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. 115 | [X] |
and | |
REGISTRATION STATEMENT (NO. 811-02368) UNDER THE INVESTMENT COMPANY ACT | |
OF 1940 | |
Amendment No. 116 | [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 |
Anne E. Robinson, 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 September 26, 2017, 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. |
PART C
VANGUARD FIXED INCOME SECURITIES FUNDS
OTHER INFORMATION
Item 28. Exhibits
(a) Articles of Incorporation, Amended and Restated Agreement and Declaration of Trust, is filed herewith.
(b) By-Laws, filed with Post-Effective Amendment No. 113 dated July 13, 2017, are hereby incorporated by reference.
(c) Instruments Defining Rights of Security Holders, reference is made to Articles III and V of the Registrants Amended and Restated Agreement and Declaration of Trust, refer to Exhibit (a) above. (d) Investment Advisory Contracts, for Wellington Management Company LLP (with respect to Vanguard GNMA Fund, Vanguard Long-Term Investment-Grade Fund, and Vanguard High-Yield Corporate Fund), filed with Post-Effective Amendment No. 94 dated May 30, 2012, are hereby incorporated by reference. The Vanguard Group, Inc., provides investment advisory services to Vanguard Ultra-Short-Term Bond Fund, Vanguard Short-Term Treasury Fund, Vanguard Short-Term Federal Fund, Vanguard Short-Term Investment-Grade Fund, Vanguard Intermediate-Term Treasury Fund, Vanguard Intermediate-Term Investment-Grade Fund, Vanguard Long-Term Treasury Fund, Vanguard Long-Term Investment-Grade Fund, and Vanguard REIT II Index Fund at cost pursuant to the Fifth Amended and Restated Funds Service Agreement, refer to Exhibit (h) below.
(e) Underwriting Contracts, not applicable.
(f) Bonus or Profit Sharing Contracts, reference is made to the section entitled Management of the Funds in Part B of this Registration Statement.
(g) Custodian Agreements, for JPMorgan Chase Bank, filed with Post-Effective Amendment No. 111 dated May 26, 2017.
(h) Other Material Contracts, Fifth Amended and Restated Funds Service Agreement, filed with Post-Effective Amendment No. 92 dated February 10, 2012, is hereby incorporated by reference.
(i) Legal Opinion, not applicable.
(j) Other Opinions, Consent of Independent Registered Public Accounting Firm, not applicable. (k) Omitted Financial Statements, not applicable.
(l) Initial Capital Agreements, not applicable. (m) Rule 12b-1 Plan, not applicable.
(n) Rule 18f-3 Plan, is filed herewith. (o) Reserved.
(p) Codes of Ethics, for The Vanguard Group, Inc., filed with Post-Effective Amendment No. 104 dated February 9, 2015, is hereby incorporated by reference. For Wellington Management Company LLP, filed with Post-Effective Amendment No. 111 dated May 26, 2017, is hereby incorporated by reference.
Item 29. Persons Controlled by or under Common Control with Registrant
Registrant is not controlled by or under common control with any person.
Item 30. Indemnification
The Registrants organizational documents contain provisions indemnifying Trustees and officers against liability incurred in their official capacities. Article VII, Section 2 of the Amended and Restated Agreement and Declaration of Trust provides that the Registrant may indemnify and hold harmless each and every Trustee and officer from and against any and all claims, demands, costs, losses, expenses, and damages whatsoever arising out of or related to the performance of his or her duties as a Trustee or officer. Article VI of the ByLaws generally provides that the Registrant shall indemnify its Trustees and officers from any liability arising out of their past or present service in that capacity. Among other things, this provision excludes any liability
C-1
arising by reason of willful misfeasance, bad faith, gross negligence, or the reckless disregard of the duties involved in the conduct of the Trustees or officers office with the Registrant.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 (the Securities Act) may be permitted for directors, officers, or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.
Item 31. Business and Other Connections of Investment Advisers
Wellington Management Company LLP (Wellington Management) is an investment adviser registered under the Investment Advisers Act of 1940, as amended (the Advisers Act). The list required by this Item 31 of officers and partners of Wellington Management, together with any information as to any business, profession, vocation, or employment of a substantial nature engaged in by such officers and partners during the past two years, is incorporated herein by reference from Form ADV filed by Wellington Management pursuant to the Advisers Act (SEC File No. 801-15908).
The Vanguard Group, Inc. (Vanguard), is an investment adviser registered under the Advisers Act. The list required by this Item 31 of officers and directors of Vanguard, together with any information as to any business, profession, vocation, or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated herein by reference from Form ADV filed by Vanguard pursuant to the Advisers Act (SEC File No. 801-11953).
Item 32. Principal Underwriters
(a) Vanguard Marketing Corporation, a wholly owned subsidiary of The Vanguard Group, Inc., is the principal underwriter of each fund within the Vanguard group of investment companies, a family of more than 190 mutual funds.
