09/27/2024 | Press release | Distributed by Public on 09/27/2024 09:26
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-02368
Name of Registrant: | Vanguard Fixed Income Securities Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | John E. Schadl, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant's telephone number, including area code: (610) 669-1000
Date of fiscal year end: January 31
Date of reporting period: February 1, 2024-July 31, 2024
Item 1: Reports to Shareholders.
TABLE OF CONTENTS
Vanguard Real Estate II Index Fund |
|
Vanguard GNMA Fund |
|
Vanguard GNMA Fund |
|
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Plus Shares | $4 | 0.08%1 |
1
|
Annualized.
|
Fund Statistics (as of July 31, 2024) |
|
Fund Net Assets (in millions) |
$9,278 |
Number of Portfolio Holdings | 158 |
Portfolio Turnover Rate | 2% |
Portfolio Composition % of Net Assets (as of July 31, 2024) |
|
Data Center REITs | 8.5% |
Health Care REITs | 10.5% |
Industrial REITs | 12.0% |
Multi-Family Residential REITs | 8.4% |
Office REITs | 3.3% |
Other Specialized REITs | 6.8% |
Real Estate Services | 6.9% |
Retail REITs | 13.0% |
Self-Storage REITs | 6.6% |
Single-Family Residential REITs | 4.3% |
Telecom Tower REITs | 12.1% |
Other Assets and Liabilities-Net | 7.6% |
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Investor Shares | $11 | 0.21%1 |
1
|
Annualized.
|
Fund Statistics (as of July 31, 2024) |
|
Fund Net Assets (in millions) |
$14,882 |
Number of Portfolio Holdings | 130 |
Portfolio Turnover Rate | 178% |
Distribution by Stated Maturity % of Net Asset (as of July 31, 2024) |
|
0 - 5 Years | 1.3% |
5 - 10 Years | 2.6% |
10 - 15 Years | 1.6% |
15 - 20 Years | 13.1% |
20 - 25 Years | 22.1% |
Over 25 Years | 58.8% |
Other Assets and Liabilities-Net | 0.5% |
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Admiral Shares | $6 | 0.11%1 |
1
|
Annualized.
|
Fund Statistics (as of July 31, 2024) |
|
Fund Net Assets (in millions) |
$14,882 |
Number of Portfolio Holdings | 130 |
Portfolio Turnover Rate | 178% |
Distribution by Stated Maturity % of Net Asset (as of July 31, 2024) |
|
0 - 5 Years | 1.3% |
5 - 10 Years | 2.6% |
10 - 15 Years | 1.6% |
15 - 20 Years | 13.1% |
20 - 25 Years | 22.1% |
Over 25 Years | 58.8% |
Other Assets and Liabilities-Net | 0.5% |
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Vanguard Real Estate Index Fund |
Vanguard Real Estate II Index Fund |
Real Estate Index Fund
|
1 |
Real Estate II Index Fund
|
16 |
Shares |
Market Value• ($000) |
|||||
Equity Real Estate Investment Trusts (REITs) (93.0%) | ||||||
Data Center REITs (7.2%) | ||||||
Equinix Inc. | 3,704,058 | 2,927,095 | ||||
Digital Realty Trust Inc. | 12,517,842 | 1,871,292 | ||||
4,798,387 | ||||||
Diversified REITs (1.7%) | ||||||
WP Carey Inc. | 8,763,660 | 506,627 | ||||
Essential Properties Realty Trust Inc. | 6,787,350 | 200,838 | ||||
Broadstone Net Lease Inc. | 7,522,804 | 130,972 | ||||
Global Net Lease Inc. | 7,850,266 | 68,297 | ||||
Empire State Realty Trust Inc. Class A | 5,555,141 | 59,829 | ||||
Alexander & Baldwin Inc. | 2,912,424 | 57,404 | ||||
American Assets Trust Inc. | 1,954,928 | 51,845 | ||||
Armada Hoffler Properties Inc. | 2,677,452 | 31,808 | ||||
Gladstone Commercial Corp. | 1,605,487 | 24,163 | ||||
One Liberty Properties Inc. | 683,731 | 18,044 | ||||
NexPoint Diversified Real Estate Trust | 1,351,587 | 8,555 | ||||
1,158,382 | ||||||
Health Care REITs (9.1%) | ||||||
Welltower Inc. | 22,303,324 | 2,481,245 | ||||
Ventas Inc. | 16,129,371 | 878,083 | ||||
Alexandria Real Estate Equities Inc. | 6,310,375 | 740,144 | ||||
Healthpeak Properties Inc. | 28,437,400 | 620,504 | ||||
