Semiannual Report  |  February 28, 2023
Vanguard Treasury Index Funds
Vanguard Short-Term Treasury Index Fund
Vanguard Intermediate-Term Treasury Index Fund
Vanguard Long-Term Treasury Index Fund

 

Contents

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Table of Contents
About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund‘s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
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.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During 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.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
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Table of Contents
Six Months Ended February 28, 2023      
  Beginning
Account Value
8/31/2022
Ending
Account Value
2/28/2023
Expenses
Paid During
Period
Based on Actual Fund Return      
Short-Term Treasury Index Fund      
ETF Shares $1,000.00 $995.00 $0.20
Admiral™ Shares 1,000.00 995.00 0.35
Institutional Shares 1,000.00 995.00 0.25
Intermediate-Term Treasury Index Fund      
ETF Shares $1,000.00 $976.10 $0.20
Admiral Shares 1,000.00 976.00 0.34
Institutional Shares 1,000.00 976.20 0.24
Long-Term Treasury Index Fund      
ETF Shares $1,000.00 $927.40 $0.19
Admiral Shares 1,000.00 927.30 0.33
Institutional Shares 1,000.00 927.50 0.24
Based on Hypothetical 5% Yearly Return      
Short-Term Treasury Index Fund      
ETF Shares $1,000.00 $1,024.60 $0.20
Admiral Shares 1,000.00 1,024.45 0.35
Institutional Shares 1,000.00 1,024.55 0.25
Intermediate-Term Treasury Index Fund      
ETF Shares $1,000.00 $1,024.60 $0.20
Admiral Shares 1,000.00 1,024.45 0.35
Institutional Shares 1,000.00 1,024.55 0.25
Long-Term Treasury Index Fund      
ETF Shares $1,000.00 $1,024.60 $0.20
Admiral Shares 1,000.00 1,024.45 0.35
Institutional Shares 1,000.00 1,024.55 0.25
The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Short-Term Treasury Index Fund, 0.04% for ETF Shares, 0.07% for Admiral Shares, and 0.05% for Institutional Shares; for the Intermediate-Term Treasury Index Fund, 0.04% for ETF Shares, 0.07% for Admiral Shares, and 0.05% for Institutional Shares; and for the Long-Term Treasury Index Fund, 0.04% for ETF Shares, 0.07% for Admiral Shares, and 0.05% for Institutional Shares. The dollar amounts shown as ”Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
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Table of Contents
Short-Term Treasury Index Fund
Distribution by Stated Maturity
As of February 28, 2023
1 - 2 Years 55.7%
2 - 3 Years 44.3
The table reflects the fund's investments, except for temporary cash investments.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
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Table of Contents
Short-Term Treasury Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 28, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
      Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
U.S. Government and Agency Obligations (99.3%)
U.S. Government Securities (99.3%)
  United States Treasury Note/Bond 0.250%  3/15/24 382,398    363,577
  United States Treasury Note/Bond 2.125%  3/31/24 158,972    153,880
  United States Treasury Note/Bond 2.250%  3/31/24 363,218    352,094
  United States Treasury Note/Bond 0.375%  4/15/24 272,877    258,807
  United States Treasury Note/Bond 2.000%  4/30/24 150,751    145,404
  United States Treasury Note/Bond 2.250%  4/30/24 238,961    231,195
  United States Treasury Note/Bond 2.500%  4/30/24 399,702    387,711
  United States Treasury Note/Bond 0.250%  5/15/24 512,228    483,095
  United States Treasury Note/Bond 2.500%  5/15/24 399,603    387,303
  United States Treasury Note/Bond 2.000%  5/31/24 240,454    231,362
  United States Treasury Note/Bond 2.500%  5/31/24 282,551    273,545
  United States Treasury Note/Bond 0.250%  6/15/24 343,469    322,700
  United States Treasury Note/Bond 1.750%  6/30/24 218,941    209,533
  United States Treasury Note/Bond 2.000%  6/30/24 124,761    119,732
  United States Treasury Note/Bond 3.000%  6/30/24 314,095    305,556
  United States Treasury Note/Bond 0.375%  7/15/24 305,738    286,677
  United States Treasury Note/Bond 1.750%  7/31/24 232,313    221,714
  United States Treasury Note/Bond 2.125%  7/31/24 127,640    122,495
  United States Treasury Note/Bond 3.000%  7/31/24 256,724    249,423
  United States Treasury Note/Bond 0.375%  8/15/24 589,360    550,775
  United States Treasury Note/Bond 2.375%  8/15/24 444,394    427,521
  United States Treasury Note/Bond 1.250%  8/31/24 174,547    164,974
  United States Treasury Note/Bond 1.875%  8/31/24 136,119    129,845
  United States Treasury Note/Bond 3.250%  8/31/24 267,728    260,826
  United States Treasury Note/Bond 0.375%  9/15/24 469,282    437,239
  United States Treasury Note/Bond 1.500%  9/30/24 159,820    151,355
  United States Treasury Note/Bond 2.125%  9/30/24  75,912     72,626
  United States Treasury Note/Bond 4.250%  9/30/24 292,628    289,336
  United States Treasury Note/Bond 0.625% 10/15/24 427,375    398,527
  United States Treasury Note/Bond 1.500% 10/31/24 167,505    158,292
  United States Treasury Note/Bond 2.250% 10/31/24  88,331     84,508