(b) The principal business address of each named director and officer of Vanguard Marketing Corporation is 100 Vanguard Boulevard, Malvern, PA 19355.
Name | Positions and Office with Underwriter | Positions and Office with Funds |
F. William McNabb III | Director and Chairman | Chairman and Chief Executive Officer |
Mortimer J. Buckley | Director and Senior Vice President | None |
Martha G. King | Director and Senior Vice President | None |
Chris D. McIsaac | Director and Senior Vice President | None |
Anne E. Robinson | Director and Senior Vice President | Secretary |
Karin Risi | Director and Managing Director | None |
Thomas Rampulla | Director and Senior Vice President | None |
Michael Rollings | Director | Treasurer |
Aisling Murphy | Chief Compliance Officer | None |
John T. Marcante | Chief Information Officer | None |
Matthew Benchener | Principal | None |
John Bendl | Principal | None |
Saundra K. Cusumano | Principal | None |
James M. Delaplane Jr. | Principal | None |
Kathleen A. Graham-Kelly | Principal | None |
Phillip Korenman | Principal | None |
C-2
Mike Lucci | Principal | None | |
Alba E. Martinez | Principal | None | |
Name | Positions and Office with Underwriter | Positions and Office with Funds | |
Brian McCarthy | Principal | None | |
Frank Satterthwaite | Principal | None | |
Salvatore L. Pantalone | Financial and Operations Principal and Treasurer | None | |
Amy M. Laursen | Financial and Operations Principal | None | |
Timothy P. Holmes | Annuity and Insurance Officer | None | |
Jeff Seglem | Annuity and Insurance Officer | None | |
Michael L. Kimmel | Assistant Secretary | None | |
Beth Morales Singh | Assistant Secretary | None | |
Caroline Cosby | Secretary | None | |
Ellen Rinaldi | Chief Information Security Officer | None | |
(c) | Not applicable. |
Item 33. Location of Accounts and Records
The books, accounts, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder will be maintained at the offices of the Registrant, 100 Vanguard Boulevard, Malvern, PA 19355; the Registrants Transfer Agent, The Vanguard Group, Inc., 100 Vanguard Boulevard, Malvern, PA 19355; the Registrants Custodians, The Bank of New York Mellon, One Wall Street, New York, NY 10286, and JPMorgan Chase Bank, 383 Madison Avenue, New York, NY 10179; and the Registrants investment advisors at their respective locations identified in this Registration Statement.
Item 34. Management Services
Other than as set forth in the section entitled Management of the Funds in Part B of this Registration Statement, the Registrant is not a party to any management-related service contract.
Item 35. Undertakings
Not applicable.
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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 Statement 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 26th day of September, 2017.
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:
Signature | Title | Date |
/s/ F. William McNabb III* | Chairman and Chief Executive | September 26, 2017 |
Officer | ||
F. William McNabb III | ||
/s/ Emerson U. Fullwood* | Trustee | September 26, 2017 |
Emerson U. Fullwood | ||
/s/ Rajiv L. Gupta* | Trustee | September 26, 2017 |
Rajiv L. Gupta | ||
/s/ Amy Gutmann* | Trustee | September 26, 2017 |
Amy Gutmann | ||
/s/ JoAnn Heffernan Heisen* | Trustee | September 26, 2017 |
JoAnn Heffernan Heisen | ||
/s/ F. Joseph Loughrey* | Trustee | September 26, 2017 |
F. Joseph Loughrey | ||
/s/ Mark Loughridge* | Trustee | September 26, 2017 |
Mark Loughridge | ||
/s/ Scott C. Malpass* | Trustee | September 26, 2017 |
Scott C. Malpass | ||
/s/ André F. Perold* | Trustee | September 26, 2017 |
André F. Perold | ||
/s/ Peter F. Volanakis* | Trustee | September 26, 2017 |
Peter F. Volanakis | ||
/s/ Thomas J. Higgins* | Chief Financial Officer | September 26, 2017 |
Thomas J. Higgins |
*By: /s/ Anne E. Robinson
Anne E. Robinson, pursuant to a Power of Attorney filed on October 4, 2016, see File Number 33-32548, Incorporated by Reference.
