| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired Fund
Fees and Expenses1 |
|
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 |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Target
Retirement Income Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Broad Market Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired Fund
Fees and Expenses1 |
|
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 |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Target
Retirement 2020 Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Broad Market Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired Fund
Fees and Expenses1 |
|
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 |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Target
Retirement 2025 Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Broad Market Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired Fund
Fees and Expenses1 |
|
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 |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Target
Retirement 2030 Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Broad Market Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired Fund
Fees and Expenses1 |
|
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 |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Target
Retirement 2035 Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Broad Market Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired Fund
Fees and Expenses1 |
|
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 |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Target
Retirement 2040 Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Broad Market Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired Fund
Fees and Expenses1 |
|
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 |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Target
Retirement 2045 Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Broad Market Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired Fund
Fees and Expenses1 |
|
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 |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Target
Retirement 2050 Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Broad Market Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired Fund
Fees and Expenses1 |
|
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 |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Target
Retirement 2055 Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Broad Market Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired Fund
Fees and Expenses1 |
|
Total Annual
Fund Operating Expenses |
|
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
Total
Return |
Quarter |
|
|
|
|
- |
|
|
1
Year |
5
Years |
10Years |
Vanguard
Target Retirement 2060 Fund Investor Shares |
|
|
|
Return Before
Taxes |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Target
Retirement 2060 Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Broad Market Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired Fund
Fees and Expenses1 |
|
Total Annual
Fund Operating Expenses |
|
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
Total
Return |
Quarter |
|
|
|
|
- |
|
|
1
Year |
5
Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard
Target Retirement 2065 Fund
Investor
Shares |
|
|
|
|
Return Before
Taxes |
- |
|
|
|
Return After
Taxes on Distributions |
- |
|
|
|
Return After
Taxes on Distributions and Sale of
Fund
Shares |
- |
|
|
|
Target
Retirement 2065 Composite Index
(reflects no
deduction for fees, expenses,
or
taxes) |
- |
|
|
|
MSCI
US Broad Market Index
(reflects no
deduction for fees, expenses,
or
taxes) |
- |
|
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses,
or
taxes) |
- |
|
|
|
| |
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 $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired Fund
Fees and Expenses |
|
Total Annual
Fund Operating Expenses1 |
|
1
Year |
3
Years |
$ |
$ |
|
|
|
|
|
|
|
|
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. |
|
Vanguard
Target Retirement Fund | |||||
Underlying
Asset Class |
Income |
2020 |
2025 |
2030 |
2035 |
2040 |
U.S.
stocks |
18% |
26.1% |
33.3% |
38.5% |
43% |
47.5% |
Foreign
stocks |
12 |
17.4 |
22.2 |
25.6 |
28.6 |
31.7 |
U.S.
fixed income securities |
37.2 |
31.9 |
28.6 |
25.1 |
19.9 |
14.6 |
Foreign
fixed income securities |
16 |
13.7 |
12.3 |
10.8 |
8.5 |
6.3 |
Inflation-indexed
securities |
16.8 |
10.8 |
3.6 |
- |
- |
- |
|
Vanguard
Target Retirement Fund | |||||
Underlying
Asset Class |
2045 |
2050 |
2055 |
2060 |
2065 |
2070 |
U.S.
stocks |
52% |
54% |
54% |
54% |
54% |
54% |
Foreign
stocks |
34.7 |
36 |
36 |
36 |
36 |
36 |
U.S.
fixed income securities |
9.4 |
7 |
7 |
7 |
7 |
7 |
Foreign
fixed income securities |
4 |
3 |
3 |
3 |
3 |
3 |
Inflation-indexed
securities |
- |
- |
- |
- |
- |
- |
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
auditing,
legal, tax, regulatory, financial reporting, accounting, and
recordkeeping
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.
Further,
the imposition of economic or other sanctions on the United States
by a
foreign country, or on a foreign country or issuer by the United States,
could
impair a fund's ability to buy, sell, hold, receive, deliver, or otherwise
transact
in certain investment securities or obtain exposure to foreign
securities
and assets. 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 of
an
IIS. Even though historically the general price level for goods and
services
has
risen each year, there have been periods when the general price level for
goods
and services has dropped (as measured by the Consumer Price Index
(CPI).
Importantly, for shareholders of U.S. government issued
inflation-indexed
securities, during such a period of deflation, the
U.S.
Treasury has guaranteed that it will repay at least the face value of the
securities.
