000142 column period compact * ~</div> The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000123 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000133 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000143 column period compact * ~</div> Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. vanguard.com/performance 800-662-7447 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000124 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000134 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000126 column period compact * ~</div> year-to-date return 2016-03-31 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000136 column period compact * ~</div> 0.013 highest return 2008-12-31 0.0391 lowest return 2013-06-30 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000137 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000127 column period compact * ~</div> -0.0087 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000146 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000147 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000092 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000112 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000102 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000093 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000113 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000103 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000104 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000094 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000114 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000106 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000096 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000116 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000107 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000117 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000097 column period compact * ~</div> 0 0 -0.013 -0.0447 -0.0253 0 0 -0.0139 -0.0447 -0.0253 0.0133 0.0139 0 0 0 0 20 20 0.0583 0.0504 0.0523 0.031 0.0305 0.0572 0.0504 0.0523 0.0461 0.0466 0.0614 0.0696 0.0641 0.0602 0.0641 0.0696 0.0019 0.001 0 0 0.0002 0.0002 0.0021 0.0012 22 12 68 39 118 68 268 154 22 12 68 39 118 68 268 154 0.0286 0.0375 0.0229 0.0875 0.1071 Example 0.1718 0.1166 -0.0587 0.1817 0.0824 -0.0221 0.0204 year-to-date return 2016-03-31 0.0838 0.0677 0.0433 -0.2129 highest return 0.0217 0.0701 0.3909 -0.2119 2009-09-30 0.0722 0.1133 0.124 0.3927 lowest return 0.0529 0.0713 2009-03-31 0.1253 -0.0828 0.0695 0.1436 0.0724 0.0769 0.0454 0.1447 0.0235 0.0464 -0.0222 -0.0221 -0.0442 -0.0093 -0.0211 -0.0195 0.0458 0.0732 0.0504 0.0484 0.0742 0.0711 -0.0139 0.0469 0.0665 -0.013 0.0133 0.0646 0.0426 0.0417 0.0658 0.0605 year-to-date return year-to-date return year-to-date return 2016-03-31 2016-03-31 2016-03-31 0.023 0.0232 0.0189 highest return highest return highest return 2009-06-30 2009-06-30 2008-12-31 0.1443 0.1447 0.0397 lowest return lowest return lowest return 2008-12-31 2008-12-31 2013-06-30 -0.1394 -0.1392 -0.0279 <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000222 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000223 column period compact * ~</div> 0.35 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000224 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000226 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000227 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000232 column period compact * ~</div> An investment in the Fund could lose money over short or even long periods. <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000262 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000233 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000263 column period compact * ~</div> An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000234 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000264 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000236 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000237 column period compact * ~</div> The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000267 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000062 column period compact * ~</div> Keep in mind that the Fund&#8217;s past performance (before and after taxes) does not indicate how the Fund will perform in the future. <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000242 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000072 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000082 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000243 column period compact * ~</div> vanguard.com/performance <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000063 column period compact * ~</div> 800-662-7447 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000244 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000073 column period compact * ~</div> <br /><br /><div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000083 column period compact * ~</div><br /><br /> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000246 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000064 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000247 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000074 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000084 column period compact * ~</div> When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000066 column period compact * ~</div> Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000086 column period compact * ~</div> After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000067 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000077 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000087 column period compact * ~</div> Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder. 0.0442 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000266 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000162 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000163 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000164 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000166 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000167 column period compact * ~</div> Vanguard Intermediate-Term Treasury Fund Investment Objective The Fund seeks to provide a moderate and sustainable level of current income. Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000076 column period compact * ~</div> 0 0 0 0 0.0009 0 0.0001 0.001 Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) Example The following example is intended to help you compare the cost of investing in the Fund&#8217;s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 10 32 56 Vanguard Intermediate-Term Investment-Grade Fund 128 Investment Objective The Fund seeks to provide a moderate and sustainable level of current income. Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund. Shareholder Fees<br /><br />(Fees paid directly from your investment) Annual Fund Operating Expenses<br /><br />(Expenses that you pay each year as a percentage of the value of your investment) 10 32 56 128 Example The following example is intended to help you compare the cost of investing in the Fund&#8217;s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 142% of the average value of its portfolio. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 70% of the average value of its portfolio. Principal Investment Strategies The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#8216;s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years. 1.42 Principal Risks An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate accordingly.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally moderate for intermediate-term corporate bonds.<br /><br />&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#8217;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Call risk should be moderate for the Fund.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally moderate for intermediate-term bond funds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Principal Investment Strategies The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years. Principal Risks Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Annual Total Returns &#8212; Vanguard Intermediate-Term Investment-Grade Fund Admiral Shares During the periods shown in the bar chart, the highest return for a calendar quarter was 8.19% (quarter ended June 30, 2009), and the lowest return for a quarter was &#8211;6.04% (quarter ended September 30, 2008). Average Annual Total Returns for Periods Ended December 31, 2015 An investment in the Fund could lose money over short or even long periods. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0 Annual Total Returns 0 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. 0 0 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 800-662-7447 0.0009 0 0.0001 0.001 vanguard.com/performance Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Annual Total Returns &#8212; Vanguard Intermediate-Term Treasury Fund Admiral Shares 0.0161 0.0184 0.0306 0.0392 0.0474 0.052 10 32 56 128 0.033 0.1015 0.7 0.1349 -0.0156 0.0748 0.0991 0.0278 -0.0299 0.0442 0.0161 10 32 56 Vanguard GNMA Fund 128 Investment Objective The Fund seeks to provide a moderate level of current income. Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) 0 year-to-date return 2016-03-31 0 0.0345 highest return 2008-12-31 0.08 lowest return 2009-06-30 -0.0317 0 0 Annual Fund Operating Expenses <br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) 0.0009 0 0.0002 0.0011 Example The following example is intended to help you compare the cost of investing in the Fund&#8217;s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 11 35 62 141 11 35 62 141 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 706% of the average value of its portfolio. Principal Investment Strategies The Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Fund&#8217;s assets may be invested in other types of securities such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Fund&#8217;s dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, the Fund&#8217;s dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years). Principal Risks An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage&#8217;s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such prepayments and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Prepayment risk is high for the Fund.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, homeowners will prepay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Fund and delay the Fund&#8217;s ability to reinvest proceeds at higher interest rates. Extension risk is high for the Fund.<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate accordingly.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. In addition, when interest rates decline, GNMA prices typically do not rise as much as the prices of comparable bonds. This is because the market tends to discount GNMA prices for prepayment risk when interest rates decline. Interest rate risk should be moderate for the Fund.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000313 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000312 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000314 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000316 column period compact * ~</div> Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Annual Total Returns &#8212; Vanguard GNMA Fund Admiral Shares During the periods shown in the bar chart, the highest return for a calendar quarter was 4.00% (quarter ended December 31, 2008), and the lowest return for a quarter was &#8211;2.77% (quarter ended June 30, 2013). The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years. The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#146;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#146;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#146;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Average Annual Total Returns for Periods Ended December 31, 2015 0.0443 0.0711 0.0733 0.054 0.0708 0.078 Vanguard Short-Term Treasury Fund 0.0245 -0.0213 Investment Objective 0.0676 0.0143 The Fund seeks to provide current income while maintaining limited price volatility. Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) An investment in the Fund could lose money over short or even long periods. You should expect the Fund&#8217;s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate accordingly.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. year-to-date return 2016-03-31 0.0191 highest return 2008-12-31 0.04 lowest return 2013-06-30 -0.0277 During the periods shown in the bar chart, the highest return for a calendar quarter was 8.00% (quarter ended December 31, 2008), and the lowest return for a quarter was &#8211;3.17% (quarter ended June 30, 2009). Average Annual Total Returns for Periods Ended December 31, 2015 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000317 column period compact * ~</div> 0 0 0 0 0.0016 0 0.0004 0.002 0.0143 0.0139 0.032 0.0305 0.0472 0.0466 Example <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000282 column period compact * ~</div> The following example is intended to help you compare the cost of investing in the Fund&#8217;s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#146;s performance. During the most recent fiscal year, the Fund&#146;s portfolio turnover rate was 211% of the average value of its portfolio. <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000283 column period compact * ~</div> Principal Investment Strategies <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000284 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000286 column period compact * ~</div> Principal Risks Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Annual Total Returns &#8212; Vanguard Short-Term Treasury Fund Investor Shares During the periods shown in the bar chart, the highest return for a calendar quarter was 3.38% (quarter ended March 31, 2008), and the lowest return for a quarter was &#8211;1.14% (quarter ended June 30, 2008). Average Annual Total Returns for Periods Ended December 31, 2015 20 64 113 255 0.0163 0.0069 0.0456 0.0498 0.0545 0.0576 Vanguard Short-Term Investment-Grade Fund Investment Objective The Fund seeks to provide current income while maintaining limited price volatility. Fees and Expenses The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund. Shareholder Fees<br/><br/>(Fees paid directly from your investment) 0 0 0 0 Annual Fund Operating Expenses<br/><br/>(Expenses that you pay each year as a percentage of the value of your investment) 0.0009 0 0.0001 0.001 Example The following example is intended to help you compare the cost of investing in the Fund&#8217;s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund&#8217;s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0455 10 0.0626 32 -0.0606 56 0.1788 128 0.106 0.0763 0.0925 -0.0127 0.0591 0.0163 10 32 56 128 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 75% of the average value of its portfolio. Principal Investment Strategies The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody&#8216;s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody&#8216;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody&#8217;s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund&#8217;s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years. Principal Risks The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund&#8217;s performance:<br /><br />&#149; Income risk, which is the chance that the Fund&#8217;s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund&#8217;s monthly income to fluctuate.<br /><br />&#149; Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.<br /><br />&#149; Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer&#8217;s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.<br /><br />&#149; Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond&#8217;s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund&#8217;s income. Such redemptions and subsequent reinvestments would also increase the Fund&#8217;s portfolio turnover rate. Call risk should be low for the Fund.<br /><br />&#149; Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.<br /><br />&#149; Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds.<br /><br />&#149; Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.<br /><br />&#149; Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.<br /><br />An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0045 0.0092 0.008 0.0124 0.0261 0.0304 Annual Total Returns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. Annual Total Returns &#8212; Vanguard Short-Term Investment-Grade Fund Admiral Shares During the periods shown in the bar chart, the highest return for a calendar quarter was 6.05% (quarter ended June 30, 2009), and the lowest return for a quarter was &#8211;3.39% (quarter ended September 30, 2008). Average Annual Total Returns for Periods Ended December 31, 2015 year-to-date return 2016-03-31 Average Annual Total Returns for Periods Ended December 31, 2015 0.0357 Average Annual Total Returns for Periods Ended December 31, 2015 highest return Average Annual Total Returns for Periods Ended December 31, 2015 2009-06-30 0.0819 0.0113 0.0106 lowest return 2008-09-30 0.0213 0.0255 -0.0604 0.0356 0.0407 This example does not include fees associated with the income annuity program through which you invest. Detailed information about the annuity program fees is presented in the &#8220;Fee Table&#8221; section of the accompanying prospectus of the insurance company for the annuity program through which Fund shares are offered. An investment in the Fund could lose money over short or even long periods. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. 0.0377 0.0789 0.0668 0.0144 0.0264 0.0226 0.0069 -0.001 The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 0.0071 800-662-7447 0.0045 vanguard.com/performance Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. 0.0511 year-to-date return 0.0598 2016-03-31 -0.0465 0.1417 0.0533 0.0202 0.0463 0.0107 0.0186 0.0113 0.0123 highest return 2008-03-31 0.0338 lowest return 2008-06-30 -0.0114 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000144 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000292 column period compact * ~</div> year-to-date return 2016-03-31 0.0176 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualPortfolioOperatingExpenses000293 column period compact * ~</div> highest return 2009-06-30 0.0605 lowest return 2008-09-30 <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000294 column period compact * ~</div> -0.0339 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000296 column period compact * ~</div> 0.75 <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000297 column period compact * ~</div> The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. 2.11 An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. vanguard.com/performance 800-662-7447 An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. vanguard.com/performance 800-662-7447 7.06 20 64 113 255 An investment in the Fund could lose money over short or even long periods. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 800-662-7447 vanguard.com/performance Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000302 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000303 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000304 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000306 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000307 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000287 column period compact * ~</div> 0.35 0.0299 0.0386 0.024 0.0889 0.1085 0.173 0.1177 -0.0577 0.1829 -0.0211 year-to-date return 2016-03-31 0.068 highest return 2009-09-30 0.1137 lowest return 2009-03-31 -0.0825 <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000272 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000273 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000274 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000276 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000277 column period compact * ~</div> 12 39 68 154 <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000172 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000173 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000174 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000176 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000177 column period compact * ~</div> An investment in the Fund could lose money over short or even long periods. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8216;s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. 800-662-7447 vanguard.com/performance Keep in mind that the Fund&#8217;s past performance does not indicate how the Fund will perform in the future. <div style="display:none">~ http://www.vanguard.com/role/ScheduleShareholderFees000322 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualFundOperatingExpenses000323 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleExpenseExampleTransposed000324 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAnnualTotalReturnsBarChart000326 column period compact * ~</div> <div style="display:none">~ http://www.vanguard.com/role/ScheduleAverageAnnualTotalReturnsTransposed000327 column period compact * ~</div> The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.77%. /year The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 8.33%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 2.30%. Comparative Indexes (reflect no deduction for fees, expenses, or taxes) The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 8.30%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.26%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.54%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.27%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.42%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.74%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.89%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.23%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 6.77%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.30%. Comparative Indexes (reflect no deduction for fees or expenses) The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 2.32%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.45%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.91%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.57%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.76%. The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 6.80%. 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Institutional | Vanguard Short-Term Investment-Grade Fund
Fund Summary
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Institutional
Vanguard Short-Term Investment-Grade Fund
Institutional Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Institutional
Vanguard Short-Term Investment-Grade Fund
Institutional Shares
Management Fees 0.06%
12b-1 Distribution Fee none
Other Expenses 0.01%
Total Annual Fund Operating Expenses 0.07%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Institutional | Vanguard Short-Term Investment-Grade Fund | Institutional Shares | USD ($) 7 23 40 90
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 75% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody’s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be low for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Short-Term Investment-Grade Fund Institutional Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.77%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 6.06% (quarter ended June 30, 2009), and the lowest return for a quarter was –3.39% (quarter ended September 30, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Institutional - Vanguard Short-Term Investment-Grade Fund
1 Year
5 Years
10 Years
Institutional Shares 1.16% 2.17% 3.60%
Institutional Shares | Return After Taxes on Distributions 0.24% 1.19% 2.31%
Institutional Shares | Return After Taxes on Distributions and Sale of Fund Shares 0.66% 1.29% 2.30%
Barclays U.S. 1-5 Year Credit Bond Index (reflects no deduction for fees, expenses, or taxes) 1.06% 2.55% 4.07%
Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
XML 12 R8.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Institutional | Vanguard Short-Term Investment-Grade Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 75% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 75.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody’s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be low for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Short-Term Investment-Grade Fund Institutional Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 6.06% (quarter ended June 30, 2009), and the lowest return for a quarter was –3.39% (quarter ended September 30, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Institutional | Vanguard Short-Term Investment-Grade Fund | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.06%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.07%
1 Year rr_ExpenseExampleYear01 $ 7
3 Years rr_ExpenseExampleYear03 23
5 Years rr_ExpenseExampleYear05 40
10 Years rr_ExpenseExampleYear10 90
1 Year rr_ExpenseExampleNoRedemptionYear01 7
3 Years rr_ExpenseExampleNoRedemptionYear03 23
5 Years rr_ExpenseExampleNoRedemptionYear05 40
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 90
2006 rr_AnnualReturn2006 5.14% [1]
2007 rr_AnnualReturn2007 6.01% [1]
2008 rr_AnnualReturn2008 (4.61%) [1]
2009 rr_AnnualReturn2009 14.21% [1]
2010 rr_AnnualReturn2010 5.37% [1]
2011 rr_AnnualReturn2011 2.06% [1]
2012 rr_AnnualReturn2012 4.66% [1]
2013 rr_AnnualReturn2013 1.10% [1]
2014 rr_AnnualReturn2014 1.90% [1]
2015 rr_AnnualReturn2015 1.16% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.77%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.06%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.39%)
1 Year rr_AverageAnnualReturnYear01 1.16%
5 Years rr_AverageAnnualReturnYear05 2.17%
10 Years rr_AverageAnnualReturnYear10 3.60%
Institutional | Vanguard Short-Term Investment-Grade Fund | Return After Taxes on Distributions | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.24%
5 Years rr_AverageAnnualReturnYear05 1.19%
10 Years rr_AverageAnnualReturnYear10 2.31%
Institutional | Vanguard Short-Term Investment-Grade Fund | Return After Taxes on Distributions and Sale of Fund Shares | Institutional Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.66%
5 Years rr_AverageAnnualReturnYear05 1.29%
10 Years rr_AverageAnnualReturnYear10 2.30%
Institutional | Vanguard Short-Term Investment-Grade Fund | Barclays U.S. 1-5 Year Credit Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.06%
5 Years rr_AverageAnnualReturnYear05 2.55%
10 Years rr_AverageAnnualReturnYear10 4.07%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.77%.
XML 13 R9.htm IDEA: XBRL DOCUMENT v3.4.0.3
Retail | Vanguard Ultra-Short-Term Bond Fund
Fund Summary
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees - Retail - Vanguard Ultra-Short-Term Bond Fund - USD ($)
Investor Shares
Admiral Shares
Sales Charge (Load) Imposed on Purchases none none
Purchase Fee none none
Sales Charge (Load) Imposed on Reinvested Dividends none none
Redemption Fee none none
Account Service Fee (for certain fund account balances below $10,000) [1] $ 20 $ 20
[1] /year
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Retail - Vanguard Ultra-Short-Term Bond Fund
Investor Shares
Admiral Shares
Management Fees 0.17% 0.09%
12b-1 Distribution Fee none none
Other Expenses 0.03% 0.03%
Total Annual Fund Operating Expenses 0.20% 0.12%
Examples
The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Retail - Vanguard Ultra-Short-Term Bond Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 20 64 113 255
Admiral Shares 12 39 68 154
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the fiscal period from February 24, 2015, to January 31, 2016, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a diversified portfolio of high-quality and, to a lesser extent, medium-quality fixed income securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc. (Moody‘s) or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. The Fund may invest no more than 30% of its assets in medium-quality fixed income securities. The Fund is expected to maintain a dollar-weighted average maturity of 0 to 2 years. Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk should be low for the Fund, because it invests only a portion of its assets in corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
XML 14 R13.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Retail | Vanguard Ultra-Short-Term Bond Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the fiscal period from February 24, 2015, to January 31, 2016, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 24.00%
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a diversified portfolio of high-quality and, to a lesser extent, medium-quality fixed income securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc. (Moody‘s) or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. The Fund may invest no more than 30% of its assets in medium-quality fixed income securities. The Fund is expected to maintain a dollar-weighted average maturity of 0 to 2 years. Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk should be low for the Fund, because it invests only a portion of its assets in corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund has not been in operation long enough to report a full calendar-year return.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Retail | Vanguard Ultra-Short-Term Bond Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.17%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
Retail | Vanguard Ultra-Short-Term Bond Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.09%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.12%
1 Year rr_ExpenseExampleYear01 $ 12
3 Years rr_ExpenseExampleYear03 39
5 Years rr_ExpenseExampleYear05 68
10 Years rr_ExpenseExampleYear10 154
1 Year rr_ExpenseExampleNoRedemptionYear01 12
3 Years rr_ExpenseExampleNoRedemptionYear03 39
5 Years rr_ExpenseExampleNoRedemptionYear05 68
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 154
[1] /year
XML 15 R14.htm IDEA: XBRL DOCUMENT v3.4.0.3
Investor Shares for Participants | Vanguard Ultra-Short-Term Bond Fund
Fund Summary
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Investor Shares for Participants
Vanguard Ultra-Short-Term Bond Fund
Investor Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Shares for Participants
Vanguard Ultra-Short-Term Bond Fund
Investor Shares
Management Fees 0.17%
12b-1 Distribution Fee none
Other Expenses 0.03%
Total Annual Fund Operating Expenses 0.20%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Investor Shares for Participants | Vanguard Ultra-Short-Term Bond Fund | Investor Shares | USD ($) 20 64 113 255
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the fiscal period from February 24, 2015, to January 31, 2016, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a diversified portfolio of high-quality and, to a lesser extent, medium-quality fixed income securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc. (Moody‘s) or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. The Fund may invest no more than 30% of its assets in medium-quality fixed income securities. The Fund is expected to maintain a dollar-weighted average maturity of 0 to 2 years. Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk should be low for the Fund, because it invests only a portion of its assets in corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
XML 16 R18.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Investor Shares for Participants | Vanguard Ultra-Short-Term Bond Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the fiscal period from February 24, 2015, to January 31, 2016, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 24.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a diversified portfolio of high-quality and, to a lesser extent, medium-quality fixed income securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc. (Moody‘s) or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. The Fund may invest no more than 30% of its assets in medium-quality fixed income securities. The Fund is expected to maintain a dollar-weighted average maturity of 0 to 2 years. Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk should be low for the Fund, because it invests only a portion of its assets in corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund has not been in operation long enough to report a full calendar-year return.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Investor Shares for Participants | Vanguard Ultra-Short-Term Bond Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.17%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
XML 17 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
Admiral Shares for Participants | Vanguard Ultra-Short-Term Bond Fund
Fund Summary
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Admiral Shares for Participants
Vanguard Ultra-Short-Term Bond Fund
Admiral Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Admiral Shares for Participants
Vanguard Ultra-Short-Term Bond Fund
Admiral Shares
Management Fees 0.09%
12b-1 Distribution Fee none
Other Expenses 0.03%
Total Annual Fund Operating Expenses 0.12%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Admiral Shares for Participants | Vanguard Ultra-Short-Term Bond Fund | Admiral Shares | USD ($) 12 39 68 154
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the fiscal period from February 24, 2015, to January 31, 2016, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a diversified portfolio of high-quality and, to a lesser extent, medium-quality fixed income securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc. (Moody‘s) or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. The Fund may invest no more than 30% of its assets in medium-quality fixed income securities. The Fund is expected to maintain a dollar-weighted average maturity of 0 to 2 years. Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk should be low for the Fund, because it invests only a portion of its assets in corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
XML 18 R23.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Admiral Shares for Participants | Vanguard Ultra-Short-Term Bond Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the fiscal period from February 24, 2015, to January 31, 2016, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 24.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a diversified portfolio of high-quality and, to a lesser extent, medium-quality fixed income securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc. (Moody‘s) or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. The Fund may invest no more than 30% of its assets in medium-quality fixed income securities. The Fund is expected to maintain a dollar-weighted average maturity of 0 to 2 years. Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk should be low for the Fund, because it invests only a portion of its assets in corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The Fund has not been in operation long enough to report a full calendar-year return.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Admiral Shares for Participants | Vanguard Ultra-Short-Term Bond Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.09%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.12%
1 Year rr_ExpenseExampleYear01 $ 12
3 Years rr_ExpenseExampleYear03 39
5 Years rr_ExpenseExampleYear05 68
10 Years rr_ExpenseExampleYear10 154
1 Year rr_ExpenseExampleNoRedemptionYear01 12
3 Years rr_ExpenseExampleNoRedemptionYear03 39
5 Years rr_ExpenseExampleNoRedemptionYear05 68
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 154
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Retail | Vanguard High-Yield Corporate Fund
Fund Summary
Investment Objective
The Fund seeks to provide a high level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees - Retail - Vanguard High-Yield Corporate Fund - USD ($)
Investor Shares
Admiral Shares
Sales Charge (Load) Imposed on Purchases none none
Purchase Fee none none
Sales Charge (Load) Imposed on Reinvested Dividends none none
Redemption Fee none none
Account Service Fee (for certain fund account balances below $10,000) [1] $ 20 $ 20
[1] /year
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Retail - Vanguard High-Yield Corporate Fund
Investor Shares
Admiral Shares
Management Fees 0.20% 0.12%
12b-1 Distribution Fee none none
Other Expenses 0.03% 0.01%
Total Annual Fund Operating Expenses 0.23% 0.13%
Examples
The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Retail - Vanguard High-Yield Corporate Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 24 74 130 293
Admiral Shares 13 42 73 166
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bonds—commonly known as “junk bonds”—with medium- and lower-range credit-quality ratings. The Fund invests at least 80% of its assets in corporate bonds that are rated below Baa by Moody’s Investors Service, Inc. (Moody’s); have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund’s advisor.