  United States Treasury Note/Bond 4.375% 10/31/24 241,209    238,910
  United States Treasury Note/Bond 0.750% 11/15/24 669,589    623,869
  United States Treasury Note/Bond 2.250% 11/15/24 254,131    243,052
  United States Treasury Note/Bond 7.500% 11/15/24   5,470      5,696
  United States Treasury Note/Bond 1.500% 11/30/24 171,449    161,698
  United States Treasury Note/Bond 2.125% 11/30/24 118,239    112,733
  United States Treasury Note/Bond 4.500% 11/30/24 271,824    269,870
  United States Treasury Note/Bond 1.000% 12/15/24 384,535    358,879
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Table of Contents
Short-Term Treasury Index Fund
      Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  United States Treasury Note/Bond 1.750% 12/31/24 146,759    138,779
  United States Treasury Note/Bond 2.250% 12/31/24 108,431    103,450
  United States Treasury Note/Bond 4.250% 12/31/24 271,702    268,645
  United States Treasury Note/Bond 1.125%  1/15/25 381,939    356,576
  United States Treasury Note/Bond 1.375%  1/31/25 168,383    157,833
  United States Treasury Note/Bond 2.500%  1/31/25  97,787     93,646
  United States Treasury Note/Bond 4.125%  1/31/25 244,950    241,773
  United States Treasury Note/Bond 1.500%  2/15/25 562,657    527,930
  United States Treasury Note/Bond 2.000%  2/15/25 363,476    344,450
  United States Treasury Note/Bond 7.625%  2/15/25   6,613      6,947
  United States Treasury Note/Bond 1.125%  2/28/25 215,722    200,689
  United States Treasury Note/Bond 2.750%  2/28/25 156,214    150,136
  United States Treasury Note/Bond 4.625%  2/28/25 211,530    210,869
  United States Treasury Note/Bond 1.750%  3/15/25 402,538    378,763
  United States Treasury Note/Bond 0.500%  3/31/25 264,910    242,765
  United States Treasury Note/Bond 2.625%  3/31/25  86,719     83,088
  United States Treasury Note/Bond 2.625%  4/15/25 406,489    388,959
  United States Treasury Note/Bond 0.375%  4/30/25 287,219    261,639
  United States Treasury Note/Bond 2.875%  4/30/25 167,266    160,837
  United States Treasury Note/Bond 2.125%  5/15/25 327,347    309,599
  United States Treasury Note/Bond 2.750%  5/15/25 399,781    383,228
  United States Treasury Note/Bond 0.250%  5/31/25 254,594    230,606
  United States Treasury Note/Bond 2.875%  5/31/25 163,219    156,843
  United States Treasury Note/Bond 2.875%  6/15/25 316,032    303,687
  United States Treasury Note/Bond 0.250%  6/30/25 305,717    276,292
  United States Treasury Note/Bond 2.750%  6/30/25  79,528     76,160
  United States Treasury Note/Bond 3.000%  7/15/25 293,373    282,463
  United States Treasury Note/Bond 0.250%  7/31/25 308,445    277,841
  United States Treasury Note/Bond 2.875%  7/31/25 175,220    168,211
  United States Treasury Note/Bond 2.000%  8/15/25 296,254    278,294
  United States Treasury Note/Bond 3.125%  8/15/25 371,745    358,850
  United States Treasury Note/Bond 6.875%  8/15/25   5,057      5,308
  United States Treasury Note/Bond 0.250%  8/31/25 299,200    268,719
  United States Treasury Note/Bond 2.750%  8/31/25 128,649    122,980
  United States Treasury Note/Bond 3.500%  9/15/25 281,378    273,992
  United States Treasury Note/Bond 0.250%  9/30/25 345,080    309,332
  United States Treasury Note/Bond 3.000%  9/30/25 157,935    151,815
  United States Treasury Note/Bond 4.250% 10/15/25 383,408    380,173
  United States Treasury Note/Bond 0.250% 10/31/25 225,519    201,346
  United States Treasury Note/Bond 3.000% 10/31/25 134,094    128,793
  United States Treasury Note/Bond 2.250% 11/15/25 347,884    327,555
  United States Treasury Note/Bond 4.500% 11/15/25 473,125    472,312
  United States Treasury Note/Bond 0.375% 11/30/25 272,050    243,017
  United States Treasury Note/Bond 2.875% 11/30/25 136,826    130,968
  United States Treasury Note/Bond 4.000% 12/15/25 425,563    419,844
  United States Treasury Note/Bond 0.375% 12/31/25 227,686    203,103
  United States Treasury Note/Bond 2.625% 12/31/25 148,238    140,919
  United States Treasury Note/Bond 3.875%  1/15/26 305,524    300,273
  United States Treasury Note/Bond 0.375%  1/31/26 408,520    362,881
  United States Treasury Note/Bond 2.625%  1/31/26 173,622    164,832
  United States Treasury Note/Bond 1.625%  2/15/26 326,890    301,045
  United States Treasury Note/Bond 4.000%  2/15/26 376,530    371,353
  United States Treasury Note/Bond 6.000%  2/15/26  20,180     20,968
  United States Treasury Note/Bond 0.500%  2/28/26 377,250    335,340
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Table of Contents
Short-Term Treasury Index Fund
      Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  United States Treasury Note/Bond 2.500%  2/28/26 150,900    142,600
Total U.S. Government and Agency Obligations (Cost $24,198,081) 23,445,650
          Shares  
Temporary Cash Investments (0.3%)
Money Market Fund (0.3%)
1 Vanguard Market Liquidity Fund
(Cost $78,542)
4.640%          785,524           78,544
Total Investments (99.6%) (Cost $24,276,623)   23,524,194
Other Assets and Liabilities—Net (0.4%)   92,047
Net Assets (100%)   23,616,241
Cost is in $000.
See Note A in Notes to Financial Statements.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
  
