UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04098
Name of Registrant: | Vanguard Chester Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: September 30
Date of reporting period: October 1, 2023—March 31, 2024
Item 1: Reports to Shareholders
![](https://capedge.com/proxy/N-CSRS/0001104659-24-065504/tm248933d1primecapq592i001.jpg)
About Your Fund’s Expenses | 1 |
Financial Statements | 4 |
Liquidity Risk Management | 17 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended March 31, 2024 | |||
Beginning Account Value 9/30/2023 | Ending Account Value 3/31/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
PRIMECAP Fund | |||
Investor Shares | $1,000.00 | $1,200.10 | $2.09 |
Admiral™ Shares | 1,000.00 | 1,200.60 | 1.71 |
Based on Hypothetical 5% Yearly Return | |||
PRIMECAP Fund | |||
Investor Shares | $1,000.00 | $1,023.10 | $1.92 |
Admiral Shares | 1,000.00 | 1,023.45 | 1.57 |
Communication Services | 5.6% |
Consumer Discretionary | 9.5 |
Consumer Staples | 0.4 |
Energy | 2.5 |
Financials | 7.0 |
Health Care | 31.3 |
Industrials | 13.3 |
Information Technology | 29.0 |
Materials | 1.4 |
Shares | Market Value• ($000) | ||
Common Stocks (97.8%) | |||
Communication Services (5.5%) | |||
* | Alphabet Inc. Class A | 11,093,740 | 1,674,378 |
* | Alphabet Inc. Class C | 6,374,170 | 970,531 |
* | Baidu Inc. ADR | 5,743,748 | 604,702 |
Walt Disney Co. | 4,590,605 | 561,707 | |
Meta Platforms Inc. Class A | 243,500 | 118,239 | |
* | Charter Communications Inc. Class A | 193,600 | 56,266 |
T-Mobile US Inc. | 338,000 | 55,168 | |
* | Live Nation Entertainment Inc. | 499,000 | 52,779 |
* | Netflix Inc. | 75,100 | 45,611 |
* | Altice USA Inc. Class A | 4,710,800 | 12,295 |
Universal Music Group NV | 201,608 | 6,058 | |
Comcast Corp. Class A | 51,000 | 2,211 | |
Nintendo Co. Ltd. | 17,500 | 955 | |
Electronic Arts Inc. | 5,700 | 756 | |
4,161,656 | |||
Consumer Discretionary (9.3%) | |||
Ross Stores Inc. | 7,592,900 | 1,114,334 | |
Sony Group Corp. ADR | 12,985,600 | 1,113,385 | |
* | Tesla Inc. | 5,694,300 | 1,001,001 |
Alibaba Group Holding Ltd. ADR | 11,793,917 | 853,408 | |
TJX Cos. Inc. | 7,835,000 | 794,626 | |
* | Amazon.com Inc. | 3,063,500 | 552,594 |
*,1 | Mattel Inc. | 25,970,838 | 514,482 |
1 | Whirlpool Corp. | 3,074,832 | 367,842 |
* | Royal Caribbean Cruises Ltd. | 1,869,247 | 259,844 |
Bath & Body Works Inc. | 3,484,814 | 174,310 | |
eBay Inc. | 1,189,000 | 62,755 | |
* | Burlington Stores Inc. | 217,700 | 50,548 |
* | Flutter Entertainment plc | 210,942 | 42,048 |
* | Carnival Corp. | 2,054,065 | 33,564 |
Lowe's Cos. Inc. | 125,000 | 31,841 | |
* | MGM Resorts International | 540,000 | 25,493 |
Marriott International Inc. Class A | 97,000 | 24,474 | |
Newell Brands Inc. | 2,965,000 | 23,809 | |
* | Victoria's Secret & Co. | 1,165,371 | 22,585 |
Shares | Market Value• ($000) | ||
* | Ulta Beauty Inc. | 21,000 | 10,981 |
7,073,924 | |||
Consumer Staples (0.4%) | |||
Sysco Corp. | 2,221,778 | 180,364 | |
* | Dollar Tree Inc. | 782,000 | 104,123 |
Altria Group Inc. | 579,400 | 25,273 | |
Dollar General Corp. | 50,000 | 7,803 | |
2 | Haleon plc ADR | 548,000 | 4,653 |
322,216 | |||
Energy (2.4%) | |||
Hess Corp. | 4,592,742 | 701,036 | |
Pioneer Natural Resources Co. | 2,194,600 | 576,083 | |
ConocoPhillips | 1,679,300 | 213,741 | |
EOG Resources Inc. | 1,632,700 | 208,724 | |
* | Transocean Ltd. (XNYS) | 16,318,773 | 102,482 |
Schlumberger NV | 700,100 | 38,373 | |
1,840,439 | |||
Financials (6.9%) | |||
Wells Fargo & Co. | 27,539,647 | 1,596,198 | |
Visa Inc. Class A | 2,331,400 | 650,647 | |
JPMorgan Chase & Co. | 3,185,800 | 638,116 | |
Raymond James Financial Inc. | 4,253,903 | 546,286 | |
Marsh & McLennan Cos. Inc. | 2,610,516 | 537,714 | |
Bank of America Corp. | 7,264,332 | 275,464 | |
Progressive Corp. | 848,000 | 175,383 | |
Northern Trust Corp. | 1,754,700 | 156,028 | |
Mastercard Inc. Class A | 308,300 | 148,468 | |
CME Group Inc. | 620,068 | 133,494 | |
Citigroup Inc. | 1,795,000 | 113,516 | |
Fidelity National Information Services Inc. | 1,251,500 | 92,836 | |
* | PayPal Holdings Inc. | 901,500 | 60,392 |
Charles Schwab Corp. | 687,414 | 49,728 | |
Goldman Sachs Group Inc. | 55,300 | 23,098 | |
Morgan Stanley | 205,000 | 19,303 | |
5,216,671 | |||
Health Care (30.6%) | |||
Eli Lilly & Co. | 12,377,711 | 9,629,364 | |
Amgen Inc. | 8,990,895 | 2,556,291 | |
*,1 | Biogen Inc. | 9,153,861 | 1,973,847 |
* | Boston Scientific Corp. | 25,786,344 | 1,766,107 |
AstraZeneca plc ADR | 25,729,688 | 1,743,186 |
Shares | Market Value• ($000) | ||
Thermo Fisher Scientific Inc. | 1,608,747 | 935,020 | |
2 | Novartis AG ADR | 7,846,025 | 758,946 |
Bristol-Myers Squibb Co. | 12,698,880 | 688,660 | |
* | BioMarin Pharmaceutical Inc. | 7,030,318 | 614,028 |
Roche Holding AG | 1,503,413 | 383,850 | |
GSK plc ADR | 8,929,150 | 382,793 | |
* | BeiGene Ltd. ADR | 2,280,190 | 356,599 |
* | Elanco Animal Health Inc. (XNYS) | 19,016,439 | 309,588 |
Zimmer Biomet Holdings Inc. | 2,196,500 | 289,894 | |
CVS Health Corp. | 2,145,500 | 171,125 | |
Stryker Corp. | 337,400 | 120,745 | |
Agilent Technologies Inc. | 732,516 | 106,588 | |
Abbott Laboratories | 660,000 | 75,016 | |
* | IQVIA Holdings Inc. | 213,584 | 54,013 |
Medtronic plc | 570,000 | 49,675 | |
* | Edwards Lifesciences Corp. | 492,100 | 47,025 |
UnitedHealth Group Inc. | 94,615 | 46,806 | |
*,3 | Siemens Healthineers AG | 721,300 | 44,113 |
Sanofi SA ADR | 893,000 | 43,400 | |
Alcon Inc. | 431,477 | 35,938 | |
* | Sandoz Group AG | 404,572 | 12,212 |
* | Waters Corp. | 33,680 | 11,594 |
Humana Inc. | 10,076 | 3,494 | |
Danaher Corp. | 12,402 | 3,097 | |
* | Zimvie Inc. | 27,100 | 447 |
23,213,461 | |||
Industrials (13.0%) | |||
FedEx Corp. | 8,534,158 | 2,472,687 | |
Siemens AG (Registered) | 7,802,676 | 1,489,834 | |
Southwest Airlines Co. | 25,401,478 | 741,469 | |
Airbus SE | 3,517,566 | 648,037 | |
* | United Airlines Holdings Inc. | 12,148,403 | 581,666 |
Delta Air Lines Inc. | 11,306,900 | 541,261 | |
Caterpillar Inc. | 1,341,700 | 491,639 | |
TransDigm Group Inc. | 309,316 | 380,954 | |
Textron Inc. | 3,609,000 | 346,211 | |
Union Pacific Corp. | 1,335,400 | 328,415 | |
* | American Airlines Group Inc. | 19,936,668 | 306,028 |
United Parcel Service Inc. Class B (XNYS) | 1,928,970 | 286,703 | |
Otis Worldwide Corp. | 1,517,260 | 150,618 | |
General Dynamics Corp. | 512,800 | 144,861 | |
* | Alaska Air Group Inc. | 3,280,700 | 141,037 |
Carrier Global Corp. | 1,895,200 | 110,168 | |
JB Hunt Transport Services Inc. | 515,900 | 102,793 | |
CSX Corp. | 2,099,300 | 77,821 | |
Norfolk Southern Corp. | 296,100 | 75,467 | |
nVent Electric plc | 859,000 | 64,769 | |
* | Lyft Inc. Class A | 3,208,900 | 62,092 |
* | Boeing Co. | 271,300 | 52,358 |
Rockwell Automation Inc. | 165,500 | 48,215 | |
Honeywell International Inc. | 221,000 | 45,360 |
Shares | Market Value• ($000) | ||
L3Harris Technologies Inc. | 189,000 | 40,276 | |
RTX Corp. | 376,870 | 36,756 | |
Ryanair Holdings plc ADR | 250,000 | 36,397 | |
Deere & Co. | 73,900 | 30,354 | |
* | WillScot Mobile Mini Holdings Corp. | 631,000 | 29,342 |
AMETEK Inc. | 156,200 | 28,569 | |
* | Uber Technologies Inc. | 112,250 | 8,642 |
9,900,799 | |||
Information Technology (28.4%) | |||
Micron Technology Inc. | 23,700,774 | 2,794,084 | |
Microsoft Corp. | 6,161,600 | 2,592,308 | |
KLA Corp. | 3,497,530 | 2,443,270 | |
* | Adobe Inc. | 4,279,757 | 2,159,566 |
Intel Corp. | 46,289,118 | 2,044,590 | |
Texas Instruments Inc. | 10,650,072 | 1,855,349 | |
NVIDIA Corp. | 1,529,800 | 1,382,266 | |
Oracle Corp. | 8,879,770 | 1,115,388 | |
NetApp Inc. | 8,205,241 | 861,304 | |
Intuit Inc. | 1,151,100 | 748,215 | |
Analog Devices Inc. | 2,490,000 | 492,497 | |
QUALCOMM Inc. | 2,754,806 | 466,389 | |
HP Inc. | 13,112,216 | 396,251 | |
Hewlett Packard Enterprise Co. | 17,166,842 | 304,368 | |
Apple Inc. | 1,555,000 | 266,652 | |
Entegris Inc. | 1,835,622 | 257,978 | |
Cisco Systems Inc. | 4,371,279 | 218,171 | |
Applied Materials Inc. | 992,300 | 204,642 | |
Telefonaktiebolaget LM Ericsson ADR | 33,966,269 | 187,154 | |
Corning Inc. | 3,990,600 | 131,530 | |
* | Autodesk Inc. | 424,200 | 110,470 |
Teradyne Inc. | 857,900 | 96,797 | |
* | Palo Alto Networks Inc. | 315,600 | 89,672 |
* | Western Digital Corp. | 776,500 | 52,988 |
* | Okta Inc. | 464,500 | 48,596 |
* | Gartner Inc. | 90,100 | 42,948 |
Marvell Technology Inc. | 458,100 | 32,470 | |
Dell Technologies Inc. Class C | 273,900 | 31,255 | |
* | Keysight Technologies Inc. | 179,500 | 28,070 |
*,2 | BlackBerry Ltd. | 9,975,500 | 27,532 |
Broadcom Inc. | 15,993 | 21,197 | |
Salesforce Inc. | 48,200 | 14,517 | |
Jabil Inc. | 95,000 | 12,725 | |
* | Fortinet Inc. | 69,450 | 4,744 |
Infineon Technologies AG ADR | 75,000 | 2,552 | |
* | Arista Networks Inc. | 4,000 | 1,160 |
* | Unity Software Inc. | 20,000 | 534 |
* | RingCentral Inc. Class A | 8,000 | 278 |
* | Nice Ltd. ADR | 500 | 130 |
21,540,607 | |||
Materials (1.3%) | |||
2 | Albemarle Corp. | 2,101,794 | 276,890 |
Glencore plc | 39,982,197 | 219,405 | |
DuPont de Nemours Inc. | 1,971,556 | 151,159 | |
Linde plc | 245,300 | 113,898 | |
Freeport-McMoRan Inc. | 2,261,900 | 106,354 | |
Dow Inc. | 1,246,438 | 72,206 |
Shares | Market Value• ($000) | ||
Corteva Inc. | 1,099,216 | 63,392 | |
1,003,304 | |||
Total Common Stocks (Cost $24,301,645) | 74,273,077 | ||
Temporary Cash Investments (2.1%) | |||
Money Market Fund (2.1%) | |||
4,5 | Vanguard Market Liquidity Fund, 5.407% (Cost $1,613,836) | 16,142,478 | 1,613,925 |
Total Investments (99.9%) (Cost $25,915,481) | 75,887,002 | ||
Other Assets and Liabilities—Net (0.1%) | 43,138 | ||
Net Assets (100%) | 75,930,140 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Considered an affiliated company of the fund as the fund owns more than 5% of the outstanding voting securities of such company. |
