| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $10,000)
|
$ |
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Acquired
Fund Fees and Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
Total
Return
|
Quarter
|
|
|
|
|
- |
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Target Retirement Income Fund
Investor
Shares
|
|
|
|
Return
Before Taxes
|
10.02% |
6.86% |
5.88% |
Return
After Taxes on Distributions
|
8.86 |
5.79 |
4.88 |
Return
After Taxes on Distributions and Sale of Fund Shares
|
6.29 |
4.97 |
4.31 |
Comparative
Indexes
(reflect
no deduction for fees, expenses, or taxes)
|
|
|
|
Bloomberg
Barclays U.S. Aggregate Bond Index
|
7.51% |
4.44% |
3.84% |
MSCI
US Broad Market Index
|
21.02 |
15.46 |
13.84 |
Target
Retirement Income Composite Index
|
10.70 |
7.10 |
6.09 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $10,000)
|
$ |
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Acquired
Fund Fees and Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
Total
Return
|
Quarter
|
|
|
|
|
- |
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Target Retirement 2015 Fund Investor Shares
|
|
|
|
Return
Before Taxes
|
10.32% |
7.78% |
7.04% |
Return
After Taxes on Distributions
|
8.54 |
6.16 |
5.74 |
Return
After Taxes on Distributions and Sale of Fund Shares
|
7.06 |
5.72 |
5.30 |
Comparative
Indexes
(reflect
no deduction for fees, expenses, or taxes)
|
|
|
|
Bloomberg
Barclays U.S. Aggregate Bond Index
|
7.51% |
4.44% |
3.84% |
MSCI
US Broad Market Index
|
21.02 |
15.46 |
13.84 |
Target
Retirement 2015 Composite Index
|
11.00 |
8.06 |
7.24 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $10,000)
|
$ |
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Acquired
Fund Fees and Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
Total
Return
|
Quarter
|
|
|
|
|
- |
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Target Retirement 2020 Fund Investor Shares
|
|
|
|
Return
Before Taxes
|
12.04% |
9.02% |
7.93% |
Return
After Taxes on Distributions
|
10.31 |
7.80 |
6.95 |
Return
After Taxes on Distributions and Sale of Fund Shares
|
8.10 |
6.80 |
6.13 |
Comparative
Indexes
(reflect
no deduction for fees, expenses, or taxes)
|
|
|
|
Bloomberg
Barclays U.S. Aggregate Bond Index
|
7.51% |
4.44% |
3.84% |
MSCI
US Broad Market Index
|
21.02 |
15.46 |
13.84 |
Target
Retirement 2020 Composite Index
|
12.85 |
9.31 |
8.22 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $10,000)
|
$ |
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Acquired
Fund Fees and Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
|
Total
Return
|
Quarter
|
|
|
|
|
- |
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Target Retirement 2025 Fund Investor Shares
|
|
|
|
Return
Before Taxes
|
13.30% |
9.88% |
8.54% |
Return
After Taxes on Distributions
|
12.03 |
8.92 |
7.68 |
Return
After Taxes on Distributions and Sale of Fund Shares
|
8.53 |
7.54 |
6.67 |
Comparative
Indexes
(reflect
no deduction for fees, expenses, or taxes)
|
|
|
|
MSCI
US Broad Market Index
|
21.02% |
15.46% |
13.84% |
Bloomberg
Barclays U.S. Aggregate Bond Index
|
7.51 |
4.44 |
3.84 |
Target
Retirement 2025 Composite Index
|
14.19 |
10.21 |
8.85 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $10,000)
|
$ |
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Acquired
Fund Fees and Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
Total
Return
|
Quarter
|
|
|
|
|
- |
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Target Retirement 2030 Fund Investor Shares
|
|
|
|
Return
Before Taxes
|
14.10% |
10.51% |
9.04% |
Return
After Taxes on Distributions
|
13.27 |
9.73 |
8.31 |
Return
After Taxes on Distributions and Sale of Fund Shares
|
8.68 |
8.09 |
7.14 |
Comparative
Indexes
(reflect
no deduction for fees, expenses, or taxes)
|
|
|
|
MSCI
US Broad Market Index
|
21.02% |
15.46% |
13.84% |
Bloomberg
Barclays U.S. Aggregate Bond Index
|
7.51 |
4.44 |
3.84 |
Target
Retirement 2030 Composite Index
|
14.97 |
10.84 |
9.34 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $10,000)
|
$ |
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Acquired
Fund Fees and Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
Total
Return
|
Quarter
|
|
|
|
|
- |
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Target Retirement 2035 Fund Investor Shares
|
|
|
|
Return
Before Taxes
|
14.79% |
11.11% |
9.51% |
Return
After Taxes on Distributions
|
14.00 |
10.34 |
8.78 |
Return
After Taxes on Distributions and Sale of Fund Shares
|
9.11 |
8.61 |
7.57 |
Comparative
Indexes