Omega Healthcare Investors Inc. | 9,831,086 | 357,851 | ||||
Healthcare Realty Trust Inc. Class A | 15,277,898 | 270,266 | ||||
Sabra Health Care REIT Inc. | 9,270,252 | 150,456 | ||||
CareTrust REIT Inc. | 5,410,654 | 145,871 | ||||
National Health Investors Inc. | 1,738,475 | 130,142 | ||||
1 | Medical Properties Trust Inc. | 24,007,858 | 115,478 | |||
LTC Properties Inc. | 1,739,334 | 62,112 | ||||
Community Healthcare Trust Inc. | 1,109,373 | 24,140 | ||||
Global Medical REIT Inc. | 2,492,969 | 23,808 | ||||
Diversified Healthcare Trust | 6,751,527 | 22,550 | ||||
Universal Health Realty Income Trust | 525,707 | 22,474 | ||||
6,045,124 | ||||||
Hotel & Resort REITs (2.1%) | ||||||
Host Hotels & Resorts Inc. | 28,199,166 | 493,767 | ||||
Ryman Hospitality Properties Inc. | 2,273,442 | 228,504 | ||||
Apple Hospitality REIT Inc. | 9,227,206 | 136,470 | ||||
Park Hotels & Resorts Inc. | 8,437,596 | 127,070 | ||||
Sunstone Hotel Investors Inc. | 7,760,962 | 80,404 | ||||
DiamondRock Hospitality Co. | 8,406,153 | 69,183 | ||||
Pebblebrook Hotel Trust | 4,822,961 | 66,026 | ||||
RLJ Lodging Trust | 6,242,405 | 58,928 | ||||
Xenia Hotels & Resorts Inc. | 4,083,901 | 56,685 | ||||
Service Properties Trust | 6,648,666 | 37,698 | ||||
Summit Hotel Properties Inc. | 4,310,625 | 27,329 | ||||
Chatham Lodging Trust | 1,958,231 | 17,213 | ||||
1,399,277 | ||||||
Industrial REITs (10.4%) | ||||||
Prologis Inc. | 37,078,334 | 4,673,724 | ||||
Rexford Industrial Realty Inc. | 8,729,473 | 437,434 | ||||
EastGroup Properties Inc. | 1,921,896 | 359,375 | ||||
Americold Realty Trust Inc. | 10,812,340 | 323,181 | ||||
STAG Industrial Inc. | 7,288,241 | 297,433 | ||||
First Industrial Realty Trust Inc. | 5,304,060 | 290,238 | ||||
Terreno Realty Corp. | 3,850,594 | 263,419 | ||||
Innovative Industrial Properties Inc. | 1,130,408 | 138,825 | ||||
LXP Industrial Trust | 11,793,858 | 121,477 | ||||
Plymouth Industrial REIT Inc. | 1,638,242 | 39,187 |
Shares |
Market Value• ($000) |
|||||
*,1 | Lineage Inc. | 75,797 | 6,661 | |||
6,950,954 | ||||||
Multi-Family Residential REITs (7.3%) | ||||||
AvalonBay Communities Inc. | 5,694,087 | 1,166,832 | ||||
Equity Residential | 13,668,216 | 951,718 | ||||
Essex Property Trust Inc. | 2,573,099 | 716,248 | ||||
Mid-America Apartment Communities Inc. | 4,677,610 | 653,790 | ||||
UDR Inc. | 12,534,718 | 502,266 | ||||
Camden Property Trust | 4,286,978 | 474,783 | ||||
Independence Realty Trust Inc. | 9,020,500 | 168,232 | ||||
Elme Communities | 3,521,041 | 57,956 | ||||
Veris Residential Inc. | 2,954,718 | 46,419 | ||||
* | Apartment Investment & Management Co. Class A | 5,221,819 | 46,265 | |||
Centerspace | 597,272 | 41,708 | ||||
NexPoint Residential Trust Inc. | 930,589 | 40,657 | ||||
4,866,874 | ||||||
Office REITs (2.8%) | ||||||
BXP Inc. | 5,978,667 | 426,339 | ||||
Vornado Realty Trust | 6,488,567 | 194,592 | ||||
1 | SL Green Realty Corp. | 2,596,844 | 173,054 | |||
Cousins Properties Inc. | 6,099,820 | 167,806 | ||||
Kilroy Realty Corp. | 4,470,565 | 165,277 | ||||
Highwoods Properties Inc. | 4,236,334 | 131,199 | ||||
COPT Defense Properties | 4,510,509 | 130,669 | ||||
Douglas Emmett Inc. | 6,714,572 | 108,038 | ||||
* | Equity Commonwealth | 4,290,133 | 87,390 | |||
JBG SMITH Properties | 3,488,913 | 57,044 | ||||
Easterly Government Properties Inc. Class A | 3,895,146 | 54,259 | ||||
Piedmont Office Realty Trust Inc. Class A | 4,971,551 | 43,004 | ||||
Paramount Group Inc. | 6,973,050 | 36,539 | ||||
Brandywine Realty Trust | 6,909,576 | 34,824 | ||||
Hudson Pacific Properties Inc. | 5,090,564 | 30,493 | ||||
1 | Peakstone Realty Trust | 1,458,861 | 19,811 | |||
