Benchmark. The investment record of the Benchmark for any period, expressed as a percentage of the Benchmark at the beginning of such period, will be the sum of: (i) the change in the level of the Benchmark during the period; (ii) the value of the interest accrued or paid on the bonds included in the Benchmark, assuming the reinvestment of such interest on a monthly basis. Computations of the two components of the Benchmark will be made at the beginning of each quarter, based on the allocation set forth in this Agreement.
Appears in 5 contracts
Samples: Investment Advisory Agreement (Vanguard Variable Insurance Fund), Investment Advisory Agreement (Vanguard Wellesley Income Fund), Investment Advisory Agreement (Vanguard/Wellington Fund Inc)