(reflect
no deduction for fees, expenses, or taxes)
|
|
|
|
MSCI
US Broad Market Index
|
21.02% |
15.46% |
13.84% |
Bloomberg
Barclays U.S. Aggregate Bond Index
|
7.51 |
4.44 |
3.84 |
Target
Retirement 2035 Composite Index
|
15.67 |
11.44 |
9.82 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $10,000)
|
$ |
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Acquired
Fund Fees and Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
Total
Return
|
Quarter
|
|
|
|
|
- |
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Target Retirement 2040 Fund Investor Shares
|
|
|
|
Return
Before Taxes
|
15.47% |
11.71% |
9.90% |
Return
After Taxes on Distributions
|
14.84 |
11.03 |
9.28 |
Return
After Taxes on Distributions and Sale of Fund Shares
|
9.48 |
9.15 |
7.95 |
Comparative
Indexes
(reflect
no deduction for fees, expenses, or taxes)
|
|
|
|
MSCI
US Broad Market Index
|
21.02% |
15.46% |
13.84% |
Bloomberg
Barclays U.S. Aggregate Bond Index
|
7.51 |
4.44 |
3.84 |
Target
Retirement 2040 Composite Index
|
16.31 |
12.03 |
10.23 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $10,000)
|
$ |
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Acquired
Fund Fees and Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
Total
Return
|
Quarter
|
|
|
|
|
- |
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Target Retirement 2045 Fund Investor Shares
|
|
|
|
Return
Before Taxes
|
16.30% |
12.09% |
10.09% |
Return
After Taxes on Distributions
|
15.73 |
11.43 |
9.47 |
Return
After Taxes on Distributions and Sale of Fund Shares
|
9.96 |
9.48 |
8.13 |
Comparative
Indexes
(reflect
no deduction for fees, expenses, or taxes)
|
|
|
|
MSCI
US Broad Market Index
|
21.02% |
15.46% |
13.84% |
Bloomberg
Barclays U.S. Aggregate Bond Index
|
7.51 |
4.44 |
3.84 |
Target
Retirement 2045 Composite Index
|
17.02 |
12.41 |
10.41 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $10,000)
|
$ |
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Acquired
Fund Fees and Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
Total
Return
|
Quarter
|
|
|
|
|
- |
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Target Retirement 2050 Fund Investor Shares
|
|
|
|
Return
Before Taxes
|
16.39% |
12.10% |
10.09% |
Return
After Taxes on Distributions
|
15.83 |
11.48 |
9.52 |
Return
After Taxes on Distributions and Sale of Fund Shares
|
10.00 |
9.50 |
8.14 |
Comparative
Indexes
(reflect
no deduction for fees, expenses, or taxes)
|
|
|
|
MSCI
US Broad Market Index
|
21.02% |
15.46% |
13.84% |
Bloomberg
Barclays U.S. Aggregate Bond Index
|
7.51 |
4.44 |
3.84 |
Target
Retirement 2050 Composite Index
|
17.17 |
12.44 |
10.43 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $10,000)
|
$ |
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Acquired
Fund Fees and Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
Total
Return
|
Quarter
|
|
|
|
|
- |
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Target Retirement 2055 Fund Investor Shares
|
|
|
|
Return
Before Taxes
|
16.32% |
12.09% |
10.10% |
Return
After Taxes on Distributions
|
15.77 |
11.50 |
9.58 |
Return
After Taxes on Distributions and Sale of Fund Shares
|
9.96 |
9.50 |
8.18 |
Comparative
Indexes
(reflect
no deduction for fees, expenses, or taxes)
|
|
|
|
MSCI
US Broad Market Index
|
21.02% |
15.46% |
13.84% |
Bloomberg
Barclays U.S. Aggregate Bond Index
|
7.51 |
4.44 |
3.84 |
Target
Retirement 2055 Composite Index
|
17.17 |
12.44 |
10.43 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $10,000)
|
$ |
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Acquired
Fund Fees and Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
Total
Return
|
Quarter
|
|
|
|
|
- |
|
|
1
Year
|
5
Years
|
Since
Inception
(Jan.
19,
2012)
|
Vanguard
Target Retirement 2060 Fund Investor Shares
|
|
|
|
Return
Before Taxes
|
16.32% |
12.08% |
11.10% |
Return
After Taxes on Distributions
|
15.77 |
11.49 |
10.58 |
Return
After Taxes on Distributions and Sale of Fund Shares
|
9.96 |
9.50 |
8.99 |
Comparative
Indexes
(reflect
no deduction for fees, expenses, or taxes)
|
|
|
|
MSCI
US Broad Market Index
|
21.02% |
15.46% |
14.83% |
Bloomberg
Barclays U.S. Aggregate Bond Index
|
7.51 |
4.44 |
3.42 |
Target
Retirement 2060 Composite Index
|
17.17 |
12.44 |
11.44 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $10,000)
|
$ |
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Acquired
Fund Fees and Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
Total
Return
|
Quarter
|
|
|
|
|
- |
|
|
1
Year
|
Since
Inception
(Jul.