NET Lease Office Properties | 593,098 | 17,502 | ||||
City Office REIT Inc. | 1,610,577 | 9,744 | ||||
Orion Office REIT Inc. | 2,124,184 | 8,603 | ||||
1 | Office Properties Income Trust | 1,955,566 | 4,869 | |||
*,2 | New York REIT Liquidating LLC | 1,208 | 9 | |||
1,901,065 | ||||||
Other (13.4%)3 | ||||||
4,5 | Vanguard Real Estate II Index Fund | 413,268,092 | 8,967,918 | |||
Other Specialized REITs (5.7%) | ||||||
Iron Mountain Inc. | 11,749,290 | 1,205,007 | ||||
VICI Properties Inc. Class A | 38,400,362 | 1,200,395 | ||||
Gaming & Leisure Properties Inc. | 10,881,125 | 546,233 | ||||
Lamar Advertising Co. Class A | 3,512,626 | 421,023 | ||||
EPR Properties | 3,033,210 | 136,494 | ||||
Four Corners Property Trust Inc. | 3,686,926 | 100,063 | ||||
Outfront Media Inc. | 5,317,737 | 86,254 | ||||
Safehold Inc. | 1,849,672 | 42,801 | ||||
Uniti Group Inc. | 9,572,178 | 36,757 | ||||
Gladstone Land Corp. | 1,363,606 | 20,250 | ||||
1 | Farmland Partners Inc. | 1,837,432 | 19,514 | |||
3,814,791 | ||||||
Retail REITs (11.4%) | ||||||
Simon Property Group Inc. | 13,063,064 | 2,004,396 | ||||
Realty Income Corp. | 34,520,536 | 1,982,514 | ||||
Kimco Realty Corp. | 27,017,368 | 587,087 | ||||
Regency Centers Corp. | 7,035,114 | 473,745 | ||||
Federal Realty Investment Trust | 2,993,101 | 334,180 | ||||
NNN REIT Inc. | 7,312,621 | 328,263 | ||||
Brixmor Property Group Inc. | 12,076,505 | 307,589 | ||||
Agree Realty Corp. | 4,033,269 | 278,175 | ||||
Kite Realty Group Trust | 8,798,886 | 216,980 | ||||
Phillips Edison & Co. Inc. | 4,897,130 | 171,889 | ||||
Macerich Co. | 8,644,845 | 138,404 | ||||
Tanger Inc. | 4,364,540 | 126,135 |
Shares |
Market Value• ($000) |
|||||
SITE Centers Corp. | 7,549,961 | 116,647 | ||||
Urban Edge Properties | 4,718,011 | 95,776 | ||||
Acadia Realty Trust | 4,126,060 | 89,288 | ||||
InvenTrust Properties Corp. | 2,718,169 | 76,571 | ||||
Retail Opportunity Investments Corp. | 5,091,745 | 76,122 | ||||
Getty Realty Corp. | 2,054,313 | 60,849 | ||||
NETSTREIT Corp. | 2,931,835 | 48,287 | ||||
Whitestone REIT | 1,803,375 | 24,887 | ||||
Alexander's Inc. | 92,035 | 22,300 | ||||
Saul Centers Inc. | 528,344 | 20,896 | ||||
CBL & Associates Properties Inc. | 516,180 | 13,302 | ||||
*,2 | Spirit MTA REIT | 2,071,263 | 186 | |||
7,594,468 | ||||||
Self-Storage REITs (5.7%) | ||||||
Public Storage | 6,338,395 | 1,875,658 | ||||
Extra Space Storage Inc. | 8,480,999 | 1,353,737 | ||||
CubeSmart | 9,015,448 | 428,955 | ||||
National Storage Affiliates Trust | 2,974,510 | 126,625 | ||||
3,784,975 | ||||||
Single-Family Residential REITs (3.8%) | ||||||
Invitation Homes Inc. | 24,525,741 | 865,023 | ||||
Sun Communities Inc. | 4,986,085 | 631,887 | ||||
Equity LifeStyle Properties Inc. | 7,100,440 | 487,658 | ||||
American Homes 4 Rent Class A | 13,183,286 | 475,785 | ||||
UMH Properties Inc. | 2,643,773 | 46,953 | ||||
2,507,306 | ||||||
Telecom Tower REITs (10.5%) | ||||||
American Tower Corp. | 18,717,014 | 4,125,231 | ||||
Crown Castle Inc. | 17,417,452 | 1,917,313 | ||||
SBA Communications Corp. | 4,332,628 | 951,185 | ||||
6,993,729 | ||||||
Timber REITs (1.9%) | ||||||
Weyerhaeuser Co. | 29,237,289 | 928,576 | ||||
Rayonier Inc. | 5,657,110 | 171,580 | ||||
PotlatchDeltic Corp. | 3,186,084 | 141,335 | ||||
1,241,491 | ||||||
Total Equity Real Estate Investment Trusts (REITs) (Cost $58,185,657) | 62,024,741 | |||||
Real Estate Management & Development (6.6%) | ||||||
Diversified Real Estate Activities (0.2%) | ||||||
St. Joe Co. | 1,404,311 | 86,618 | ||||
RMR Group Inc. Class A | 628,198 | 16,295 | ||||
* | Tejon Ranch Co. | 805,978 | 15,314 | |||
118,227 | ||||||
Real Estate Development (0.2%) | ||||||