However, if an IIS is purchased by a fund at a premium, a
deflationary
period could cause the 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 |
Vanguard
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 |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$15.24 |
$14.54 |
$13.85 |
$13.52 |
$13.46 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.380 |
.278 |
.308 |
.341 |
.334 |
Capital
Gain Distributions Received1 |
.017 |
.056 |
— |
— |
.001 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(2.381) |
.887 |
.696 |
.533 |
.107 |
Total from
Investment Operations |
(1.984) |
1.221 |
1.004 |
.874 |
.442 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.382) |
(.256) |
(.297) |
(.352) |
(.327) |
Distributions
from Realized Capital Gains |
(.874) |
(.265) |
(.017) |
(.192) |
(.055) |
Total
Distributions |
(1.256) |
(.521) |
(.314) |
(.544) |
(.382) |
Net
Asset Value, End of Period |
$12.00 |
$15.24 |
$14.54 |
$13.85 |
$13.52 |
Total
Return2 |
-14.19% |
8.48% |
7.35% |
6.75% |
3.31% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$36,522 |
$16,322 |
$17,576 |
$16,984 |
$16,613 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.09%3 |
0.12% |
0.12% |
0.12% |
0.12% |
Ratio of
Net Investment Income to Average Net Assets |
2.82% |
1.84% |
2.19% |
2.54% |
2.47% |
Portfolio
Turnover Rate |
19%4 |
6% |
17% |
10% |
6% |
|
|
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
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. See Note G. |
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares.
|
|
Year Ended September
30, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$36.04 |
$33.79 |
$32.24 |
$32.14 |
$31.19 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.725 |
.613 |
.713 |
.778 |
.729 |
Capital
Gain Distributions Received1 |
.033 |
.110 |
— |
— |
.002 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(5.358) |
3.680 |
1.987 |
.736 |
1.079 |
Total from
Investment Operations |
(4.600) |
4.403 |
2.700 |
1.514 |
1.810 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.789) |
(.554) |
(.789) |
(.745) |
(.631) |
Distributions
from Realized Capital Gains |
(5.281) |
(1.599) |
(.361) |
(.669) |
(.229) |
Total
Distributions |
(6.070) |
(2.153) |
(1.150) |
(1.414) |
(.860) |
Net
Asset Value, End of Period |
$25.37 |
$36.04 |
$33.79 |
$32.24 |
$32.14 |
Total
Return2 |
-15.83% |
13.37% |
8.51% |
5.29% |
5.87% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$39,835 |
$25,373 |
$31,887 |
$32,790 |
$33,114 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.09%3 |
0.13% |
0.13% |
0.13% |
0.13% |
Ratio of
Net Investment Income to Average Net Assets |
2.48% |
1.73% |
2.21% |
2.51% |
2.30% |
Portfolio
Turnover Rate |
14%4 |
5% |
19% |
13% |
10% |
|
|
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
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.
See Note G. |
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares. |
|
Year Ended September
30, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$22.84 |
$20.56 |
$19.34 |
$19.02 |
$18.25 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.413 |
.362 |
.438 |
.464 |
.419 |
Capital
Gain Distributions Received1 |
.019 |
.063 |
— |
— |
.001 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(3.761) |
2.792 |
1.292 |
.390 |
.807 |
Total from
Investment Operations |
(3.329) |
3.217 |
1.730 |
.854 |
1.227 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.440) |
(.356) |
(.471) |
(.434) |
(.369) |
Distributions
from Realized Capital Gains |
(2.871) |
(.581) |
(.039) |
(.100) |
(.088) |
Total
Distributions |
(3.311) |
(.937) |
(.510) |
(.534) |
(.457) |
Net
Asset Value, End of Period |
$16.20 |
$22.84 |
$20.56 |
$19.34 |
$19.02 |
Total
Return2 |
-17.53% |
15.93% |
9.04% |
4.89% |
6.79% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$69,386 |
$41,268 |
$46,521 |
$44,146 |
$41,860 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.09%3 |
0.13% |
0.13% |
0.13% |
0.13% |
Ratio of
Net Investment Income to Average Net Assets |
2.19% |
1.63% |
2.25% |
2.51% |
2.24% |
Portfolio
Turnover Rate |
14%4 |
7% |
21% |
11% |
8% |
|
|
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
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.