2 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $43,543,000. |
3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2024, the aggregate value was $44,113,000, representing 0.1% of net assets. |
4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
5 | Collateral of $44,886,000 was received for securities on loan. |
ADR—American Depositary Receipt. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $23,078,255) | 71,416,906 |
Affiliated Issuers (Cost $2,837,226) | 4,470,096 |
Total Investments in Securities | 75,887,002 |
Investment in Vanguard | 2,227 |
Cash | 4,161 |
Receivables for Investment Securities Sold | 37,360 |
Receivables for Accrued Income | 101,612 |
Receivables for Capital Shares Issued | 9,039 |
Total Assets | 76,041,401 |
Liabilities | |
Foreign Currency Due to Custodian, at Value (Proceeds $4) | 9 |
Payables for Investment Securities Purchased | 6,647 |
Collateral for Securities on Loan | 44,886 |
Payables to Investment Advisor | 32,419 |
Payables for Capital Shares Redeemed | 22,273 |
Payables to Vanguard | 5,027 |
Total Liabilities | 111,261 |
Net Assets | 75,930,140 |
1 Includes $43,543,000 of securities on loan. | |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 23,820,384 |
Total Distributable Earnings (Loss) | 52,109,756 |
Net Assets | 75,930,140 |
Investor Shares—Net Assets | |
Applicable to 32,247,104 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 5,312,855 |
Net Asset Value Per Share—Investor Shares | $164.75 |
Admiral Shares—Net Assets | |
Applicable to 413,745,418 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 70,617,285 |
Net Asset Value Per Share—Admiral Shares | $170.68 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 492,119 |
Dividends—Affiliated Issuers | 10,712 |
Interest—Unaffiliated Issuers | 4 |
Interest—Affiliated Issuers | 27,585 |
Securities Lending—Net | 68 |
Total Income | 530,488 |
Expenses | |
Investment Advisory Fees—Note B | 62,705 |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 4,742 |
Management and Administrative—Admiral Shares | 39,697 |
Marketing and Distribution—Investor Shares | 114 |
Marketing and Distribution—Admiral Shares | 975 |
Custodian Fees | 1,395 |
Shareholders’ Reports—Investor Shares | 31 |
Shareholders’ Reports—Admiral Shares | 95 |
Trustees’ Fees and Expenses | 26 |
Other Expenses | 198 |
Total Expenses | 109,978 |
Expenses Paid Indirectly | (34) |
Net Expenses | 109,944 |
Net Investment Income | 420,544 |
Realized Net Gain (Loss) | |
Capital Gains Distributions Received – Affiliated Issuers | 6 |
Investment Securities Sold—Unaffiliated Issuers | 2,215,878 |
Investment Securities Sold—Affiliated Issuers | (4,300) |
Foreign Currencies | (167) |
Realized Net Gain (Loss) | 2,211,417 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers | 10,711,177 |
Investment Securities—Affiliated Issuers | (473,635) |
Foreign Currencies | 117 |
Change in Unrealized Appreciation (Depreciation) | 10,237,659 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,869,620 |
1 | Dividends are net of foreign withholding taxes of $11,427,000. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 420,544 | 784,990 | |
Realized Net Gain (Loss) | 2,211,417 | 4,158,837 | |
Change in Unrealized Appreciation (Depreciation) | 10,237,659 | 10,273,895 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,869,620 | 15,217,722 | |
Distributions | |||
Investor Shares | (342,322) | (408,794) | |
Admiral Shares | (4,449,466) | (5,062,138) | |
Total Distributions | (4,791,788) | (5,470,932) | |
Capital Share Transactions | |||
Investor Shares | (24,747) | (215,027) | |
Admiral Shares | 2,617,764 | (113,439) | |
Net Increase (Decrease) from Capital Share Transactions | 2,593,017 | (328,466) | |
Total Increase (Decrease) | 10,670,849 | 9,418,324 | |
Net Assets | |||
Beginning of Period | 65,259,291 | 55,840,967 | |
End of Period | 75,930,140 | 65,259,291 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $147.17 | $126.26 | $168.72 | $142.86 | $133.12 | $147.61 |
Investment Operations | ||||||
Net Investment Income1 | .874 | 1.632 | 1.456 | 1.183 | 1.745 | 1.715 |
Net Realized and Unrealized Gain (Loss) on Investments | 27.514 | 31.717 | (27.430) | 39.134 | 17.947 | (6.495) |
Total from Investment Operations | 28.388 | 33.349 | (25.974) | 40.317 | 19.692 | (4.780) |
Distributions | ||||||
Dividends from Net Investment Income | (1.659) | (1.549) | (1.150) | (1.542) | (1.690) | (1.470) |
Distributions from Realized Capital Gains | (9.149) | (10.890) | (15.336) | (12.915) | (8.262) | (8.240) |
Total Distributions | (10.808) | (12.439) | (16.486) | (14.457) | (9.952) | (9.710) |
Net Asset Value, End of Period | $164.75 | $147.17 | $126.26 | $168.72 | $142.86 | $133.12 |
Total Return2 | 20.01% | 28.06% | -17.25% | 29.74% | 15.05% | -2.41% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5,313 | $4,762 | $4,243 | $5,878 | $5,697 | $6,095 |
Ratio of Total Expenses to Average Net Assets | 0.38%3 | 0.38%3 | 0.38%3 | 0.38% | 0.38% | 0.38% |
Ratio of Net Investment Income to Average Net Assets | 1.12% | 1.17% | 0.95% | 0.73% | 1.31% | 1.32% |
Portfolio Turnover Rate | 2% | 4% | 3% | 5% | 6% | 5% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.38%. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $152.51 | $130.87 | $174.92 | $148.12 | $138.02 | $153.09 |
Investment Operations | ||||||
Net Investment Income1 | .963 | 1.793 | 1.621 | 1.345 | 1.920 | 1.880 |
Net Realized and Unrealized Gain (Loss) on Investments | 28.520 | 32.854 | (28.426) | 40.564 | 18.600 | (6.756) |
Total from Investment Operations | 29.483 | 34.647 | (26.805) | 41.909 | 20.520 | (4.876) |
Distributions | ||||||
Dividends from Net Investment Income | (1.830) | (1.718) | (1.343) | (1.716) | (1.853) | (1.647) |
Distributions from Realized Capital Gains | (9.483) | (11.289) | (15.902) | (13.393) | (8.567) | (8.547) |
Total Distributions | (11.313) | (13.007) | (17.245) | (15.109) | (10.420) | (10.194) |
Net Asset Value, End of Period | $170.68 | $152.51 | $130.87 | $174.92 | $148.12 | $138.02 |
Total Return2 | 20.06% | 28.14% | -17.19% | 29.83% | 15.13% | -2.34% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $70,617 | $60,497 | $51,598 | $68,059 | $58,626 | $57,177 |
Ratio of Total Expenses to Average Net Assets | 0.31%3 | 0.31%3 | 0.31%3 | 0.31% | 0.31% | 0.31% |
Ratio of Net Investment Income to Average Net Assets | 1.19% | 1.24% | 1.02% | 0.80% | 1.39% | 1.39% |
Portfolio Turnover Rate | 2% | 4% | 3% | 5% | 6% | 5% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.31%. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | PRIMECAP Management Company provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. For the six months ended March 31, 2024, the investment advisory fee represented an effective annual basic rate of 0.18% of the fund’s average net assets. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | The fund’s custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended March 31, 2024, custodian fee offset arrangements reduced the fund’s expenses by $34,000 (an annual rate of less than 0.01% of average net assets). |
E. | Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 71,426,565 | 2,846,512 | — | 74,273,077 |
Temporary Cash Investments | 1,613,925 | — | — | 1,613,925 |
Total | 73,040,490 | 2,846,512 | — | 75,887,002 |
F. | As of March 31, 2024, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows: |
Amount ($000) | |
Tax Cost | 25,943,659 |
Gross Unrealized Appreciation | 51,804,474 |
Gross Unrealized Depreciation | (1,861,131) |
Net Unrealized Appreciation (Depreciation) | 49,943,343 |
G. | During the six months ended March 31, 2024, the fund purchased $1,513,865,000 of investment securities and sold $3,872,184,000 of investment securities, other than temporary cash investments. |
H. | Capital share transactions for each class of shares were: |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 210,283 | 1,379 | 205,544 | 1,472 | |
Issued in Lieu of Cash Distributions | 324,021 | 2,159 | 388,807 | 3,083 | |
Redeemed | (559,051) | (3,652) | (809,378) | (5,800) | |
Net Increase (Decrease)—Investor Shares | (24,747) | (114) | (215,027) | (1,245) | |
Admiral Shares | |||||
Issued | 902,927 | 5,713 | 1,725,734 | 12,228 | |
Issued in Lieu of Cash Distributions | 4,151,238 | 26,706 | 4,730,931 | 36,219 | |
Redeemed | (2,436,401) | (15,343) | (6,570,104) | (46,041) | |
Net Increase (Decrease)—Admiral Shares | 2,617,764 | 17,076 | (113,439) | 2,406 |
I. | Certain of the fund’s investments are in companies that are considered to be affiliated companies of the fund because the fund owns more than 5% of the outstanding voting securities of the company or the issuer is another member of The Vanguard Group. Transactions during the period in securities of these companies were as follows: |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Biogen Inc. | 2,317,349 | 43,120 | 9,912 | (2,792) | (373,918) | — | — | 1,973,847 |
Mattel Inc. | 582,822 | — | 9,135 | (1,564) | (57,641) | — | — | 514,482 |
Vanguard Market Liquidity Fund | 1,211,327 | NA1 | NA1 | 56 | (179) | 27,585 | 6 | 1,613,925 |
Whirlpool Corp. | 402,147 | 7,592 | — | — | (41,897) | 10,712 | — | 367,842 |
Total | 4,513,645 | 50,712 | 19,047 | (4,300) | (473,635) | 38,297 | 6 | 4,470,096 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
J. | Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance. |
K. | Management has determined that no events or transactions occurred subsequent to March 31, 2024, that would require recognition or disclosure in these financial statements. |
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Vanguard Marketing Corporation, Distributor.