* | Howard Hughes Holdings Inc. | 1,308,444 | 97,047 | |||
* | Forestar Group Inc. | 801,560 | 25,353 | |||
122,400 | ||||||
Real Estate Operating Companies (0.2%) | ||||||
DigitalBridge Group Inc. | 6,543,679 | 92,462 | ||||
Kennedy-Wilson Holdings Inc. | 4,459,918 | 46,428 | ||||
*,1 | Seritage Growth Properties Class A | 1,353,742 | 6,904 | |||
145,794 | ||||||
Real Estate Services (6.0%) | ||||||
* | CBRE Group Inc. Class A | 12,253,677 | 1,381,112 | |||
* | CoStar Group Inc. | 16,371,176 | 1,277,279 | |||
* | Jones Lang LaSalle Inc. | 1,901,493 | 477,085 | |||
* | Zillow Group Inc. Class C | 6,276,285 | 305,655 | |||
* | Cushman & Wakefield plc | 9,133,836 | 119,744 | |||
* | Zillow Group Inc. Class A | 2,239,683 | 106,161 | |||
Newmark Group Inc. Class A | 5,762,406 | 74,796 | ||||
* | Compass Inc. Class A | 15,227,103 | 66,847 | |||
* | Opendoor Technologies Inc. | 23,142,933 | 53,692 | |||
1 | eXp World Holdings Inc. | 3,101,722 | 44,541 | |||
Marcus & Millichap Inc. | 1,000,865 | 39,644 | ||||
* | Redfin Corp. | 4,433,052 | 36,085 |
Shares |
Market Value• ($000) |
|||||
* | Anywhere Real Estate Inc. | 4,011,839 | 18,936 | |||
4,001,577 | ||||||
Total Real Estate Management & Development (Cost $4,780,514) | 4,387,998 | |||||
Temporary Cash Investments (0.7%) | ||||||
Money Market Fund (0.7%) | ||||||
6,7 | Vanguard Market Liquidity Fund, 5.390% (Cost $489,227) | 4,893,087 | 489,260 | |||
Total Investments (100.3%) (Cost $63,455,398) | 66,901,999 | |||||
Other Assets and Liabilities-Net (-0.3%) | (231,587) | |||||
Net Assets (100%) | 66,670,412 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $231,480,000. |
2 | Security value determined using significant unobservable inputs. |
3 | "Other" represents securities that are not classified by the fund's benchmark index. |
4 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
5 | Represents a wholly owned subsidiary of the fund. See accompanying financial statements for Vanguard Real Estate II Index Fund's Schedule of Investments. |
6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
7 | Collateral of $261,849,000 was received for securities on loan. |
REIT-Real Estate Investment Trust. |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity |
Termination Date |
Counterparty |
Notional Amount ($000) |
Floating Interest Rate Received (Paid)1 (%) |
Value and Unrealized Appreciation ($000) |
Value and Unrealized (Depreciation) ($000) |
Equinix Inc. | 8/29/25 | BANA | 75,660 | (5.431) | 3,022 | - |
Redfin Corp. | 1/31/25 | GSI | 2,895 | (5.331) | - | (52) |
VICI Properties Inc. Class A | 8/30/24 | BANA | 97,376 | (5.981) | 9,833 | - |
Welltower Inc. | 8/30/24 | BANA | 52,125 | (5.481) | 3,262 | - |
16,117 | (52) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA-Bank of America, N.A. | |
GSI-Goldman Sachs International. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $55,169,799) | 57,444,821 |
Affiliated Issuers (Cost $489,227) | 489,260 |
Vanguard Real Estate II Index Fund (Cost $7,796,372) | 8,967,918 |
Total Investments in Securities | 66,901,999 |
Investment in Vanguard | 1,546 |
Cash | 4,669 |
Receivables for Accrued Income | 15,967 |
Receivables for Capital Shares Issued | 22,200 |
Unrealized Appreciation-Over-the-Counter Swap Contracts | 16,117 |
Total Assets | 66,962,498 |
Liabilities | |
Payables for Investment Securities Purchased | 9,920 |
Collateral for Securities on Loan | 261,849 |
Payables for Capital Shares Redeemed | 17,047 |
Payables to Vanguard | 3,218 |
Unrealized Depreciation-Over-the-Counter Swap Contracts | 52 |
Total Liabilities | 292,086 |
Net Assets | 66,670,412 |
1 Includes $231,480,000 of securities on loan. | |