The Fund may not invest more than 20% of its assets in any of the following, taken as a whole: bonds with credit ratings lower than B or the equivalent, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. The loans in which the Fund may invest will be rated Baa or below by Moody’s; have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund’s advisor. The Fund’s high-yield bonds and loans mostly have short- and intermediate-term maturities.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Credit risk, which is the chance that a bond or loan issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond or loan to decline. Credit risk should be high for the Fund because it invests primarily in bonds and loans with medium- and lower-range credit-quality ratings.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds and moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund because it invests only a portion of its assets in callable bonds.

• Interest rate risk, which is the chance that bond or loan prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds and loans and moderate for intermediate-term corporate bonds and loans.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

Because of the speculative nature of junk bonds, you should carefully consider the risks associated with this Fund before you purchase shares.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard High-Yield Corporate Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 2.30%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 14.43% (quarter ended June 30, 2009), and the lowest return for a quarter was –13.94% (quarter ended December 31, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Retail - Vanguard High-Yield Corporate Fund
1 Year
5 Years
10 Years
Investor Shares (1.39%) 5.72% 6.02%
Investor Shares | Return After Taxes on Distributions (3.86%) 3.20% 3.35%
Investor Shares | Return After Taxes on Distributions and Sale of Fund Shares (0.65%) 3.38% 3.56%
Admiral Shares (1.30%) 5.83% 6.14%
Barclays U.S. Corporate High Yield Bond Index [1] (4.47%) 5.04% 6.96%
High-Yield Corporate Composite Index [1] (2.53%) 5.23% 6.41%
[1] Comparative Indexes (reflect no deduction for fees, expenses, or taxes)
Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
XML 21 R30.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Retail | Vanguard High-Yield Corporate Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a high level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 34.00%
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bonds—commonly known as “junk bonds”—with medium- and lower-range credit-quality ratings. The Fund invests at least 80% of its assets in corporate bonds that are rated below Baa by Moody’s Investors Service, Inc. (Moody’s); have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund’s advisor.

The Fund may not invest more than 20% of its assets in any of the following, taken as a whole: bonds with credit ratings lower than B or the equivalent, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. The loans in which the Fund may invest will be rated Baa or below by Moody’s; have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund’s advisor. The Fund’s high-yield bonds and loans mostly have short- and intermediate-term maturities.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Credit risk, which is the chance that a bond or loan issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond or loan to decline. Credit risk should be high for the Fund because it invests primarily in bonds and loans with medium- and lower-range credit-quality ratings.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds and moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund because it invests only a portion of its assets in callable bonds.

• Interest rate risk, which is the chance that bond or loan prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds and loans and moderate for intermediate-term corporate bonds and loans.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

Because of the speculative nature of junk bonds, you should carefully consider the risks associated with this Fund before you purchase shares.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard High-Yield Corporate Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 14.43% (quarter ended June 30, 2009), and the lowest return for a quarter was –13.94% (quarter ended December 31, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Retail | Vanguard High-Yield Corporate Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.20%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.23%
1 Year rr_ExpenseExampleYear01 $ 24
3 Years rr_ExpenseExampleYear03 74
5 Years rr_ExpenseExampleYear05 130
10 Years rr_ExpenseExampleYear10 293
1 Year rr_ExpenseExampleNoRedemptionYear01 24
3 Years rr_ExpenseExampleNoRedemptionYear03 74
5 Years rr_ExpenseExampleNoRedemptionYear05 130
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 293
2006 rr_AnnualReturn2006 8.24% [2]
2007 rr_AnnualReturn2007 2.04% [2]
2008 rr_AnnualReturn2008 (21.29%) [2]
2009 rr_AnnualReturn2009 39.09% [2]
2010 rr_AnnualReturn2010 12.40% [2]
2011 rr_AnnualReturn2011 7.13% [2]
2012 rr_AnnualReturn2012 14.36% [2]
2013 rr_AnnualReturn2013 4.54% [2]
2014 rr_AnnualReturn2014 4.58% [2]
2015 rr_AnnualReturn2015 (1.39%) [2]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 2.30%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.43%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.94%)
1 Year rr_AverageAnnualReturnYear01 (1.39%)
5 Years rr_AverageAnnualReturnYear05 5.72%
10 Years rr_AverageAnnualReturnYear10 6.02%
Retail | Vanguard High-Yield Corporate Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.12%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.13%
1 Year rr_ExpenseExampleYear01 $ 13
3 Years rr_ExpenseExampleYear03 42
5 Years rr_ExpenseExampleYear05 73
10 Years rr_ExpenseExampleYear10 166
1 Year rr_ExpenseExampleNoRedemptionYear01 13
3 Years rr_ExpenseExampleNoRedemptionYear03 42
5 Years rr_ExpenseExampleNoRedemptionYear05 73
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 166
1 Year rr_AverageAnnualReturnYear01 (1.30%)
5 Years rr_AverageAnnualReturnYear05 5.83%
10 Years rr_AverageAnnualReturnYear10 6.14%
Retail | Vanguard High-Yield Corporate Fund | Return After Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (3.86%)
5 Years rr_AverageAnnualReturnYear05 3.20%
10 Years rr_AverageAnnualReturnYear10 3.35%
Retail | Vanguard High-Yield Corporate Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.65%)
5 Years rr_AverageAnnualReturnYear05 3.38%
10 Years rr_AverageAnnualReturnYear10 3.56%
Retail | Vanguard High-Yield Corporate Fund | Barclays U.S. Corporate High Yield Bond Index  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.47%) [3]
5 Years rr_AverageAnnualReturnYear05 5.04% [3]
10 Years rr_AverageAnnualReturnYear10 6.96% [3]
Retail | Vanguard High-Yield Corporate Fund | High-Yield Corporate Composite Index  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.53%) [3]
5 Years rr_AverageAnnualReturnYear05 5.23% [3]
10 Years rr_AverageAnnualReturnYear10 6.41% [3]
[1] /year
[2] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 2.30%.
[3] Comparative Indexes (reflect no deduction for fees, expenses, or taxes)
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Investor Shares for Participants | Vanguard High-Yield Corporate Fund
Fund Summary
Investment Objective
The Fund seeks to provide a high level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Investor Shares for Participants
Vanguard High-Yield Corporate Fund
Investor Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Shares for Participants
Vanguard High-Yield Corporate Fund
Investor Shares
Management Fees 0.20%
12b-1 Distribution Fee none
Other Expenses 0.03%
Total Annual Fund Operating Expenses 0.23%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Investor Shares for Participants | Vanguard High-Yield Corporate Fund | Investor Shares | USD ($) 24 74 130 293
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bonds—commonly known as “junk bonds”—with medium- and lower-range credit-quality ratings. The Fund invests at least 80% of its assets in corporate bonds that are rated below Baa by Moody’s Investors Service, Inc. (Moody’s); have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund’s advisor.

The Fund may not invest more than 20% of its assets in any of the following, taken as a whole: bonds with credit ratings lower than B or the equivalent, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. The loans in which the Fund may invest will be rated Baa or below by Moody’s; have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund’s advisor. The Fund’s high-yield bonds and loans mostly have short- and intermediate-term maturities.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Credit risk, which is the chance that a bond or loan issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond or loan to decline. Credit risk should be high for the Fund because it invests primarily in bonds and loans with medium- and lower-range credit-quality ratings.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds and moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund because it invests only a portion of its assets in callable bonds.

• Interest rate risk, which is the chance that bond or loan prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds and loans and moderate for intermediate-term corporate bonds and loans.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

Because of the speculative nature of junk bonds, you should carefully consider the risks associated with this Fund before you purchase shares.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard High-Yield Corporate Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 2.30%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 14.43% (quarter ended June 30, 2009), and the lowest return for a quarter was –13.94% (quarter ended December 31, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Investor Shares for Participants - Vanguard High-Yield Corporate Fund
1 Year
5 Years
10 Years
Investor Shares (1.39%) 5.72% 6.02%
Barclays U.S. Corporate High Yield Bond Index [1] (4.47%) 5.04% 6.96%
High-Yield Corporate Composite Index [1] (2.53%) 5.23% 6.41%
[1] Comparative Indexes (reflect no deduction for fees or expenses)
XML 24 R37.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Investor Shares for Participants | Vanguard High-Yield Corporate Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a high level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 34.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bonds—commonly known as “junk bonds”—with medium- and lower-range credit-quality ratings. The Fund invests at least 80% of its assets in corporate bonds that are rated below Baa by Moody’s Investors Service, Inc. (Moody’s); have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund’s advisor.

The Fund may not invest more than 20% of its assets in any of the following, taken as a whole: bonds with credit ratings lower than B or the equivalent, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. The loans in which the Fund may invest will be rated Baa or below by Moody’s; have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund’s advisor. The Fund’s high-yield bonds and loans mostly have short- and intermediate-term maturities.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Credit risk, which is the chance that a bond or loan issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond or loan to decline. Credit risk should be high for the Fund because it invests primarily in bonds and loans with medium- and lower-range credit-quality ratings.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds and moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund because it invests only a portion of its assets in callable bonds.