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Vanguard Target Retirement Income Fund |
Vanguard Target Retirement 2020 Fund |
Vanguard Target Retirement 2025 Fund |
Vanguard Target Retirement 2030 Fund |
Vanguard Target Retirement 2035 Fund |
Vanguard Target Retirement 2040 Fund |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended March 31, 2024 | |||
Beginning Account Value 9/30/2023 | Ending Account Value 3/31/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Target Retirement Income Fund | $1,000.00 | $1,095.80 | $0.42 |
Target Retirement 2020 Fund | $1,000.00 | $1,110.50 | $0.42 |
Target Retirement 2025 Fund | $1,000.00 | $1,130.10 | $0.43 |
Target Retirement 2030 Fund | $1,000.00 | $1,145.30 | $0.43 |
Target Retirement 2035 Fund | $1,000.00 | $1,155.80 | $0.43 |
Target Retirement 2040 Fund | $1,000.00 | $1,166.80 | $0.43 |
Based on Hypothetical 5% Yearly Return | |||
Target Retirement Income Fund | $1,000.00 | $1,024.60 | $0.40 |
Target Retirement 2020 Fund | $1,000.00 | $1,024.60 | $0.40 |
Target Retirement 2025 Fund | $1,000.00 | $1,024.60 | $0.40 |
Target Retirement 2030 Fund | $1,000.00 | $1,024.60 | $0.40 |
Target Retirement 2035 Fund | $1,000.00 | $1,024.60 | $0.40 |
Target Retirement 2040 Fund | $1,000.00 | $1,024.60 | $0.40 |
Vanguard Total Bond Market II Index Fund Investor Shares | 37.1% |
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 17.9 |
Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 16.6 |
Vanguard Total International Bond II Index Fund Institutional Shares | 16.2 |
Vanguard Total International Stock Index Fund Investor Shares | 12.2 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.2%) | ||||||
U.S. Stock Fund (17.7%) | ||||||
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 27,057,055 | 6,426,051 | ||||
International Stock Fund (12.1%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 226,356,390 | 4,379,996 | ||||
U.S. Bond Funds (53.3%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 1,415,815,225 | 13,351,138 | |||
Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 248,981,385 | 5,973,063 | ||||
19,324,201 | ||||||
International Bond Fund (16.1%) | ||||||
1 | Vanguard Total International Bond II Index Fund Institutional Shares | 221,098,398 | 5,848,053 | |||
Total Investment Companies (Cost $31,648,427) | 35,978,301 | |||||
Temporary Cash Investments (0.8%) | ||||||
Money Market Fund (0.8%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.407% (Cost $267,727) | 2,678,273 | 267,774 | |||
Total Investments (100.0%) (Cost $31,916,154) | 36,246,075 | |||||
Other Assets and Liabilities—Net (0.0%) | 16,365 | |||||
Net Assets (100%) | 36,262,440 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 1,137 | 125,976 | 511 |
E-mini S&P 500 Index | June 2024 | 576 | 152,885 | 3,378 |
3,889 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $31,916,154) | 36,246,075 |
Cash Collateral Pledged—Futures Contracts | 9,217 |
Receivables for Investment Securities Sold | 18,018 |
Receivables for Accrued Income | 54,892 |
Receivables for Capital Shares Issued | 9,989 |
Variation Margin Receivable—Futures Contracts | — |
Total Assets | 36,338,191 |
Liabilities | |
Due to Custodian | 294 |
Payables for Investment Securities Purchased | 54,865 |
Payables for Capital Shares Redeemed | 20,592 |
Total Liabilities | 75,751 |
Net Assets | 36,262,440 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 31,344,506 |
Total Distributable Earnings (Loss) | 4,917,934 |
Net Assets | 36,262,440 |
Net Assets | |
Applicable to 2,741,211,512 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 36,262,440 |
Net Asset Value Per Share | $13.23 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 647,687 |
Net Investment Income—Note B | 647,687 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 2 |
Affiliated Funds Sold1 | 562,190 |
Futures Contracts | 15,634 |
Realized Net Gain (Loss) | 577,826 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 2,035,002 |
Futures Contracts | 11,709 |
Change in Unrealized Appreciation (Depreciation) | 2,046,711 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,272,224 |
1 | Includes $11,095,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 647,687 | 972,603 | |
Realized Net Gain (Loss) | 577,826 | 423,805 | |
Change in Unrealized Appreciation (Depreciation) | 2,046,711 | 1,147,158 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,272,224 | 2,543,566 | |
Distributions | |||
Total Distributions | (1,057,596) | (1,182,988) | |
Capital Share Transactions | |||
Issued | 1,253,434 | 2,868,217 | |
Issued in Lieu of Cash Distributions | 1,022,081 | 1,143,309 | |
Redeemed | (3,490,976) | (6,630,784) | |
Net Increase (Decrease) from Capital Share Transactions | (1,215,461) | (2,619,258) | |
Total Increase (Decrease) | 999,167 | (1,258,680) | |
Net Assets | |||
Beginning of Period | 35,263,273 | 36,521,953 | |
End of Period | 36,262,440 | 35,263,273 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $12.43 | $12.00 | $15.24 | $14.54 | $13.85 | $13.52 |
Investment Operations | ||||||
Net Investment Income1 | .233 | .333 | .380 | .278 | .308 | .341 |
Capital Gain Distributions Received1 | .0002 | .0002 | .017 | .056 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | .952 | .503 | (2.381) | .887 | .696 | .533 |
Total from Investment Operations | 1.185 | .836 | (1.984) | 1.221 | 1.004 | .874 |
Distributions | ||||||
Dividends from Net Investment Income | (.251) | (.360) | (.382) | (.256) | (.297) | (.352) |
Distributions from Realized Capital Gains | (.134) | (.046) | (.874) | (.265) | (.017) | (.192) |
Total Distributions | (.385) | (.406) | (1.256) | (.521) | (.314) | (.544) |
Net Asset Value, End of Period | $13.23 | $12.43 | $12.00 | $15.24 | $14.54 | $13.85 |
Total Return3 | 9.58% | 7.02% | -14.19% | 8.48% | 7.35% | 6.75% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $36,262 | $35,263 | $36,522 | $16,322 | $17,576 | $16,984 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.08% | 0.08% | 0.09%4 | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to Average Net Assets | 3.62% | 2.64% | 2.82% | 1.84% | 2.19% | 2.54% |
Portfolio Turnover Rate | 2%5 | 4%5 | 19%5 | 6% | 17% | 10% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement Income Fund on February 11, 2022, the AFFE was 0.12% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis and remained 0.08% following the acquisition of Vanguard Target Retirement 2015 Fund on July 8, 2022. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
Amount ($000) | |
Tax Cost | 31,943,776 |
Gross Unrealized Appreciation | 6,379,515 |
Gross Unrealized Depreciation | (2,073,327) |
Net Unrealized Appreciation (Depreciation) | 4,306,188 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 97,244 | 227,373 | |
Issued in Lieu of Cash Distributions | 78,100 | 92,349 | |
Redeemed | (271,218) | (527,079) | |
Net Increase (Decrease) in Shares Outstanding | (95,874) | (207,357) |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 283,342 | NA2 | NA2 | 15 | (40) | 6,850 | 2 | 267,774 |
Vanguard Short-Term Inflation-Protected Securities Index Fund | 5,967,726 | 98,549 | 204,525 | (10,548) | 121,861 | 81,148 | — | 5,973,063 |
Vanguard Total Bond Market II Index Fund | 13,009,696 | 227,949 | 400,708 | (27,988) | 542,189 | 228,213 | — | 13,351,138 |
Vanguard Total International Bond II Index Fund | 5,685,794 | 202,637 | 202,067 | (20,297) | 181,986 | 202,637 | — | 5,848,053 |
Vanguard Total International Stock Index Fund | 4,192,888 | 104,590 | 435,304 | 61,409 | 456,413 | 78,997 | — | 4,379,996 |
Vanguard Total Stock Market Index Fund | 6,127,293 | 127,425 | 1,120,859 | 559,599 | 732,593 | 49,842 | — | 6,426,051 |
Total | 35,266,739 | 761,150 | 2,363,463 | 562,190 | 2,035,002 | 647,687 | 2 | 36,246,075 |
1 | Includes $61,270,000 of portfolio securities delivered as a result of in-kind redemptions of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Bond Market II Index Fund Investor Shares | 33.5% |
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 23.5 |
Vanguard Total International Stock Index Fund Investor Shares | 16.0 |
Vanguard Total International Bond II Index Fund Institutional Shares | 14.8 |
Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 12.2 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.2%) | ||||||
U.S. Stock Fund (23.3%) | ||||||
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 37,660,663 | 8,944,408 | ||||
International Stock Fund (15.9%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 313,925,844 | 6,074,465 | ||||
U.S. Bond Funds (45.3%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 1,352,841,254 | 12,757,293 | |||
Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 192,924,205 | 4,628,252 | ||||
17,385,545 | ||||||
International Bond Fund (14.7%) | ||||||
1 | Vanguard Total International Bond II Index Fund Institutional Shares | 213,687,985 | 5,652,047 | |||
Total Investment Companies (Cost $31,841,319) | 38,056,465 | |||||
Temporary Cash Investments (0.8%) | ||||||
Money Market Fund (0.8%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.407% (Cost $299,249) | 2,993,579 | 299,298 | |||
Total Investments (100.0%) (Cost $32,140,568) | 38,355,763 | |||||
Other Assets and Liabilities—Net (0.0%) | 16,795 | |||||
Net Assets (100%) | 38,372,558 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 1,294 | 143,371 | 582 |
E-mini S&P 500 Index | June 2024 | 652 | 173,057 | 3,823 |
4,405 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $32,140,568) | 38,355,763 |
Cash Collateral Pledged—Futures Contracts | 10,450 |
Receivables for Investment Securities Sold | 28,970 |
Receivables for Accrued Income | 52,248 |
Receivables for Capital Shares Issued | 11,528 |
Variation Margin Receivable—Futures Contracts | — |
Total Assets | 38,458,959 |
Liabilities | |
Due to Custodian | 93 |
Payables for Investment Securities Purchased | 52,222 |
Payables for Capital Shares Redeemed | 34,086 |
Total Liabilities | 86,401 |
Net Assets | 38,372,558 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 30,826,513 |
Total Distributable Earnings (Loss) | 7,546,045 |
Net Assets | 38,372,558 |
Net Assets | |
Applicable to 1,388,746,924 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 38,372,558 |
Net Asset Value Per Share | $27.63 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 665,538 |
Net Investment Income—Note B | 665,538 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 2 |
Affiliated Funds Sold1 | 1,124,595 |
Futures Contracts | 14,634 |
Realized Net Gain (Loss) | 1,139,231 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 2,173,711 |
Futures Contracts | 14,692 |
Change in Unrealized Appreciation (Depreciation) | 2,188,403 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,993,172 |
1 | Includes $19,943,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 665,538 | 1,014,170 | |
Realized Net Gain (Loss) | 1,139,231 | 1,497,398 | |
Change in Unrealized Appreciation (Depreciation) | 2,188,403 | 1,169,579 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,993,172 | 3,681,147 | |
Distributions | |||
Total Distributions | (2,289,720) | (1,915,234) | |
Capital Share Transactions | |||
Issued | 1,156,915 | 2,700,212 | |
Issued in Lieu of Cash Distributions | 2,242,720 | 1,876,931 | |
Redeemed | (4,481,037) | (8,427,322) | |
Net Increase (Decrease) from Capital Share Transactions | (1,081,402) | (3,850,179) | |
Total Increase (Decrease) | 622,050 | (2,084,266) | |
Net Assets | |||
Beginning of Period | 37,750,508 | 39,834,774 | |
End of Period | 38,372,558 | 37,750,508 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $26.42 | $25.37 | $36.04 | $33.79 | $32.24 | $32.14 |
Investment Operations | ||||||
Net Investment Income1 | .472 | .671 | .725 | .613 | .713 | .778 |
Capital Gain Distributions Received1 | .0002 | .0002 | .033 | .110 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 2.406 | 1.643 | (5.358) | 3.680 | 1.987 | .736 |
Total from Investment Operations | 2.878 | 2.314 | (4.600) | 4.403 | 2.700 | 1.514 |
Distributions | ||||||
Dividends from Net Investment Income | (.790) | (.654) | (.789) | (.554) | (.789) | (.745) |
Distributions from Realized Capital Gains | (.878) | (.610) | (5.281) | (1.599) | (.361) | (.669) |
Total Distributions | (1.668) | (1.264) | (6.070) | (2.153) | (1.150) | (1.414) |
Net Asset Value, End of Period | $27.63 | $26.42 | $25.37 | $36.04 | $33.79 | $32.24 |
Total Return3 | 11.05% | 9.36% | -15.83% | 13.37% | 8.51% | 5.29% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $38,373 | $37,751 | $39,835 | $25,373 | $31,887 | $32,790 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.08% | 0.08% | 0.09%4 | 0.13% | 0.13% | 0.13% |
Ratio of Net Investment Income to Average Net Assets | 3.49% | 2.52% | 2.48% | 1.73% | 2.21% | 2.51% |
Portfolio Turnover Rate | 2%5 | 3%5 | 14%5 | 5% | 19% | 13% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2020 Fund on February 11, 2022, the AFFE was 0.13% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