At July 31, 2024, net assets consisted of: |
|
Paid-in Capital | 67,145,781 |
Total Distributable Earnings (Loss) | (475,369) |
Net Assets | 66,670,412 |
Investor Shares-Net Assets | |
Applicable to 2,781,051 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
83,501 |
Net Asset Value Per Share-Investor Shares | $30.02 |
ETF Shares-Net Assets | |
Applicable to 383,616,431 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
34,656,728 |
Net Asset Value Per Share-ETF Shares | $90.34 |
Admiral Shares-Net Assets | |
Applicable to 163,767,917 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
20,968,578 |
Net Asset Value Per Share-Admiral Shares | $128.04 |
Institutional Shares-Net Assets | |
Applicable to 553,144,054 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
10,961,605 |
Net Asset Value Per Share-Institutional Shares | $19.82 |
Six Months Ended July 31, 2024 |
|
($000) | |
Investment Income | |
Income | |
Dividends-Unaffiliated Issuers | 814,449 |
Dividends-Vanguard Real Estate II Index Fund | 172,480 |
Interest-Affiliated Issuers | 3,709 |
Securities Lending-Net | 1,818 |
Total Income | 992,456 |
Expenses | |
The Vanguard Group-Note B | |
Investment Advisory Services | 561 |
Management and Administrative-Investor Shares | 99 |
Management and Administrative-ETF Shares | 16,972 |
Management and Administrative-Admiral Shares | 10,449 |
Management and Administrative-Institutional Shares | 4,395 |
Marketing and Distribution-Investor Shares | 2 |
Marketing and Distribution-ETF Shares | 682 |
Marketing and Distribution-Admiral Shares | 441 |
Marketing and Distribution-Institutional Shares | 181 |
Custodian Fees | 38 |
Shareholders' Reports-Investor Shares | - |
Shareholders' Reports-ETF Shares | 643 |
Shareholders' Reports-Admiral Shares | 201 |
Shareholders' Reports-Institutional Shares | 101 |
Trustees' Fees and Expenses | 17 |
Other Expenses | 8 |
Total Expenses | 34,790 |
Net Investment Income | 957,666 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received-Unaffiliated Issuers | 132,292 |
Capital Gain Distributions Received-Vanguard Real Estate II Index Fund | - |
Investment Securities Sold-Unaffiliated Issuers1 | 358,108 |
Investment Securities Sold-Affiliated Issuers | 15 |
Investment Securities Sold-Vanguard Real Estate II Index Fund | - |
Swap Contracts | (1,997) |
Realized Net Gain (Loss) | 488,418 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities-Unaffiliated Issuers | 3,902,007 |
Investment Securities-Affiliated Issuers | (36) |
Investment Securities-Vanguard Real Estate II Index Fund | 636,035 |
Swap Contracts | 21,763 |
Change in Unrealized Appreciation (Depreciation) | 4,559,769 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,005,853 |
1 | Includes $722,736,000 of net gain (loss) resulting from in-kind redemptions. |
Six Months Ended July 31, 2024 |
Year Ended January 31, 2024 |
||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 957,666 | 1,899,119 | |
Realized Net Gain (Loss) | 488,418 | 277,070 | |
Change in Unrealized Appreciation (Depreciation) | 4,559,769 | (5,161,675) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 6,005,853 | (2,985,486) | |
Distributions | |||
Net Investment Income and/or Realized Capital Gains | |||
Investor Shares | (1,602) | (2,871) | |
ETF Shares | (682,482) | (1,004,365) | |
Admiral Shares | (410,595) | (620,267) | |
Institutional Shares | (212,767) | (301,203) | |
Return of Capital | |||
Investor Shares | - | (994) | |
ETF Shares | - | (347,576) | |
Admiral Shares | - | (214,652) | |
Institutional Shares | - | (104,235) | |
Total Distributions | (1,307,446) | (2,596,163) | |
Capital Share Transactions | |||