See accompanying Notes, which are an integral part of the Financial Statements.
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Table of Contents
Short-Term Treasury Index Fund
Statement of Assets and Liabilities
As of February 28, 2023
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $24,198,081) 23,445,650
Affiliated Issuers (Cost $78,542) 78,544
Total Investments in Securities 23,524,194
Investment in Vanguard 830
Receivables for Investment Securities Sold 1,399,248
Receivables for Accrued Income 104,380
Receivables for Capital Shares Issued 3,890
Total Assets 25,032,542
Liabilities  
Due to Custodian 62
Payables for Investment Securities Purchased 1,375,055
Payables for Capital Shares Redeemed 39,067
Payables for Distributions 1,746
Payables to Vanguard 371
Total Liabilities 1,416,301
Net Assets 23,616,241

At February 28, 2023, net assets consisted of:

   
Paid-in Capital 24,693,744
Total Distributable Earnings (Loss) (1,077,503)
Net Assets 23,616,241
 
ETF Shares—Net Assets  
Applicable to 335,238,353 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
19,329,507
Net Asset Value Per Share—ETF Shares $57.66
 
Admiral Shares—Net Assets  
Applicable to 154,605,236 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
2,967,717
Net Asset Value Per Share—Admiral Shares $19.20
 
Institutional Shares—Net Assets  
Applicable to 54,694,481 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
1,319,017
Net Asset Value Per Share—Institutional Shares $24.12
See accompanying Notes, which are an integral part of the Financial Statements.
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Short-Term Treasury Index Fund
Statement of Operations
  Six Months Ended
February 28, 2023
  ($000)
Investment Income  
Income  
Interest1 241,017
Total Income 241,017
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 278
Management and Administrative—ETF Shares 2,554
Management and Administrative—Admiral Shares 852
Management and Administrative—Institutional Shares 257
Marketing and Distribution—ETF Shares 509
Marketing and Distribution—Admiral Shares 77
Marketing and Distribution—Institutional Shares 25
Custodian Fees 46
Shareholders’ Reports—ETF Shares 173
Shareholders’ Reports—Admiral Shares 9
Shareholders’ Reports—Institutional Shares 1
Trustees’ Fees and Expenses 5
Other Expenses 6
Total Expenses 4,792
Expenses Paid Indirectly (44)
Net Expenses 4,748
Net Investment Income 236,269
Realized Net Gain (Loss) on Investment Securities Sold1,2 (227,359)
Change in Unrealized Appreciation (Depreciation) of Investment Securities1 (97,221)
Net Increase (Decrease) in Net Assets Resulting from Operations (88,311)
1 Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,009,000, $19,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $843,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
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Short-Term Treasury Index Fund
Statement of Changes in Net Assets
  Six Months Ended
February 28,
2023
  Year Ended
August 31,
2022
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 236,269   105,867
Realized Net Gain (Loss) (227,359)   (147,549)
Change in Unrealized Appreciation (Depreciation) (97,221)   (676,009)
Net Increase (Decrease) in Net Assets Resulting from Operations (88,311)   (717,691)
Distributions      
ETF Shares (168,469)   (116,564)
Admiral Shares (30,307)   (20,209)
Institutional Shares (13,098)   (10,271)
Total Distributions (211,874)   (147,044)
Capital Share Transactions      
ETF Shares 4,004,474   2,863,266
Admiral Shares 502,542   190,909
Institutional Shares 245,892   12,395
Net Increase (Decrease) from Capital Share Transactions 4,752,908   3,066,570
Total Increase (Decrease) 4,452,723   2,201,835
Net Assets      
Beginning of Period 19,163,518   16,961,683
End of Period 23,616,241   19,163,518
See accompanying Notes, which are an integral part of the Financial Statements.
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Table of Contents
Short-Term Treasury Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
February 28,
2023
Year Ended August 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $58.51 $61.50 $62.13 $61.12 $59.89 $60.86
Investment Operations            
Net Investment Income1 .637 .368 .288 .956 1.430 .965
Net Realized and Unrealized Gain (Loss) on Investments (.930) (2.860) (.220) 1.115 1.165 (1.062)
Total from Investment Operations (.293) (2.492) .068 2.071 2.595 (.097)
Distributions            
Dividends from Net Investment Income (.557) (.310) (.325) (1.061) (1.365) (.873)
Distributions from Realized Capital Gains (.188) (.373)
Total Distributions (.557) (.498) (.698) (1.061) (1.365) (.873)
Net Asset Value, End of Period $57.66 $58.51 $61.50 $62.13 $61.12 $59.89
Total Return -0.50% -4.07% 0.11% 3.43% 4.39% -0.15%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $19,330 $15,565 $13,394 $9,140 $5,334 $3,080
Ratio of Total Expenses to Average Net Assets 0.04%2 0.04%2 0.04% 0.05% 0.05% 0.07%
Ratio of Net Investment Income to Average Net Assets 2.22% 0.61% 0.47% 1.55% 2.37% 1.61%