12,
2017)
|
Vanguard
Target Retirement 2065 Fund Investor Shares
|
|
|
Return
Before Taxes
|
16.17% |
11.55% |
Return
After Taxes on Distributions
|
15.70 |
11.03 |
Return
After Taxes on Distributions and Sale of Fund Shares
|
9.84 |
8.94 |
Comparative
Indexes
(reflect
no deduction for fees, expenses, or taxes)
|
|
|
MSCI
US Broad Market Index
|
21.02% |
15.65% |
Bloomberg
Barclays U.S. Aggregate Bond Index
|
7.51 |
4.95 |
Target
Retirement 2065 Composite Index
|
17.17 |
12.03 |
Plain
Talk About Costs of Investing
|
Costs
are an important consideration in choosing a mutual fund. That is
because
you, as a shareholder, pay a proportionate share of the costs of
operating
a fund and any transaction costs incurred when the fund buys or
sells
securities. These costs can erode a substantial portion of the gross
income
or the capital appreciation a fund achieves. Even seemingly small
differences
in expenses can, over time, have a dramatic effect on a
fund’s
performance.
|
|
Target
Retirement Fund
| |||||
Underlying
Vanguard Fund
|
Income
|
2015
|
2020
|
2025
|
2030
|
2035
|
Total
Stock Market Index |
17.4%
|
19.6%
|
28.5%
|
35.0%
|
39.9%
|
44.2%
|
Total
International Stock Index |
12.0
|
13.9
|
19.6
|
23.7
|
26.6
|
29.6
|
Total
Bond Market II Index |
36.9
|
35.1
|
29.3
|
27.6
|
22.4
|
17.2
|
Total
International Bond Index |
15.6
|
15.0
|
12.7
|
11.8
|
9.7
|
7.4
|
Short-Term
Inflation-Protected
Securities
Index |
16.8
|
14.6
|
8.3
|
0.5
|
0.0
|
0.0
|
|
Target
Retirement Fund
| |||||
Underlying
Vanguard Fund
|
2040
|
2045
|
2050
|
2055
|
2060
|
2065
|
Total
Stock Market Index |
49.3%
|
53.8%
|
53.6%
|
53.4%
|
53.2%
|
54.0%
|
Total
International Stock Index |
32.6
|
35.7
|
35.8
|
35.7
|
35.5
|
35.2
|
Total
Bond Market II Index |
12.1
|
6.3
|
6.1
|
6.3
|
6.8
|
7.1
|
Total
International Bond Index |
5.2
|
3.0
|
2.9
|
2.9
|
2.8
|
2.4
|
Plain
Talk About International Investing
|
U.S.
investors who invest in foreign securities will encounter risks not
typically
associated with U.S. companies because foreign stock and bond
markets
operate differently from the U.S. markets. For instance, foreign
companies
and governments may not be subject to the same or similar
accounting,
auditing, legal, tax, and financial reporting standards and
practices
as U.S. companies and the U.S. government, and their stocks and
bonds
may not be as liquid as those of similar U.S. entities. In addition,
foreign
stock exchanges, brokers, companies, bond markets, and dealers
may
be subject to less government supervision and regulation than their
counterparts
in the United States. These factors, among others, could
negatively
affect the returns U.S. investors receive from foreign
investments.
|
Plain
Talk About Inflation-Indexed Securities
|
Unlike
a conventional bond, whose issuer makes regular fixed interest
payments
and repays the face value of the bond at maturity, an
inflation-indexed
security (IIS) provides principal and interest payments that
are
adjusted over time to reflect a rise (inflation) or a drop (deflation) in
the
general
price level for goods and services. This adjustment is a key feature,
given
that inflation has typically occurred. However, there have been periods
of
deflation, such as in 1954 when the Consumer Price Index (CPI) declined
by
0.7%. (Source: Bureau of Labor Statistics.) Importantly, in the event of
deflation,
the U.S. Treasury has guaranteed that it will repay at least the face
value
of an IIS issued by the U.S. government. However, if an IIS is
purchased
by a fund at a premium, deflation could cause a fund to
experience
a loss.
|
Inflation
measurement and adjustment for an IIS have two important
features.
There is a two-month lag between the time that inflation occurs in
the
economy and when it is factored into IIS valuations. This is due to the
time
required to measure and calculate the CPI and for the U.S. Treasury to
adjust
the inflation accrual schedules for an IIS. For example, inflation that
occurs
in January is calculated and announced during February and affects
IIS
valuations throughout the month of March. In addition, the inflation index
used
is the nonseasonally adjusted index. It differs from the CPI that is
reported
by most news organizations, which is statistically smoothed to
overcome
highs and lows observed at different points each year. The use of
the
nonseasonally adjusted index can cause a fund’s income level to
fluctuate.
|
Plain
Talk About Bonds and Interest Rates
|
As
a rule, when interest rates rise, bond prices fall. The opposite is also
true:
Bond
prices go up when interest rates fall. Why do bond prices and interest
rates
move in opposite directions? Let’s assume that you hold a bond
offering
a 4% yield. A year later, interest rates are on the rise and bonds of
comparable
quality and maturity are offered with a 5% yield. With
higher-yielding
bonds available, you would have trouble selling your 4% bond
for
the price you paid—you would probably have to lower your asking price.
On
the other hand, if interest rates were falling and 3% bonds were being
offered,
you should be able to sell your 4% bond for more than you
paid.
|
How
mortgage-backed securities are different:
In general, declining interest
rates
will not lift the prices of mortgage-backed securities—such as those
guaranteed
by the Government National Mortgage Association—as much as
the
prices of comparable bonds. Why? Because when interest rates fall, the
bond
market tends to discount the prices of mortgage-backed securities for
prepayment
risk—the possibility that homeowners will refinance their
mortgages
at lower rates and cause the bonds to be paid off prior to
maturity.