Investor Shares | (8,852) | (30,815) | |
ETF Shares | (124,168) | (1,415,940) | |
Admiral Shares | (400,524) | (516,200) | |
Institutional Shares | 296,594 | 80,493 | |
Net Increase (Decrease) from Capital Share Transactions | (236,950) | (1,882,462) | |
Total Increase (Decrease) | 4,461,457 | (7,464,111) | |
Net Assets | |||
Beginning of Period | 62,208,955 | 69,673,066 | |
End of Period | 66,670,412 | 62,208,955 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period |
Six Months Ended July 31, 2024 |
Year Ended January 31, | ||||
2024 | 2023 | 2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $27.89 | $30.26 | $35.37 | $28.23 | $31.21 | $27.69 |
Investment Operations | ||||||
Net Investment Income1 | .404 | .787 | .684 | .602 | .586 | .719 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.291 | (2.036) | (4.766) | 7.475 | (2.498) | 3.801 |
Total from Investment Operations | 2.695 | (1.249) | (4.082) | 8.077 | (1.912) | 4.520 |
Distributions | ||||||
Dividends from Net Investment Income | (.565) | (.833) | (.686) | (.620) | (.624) | (.752) |
Distributions from Realized Capital Gains | - | - | - | - | - | - |
Return of Capital | - | (.288) | (.342) | (.317) | (.444) | (.248) |
Total Distributions | (.565) | (1.121) | (1.028) | (.937) | (1.068) | (1.000) |
Net Asset Value, End of Period | $30.02 | $27.89 | $30.26 | $35.37 | $28.23 | $31.21 |
Total Return2 | 9.82% | -3.91% | -11.39% | 28.73% | -5.88% | 16.59% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $84 | $86 | $127 | $196 | $188 | $243 |
Ratio of Total Expenses to Average Net Assets | 0.26% | 0.26% | 0.26%3 | 0.26% | 0.26% | 0.26% |
Acquired Fund Fees and Expenses4 | 0.01% | 0.01% | - | - | - | - |
Ratio of Net Investment Income to Average Net Assets | 2.90% | 2.87% | 2.18% | 1.77% | 2.18% | 2.48% |
Portfolio Turnover Rate5 | 3% | 9% | 7% | 7% | 8% | 6% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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 0.25%. |
4 | For the fiscal year ended January 31, 2023, and for each prior period, the acquired fund fees and expenses were less than 0.01%. |
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, including ETF Creation Units. |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period |
Six Months Ended July 31, 2024 |
Year Ended January 31, | ||||
2024 | 2023 | 2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $83.94 | $91.06 | $106.44 | $84.96 | $93.93 | $83.36 |
Investment Operations | ||||||
Net Investment Income1 | 1.290 | 2.527 | 2.240 | 1.960 | 1.889 | 2.335 |
Net Realized and Unrealized Gain (Loss) on Investments | 6.875 | (6.154) | (14.394) | 22.486 | (7.525) | 11.379 |
Total from Investment Operations | 8.165 | (3.627) | (12.154) | 24.446 | (5.636) | 13.714 |
Distributions | ||||||
Dividends from Net Investment Income | (1.765) | (2.595) | (2.152) | (1.943) | (1.947) | (2.364) |
Distributions from Realized Capital Gains | - | - | - | - | - | - |
Return of Capital | - | (.898) | (1.074) | (1.023) | (1.387) | (.780) |
Total Distributions | (1.765) | (3.493) | (3.226) | (2.966) | (3.334) | (3.144) |
Net Asset Value, End of Period | $90.34 | $83.94 | $91.06 | $106.44 | $84.96 | $93.93 |
Total Return | 9.89% | -3.81% | -11.25% | 28.88% | -5.80% | 16.70% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $34,657 | $32,359 | $36,825 | $46,673 | $32,064 | $37,682 |
Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12%2 | 0.12% | 0.12% | 0.12% |
Acquired Fund Fees and Expenses3 | 0.01% | 0.01% | - | - | - | - |
Ratio of Net Investment Income to Average Net Assets | 3.08% | 3.07% | 2.38% | 1.90% | 2.33% | 2.60% |
Portfolio Turnover Rate4 | 3% | 9% | 7% | 7% | 8% | 6% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.12%. |