Amount ($000) | |
Tax Cost | 32,170,408 |
Gross Unrealized Appreciation | 8,489,279 |
Gross Unrealized Depreciation | (2,299,519) |
Net Unrealized Appreciation (Depreciation) | 6,189,760 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 42,799 | 101,678 | |
Issued in Lieu of Cash Distributions | 83,218 | 74,363 | |
Redeemed | (165,909) | (317,822) | |
Net Increase (Decrease) in Shares Outstanding | (39,892) | (141,781) |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 348,258 | NA2 | NA2 | 15 | (44) | 7,943 | 2 | 299,298 |
Vanguard Short-Term Inflation-Protected Securities Index Fund | 4,451,843 | 110,535 | 19,549 | (605) | 86,028 | 62,448 | — | 4,628,252 |
Vanguard Total Bond Market II Index Fund | 12,311,654 | 216,894 | 255,683 | (20,496) | 504,924 | 217,202 | — | 12,757,293 |
Vanguard Total International Bond II Index Fund | 5,547,306 | 194,688 | 244,798 | (32,318) | 187,169 | 194,689 | — | 5,652,047 |
Vanguard Total International Stock Index Fund | 6,117,582 | 112,712 | 890,358 | 139,183 | 595,346 | 112,711 | — | 6,074,465 |
Vanguard Total Stock Market Index Fund | 8,977,444 | 153,372 | 2,025,512 | 1,038,816 | 800,288 | 70,545 | — | 8,944,408 |
Total | 37,754,087 | 788,201 | 3,435,900 | 1,124,595 | 2,173,711 | 665,538 | 2 | 38,355,763 |
1 | Includes $78,380,000 of portfolio securities delivered as a result of in-kind redemptions of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 31.7% |
Vanguard Total Bond Market II Index Fund Investor Shares | 28.6 |
Vanguard Total International Stock Index Fund Investor Shares | 21.4 |
Vanguard Total International Bond II Index Fund Institutional Shares | 12.4 |
Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 5.9 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.0%) | ||||||
U.S. Stock Fund (31.4%) | ||||||
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 102,475,304 | 24,337,885 | ||||
International Stock Fund (21.1%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 846,339,573 | 16,376,671 | ||||
U.S. Bond Funds (34.2%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 2,330,143,820 | 21,973,256 | |||
Vanguard Short-Term Inflation-Protected Securities Index Fund Admiral Shares | 187,265,257 | 4,492,493 | ||||
26,465,749 | ||||||
International Bond Fund (12.3%) | ||||||
1 | Vanguard Total International Bond II Index Fund Institutional Shares | 360,303,692 | 9,530,032 | |||
Total Investment Companies (Cost $59,616,414) | 76,710,337 | |||||
Temporary Cash Investments (1.0%) | ||||||
Money Market Fund (1.0%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.407% (Cost $772,872) | 7,731,042 | 772,949 | |||
Total Investments (100.0%) (Cost $60,389,286) | 77,483,286 | |||||
Other Assets and Liabilities—Net (0.0%) | (8,680) | |||||
Net Assets (100%) | 77,474,606 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 4,417 | 489,390 | 1,986 |
E-mini S&P 500 Index | June 2024 | 1,123 | 298,072 | 6,585 |
8,571 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $60,389,286) | 77,483,286 |
Cash Collateral Pledged—Futures Contracts | 22,645 |
Receivables for Investment Securities Sold | 17,140 |
Receivables for Accrued Income | 88,569 |
Receivables for Capital Shares Issued | 28,873 |
Variation Margin Receivable—Futures Contracts | — |
Total Assets | 77,640,513 |
Liabilities | |
Due to Custodian | 331 |
Payables for Investment Securities Purchased | 88,525 |
Payables for Capital Shares Redeemed | 77,051 |
Total Liabilities | 165,907 |
Net Assets | 77,474,606 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 58,192,752 |
Total Distributable Earnings (Loss) | 19,281,854 |
Net Assets | 77,474,606 |
Net Assets | |
Applicable to 4,059,478,902 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 77,474,606 |
Net Asset Value Per Share | $19.08 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 1,245,689 |
Net Investment Income—Note B | 1,245,689 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 5 |
Affiliated Funds Sold1 | 1,837,846 |
Futures Contracts | 22,911 |
Realized Net Gain (Loss) | 1,860,762 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 6,035,843 |
Futures Contracts | 31,439 |
Change in Unrealized Appreciation (Depreciation) | 6,067,282 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,173,733 |
1 | Includes $112,464,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 1,245,689 | 1,762,114 | |
Realized Net Gain (Loss) | 1,860,762 | 1,409,551 | |
Change in Unrealized Appreciation (Depreciation) | 6,067,282 | 4,750,817 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 9,173,733 | 7,922,482 | |
Distributions | |||
Total Distributions | (2,925,671) | (2,068,531) | |
Capital Share Transactions | |||
Issued | 3,133,364 | 6,709,930 | |
Issued in Lieu of Cash Distributions | 2,869,836 | 2,031,053 | |
Redeemed | (6,956,481) | (11,801,508) | |
Net Increase (Decrease) from Capital Share Transactions | (953,281) | (3,060,525) | |
Total Increase (Decrease) | 5,294,781 | 2,793,426 | |
Net Assets | |||
Beginning of Period | 72,179,825 | 69,386,399 | |
End of Period | 77,474,606 | 72,179,825 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $17.55 | $16.20 | $22.84 | $20.56 | $19.34 | $19.02 |
Investment Operations | ||||||
Net Investment Income1 | .305 | .418 | .413 | .362 | .438 | .464 |
Capital Gain Distributions Received1 | .0002 | .0002 | .019 | .063 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 1.953 | 1.426 | (3.761) | 2.792 | 1.292 | .390 |
Total from Investment Operations | 2.258 | 1.844 | (3.329) | 3.217 | 1.730 | .854 |
Distributions | ||||||
Dividends from Net Investment Income | (.505) | (.368) | (.440) | (.356) | (.471) | (.434) |
Distributions from Realized Capital Gains | (.223) | (.126) | (2.871) | (.581) | (.039) | (.100) |
Total Distributions | (.728) | (.494) | (3.311) | (.937) | (.510) | (.534) |
Net Asset Value, End of Period | $19.08 | $17.55 | $16.20 | $22.84 | $20.56 | $19.34 |
Total Return3 | 13.01% | 11.56% | -17.53% | 15.93% | 9.04% | 4.89% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $77,475 | $72,180 | $69,386 | $41,268 | $46,521 | $44,146 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.08% | 0.08% | 0.09%4 | 0.13% | 0.13% | 0.13% |
Ratio of Net Investment Income to Average Net Assets | 3.33% | 2.39% | 2.19% | 1.63% | 2.25% | 2.51% |
Portfolio Turnover Rate | 4%5 | 6%5 | 14%5 | 7% | 21% | 11% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2025 Fund on February 11, 2022, the AFFE was 0.13% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
Amount ($000) | |
Tax Cost | 60,448,537 |
Gross Unrealized Appreciation | 20,966,880 |
Gross Unrealized Depreciation | (3,923,560) |
Net Unrealized Appreciation (Depreciation) | 17,043,320 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 171,133 | 383,880 | |
Issued in Lieu of Cash Distributions | 155,715 | 122,574 | |
Redeemed | (380,578) | (677,360) | |
Net Increase (Decrease) in Shares Outstanding | (53,730) | (170,906) |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 850,233 | NA2 | NA2 | 25 | (85) | 20,099 | 5 | 772,949 |
Vanguard Short-Term Inflation-Protected Securities Index Fund | 3,472,304 | 968,205 | 19,030 | 253 | 70,761 | 53,086 | — | 4,492,493 |
Vanguard Total Bond Market II Index Fund | 20,404,221 | 863,167 | 106,759 | 2,157 | 810,470 | 365,108 | — | 21,973,256 |
Vanguard Total International Bond II Index Fund | 9,039,251 | 349,651 | 118,921 | (7,369) | 267,420 | 325,964 | — | 9,530,032 |
Vanguard Total International Stock Index Fund | 15,529,970 | 293,542 | 1,361,424 | 85,717 | 1,828,866 | 293,542 | — | 16,376,671 |
Vanguard Total Stock Market Index Fund | 22,888,304 | 187,888 | 3,553,781 | 1,757,063 | 3,058,411 | 187,890 | — | 24,337,885 |
Total | 72,184,283 | 2,662,453 | 5,159,915 | 1,837,846 | 6,035,843 | 1,245,689 | 5 | 77,483,286 |
1 | Includes $339,330,000 of portfolio securities delivered as a result of in-kind redemptions of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 37.5% |
Vanguard Total Bond Market II Index Fund Investor Shares | 26.2 |
Vanguard Total International Stock Index Fund Investor Shares | 25.0 |
Vanguard Total International Bond II Index Fund Institutional Shares | 11.3 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.1%) | ||||||
U.S. Stock Fund (37.2%) | ||||||
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 145,223,475 | 34,490,575 | ||||
International Stock Fund (24.8%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 1,189,360,495 | 23,014,126 | ||||
U.S. Bond Fund (25.9%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 2,551,335,196 | 24,059,091 | |||
International Bond Fund (11.2%) | ||||||
1 | Vanguard Total International Bond II Index Fund Institutional Shares | 392,881,940 | 10,391,727 | |||
Total Investment Companies (Cost $69,789,143) | 91,955,519 | |||||
Temporary Cash Investments (0.9%) | ||||||
Money Market Fund (0.9%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.407% (Cost $819,726) | 8,199,714 | 819,808 | |||
Total Investments (100.0%) (Cost $70,608,869) | 92,775,327 | |||||
Other Assets and Liabilities—Net (0.0%) | 19,747 | |||||
Net Assets (100%) | 92,795,074 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 4,582 | 507,671 | 2,019 |
E-mini S&P 500 Index | June 2024 | 1,299 | 344,787 | 7,617 |
9,636 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $70,608,869) | 92,775,327 |
Cash Collateral Pledged—Futures Contracts | 25,065 |
Receivables for Investment Securities Sold | 2,392 |
Receivables for Accrued Income | 94,076 |
Receivables for Capital Shares Issued | 58,642 |
Variation Margin Receivable—Futures Contracts | — |
Total Assets | 92,955,502 |
Liabilities | |
Due to Custodian | 342 |
Payables for Investment Securities Purchased | 94,028 |
Payables for Capital Shares Redeemed | 66,058 |
Total Liabilities | 160,428 |
Net Assets | 92,795,074 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 69,679,463 |
Total Distributable Earnings (Loss) | 23,115,611 |
Net Assets | 92,795,074 |
Net Assets | |
Applicable to 2,501,459,670 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 92,795,074 |
Net Asset Value Per Share | $37.10 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 1,396,302 |
Net Investment Income—Note B | 1,396,302 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 6 |
Affiliated Funds Sold1 | 613,616 |
Futures Contracts | 31,891 |
Realized Net Gain (Loss) | 645,513 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 9,695,623 |
Futures Contracts | 32,984 |
Change in Unrealized Appreciation (Depreciation) | 9,728,607 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,770,422 |
1 | Includes $191,891,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 1,396,302 | 1,859,970 | |
Realized Net Gain (Loss) | 645,513 | 610,299 | |
Change in Unrealized Appreciation (Depreciation) | 9,728,607 | 6,928,523 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 11,770,422 | 9,398,792 | |
Distributions | |||
Total Distributions | (2,243,420) | (1,883,769) | |
Capital Share Transactions | |||
Issued | 5,504,169 | 10,157,450 | |
Issued in Lieu of Cash Distributions | 2,206,276 | 1,854,906 | |
Redeemed | (5,996,003) | (10,089,296) | |
Net Increase (Decrease) from Capital Share Transactions | 1,714,442 | 1,923,060 | |
Total Increase (Decrease) | 11,241,444 | 9,438,083 | |
Net Assets | |||
Beginning of Period | 81,553,630 | 72,115,547 | |
End of Period | 92,795,074 | 81,553,630 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $33.23 | $30.12 | $43.40 | $37.63 | $35.22 | $34.74 |
Investment Operations | ||||||
Net Investment Income1 | .565 | .767 | .730 | .679 | .782 | .830 |
Capital Gain Distributions Received1 | .0002 | .0002 | .028 | .098 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 4.225 | 3.137 | (7.291) | 6.031 | 2.495 | .486 |
Total from Investment Operations | 4.790 | 3.904 | (6.533) | 6.808 | 3.277 | 1.316 |
Distributions | ||||||
Dividends from Net Investment Income | (.920) | (.643) | (.822) | (.661) | (.867) | (.767) |
Distributions from Realized Capital Gains | — | (.151) | (5.925) | (.377) | — | (.069) |
Total Distributions | (.920) | (.794) | (6.747) | (1.038) | (.867) | (.836) |
Net Asset Value, End of Period | $37.10 | $33.23 | $30.12 | $43.40 | $37.63 | $35.22 |
Total Return3 | 14.53% | 13.14% | -18.42% | 18.29% | 9.38% | 4.15% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $92,795 | $81,554 | $72,116 | $36,946 | $42,285 | $39,114 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.08% | 0.08% | 0.09%4 | 0.13% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 3.22% | 2.32% | 2.07% | 1.62% | 2.20% | 2.46% |
Portfolio Turnover Rate | 4%5 | 3%5 | 11%5 | 6% | 21% | 8% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2030 Fund on February 11, 2022, the AFFE was 0.13% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
Amount ($000) | |