In part to compensate for this prepayment possibility,
mortgage-backed
securities tend to offer higher yields than other bonds of
comparable
credit quality and maturity. In contrast, when interest rates rise,
prepayments
tend to slow down, subjecting mortgage-backed securities to
extension
risk—the possibility that homeowners will repay their mortgages
at
slower rates. This will lengthen the duration or average life of
mortgage-backed
securities held by a fund and delay the fund’s ability to
reinvest
proceeds at higher interest rates, making the fund more sensitive to
changes
in interest rates.
|
Plain
Talk About Inflation-Indexed Securities and Interest Rates
|
Interest
rates on conventional bonds have two primary components: a “real”
yield
and an increment that reflects investor expectations of future inflation.
By
contrast, interest rates on an IIS are adjusted for inflation and,
therefore,
are
not affected meaningfully by inflation expectations. This leaves only real
interest
rates to influence the price of an IIS. A rise in real interest rates will
cause
the price of an IIS to fall, while a decline in real interest rates will
boost
the price of an IIS.
|
Plain
Talk About Vanguard’s Unique Corporate Structure
|
The
Vanguard Group is owned jointly by the funds it oversees and thus
indirectly
by the shareholders in those funds. Most other mutual funds are
operated
by management companies that are owned by third parties—either
public
or private stockholders—and not by the funds they serve.
|
Plain
Talk About Buying a Dividend
|
Unless
you are a tax-exempt investor or investing through a tax-advantaged
account
(such as an IRA or an employer-sponsored retirement or savings
plan),
you should consider avoiding a purchase of fund shares shortly before
the
fund makes a distribution, because doing so can cost you money in
taxes.
This is known as “buying a dividend.” For example: On December 15,
you
invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution
of $1 per share on December 16, its share price will drop to $19
(not
counting market change). You still have only $5,000 (250 shares x $19 =
$4,750
in share value, plus 250 shares x $1 = $250 in distributions), but you
owe
tax
on the $250 distribution you received—even if you reinvest it in
more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before
you invest.
|
|
Year Ended
September 30, | ||||
For
a Share Outstanding Throughout Each Period |
2020
|
2019
|
2018
|
2017
|
2016
|
Net
Asset Value, Beginning of Period
|
$13.85
|
$13.52
|
$13.46
|
$13.08
|
$12.59
|
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
0.3081
|
0.3411
|
0.3341
|
0.2501
|
0.229
|
Capital
Gain Distributions Received |
—
|
—
|
0.0011
|
0.0041
|
0.007
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
0.696
|
0.533
|
0.107
|
0.422
|
0.692
|
Total
from Investment Operations |
1.004
|
0.874
|
0.442
|
0.676
|
0.928
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(0.297)
|
(0.352)
|
(0.327)
|
(0.254)
|
(0.227)
|
Distributions
from Realized Capital Gains |
(0.017)
|
(0.192)
|
(0.055)
|
(0.042)
|
(0.211)
|
Total
Distributions |
(0.314)
|
(0.544)
|
(0.382)
|
(0.296)
|
(0.438)
|
Net
Asset Value, End of Period
|
$14.54
|
$13.85
|
$13.52
|
$13.46
|
$13.08
|
Total
Return2
|
7.35%
|
6.75%
|
3.31%
|
5.26%
|
7.54%
|
Ratios/Supplemental
Data
|
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$17,576
|
$16,984
|
$16,613
|
$16,645
|
$10,790
|
Ratio
of Total Expenses to Average Net Assets |
—
|
—
|
—
|
—
|
—
|
Acquired
Fund Fees and Expenses |
0.12%
|
0.12%
|
0.12%
|
0.13%
|
0.13%
|
Ratio
of Net Investment Income to Average Net
Assets
|
2.19%
|
2.54%
|
2.47%
|
1.90%
|
1.78%
|
Portfolio
Turnover Rate
|
17%
|
10%
|
6%
|
8%
|
11%
|
|
Year Ended
September 30, | ||||
For
a Share Outstanding Throughout Each Period |
2020
|
2019
|
2018
|
2017
|
2016
|
Net
Asset Value, Beginning of Period
|
$15.42
|
$15.60
|
$15.75