Portfolio Turnover Rate3 30% 59% 66% 67% 55% 67%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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Short-Term Treasury Index Fund
Financial Highlights
Admiral Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
February 28,
2023
Year Ended August 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $19.50 $20.51 $20.71 $20.35 $19.95 $20.29
Investment Operations            
Net Investment Income1 .209 .114 .095 .312 .472 .324
Net Realized and Unrealized Gain (Loss) on Investments (.306) (.949) (.078) .375 .384 (.358)
Total from Investment Operations (.097) (.835) .017 .687 .856 (.034)
Distributions            
Dividends from Net Investment Income (.203) (.112) (.093) (.327) (.456) (.306)
Distributions from Realized Capital Gains (.063) (.124)
Total Distributions (.203) (.175) (.217) (.327) (.456) (.306)
Net Asset Value, End of Period $19.20 $19.50 $20.51 $20.71 $20.35 $19.95
Total Return2 -0.50% -4.09% 0.08% 3.41% 4.34% -0.16%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $2,968 $2,506 $2,430 $2,748 $1,596 $929
Ratio of Total Expenses to Average Net Assets 0.07%3 0.07%3 0.07% 0.07% 0.07% 0.07%
Ratio of Net Investment Income to Average Net Assets 2.19% 0.57% 0.46% 1.52% 2.35% 1.61%
Portfolio Turnover Rate4 30% 59% 66% 67% 55% 67%
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 0.07%.
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, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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Short-Term Treasury Index Fund
Financial Highlights
Institutional Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
February 28,
2023
Year Ended August 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $24.50 $25.77 $26.02 $25.57 $25.06 $25.49
Investment Operations            
Net Investment Income1 .265 .145 .120 .421 .598 .425
Net Realized and Unrealized Gain (Loss) on Investments (.388) (1.191) (.092) .445 .490 (.467)
Total from Investment Operations (.123) (1.046) .028 .866 1.088 (.042)
Distributions            
Dividends from Net Investment Income (.257) (.145) (.122) (.416) (.578) (.388)
Distributions from Realized Capital Gains (.079) (.156)
Total Distributions (.257) (.224) (.278) (.416) (.578) (.388)
Net Asset Value, End of Period $24.12 $24.50 $25.77 $26.02 $25.57 $25.06
Total Return -0.50% -4.08% 0.11% 3.42% 4.40% -0.16%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $1,319 $1,092 $1,138 $1,104 $974 $508
Ratio of Total Expenses to Average Net Assets 0.05%2 0.05%2 0.05% 0.05% 0.05% 0.05%
Ratio of Net Investment Income to Average Net Assets 2.20% 0.58% 0.47% 1.63% 2.37% 1.63%
Portfolio Turnover Rate3 30% 59% 66% 67% 55% 67%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
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Short-Term Treasury Index Fund
Notes to Financial Statements
Vanguard Short-Term Treasury Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Nasdaq; they can be purchased and sold through a broker.
Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), 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.
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.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Bonds and temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
3. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
4. Collateral for ETF Capital Activity: When an authorized participant fails to deliver one or more of the securities within a designated basket (in the case of a subscription), fails to deliver the fund ETF Shares (in the case of a redemption), or is required by the fund, prior to settlement, to accommodate the trading of foreign securities in local markets (in the case of redemption for an international equity ETF), the fund may require the authorized participant to deliver and maintain cash collateral in accordance with the authorized participant agreement. The fund may invest the collateral in short-term debt instruments or U.S. Treasury securities, or maintain the balance as cash. Daily market fluctuations could cause the value of the missing securities or fund ETF Shares to be more or less than the value of the collateral received; when this occurs the collateral is adjusted. The fund earns interest income from investments and/or custody fee offsets from the
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Short-Term Treasury Index Fund
cash balance. The fund records an asset (cash or investment, as applicable) and a corresponding liability for the return of the collateral in the Statement Assets and Liabilities. Interest income and custody fee offsets earned on the investment of collateral are included in the Statement of Operations.
5. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.4 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended February 28, 2023, the fund did not utilize the credit facilities or the Interfund Lending Program.
6. Other: Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are based on the average cost of the securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
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Short-Term Treasury Index Fund
