Advisory Opinion

This document is about an advisory opinion from the U.S. Department of Labor regarding whether an in-kind investment by a bank collective investment fund (the Vanguard Targeted Return Trusts) in another collective investment fund (the Vanguard Intermediate-Term Bond Trust and Vanguard Short-Term Bond Trust) would be exempt from ERISA's prohibited transaction provisions under the statutory exemption in section 408(b)(8) of ERISA.