|
$15.19
|
$14.90
|
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
0.3361
|
0.3761
|
0.3711
|
0.3051
|
0.311
|
Capital
Gain Distributions Received |
—
|
—
|
0.0011
|
0.0051
|
0.007
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
0.818
|
0.455
|
0.328
|
0.846
|
0.968
|
Total
from Investment Operations |
1.154
|
0.831
|
0.700
|
1.156
|
1.286
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(0.379)
|
(0.372)
|
(0.318)
|
(0.289)
|
(0.299)
|
Distributions
from Realized Capital Gains |
(0.355)
|
(0.639)
|
(0.532)
|
(0.307)
|
(0.697)
|
Total
Distributions |
(0.734)
|
(1.011)
|
(0.850)
|
(0.596)
|
(0.996)
|
Net
Asset Value, End of Period
|
$15.84
|
$15.42
|
$15.60
|
$15.75
|
$15.19
|
Total
Return2
|
7.68%
|
6.08%
|
4.54%
|
7.95%
|
9.03%
|
Ratios/Supplemental
Data
|
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$15,233
|
$15,647
|
$16,410
|
$17,250
|
$17,479
|
Ratio
of Total Expenses to Average Net Assets |
—
|
—
|
—
|
—
|
—
|
Acquired
Fund Fees and Expenses |
0.12%
|
0.13%
|
0.13%
|
0.13%
|
0.14%
|
Ratio
of Net Investment Income to Average Net
Assets
|
2.20%
|
2.52%
|
2.39%
|
2.02%
|
1.96%
|
Portfolio
Turnover Rate
|
18%
|
10%
|
7%
|
7%
|
9%
|
|
Year Ended
September 30, | ||||
For
a Share Outstanding Throughout Each Period |
2020
|
2019
|
2018
|
2017
|
2016
|
Net
Asset Value, Beginning of Period
|
$32.24
|
$32.14
|
$31.19
|
$29.09
|
$27.52
|
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
0.7131
|
0.7781
|
0.7291
|
0.6361
|
0.619
|
Capital
Gain Distributions Received |
—
|
—
|
0.0021
|
0.0081
|
0.012
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
1.987
|
0.736
|
1.079
|
2.231
|
2.065
|
Total
from Investment Operations |
2.700
|
1.514
|
1.810
|
2.875
|
2.696
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(0.789)
|
(0.745)
|
(0.631)
|
(0.562)
|
(0.591)
|
Distributions
from Realized Capital Gains |
(0.361)
|
(0.669)
|
(0.229)
|
(0.213)
|
(0.535)
|
Total
Distributions |
(1.150)
|
(1.414)
|
(0.860)
|
(0.775)
|
(1.126)
|
Net
Asset Value, End of Period
|
$33.79
|
$32.24
|
$32.14
|
$31.19
|
$29.09
|
Total
Return2
|
8.51%
|
5.29%
|
5.87%
|
10.17%
|
10.05%
|
Ratios/Supplemental
Data
|
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$31,887
|
$32,790
|
$33,114
|
$31,263
|
$27,542
|
Ratio
of Total Expenses to Average Net Assets |
—
|
—
|
—
|
—
|
—
|
Acquired
Fund Fees and Expenses |
0.13%
|
0.13%
|
0.13%
|
0.13%
|
0.14%
|
Ratio
of Net Investment Income to Average Net
Assets
|
2.21%
|
2.51%
|
2.30%
|
2.15%
|
2.14%
|
Portfolio
Turnover Rate
|
19%
|
13%
|
10%
|
9%
|
15%
|
|
Year Ended
September 30, | ||||
For
a Share Outstanding Throughout Each Period |
2020
|
2019
|
2018
|
2017
|
2016
|
Net
Asset Value, Beginning of Period
|
$19.34
|
$19.02
|
$18.25
|
$16.77
|
$15.90
|
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
0.4381
|
0.4641
|
0.4191
|
0.3801
|
0.362
|
Capital
Gain Distributions Received |
—
|
—
|
0.0011
|
0.0041
|
0.006
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
1.292
|
0.390
|
0.807
|
1.534
|
1.280
|
Total
from Investment Operations |
1.730
|
0.854
|
1.227
|
1.918
|
1.648
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(0.471)
|
(0.434)
|
(0.369)
|
(0.327)
|
(0.342)
|
Distributions
from Realized Capital Gains |
(0.039)
|
(0.100)
|
(0.088)
|
(0.111)
|
(0.436)
|
Total
Distributions |
(0.510)
|
(0.534)
|
(0.457)
|
(0.438)
|
(0.778)
|
Net
Asset Value, End of Period
|
$20.56
|
$19.34
|
$19.02
|
$18.25
|
$16.77
|
Total
Return2
|
9.04%
|
4.89%
|
6.79%
|
11.74%
|
10.67%
|
Ratios/Supplemental
Data
|
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$46,521
|
$44,146
|
$41,860
|
$37,111
|
$31,706
|
Ratio
of Total Expenses to Average Net Assets |
—
|
—
|
—
|
—
|
—
|
Acquired
Fund Fees and Expenses |
0.13%
|
0.13%
|
0.13%
|
0.14%
|
0.14%
|
Ratio
of Net Investment Income to Average Net
Assets
|
2.25%
|
2.51%
|
2.24%
|
2.21%
|
2.18%
|
Portfolio
Turnover Rate
|
21%
|
11%
|
8%
|
10%
|