• Interest rate risk, which is the chance that bond or loan prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds and loans and moderate for intermediate-term corporate bonds and loans.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

Because of the speculative nature of junk bonds, you should carefully consider the risks associated with this Fund before you purchase shares.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard High-Yield Corporate Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 14.43% (quarter ended June 30, 2009), and the lowest return for a quarter was –13.94% (quarter ended December 31, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Investor Shares for Participants | Vanguard High-Yield Corporate Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.20%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.23%
1 Year rr_ExpenseExampleYear01 $ 24
3 Years rr_ExpenseExampleYear03 74
5 Years rr_ExpenseExampleYear05 130
10 Years rr_ExpenseExampleYear10 293
1 Year rr_ExpenseExampleNoRedemptionYear01 24
3 Years rr_ExpenseExampleNoRedemptionYear03 74
5 Years rr_ExpenseExampleNoRedemptionYear05 130
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 293
2006 rr_AnnualReturn2006 8.24% [1]
2007 rr_AnnualReturn2007 2.04% [1]
2008 rr_AnnualReturn2008 (21.29%) [1]
2009 rr_AnnualReturn2009 39.09% [1]
2010 rr_AnnualReturn2010 12.40% [1]
2011 rr_AnnualReturn2011 7.13% [1]
2012 rr_AnnualReturn2012 14.36% [1]
2013 rr_AnnualReturn2013 4.54% [1]
2014 rr_AnnualReturn2014 4.58% [1]
2015 rr_AnnualReturn2015 (1.39%) [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 2.30%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.43%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.94%)
1 Year rr_AverageAnnualReturnYear01 (1.39%)
5 Years rr_AverageAnnualReturnYear05 5.72%
10 Years rr_AverageAnnualReturnYear10 6.02%
Investor Shares for Participants | Vanguard High-Yield Corporate Fund | Barclays U.S. Corporate High Yield Bond Index  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.47%) [2]
5 Years rr_AverageAnnualReturnYear05 5.04% [2]
10 Years rr_AverageAnnualReturnYear10 6.96% [2]
Investor Shares for Participants | Vanguard High-Yield Corporate Fund | High-Yield Corporate Composite Index  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.53%) [2]
5 Years rr_AverageAnnualReturnYear05 5.23% [2]
10 Years rr_AverageAnnualReturnYear10 6.41% [2]
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 2.30%.
[2] Comparative Indexes (reflect no deduction for fees or expenses)
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Admiral Shares for Participants | Vanguard High-Yield Corporate Fund
Fund Summary
Investment Objective
The Fund seeks to provide a high level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Admiral Shares for Participants
Vanguard High-Yield Corporate Fund
Admiral Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Admiral Shares for Participants
Vanguard High-Yield Corporate Fund
Admiral Shares
Management Fees 0.12%
12b-1 Distribution Fee none
Other Expenses 0.01%
Total Annual Fund Operating Expenses 0.13%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Admiral Shares for Participants | Vanguard High-Yield Corporate Fund | Admiral Shares | USD ($) 13 42 73 166
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bonds—commonly known as “junk bonds”—with medium- and lower-range credit-quality ratings. The Fund invests at least 80% of its assets in corporate bonds that are rated below Baa by Moody’s Investors Service, Inc. (Moody’s); have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund’s advisor.

The Fund may not invest more than 20% of its assets in any of the following, taken as a whole: bonds with credit ratings lower than B or the equivalent, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. The loans in which the Fund may invest will be rated Baa or below by Moody’s; have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund’s advisor. The Fund’s high-yield bonds and loans mostly have short- and intermediate-term maturities.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Credit risk, which is the chance that a bond or loan issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond or loan to decline. Credit risk should be high for the Fund because it invests primarily in bonds and loans with medium- and lower-range credit-quality ratings.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds and moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund because it invests only a portion of its assets in callable bonds.

• Interest rate risk, which is the chance that bond or loan prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds and loans and moderate for intermediate-term corporate bonds and loans.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

Because of the speculative nature of junk bonds, you should carefully consider the risks associated with this Fund before you purchase shares.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard High-Yield Corporate Fund Admiral Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 2.32%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 14.47% (quarter ended June 30, 2009), and the lowest return for a quarter was –13.92% (quarter ended December 31, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Admiral Shares for Participants - Vanguard High-Yield Corporate Fund
1 Year
5 Years
10 Years
Admiral Shares (1.30%) 5.83% 6.14%
Barclays U.S. Corporate High Yield Bond Index [1] (4.47%) 5.04% 6.96%
High-Yield Corporate Composite Index [1] (2.53%) 5.23% 6.41%
[1] Comparative Indexes (reflect no deduction for fees or expenses)
XML 27 R44.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Admiral Shares for Participants | Vanguard High-Yield Corporate Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a high level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 34.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests primarily in a diversified group of high-yielding, higher-risk corporate bonds—commonly known as “junk bonds”—with medium- and lower-range credit-quality ratings. The Fund invests at least 80% of its assets in corporate bonds that are rated below Baa by Moody’s Investors Service, Inc. (Moody’s); have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund’s advisor.

The Fund may not invest more than 20% of its assets in any of the following, taken as a whole: bonds with credit ratings lower than B or the equivalent, convertible securities, preferred stocks, and fixed and floating rate loans of medium- to lower-range credit quality. The loans in which the Fund may invest will be rated Baa or below by Moody’s; have an equivalent rating by any other independent bond-rating agency; or, if unrated, are determined to be of comparable quality by the Fund’s advisor. The Fund’s high-yield bonds and loans mostly have short- and intermediate-term maturities.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Credit risk, which is the chance that a bond or loan issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond or loan to decline. Credit risk should be high for the Fund because it invests primarily in bonds and loans with medium- and lower-range credit-quality ratings.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds and moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund because it invests only a portion of its assets in callable bonds.

• Interest rate risk, which is the chance that bond or loan prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds and loans and moderate for intermediate-term corporate bonds and loans.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