Tax Cost | 70,715,187 |
Gross Unrealized Appreciation | 25,922,491 |
Gross Unrealized Depreciation | (3,852,715) |
Net Unrealized Appreciation (Depreciation) | 22,069,776 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 156,492 | 307,590 | |
Issued in Lieu of Cash Distributions | 62,026 | 59,567 | |
Redeemed | (171,117) | (307,233) | |
Net Increase (Decrease) in Shares Outstanding | 47,401 | 59,924 |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 814,547 | NA2 | NA2 | 17 | (82) | 21,913 | 6 | 819,808 |
Vanguard Total Bond Market II Index Fund | 20,775,602 | 2,576,543 | 132,699 | 4,326 | 835,319 | 383,180 | — | 24,059,091 |
Vanguard Total International Bond II Index Fund | 9,013,314 | 1,174,283 | 56,871 | 1,056 | 259,945 | 335,653 | — | 10,391,727 |
Vanguard Total International Stock Index Fund | 20,169,055 | 407,893 | 124,956 | 33,998 | 2,528,136 | 394,159 | — | 23,014,126 |
Vanguard Total Stock Market Index Fund | 30,787,513 | 261,397 | 3,204,859 | 574,219 | 6,072,305 | 261,397 | — | 34,490,575 |
Total | 81,560,031 | 4,420,116 | 3,519,385 | 613,616 | 9,695,623 | 1,396,302 | 6 | 92,775,327 |
1 | Includes $501,960,000 of portfolio securities delivered as a result of in-kind redemptions of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 42.7% |
Vanguard Total International Stock Index Fund Investor Shares | 27.4 |
Vanguard Total Bond Market II Index Fund Investor Shares | 20.9 |
Vanguard Total International Bond II Index Fund Institutional Shares | 9.0 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.1%) | ||||||
U.S. Stock Fund (42.3%) | ||||||
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 171,235,659 | 40,668,469 | ||||
International Stock Fund (27.1%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 1,346,396,021 | 26,052,763 | ||||
U.S. Bond Fund (20.7%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 2,105,973,663 | 19,859,332 | |||
International Bond Fund (9.0%) | ||||||
1 | Vanguard Total International Bond II Index Fund Institutional Shares | 325,129,128 | 8,599,665 | |||
Total Investment Companies (Cost $68,950,388) | 95,180,229 | |||||
Temporary Cash Investments (0.9%) | ||||||
Money Market Fund (0.9%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.407% (Cost $886,396) | 8,866,535 | 886,476 | |||
Total Investments (100.0%) (Cost $69,836,784) | 96,066,705 | |||||
Other Assets and Liabilities—Net (0.0%) | 266 | |||||
Net Assets (100%) | 96,066,971 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 4,783 | 529,942 | 2,073 |
E-mini S&P 500 Index | June 2024 | 1,481 | 393,094 | 8,684 |
10,757 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $69,836,784) | 96,066,705 |
Cash Collateral Pledged—Futures Contracts | 27,415 |
Receivables for Accrued Income | 78,460 |
Receivables for Capital Shares Issued | 63,224 |
Variation Margin Receivable—Futures Contracts | 230 |
Total Assets | 96,236,034 |
Liabilities | |
Due to Custodian | 570 |
Payables for Investment Securities Purchased | 88,344 |
Payables for Capital Shares Redeemed | 80,149 |
Total Liabilities | 169,063 |
Net Assets | 96,066,971 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 69,032,411 |
Total Distributable Earnings (Loss) | 27,034,560 |
Net Assets | 96,066,971 |
Net Assets | |
Applicable to 4,126,324,019 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 96,066,971 |
Net Asset Value Per Share | $23.28 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 1,356,877 |
Net Investment Income—Note B | 1,356,877 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 6 |
Affiliated Funds Sold1 | 444,108 |
Futures Contracts | 43,723 |
Realized Net Gain (Loss) | 487,837 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 11,002,812 |
Futures Contracts | 38,620 |
Change in Unrealized Appreciation (Depreciation) | 11,041,432 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,886,146 |
1 | Includes $241,220,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 1,356,877 | 1,835,942 | |
Realized Net Gain (Loss) | 487,837 | 781,472 | |
Change in Unrealized Appreciation (Depreciation) | 11,041,432 | 7,590,148 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,886,146 | 10,207,562 | |
Distributions | |||
Total Distributions | (2,189,743) | (1,976,113) | |
Capital Share Transactions | |||
Issued | 5,915,555 | 10,669,339 | |
Issued in Lieu of Cash Distributions | 2,156,717 | 1,946,584 | |
Redeemed | (5,066,277) | (8,732,751) | |
Net Increase (Decrease) from Capital Share Transactions | 3,005,995 | 3,883,172 | |
Total Increase (Decrease) | 13,702,398 | 12,114,621 | |
Net Assets | |||
Beginning of Period | 82,364,573 | 70,249,952 | |
End of Period | 96,066,971 | 82,364,573 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $20.64 | $18.50 | $27.25 | $23.16 | $21.60 | $21.46 |
Investment Operations | ||||||
Net Investment Income1 | .335 | .471 | .455 | .430 | .470 | .500 |
Capital Gain Distributions Received1 | .0002 | .0002 | .014 | .046 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 2.853 | 2.192 | (4.566) | 4.244 | 1.614 | .146 |
Total from Investment Operations | 3.188 | 2.663 | (4.097) | 4.720 | 2.084 | .646 |
Distributions | ||||||
Dividends from Net Investment Income | (.548) | (.402) | (.559) | (.409) | (.524) | (.464) |
Distributions from Realized Capital Gains | — | (.121) | (4.094) | (.221) | — | (.042) |
Total Distributions | (.548) | (.523) | (4.653) | (.630) | (.524) | (.506) |
Net Asset Value, End of Period | $23.28 | $20.64 | $18.50 | $27.25 | $23.16 | $21.60 |
Total Return3 | 15.58% | 14.61% | -18.87% | 20.60% | 9.71% | 3.37% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $96,067 | $82,365 | $70,250 | $37,822 | $40,597 | $37,126 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.08% | 0.08% | 0.09%4 | 0.14% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 3.06% | 2.30% | 2.08% | 1.64% | 2.15% | 2.42% |
Portfolio Turnover Rate | 2%5 | 1%5 | 9%5 | 6% | 18% | 7% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2035 Fund on February 11, 2022, the AFFE was 0.14% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
Amount ($000) | |
Tax Cost | 69,933,055 |
Gross Unrealized Appreciation | 29,191,647 |
Gross Unrealized Depreciation | (3,047,240) |
Net Unrealized Appreciation (Depreciation) | 26,144,407 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 269,672 | 521,644 | |
Issued in Lieu of Cash Distributions | 97,237 | 101,437 | |
Redeemed | (232,030) | (429,813) | |
Net Increase (Decrease) in Shares Outstanding | 134,879 | 193,268 |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 912,183 | NA2 | NA2 | 22 | (92) | 24,427 | 6 | 886,476 |
Vanguard Total Bond Market II Index Fund | 16,717,264 | 2,585,909 | 119,466 | 3,890 | 671,735 | 311,475 | — | 19,859,332 |
Vanguard Total International Bond II Index Fund | 7,302,310 | 1,136,236 | 51,200 | 1,052 | 211,267 | 273,238 | — | 8,599,665 |
Vanguard Total International Stock Index Fund | 22,548,234 | 765,457 | 157,438 | 42,430 | 2,854,080 | 443,640 | — | 26,052,763 |
Vanguard Total Stock Market Index Fund | 34,890,772 | 304,098 | 2,188,937 | 396,714 | 7,265,822 | 304,097 | — | 40,668,469 |
Total | 82,370,763 | 4,791,700 | 2,517,041 | 444,108 | 11,002,812 | 1,356,877 | 6 | 96,066,705 |
1 | Includes $564,260,000 of portfolio securities delivered as a result of in-kind redemptions of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 47.5% |
Vanguard Total International Stock Index Fund Investor Shares | 30.1 |
Vanguard Total Bond Market II Index Fund Investor Shares | 15.6 |
Vanguard Total International Bond II Index Fund Institutional Shares | 6.8 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.1%) | ||||||
U.S. Stock Fund (47.0%) | ||||||
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 168,525,905 | 40,024,902 | ||||
International Stock Fund (29.9%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 1,313,838,980 | 25,422,784 | ||||
U.S. Bond Fund (15.5%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 1,397,518,669 | 13,178,601 | |||
International Bond Fund (6.7%) | ||||||
1 | Vanguard Total International Bond II Index Fund Institutional Shares | 215,320,855 | 5,695,237 | |||
Total Investment Companies (Cost $59,977,986) | 84,321,524 | |||||
Temporary Cash Investments (0.9%) | ||||||
Money Market Fund (0.9%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.407% (Cost $742,804) | 7,430,124 | 742,864 | |||
Total Investments (100.0%) (Cost $60,720,790) | 85,064,388 | |||||
Other Assets and Liabilities—Net (0.0%) | 22,617 | |||||
Net Assets (100%) | 85,087,005 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 3,673 | 406,957 | 1,632 |
E-mini S&P 500 Index | June 2024 | 1,373 | 364,428 | 8,051 |
9,683 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $60,720,790) | 85,064,388 |
Cash Collateral Pledged—Futures Contracts | 24,005 |
Receivables for Accrued Income | 52,704 |
Receivables for Capital Shares Issued | 64,795 |
Variation Margin Receivable—Futures Contracts | 10 |
Total Assets | 85,205,902 |
Liabilities | |
Due to Custodian | 279 |
Payables for Investment Securities Purchased | 53,001 |
Payables for Capital Shares Redeemed | 65,617 |
Total Liabilities | 118,897 |
Net Assets | 85,087,005 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 60,154,255 |
Total Distributable Earnings (Loss) | 24,932,750 |
Net Assets | 85,087,005 |
Net Assets | |
Applicable to 2,045,390,391 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 85,087,005 |
Net Asset Value Per Share | $41.60 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 1,133,405 |
Net Investment Income—Note B | 1,133,405 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 4 |
Affiliated Funds Sold1 | 346,251 |
Futures Contracts | 29,410 |
Realized Net Gain (Loss) | 375,665 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 10,533,218 |
Futures Contracts | 31,739 |
Change in Unrealized Appreciation (Depreciation) | 10,564,957 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,074,027 |
1 | Includes $240,276,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 1,133,405 | 1,580,870 | |
Realized Net Gain (Loss) | 375,665 | 812,659 | |
Change in Unrealized Appreciation (Depreciation) | 10,564,957 | 7,324,732 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,074,027 | 9,718,261 | |
Distributions | |||
Total Distributions | (1,851,778) | (1,648,245) | |
Capital Share Transactions | |||
Issued | 5,443,091 | 9,888,244 | |
Issued in Lieu of Cash Distributions | 1,824,415 | 1,625,528 | |
Redeemed | (4,568,006) | (7,781,857) | |
Net Increase (Decrease) from Capital Share Transactions | 2,699,500 | 3,731,915 | |
Total Increase (Decrease) | 12,921,749 | 11,801,931 | |
Net Assets | |||
Beginning of Period | 72,165,256 | 60,363,325 | |
End of Period | 85,087,005 | 72,165,256 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $36.50 | $32.25 | $48.29 | $40.07 | $37.27 | $37.26 |
Investment Operations | ||||||
Net Investment Income1 | .565 | .821 | .797 | .764 | .799 | .850 |
Capital Gain Distributions Received1 | .0002 | .0002 | .017 | .057 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 5.471 | 4.315 | (8.162) | 8.312 | 2.892 | (.005) |
Total from Investment Operations | 6.036 | 5.136 | (7.348) | 9.133 | 3.691 | .845 |
Distributions | ||||||
Dividends from Net Investment Income | (.936) | (.714) | (1.003) | (.719) | (.891) | (.779) |
Distributions from Realized Capital Gains | — | (.172) | (7.689) | (.194) | — | (.056) |
Total Distributions | (.936) | (.886) | (8.692) | (.913) | (.891) | (.835) |
Net Asset Value, End of Period | $41.60 | $36.50 | $32.25 | $48.29 | $40.07 | $37.27 |
Total Return3 | 16.68% | 16.15% | -19.42% | 23.00% | 9.96% | 2.63% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $85,087 | $72,165 | $60,363 | $29,084 | $32,404 | $29,043 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.08% | 0.08% | 0.09%4 | 0.14% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 2.91% | 2.27% | 2.08% | 1.66% | 2.12% | 2.38% |
Portfolio Turnover Rate | 2%5 | 1%5 | 7%5 | 5% | 13% | 5% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2040 Fund on February 11, 2022, the AFFE was 0.14% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
Amount ($000) | |
Tax Cost | 60,839,758 |
Gross Unrealized Appreciation | 26,275,440 |
Gross Unrealized Depreciation | (2,041,127) |
Net Unrealized Appreciation (Depreciation) | 24,234,313 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 139,685 | 274,531 | |
Issued in Lieu of Cash Distributions | 46,328 | 48,264 | |
Redeemed | (117,701) | (217,354) | |
Net Increase (Decrease) in Shares Outstanding | 68,312 | 105,441 |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 742,525 | NA2 | NA2 | 18 | (81) | 18,242 | 4 | 742,864 |
Vanguard Total Bond Market II Index Fund | 11,174,009 | 1,639,366 | 84,004 | 2,600 | 446,630 | 206,995 | — | 13,178,601 |
Vanguard Total International Bond II Index Fund | 4,726,925 | 864,671 | 35,852 | 701 | 138,792 | 180,055 | — | 5,695,237 |