15%
|
|
Year Ended
September 30, | ||||
For
a Share Outstanding Throughout Each Period |
2020
|
2019
|
2018
|
2017
|
2016
|
Net
Asset Value, Beginning of Period
|
$35.22
|
$34.74
|
$32.93
|
$29.77
|
$27.77
|
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
0.7821
|
0.8301
|
0.7541
|
0.6831
|
0.634
|
Capital
Gain Distributions Received |
—
|
—
|
0.0011
|
0.0061
|
0.008
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
2.495
|
0.486
|
1.744
|
3.167
|
2.390
|
Total
from Investment Operations |
3.277
|
1.316
|
2.499
|
3.856
|
3.032
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(0.867)
|
(0.767)
|
(0.670)
|
(0.576)
|
(0.597)
|
Distributions
from Realized Capital Gains |
—
|
(0.069)
|
(0.019)
|
(0.120)
|
(0.435)
|
Total
Distributions |
(0.867)
|
(0.836)
|
(0.689)
|
(0.696)
|
(1.032)
|
Net
Asset Value, End of Period
|
$37.63
|
$35.22
|
$34.74
|
$32.93
|
$29.77
|
Total
Return2
|
9.38%
|
4.15%
|
7.65%
|
13.25%
|
11.15%
|
Ratios/Supplemental
Data
|
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$42,285
|
$39,114
|
$35,913
|
$30,877
|
$24,966
|
Ratio
of Total Expenses to Average Net Assets |
—
|
—
|
—
|
—
|
—
|
Acquired
Fund Fees and Expenses |
0.14%
|
0.14%
|
0.14%
|
0.14%
|
0.15%
|
Ratio
of Net Investment Income to Average Net
Assets
|
2.20%
|
2.46%
|
2.22%
|
2.21%
|
2.20%
|
Portfolio
Turnover Rate
|
21%
|
8%
|
9%
|
9%
|
16%
|
|
Year Ended
September 30, | ||||
For
a Share Outstanding Throughout Each Period |
2020
|
2019
|
2018
|
2017
|
2016
|
Net
Asset Value, Beginning of Period
|
$21.60
|
$21.46
|
$20.20
|
$18.09
|
$16.95
|
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
0.4701
|
0.5001
|
0.4591
|
0.4181
|
0.393
|
Capital
Gain Distributions Received |
—
|
—
|
0.0011
|
0.0031
|
0.003
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
1.614
|
0.146
|
1.243
|
2.180
|
1.530
|
Total
from Investment Operations |
2.084
|
0.646
|
1.703
|
2.601
|
1.926
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(0.524)
|
(0.464)
|
(0.410)
|
(0.356)
|
(0.371)
|
Distributions
from Realized Capital Gains |
—
|
(0.042)
|
(0.033)
|
(0.135)
|
(0.415)
|
Total
Distributions |
(0.524)
|
(0.506)
|
(0.443)
|
(0.491)
|
(0.786)
|
Net
Asset Value, End of Period
|
$23.16
|
$21.60
|
$21.46
|
$20.20
|
$18.09
|
Total
Return2
|
9.71%
|
3.37%
|
8.51%
|
14.76%
|
11.64%
|
Ratios/Supplemental
Data
|
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$40,597
|
$37,126
|
$34,522
|
$29,798
|
$24,531
|
Ratio
of Total Expenses to Average Net Assets |
—
|
—
|
—
|
—
|
—
|
Acquired
Fund Fees and Expenses |
0.14%
|
0.14%
|
0.14%
|
0.14%
|
0.15%
|
Ratio
of Net Investment Income to Average Net
Assets
|
2.15%
|
2.42%
|
2.19%
|
2.22%
|
2.21%
|
Portfolio
Turnover Rate
|
18%
|
7%
|
8%
|
9%
|
14%
|
|
Year Ended
September 30, | ||||
For
a Share Outstanding Throughout Each Period |
2020
|
2019
|
2018
|
2017
|
2016
|
Net
Asset Value, Beginning of Period
|
$37.27
|
$37.26
|
$34.73
|
$30.59
|
$28.09
|
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
0.7991
|
0.8501
|
0.7861
|
0.7181
|
0.660
|
Capital
Gain Distributions Received |
—
|
—
|
0.0011
|
0.0031
|
0.003
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
2.892
|
(0.005)
|
2.441
|
4.143
|
2.687
|
Total
from Investment Operations |
3.691
|
0.845
|
3.228
|
4.864
|
3.350
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(0.891)
|
(0.779)
|
(0.684)
|
(0.599)
|
(0.615)
|
Distributions
from Realized Capital Gains |
—
|
(0.056)
|
(0.014)
|
(0.125)
|
(0.235)
|
Total
Distributions |
(0.891)
|
(0.835)
|
(0.698)
|
(0.724)
|
(0.850)
|
Net
Asset Value, End of Period
|
$40.07
|
$37.27
|
$37.26
|
$34.73
|
$30.59
|
Total
Return2
|
9.96%
|
2.63%
|
9.37%
|
16.26%
|
12.11%
|
Ratios/Supplemental
Data
|
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$32,404
|
$29,043
|
$26,445
|
$22,324
|
$17,371
|
Ratio
of Total Expenses to Average Net Assets |
—
|
—
|
—
|
—
|
—
|
Acquired
Fund Fees and Expenses |
0.14%
|
0.14%
|