Because of the speculative nature of junk bonds, you should carefully consider the risks associated with this Fund before you purchase shares.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index and a composite index, which have investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard High-Yield Corporate Fund Admiral Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 14.47% (quarter ended June 30, 2009), and the lowest return for a quarter was –13.92% (quarter ended December 31, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Admiral Shares for Participants | Vanguard High-Yield Corporate Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.12%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.13%
1 Year rr_ExpenseExampleYear01 $ 13
3 Years rr_ExpenseExampleYear03 42
5 Years rr_ExpenseExampleYear05 73
10 Years rr_ExpenseExampleYear10 166
1 Year rr_ExpenseExampleNoRedemptionYear01 13
3 Years rr_ExpenseExampleNoRedemptionYear03 42
5 Years rr_ExpenseExampleNoRedemptionYear05 73
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 166
2006 rr_AnnualReturn2006 8.38% [1]
2007 rr_AnnualReturn2007 2.17% [1]
2008 rr_AnnualReturn2008 (21.19%) [1]
2009 rr_AnnualReturn2009 39.27% [1]
2010 rr_AnnualReturn2010 12.53% [1]
2011 rr_AnnualReturn2011 7.24% [1]
2012 rr_AnnualReturn2012 14.47% [1]
2013 rr_AnnualReturn2013 4.64% [1]
2014 rr_AnnualReturn2014 4.69% [1]
2015 rr_AnnualReturn2015 (1.30%) [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 2.32%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 14.47%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (13.92%)
1 Year rr_AverageAnnualReturnYear01 (1.30%)
5 Years rr_AverageAnnualReturnYear05 5.83%
10 Years rr_AverageAnnualReturnYear10 6.14%
Admiral Shares for Participants | Vanguard High-Yield Corporate Fund | Barclays U.S. Corporate High Yield Bond Index  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.47%) [2]
5 Years rr_AverageAnnualReturnYear05 5.04% [2]
10 Years rr_AverageAnnualReturnYear10 6.96% [2]
Admiral Shares for Participants | Vanguard High-Yield Corporate Fund | High-Yield Corporate Composite Index  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (2.53%) [2]
5 Years rr_AverageAnnualReturnYear05 5.23% [2]
10 Years rr_AverageAnnualReturnYear10 6.41% [2]
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 2.32%.
[2] Comparative Indexes (reflect no deduction for fees or expenses)
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Investor Shares for Annuity | Vanguard GNMA Fund
Fund Summary
Investment Objective
The Fund seeks to provide a moderate level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Investor Shares for Annuity
Vanguard GNMA Fund
Investor Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Shares for Annuity
Vanguard GNMA Fund
Investor Shares
Management Fees 0.18%
12b-1 Distribution Fee none
Other Expenses 0.03%
Total Annual Fund Operating Expenses 0.21%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Investor Shares for Annuity | Vanguard GNMA Fund | Investor Shares | USD ($) 22 68 118 268
This example does not include fees associated with the income annuity program through which you invest. Detailed information about the annuity program fees is presented in the “Fee Table” section of the accompanying prospectus of the insurance company for the annuity program through which Fund shares are offered.
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 706% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Fund’s assets may be invested in other types of securities such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Fund’s dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, the Fund’s dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years).
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage’s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such prepayments and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Prepayment risk is high for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, homeowners will prepay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Fund and delay the Fund’s ability to reinvest proceeds at higher interest rates. Extension risk is high for the Fund.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. In addition, when interest rates decline, GNMA prices typically do not rise as much as the prices of comparable bonds. This is because the market tends to discount GNMA prices for prepayment risk when interest rates decline. Interest rate risk should be moderate for the Fund.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. The bar chart and table do not reflect additional fees and expenses that are deducted by the income annuity program through which you invest. If such fees and expenses were included in the calculation of the Fund’s returns, the returns would be lower. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard GNMA Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.89%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 3.97% (quarter ended December 31, 2008), and the lowest return for a quarter was –2.79% (quarter ended June 30, 2013).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Investor Shares for Annuity - Vanguard GNMA Fund
1 Year
5 Years
10 Years
Investor Shares 1.33% 3.10% 4.61%
Barclays U.S. GNMA Bond Index (reflects no deduction for fees or expenses) 1.39% 3.05% 4.66%
XML 30 R51.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Investor Shares for Annuity | Vanguard GNMA Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Fund Summary
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a moderate level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 706% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 706.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example Closing [Text Block] rr_ExpenseExampleClosingTextBlock This example does not include fees associated with the income annuity program through which you invest. Detailed information about the annuity program fees is presented in the “Fee Table” section of the accompanying prospectus of the insurance company for the annuity program through which Fund shares are offered.
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Fund’s assets may be invested in other types of securities such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Fund’s dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, the Fund’s dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years).
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage’s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such prepayments and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Prepayment risk is high for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, homeowners will prepay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Fund and delay the Fund’s ability to reinvest proceeds at higher interest rates. Extension risk is high for the Fund.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. In addition, when interest rates decline, GNMA prices typically do not rise as much as the prices of comparable bonds. This is because the market tends to discount GNMA prices for prepayment risk when interest rates decline. Interest rate risk should be moderate for the Fund.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. The bar chart and table do not reflect additional fees and expenses that are deducted by the income annuity program through which you invest. If such fees and expenses were included in the calculation of the Fund’s returns, the returns would be lower. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard GNMA Fund Investor Shares
Bar Chart Does Not Reflect Sales Loads [Text] rr_BarChartDoesNotReflectSalesLoads The bar chart and table do not reflect additional fees and expenses that are deducted by the income annuity program through which you invest. If such fees and expenses were included in the calculation of the Fund’s returns, the returns would be lower.
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 3.97% (quarter ended December 31, 2008), and the lowest return for a quarter was –2.79% (quarter ended June 30, 2013).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Investor Shares for Annuity | Vanguard GNMA Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.18%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.21%
1 Year rr_ExpenseExampleYear01 $ 22
3 Years rr_ExpenseExampleYear03 68
5 Years rr_ExpenseExampleYear05 118
10 Years rr_ExpenseExampleYear10 268
1 Year rr_ExpenseExampleNoRedemptionYear01 22
3 Years rr_ExpenseExampleNoRedemptionYear03 68
5 Years rr_ExpenseExampleNoRedemptionYear05 118
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 268
2006 rr_AnnualReturn2006 4.33% [1]
2007 rr_AnnualReturn2007 7.01% [1]
2008 rr_AnnualReturn2008 7.22% [1]
2009 rr_AnnualReturn2009 5.29% [1]
2010 rr_AnnualReturn2010 6.95% [1]
2011 rr_AnnualReturn2011 7.69% [1]
2012 rr_AnnualReturn2012 2.35% [1]
2013 rr_AnnualReturn2013 (2.22%) [1]
2014 rr_AnnualReturn2014 6.65% [1]
2015 rr_AnnualReturn2015 1.33% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.89%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.97%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.79%)
1 Year rr_AverageAnnualReturnYear01 1.33%
5 Years rr_AverageAnnualReturnYear05 3.10%
10 Years rr_AverageAnnualReturnYear10 4.61%
Investor Shares for Annuity | Vanguard GNMA Fund | Barclays U.S. GNMA Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.39%
5 Years rr_AverageAnnualReturnYear05 3.05%
10 Years rr_AverageAnnualReturnYear10 4.66%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.89%.
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Retail | Vanguard Short-Term Treasury Fund
Vanguard Short-Term Treasury Fund
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees - Retail - Vanguard Short-Term Treasury Fund - USD ($)
Investor Shares
Admiral Shares
Sales Charge (Load) Imposed on Purchases none none
Purchase Fee none none
Sales Charge (Load) Imposed on Reinvested Dividends none none
Redemption Fee none none
Account Service Fee (for certain fund account balances below $10,000) [1] $ 20 $ 20
[1] /year
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Retail - Vanguard Short-Term Treasury Fund
Investor Shares
Admiral Shares
Management Fees 0.16% 0.08%
12b-1 Distribution Fee none none
Other Expenses 0.04% 0.02%
Total Annual Fund Operating Expenses 0.20% 0.10%
Examples
The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Retail - Vanguard Short-Term Treasury Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 20 64 113 255
Admiral Shares 10 32 56 128
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 211% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Short-Term Treasury Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.23%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 3.38% (quarter ended March 31, 2008), and the lowest return for a quarter was –1.14% (quarter ended June 30, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Retail - Vanguard Short-Term Treasury Fund
1 Year
5 Years
10 Years
Investor Shares 0.45% 0.80% 2.61%
Investor Shares | Return After Taxes on Distributions 0.10% 0.49% 1.83%
Investor Shares | Return After Taxes on Distributions and Sale of Fund Shares 0.26% 0.50% 1.76%
Admiral Shares 0.55% 0.90% 2.73%
Barclays U.S. 1-5 Year Treasury Bond Index (reflects no deduction for fees, expenses, or taxes) 0.92% 1.24% 3.04%
Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
XML 33 R58.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Retail | Vanguard Short-Term Treasury Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Short-Term Treasury Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 211% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 211.00%
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Short-Term Treasury Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 3.38% (quarter ended March 31, 2008), and the lowest return for a quarter was –1.14% (quarter ended June 30, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Retail | Vanguard Short-Term Treasury Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.16%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
2006 rr_AnnualReturn2006 3.77% [2]
2007 rr_AnnualReturn2007 7.89% [2]
2008 rr_AnnualReturn2008 6.68% [2]
2009 rr_AnnualReturn2009 1.44% [2]
2010 rr_AnnualReturn2010 2.64% [2]
2011 rr_AnnualReturn2011 2.26% [2]
2012 rr_AnnualReturn2012 0.69% [2]
2013 rr_AnnualReturn2013 (0.10%) [2]
2014 rr_AnnualReturn2014 0.71% [2]
2015 rr_AnnualReturn2015 0.45% [2]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.23%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.38%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (1.14%)
1 Year rr_AverageAnnualReturnYear01 0.45%
5 Years rr_AverageAnnualReturnYear05 0.80%
10 Years rr_AverageAnnualReturnYear10 2.61%
Retail | Vanguard Short-Term Treasury Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.08%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.10%
1 Year rr_ExpenseExampleYear01 $ 10
3 Years rr_ExpenseExampleYear03 32
5 Years rr_ExpenseExampleYear05 56
10 Years rr_ExpenseExampleYear10 128
1 Year rr_ExpenseExampleNoRedemptionYear01 10
3 Years rr_ExpenseExampleNoRedemptionYear03 32
5 Years rr_ExpenseExampleNoRedemptionYear05 56
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 128
1 Year rr_AverageAnnualReturnYear01 0.55%
5 Years rr_AverageAnnualReturnYear05 0.90%
10 Years rr_AverageAnnualReturnYear10 2.73%
Retail | Vanguard Short-Term Treasury Fund | Return After Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.10%
5 Years rr_AverageAnnualReturnYear05 0.49%
10 Years rr_AverageAnnualReturnYear10 1.83%
Retail | Vanguard Short-Term Treasury Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.26%
5 Years rr_AverageAnnualReturnYear05 0.50%
10 Years rr_AverageAnnualReturnYear10 1.76%
Retail | Vanguard Short-Term Treasury Fund | Barclays U.S. 1-5 Year Treasury Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.92%
5 Years rr_AverageAnnualReturnYear05 1.24%
10 Years rr_AverageAnnualReturnYear10 3.04%
[1] /year
[2] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.23%.
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Retail | Vanguard Short-Term Federal Fund
Vanguard Short-Term Federal Fund
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees - Retail - Vanguard Short-Term Federal Fund - USD ($)
Investor Shares
Admiral Shares
Sales Charge (Load) Imposed on Purchases none none
Purchase Fee none none
Sales Charge (Load) Imposed on Reinvested Dividends none none
Redemption Fee none none
Account Service Fee (for certain fund account balances below $10,000) [1] $ 20 $ 20
[1] /year
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Retail - Vanguard Short-Term Federal Fund
Investor Shares
Admiral Shares
Management Fees 0.17% 0.08%
12b-1 Distribution Fee none none
Other Expenses 0.03% 0.02%
Total Annual Fund Operating Expenses 0.20% 0.10%
Examples
The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Retail - Vanguard Short-Term Federal Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 20 64 113 255
Admiral Shares 10 32 56 128
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 314% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in short-term bonds issued or guaranteed by the U.S. government and its agencies and instrumentalities, many of which are not backed by the full faith and credit of the U.S. government. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Short-Term Federal Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.27%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 3.89% (quarter ended December 31, 2008), and the lowest return for a quarter was –0.90% (quarter ended June 30, 2013).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Retail - Vanguard Short-Term Federal Fund
1 Year
5 Years
10 Years
Investor Shares 0.73% 1.14% 3.03%
Investor Shares | Return After Taxes on Distributions 0.23% 0.70% 2.12%
Investor Shares | Return After Taxes on Distributions and Sale of Fund Shares 0.43% 0.72% 2.03%
Admiral Shares 0.83% 1.25% 3.13%
Barclays U.S. 1-5 Year Government Bond Index (reflects no deduction for fees, expenses, or taxes) 0.93% 1.23% 3.06%
Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
XML 36 R65.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Retail | Vanguard Short-Term Federal Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Short-Term Federal Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 314% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 314.00%
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in short-term bonds issued or guaranteed by the U.S. government and its agencies and instrumentalities, many of which are not backed by the full faith and credit of the U.S. government. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Short-Term Federal Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 3.89% (quarter ended December 31, 2008), and the lowest return for a quarter was –0.90% (quarter ended June 30, 2013).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Retail | Vanguard Short-Term Federal Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.17%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
2006 rr_AnnualReturn2006 4.32% [2]
2007 rr_AnnualReturn2007 7.43% [2]
2008 rr_AnnualReturn2008 7.04% [2]
2009 rr_AnnualReturn2009 2.79% [2]
2010 rr_AnnualReturn2010 3.24% [2]
2011 rr_AnnualReturn2011 2.76% [2]
2012 rr_AnnualReturn2012 1.44% [2]
2013 rr_AnnualReturn2013 (0.35%) [2]
2014 rr_AnnualReturn2014 1.17% [2]
2015 rr_AnnualReturn2015 0.73% [2]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.27%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.89%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (0.90%)
1 Year rr_AverageAnnualReturnYear01 0.73%
5 Years rr_AverageAnnualReturnYear05 1.14%
10 Years rr_AverageAnnualReturnYear10 3.03%
Retail | Vanguard Short-Term Federal Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.08%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.10%
1 Year rr_ExpenseExampleYear01 $ 10
3 Years rr_ExpenseExampleYear03 32
5 Years rr_ExpenseExampleYear05 56
10 Years rr_ExpenseExampleYear10 128
1 Year rr_ExpenseExampleNoRedemptionYear01 10
3 Years rr_ExpenseExampleNoRedemptionYear03 32
5 Years rr_ExpenseExampleNoRedemptionYear05 56
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 128
1 Year rr_AverageAnnualReturnYear01 0.83%
5 Years rr_AverageAnnualReturnYear05 1.25%
10 Years rr_AverageAnnualReturnYear10 3.13%
Retail | Vanguard Short-Term Federal Fund | Return After Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.23%
5 Years rr_AverageAnnualReturnYear05 0.70%
10 Years rr_AverageAnnualReturnYear10 2.12%
Retail | Vanguard Short-Term Federal Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.43%
5 Years rr_AverageAnnualReturnYear05 0.72%
10 Years rr_AverageAnnualReturnYear10 2.03%
Retail | Vanguard Short-Term Federal Fund | Barclays U.S. 1-5 Year Government Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.93%
5 Years rr_AverageAnnualReturnYear05 1.23%
10 Years rr_AverageAnnualReturnYear10 3.06%
[1] /year
[2] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.27%.
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Retail | Vanguard Short-Term Investment-Grade Fund
Vanguard Short-Term Investment-Grade Fund
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees - Retail - Vanguard Short-Term Investment-Grade Fund - USD ($)
Investor Shares
Admiral Shares
Sales Charge (Load) Imposed on Purchases none none
Purchase Fee none none
Sales Charge (Load) Imposed on Reinvested Dividends none none
Redemption Fee none none
Account Service Fee (for certain fund account balances below $10,000) [1] $ 20 $ 20
[1] /year
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Retail - Vanguard Short-Term Investment-Grade Fund
Investor Shares
Admiral Shares
Management Fees 0.17% 0.09%
12b-1 Distribution Fee none none
Other Expenses 0.03% 0.01%
Total Annual Fund Operating Expenses 0.20% 0.10%
Examples
The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Retail - Vanguard Short-Term Investment-Grade Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 20 64 113 255
Admiral Shares 10 32 56 128
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 75% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody’s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be low for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Short-Term Investment-Grade Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.74%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 6.02% (quarter ended June 30, 2009), and the lowest return for a quarter was –3.42% (quarter ended September 30, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Retail - Vanguard Short-Term Investment-Grade Fund
1 Year
5 Years
10 Years
Investor Shares 1.03% 2.04% 3.46%
Investor Shares | Return After Taxes on Distributions 0.17% 1.11% 2.22%
Investor Shares | Return After Taxes on Distributions and Sale of Fund Shares 0.58% 1.21% 2.21%
Admiral Shares 1.13% 2.13% 3.56%
Barclays U.S. 1-5 Year Credit Bond Index (reflects no deduction for fees, expenses, or taxes) 1.06% 2.55% 4.07%
Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
XML 39 R72.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Retail | Vanguard Short-Term Investment-Grade Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Short-Term Investment-Grade Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 75% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 75.00%
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody’s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be low for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Short-Term Investment-Grade Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 6.02% (quarter ended June 30, 2009), and the lowest return for a quarter was –3.42% (quarter ended September 30, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Retail | Vanguard Short-Term Investment-Grade Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.17%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
2006 rr_AnnualReturn2006 4.99% [2]
2007 rr_AnnualReturn2007 5.86% [2]
2008 rr_AnnualReturn2008 (4.74%) [2]
2009 rr_AnnualReturn2009 14.03% [2]
2010 rr_AnnualReturn2010 5.21% [2]
2011 rr_AnnualReturn2011 1.93% [2]
2012 rr_AnnualReturn2012 4.52% [2]
2013 rr_AnnualReturn2013 0.97% [2]
2014 rr_AnnualReturn2014 1.76% [2]
2015 rr_AnnualReturn2015 1.03% [2]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.74%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.02%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.42%)
1 Year rr_AverageAnnualReturnYear01 1.03%
5 Years rr_AverageAnnualReturnYear05 2.04%
10 Years rr_AverageAnnualReturnYear10 3.46%
Retail | Vanguard Short-Term Investment-Grade Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.09%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.10%
1 Year rr_ExpenseExampleYear01 $ 10
3 Years rr_ExpenseExampleYear03 32
5 Years rr_ExpenseExampleYear05 56
10 Years rr_ExpenseExampleYear10 128
1 Year rr_ExpenseExampleNoRedemptionYear01 10
3 Years rr_ExpenseExampleNoRedemptionYear03 32
5 Years rr_ExpenseExampleNoRedemptionYear05 56
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 128
1 Year rr_AverageAnnualReturnYear01 1.13%
5 Years rr_AverageAnnualReturnYear05 2.13%
10 Years rr_AverageAnnualReturnYear10 3.56%
Retail | Vanguard Short-Term Investment-Grade Fund | Return After Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.17%
5 Years rr_AverageAnnualReturnYear05 1.11%
10 Years rr_AverageAnnualReturnYear10 2.22%
Retail | Vanguard Short-Term Investment-Grade Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.58%
5 Years rr_AverageAnnualReturnYear05 1.21%
10 Years rr_AverageAnnualReturnYear10 2.21%
Retail | Vanguard Short-Term Investment-Grade Fund | Barclays U.S. 1-5 Year Credit Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.06%
5 Years rr_AverageAnnualReturnYear05 2.55%
10 Years rr_AverageAnnualReturnYear10 4.07%
[1] /year
[2] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.74%.
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Retail | Vanguard Intermediate-Term Treasury Fund
Vanguard Intermediate-Term Treasury Fund
Investment Objective
The Fund seeks to provide a moderate and sustainable level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees - Retail - Vanguard Intermediate-Term Treasury Fund - USD ($)
Investor Shares
Admiral Shares
Sales Charge (Load) Imposed on Purchases none none
Purchase Fee none none
Sales Charge (Load) Imposed on Reinvested Dividends none none
Redemption Fee none none
Account Service Fee (for certain fund account balances below $10,000) [1] $ 20 $ 20
[1] /year
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Retail - Vanguard Intermediate-Term Treasury Fund
Investor Shares
Admiral Shares
Management Fees 0.17% 0.09%
12b-1 Distribution Fee none none
Other Expenses 0.03% 0.01%
Total Annual Fund Operating Expenses 0.20% 0.10%
Examples
The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Retail - Vanguard Intermediate-Term Treasury Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 20 64 113 255
Admiral Shares 10 32 56 128
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 142% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Intermediate-Term Treasury Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.42%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 7.97% (quarter ended December 31, 2008), and the lowest return for a quarter was –3.20% (quarter ended June 30, 2009).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Retail - Vanguard Intermediate-Term Treasury Fund
1 Year
5 Years
10 Years
Investor Shares 1.50% 2.96% 4.61%
Investor Shares | Return After Taxes on Distributions 0.55% 1.97% 3.25%
Investor Shares | Return After Taxes on Distributions and Sale of Fund Shares 0.98% 2.01% 3.21%
Admiral Shares 1.61% 3.06% 4.74%
Barclays U.S. 5-10 Year Treasury Bond Index (reflects no deduction for fees, expenses, or taxes) 1.84% 3.92% 5.20%
Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
XML 42 R79.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Retail | Vanguard Intermediate-Term Treasury Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Intermediate-Term Treasury Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a moderate and sustainable level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 142% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 142.00%
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Intermediate-Term Treasury Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 7.97% (quarter ended December 31, 2008), and the lowest return for a quarter was –3.20% (quarter ended June 30, 2009).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Retail | Vanguard Intermediate-Term Treasury Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.17%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
2006 rr_AnnualReturn2006 3.14% [2]
2007 rr_AnnualReturn2007 9.98% [2]
2008 rr_AnnualReturn2008 13.32% [2]
2009 rr_AnnualReturn2009 (1.69%) [2]
2010 rr_AnnualReturn2010 7.35% [2]
2011 rr_AnnualReturn2011 9.80% [2]
2012 rr_AnnualReturn2012 2.67% [2]
2013 rr_AnnualReturn2013 (3.09%) [2]
2014 rr_AnnualReturn2014 4.32% [2]
2015 rr_AnnualReturn2015 1.50% [2]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 3.42%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.97%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2009
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.20%)
1 Year rr_AverageAnnualReturnYear01 1.50%
5 Years rr_AverageAnnualReturnYear05 2.96%
10 Years rr_AverageAnnualReturnYear10 4.61%
Retail | Vanguard Intermediate-Term Treasury Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.09%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.10%
1 Year rr_ExpenseExampleYear01 $ 10
3 Years rr_ExpenseExampleYear03 32
5 Years rr_ExpenseExampleYear05 56
10 Years rr_ExpenseExampleYear10 128
1 Year rr_ExpenseExampleNoRedemptionYear01 10
3 Years rr_ExpenseExampleNoRedemptionYear03 32
5 Years rr_ExpenseExampleNoRedemptionYear05 56
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 128
1 Year rr_AverageAnnualReturnYear01 1.61%
5 Years rr_AverageAnnualReturnYear05 3.06%
10 Years rr_AverageAnnualReturnYear10 4.74%
Retail | Vanguard Intermediate-Term Treasury Fund | Return After Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.55%
5 Years rr_AverageAnnualReturnYear05 1.97%
10 Years rr_AverageAnnualReturnYear10 3.25%
Retail | Vanguard Intermediate-Term Treasury Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.98%
5 Years rr_AverageAnnualReturnYear05 2.01%
10 Years rr_AverageAnnualReturnYear10 3.21%
Retail | Vanguard Intermediate-Term Treasury Fund | Barclays U.S. 5-10 Year Treasury Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.84%
5 Years rr_AverageAnnualReturnYear05 3.92%
10 Years rr_AverageAnnualReturnYear10 5.20%
[1] /year
[2] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.42%.
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Retail | Vanguard Intermediate-Term Investment-Grade Fund
Vanguard Intermediate-Term Investment-Grade Fund
Investment Objective
The Fund seeks to provide a moderate and sustainable level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees - Retail - Vanguard Intermediate-Term Investment-Grade Fund - USD ($)
Investor Shares
Admiral Shares
Sales Charge (Load) Imposed on Purchases none none
Purchase Fee none none
Sales Charge (Load) Imposed on Reinvested Dividends none none
Redemption Fee none none
Account Service Fee (for certain fund account balances below $10,000) [1] $ 20 $ 20
[1] /year
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Retail - Vanguard Intermediate-Term Investment-Grade Fund
Investor Shares
Admiral Shares
Management Fees 0.17% 0.09%
12b-1 Distribution Fee none none
Other Expenses 0.03% 0.01%
Total Annual Fund Operating Expenses 0.20% 0.10%
Examples
The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Retail - Vanguard Intermediate-Term Investment-Grade Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 20 64 113 255
Admiral Shares 10 32 56 128
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 70% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally moderate for intermediate-term corporate bonds.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally moderate for intermediate-term bond funds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Intermediate-Term Investment-Grade Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.54%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 8.16% (quarter ended June 30, 2009), and the lowest return for a quarter was –6.06% (quarter ended September 30, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Retail - Vanguard Intermediate-Term Investment-Grade Fund
1 Year
5 Years
10 Years
Investor Shares 1.53% 4.45% 5.34%
Investor Shares | Return After Taxes on Distributions 0.10% 2.72% 3.45%
Investor Shares | Return After Taxes on Distributions and Sale of Fund Shares 0.96% 2.87% 3.49%
Admiral Shares 1.63% 4.56% 5.45%
Barclays U.S. 5-10 Year Credit Bond Index (reflects no deduction for fees, expenses, or taxes) 0.69% 4.98% 5.76%
Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
XML 45 R86.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Retail | Vanguard Intermediate-Term Investment-Grade Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Intermediate-Term Investment-Grade Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a moderate and sustainable level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 70% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 70.00%
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally moderate for intermediate-term corporate bonds.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally moderate for intermediate-term bond funds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Intermediate-Term Investment-Grade Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 8.16% (quarter ended June 30, 2009), and the lowest return for a quarter was –6.06% (quarter ended September 30, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Retail | Vanguard Intermediate-Term Investment-Grade Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.17%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
2006 rr_AnnualReturn2006 4.43% [2]
2007 rr_AnnualReturn2007 6.14% [2]
2008 rr_AnnualReturn2008 (6.16%) [2]
2009 rr_AnnualReturn2009 17.73% [2]
2010 rr_AnnualReturn2010 10.47% [2]
2011 rr_AnnualReturn2011 7.52% [2]
2012 rr_AnnualReturn2012 9.14% [2]
2013 rr_AnnualReturn2013 (1.37%) [2]
2014 rr_AnnualReturn2014 5.81% [2]
2015 rr_AnnualReturn2015 1.53% [2]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 3.54%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.16%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.06%)
1 Year rr_AverageAnnualReturnYear01 1.53%
5 Years rr_AverageAnnualReturnYear05 4.45%
10 Years rr_AverageAnnualReturnYear10 5.34%
Retail | Vanguard Intermediate-Term Investment-Grade Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.09%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.10%
1 Year rr_ExpenseExampleYear01 $ 10
3 Years rr_ExpenseExampleYear03 32
5 Years rr_ExpenseExampleYear05 56
10 Years rr_ExpenseExampleYear10 128
1 Year rr_ExpenseExampleNoRedemptionYear01 10
3 Years rr_ExpenseExampleNoRedemptionYear03 32
5 Years rr_ExpenseExampleNoRedemptionYear05 56
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 128
1 Year rr_AverageAnnualReturnYear01 1.63%
5 Years rr_AverageAnnualReturnYear05 4.56%
10 Years rr_AverageAnnualReturnYear10 5.45%
Retail | Vanguard Intermediate-Term Investment-Grade Fund | Return After Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.10%
5 Years rr_AverageAnnualReturnYear05 2.72%
10 Years rr_AverageAnnualReturnYear10 3.45%
Retail | Vanguard Intermediate-Term Investment-Grade Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.96%
5 Years rr_AverageAnnualReturnYear05 2.87%
10 Years rr_AverageAnnualReturnYear10 3.49%
Retail | Vanguard Intermediate-Term Investment-Grade Fund | Barclays U.S. 5-10 Year Credit Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.69%
5 Years rr_AverageAnnualReturnYear05 4.98%
10 Years rr_AverageAnnualReturnYear10 5.76%
[1] /year
[2] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.54%.
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Retail | Vanguard GNMA Fund
Vanguard GNMA Fund
Investment Objective
The Fund seeks to provide a moderate level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees - Retail - Vanguard GNMA Fund - USD ($)
Investor Shares
Admiral Shares
Sales Charge (Load) Imposed on Purchases none none
Purchase Fee none none
Sales Charge (Load) Imposed on Reinvested Dividends none none
Redemption Fee none none
Account Service Fee (for certain fund account balances below $10,000) [1] $ 20 $ 20
[1] /year
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Retail - Vanguard GNMA Fund
Investor Shares
Admiral Shares
Management Fees 0.18% 0.09%
12b-1 Distribution Fee none none
Other Expenses 0.03% 0.02%
Total Annual Fund Operating Expenses 0.21% 0.11%
Examples
The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Retail - Vanguard GNMA Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 22 68 118 268
Admiral Shares 11 35 62 141
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 706% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Fund’s assets may be invested in other types of securities such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Fund’s dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, the Fund’s dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years).
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage’s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such prepayments and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Prepayment risk is high for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, homeowners will prepay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Fund and delay the Fund’s ability to reinvest proceeds at higher interest rates. Extension risk is high for the Fund.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. In addition, when interest rates decline, GNMA prices typically do not rise as much as the prices of comparable bonds. This is because the market tends to discount GNMA prices for prepayment risk when interest rates decline. Interest rate risk should be moderate for the Fund.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard GNMA Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.89%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 3.97% (quarter ended December 31, 2008), and the lowest return for a quarter was –2.79% (quarter ended June 30, 2013).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Retail - Vanguard GNMA Fund