3 | For the fiscal year ended January 31, 2023, and for each prior period, the acquired fund fees and expenses were less than 0.01%. |
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. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period |
Six Months Ended July 31, 2024 |
Year Ended January 31, | ||||
2024 | 2023 | 2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $118.96 | $129.05 | $150.85 | $120.40 | $133.12 | $118.14 |
Investment Operations | ||||||
Net Investment Income1 | 1.823 | 3.613 | 3.201 | 2.761 | 2.677 | 3.315 |
Net Realized and Unrealized Gain (Loss) on Investments | 9.758 | (8.752) | (20.428) | 31.890 | (10.672) | 16.121 |
Total from Investment Operations | 11.581 | (5.139) | (17.227) | 34.651 | (7.995) | 19.436 |
Distributions | ||||||
Dividends from Net Investment Income | (2.501) | (3.678) | (3.050) | (2.770) | (2.759) | (3.350) |
Distributions from Realized Capital Gains | - | - | - | - | - | - |
Return of Capital | - | (1.273) | (1.523) | (1.431) | (1.966) | (1.106) |
Total Distributions | (2.501) | (4.951) | (4.573) | (4.201) | (4.725) | (4.456) |
Net Asset Value, End of Period | $128.04 | $118.96 | $129.05 | $150.85 | $120.40 | $133.12 |
Total Return2 | 9.90% | -3.75% | -11.26% | 28.91% | -5.74% | 16.73% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $20,969 | $19,879 | $22,110 | $25,764 | $19,702 | $23,274 |
Ratio of Total Expenses to Average Net Assets | 0.12% | 0.12% | 0.12%3 | 0.12% | 0.12% | 0.12% |
Acquired Fund Fees and Expenses4 | 0.01% | 0.01% | - | - | - | - |
Ratio of Net Investment Income to Average Net Assets | 3.07% | 3.10% | 2.41% | 1.90% | 2.33% | 2.60% |
Portfolio Turnover Rate5 | 3% | 9% | 7% | 7% | 8% | 6% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | 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 0.12%. |
4 | For the fiscal year ended January 31, 2023, and for each prior period, the acquired fund fees and expenses were less than 0.01%. |
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, including ETF Creation Units. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period |
Six Months Ended July 31, 2024 |
Year Ended January 31, | ||||
2024 | 2023 | 2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $18.41 | $19.97 | $23.35 | $18.64 | $20.60 | $18.28 |
Investment Operations | ||||||
Net Investment Income1 | .285 | .565 | .500 | .432 | .421 | .518 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.514 | (1.355) | (3.168) | 4.933 | (1.646) | 2.496 |
Total from Investment Operations | 1.799 | (.790) | (2.668) | 5.365 | (1.225) | 3.014 |
Distributions | ||||||
Dividends from Net Investment Income | (.389) | (.572) | (.475) | (.432) | (.429) | (.522) |
Distributions from Realized Capital Gains | - | - | - | - | - | - |
Return of Capital | - | (.198) | (.237) | (.223) | (.306) | (.172) |
Total Distributions | (.389) | (.770) | (.712) | (.655) | (.735) | (.694) |
Net Asset Value, End of Period | $19.82 | $18.41 | $19.97 | $23.35 | $18.64 | $20.60 |
Total Return | 9.94% | -3.73% | -11.27% | 28.91% | -5.68% | 16.77% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $10,962 | $9,885 | $10,610 | $12,089 | $9,478 | $10,027 |
Ratio of Total Expenses to Average Net Assets | 0.10% | 0.10% | 0.10%2 | 0.10% | 0.10% | 0.10% |
Acquired Fund Fees and Expenses3 | 0.01% | 0.01% | - | - | - | - |
Ratio of Net Investment Income to Average Net Assets | 3.10% | 3.13% | 2.43% | 1.92% | 2.37% | 2.63% |
Portfolio Turnover Rate4 | 3% | 9% | 7% | 7% | 8% | 6% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%. |
3 | For the fiscal year ended January 31, 2023, and for each prior period, the acquired fund fees and expenses were less than 0.01%. |