B.  In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, 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.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At February 28, 2023, the fund had contributed to Vanguard capital in the amount of $830,000, representing less than 0.01% of the fund’s net assets and 0.33% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C.  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 February 28, 2023, custodian fee offset arrangements reduced the fund’s expenses by $44,000 (an annual rate of less than 0.01% of average net assets).
D.  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—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments as of February 28, 2023, based on the inputs used to value them:
  Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments        
Assets        
U.S. Government and Agency Obligations 23,445,650 23,445,650
Temporary Cash Investments 78,544 78,544
Total 78,544 23,445,650 23,524,194
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Short-Term Treasury Index Fund
E.  As of February 28, 2023, gross unrealized appreciation and depreciation for investments based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 24,277,283
Gross Unrealized Appreciation 36
Gross Unrealized Depreciation (753,125)
Net Unrealized Appreciation (Depreciation) (753,089)
F.  During the six months ended February 28, 2023, the fund purchased $12,403,570,000 of investment securities and sold $7,738,815,000 of investment securities, other than temporary cash investments. Purchases and sales include $5,287,148,000 and $1,352,488,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
G.  Capital share transactions for each class of shares were:
  Six Months Ended
February 28, 2023
  Year Ended
August 31, 2022
  Amount
($000)
Shares
(000)
  Amount
($000)
Shares
(000)
ETF Shares          
Issued 5,368,524 92,766   7,645,151 128,173
Issued in Lieu of Cash Distributions  
Redeemed (1,364,050) (23,575)   (4,781,885) (79,925)
Net Increase (Decrease)—ETF Shares 4,004,474 69,191   2,863,266 48,248
Admiral Shares          
Issued 1,289,531 66,864   1,386,561 69,862
Issued in Lieu of Cash Distributions 22,402 1,162   15,276 765
Redeemed (809,391) (41,947)   (1,210,928) (60,577)
Net Increase (Decrease)—Admiral Shares 502,542 26,079   190,909 10,050
Institutional Shares          
Issued 512,881 21,146   585,141 23,322
Issued in Lieu of Cash Distributions 11,882 491   8,407 335
Redeemed (278,871) (11,523)   (581,153) (23,235)
Net Increase (Decrease)—Institutional Shares 245,892 10,114   12,395 422
H.  Management has determined that no events or transactions occurred subsequent to February 28, 2023, that would require recognition or disclosure in these financial statements.
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Intermediate-Term Treasury Index Fund
Distribution by Stated Maturity
As of February 28, 2023
2 - 4 Years 22.2%
4 - 6 Years 43.1
6 - 8 Years 20.1
8 - 10 Years 14.6
The table reflects the fund's investments, except for short-term investments.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
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Table of Contents
Intermediate-Term Treasury Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of February 28, 2023
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.
      Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
U.S. Government and Agency Obligations (99.3%)
U.S. Government Securities (99.3%)
  United States Treasury Note/Bond 0.750%  3/31/26 177,754    159,034
  United States Treasury Note/Bond 2.250%  3/31/26  96,366     90,313
  United States Treasury Note/Bond 0.750%  4/30/26 172,078    153,391
  United States Treasury Note/Bond 2.375%  4/30/26 104,985     98,620
  United States Treasury Note/Bond 1.625%  5/15/26 208,472    190,947
  United States Treasury Note/Bond 0.750%  5/31/26 200,784    178,510
  United States Treasury Note/Bond 2.125%  5/31/26  93,930     87,399
  United States Treasury Note/Bond 0.875%  6/30/26 193,941    172,850
  United States Treasury Note/Bond 1.875%  6/30/26 110,893    102,316
  United States Treasury Note/Bond 0.625%  7/31/26 177,927    156,743
  United States Treasury Note/Bond 1.875%  7/31/26 133,397    122,809
  United States Treasury Note/Bond 1.500%  8/15/26 228,497    207,361
  United States Treasury Note/Bond 6.750%  8/15/26  11,101     11,897
  United States Treasury Note/Bond 0.750%  8/31/26 225,330    198,854
  United States Treasury Note/Bond 1.375%  8/31/26  63,057     56,929
  United States Treasury Note/Bond 0.875%  9/30/26 197,938    175,082
  United States Treasury Note/Bond 1.625%  9/30/26  68,643     62,444
  United States Treasury Note/Bond 1.125% 10/31/26 198,621    176,897
  United States Treasury Note/Bond 1.625% 10/31/26  86,559     78,579
  United States Treasury Note/Bond 2.000% 11/15/26 235,973    216,948
  United States Treasury Note/Bond 6.500% 11/15/26  15,994     17,119
  United States Treasury Note/Bond 1.250% 11/30/26 219,262    195,828
  United States Treasury Note/Bond 1.625% 11/30/26  84,458     76,593
  United States Treasury Note/Bond 1.250% 12/31/26 212,192    189,182
  United States Treasury Note/Bond 1.750% 12/31/26  88,902     80,929