0.14%
|
0.15%
|
0.16%
|
Ratio
of Net Investment Income to Average Net
Assets
|
2.12%
|
2.38%
|
2.17%
|
2.23%
|
2.23%
|
Portfolio
Turnover Rate
|
13%
|
5%
|
8%
|
8%
|
16%
|
|
Year Ended
September 30, | ||||
For
a Share Outstanding Throughout Each Period |
2020
|
2019
|
2018
|
2017
|
2016
|
Net
Asset Value, Beginning of Period
|
$23.38
|
$23.49
|
$21.80
|
$19.12
|
$17.60
|
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
0.4921
|
0.5271
|
0.4921
|
0.4501
|
0.411
|
Capital
Gain Distributions Received |
—
|
—
|
—
|
0.0011
|
0.002
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
1.900
|
(0.128)
|
1.636
|
2.696
|
1.692
|
Total
from Investment Operations |
2.392
|
0.399
|
2.128
|
3.147
|
2.105
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(0.552)
|
(0.483)
|
(0.428)
|
(0.375)
|
(0.386)
|
Distributions
from Realized Capital Gains |
—
|
(0.026)
|
(0.010)
|
(0.092)
|
(0.199)
|
Total
Distributions |
(0.552)
|
(0.509)
|
(0.438)
|
(0.467)
|
(0.585)
|
Net
Asset Value, End of Period
|
$25.22
|
$23.38
|
$23.49
|
$21.80
|
$19.12
|
Total
Return2
|
10.27%
|
2.06%
|
9.85%
|
16.84%
|
12.16%
|
Ratios/Supplemental
Data
|
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$30,205
|
$26,670
|
$24,330
|
$20,413
|
$15,987
|
Ratio
of Total Expenses to Average Net Assets |
—
|
—
|
—
|
—
|
—
|
Acquired
Fund Fees and Expenses |
0.15%
|
0.15%
|
0.15%
|
0.15%
|
0.16%
|
Ratio
of Net Investment Income to Average Net
Assets
|
2.08%
|
2.35%
|
2.16%
|
2.23%
|
2.43%
|
Portfolio
Turnover Rate
|
9%
|
4%
|
7%
|
8%
|
13%
|
|
Year Ended
September 30, | ||||
For
a Share Outstanding Throughout Each Period |
2020
|
2019
|
2018
|
2017
|
2016
|
Net
Asset Value, Beginning of Period
|
$37.63
|
$37.80
|
$35.07
|
$30.63
|
$27.95
|
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
0.7931
|
0.8511
|
0.7941
|
0.7271
|
0.636
|
Capital
Gain Distributions Received |
—
|
—
|
0.0011
|
0.0021
|
0.003
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
3.053
|
(0.204)
|
2.629
|
4.332
|
2.714
|
Total
from Investment Operations |
3.846
|
0.647
|
3.424
|
5.061
|
3.353
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(0.876)
|
(0.789)
|
(0.684)
|
(0.587)
|
(0.585)
|
Distributions
from Realized Capital Gains |
—
|
(0.028)
|
(0.010)
|
(0.034)
|
(0.088)
|
Total
Distributions |
(0.876)
|
(0.817)
|
(0.694)
|
(0.621)
|
(0.673)
|
Net
Asset Value, End of Period
|
$40.60
|
$37.63
|
$37.80
|
$35.07
|
$30.63
|
Total
Return2
|
10.26%
|
2.07%
|
9.84%
|
16.84%
|
12.14%
|
Ratios/Supplemental
Data
|
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$22,979
|
$19,470
|
$16,804
|
$13,407
|
$9,634
|
Ratio
of Total Expenses to Average Net Assets |
—
|
—
|
—
|
—
|
—
|
Acquired
Fund Fees and Expenses |
0.15%
|
0.15%
|
0.15%
|
0.15%
|
0.16%
|
Ratio
of Net Investment Income to Average Net
Assets
|
2.08%
|
2.36%
|
2.16%
|
2.24%
|
2.24%
|
Portfolio
Turnover Rate
|
9%
|
3%
|
7%
|
6%
|
12%
|
|
Year Ended
September 30, | ||||
For
a Share Outstanding Throughout Each Period |
2020
|
2019
|
2018
|
2017
|
2016
|
Net
Asset Value, Beginning of Period
|
$40.84
|
$40.95
|
$37.98
|
$33.15
|
$30.14
|
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
0.8621
|
0.9291
|
0.8681
|
0.7961
|
0.642
|
Capital
Gain Distributions Received |
—
|
—
|
0.0011
|
0.0021
|
0.003
|
Net
Realized and Unrealized Gain (Loss) on
Investments
|
3.307
|
(0.209)
|
2.819
|
4.688
|
2.974
|
Total
from Investment Operations |
4.169
|
0.720
|
3.688
|
5.486
|
3.619
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(0.929)
|
(0.830)
|
(0.718)
|
(0.654)
|
(0.593)
|
Distributions
from Realized Capital Gains |
—
|
—
|
—
|
(0.002)
|
(0.016)
|
Total
Distributions |
(0.929)
|
(0.830)
|
(0.718)
|
(0.656)
|
(0.609)
|
Net
Asset Value, End of Period
|
$44.08
|
$40.84
|
$40.95
|
$37.98
|
$33.15
|
Total
Return2
|
10.25%
|
2.09%
|
9.79%
|
16.86%
|
12.13%
|
Ratios/Supplemental
Data
|
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$12,901