Vanguard Total International Stock Index Fund | 21,635,460 | 1,123,082 | 161,977 | 40,972 | 2,785,247 | 431,255 | — | 25,422,784 |
Vanguard Total Stock Market Index Fund | 33,874,355 | 296,858 | 1,610,901 | 301,960 | 7,162,630 | 296,858 | — | 40,024,902 |
Total | 72,153,274 | 3,923,977 | 1,892,734 | 346,251 | 10,533,218 | 1,133,405 | 4 | 85,064,388 |
1 | Includes $524,450,000 of portfolio securities delivered as a result of in-kind redemptions of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
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Vanguard Target Retirement 2045 Fund |
Vanguard Target Retirement 2050 Fund |
Vanguard Target Retirement 2055 Fund |
Vanguard Target Retirement 2060 Fund |
Vanguard Target Retirement 2065 Fund |
Vanguard Target Retirement 2070 Fund |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended March 31, 2024 | |||
Beginning Account Value 9/30/2023 | Ending Account Value 3/31/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Target Retirement 2045 Fund | $1,000.00 | $1,177.00 | $0.44 |
Target Retirement 2050 Fund | $1,000.00 | $1,184.20 | $0.44 |
Target Retirement 2055 Fund | $1,000.00 | $1,184.00 | $0.44 |
Target Retirement 2060 Fund | $1,000.00 | $1,184.10 | $0.44 |
Target Retirement 2065 Fund | $1,000.00 | $1,184.10 | $0.44 |
Target Retirement 2070 Fund | $1,000.00 | $1,184.50 | $0.44 |
Based on Hypothetical 5% Yearly Return | |||
Target Retirement 2045 Fund | $1,000.00 | $1,024.60 | $0.40 |
Target Retirement 2050 Fund | $1,000.00 | $1,024.60 | $0.40 |
Target Retirement 2055 Fund | $1,000.00 | $1,024.60 | $0.40 |
Target Retirement 2060 Fund | $1,000.00 | $1,024.60 | $0.40 |
Target Retirement 2065 Fund | $1,000.00 | $1,024.60 | $0.40 |
Target Retirement 2070 Fund | $1,000.00 | $1,024.60 | $0.40 |
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 52.2% |
Vanguard Total International Stock Index Fund Investor Shares | 32.6 |
Vanguard Total Bond Market II Index Fund Investor Shares | 10.5 |
Vanguard Total International Bond II Index Fund Institutional Shares | 4.7 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.1%) | ||||||
U.S. Stock Fund (51.7%) | ||||||
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 179,784,077 | 42,698,718 | ||||
International Stock Fund (32.3%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 1,379,141,895 | 26,686,396 | ||||
U.S. Bond Fund (10.4%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 911,960,219 | 8,599,785 | |||
International Bond Fund (4.7%) | ||||||
1 | Vanguard Total International Bond II Index Fund Institutional Shares | 145,672,879 | 3,853,047 | |||
Total Investment Companies (Cost $56,112,054) | 81,837,946 | |||||
Temporary Cash Investments (0.9%) | ||||||
Money Market Fund (0.9%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.407% (Cost $770,360) | 7,705,845 | 770,431 | |||
Total Investments (100.0%) (Cost $56,882,414) | 82,608,377 | |||||
Other Assets and Liabilities—Net (0.0%) | (2,896) | |||||
Net Assets (100%) | 82,605,481 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 4,102 | 454,489 | 1,756 |
E-mini S&P 500 Index | June 2024 | 1,340 | 355,669 | 7,857 |
9,613 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $56,882,414) | 82,608,377 |
Cash Collateral Pledged—Futures Contracts | 24,160 |
Receivables for Accrued Income | 35,831 |
Receivables for Capital Shares Issued | 67,692 |
Variation Margin Receivable—Futures Contracts | 370 |
Total Assets | 82,736,430 |
Liabilities | |
Due to Custodian | 649 |
Payables for Investment Securities Purchased | 51,831 |
Payables for Capital Shares Redeemed | 78,469 |
Total Liabilities | 130,949 |
Net Assets | 82,605,481 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 56,363,652 |
Total Distributable Earnings (Loss) | 26,241,829 |
Net Assets | 82,605,481 |
Net Assets | |
Applicable to 2,910,301,045 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 82,605,481 |
Net Asset Value Per Share | $28.38 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 1,033,466 |
Net Investment Income—Note B | 1,033,466 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 5 |
Affiliated Funds Sold1 | 289,623 |
Futures Contracts | 31,976 |
Realized Net Gain (Loss) | 321,604 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 10,873,870 |
Futures Contracts | 35,992 |
Change in Unrealized Appreciation (Depreciation) | 10,909,862 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,264,932 |
1 | Includes $285,618,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 1,033,466 | 1,474,423 | |
Realized Net Gain (Loss) | 321,604 | 898,295 | |
Change in Unrealized Appreciation (Depreciation) | 10,909,862 | 7,499,425 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,264,932 | 9,872,143 | |
Distributions | |||
Total Distributions | (1,701,640) | (1,622,229) | |
Capital Share Transactions | |||
Issued | 5,561,023 | 9,893,868 | |
Issued in Lieu of Cash Distributions | 1,674,884 | 1,597,470 | |
Redeemed | (3,974,822) | (6,881,466) | |
Net Increase (Decrease) from Capital Share Transactions | 3,261,085 | 4,609,872 | |
Total Increase (Decrease) | 13,824,377 | 12,859,786 | |
Net Assets | |||
Beginning of Period | 68,781,104 | 55,921,318 | |
End of Period | 82,605,481 | 68,781,104 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $24.66 | $21.54 | $31.04 | $25.22 | $23.38 | $23.49 |
Investment Operations | ||||||
Net Investment Income1 | .364 | .548 | .536 | .495 | .492 | .527 |
Capital Gain Distributions Received1 | .0002 | .0002 | .007 | .020 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 3.964 | 3.200 | (5.672) | 5.840 | 1.900 | (.128) |
Total from Investment Operations | 4.328 | 3.748 | (5.129) | 6.355 | 2.392 | .399 |
Distributions | ||||||
Dividends from Net Investment Income | (.608) | (.486) | (.629) | (.452) | (.552) | (.483) |
Distributions from Realized Capital Gains | — | (.142) | (3.742) | (.083) | — | (.026) |
Total Distributions | (.608) | (.628) | (4.371) | (.535) | (.552) | (.509) |
Net Asset Value, End of Period | $28.38 | $24.66 | $21.54 | $31.04 | $25.22 | $23.38 |
Total Return3 | 17.70% | 17.67% | -19.93% | 25.42% | 10.27% | 2.06% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $82,605 | $68,781 | $55,921 | $28,918 | $30,205 | $26,670 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.08% | 0.08% | 0.09%4 | 0.15% | 0.15% | 0.15% |
Ratio of Net Investment Income to Average Net Assets | 2.76% | 2.25% | 2.09% | 1.68% | 2.08% | 2.35% |
Portfolio Turnover Rate | 1%5 | 1%5 | 5%5 | 4% | 9% | 4% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2045 Fund on February 11, 2022, the AFFE was 0.15% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
Amount ($000) | |
Tax Cost | 56,971,300 |
Gross Unrealized Appreciation | 26,934,628 |
Gross Unrealized Depreciation | (1,287,938) |
Net Unrealized Appreciation (Depreciation) | 25,646,690 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 210,272 | 407,526 | |
Issued in Lieu of Cash Distributions | 62,706 | 70,747 | |
Redeemed | (151,454) | (285,799) | |
Net Increase (Decrease) in Shares Outstanding | 121,524 | 192,474 |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 837,984 | NA2 | NA2 | 21 | (84) | 20,700 | 5 | 770,431 |
Vanguard Total Bond Market II Index Fund | 7,074,053 | 1,311,327 | 69,356 | 1,386 | 282,375 | 132,546 | — | 8,599,785 |
Vanguard Total International Bond II Index Fund | 2,871,702 | 920,749 | 26,731 | 556 | 86,771 | 114,816 | — | 3,853,047 |
Vanguard Total International Stock Index Fund | 22,753,830 | 1,173,896 | 198,039 | 43,703 | 2,913,006 | 451,966 | — | 26,686,396 |
Vanguard Total Stock Market Index Fund | 35,242,139 | 325,058 | 704,238 | 243,957 | 7,591,802 | 313,438 | — | 42,698,718 |
Total | 68,779,708 | 3,731,030 | 998,364 | 289,623 | 10,873,870 | 1,033,466 | 5 | 82,608,377 |
1 | Includes $584,200,000 of portfolio securities delivered as a result of in-kind redemptions of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 54.3% |
Vanguard Total International Stock Index Fund Investor Shares | 36.0 |
Vanguard Total Bond Market II Index Fund Investor Shares | 6.7 |
Vanguard Total International Bond II Index Fund Institutional Shares | 3.0 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.2%) | ||||||
U.S. Stock Fund (53.9%) | ||||||
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 157,161,208 | 37,325,787 | ||||
International Stock Fund (35.7%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 1,278,972,170 | 24,748,111 | ||||
U.S. Bond Fund (6.6%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 485,478,115 | 4,578,059 | |||
International Bond Fund (3.0%) | ||||||
1 | Vanguard Total International Bond II Index Fund Institutional Shares | 78,297,245 | 2,070,962 | |||
Total Investment Companies (Cost $48,856,509) | 68,722,919 | |||||
Temporary Cash Investments (0.8%) | ||||||
Money Market Fund (0.8%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.407% (Cost $526,936) | 5,271,134 | 527,008 | |||
Total Investments (100.0%) (Cost $49,383,445) | 69,249,927 | |||||
Other Assets and Liabilities—Net (0.0%) | 30,140 | |||||
Net Assets (100%) | 69,280,067 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 2,654 | 294,055 | 1,128 |
E-mini S&P 500 Index | June 2024 | 1,031 | 273,653 | 6,046 |
7,174 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $49,383,445) | 69,249,927 |
Cash Collateral Pledged—Futures Contracts | 17,523 |
Receivables for Accrued Income | 19,853 |
Receivables for Capital Shares Issued | 71,966 |
Variation Margin Receivable—Futures Contracts | 290 |
Total Assets | 69,359,559 |
Liabilities | |
Due to Custodian | 466 |
Payables for Investment Securities Purchased | 32,179 |
Payables for Capital Shares Redeemed | 46,847 |
Total Liabilities | 79,492 |
Net Assets | 69,280,067 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 49,051,854 |
Total Distributable Earnings (Loss) | 20,228,213 |
Net Assets | 69,280,067 |
Net Assets | |
Applicable to 1,458,654,102 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 69,280,067 |
Net Asset Value Per Share | $47.50 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 828,825 |
Net Investment Income—Note B | 828,825 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 3 |
Affiliated Funds Sold1 | 215,874 |
Futures Contracts | 24,415 |
Realized Net Gain (Loss) | 240,292 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 9,472,234 |
Futures Contracts | 27,699 |
Change in Unrealized Appreciation (Depreciation) | 9,499,933 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,569,050 |
1 | Includes $217,242,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 828,825 | 1,192,157 | |
Realized Net Gain (Loss) | 240,292 | 847,632 | |
Change in Unrealized Appreciation (Depreciation) | 9,499,933 | 6,221,469 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 10,569,050 | 8,261,258 | |
Distributions | |||
Total Distributions | (1,372,680) | (1,134,127) | |
Capital Share Transactions | |||
Issued | 5,568,625 | 9,932,027 | |
Issued in Lieu of Cash Distributions | 1,350,228 | 1,115,771 | |
Redeemed | (3,472,072) | (6,274,244) | |
Net Increase (Decrease) from Capital Share Transactions | 3,446,781 | 4,773,554 | |
Total Increase (Decrease) | 12,643,151 | 11,900,685 | |
Net Assets | |||
Beginning of Period | 56,636,916 | 44,736,231 | |
End of Period | 69,280,067 | 56,636,916 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $41.00 | $35.44 | $50.09 | $40.60 | $37.63 | $37.80 |
Investment Operations | ||||||
Net Investment Income1 | .586 | .904 | .884 | .798 | .793 | .851 |
Capital Gain Distributions Received1 | .0002 | .0002 | .009 | .031 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 6.898 | 5.557 | (9.524) | 9.498 | 3.053 | (.204) |
Total from Investment Operations | 7.484 | 6.461 | (8.631) | 10.327 | 3.846 | .647 |
Distributions | ||||||
Dividends from Net Investment Income | (.984) | (.805) | (1.026) | (.741) | (.876) | (.789) |
Distributions from Realized Capital Gains | — | (.096) | (4.993) | (.096) | — | (.028) |
Total Distributions | (.984) | (.901) | (6.019) | (.837) | (.876) | (.817) |
Net Asset Value, End of Period | $47.50 | $41.00 | $35.44 | $50.09 | $40.60 | $37.63 |
Total Return3 | 18.42% | 18.48% | -20.18% | 25.65% | 10.26% | 2.07% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $69,280 | $56,637 | $44,736 | $21,583 | $22,979 | $19,470 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.08% | 0.08% | 0.09%4 | 0.15% | 0.15% | 0.15% |
Ratio of Net Investment Income to Average Net Assets | 2.67% | 2.24% | 2.10% | 1.68% | 2.08% | 2.36% |
Portfolio Turnover Rate | 0%5 | 2%5 | 4%5 | 4% | 9% | 3% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2050 Fund on February 11, 2022, the AFFE was 0.15% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
Amount ($000) | |
Tax Cost | 49,506,663 |
Gross Unrealized Appreciation | 20,600,568 |
Gross Unrealized Depreciation | (850,130) |