  United States Treasury Note/Bond 1.500%  1/31/27 286,517    257,462
  United States Treasury Note/Bond 2.250%  2/15/27 170,452    157,695
  United States Treasury Note/Bond 6.625%  2/15/27   9,920     10,717
  United States Treasury Note/Bond 1.125%  2/28/27  54,670     48,383
  United States Treasury Note/Bond 1.875%  2/28/27 196,323    178,777
  United States Treasury Note/Bond 0.625%  3/31/27  86,193     74,476
  United States Treasury Note/Bond 2.500%  3/31/27 189,349    176,568
  United States Treasury Note/Bond 0.500%  4/30/27 119,265    102,251
  United States Treasury Note/Bond 2.750%  4/30/27 186,979    175,965
  United States Treasury Note/Bond 2.375%  5/15/27 207,842    192,579
  United States Treasury Note/Bond 0.500%  5/31/27 135,380    115,665
  United States Treasury Note/Bond 2.625%  5/31/27 179,583    168,050
  United States Treasury Note/Bond 0.500%  6/30/27 140,749    119,945
  United States Treasury Note/Bond 3.250%  6/30/27 188,151    180,537
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Intermediate-Term Treasury Index Fund
      Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  United States Treasury Note/Bond 0.375%  7/31/27 162,380    137,262
  United States Treasury Note/Bond 2.750%  7/31/27 175,173    164,553
  United States Treasury Note/Bond 2.250%  8/15/27 168,897    155,227
  United States Treasury Note/Bond 6.375%  8/15/27  13,325     14,414
  United States Treasury Note/Bond 0.500%  8/31/27 140,340    119,004
  United States Treasury Note/Bond 3.125%  8/31/27 167,575    159,929
  United States Treasury Note/Bond 0.375%  9/30/27 177,727    149,429
  United States Treasury Note/Bond 4.125%  9/30/27 158,155    157,339
  United States Treasury Note/Bond 0.500% 10/31/27 176,055    148,546
  United States Treasury Note/Bond 4.125% 10/31/27 138,517    137,824
  United States Treasury Note/Bond 2.250% 11/15/27 168,034    153,961
  United States Treasury Note/Bond 6.125% 11/15/27  26,432     28,518
  United States Treasury Note/Bond 0.625% 11/30/27 187,420    158,780
  United States Treasury Note/Bond 3.875% 11/30/27 164,890    162,545
  United States Treasury Note/Bond 0.625% 12/31/27 197,651    167,077
  United States Treasury Note/Bond 3.875% 12/31/27 158,801    156,493
  United States Treasury Note/Bond 0.750%  1/31/28 230,044    195,214
  United States Treasury Note/Bond 3.500%  1/31/28 129,814    125,879
  United States Treasury Note/Bond 2.750%  2/15/28 217,145    203,132
  United States Treasury Note/Bond 1.125%  2/29/28 213,502    184,279
  United States Treasury Note/Bond 4.000%  2/29/28 198,852    197,392
  United States Treasury Note/Bond 1.250%  3/31/28 209,563    181,665
  United States Treasury Note/Bond 1.250%  4/30/28 231,439    200,195
  United States Treasury Note/Bond 2.875%  5/15/28 239,610    224,934
  United States Treasury Note/Bond 1.250%  5/31/28 250,313    216,169
  United States Treasury Note/Bond 1.250%  6/30/28 213,689    184,140
  United States Treasury Note/Bond 1.000%  7/31/28 218,137    185,007
  United States Treasury Note/Bond 2.875%  8/15/28 241,948    226,675
  United States Treasury Note/Bond 5.500%  8/15/28  21,829     23,146
  United States Treasury Note/Bond 1.125%  8/31/28 224,461    191,318
  United States Treasury Note/Bond 1.250%  9/30/28 226,395    193,886
  United States Treasury Note/Bond 1.375% 10/31/28 230,488    198,436
  United States Treasury Note/Bond 3.125% 11/15/28 222,178    210,548
  United States Treasury Note/Bond 5.250% 11/15/28  31,328     33,027
  United States Treasury Note/Bond 1.500% 11/30/28 220,303    190,769
  United States Treasury Note/Bond 1.375% 12/31/28 203,011    174,399
  United States Treasury Note/Bond 1.750%  1/31/29 203,314    178,027
  United States Treasury Note/Bond 2.625%  2/15/29 222,979    205,245
  United States Treasury Note/Bond 5.250%  2/15/29  16,385     17,271
  United States Treasury Note/Bond 1.875%  2/28/29 201,886    178,070
  United States Treasury Note/Bond 2.375%  3/31/29 177,565    160,918
  United States Treasury Note/Bond 2.875%  4/30/29 164,067    152,941
  United States Treasury Note/Bond 2.375%  5/15/29 199,497    180,482
  United States Treasury Note/Bond 2.750%  5/31/29 155,937    144,242
  United States Treasury Note/Bond 3.250%  6/30/29 147,886    140,723
  United States Treasury Note/Bond 2.625%  7/31/29 153,564    140,799
  United States Treasury Note/Bond 1.625%  8/15/29 167,741    144,965
  United States Treasury Note/Bond 6.125%  8/15/29  14,339     15,941
  United States Treasury Note/Bond 3.125%  8/31/29 140,747    132,896
  United States Treasury Note/Bond 3.875%  9/30/29 141,048    139,153
  United States Treasury Note/Bond 4.000% 10/31/29 128,933    128,167
  United States Treasury Note/Bond 1.750% 11/15/29 127,847    111,227
  United States Treasury Note/Bond 3.875% 11/30/29 143,904    142,060
  United States Treasury Note/Bond 3.875% 12/31/29 135,238    133,569
  United States Treasury Note/Bond 3.500%  1/31/30 122,670    118,453
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Intermediate-Term Treasury Index Fund
      Coupon Maturity
Date
Face
Amount
($000)
Market
Value