See Note G. |
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares. |
|
Year Ended September
30, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$43.40 |
$37.63 |
$35.22 |
$34.74 |
$32.93 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.730 |
.679 |
.782 |
.830 |
.754 |
Capital
Gain Distributions Received1 |
.028 |
.098 |
— |
— |
.001 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(7.291) |
6.031 |
2.495 |
.486 |
1.744 |
Total from
Investment Operations |
(6.533) |
6.808 |
3.277 |
1.316 |
2.499 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.822) |
(.661) |
(.867) |
(.767) |
(.670) |
Distributions
from Realized Capital Gains |
(5.925) |
(.377) |
— |
(.069) |
(.019) |
Total
Distributions |
(6.747) |
(1.038) |
(.867) |
(.836) |
(.689) |
Net
Asset Value, End of Period |
$30.12 |
$43.40 |
$37.63 |
$35.22 |
$34.74 |
Total
Return2 |
-18.42% |
18.29% |
9.38% |
4.15% |
7.65% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$72,116 |
$36,946 |
$42,285 |
$39,114 |
$35,913 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.09%3 |
0.13% |
0.14% |
0.14% |
0.14% |
Ratio of
Net Investment Income to Average Net Assets |
2.07% |
1.62% |
2.20% |
2.46% |
2.22% |
Portfolio
Turnover Rate |
11%4 |
6% |
21% |
8% |
9% |
|
|
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
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.
See Note G. |
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares. |
|
Year Ended September
30, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$27.25 |
$23.16 |
$21.60 |
$21.46 |
$20.20 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.455 |
.430 |
.470 |
.500 |
.459 |
Capital
Gain Distributions Received1 |
.014 |
.046 |
— |
— |
.001 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(4.566) |
4.244 |
1.614 |
.146 |
1.243 |
Total from
Investment Operations |
(4.097) |
4.720 |
2.084 |
.646 |
1.703 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.559) |
(.409) |
(.524) |
(.464) |
(.410) |
Distributions
from Realized Capital Gains |
(4.094) |
(.221) |
— |
(.042) |
(.033) |
Total
Distributions |
(4.653) |
(.630) |
(.524) |
(.506) |
(.443) |
Net
Asset Value, End of Period |
$18.50 |
$27.25 |
$23.16 |
$21.60 |
$21.46 |
Total
Return2 |
-18.87% |
20.60% |
9.71% |
3.37% |
8.51% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$70,250 |
$37,822 |
$40,597 |
$37,126 |
$34,522 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.09%3 |
0.14% |
0.14% |
0.14% |
0.14% |
Ratio of
Net Investment Income to Average Net Assets |
2.08% |
1.64% |
2.15% |
2.42% |
2.19% |
Portfolio
Turnover Rate |
9%4 |
6% |
18% |
7% |
8% |
|
|
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
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.
See Note G. |
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares. |
|
Year Ended September
30, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$48.29 |
$40.07 |
$37.27 |
$37.26 |
$34.73 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.797 |
.764 |
.799 |
.850 |
.786 |
Capital
Gain Distributions Received1 |
.017 |
.057 |
— |
— |
.001 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(8.162) |
8.312 |
2.892 |
(.005) |
2.441 |
Total from
Investment Operations |
(7.348) |
9.133 |
3.691 |
.845 |
3.228 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(1.003) |
(.719) |
(.891) |
(.779) |
(.684) |
Distributions
from Realized Capital Gains |
(7.689) |
(.194) |
— |
(.056) |
(.014) |
Total
Distributions |
(8.692) |
(.913) |
(.891) |
(.835) |
(.698) |
Net
Asset Value, End of Period |
$32.25 |
$48.29 |
$40.07 |
$37.27 |
$37.26 |
Total
Return2 |
-19.42% |
23.00% |
9.96% |
2.63% |
9.37% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$60,363 |
$29,084 |
$32,404 |
$29,043 |
$26,445 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.09%3 |
0.14% |
0.14% |
0.14% |
0.14% |
Ratio of
Net Investment Income to Average Net Assets |
2.08% |
1.66% |
2.12% |
2.38% |
2.17% |
Portfolio
Turnover Rate |
7%4 |
5% |
13% |
5% |
8% |
|
|
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
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.
See Note G. |
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares. |
|
Year Ended September
30, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$31.04 |
$25.22 |
$23.38 |
$23.49 |
$21.80 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.536 |
.495 |
.492 |
.527 |
.492 |
Capital
Gain Distributions Received1 |
.007 |
.020 |
— |
— |
— |
Net
Realized and Unrealized Gain (Loss) on Investments |
(5.672) |
5.840 |
1.900 |
(.128) |
1.636 |
Total from
Investment Operations |
(5.129) |
6.355 |
2.392 |
.399 |
2.128 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.629) |
(.452) |
(.552) |
(.483) |
(.428) |
Distributions
from Realized Capital Gains |
(3.742) |
(.083) |
— |
(.026) |
(.010) |
Total
Distributions |
(4.371) |
(.535) |
(.552) |
(.509) |
(.438) |
Net
Asset Value, End of Period |
$21.54 |
$31.04 |
$25.22 |
$23.38 |
$23.49 |
Total
Return2 |
-19.93% |
25.42% |
10.27% |
2.06% |
9.85% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$55,921 |
$28,918 |
$30,205 |
$26,670 |
$24,330 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.09%3 |
0.15% |
0.15% |
0.15% |
0.15% |
Ratio of
Net Investment Income to Average Net Assets |
2.09% |
1.68% |
2.08% |
2.35% |
2.16% |
Portfolio
Turnover Rate |
5%4 |
4% |
9% |
4% |
7% |
|
|
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
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.