Net Unrealized Appreciation (Depreciation) | 19,750,438 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 126,352 | 246,763 | |
Issued in Lieu of Cash Distributions | 30,329 | 29,841 | |
Redeemed | (79,426) | (157,371) | |
Net Increase (Decrease) in Shares Outstanding | 77,255 | 119,233 |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 595,128 | NA2 | NA2 | 17 | (58) | 14,336 | 3 | 527,008 |
Vanguard Total Bond Market II Index Fund | 3,975,264 | 595,324 | 150,309 | (2,286) | 160,066 | 73,091 | — | 4,578,059 |
Vanguard Total International Bond II Index Fund | 1,552,897 | 484,157 | 13,419 | 218 | 47,109 | 59,696 | — | 2,070,962 |
Vanguard Total International Stock Index Fund | 20,316,546 | 1,985,340 | 227,855 | 35,193 | 2,638,887 | 409,084 | — | 24,748,111 |
Vanguard Total Stock Market Index Fund | 30,192,144 | 644,799 | 320,118 | 182,732 | 6,626,230 | 272,618 | — | 37,325,787 |
Total | 56,631,979 | 3,709,620 | 711,701 | 215,874 | 9,472,234 | 828,825 | 3 | 69,249,927 |
1 | Includes $447,300,000 of portfolio securities delivered as a result of in-kind redemptions of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 54.2% |
Vanguard Total International Stock Index Fund Investor Shares | 36.0 |
Vanguard Total Bond Market II Index Fund Investor Shares | 6.8 |
Vanguard Total International Bond II Index Fund Institutional Shares | 3.0 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.3%) | ||||||
U.S. Stock Fund (53.8%) | ||||||
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 104,052,825 | 24,712,546 | ||||
International Stock Fund (35.8%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 849,467,659 | 16,437,199 | ||||
U.S. Bond Fund (6.7%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 326,629,680 | 3,080,118 | |||
International Bond Fund (3.0%) | ||||||
1 | Vanguard Total International Bond II Index Fund Institutional Shares | 51,928,778 | 1,373,516 | |||
Total Investment Companies (Cost $34,861,617) | 45,603,379 | |||||
Temporary Cash Investments (0.7%) | ||||||
Money Market Fund (0.7%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.407% (Cost $309,714) | 3,098,242 | 309,763 | |||
Total Investments (100.0%) (Cost $35,171,331) | 45,913,142 | |||||
Other Assets and Liabilities—Net (0.0%) | 20,470 | |||||
Net Assets (100%) | 45,933,612 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 1,385 | 153,454 | 571 |
E-mini S&P 500 Index | June 2024 | 681 | 180,754 | 3,993 |
4,564 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $35,171,331) | 45,913,142 |
Cash Collateral Pledged—Futures Contracts | 10,749 |
Receivables for Accrued Income | 13,084 |
Receivables for Capital Shares Issued | 63,062 |
Variation Margin Receivable—Futures Contracts | 230 |
Total Assets | 46,000,267 |
Liabilities | |
Due to Custodian | 314 |
Payables for Investment Securities Purchased | 25,411 |
Payables for Capital Shares Redeemed | 40,930 |
Total Liabilities | 66,655 |
Net Assets | 45,933,612 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 34,904,643 |
Total Distributable Earnings (Loss) | 11,028,969 |
Net Assets | 45,933,612 |
Net Assets | |
Applicable to 866,699,701 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 45,933,612 |
Net Asset Value Per Share | $53.00 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 544,702 |
Net Investment Income—Note B | 544,702 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 2 |
Affiliated Funds Sold1 | 157,256 |
Futures Contracts | 16,884 |
Realized Net Gain (Loss) | 174,142 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 6,202,590 |
Futures Contracts | 17,288 |
Change in Unrealized Appreciation (Depreciation) | 6,219,878 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,938,722 |
1 | Includes $158,282,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 544,702 | 757,392 | |
Realized Net Gain (Loss) | 174,142 | 502,355 | |
Change in Unrealized Appreciation (Depreciation) | 6,219,878 | 3,870,705 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,938,722 | 5,130,452 | |
Distributions | |||
Total Distributions | (888,536) | (648,927) | |
Capital Share Transactions | |||
Issued | 4,576,110 | 8,314,898 | |
Issued in Lieu of Cash Distributions | 873,723 | 638,183 | |
Redeemed | (2,331,233) | (4,239,814) | |
Net Increase (Decrease) from Capital Share Transactions | 3,118,600 | 4,713,267 | |
Total Increase (Decrease) | 9,168,786 | 9,194,792 | |
Net Assets | |||
Beginning of Period | 36,764,826 | 27,570,034 | |
End of Period | 45,933,612 | 36,764,826 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $45.74 | $39.46 | $54.38 | $44.08 | $40.84 | $40.95 |
Investment Operations | ||||||
Net Investment Income1 | .655 | 1.011 | .981 | .868 | .862 | .929 |
Capital Gain Distributions Received1 | .0002 | .0002 | .010 | .034 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 7.688 | 6.192 | (10.672) | 10.295 | 3.307 | (.209) |
Total from Investment Operations | 8.343 | 7.203 | (9.681) | 11.197 | 4.169 | .720 |
Distributions | ||||||
Dividends from Net Investment Income | (1.083) | (.885) | (1.099) | (.791) | (.929) | (.830) |
Distributions from Realized Capital Gains | — | (.038) | (4.140) | (.106) | — | — |
Total Distributions | (1.083) | (.923) | (5.239) | (.897) | (.929) | (.830) |
Net Asset Value, End of Period | $53.00 | $45.74 | $39.46 | $54.38 | $44.08 | $40.84 |
Total Return3 | 18.40% | 18.48% | -20.17% | 25.61% | 10.25% | 2.09% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $45,934 | $36,765 | $27,570 | $12,516 | $12,901 | $10,202 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.08% | 0.08% | 0.09%4 | 0.15% | 0.15% | 0.15% |
Ratio of Net Investment Income to Average Net Assets | 2.67% | 2.25% | 2.10% | 1.68% | 2.09% | 2.37% |
Portfolio Turnover Rate | 0%5 | 1%5 | 4%5 | 6% | 8% | 3% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2055 Fund on February 11, 2022, the AFFE was 0.15% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
Amount ($000) | |
Tax Cost | 35,242,209 |
Gross Unrealized Appreciation | 11,242,001 |
Gross Unrealized Depreciation | (566,504) |
Net Unrealized Appreciation (Depreciation) | 10,675,497 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 93,107 | 185,243 | |
Issued in Lieu of Cash Distributions | 17,587 | 15,300 | |
Redeemed | (47,837) | (95,370) | |
Net Increase (Decrease) in Shares Outstanding | 62,857 | 105,173 |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 366,319 | NA2 | NA2 | 18 | (39) | 8,619 | 2 | 309,763 |
Vanguard Total Bond Market II Index Fund | 2,582,067 | 452,541 | 58,146 | 294 | 103,362 | 48,449 | — | 3,080,118 |
Vanguard Total International Bond II Index Fund | 1,002,290 | 354,204 | 14,080 | (94) | 31,196 | 39,338 | — | 1,373,516 |
Vanguard Total International Stock Index Fund | 13,247,927 | 1,592,918 | 166,242 | 27,418 | 1,735,178 | 269,021 | — | 16,437,199 |
Vanguard Total Stock Market Index Fund | 19,565,411 | 920,201 | 235,579 | 129,620 | 4,332,893 | 179,275 | — | 24,712,546 |
Total | 36,764,014 | 3,319,864 | 474,047 | 157,256 | 6,202,590 | 544,702 | 2 | 45,913,142 |
1 | Includes $386,010,000 of portfolio securities delivered as a result of in-kind redemptions of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 54.1% |
Vanguard Total International Stock Index Fund Investor Shares | 36.2 |
Vanguard Total Bond Market II Index Fund Investor Shares | 6.7 |
Vanguard Total International Bond II Index Fund Institutional Shares | 3.0 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.1%) | ||||||
U.S. Stock Fund (53.6%) | ||||||
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 57,461,057 | 13,647,001 | ||||
International Stock Fund (35.9%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 472,019,781 | 9,133,583 | ||||
U.S. Bond Fund (6.6%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 179,439,610 | 1,692,116 | |||
International Bond Fund (3.0%) | ||||||
1 | Vanguard Total International Bond II Index Fund Institutional Shares | 28,833,512 | 762,646 | |||
Total Investment Companies (Cost $20,096,794) | 25,235,346 | |||||
Temporary Cash Investments (0.8%) | ||||||
Money Market Fund (0.8%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.407% (Cost $203,225) | 2,032,924 | 203,252 | |||
Total Investments (99.9%) (Cost $20,300,019) | 25,438,598 | |||||
Other Assets and Liabilities—Net (0.1%) | 23,570 | |||||
Net Assets (100%) | 25,462,168 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 885 | 98,055 | 377 |
E-mini S&P 500 Index | June 2024 | 458 | 121,565 | 2,685 |
3,062 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $20,300,019) | 25,438,598 |
Cash Collateral Pledged—Futures Contracts | 7,205 |
Receivables for Accrued Income | 7,334 |
Receivables for Capital Shares Issued | 43,130 |
Variation Margin Receivable—Futures Contracts | 90 |
Total Assets | 25,496,357 |
Liabilities | |
Due to Custodian | 148 |
Payables for Investment Securities Purchased | 18,219 |
Payables for Capital Shares Redeemed | 15,822 |
Total Liabilities | 34,189 |
Net Assets | 25,462,168 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 20,176,001 |
Total Distributable Earnings (Loss) | 5,286,167 |
Net Assets | 25,462,168 |
Net Assets | |
Applicable to 521,442,481 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 25,462,168 |
Net Asset Value Per Share | $48.83 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 298,029 |
Net Investment Income—Note B | 298,029 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 1 |
Affiliated Funds Sold1 | 64,720 |
Futures Contracts | 11,688 |
Realized Net Gain (Loss) | 76,409 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 3,407,886 |
Futures Contracts | 9,978 |
Change in Unrealized Appreciation (Depreciation) | 3,417,864 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,792,302 |
1 | Includes $65,521,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 298,029 | 393,439 | |
Realized Net Gain (Loss) | 76,409 | 188,523 | |
Change in Unrealized Appreciation (Depreciation) | 3,417,864 | 1,995,500 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,792,302 | 2,577,462 | |
Distributions | |||
Total Distributions | (474,148) | (313,855) | |
Capital Share Transactions | |||
Issued | 3,328,110 | 5,725,418 | |
Issued in Lieu of Cash Distributions | 464,827 | 307,570 | |
Redeemed | (1,346,197) | (2,278,877) | |
Net Increase (Decrease) from Capital Share Transactions | 2,446,740 | 3,754,111 | |
Total Increase (Decrease) | 5,764,894 | 6,017,718 | |
Net Assets | |||
Beginning of Period | 19,697,274 | 13,679,556 | |
End of Period | 25,462,168 | 19,697,274 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $42.12 | $36.30 | $48.04 | $38.95 | $36.07 | $36.16 |
Investment Operations | ||||||
Net Investment Income1 | .605 | .936 | .903 | .773 | .762 | .822 |
Capital Gain Distributions Received1 | .0002 | .0002 | .009 | .029 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 7.083 | 5.697 | (9.930) | 9.085 | 2.922 | (.192) |
Total from Investment Operations | 7.688 | 6.633 | (9.018) | 9.887 | 3.684 | .630 |
Distributions | ||||||
Dividends from Net Investment Income | (.978) | (.813) | (.936) | (.684) | (.804) | (.717) |
Distributions from Realized Capital Gains | — | — | (1.786) | (.113) | — | (.003) |
Total Distributions | (.978) | (.813) | (2.722) | (.797) | (.804) | (.720) |
Net Asset Value, End of Period | $48.83 | $42.12 | $36.30 | $48.04 | $38.95 | $36.07 |
Total Return3 | 18.41% | 18.49% | -20.16% | 25.60% | 10.25% | 2.07% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $25,462 | $19,697 | $13,680 | $6,658 | $6,027 | $4,359 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.08% | 0.08% | 0.09%4 | 0.15% | 0.15% | 0.15% |
Ratio of Net Investment Income to Average Net Assets | 2.68% | 2.26% | 2.10% | 1.69% | 2.09% | 2.37% |
Portfolio Turnover Rate | 0%5 | 1%5 | 3%5 | 8% | 6% | 2% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2060 Fund on February 11, 2022, the AFFE was 0.15% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
Amount ($000) | |
Tax Cost | 20,324,598 |
Gross Unrealized Appreciation | 5,406,948 |
Gross Unrealized Depreciation | (289,886) |
Net Unrealized Appreciation (Depreciation) | 5,117,062 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 73,514 | 138,419 | |
Issued in Lieu of Cash Distributions | 10,156 | 8,008 | |
Redeemed | (29,886) | (55,574) | |
Net Increase (Decrease) in Shares Outstanding | 53,784 | 90,853 |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 201,765 | NA2 | NA2 | 5 | (19) | 5,368 | 1 | 203,252 |
Vanguard Total Bond Market II Index Fund | 1,371,534 | 315,157 | 51,101 | (580) | 57,106 | 26,160 | — | 1,692,116 |
Vanguard Total International Bond II Index Fund | 534,345 | 216,551 | 5,255 | 86 | 16,919 | 21,593 | — | 762,646 |
Vanguard Total International Stock Index Fund | 7,092,119 | 1,158,711 | 84,302 | 11,378 | 955,677 | 146,863 | — | 9,133,583 |
Vanguard Total Stock Market Index Fund | 10,498,675 | 810,873 | 94,581 | 53,831 | 2,378,203 | 98,045 | — | 13,647,001 |