($000)
  United States Treasury Note/Bond 1.500%  2/15/30 191,758    162,784
  United States Treasury Note/Bond 4.000%  2/28/30 174,098    173,391
  United States Treasury Note/Bond 0.625%  5/15/30 299,420    236,729
  United States Treasury Note/Bond 6.250%  5/15/30  24,544     27,857
  United States Treasury Note/Bond 0.625%  8/15/30 389,648    306,361
  United States Treasury Note/Bond 0.875% 11/15/30 404,304    323,064
  United States Treasury Note/Bond 1.125%  2/15/31 352,804    287,039
  United States Treasury Note/Bond 5.375%  2/15/31  28,813     31,460
  United States Treasury Note/Bond 1.625%  5/15/31 388,342    326,450
  United States Treasury Note/Bond 1.250%  8/15/31 423,400    343,219
  United States Treasury Note/Bond 1.375% 11/15/31 423,929    345,038
  United States Treasury Note/Bond 1.875%  2/15/32 388,932    329,498
  United States Treasury Note/Bond 2.875%  5/15/32 393,449    361,912
  United States Treasury Note/Bond 2.750%  8/15/32 372,139    338,181
  United States Treasury Note/Bond 4.125% 11/15/32 365,924    371,813
  United States Treasury Note/Bond 3.500%  2/15/33 157,098    151,919
Total U.S. Government and Agency Obligations (Cost $19,243,395) 17,609,619
          Shares  
Temporary Cash Investments (0.4%)
Money Market Fund (0.4%)
1 Vanguard Market Liquidity Fund
(Cost $64,131)
4.640%          641,394           64,133
Total Investments (99.7%) (Cost $19,307,526)   17,673,752
Other Assets and Liabilities—Net (0.3%)   49,224
Net Assets (100%)   17,722,976
Cost is in $000.
See Note A in Notes to Financial Statements.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
  