C-4
INDEX TO EXHIBITS | |
Articles of Incorporation, Amended and Restated Agreement and Declaration of Trust. | Ex-99.A |
Custodian Agreements, JPMorgan Chase Bank | Ex-99.G |
Rule 18f-3 Plan. | Ex-99.N |
C-5
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 |
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Document Type | dei_DocumentType | 485BPOS |
Document Period End Date | dei_DocumentPeriodEndDate | Sep. 26, 2017 |
Registrant Name | dei_EntityRegistrantName | VANGUARD FIXED INCOME SECURITIES FUNDS |
Central Index Key | dei_EntityCentralIndexKey | 0000106444 |
Amendment Flag | dei_AmendmentFlag | false |
Document Creation Date | dei_DocumentCreationDate | Sep. 26, 2017 |
Document Effective Date | dei_DocumentEffectiveDate | Sep. 26, 2017 |
Prospectus Date | rr_ProspectusDate | Sep. 26, 2017 |
Vanguard REIT II Index Fund | |||||||||||||||||||
Fund Summary | |||||||||||||||||||
Investment Objective | |||||||||||||||||||
The Fund seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs. | |||||||||||||||||||
Fees and Expenses | |||||||||||||||||||
The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. | |||||||||||||||||||
Shareholder Fees (Fees paid directly from your investment) | |||||||||||||||||||
| |||||||||||||||||||
Annual Fund Operating Expenses (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 with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides 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 “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. The Fund has no operating history and therefore has no portfolio turnover information. | |||||||||||||||||||
Principal Investment Strategies | |||||||||||||||||||
The Fund employs an indexing investment approach designed to track the performance of the MSCI US REIT Index. The Index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs). The Fund attempts to replicate the Index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index. | |||||||||||||||||||
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: • Industry concentration risk, which is the chance that the stocks of REITs will decline because of adverse developments affecting the real estate industry and real property values. Because the Fund concentrates its assets in REIT stocks, industry concentration risk is high. • Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund’s target index may, at times, become focused in stocks of a limited number of companies, which could cause the Fund to underperform the overall stock market. • Interest rate risk, which is the chance that REIT stock prices overall will decline and that the cost of borrowing for REITs will increase because of rising interest rates. Interest rate risk is high for the Fund. • Investment style risk, which is the chance that the returns from REIT stocks—which typically are small- or mid-capitalization stocks—will trail returns from the overall stock market. Historically, REIT stocks have performed quite differently from the overall market. • Nondiversification risk, which is the chance that the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers or may own larger positions of an issuer’s voting stock than a diversified fund. • Asset concentration risk, which is the chance that, because the Fund’s target index (and therefore the Fund) tends to be heavily weighted in its ten largest holdings, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks. 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 | |||||||||||||||||||
This is the Fund's initial prospectus, so it does not contain performance data. |
Label | Element | Value | ||||
---|---|---|---|---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |||||
Registrant Name | dei_EntityRegistrantName | VANGUARD FIXED INCOME SECURITIES FUNDS | ||||
Prospectus Date | rr_ProspectusDate | Sep. 26, 2017 | ||||
Vanguard REIT II Index 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 income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs. | ||||
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 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. The Fund has no operating history and therefore has no portfolio turnover information. | ||||
Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | The expense information shown in the table reflects estimated amounts for the current fiscal year. | ||||
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 with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund’s shares. This example assumes that the Fund provides 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 employs an indexing investment approach designed to track the performance of the MSCI US REIT Index. The Index is composed of stocks of publicly traded equity real estate investment trusts (known as REITs). The Fund attempts to replicate the Index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index. | ||||
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: • Industry concentration risk, which is the chance that the stocks of REITs will decline because of adverse developments affecting the real estate industry and real property values. Because the Fund concentrates its assets in REIT stocks, industry concentration risk is high. • Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund’s target index may, at times, become focused in stocks of a limited number of companies, which could cause the Fund to underperform the overall stock market. • Interest rate risk, which is the chance that REIT stock prices overall will decline and that the cost of borrowing for REITs will increase because of rising interest rates. Interest rate risk is high for the Fund. • Investment style risk, which is the chance that the returns from REIT stocks—which typically are small- or mid-capitalization stocks—will trail returns from the overall stock market. Historically, REIT stocks have performed quite differently from the overall market. • Nondiversification risk, which is the chance that the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers or may own larger positions of an issuer’s voting stock than a diversified fund. • Asset concentration risk, which is the chance that, because the Fund’s target index (and therefore the Fund) tends to be heavily weighted in its ten largest holdings, the Fund’s performance may be hurt disproportionately by the poor performance of relatively few stocks. 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 Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | • Nondiversification risk, which is the chance that the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers or may own larger positions of an issuer’s voting stock than a diversified fund. | ||||
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 | This is the Fund's initial prospectus, so it does not contain performance data. | ||||
Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | This is the Fund's initial prospectus, so it does not contain performance data. | ||||
Vanguard REIT II Index Fund | Vanguard REIT II Index Fund | ||||||
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 | none | [1] | |||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 0.08% | [2] | |||
1 Year | rr_ExpenseExampleYear01 | $ 8 | ||||
3 Years | rr_ExpenseExampleYear03 | 26 | ||||
1 Year | rr_ExpenseExampleNoRedemptionYear01 | 8 | ||||
3 Years | rr_ExpenseExampleNoRedemptionYear03 | $ 26 | ||||
|
Label | Element | Value |
---|---|---|
Risk/Return: | rr_RiskReturnAbstract | |
Registrant Name | dei_EntityRegistrantName | VANGUARD FIXED INCOME SECURITIES FUNDS |
Prospectus Date | rr_ProspectusDate | Sep. 26, 2017 |
Document Creation Date | dei_DocumentCreationDate | Sep. 26, 2017 |
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