See Note G. |
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares. |
|
Year Ended September
30, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$50.09 |
$40.60 |
$37.63 |
$37.80 |
$35.07 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.884 |
.798 |
.793 |
.851 |
.794 |
Capital
Gain Distributions Received1 |
.009 |
.031 |
— |
— |
.001 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(9.524) |
9.498 |
3.053 |
(.204) |
2.629 |
Total from
Investment Operations |
(8.631) |
10.327 |
3.846 |
.647 |
3.424 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(1.026) |
(.741) |
(.876) |
(.789) |
(.684) |
Distributions
from Realized Capital Gains |
(4.993) |
(.096) |
— |
(.028) |
(.010) |
Total
Distributions |
(6.019) |
(.837) |
(.876) |
(.817) |
(.694) |
Net
Asset Value, End of Period |
$35.44 |
$50.09 |
$40.60 |
$37.63 |
$37.80 |
Total
Return2 |
-20.18% |
25.65% |
10.26% |
2.07% |
9.84% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$44,736 |
$21,583 |
$22,979 |
$19,470 |
$16,804 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.09%3 |
0.15% |
0.15% |
0.15% |
0.15% |
Ratio of
Net Investment Income to Average Net Assets |
2.10% |
1.68% |
2.08% |
2.36% |
2.16% |
Portfolio
Turnover Rate |
4%4 |
4% |
9% |
3% |
7% |
|
|
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
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.
See Note G. |
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares. |
|
Year Ended September
30, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$54.38 |
$44.08 |
$40.84 |
$40.95 |
$37.98 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.981 |
.868 |
.862 |
.929 |
.868 |
Capital
Gain Distributions Received1 |
.010 |
.034 |
— |
— |
.001 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(10.672) |
10.295 |
3.307 |
(.209) |
2.819 |
Total from
Investment Operations |
(9.681) |
11.197 |
4.169 |
.720 |
3.688 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(1.099) |
(.791) |
(.929) |
(.830) |
(.718) |
Distributions
from Realized Capital Gains |
(4.140) |
(.106) |
— |
— |
— |
Total
Distributions |
(5.239) |
(.897) |
(.929) |
(.830) |
(.718) |
Net
Asset Value, End of Period |
$39.46 |
$54.38 |
$44.08 |
$40.84 |
$40.95 |
Total
Return2 |
-20.17% |
25.61% |
10.25% |
2.09% |
9.79% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$27,570 |
$12,516 |
$12,901 |
$10,202 |
$8,011 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.09%3 |
0.15% |
0.15% |
0.15% |
0.15% |
Ratio of
Net Investment Income to Average Net Assets |
2.10% |
1.68% |
2.09% |
2.37% |
2.18% |
Portfolio
Turnover Rate |
4%4 |
6% |
8% |
3% |
5% |
|
|
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
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.
See Note G. |
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares. |
|
Year Ended September
30, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$48.04 |
$38.95 |
$36.07 |
$36.16 |
$33.51 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.903 |
.773 |
.762 |
.822 |
.768 |
Capital
Gain Distributions Received1 |
.009 |
.029 |
— |
— |
— |
Net
Realized and Unrealized Gain (Loss) on Investments |
(9.930) |
9.085 |
2.922 |
(.192) |
2.495 |
Total from
Investment Operations |
(9.018) |
9.887 |
3.684 |
.630 |
3.263 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.936) |
(.684) |
(.804) |
(.717) |
(.613) |
Distributions
from Realized Capital Gains |
(1.786) |
(.113) |
— |
(.003) |
— |
Total
Distributions |
(2.722) |
(.797) |
(.804) |
(.720) |
(.613) |
Net
Asset Value, End of Period |
$36.30 |
$48.04 |
$38.95 |
$36.07 |
$36.16 |
Total
Return2 |
-20.16% |
25.60% |
10.25% |
2.07% |
9.81% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$13,680 |
$6,658 |
$6,027 |
$4,359 |
$3,240 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.09%3 |
0.15% |
0.15% |
0.15% |
0.15% |
Ratio of
Net Investment Income to Average Net Assets |
2.10% |
1.69% |
2.09% |
2.37% |
2.19% |
Portfolio
Turnover Rate |
3%4 |
8% |
6% |
2% |
3% |
|
|
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
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.