|
$10,202
|
$8,011
|
$5,600
|
$3,399
|
Ratio
of Total Expenses to Average Net Assets |
—
|
—
|
—
|
—
|
—
|
Acquired
Fund Fees and Expenses |
0.15%
|
0.15%
|
0.15%
|
0.15%
|
0.16%
|
Ratio
of Net Investment Income to Average Net
Assets
|
2.09%
|
2.37%
|
2.18%
|
2.26%
|
2.27%
|
Portfolio
Turnover Rate
|
8%
|
3%
|
5%
|
5%
|
8%
|
|
Year Ended
September 30, | ||||
For
a Share Outstanding Throughout Each Period |
2020
|
2019
|
2018
|
2017
|
2016
|
Net
Asset Value, Beginning of Period
|
$36.07
|
$36.16
|
$33.51
|
$29.25
|
$26.58
|
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
0.7621
|
0.8221
|
0.7681
|
0.7081
|
0.555
|
Capital
Gain Distributions Received |
—
|
—
|
—
|
0.0021
|
0.003
|
Net
Realized and Unrealized Gain (Loss) on Investments |
2.922
|
(0.192)
|
2.495
|
4.126
|
2.635
|
Total
from Investment Operations |
3.684
|
0.630
|
3.263
|
4.836
|
3.193
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(0.804)
|
(0.717)
|
(0.613)
|
(0.574)
|
(0.503)
|
Distributions
from Realized Capital Gains |
—
|
(0.003)
|
—
|
(0.002)
|
(0.020)
|
Total
Distributions |
(0.804)
|
(0.720)
|
(0.613)
|
(0.576)
|
(0.523)
|
Net
Asset Value, End of Period
|
$38.95
|
$36.07
|
$36.16
|
$33.51
|
$29.25
|
Total
Return2
|
10.25%
|
2.07%
|
9.81%
|
16.84%
|
12.13%
|
Ratios/Supplemental
Data
|
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$6,027
|
$4,359
|
$3,240
|
$2,081
|
$1,143
|
Ratio
of Total Expenses to Average Net Assets |
—
|
—
|
—
|
—
|
—
|
Acquired
Fund Fees and Expenses |
0.15%
|
0.15%
|
0.15%
|
0.15%
|
0.16%
|
Ratio
of Net Investment Income to Average Net Assets |
2.09%
|
2.37%
|
2.19%
|
2.28%
|
2.28%
|
Portfolio
Turnover Rate
|
6%
|
2%
|
3%
|
4%
|
6%
|
|
Year Ended
September 30, |
July
12,
20171 to
Sept.
30,
2017
| ||
For
a Share Outstanding Throughout Each Period |
2020
|
2019
|
2018
| |
Net
Asset Value, Beginning of Period
|
$22.69
|
$22.64
|
$20.79
|
$20.00
|
Investment
Operations
|
|
|
|
|
Net
Investment Income2
|
0.485
|
0.529
|
0.524
|
0.150
|
Capital
Gain Distributions Received2
|
—
|
—
|
—
|
—
|
Net
Realized and Unrealized Gain (Loss) on Investments |
1.802
|
(0.116)
|
1.496
|
0.640
|
Total
from Investment Operations |
2.287
|
0.413
|
2.020
|
0.790
|
Distributions
|
|
|
|
|
Dividends
from Net Investment Income |
(0.457)
|
(0.363)
|
(0.170)
|
—
|
Distributions
from Realized Capital Gains |
—
|
0.0003
|
—
|
—
|
Total
Distributions |
(0.457)
|
(0.363)
|
(0.170)
|
—
|
Net
Asset Value, End of Period
|
$24.52
|
$22.69
|
$22.64
|
$20.79
|
Total
Return4
|
10.11%
|
2.09%
|
9.75%
|
3.95%
|
Ratios/Supplemental
Data
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$864
|
$420
|
$202
|
$19
|
Ratio
of Total Expenses to Average Net Assets |
—
|
—
|
—
|
—
|
Acquired
Fund Fees and Expenses |
0.15%
|
0.15%
|
0.15%
|
0.15%5
|
Ratio
of Net Investment Income to Average Net Assets |
2.11%
|
2.42%
|
2.37%
|
3.30%5
|
Portfolio
Turnover Rate
|
6%
|
2%
|
1%
|
29%
|
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|
Inception
Date
|
Newspaper
Abbreviation
|
Vanguard
Fund Number
|
CUSIP
Number
|
Target
Retirement Income Fund
|
10/27/2003
|
TgtRetInc
|
308
|
92202E102
|
Target
Retirement 2015 Fund
|
10/27/2003
|
TgtRe2015
|
303
|
92202E300
|
Target
Retirement 2020 Fund
|
6/7/2006
|
TgtRe2020
|
682
|
92202E805
|
Target
Retirement 2025 Fund
|
10/27/2003
|
TgtRe2025
|
304
|
92202E409
|
Target
Retirement 2030 Fund
|
6/7/2006
|
TgtRe2030
|
695
|
92202E888
|
Target
Retirement 2035 Fund
|
10/27/2003
|
TgtRe2035
|
305
|
92202E508
|
Target
Retirement 2040 Fund
|
6/7/2006
|
TgtRe2040
|
696
|
92202E870
|
Target
Retirement 2045 Fund
|
10/27/2003
|
TgtRe2045
|
306
|
92202E607
|
Target
Retirement 2050 Fund
|
6/7/2006
|
TgtRe2050
|
699
|
92202E862
|
Target
Retirement 2055 Fund
|
8/18/2010
|
TgtRet2055
|
1487
|
92202E847
|
Target
Retirement 2060 Fund
|
1/19/2012
|
TgtRe2060
|
1691
|
92202E839
|
Target
Retirement 2065 Fund
|
7/12/2017
|
Van2065TRF
|
1791
|
92202E680
|