1 Year
5 Years
10 Years
Investor Shares 1.33% 3.10% 4.61%
Investor Shares | Return After Taxes on Distributions 0.15% 1.86% 3.07%
Investor Shares | Return After Taxes on Distributions and Sale of Fund Shares 0.80% 1.90% 3.00%
Admiral Shares 1.43% 3.20% 4.72%
Barclays U.S. GNMA Bond Index (reflects no deduction for fees, expenses, or taxes) 1.39% 3.05% 4.66%
Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
XML 48 R93.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Retail | Vanguard GNMA Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard GNMA Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a moderate level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 706% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 706.00%
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Fund’s assets may be invested in other types of securities such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Fund’s dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, the Fund’s dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years).
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage’s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such prepayments and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Prepayment risk is high for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, homeowners will prepay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Fund and delay the Fund’s ability to reinvest proceeds at higher interest rates. Extension risk is high for the Fund.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. In addition, when interest rates decline, GNMA prices typically do not rise as much as the prices of comparable bonds. This is because the market tends to discount GNMA prices for prepayment risk when interest rates decline. Interest rate risk should be moderate for the Fund.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard GNMA Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 3.97% (quarter ended December 31, 2008), and the lowest return for a quarter was –2.79% (quarter ended June 30, 2013).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Retail | Vanguard GNMA Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.18%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.21%
1 Year rr_ExpenseExampleYear01 $ 22
3 Years rr_ExpenseExampleYear03 68
5 Years rr_ExpenseExampleYear05 118
10 Years rr_ExpenseExampleYear10 268
1 Year rr_ExpenseExampleNoRedemptionYear01 22
3 Years rr_ExpenseExampleNoRedemptionYear03 68
5 Years rr_ExpenseExampleNoRedemptionYear05 118
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 268
2006 rr_AnnualReturn2006 4.33% [2]
2007 rr_AnnualReturn2007 7.01% [2]
2008 rr_AnnualReturn2008 7.22% [2]
2009 rr_AnnualReturn2009 5.29% [2]
2010 rr_AnnualReturn2010 6.95% [2]
2011 rr_AnnualReturn2011 7.69% [2]
2012 rr_AnnualReturn2012 2.35% [2]
2013 rr_AnnualReturn2013 (2.22%) [2]
2014 rr_AnnualReturn2014 6.65% [2]
2015 rr_AnnualReturn2015 1.33% [2]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.89%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.97%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.79%)
1 Year rr_AverageAnnualReturnYear01 1.33%
5 Years rr_AverageAnnualReturnYear05 3.10%
10 Years rr_AverageAnnualReturnYear10 4.61%
Retail | Vanguard GNMA Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.09%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.11%
1 Year rr_ExpenseExampleYear01 $ 11
3 Years rr_ExpenseExampleYear03 35
5 Years rr_ExpenseExampleYear05 62
10 Years rr_ExpenseExampleYear10 141
1 Year rr_ExpenseExampleNoRedemptionYear01 11
3 Years rr_ExpenseExampleNoRedemptionYear03 35
5 Years rr_ExpenseExampleNoRedemptionYear05 62
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 141
1 Year rr_AverageAnnualReturnYear01 1.43%
5 Years rr_AverageAnnualReturnYear05 3.20%
10 Years rr_AverageAnnualReturnYear10 4.72%
Retail | Vanguard GNMA Fund | Return After Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.15%
5 Years rr_AverageAnnualReturnYear05 1.86%
10 Years rr_AverageAnnualReturnYear10 3.07%
Retail | Vanguard GNMA Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.80%
5 Years rr_AverageAnnualReturnYear05 1.90%
10 Years rr_AverageAnnualReturnYear10 3.00%
Retail | Vanguard GNMA Fund | Barclays U.S. GNMA Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.39%
5 Years rr_AverageAnnualReturnYear05 3.05%
10 Years rr_AverageAnnualReturnYear10 4.66%
[1] /year
[2] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.89%.
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Retail | Vanguard Long-Term Treasury Fund
Vanguard Long-Term Treasury Fund
Investment Objective
The Fund seeks to provide a high and sustainable level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees - Retail - Vanguard Long-Term Treasury Fund - USD ($)
Investor Shares
Admiral Shares
Sales Charge (Load) Imposed on Purchases none none
Purchase Fee none none
Sales Charge (Load) Imposed on Reinvested Dividends none none
Redemption Fee none none
Account Service Fee (for certain fund account balances below $10,000) [1] $ 20 $ 20
[1] /year
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Retail - Vanguard Long-Term Treasury Fund
Investor Shares
Admiral Shares
Management Fees 0.17% 0.08%
12b-1 Distribution Fee none none
Other Expenses 0.03% 0.02%
Total Annual Fund Operating Expenses 0.20% 0.10%
Examples
The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Retail - Vanguard Long-Term Treasury Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 20 64 113 255
Admiral Shares 10 32 56 128
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 117% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 15 to 30 years.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Long-Term Treasury Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 8.30%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 24.73% (quarter ended September 30, 2011), and the lowest return for a quarter was –8.70% (quarter ended June 30, 2015).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Retail - Vanguard Long-Term Treasury Fund
1 Year
5 Years
10 Years
Investor Shares (1.54%) 7.49% 6.47%
Investor Shares | Return After Taxes on Distributions (3.32%) 5.63% 4.56%
Investor Shares | Return After Taxes on Distributions and Sale of Fund Shares (0.41%) 5.27% 4.46%
Admiral Shares (1.44%) 7.60% 6.60%
Barclays U.S. Long Treasury Bond Index (reflects no deduction for fees, expenses, or taxes) (1.21%) 7.74% 6.73%
Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
XML 51 R100.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Retail | Vanguard Long-Term Treasury Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Long-Term Treasury Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a high and sustainable level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 117% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 117.00%
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 15 to 30 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Long-Term Treasury Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 24.73% (quarter ended September 30, 2011), and the lowest return for a quarter was –8.70% (quarter ended June 30, 2015).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Retail | Vanguard Long-Term Treasury Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.17%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
2006 rr_AnnualReturn2006 1.74% [2]
2007 rr_AnnualReturn2007 9.24% [2]
2008 rr_AnnualReturn2008 22.52% [2]
2009 rr_AnnualReturn2009 (12.05%) [2]
2010 rr_AnnualReturn2010 8.93% [2]
2011 rr_AnnualReturn2011 29.28% [2]
2012 rr_AnnualReturn2012 3.47% [2]
2013 rr_AnnualReturn2013 (13.03%) [2]
2014 rr_AnnualReturn2014 25.28% [2]
2015 rr_AnnualReturn2015 (1.54%) [2]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 8.30%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 24.73%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (8.70%)
1 Year rr_AverageAnnualReturnYear01 (1.54%)
5 Years rr_AverageAnnualReturnYear05 7.49%
10 Years rr_AverageAnnualReturnYear10 6.47%
Retail | Vanguard Long-Term Treasury Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.08%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.10%
1 Year rr_ExpenseExampleYear01 $ 10
3 Years rr_ExpenseExampleYear03 32
5 Years rr_ExpenseExampleYear05 56
10 Years rr_ExpenseExampleYear10 128
1 Year rr_ExpenseExampleNoRedemptionYear01 10
3 Years rr_ExpenseExampleNoRedemptionYear03 32
5 Years rr_ExpenseExampleNoRedemptionYear05 56
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 128
1 Year rr_AverageAnnualReturnYear01 (1.44%)
5 Years rr_AverageAnnualReturnYear05 7.60%
10 Years rr_AverageAnnualReturnYear10 6.60%
Retail | Vanguard Long-Term Treasury Fund | Return After Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (3.32%)
5 Years rr_AverageAnnualReturnYear05 5.63%
10 Years rr_AverageAnnualReturnYear10 4.56%
Retail | Vanguard Long-Term Treasury Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.41%)
5 Years rr_AverageAnnualReturnYear05 5.27%
10 Years rr_AverageAnnualReturnYear10 4.46%
Retail | Vanguard Long-Term Treasury Fund | Barclays U.S. Long Treasury Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.21%)
5 Years rr_AverageAnnualReturnYear05 7.74%
10 Years rr_AverageAnnualReturnYear10 6.73%
[1] /year
[2] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 8.30%.
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Retail | Vanguard Long-Term Investment-Grade Fund
Vanguard Long-Term Investment-Grade Fund
Investment Objective
The Fund seeks to provide a high and sustainable level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees - Retail - Vanguard Long-Term Investment-Grade Fund - USD ($)
Investor Shares
Admiral Shares
Sales Charge (Load) Imposed on Purchases none none
Purchase Fee none none
Sales Charge (Load) Imposed on Reinvested Dividends none none
Redemption Fee none none
Account Service Fee (for certain fund account balances below $10,000) [1] $ 20 $ 20
[1] /year
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses - Retail - Vanguard Long-Term Investment-Grade Fund
Investor Shares
Admiral Shares
Management Fees 0.19% 0.10%
12b-1 Distribution Fee none none
Other Expenses 0.02% 0.02%
Total Annual Fund Operating Expenses 0.21% 0.12%
Examples
The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example - Retail - Vanguard Long-Term Investment-Grade Fund - USD ($)
1 Year
3 Years
5 Years
10 Years
Investor Shares 22 68 118 268
Admiral Shares 12 39 68 154
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be intermediate- and long-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund’s dollar-weighted average maturity is expected to fall within a range that is five years shorter than or five years longer than that of its benchmark index, which had a dollar-weighted average maturity of 23.2 years as of January 31, 2016. The Fund uses multiple investment advisors.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally high for long-term corporate bonds.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund. To minimize the impact of call risk, the advisors generally seek to purchase bonds that have reasonable protection from being called.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally high for long-term bond funds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Long-Term Investment-Grade Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 6.77%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 11.33% (quarter ended September 30, 2009), and the lowest return for a quarter was –8.28% (quarter ended March 31, 2009).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Retail - Vanguard Long-Term Investment-Grade Fund
1 Year
5 Years
10 Years
Investor Shares (2.21%) 7.32% 6.46%
Investor Shares | Return After Taxes on Distributions (4.42%) 5.04% 4.26%
Investor Shares | Return After Taxes on Distributions and Sale of Fund Shares (0.93%) 4.84% 4.17%
Admiral Shares (2.11%) 7.42% 6.58%
Barclays U.S. Long Credit A or Better Bond Index (reflects no deduction for fees, expenses, or taxes) (1.95%) 7.11% 6.05%
Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
XML 54 R107.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Retail | Vanguard Long-Term Investment-Grade Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Long-Term Investment-Grade Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a high and sustainable level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 35.00%
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following examples are intended to help you compare the cost of investing in the Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. These examples assume that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be intermediate- and long-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund’s dollar-weighted average maturity is expected to fall within a range that is five years shorter than or five years longer than that of its benchmark index, which had a dollar-weighted average maturity of 23.2 years as of January 31, 2016. The Fund uses multiple investment advisors.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally high for long-term corporate bonds.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund. To minimize the impact of call risk, the advisors generally seek to purchase bonds that have reasonable protection from being called.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally high for long-term bond funds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance (before and after taxes) does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Long-Term Investment-Grade Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 11.33% (quarter ended September 30, 2009), and the lowest return for a quarter was –8.28% (quarter ended March 31, 2009).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Retail | Vanguard Long-Term Investment-Grade Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.19%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.21%
1 Year rr_ExpenseExampleYear01 $ 22
3 Years rr_ExpenseExampleYear03 68
5 Years rr_ExpenseExampleYear05 118
10 Years rr_ExpenseExampleYear10 268
1 Year rr_ExpenseExampleNoRedemptionYear01 22
3 Years rr_ExpenseExampleNoRedemptionYear03 68
5 Years rr_ExpenseExampleNoRedemptionYear05 118
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 268
2006 rr_AnnualReturn2006 2.86% [2]
2007 rr_AnnualReturn2007 3.75% [2]
2008 rr_AnnualReturn2008 2.29% [2]
2009 rr_AnnualReturn2009 8.75% [2]
2010 rr_AnnualReturn2010 10.71% [2]
2011 rr_AnnualReturn2011 17.18% [2]
2012 rr_AnnualReturn2012 11.66% [2]
2013 rr_AnnualReturn2013 (5.87%) [2]
2014 rr_AnnualReturn2014 18.17% [2]
2015 rr_AnnualReturn2015 (2.21%) [2]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 6.77%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.33%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2009
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (8.28%)
1 Year rr_AverageAnnualReturnYear01 (2.21%)
5 Years rr_AverageAnnualReturnYear05 7.32%
10 Years rr_AverageAnnualReturnYear10 6.46%
Retail | Vanguard Long-Term Investment-Grade Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Account Service Fee (for certain fund account balances below $10,000) rr_MaximumAccountFee $ 20 [1]
Management Fees rr_ManagementFeesOverAssets 0.10%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.12%
1 Year rr_ExpenseExampleYear01 $ 12
3 Years rr_ExpenseExampleYear03 39
5 Years rr_ExpenseExampleYear05 68
10 Years rr_ExpenseExampleYear10 154
1 Year rr_ExpenseExampleNoRedemptionYear01 12
3 Years rr_ExpenseExampleNoRedemptionYear03 39
5 Years rr_ExpenseExampleNoRedemptionYear05 68
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 154
1 Year rr_AverageAnnualReturnYear01 (2.11%)
5 Years rr_AverageAnnualReturnYear05 7.42%
10 Years rr_AverageAnnualReturnYear10 6.58%
Retail | Vanguard Long-Term Investment-Grade Fund | Return After Taxes on Distributions | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (4.42%)
5 Years rr_AverageAnnualReturnYear05 5.04%
10 Years rr_AverageAnnualReturnYear10 4.26%
Retail | Vanguard Long-Term Investment-Grade Fund | Return After Taxes on Distributions and Sale of Fund Shares | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.93%)
5 Years rr_AverageAnnualReturnYear05 4.84%
10 Years rr_AverageAnnualReturnYear10 4.17%
Retail | Vanguard Long-Term Investment-Grade Fund | Barclays U.S. Long Credit A or Better Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.95%)
5 Years rr_AverageAnnualReturnYear05 7.11%
10 Years rr_AverageAnnualReturnYear10 6.05%
[1] /year
[2] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 6.77%.
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Investor Shares for Participants | Vanguard Short-Term Treasury Fund
Vanguard Short-Term Treasury Fund
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Investor Shares for Participants
Vanguard Short-Term Treasury Fund
Investor Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Shares for Participants
Vanguard Short-Term Treasury Fund
Investor Shares
Management Fees 0.16%
12b-1 Distribution Fee none
Other Expenses 0.04%
Total Annual Fund Operating Expenses 0.20%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Investor Shares for Participants | Vanguard Short-Term Treasury Fund | Investor Shares | USD ($) 20 64 113 255
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 211% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Short-Term Treasury Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.23%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 3.38% (quarter ended March 31, 2008), and the lowest return for a quarter was –1.14% (quarter ended June 30, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Investor Shares for Participants - Vanguard Short-Term Treasury Fund
1 Year
5 Years
10 Years
Investor Shares 0.45% 0.80% 2.61%
Barclays U.S. 1-5 Year Treasury Bond Index (reflects no deduction for fees or expenses) 0.92% 1.24% 3.04%
XML 57 R114.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Investor Shares for Participants | Vanguard Short-Term Treasury Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Short-Term Treasury Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 211% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 211.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Short-Term Treasury Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 3.38% (quarter ended March 31, 2008), and the lowest return for a quarter was –1.14% (quarter ended June 30, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Investor Shares for Participants | Vanguard Short-Term Treasury Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.16%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.04%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
2006 rr_AnnualReturn2006 3.77% [1]
2007 rr_AnnualReturn2007 7.89% [1]
2008 rr_AnnualReturn2008 6.68% [1]
2009 rr_AnnualReturn2009 1.44% [1]
2010 rr_AnnualReturn2010 2.64% [1]
2011 rr_AnnualReturn2011 2.26% [1]
2012 rr_AnnualReturn2012 0.69% [1]
2013 rr_AnnualReturn2013 (0.10%) [1]
2014 rr_AnnualReturn2014 0.71% [1]
2015 rr_AnnualReturn2015 0.45% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.23%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.38%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (1.14%)
1 Year rr_AverageAnnualReturnYear01 0.45%
5 Years rr_AverageAnnualReturnYear05 0.80%
10 Years rr_AverageAnnualReturnYear10 2.61%
Investor Shares for Participants | Vanguard Short-Term Treasury Fund | Barclays U.S. 1-5 Year Treasury Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.92%
5 Years rr_AverageAnnualReturnYear05 1.24%
10 Years rr_AverageAnnualReturnYear10 3.04%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.23%.
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Investor Shares for Participants | Vanguard Short-Term Federal Fund
Vanguard Short-Term Federal Fund
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Investor Shares for Participants
Vanguard Short-Term Federal Fund
Investor Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Shares for Participants
Vanguard Short-Term Federal Fund
Investor Shares
Management Fees 0.17%
12b-1 Distribution Fee none
Other Expenses 0.03%
Total Annual Fund Operating Expenses 0.20%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Investor Shares for Participants | Vanguard Short-Term Federal Fund | Investor Shares | USD ($) 20 64 113 255
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 314% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in short-term bonds issued or guaranteed by the U.S. government and its agencies and instrumentalities, many of which are not backed by the full faith and credit of the U.S. government. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Short-Term Federal Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.27%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 3.89% (quarter ended December 31, 2008), and the lowest return for a quarter was –0.90% (quarter ended June 30, 2013).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Investor Shares for Participants - Vanguard Short-Term Federal Fund
1 Year
5 Years
10 Years
Investor Shares 0.73% 1.14% 3.03%
Barclays U.S. 1-5 Year Government Bond Index (reflects no deduction for fees or expenses) 0.93% 1.23% 3.06%
XML 60 R121.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Investor Shares for Participants | Vanguard Short-Term Federal Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Short-Term Federal Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 314% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 314.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in short-term bonds issued or guaranteed by the U.S. government and its agencies and instrumentalities, many of which are not backed by the full faith and credit of the U.S. government. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Short-Term Federal Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 3.89% (quarter ended December 31, 2008), and the lowest return for a quarter was –0.90% (quarter ended June 30, 2013).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Investor Shares for Participants | Vanguard Short-Term Federal Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.17%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
2006 rr_AnnualReturn2006 4.32% [1]
2007 rr_AnnualReturn2007 7.43% [1]
2008 rr_AnnualReturn2008 7.04% [1]
2009 rr_AnnualReturn2009 2.79% [1]
2010 rr_AnnualReturn2010 3.24% [1]
2011 rr_AnnualReturn2011 2.76% [1]
2012 rr_AnnualReturn2012 1.44% [1]
2013 rr_AnnualReturn2013 (0.35%) [1]
2014 rr_AnnualReturn2014 1.17% [1]
2015 rr_AnnualReturn2015 0.73% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.27%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.89%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (0.90%)
1 Year rr_AverageAnnualReturnYear01 0.73%
5 Years rr_AverageAnnualReturnYear05 1.14%
10 Years rr_AverageAnnualReturnYear10 3.03%
Investor Shares for Participants | Vanguard Short-Term Federal Fund | Barclays U.S. 1-5 Year Government Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.93%
5 Years rr_AverageAnnualReturnYear05 1.23%
10 Years rr_AverageAnnualReturnYear10 3.06%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.27%.
XML 61 R122.htm IDEA: XBRL DOCUMENT v3.4.0.3
Investor Shares for Participants | Vanguard Short-Term Investment-Grade Fund
Vanguard Short-Term Investment-Grade Fund
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Investor Shares for Participants
Vanguard Short-Term Investment-Grade Fund
Investor Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Shares for Participants
Vanguard Short-Term Investment-Grade Fund
Investor Shares
Management Fees 0.17%
12b-1 Distribution Fee none
Other Expenses 0.03%
Total Annual Fund Operating Expenses 0.20%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Investor Shares for Participants | Vanguard Short-Term Investment-Grade Fund | Investor Shares | USD ($) 20 64 113 255
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 75% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody’s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be low for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Short-Term Investment-Grade Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.74%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 6.02% (quarter ended June 30, 2009), and the lowest return for a quarter was –3.42% (quarter ended September 30, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Investor Shares for Participants - Vanguard Short-Term Investment-Grade Fund
1 Year
5 Years
10 Years
Investor Shares 1.03% 2.04% 3.46%
Barclays U.S. 1-5 Year Credit Bond Index (reflects no deduction for fees or expenses) 1.06% 2.55% 4.07%
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Investor Shares for Participants | Vanguard Short-Term Investment-Grade Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Short-Term Investment-Grade Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 75% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 75.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody’s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be low for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Short-Term Investment-Grade Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 6.02% (quarter ended June 30, 2009), and the lowest return for a quarter was –3.42% (quarter ended September 30, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Investor Shares for Participants | Vanguard Short-Term Investment-Grade Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.17%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
2006 rr_AnnualReturn2006 4.99% [1]
2007 rr_AnnualReturn2007 5.86% [1]
2008 rr_AnnualReturn2008 (4.74%) [1]
2009 rr_AnnualReturn2009 14.03% [1]
2010 rr_AnnualReturn2010 5.21% [1]
2011 rr_AnnualReturn2011 1.93% [1]
2012 rr_AnnualReturn2012 4.52% [1]
2013 rr_AnnualReturn2013 0.97% [1]
2014 rr_AnnualReturn2014 1.76% [1]
2015 rr_AnnualReturn2015 1.03% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.74%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.02%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.42%)
1 Year rr_AverageAnnualReturnYear01 1.03%
5 Years rr_AverageAnnualReturnYear05 2.04%
10 Years rr_AverageAnnualReturnYear10 3.46%
Investor Shares for Participants | Vanguard Short-Term Investment-Grade Fund | Barclays U.S. 1-5 Year Credit Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.06%
5 Years rr_AverageAnnualReturnYear05 2.55%
10 Years rr_AverageAnnualReturnYear10 4.07%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.74%.
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Investor Shares for Participants | Vanguard Intermediate-Term Treasury Fund
Vanguard Intermediate-Term Treasury Fund
Investment Objective
The Fund seeks to provide a moderate and sustainable level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Investor Shares for Participants
Vanguard Intermediate-Term Treasury Fund
Investor Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Shares for Participants
Vanguard Intermediate-Term Treasury Fund
Investor Shares
Management Fees 0.17%
12b-1 Distribution Fee none
Other Expenses 0.03%
Total Annual Fund Operating Expenses 0.20%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Investor Shares for Participants | Vanguard Intermediate-Term Treasury Fund | Investor Shares | USD ($) 20 64 113 255
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 142% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Intermediate-Term Treasury Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.42%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 7.97% (quarter ended December 31, 2008), and the lowest return for a quarter was –3.20% (quarter ended June 30, 2009).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Investor Shares for Participants - Vanguard Intermediate-Term Treasury Fund
1 Year
5 Years
10 Years
Investor Shares 1.50% 2.96% 4.61%
Barclays U.S. 5-10 Year Treasury Bond Index (reflects no deduction for fees or expenses) 1.84% 3.92% 5.20%
XML 66 R135.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Investor Shares for Participants | Vanguard Intermediate-Term Treasury Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Intermediate-Term Treasury Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a moderate and sustainable level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 142% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 142.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Intermediate-Term Treasury Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 7.97% (quarter ended December 31, 2008), and the lowest return for a quarter was –3.20% (quarter ended June 30, 2009).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Investor Shares for Participants | Vanguard Intermediate-Term Treasury Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.17%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
2006 rr_AnnualReturn2006 3.14% [1]
2007 rr_AnnualReturn2007 9.98% [1]
2008 rr_AnnualReturn2008 13.32% [1]
2009 rr_AnnualReturn2009 (1.69%) [1]
2010 rr_AnnualReturn2010 7.35% [1]
2011 rr_AnnualReturn2011 9.80% [1]
2012 rr_AnnualReturn2012 2.67% [1]
2013 rr_AnnualReturn2013 (3.09%) [1]
2014 rr_AnnualReturn2014 4.32% [1]
2015 rr_AnnualReturn2015 1.50% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 3.42%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 7.97%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2009
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.20%)
1 Year rr_AverageAnnualReturnYear01 1.50%
5 Years rr_AverageAnnualReturnYear05 2.96%
10 Years rr_AverageAnnualReturnYear10 4.61%
Investor Shares for Participants | Vanguard Intermediate-Term Treasury Fund | Barclays U.S. 5-10 Year Treasury Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.84%
5 Years rr_AverageAnnualReturnYear05 3.92%
10 Years rr_AverageAnnualReturnYear10 5.20%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.42%.
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Investor Shares for Participants | Vanguard Intermediate-Term Investment-Grade Fund
Vanguard Intermediate-Term Investment-Grade Fund
Investment Objective
The Fund seeks to provide a moderate and sustainable level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Investor Shares for Participants
Vanguard Intermediate-Term Investment-Grade Fund
Investor Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Portfolio Operating Expenses
Investor Shares for Participants
Vanguard Intermediate-Term Investment-Grade Fund
Investor Shares
Management Fees 0.17%
12b-1 Distribution Fee none
Other Expenses 0.03%
Total Annual Fund Operating Expenses 0.20%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Investor Shares for Participants | Vanguard Intermediate-Term Investment-Grade Fund | Investor Shares | USD ($) 20 64 113 255
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 70% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally moderate for intermediate-term corporate bonds.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally moderate for intermediate-term bond funds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Intermediate-Term Investment-Grade Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.54%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 8.16% (quarter ended June 30, 2009), and the lowest return for a quarter was –6.06% (quarter ended September 30, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Investor Shares for Participants - Vanguard Intermediate-Term Investment-Grade Fund
1 Year
5 Years
10 Years
Investor Shares 1.53% 4.45% 5.34%
Barclays U.S. 5-10 Year Credit Bond Index (reflects no deduction for fees or expenses) 0.69% 4.98% 5.76%
XML 69 R142.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Investor Shares for Participants | Vanguard Intermediate-Term Investment-Grade Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Intermediate-Term Investment-Grade Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a moderate and sustainable level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 70% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 70.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally moderate for intermediate-term corporate bonds.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally moderate for intermediate-term bond funds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Intermediate-Term Investment-Grade Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 8.16% (quarter ended June 30, 2009), and the lowest return for a quarter was –6.06% (quarter ended September 30, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Investor Shares for Participants | Vanguard Intermediate-Term Investment-Grade Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.17%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
2006 rr_AnnualReturn2006 4.43% [1]
2007 rr_AnnualReturn2007 6.14% [1]
2008 rr_AnnualReturn2008 (6.16%) [1]
2009 rr_AnnualReturn2009 17.73% [1]
2010 rr_AnnualReturn2010 10.47% [1]
2011 rr_AnnualReturn2011 7.52% [1]
2012 rr_AnnualReturn2012 9.14% [1]
2013 rr_AnnualReturn2013 (1.37%) [1]
2014 rr_AnnualReturn2014 5.81% [1]
2015 rr_AnnualReturn2015 1.53% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 3.54%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.16%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.06%)
1 Year rr_AverageAnnualReturnYear01 1.53%
5 Years rr_AverageAnnualReturnYear05 4.45%
10 Years rr_AverageAnnualReturnYear10 5.34%
Investor Shares for Participants | Vanguard Intermediate-Term Investment-Grade Fund | Barclays U.S. 5-10 Year Credit Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.69%
5 Years rr_AverageAnnualReturnYear05 4.98%
10 Years rr_AverageAnnualReturnYear10 5.76%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.54%.
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Investor Shares for Participants | Vanguard GNMA Fund
Vanguard GNMA Fund
Investment Objective
The Fund seeks to provide a moderate level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Investor Shares for Participants
Vanguard GNMA Fund
Investor Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Shares for Participants
Vanguard GNMA Fund
Investor Shares
Management Fees 0.18%
12b-1 Distribution Fee none
Other Expenses 0.03%
Total Annual Fund Operating Expenses 0.21%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Investor Shares for Participants | Vanguard GNMA Fund | Investor Shares | USD ($) 22 68 118 268
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 706% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Fund’s assets may be invested in other types of securities such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Fund’s dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, the Fund’s dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years).
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage’s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such prepayments and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Prepayment risk is high for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, homeowners will prepay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Fund and delay the Fund’s ability to reinvest proceeds at higher interest rates. Extension risk is high for the Fund.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. In addition, when interest rates decline, GNMA prices typically do not rise as much as the prices of comparable bonds. This is because the market tends to discount GNMA prices for prepayment risk when interest rates decline. Interest rate risk should be moderate for the Fund.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard GNMA Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.89%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 3.97% (quarter ended December 31, 2008), and the lowest return for a quarter was –2.79% (quarter ended June 30, 2013).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Investor Shares for Participants - Vanguard GNMA Fund