Total | 19,698,438 | 2,501,292 | 235,239 | 64,720 | 3,407,886 | 298,029 | 1 | 25,438,598 |
1 | Includes $175,150,000 of portfolio securities delivered as a result of in-kind redemptions of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 54.0% |
Vanguard Total International Stock Index Fund Investor Shares | 36.4 |
Vanguard Total Bond Market II Index Fund Investor Shares | 6.6 |
Vanguard Total International Bond II Index Fund Institutional Shares | 3.0 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.0%) | ||||||
U.S. Stock Fund (53.4%) | ||||||
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 16,122,332 | 3,829,054 | ||||
International Stock Fund (36.0%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 133,251,825 | 2,578,423 | ||||
U.S. Bond Fund (6.6%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 49,954,508 | 471,071 | |||
International Bond Fund (3.0%) | ||||||
1 | Vanguard Total International Bond II Index Fund Institutional Shares | 8,090,264 | 213,987 | |||
Total Investment Companies (Cost $6,036,527) | 7,092,535 | |||||
Temporary Cash Investments (1.0%) | ||||||
Money Market Fund (1.0%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.407% (Cost $70,722) | 707,419 | 70,728 | |||
Total Investments (100.0%) (Cost $6,107,249) | 7,163,263 | |||||
Other Assets and Liabilities—Net (0.0%) | (2,853) | |||||
Net Assets (100%) | 7,160,410 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 304 | 33,682 | 125 |
E-mini S&P 500 Index | June 2024 | 153 | 40,610 | 897 |
1,022 |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $6,107,249) | 7,163,263 |
Cash Collateral Pledged—Futures Contracts | 2,410 |
Receivables for Accrued Income | 2,091 |
Receivables for Capital Shares Issued | 19,422 |
Variation Margin Receivable—Futures Contracts | 50 |
Total Assets | 7,187,236 |
Liabilities | |
Due to Custodian | 69 |
Payables for Investment Securities Purchased | 15,978 |
Payables for Capital Shares Redeemed | 10,779 |
Total Liabilities | 26,826 |
Net Assets | 7,160,410 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 6,072,494 |
Total Distributable Earnings (Loss) | 1,087,916 |
Net Assets | 7,160,410 |
Net Assets | |
Applicable to 223,672,556 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 7,160,410 |
Net Asset Value Per Share | $32.01 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 81,555 |
Net Investment Income—Note B | 81,555 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | — |
Affiliated Funds Sold1 | 14,250 |
Futures Contracts | 4,061 |
Realized Net Gain (Loss) | 18,311 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 930,842 |
Futures Contracts | 2,993 |
Change in Unrealized Appreciation (Depreciation) | 933,835 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,033,701 |
1 | Includes $14,246,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 81,555 | 97,583 | |
Realized Net Gain (Loss) | 18,311 | 21,392 | |
Change in Unrealized Appreciation (Depreciation) | 933,835 | 483,869 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,033,701 | 602,844 | |
Distributions | |||
Total Distributions | (123,878) | (70,815) | |
Capital Share Transactions | |||
Issued | 1,399,306 | 2,130,702 | |
Issued in Lieu of Cash Distributions | 120,545 | 68,514 | |
Redeemed | (459,783) | (673,806) | |
Net Increase (Decrease) from Capital Share Transactions | 1,060,068 | 1,525,410 | |
Total Increase (Decrease) | 1,969,891 | 2,057,439 | |
Net Assets | |||
Beginning of Period | 5,190,519 | 3,133,080 | |
End of Period | 7,160,410 | 5,190,519 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $27.59 | $23.76 | $30.31 | $24.52 | $22.69 | $22.64 |
Investment Operations | ||||||
Net Investment Income1 | .399 | .617 | .594 | .500 | .485 | .529 |
Capital Gain Distributions Received1 | .0002 | .0002 | .005 | .017 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 4.638 | 3.723 | (6.543) | 5.712 | 1.802 | (.116) |
Total from Investment Operations | 5.037 | 4.340 | (5.944) | 6.229 | 2.287 | .413 |
Distributions | ||||||
Dividends from Net Investment Income | (.617) | (.510) | (.535) | (.400) | (.457) | (.363) |
Distributions from Realized Capital Gains | — | — | (.071) | (.039) | — | .0002 |
Total Distributions | (.617) | (.510) | (.606) | (.439) | (.457) | (.363) |
Net Asset Value, End of Period | $32.01 | $27.59 | $23.76 | $30.31 | $24.52 | $22.69 |
Total Return3 | 18.41% | 18.47% | -20.10% | 25.59% | 10.11% | 2.09% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $7,160 | $5,191 | $3,133 | $1,430 | $864 | $420 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.08% | 0.08% | 0.09%4 | 0.15% | 0.15% | 0.15% |
Ratio of Net Investment Income to Average Net Assets | 2.69% | 2.27% | 2.13% | 1.72% | 2.11% | 2.42% |
Portfolio Turnover Rate | 0%5 | 1%5 | 2%5 | 5% | 6% | 2% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
4 | The Acquired Fund Fees and Expenses (AFFE) of 0.09% reflects the blended amount of expenses for the year ended September 30, 2022. Before the acquisition of Vanguard Institutional Target Retirement 2065 Fund on February 11, 2022, the AFFE was 0.15% on an annualized basis. Following the acquisition, the AFFE was 0.08% on an annualized basis. |
5 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares. |
Amount ($000) | |
Tax Cost | 6,117,099 |
Gross Unrealized Appreciation | 1,124,095 |
Gross Unrealized Depreciation | (76,909) |
Net Unrealized Appreciation (Depreciation) | 1,047,186 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 47,078 | 78,495 | |
Issued in Lieu of Cash Distributions | 4,018 | 2,723 | |
Redeemed | (15,545) | (24,968) | |
Net Increase (Decrease) in Shares Outstanding | 35,551 | 56,250 |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 61,345 | NA2 | NA2 | — | (6) | 1,757 | — | 70,728 |
Vanguard Total Bond Market II Index Fund | 356,384 | 107,048 | 7,256 | 84 | 14,811 | 7,008 | — | 471,071 |
Vanguard Total International Bond II Index Fund | 141,395 | 69,542 | 1,519 | 26 | 4,543 | 5,870 | — | 213,987 |
Vanguard Total International Stock Index Fund | 1,864,657 | 467,556 | 18,230 | 3,031 | 261,409 | 40,008 | — | 2,578,423 |
Vanguard Total Stock Market Index Fund | 2,763,712 | 431,494 | 27,346 | 11,109 | 650,085 | 26,912 | — | 3,829,054 |
Total | 5,187,493 | 1,075,640 | 54,351 | 14,250 | 930,842 | 81,555 | — | 7,163,263 |
1 | Includes $50,640,000 of portfolio securities delivered as a result of in-kind redemptions of the fund’s capital shares. |
2 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 54.0% |
Vanguard Total International Stock Index Fund Investor Shares | 36.0 |
Vanguard Total Bond Market II Index Fund Investor Shares | 7.0 |
Vanguard Total International Bond II Index Fund Institutional Shares | 3.0 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.8%) | ||||||
U.S. Stock Fund (53.9%) | ||||||
Vanguard Total Stock Market Index Fund Institutional Plus Shares | 1,504,949 | 357,425 | ||||
International Stock Fund (35.9%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 12,317,236 | 238,339 | ||||
U.S. Bond Fund (7.0%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 4,932,405 | 46,513 | |||
International Bond Fund (3.0%) | ||||||
1 | Vanguard Total International Bond II Index Fund Institutional Shares | 752,143 | 19,894 | |||
Total Investment Companies (Cost $586,899) | 662,171 | |||||
Temporary Cash Investments (0.3%) | ||||||
Money Market Fund (0.3%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.407% (Cost $1,796) | 17,964 | 1,796 | |||
Total Investments (100.1%) (Cost $588,695) | 663,967 | |||||
Other Assets and Liabilities—Net (-0.1%) | (483) | |||||
Net Assets (100%) | 663,484 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $588,695) | 663,967 |
Receivables for Accrued Income | 174 |
Receivables for Capital Shares Issued | 2,730 |
Total Assets | 666,871 |
Liabilities | |
Due to Custodian | 10 |
Payables for Investment Securities Purchased | 2,647 |
Payables for Capital Shares Redeemed | 730 |
Total Liabilities | 3,387 |
Net Assets | 663,484 |
At March 31, 2024, net assets consisted of: | |
Paid-in Capital | 586,556 |
Total Distributable Earnings (Loss) | 76,928 |
Net Assets | 663,484 |
Net Assets | |
Applicable to 26,196,896 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 663,484 |
Net Asset Value Per Share | $25.33 |
Six Months Ended March 31, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 6,289 |
Net Investment Income—Note B | 6,289 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | — |
Affiliated Funds Sold | 11 |
Futures Contracts | 16 |
Realized Net Gain (Loss) | 27 |
Change in Unrealized Appreciation (Depreciation) from Affiliated Funds | 73,530 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 79,846 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 6,289 | 3,677 | |
Realized Net Gain (Loss) | 27 | (30) | |
Change in Unrealized Appreciation (Depreciation) | 73,530 | 4,653 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 79,846 | 8,300 | |
Distributions | |||
Total Distributions | (7,044) | (626) | |
Capital Share Transactions | |||
Issued | 337,256 | 317,437 | |
Issued in Lieu of Cash Distributions | 6,795 | 608 | |
Redeemed | (68,048) | (42,943) | |
Net Increase (Decrease) from Capital Share Transactions | 276,003 | 275,102 | |
Total Increase (Decrease) | 348,805 | 282,776 | |
Net Assets | |||
Beginning of Period | 314,679 | 31,903 | |
End of Period | 663,484 | 314,679 |
For a Share Outstanding Throughout Each Period | Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | June 28, 20221 to September 30, 2022 |
Net Asset Value, Beginning of Period | $21.72 | $18.50 | $20.00 |
Investment Operations | |||
Net Investment Income2 | .319 | .523 | .113 |
Capital Gain Distributions Received2 | .0003 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 3.664 | 2.879 | (1.613) |
Total from Investment Operations | 3.983 | 3.402 | (1.500) |
Distributions | |||
Dividends from Net Investment Income | (.373) | (.182) | — |
Distributions from Realized Capital Gains | — | — | — |
Total Distributions | (.373) | (.182) | — |
Net Asset Value, End of Period | $25.33 | $21.72 | $18.50 |
Total Return4 | 18.45% | 18.49% | -7.50% |
Ratios/Supplemental Data | |||
Net Assets, End of Period (Millions) | $663 | $315 | $32 |
Ratio of Total Expenses to Average Net Assets | — | — | — |
Acquired Fund Fees and Expenses | 0.08% | 0.08% | 0.08%5 |
Ratio of Net Investment Income to Average Net Assets | 2.71% | 2.40% | 2.15%5 |
Portfolio Turnover Rate | 0% | 2% | 44% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Inception. |
2 | Calculated based on average shares outstanding. |
3 | Distribution was less than $.001 per share. |
4 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
5 | Annualized. |
Amount ($000) | |
Tax Cost | 589,472 |
Gross Unrealized Appreciation | 74,862 |
Gross Unrealized Depreciation | (367) |
Net Unrealized Appreciation (Depreciation) | 74,495 |
Six Months Ended March 31, 2024 | Year Ended September 30, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 14,329 | 14,713 | |
Issued in Lieu of Cash Distributions | 286 | 31 | |
Redeemed | (2,904) | (1,983) | |
Net Increase (Decrease) in Shares Outstanding | 11,711 | 12,761 |
Current Period Transactions | ||||||||
Sep. 30, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Mar. 31, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 1,253 | NA1 | NA1 | — | — | 25 | — | 1,796 |
Vanguard Total Bond Market II Index Fund | 22,081 | 23,401 | — | — | 1,031 | 562 | — | 46,513 |
Vanguard Total International Bond II Index Fund | 9,434 | 10,137 | — | — | 323 | 469 | — | 19,894 |
Vanguard Total International Stock Index Fund | 113,108 | 104,754 | 226 | 11 | 20,692 | 3,015 | — | 238,339 |
Vanguard Total Stock Market Index Fund | 169,577 | 136,364 | — | — | 51,484 | 2,218 | — | 357,425 |
Total | 315,453 | 274,656 | 226 | 11 | 73,530 | 6,289 | — | 663,967 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
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All rights reserved.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. In February 2024, a third-party service provider began performing security pricing services for the Registrant. There were no other changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(a)(2) | Certifications filed herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD CHESTER FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: May 20, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD CHESTER FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: May 20, 2024
VANGUARD CHESTER FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: May 20, 2024
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on January 11, 2024 (see File Number 33-34494); a Power of Attorney filed on July 21, 2023 (see File Number 33-53683), Incorporated by Reference; and a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.