See Note G. |
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares. |
|
Year Ended September
30, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$30.31 |
$24.52 |
$22.69 |
$22.64 |
$20.79 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.594 |
.500 |
.485 |
.529 |
.524 |
Capital
Gain Distributions Received1 |
.005 |
.017 |
— |
— |
— |
Net
Realized and Unrealized Gain (Loss) on Investments |
(6.543) |
5.712 |
1.802 |
(.116) |
1.496 |
Total from
Investment Operations |
(5.944) |
6.229 |
2.287 |
.413 |
2.020 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.535) |
(.400) |
(.457) |
(.363) |
(.170) |
Distributions
from Realized Capital Gains |
(.071) |
(.039) |
— |
.0002 |
— |
Total
Distributions |
(.606) |
(.439) |
(.457) |
(.363) |
(.170) |
Net
Asset Value, End of Period |
$23.76 |
$30.31 |
$24.52 |
$22.69 |
$22.64 |
Total
Return3 |
-20.10% |
25.59% |
10.11% |
2.09% |
9.75% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$3,133 |
$1,430 |
$864 |
$420 |
$202 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.09%4 |
0.15% |
0.15% |
0.15% |
0.15% |
Ratio of
Net Investment Income to Average Net Assets |
2.13% |
1.72% |
2.11% |
2.42% |
2.37% |
Portfolio
Turnover Rate |
2%5 |
5% |
6% |
2% |
1% |
|
|
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.
See Note G. |
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. |
|
June 28,
20221 to
September
30, |
For a
Share Outstanding Throughout Each Period |
2022 |
Net
Asset Value, Beginning of Period |
$20.00 |
Investment
Operations |
|
Net
Investment Income2 |
.113 |
Capital
Gain Distributions Received2 |
— |
Net
Realized and Unrealized Gain (Loss) on Investments |
(1.613) |
Total from
Investment Operations |
(1.500) |
Distributions |
|
Dividends
from Net Investment Income |
— |
Distributions
from Realized Capital Gains |
— |
Total
Distributions |
— |
Net
Asset Value, End of Period |
$18.50 |
Total
Return3 |
-7.50% |
Ratios/Supplemental
Data |
|
Net
Assets, End of Period (Millions) |
$32 |
Ratio of
Total Expenses to Average Net Assets |
— |
Acquired
Fund Fees and Expenses |
0.08%4 |
Ratio of
Net Investment Income to Average Net Assets |
2.15%4 |
Portfolio
Turnover Rate |
44% |
|
|
1 |
Inception. |
2 |
Calculated
based on average shares outstanding. |
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 |
Annualized. |
Web |
|
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Vanguard
Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund
Number |
CUSIP
Number |
Vanguard
Target Retirement
Income
Fund |
10/27/2003 |
TgtRetInc |
308 |
92202E102 |
Vanguard
Target Retirement
2020
Fund |
6/7/2006 |
TgtRe2020 |
682 |
92202E805 |
Vanguard
Target Retirement
2025
Fund |
10/27/2003 |
TgtRe2025 |
304 |
92202E409 |
Vanguard
Target Retirement
2030
Fund |
6/7/2006 |
TgtRe2030 |
695 |
92202E888 |
Vanguard
Target Retirement
2035
Fund |
10/27/2003 |
TgtRe2035 |
305 |
92202E508 |
Vanguard
Target Retirement
2040
Fund |
6/7/2006 |
TgtRe2040 |
696 |
92202E870 |
Vanguard
Target Retirement
2045
Fund |
10/27/2003 |
TgtRe2045 |
306 |
92202E607 |
Vanguard
Target Retirement
2050
Fund |
6/7/2006 |
TgtRe2050 |
699 |
92202E862 |
Vanguard
Target Retirement
2055
Fund |
8/18/2010 |
TgtRet2055 |
1487 |
92202E847 |
Vanguard
Target Retirement
2060
Fund |
1/19/2012 |
TgtRe2060 |
1691 |
92202E839 |
Vanguard
Target Retirement
2065
Fund |
7/12/2017 |
Van2065TRF |
1791 |
92202E680 |
Vanguard
Target Retirement
2070
Fund |
6/28/2022 |
Van2070TRF |
V009 |
92202E664 |