1 Year
5 Years
10 Years
Investor Shares 1.33% 3.10% 4.61%
Barclays U.S. GNMA Bond Index (reflects no deduction for fees or expenses) 1.39% 3.05% 4.66%
XML 72 R149.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Investor Shares for Participants | Vanguard GNMA Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard GNMA Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a moderate level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 706% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 706.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Fund’s assets may be invested in other types of securities such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Fund’s dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, the Fund’s dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years).
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage’s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such prepayments and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Prepayment risk is high for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, homeowners will prepay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Fund and delay the Fund’s ability to reinvest proceeds at higher interest rates. Extension risk is high for the Fund.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. In addition, when interest rates decline, GNMA prices typically do not rise as much as the prices of comparable bonds. This is because the market tends to discount GNMA prices for prepayment risk when interest rates decline. Interest rate risk should be moderate for the Fund.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard GNMA Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 3.97% (quarter ended December 31, 2008), and the lowest return for a quarter was –2.79% (quarter ended June 30, 2013).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Investor Shares for Participants | Vanguard GNMA Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.18%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.21%
1 Year rr_ExpenseExampleYear01 $ 22
3 Years rr_ExpenseExampleYear03 68
5 Years rr_ExpenseExampleYear05 118
10 Years rr_ExpenseExampleYear10 268
1 Year rr_ExpenseExampleNoRedemptionYear01 22
3 Years rr_ExpenseExampleNoRedemptionYear03 68
5 Years rr_ExpenseExampleNoRedemptionYear05 118
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 268
2006 rr_AnnualReturn2006 4.33% [1]
2007 rr_AnnualReturn2007 7.01% [1]
2008 rr_AnnualReturn2008 7.22% [1]
2009 rr_AnnualReturn2009 5.29% [1]
2010 rr_AnnualReturn2010 6.95% [1]
2011 rr_AnnualReturn2011 7.69% [1]
2012 rr_AnnualReturn2012 2.35% [1]
2013 rr_AnnualReturn2013 (2.22%) [1]
2014 rr_AnnualReturn2014 6.65% [1]
2015 rr_AnnualReturn2015 1.33% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.89%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.97%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.79%)
1 Year rr_AverageAnnualReturnYear01 1.33%
5 Years rr_AverageAnnualReturnYear05 3.10%
10 Years rr_AverageAnnualReturnYear10 4.61%
Investor Shares for Participants | Vanguard GNMA Fund | Barclays U.S. GNMA Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.39%
5 Years rr_AverageAnnualReturnYear05 3.05%
10 Years rr_AverageAnnualReturnYear10 4.66%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.89%.
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Investor Shares for Participants | Vanguard Long-Term Treasury Fund
Vanguard Long-Term Treasury Fund
Investment Objective
The Fund seeks to provide a high and sustainable level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Investor Shares for Participants
Vanguard Long-Term Treasury Fund
Investor Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Shares for Participants
Vanguard Long-Term Treasury Fund
Investor Shares
Management Fees 0.17%
12b-1 Distribution Fee none
Other Expenses 0.03%
Total Annual Fund Operating Expenses 0.20%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Investor Shares for Participants | Vanguard Long-Term Treasury Fund | Investor Shares | USD ($) 20 64 113 255
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 117% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 15 to 30 years.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Long-Term Treasury Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 8.30%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 24.73% (quarter ended September 30, 2011), and the lowest return for a quarter was –8.70% (quarter ended June 30, 2015).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Investor Shares for Participants - Vanguard Long-Term Treasury Fund
1 Year
5 Years
10 Years
Investor Shares (1.54%) 7.49% 6.47%
Barclays U.S. Long Treasury Bond Index (reflects no deduction for fees or expenses) (1.21%) 7.74% 6.73%
XML 75 R156.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Investor Shares for Participants | Vanguard Long-Term Treasury Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Long-Term Treasury Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a high and sustainable level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 117% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 117.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 15 to 30 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Long-Term Treasury Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 24.73% (quarter ended September 30, 2011), and the lowest return for a quarter was –8.70% (quarter ended June 30, 2015).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Investor Shares for Participants | Vanguard Long-Term Treasury Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.17%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.03%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.20%
1 Year rr_ExpenseExampleYear01 $ 20
3 Years rr_ExpenseExampleYear03 64
5 Years rr_ExpenseExampleYear05 113
10 Years rr_ExpenseExampleYear10 255
1 Year rr_ExpenseExampleNoRedemptionYear01 20
3 Years rr_ExpenseExampleNoRedemptionYear03 64
5 Years rr_ExpenseExampleNoRedemptionYear05 113
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 255
2006 rr_AnnualReturn2006 1.74% [1]
2007 rr_AnnualReturn2007 9.24% [1]
2008 rr_AnnualReturn2008 22.52% [1]
2009 rr_AnnualReturn2009 (12.05%) [1]
2010 rr_AnnualReturn2010 8.93% [1]
2011 rr_AnnualReturn2011 29.28% [1]
2012 rr_AnnualReturn2012 3.47% [1]
2013 rr_AnnualReturn2013 (13.03%) [1]
2014 rr_AnnualReturn2014 25.28% [1]
2015 rr_AnnualReturn2015 (1.54%) [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 8.30%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 24.73%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (8.70%)
1 Year rr_AverageAnnualReturnYear01 (1.54%)
5 Years rr_AverageAnnualReturnYear05 7.49%
10 Years rr_AverageAnnualReturnYear10 6.47%
Investor Shares for Participants | Vanguard Long-Term Treasury Fund | Barclays U.S. Long Treasury Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.21%)
5 Years rr_AverageAnnualReturnYear05 7.74%
10 Years rr_AverageAnnualReturnYear10 6.73%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 8.30%.
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Investor Shares for Participants | Vanguard Long-Term Investment-Grade Fund
Vanguard Long-Term Investment-Grade Fund
Investment Objective
The Fund seeks to provide a high and sustainable level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Investor Shares for Participants
Vanguard Long-Term Investment-Grade Fund
Investor Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Shares for Participants
Vanguard Long-Term Investment-Grade Fund
Investor Shares
Management Fees 0.19%
12b-1 Distribution Fee none
Other Expenses 0.02%
Total Annual Fund Operating Expenses 0.21%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Investor Shares for Participants | Vanguard Long-Term Investment-Grade Fund | Investor Shares | USD ($) 22 68 118 268
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be intermediate- and long-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund’s dollar-weighted average maturity is expected to fall within a range that is five years shorter than or five years longer than that of its benchmark index, which had a dollar-weighted average maturity of 23.2 years as of January 31, 2016. The Fund uses multiple investment advisors.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally high for long-term corporate bonds.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund. To minimize the impact of call risk, the advisors generally seek to purchase bonds that have reasonable protection from being called.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally high for long-term bond funds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Long-Term Investment-Grade Fund Investor Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 6.77%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 11.33% (quarter ended September 30, 2009), and the lowest return for a quarter was –8.28% (quarter ended March 31, 2009).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Investor Shares for Participants - Vanguard Long-Term Investment-Grade Fund
1 Year
5 Years
10 Years
Investor Shares (2.21%) 7.32% 6.46%
Barclays U.S. Long Credit A or Better Bond Index (reflects no deduction for fees or expenses) (1.95%) 7.11% 6.05%
XML 78 R163.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Investor Shares for Participants | Vanguard Long-Term Investment-Grade Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Long-Term Investment-Grade Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a high and sustainable level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 35.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be intermediate- and long-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund’s dollar-weighted average maturity is expected to fall within a range that is five years shorter than or five years longer than that of its benchmark index, which had a dollar-weighted average maturity of 23.2 years as of January 31, 2016. The Fund uses multiple investment advisors.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally high for long-term corporate bonds.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund. To minimize the impact of call risk, the advisors generally seek to purchase bonds that have reasonable protection from being called.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally high for long-term bond funds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Long-Term Investment-Grade Fund Investor Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 11.33% (quarter ended September 30, 2009), and the lowest return for a quarter was –8.28% (quarter ended March 31, 2009).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Investor Shares for Participants | Vanguard Long-Term Investment-Grade Fund | Investor Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.19%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.21%
1 Year rr_ExpenseExampleYear01 $ 22
3 Years rr_ExpenseExampleYear03 68
5 Years rr_ExpenseExampleYear05 118
10 Years rr_ExpenseExampleYear10 268
1 Year rr_ExpenseExampleNoRedemptionYear01 22
3 Years rr_ExpenseExampleNoRedemptionYear03 68
5 Years rr_ExpenseExampleNoRedemptionYear05 118
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 268
2006 rr_AnnualReturn2006 2.86% [1]
2007 rr_AnnualReturn2007 3.75% [1]
2008 rr_AnnualReturn2008 2.29% [1]
2009 rr_AnnualReturn2009 8.75% [1]
2010 rr_AnnualReturn2010 10.71% [1]
2011 rr_AnnualReturn2011 17.18% [1]
2012 rr_AnnualReturn2012 11.66% [1]
2013 rr_AnnualReturn2013 (5.87%) [1]
2014 rr_AnnualReturn2014 18.17% [1]
2015 rr_AnnualReturn2015 (2.21%) [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 6.77%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.33%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2009
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (8.28%)
1 Year rr_AverageAnnualReturnYear01 (2.21%)
5 Years rr_AverageAnnualReturnYear05 7.32%
10 Years rr_AverageAnnualReturnYear10 6.46%
Investor Shares for Participants | Vanguard Long-Term Investment-Grade Fund | Barclays U.S. Long Credit A or Better Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.95%)
5 Years rr_AverageAnnualReturnYear05 7.11%
10 Years rr_AverageAnnualReturnYear10 6.05%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 6.77%.
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Admiral Shares for Participants | Vanguard Short-Term Treasury Fund
Vanguard Short-Term Treasury Fund
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Admiral Shares for Participants
Vanguard Short-Term Treasury Fund
Admiral Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Admiral Shares for Participants
Vanguard Short-Term Treasury Fund
Admiral Shares
Management Fees 0.08%
12b-1 Distribution Fee none
Other Expenses 0.02%
Total Annual Fund Operating Expenses 0.10%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Admiral Shares for Participants | Vanguard Short-Term Treasury Fund | Admiral Shares | USD ($) 10 32 56 128
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 211% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Short-Term Treasury Fund Admiral Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.26%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 3.41% (quarter ended March 31, 2008), and the lowest return for a quarter was –1.12% (quarter ended June 30, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Admiral Shares for Participants - Vanguard Short-Term Treasury Fund
1 Year
5 Years
10 Years
Admiral Shares 0.55% 0.90% 2.73%
Barclays U.S. 1-5 Year Treasury Bond Index (reflects no deduction for fees or expenses) 0.92% 1.24% 3.04%
XML 81 R170.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Admiral Shares for Participants | Vanguard Short-Term Treasury Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Short-Term Treasury Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 211% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 211.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Short-Term Treasury Fund Admiral Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 3.41% (quarter ended March 31, 2008), and the lowest return for a quarter was –1.12% (quarter ended June 30, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Admiral Shares for Participants | Vanguard Short-Term Treasury Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.08%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.10%
1 Year rr_ExpenseExampleYear01 $ 10
3 Years rr_ExpenseExampleYear03 32
5 Years rr_ExpenseExampleYear05 56
10 Years rr_ExpenseExampleYear10 128
1 Year rr_ExpenseExampleNoRedemptionYear01 10
3 Years rr_ExpenseExampleNoRedemptionYear03 32
5 Years rr_ExpenseExampleNoRedemptionYear05 56
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 128
2006 rr_AnnualReturn2006 3.93% [1]
2007 rr_AnnualReturn2007 8.02% [1]
2008 rr_AnnualReturn2008 6.79% [1]
2009 rr_AnnualReturn2009 1.54% [1]
2010 rr_AnnualReturn2010 2.76% [1]
2011 rr_AnnualReturn2011 2.36% [1]
2012 rr_AnnualReturn2012 0.79% [1]
2013 rr_AnnualReturn2013 none [1]
2014 rr_AnnualReturn2014 0.82% [1]
2015 rr_AnnualReturn2015 0.55% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.26%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.41%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (1.12%)
1 Year rr_AverageAnnualReturnYear01 0.55%
5 Years rr_AverageAnnualReturnYear05 0.90%
10 Years rr_AverageAnnualReturnYear10 2.73%
Admiral Shares for Participants | Vanguard Short-Term Treasury Fund | Barclays U.S. 1-5 Year Treasury Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.92%
5 Years rr_AverageAnnualReturnYear05 1.24%
10 Years rr_AverageAnnualReturnYear10 3.04%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.26%.
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Admiral Shares for Participants | Vanguard Short-Term Federal Fund
Vanguard Short-Term Federal Fund
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Admiral Shares for Participants
Vanguard Short-Term Federal Fund
Admiral Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Admiral Shares for Participants
Vanguard Short-Term Federal Fund
Admiral Shares
Management Fees 0.08%
12b-1 Distribution Fee none
Other Expenses 0.02%
Total Annual Fund Operating Expenses 0.10%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Admiral Shares for Participants | Vanguard Short-Term Federal Fund | Admiral Shares | USD ($) 10 32 56 128
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 314% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in short-term bonds issued or guaranteed by the U.S. government and its agencies and instrumentalities, many of which are not backed by the full faith and credit of the U.S. government. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Short-Term Federal Fund Admiral Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.30%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 3.91% (quarter ended December 31, 2008), and the lowest return for a quarter was –0.87% (quarter ended June 30, 2013).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Admiral Shares for Participants - Vanguard Short-Term Federal Fund
1 Year
5 Years
10 Years
Admiral Shares 0.83% 1.25% 3.13%
Barclays U.S. 1-5 Year Government Bond Index (reflects no deduction for fees or expenses) 0.93% 1.23% 3.06%
XML 84 R177.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Admiral Shares for Participants | Vanguard Short-Term Federal Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Short-Term Federal Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 314% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 314.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in short-term bonds issued or guaranteed by the U.S. government and its agencies and instrumentalities, many of which are not backed by the full faith and credit of the U.S. government. The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Short-Term Federal Fund Admiral Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 3.91% (quarter ended December 31, 2008), and the lowest return for a quarter was –0.87% (quarter ended June 30, 2013).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Admiral Shares for Participants | Vanguard Short-Term Federal Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.08%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.10%
1 Year rr_ExpenseExampleYear01 $ 10
3 Years rr_ExpenseExampleYear03 32
5 Years rr_ExpenseExampleYear05 56
10 Years rr_ExpenseExampleYear10 128
1 Year rr_ExpenseExampleNoRedemptionYear01 10
3 Years rr_ExpenseExampleNoRedemptionYear03 32
5 Years rr_ExpenseExampleNoRedemptionYear05 56
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 128
2006 rr_AnnualReturn2006 4.42% [1]
2007 rr_AnnualReturn2007 7.53% [1]
2008 rr_AnnualReturn2008 7.15% [1]
2009 rr_AnnualReturn2009 2.89% [1]
2010 rr_AnnualReturn2010 3.36% [1]
2011 rr_AnnualReturn2011 2.86% [1]
2012 rr_AnnualReturn2012 1.54% [1]
2013 rr_AnnualReturn2013 (0.25%) [1]
2014 rr_AnnualReturn2014 1.27% [1]
2015 rr_AnnualReturn2015 0.83% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.30%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 3.91%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (0.87%)
1 Year rr_AverageAnnualReturnYear01 0.83%
5 Years rr_AverageAnnualReturnYear05 1.25%
10 Years rr_AverageAnnualReturnYear10 3.13%
Admiral Shares for Participants | Vanguard Short-Term Federal Fund | Barclays U.S. 1-5 Year Government Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.93%
5 Years rr_AverageAnnualReturnYear05 1.23%
10 Years rr_AverageAnnualReturnYear10 3.06%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.30%.
XML 85 R178.htm IDEA: XBRL DOCUMENT v3.4.0.3
Admiral Shares for Participants | Vanguard Short-Term Investment-Grade Fund
Vanguard Short-Term Investment-Grade Fund
Investment Objective
The Fund seeks to provide current income while maintaining limited price volatility.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Admiral Shares for Participants
Vanguard Short-Term Investment-Grade Fund
Admiral Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Admiral Shares for Participants
Vanguard Short-Term Investment-Grade Fund
Admiral Shares
Management Fees 0.09%
12b-1 Distribution Fee none
Other Expenses 0.01%
Total Annual Fund Operating Expenses 0.10%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Admiral Shares for Participants | Vanguard Short-Term Investment-Grade Fund | Admiral Shares | USD ($) 10 32 56 128
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 75% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody’s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Principal Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be low for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Short-Term Investment-Grade Fund Admiral Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.76%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 6.05% (quarter ended June 30, 2009), and the lowest return for a quarter was –3.39% (quarter ended September 30, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Admiral Shares for Participants - Vanguard Short-Term Investment-Grade Fund
1 Year
5 Years
10 Years
Admiral Shares 1.13% 2.13% 3.56%
Barclays U.S. 1-5 Year Credit Bond Index (reflects no deduction for fees or expenses) 1.06% 2.55% 4.07%
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Admiral Shares for Participants | Vanguard Short-Term Investment-Grade Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Short-Term Investment-Grade Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide current income while maintaining limited price volatility.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 75% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 75.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody’s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 1 to 4 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally high for short-term bond funds, so investors should expect the Fund’s monthly income to fluctuate.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are less sensitive to interest rate changes than are the prices of longer-term bonds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be low for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally low for short-term bond funds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally low for short-term corporate bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Short-Term Investment-Grade Fund Admiral Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 6.05% (quarter ended June 30, 2009), and the lowest return for a quarter was –3.39% (quarter ended September 30, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Admiral Shares for Participants | Vanguard Short-Term Investment-Grade Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.09%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.10%
1 Year rr_ExpenseExampleYear01 $ 10
3 Years rr_ExpenseExampleYear03 32
5 Years rr_ExpenseExampleYear05 56
10 Years rr_ExpenseExampleYear10 128
1 Year rr_ExpenseExampleNoRedemptionYear01 10
3 Years rr_ExpenseExampleNoRedemptionYear03 32
5 Years rr_ExpenseExampleNoRedemptionYear05 56
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 128
2006 rr_AnnualReturn2006 5.11% [1]
2007 rr_AnnualReturn2007 5.98% [1]
2008 rr_AnnualReturn2008 (4.65%) [1]
2009 rr_AnnualReturn2009 14.17% [1]
2010 rr_AnnualReturn2010 5.33% [1]
2011 rr_AnnualReturn2011 2.02% [1]
2012 rr_AnnualReturn2012 4.63% [1]
2013 rr_AnnualReturn2013 1.07% [1]
2014 rr_AnnualReturn2014 1.86% [1]
2015 rr_AnnualReturn2015 1.13% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.76%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 6.05%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.39%)
1 Year rr_AverageAnnualReturnYear01 1.13%
5 Years rr_AverageAnnualReturnYear05 2.13%
10 Years rr_AverageAnnualReturnYear10 3.56%
Admiral Shares for Participants | Vanguard Short-Term Investment-Grade Fund | Barclays U.S. 1-5 Year Credit Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.06%
5 Years rr_AverageAnnualReturnYear05 2.55%
10 Years rr_AverageAnnualReturnYear10 4.07%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.76%.
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Admiral Shares for Participants | Vanguard Intermediate-Term Treasury Fund
Vanguard Intermediate-Term Treasury Fund
Investment Objective
The Fund seeks to provide a moderate and sustainable level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Admiral Shares for Participants
Vanguard Intermediate-Term Treasury Fund
Admiral Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Admiral Shares for Participants
Vanguard Intermediate-Term Treasury Fund
Admiral Shares
Management Fees 0.09%
12b-1 Distribution Fee none
Other Expenses 0.01%
Total Annual Fund Operating Expenses 0.10%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Admiral Shares for Participants | Vanguard Intermediate-Term Treasury Fund | Admiral Shares | USD ($) 10 32 56 128
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 142% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Intermediate-Term Treasury Fund Admiral Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.45%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 8.00% (quarter ended December 31, 2008), and the lowest return for a quarter was –3.17% (quarter ended June 30, 2009).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Admiral Shares for Participants - Vanguard Intermediate-Term Treasury Fund
1 Year
5 Years
10 Years
Admiral Shares 1.61% 3.06% 4.74%
Barclays U.S. 5-10 Year Treasury Bond Index (reflects no deduction for fees or expenses) 1.84% 3.92% 5.20%
XML 90 R191.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Admiral Shares for Participants | Vanguard Intermediate-Term Treasury Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Intermediate-Term Treasury Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a moderate and sustainable level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 142% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 142.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Intermediate-Term Treasury Fund Admiral Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 8.00% (quarter ended December 31, 2008), and the lowest return for a quarter was –3.17% (quarter ended June 30, 2009).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Admiral Shares for Participants | Vanguard Intermediate-Term Treasury Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.09%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.10%
1 Year rr_ExpenseExampleYear01 $ 10
3 Years rr_ExpenseExampleYear03 32
5 Years rr_ExpenseExampleYear05 56
10 Years rr_ExpenseExampleYear10 128
1 Year rr_ExpenseExampleNoRedemptionYear01 10
3 Years rr_ExpenseExampleNoRedemptionYear03 32
5 Years rr_ExpenseExampleNoRedemptionYear05 56
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 128
2006 rr_AnnualReturn2006 3.30% [1]
2007 rr_AnnualReturn2007 10.15% [1]
2008 rr_AnnualReturn2008 13.49% [1]
2009 rr_AnnualReturn2009 (1.56%) [1]
2010 rr_AnnualReturn2010 7.48% [1]
2011 rr_AnnualReturn2011 9.91% [1]
2012 rr_AnnualReturn2012 2.78% [1]
2013 rr_AnnualReturn2013 (2.99%) [1]
2014 rr_AnnualReturn2014 4.42% [1]
2015 rr_AnnualReturn2015 1.61% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 3.45%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.00%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2009
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.17%)
1 Year rr_AverageAnnualReturnYear01 1.61%
5 Years rr_AverageAnnualReturnYear05 3.06%
10 Years rr_AverageAnnualReturnYear10 4.74%
Admiral Shares for Participants | Vanguard Intermediate-Term Treasury Fund | Barclays U.S. 5-10 Year Treasury Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.84%
5 Years rr_AverageAnnualReturnYear05 3.92%
10 Years rr_AverageAnnualReturnYear10 5.20%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.45%.
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Admiral Shares for Participants | Vanguard Intermediate-Term Investment-Grade Fund
Vanguard Intermediate-Term Investment-Grade Fund
Investment Objective
The Fund seeks to provide a moderate and sustainable level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Admiral Shares for Participants
Vanguard Intermediate-Term Investment-Grade Fund
Admiral Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Portfolio Operating Expenses
Admiral Shares for Participants
Vanguard Intermediate-Term Investment-Grade Fund
Admiral Shares
Management Fees 0.09%
12b-1 Distribution Fee none
Other Expenses 0.01%
Total Annual Fund Operating Expenses 0.10%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Admiral Shares for Participants | Vanguard Intermediate-Term Investment-Grade Fund | Admiral Shares | USD ($) 10 32 56 128
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 70% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally moderate for intermediate-term corporate bonds.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally moderate for intermediate-term bond funds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Intermediate-Term Investment-Grade Fund Admiral Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.57%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 8.19% (quarter ended June 30, 2009), and the lowest return for a quarter was –6.04% (quarter ended September 30, 2008).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Admiral Shares for Participants - Vanguard Intermediate-Term Investment-Grade Fund
1 Year
5 Years
10 Years
Admiral Shares 1.63% 4.56% 5.45%
Barclays U.S. 5-10 Year Credit Bond Index (reflects no deduction for fees or expenses) 0.69% 4.98% 5.76%
XML 93 R198.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Admiral Shares for Participants | Vanguard Intermediate-Term Investment-Grade Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Intermediate-Term Investment-Grade Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a moderate and sustainable level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 70% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 70.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be short- and intermediate-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund is expected to maintain a dollar-weighted average maturity of 5 to 10 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally moderate for intermediate-term corporate bonds.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally moderate for intermediate-term bond funds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Intermediate-Term Investment-Grade Fund Admiral Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 8.19% (quarter ended June 30, 2009), and the lowest return for a quarter was –6.04% (quarter ended September 30, 2008).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Admiral Shares for Participants | Vanguard Intermediate-Term Investment-Grade Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.09%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.10%
1 Year rr_ExpenseExampleYear01 $ 10
3 Years rr_ExpenseExampleYear03 32
5 Years rr_ExpenseExampleYear05 56
10 Years rr_ExpenseExampleYear10 128
1 Year rr_ExpenseExampleNoRedemptionYear01 10
3 Years rr_ExpenseExampleNoRedemptionYear03 32
5 Years rr_ExpenseExampleNoRedemptionYear05 56
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 128
2006 rr_AnnualReturn2006 4.55% [1]
2007 rr_AnnualReturn2007 6.26% [1]
2008 rr_AnnualReturn2008 (6.06%) [1]
2009 rr_AnnualReturn2009 17.88% [1]
2010 rr_AnnualReturn2010 10.60% [1]
2011 rr_AnnualReturn2011 7.63% [1]
2012 rr_AnnualReturn2012 9.25% [1]
2013 rr_AnnualReturn2013 (1.27%) [1]
2014 rr_AnnualReturn2014 5.91% [1]
2015 rr_AnnualReturn2015 1.63% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 3.57%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 8.19%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.04%)
1 Year rr_AverageAnnualReturnYear01 1.63%
5 Years rr_AverageAnnualReturnYear05 4.56%
10 Years rr_AverageAnnualReturnYear10 5.45%
Admiral Shares for Participants | Vanguard Intermediate-Term Investment-Grade Fund | Barclays U.S. 5-10 Year Credit Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.69%
5 Years rr_AverageAnnualReturnYear05 4.98%
10 Years rr_AverageAnnualReturnYear10 5.76%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 3.57%.
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Admiral Shares for Participants | Vanguard GNMA Fund
Vanguard GNMA Fund
Investment Objective
The Fund seeks to provide a moderate level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Admiral Shares for Participants
Vanguard GNMA Fund
Admiral Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Admiral Shares for Participants
Vanguard GNMA Fund
Admiral Shares
Management Fees 0.09%
12b-1 Distribution Fee none
Other Expenses 0.02%
Total Annual Fund Operating Expenses 0.11%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Admiral Shares for Participants | Vanguard GNMA Fund | Admiral Shares | USD ($) 11 35 62 141
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 706% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Fund’s assets may be invested in other types of securities such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Fund’s dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, the Fund’s dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years).
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage’s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such prepayments and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Prepayment risk is high for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, homeowners will prepay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Fund and delay the Fund’s ability to reinvest proceeds at higher interest rates. Extension risk is high for the Fund.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. In addition, when interest rates decline, GNMA prices typically do not rise as much as the prices of comparable bonds. This is because the market tends to discount GNMA prices for prepayment risk when interest rates decline. Interest rate risk should be moderate for the Fund.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard GNMA Fund Admiral Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.91%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 4.00% (quarter ended December 31, 2008), and the lowest return for a quarter was –2.77% (quarter ended June 30, 2013).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Admiral Shares for Participants - Vanguard GNMA Fund
1 Year
5 Years
10 Years
Admiral Shares 1.43% 3.20% 4.72%
Barclays U.S. GNMA Bond Index (reflects no deduction for fees or expenses) 1.39% 3.05% 4.66%
XML 96 R205.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Admiral Shares for Participants | Vanguard GNMA Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard GNMA Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a moderate level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 706% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 706.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. The balance of the Fund’s assets may be invested in other types of securities such as U.S. Treasury or other U.S. government agency securities, including pass-through certificates, as well as in repurchase agreements collateralized by such securities. Securities issued by most U.S. government agencies, other than the U.S. Treasury and GNMA, are neither guaranteed by the U.S. Treasury nor supported by the full faith and credit of the U.S. government. The Fund’s dollar-weighted average maturity depends on homeowner prepayments of the underlying mortgages. Although the Fund does not observe specific maturity guidelines, the Fund’s dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years).
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Prepayment risk, which is the chance that during periods of falling interest rates, homeowners will refinance their mortgages before their maturity dates, resulting in prepayment of mortgage-backed securities held by the Fund. The Fund would then lose any price appreciation above the mortgage’s principal and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such prepayments and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Prepayment risk is high for the Fund.

