Why invest in this Fund?

The fund seeks to match the total return of the Bloomberg Barclays U.S. Aggregate Index (the 'Index'). Accordingly, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in bonds that are included in the Index.

To maintain liquidity, the fund may invest up to 20% of its assets in various short-term, fixed-income securities and money market instruments. The fund's investments are selected by a "sampling" process, a statistical process used to select bonds.

Morningstar Rating™ as of July 31, 2022 for the Investor Shares class shares; other classes may have different performance characteristics. Overall rating for the Intermediate Core Bond category. Fund ratings are out of 5 Stars: Overall 2 Stars (401 funds rated); 3 Yrs. 2 Stars (401 funds rated); 5 Yrs. 2 Stars (362 funds rated); 10 Yrs. 2 Stars (266 funds rated). The Morningstar Rating™ for funds, or "star rating", is calculated for managed products with at least a 3-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads and redemption fees if applicable), placing more emphasis on downward variations and rewarding consistent performance. Managed products; including open-end mutual funds, closed-end funds and exchange-traded funds; are considered a single population for comparative purposes. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. ©2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. The fund represents a single portfolio with multiple share classes that have different expense structures. Other share classes may have achieved different results.