See accompanying Notes, which are an integral part of the Financial Statements.
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Table of Contents
Intermediate-Term Treasury Index Fund
Statement of Assets and Liabilities
As of February 28, 2023
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $19,243,395) 17,609,619
Affiliated Issuers (Cost $64,131) 64,133
Total Investments in Securities 17,673,752
Investment in Vanguard 672
Cash 144
Receivables for Investment Securities Sold 447,038
Receivables for Accrued Income 73,582
Receivables for Capital Shares Issued 75,088
Total Assets 18,270,276
Liabilities  
Payables for Investment Securities Purchased 541,708
Payables for Capital Shares Redeemed 4,349
Payables for Distributions 949
Payables to Vanguard 294
Total Liabilities 547,300
Net Assets 17,722,976

At February 28, 2023, net assets consisted of:

   
Paid-in Capital 19,746,030
Total Distributable Earnings (Loss) (2,023,054)
Net Assets 17,722,976
 
ETF Shares—Net Assets  
Applicable to 218,311,209 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
12,718,692
Net Asset Value Per Share—ETF Shares $58.26
 
Admiral Shares—Net Assets  
Applicable to 149,432,399 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
2,935,352
Net Asset Value Per Share—Admiral Shares $19.64
 
Institutional Shares—Net Assets  
Applicable to 84,871,876 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
2,068,932
Net Asset Value Per Share—Institutional Shares $24.38
See accompanying Notes, which are an integral part of the Financial Statements.
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Table of Contents
Intermediate-Term Treasury Index Fund
Statement of Operations
  Six Months Ended
February 28, 2023
  ($000)
Investment Income  
Income  
Interest1 206,297
Total Income 206,297
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 225
Management and Administrative—ETF Shares 1,821
Management and Administrative—Admiral Shares 861
Management and Administrative—Institutional Shares 371
Marketing and Distribution—ETF Shares 374
Marketing and Distribution—Admiral Shares 77
Marketing and Distribution—Institutional Shares 38
Custodian Fees 42
Shareholders’ Reports—ETF Shares 184
Shareholders’ Reports—Admiral Shares 14
Shareholders’ Reports—Institutional Shares 22
Trustees’ Fees and Expenses 4
Other Expenses 6
Total Expenses 4,039
Expenses Paid Indirectly (42)
Net Expenses 3,997
Net Investment Income 202,300
Realized Net Gain (Loss) on Investment Securities Sold1,2 (169,506)
Change in Unrealized Appreciation (Depreciation) of Investment Securities1 (413,798)
Net Increase (Decrease) in Net Assets Resulting from Operations (381,004)
1 Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $462,000, $4,000, less than $1,000, and $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $21,659,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
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Table of Contents
Intermediate-Term Treasury Index Fund
Statement of Changes in Net Assets
  Six Months Ended
February 28,
2023
  Year Ended
August 31,
2022
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 202,300   181,505
Realized Net Gain (Loss) (169,506)   (248,281)
Change in Unrealized Appreciation (Depreciation) (413,798)   (1,386,084)
Net Increase (Decrease) in Net Assets Resulting from Operations (381,004)   (1,452,860)
Distributions      
ETF Shares (140,879)   (165,364)
Admiral Shares (32,117)   (48,477)
Institutional Shares (21,294)   (33,566)
Total Distributions (194,290)   (247,407)
Capital Share Transactions      
ETF Shares 1,401,979   4,723,604
Admiral Shares 152,552   574,795
Institutional Shares 431,609   195,879
Net Increase (Decrease) from Capital Share Transactions 1,986,140   5,494,278
Total Increase (Decrease) 1,410,846   3,794,011
Net Assets      
Beginning of Period 16,312,130   12,518,119
End of Period 17,722,976   16,312,130
See accompanying Notes, which are an integral part of the Financial Statements.
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Table of Contents
Intermediate-Term Treasury Index Fund
Financial Highlights
ETF Shares            
For a Share Outstanding
Throughout Each Period
Six Months
Ended
February 28,
2023
Year Ended August 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $60.34 $68.27 $70.46 $67.26 $62.67 $65.29
Investment Operations            
Net Investment Income1 .680 .858 .809 1.239 1.515 1.250
Net Realized and Unrealized Gain (Loss) on Investments (2.115) (7.617) (1.692) 3.248 4.552 (2.691)
Total from Investment Operations (1.435) (6.759) (.883) 4.487 6.067 (1.441)
Distributions            
Dividends from Net Investment Income (.645) (.805) (.820) (1.287) (1.477) (1.179)
Distributions from Realized Capital Gains (.366) (.487)
Total Distributions (.645) (1.171) (1.307) (1.287) (1.477) (1.179)
Net Asset Value, End of Period $58.26 $60.34 $68.27 $70.46 $67.26 $62.67
Total Return -2.39% -10.01% -1.26% 6.76% 9.84% -2.21%
Ratios/Supplemental Data            
Net Assets, End of Period (Millions) $12,719 $11,726 $8,147 $6,547 $4,353 $2,680
Ratio of Total Expenses to Average Net Assets 0.04%2 0.04%2 0.04% 0.05% 0.05% 0.07%
Ratio of Net Investment Income to Average Net Assets 2.33% 1.34% 1.18% 1.80% 2.36% 1.97%