• Extension risk, which is the chance that during periods of rising interest rates, homeowners will prepay their mortgages at slower rates. This will lengthen the duration or average life of mortgage-backed securities held by the Fund and delay the Fund’s ability to reinvest proceeds at higher interest rates. Extension risk is high for the Fund.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Fund’s monthly income to fluctuate accordingly.

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. In addition, when interest rates decline, GNMA prices typically do not rise as much as the prices of comparable bonds. This is because the market tends to discount GNMA prices for prepayment risk when interest rates decline. Interest rate risk should be moderate for the Fund.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard GNMA Fund Admiral Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 4.00% (quarter ended December 31, 2008), and the lowest return for a quarter was –2.77% (quarter ended June 30, 2013).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Admiral Shares for Participants | Vanguard GNMA Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.09%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.11%
1 Year rr_ExpenseExampleYear01 $ 11
3 Years rr_ExpenseExampleYear03 35
5 Years rr_ExpenseExampleYear05 62
10 Years rr_ExpenseExampleYear10 141
1 Year rr_ExpenseExampleNoRedemptionYear01 11
3 Years rr_ExpenseExampleNoRedemptionYear03 35
5 Years rr_ExpenseExampleNoRedemptionYear05 62
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 141
2006 rr_AnnualReturn2006 4.43% [1]
2007 rr_AnnualReturn2007 7.11% [1]
2008 rr_AnnualReturn2008 7.33% [1]
2009 rr_AnnualReturn2009 5.40% [1]
2010 rr_AnnualReturn2010 7.08% [1]
2011 rr_AnnualReturn2011 7.80% [1]
2012 rr_AnnualReturn2012 2.45% [1]
2013 rr_AnnualReturn2013 (2.13%) [1]
2014 rr_AnnualReturn2014 6.76% [1]
2015 rr_AnnualReturn2015 1.43% [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 1.91%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2008
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 4.00%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2013
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.77%)
1 Year rr_AverageAnnualReturnYear01 1.43%
5 Years rr_AverageAnnualReturnYear05 3.20%
10 Years rr_AverageAnnualReturnYear10 4.72%
Admiral Shares for Participants | Vanguard GNMA Fund | Barclays U.S. GNMA Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.39%
5 Years rr_AverageAnnualReturnYear05 3.05%
10 Years rr_AverageAnnualReturnYear10 4.66%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 1.91%.
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Admiral Shares for Participants | Vanguard Long-Term Treasury Fund
Vanguard Long-Term Treasury Fund
Investment Objective
The Fund seeks to provide a high and sustainable level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Admiral Shares for Participants
Vanguard Long-Term Treasury Fund
Admiral Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Admiral Shares for Participants
Vanguard Long-Term Treasury Fund
Admiral Shares
Management Fees 0.08%
12b-1 Distribution Fee none
Other Expenses 0.02%
Total Annual Fund Operating Expenses 0.10%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Admiral Shares for Participants | Vanguard Long-Term Treasury Fund | Admiral Shares | USD ($) 10 32 56 128
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 117% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 15 to 30 years.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund's share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund's performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.

• Income risk, which is the chance that the Fund's income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Long-Term Treasury Fund Admiral Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 8.33%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 24.76% (quarter ended September 30, 2011), and the lowest return for a quarter was –8.67% (quarter ended June 30, 2015).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Admiral Shares for Participants - Vanguard Long-Term Treasury Fund
1 Year
5 Years
10 Years
Admiral Shares (1.44%) 7.60% 6.60%
Barclays U.S. Long Treasury Bond Index (reflects no deduction for fees or expenses) (1.21%) 7.74% 6.73%
XML 99 R212.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Admiral Shares for Participants | Vanguard Long-Term Treasury Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Long-Term Treasury Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a high and sustainable level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 117% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 117.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year rr_ExpenseExampleNoRedemptionYear01 $ 10
3 Years rr_ExpenseExampleNoRedemptionYear03 32
5 Years rr_ExpenseExampleNoRedemptionYear05 56
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 128
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests at least 80% of its assets in U.S. Treasury securities, which include bills, bonds, and notes issued by the U.S. Treasury. The Fund is expected to maintain a dollar-weighted average maturity of 15 to 30 years.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund's share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund's performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.

• Income risk, which is the chance that the Fund's income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Long-Term Treasury Fund Admiral Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 24.76% (quarter ended September 30, 2011), and the lowest return for a quarter was –8.67% (quarter ended June 30, 2015).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Admiral Shares for Participants | Vanguard Long-Term Treasury Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.08%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.10%
1 Year rr_ExpenseExampleYear01 $ 10
3 Years rr_ExpenseExampleYear03 32
5 Years rr_ExpenseExampleYear05 56
10 Years rr_ExpenseExampleYear10 $ 128
2006 rr_AnnualReturn2006 1.91% [1]
2007 rr_AnnualReturn2007 9.42% [1]
2008 rr_AnnualReturn2008 22.69% [1]
2009 rr_AnnualReturn2009 (11.93%) [1]
2010 rr_AnnualReturn2010 9.06% [1]
2011 rr_AnnualReturn2011 29.41% [1]
2012 rr_AnnualReturn2012 3.57% [1]
2013 rr_AnnualReturn2013 (12.94%) [1]
2014 rr_AnnualReturn2014 25.40% [1]
2015 rr_AnnualReturn2015 (1.44%) [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 8.33%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2011
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 24.76%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2015
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (8.67%)
1 Year rr_AverageAnnualReturnYear01 (1.44%)
5 Years rr_AverageAnnualReturnYear05 7.60%
10 Years rr_AverageAnnualReturnYear10 6.60%
Admiral Shares for Participants | Vanguard Long-Term Treasury Fund | Barclays U.S. Long Treasury Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.21%)
5 Years rr_AverageAnnualReturnYear05 7.74%
10 Years rr_AverageAnnualReturnYear10 6.73%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 8.33%.
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Admiral Shares for Participants | Vanguard Long-Term Investment-Grade Fund
Vanguard Long-Term Investment-Grade Fund
Investment Objective
The Fund seeks to provide a high and sustainable level of current income.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees

(Fees paid directly from your investment)
Shareholder Fees
Admiral Shares for Participants
Vanguard Long-Term Investment-Grade Fund
Admiral Shares
Sales Charge (Load) Imposed on Purchases none
Purchase Fee none
Sales Charge (Load) Imposed on Reinvested Dividends none
Redemption Fee none
Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Admiral Shares for Participants
Vanguard Long-Term Investment-Grade Fund
Admiral Shares
Management Fees 0.10%
12b-1 Distribution Fee none
Other Expenses 0.02%
Total Annual Fund Operating Expenses 0.12%
Example
The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
Admiral Shares for Participants | Vanguard Long-Term Investment-Grade Fund | Admiral Shares | USD ($) 12 39 68 154
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be intermediate- and long-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund’s dollar-weighted average maturity is expected to fall within a range that is five years shorter than or five years longer than that of its benchmark index, which had a dollar-weighted average maturity of 23.2 years as of January 31, 2016. The Fund uses multiple investment advisors.
Principal Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally high for long-term corporate bonds.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund. To minimize the impact of call risk, the advisors generally seek to purchase bonds that have reasonable protection from being called.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally high for long-term bond funds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard Long-Term Investment-Grade Fund Admiral Shares
Bar Chart
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 6.80%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 11.37% (quarter ended September 30, 2009), and the lowest return for a quarter was –8.25% (quarter ended March 31, 2009).
Average Annual Total Returns for Periods Ended December 31, 2015
Average Annual Total Returns - Admiral Shares for Participants - Vanguard Long-Term Investment-Grade Fund
1 Year
5 Years
10 Years
Admiral Shares (2.11%) 7.42% 6.58%
Barclays U.S. Long Credit A or Better Bond Index (reflects no deduction for fees or expenses) (1.95%) 7.11% 6.05%
XML 102 R219.htm IDEA: XBRL DOCUMENT v3.4.0.3
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName VANGUARD FIXED INCOME SECURITIES FUNDS
Prospectus Date rr_ProspectusDate May 26, 2016
Admiral Shares for Participants | Vanguard Long-Term Investment-Grade Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Vanguard Long-Term Investment-Grade Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund seeks to provide a high and sustainable level of current income.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees

(Fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses

(Expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 35.00%
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invested $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be intermediate- and long-term investment-grade securities. High-quality fixed income securities are those rated the equivalent of A3 or better by Moody‘s Investors Service, Inc., or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor; medium-quality fixed income securities are those rated the equivalent of Baa1, Baa2, or Baa3 by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor. (Investment-grade fixed income securities are those rated the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, if unrated, are determined to be of comparable quality by the Fund’s advisor.) The Fund’s dollar-weighted average maturity is expected to fall within a range that is five years shorter than or five years longer than that of its benchmark index, which had a dollar-weighted average maturity of 23.2 years as of January 31, 2016. The Fund uses multiple investment advisors.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock An investment in the Fund could lose money over short or even long periods. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund’s performance:

• Interest rate risk, which is the chance that bond prices will decline because of rising interest rates. Interest rate risk should be high for the Fund because it invests primarily in long-term bonds, whose prices are more sensitive to interest rate changes than are the prices of shorter-term bonds.

• Liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price. Liquidity risk is generally high for long-term corporate bonds.

• Call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond’s call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income. Such redemptions and subsequent reinvestments would also increase the Fund’s portfolio turnover rate. Call risk should be moderate for the Fund. To minimize the impact of call risk, the advisors generally seek to purchase bonds that have reasonable protection from being called.

• Extension risk, which is the chance that during periods of rising interest rates, certain debt securities will be paid off substantially more slowly than originally anticipated, and the value of those securities may fall. Extension risk is generally high for long-term bond funds.

• Credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer’s ability to make such payments will cause the price of that bond to decline. Although the Fund invests a limited portion of its assets in low-quality bonds, credit risk should be low for the Fund because it invests primarily in bonds that are considered high-quality and, to a lesser extent, in bonds that are considered medium-quality.

• Income risk, which is the chance that the Fund’s income will decline because of falling interest rates. Income risk should be low for the Fund because it invests primarily in long-term bonds.

• Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

• Derivatives risk. The Fund may invest in derivatives, which may involve risks different from, and possibly greater than, those of investments directly in the underlying securities or assets.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Risk Lose Money [Text] rr_RiskLoseMoney An investment in the Fund could lose money over short or even long periods.
Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Annual Total Returns
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund‘s Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of a relevant market index, which has investment characteristics similar to those of the Fund.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 800-662-7447
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress vanguard.com/performance
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Keep in mind that the Fund’s past performance does not indicate how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading Annual Total Returns — Vanguard Long-Term Investment-Grade Fund Admiral Shares
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock During the periods shown in the bar chart, the highest return for a calendar quarter was 11.37% (quarter ended September 30, 2009), and the lowest return for a quarter was –8.25% (quarter ended March 31, 2009).
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns for Periods Ended December 31, 2015
Admiral Shares for Participants | Vanguard Long-Term Investment-Grade Fund | Admiral Shares  
Risk/Return: rr_RiskReturnAbstract  
Purchase Fee rr_MaximumCumulativeSalesChargeOverOther none
Sales Charge (Load) Imposed on Purchases rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Sales Charge (Load) Imposed on Reinvested Dividends rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption Fee rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 0.10%
12b-1 Distribution Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.12%
1 Year rr_ExpenseExampleYear01 $ 12
3 Years rr_ExpenseExampleYear03 39
5 Years rr_ExpenseExampleYear05 68
10 Years rr_ExpenseExampleYear10 154
1 Year rr_ExpenseExampleNoRedemptionYear01 12
3 Years rr_ExpenseExampleNoRedemptionYear03 39
5 Years rr_ExpenseExampleNoRedemptionYear05 68
10 Years rr_ExpenseExampleNoRedemptionYear10 $ 154
2006 rr_AnnualReturn2006 2.99% [1]
2007 rr_AnnualReturn2007 3.86% [1]
2008 rr_AnnualReturn2008 2.40% [1]
2009 rr_AnnualReturn2009 8.89% [1]
2010 rr_AnnualReturn2010 10.85% [1]
2011 rr_AnnualReturn2011 17.30% [1]
2012 rr_AnnualReturn2012 11.77% [1]
2013 rr_AnnualReturn2013 (5.77%) [1]
2014 rr_AnnualReturn2014 18.29% [1]
2015 rr_AnnualReturn2015 (2.11%) [1]
Year to Date Return, Label rr_YearToDateReturnLabel year-to-date return
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Mar. 31, 2016
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 6.80%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel highest return
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 11.37%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel lowest return
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Mar. 31, 2009
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (8.25%)
1 Year rr_AverageAnnualReturnYear01 (2.11%)
5 Years rr_AverageAnnualReturnYear05 7.42%
10 Years rr_AverageAnnualReturnYear10 6.58%
Admiral Shares for Participants | Vanguard Long-Term Investment-Grade Fund | Barclays U.S. Long Credit A or Better Bond Index (reflects no deduction for fees or expenses)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.95%)
5 Years rr_AverageAnnualReturnYear05 7.11%
10 Years rr_AverageAnnualReturnYear10 6.05%
[1] The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2016, was 6.80%.
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Prospectus Date rr_ProspectusDate May 26, 2016
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