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. |
Level 1 ($000) |
Level 2 ($000) |
Level 3 ($000) |
Total ($000) |
|
Investments | ||||
Assets | ||||
Common Stocks | 66,412,544 | - | 195 | 66,412,739 |
Temporary Cash Investments | 489,260 | - | - | 489,260 |
Total | 66,901,804 | - | 195 | 66,901,999 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | - | 16,117 | - | 16,117 |
Liabilities | ||||
Swap Contracts | - | 52 | - | 52 |
Amount ($000) |
|
Tax Cost | 63,842,452 |
Gross Unrealized Appreciation | 9,983,122 |
Gross Unrealized Depreciation | (6,907,510) |
Net Unrealized Appreciation (Depreciation) | 3,075,612 |
Six Months Ended July 31, 2024 |
Year Ended January 31, 2024 |
||||
Amount ($000) |
Shares (000) |
Amount ($000) |
Shares (000) |
||
Investor Shares | |||||
Issued | 3,817 | 135 | 7,901 | 286 | |
Issued in Lieu of Cash Distributions | 1,602 | 57 | 3,865 | 145 | |
Redeemed | (14,271) | (511) | (42,581) | (1,536) | |
Net Increase (Decrease)-Investor Shares | (8,852) | (319) | (30,815) | (1,105) | |
ETF Shares | |||||
Issued | 2,631,449 | 31,110 | 5,219,768 | 62,577 | |
Issued in Lieu of Cash Distributions | - | - | - | - | |
Redeemed | (2,755,617) | (33,000) | (6,635,708) | (81,500) | |
Net Increase (Decrease)-ETF Shares | (124,168) | (1,890) | (1,415,940) | (18,923) | |
Admiral Shares | |||||
Issued | 1,127,309 | 9,459 | 2,321,785 | 19,988 | |
Issued in Lieu of Cash Distributions | 363,027 | 3,045 | 735,078 | 6,445 | |
Redeemed | (1,890,860) | (15,840) | (3,573,063) | (30,661) | |
Net Increase (Decrease)-Admiral Shares | (400,524) | (3,336) | (516,200) | (4,228) | |
Institutional Shares | |||||
Issued | 989,114 | 53,823 | 1,713,612 | 95,042 | |
Issued in Lieu of Cash Distributions | 204,152 | 11,064 | 384,847 | 21,798 | |
Redeemed | (896,672) | (48,621) | (2,017,966) | (111,179) | |
Net Increase (Decrease)-Institutional Shares | 296,594 | 16,266 | 80,493 | 5,661 |
Current Period Transactions | ||||||||
Jan. 31, 2024 Market Value ($000) |
Purchases at Cost ($000) |
Proceeds from Securities Sold ($000) |
Realized Net Gain (Loss) ($000) |
Change in Unrealized App. (Dep.) ($000) |
Income ($000) |
Capital Gain Distributions Received ($000) |
Jul. 31, 2024 Market Value ($000) |
|
Vanguard Market Liquidity Fund | 488,498 | NA1 | NA1 | 15 | (36) | 3,709 | - | 489,260 |
Vanguard Real Estate II Index Fund | 8,159,403 | 172,480 | - | - | 636,035 | 172,480 | - | 8,967,918 |
Total | 8,647,901 | 172,480 | - | 15 | 635,999 | 176,189 | - | 9,457,178 |
1 | Not applicable-purchases and sales are for temporary cash investment purposes. |
Shares |
Market Value• ($000) |
|||||
Equity Real Estate Investment Trusts (REITs) (92.0%) | ||||||
Data Center REITs (8.5%) | ||||||
Equinix Inc. | 611,792 | 483,462 | ||||
Digital Realty Trust Inc. | 2,013,155 | 300,947 | ||||
784,409 | ||||||
Diversified REITs (2.0%) | ||||||
WP Carey Inc. | 1,409,685 | 81,494 | ||||
Essential Properties Realty Trust Inc. | 1,091,948 | 32,311 | ||||
Broadstone Net Lease Inc. | 1,210,443 | 21,074 | ||||
Global Net Lease Inc. | 1,265,015 | 11,006 | ||||
Empire State Realty Trust Inc. Class A | 892,309 | 9,610 | ||||
Alexander & Baldwin Inc. | 467,550 | 9,215 | ||||
American Assets Trust Inc. | 314,424 | 8,338 | ||||
Armada Hoffler Properties Inc. | 430,210 | 5,111 | ||||
Gladstone Commercial Corp. | 259,238 | 3,902 | ||||
One Liberty Properties Inc. | 110,423 | 2,914 | ||||
NexPoint Diversified Real Estate Trust | 215,916 | 1,367 | ||||
186,342 | ||||||
Health Care REITs (10.5%) | ||||||
Welltower Inc. | 3,667,237 | 407,980 | ||||
Ventas Inc. | 2,594,589 | 141,249 | ||||
Alexandria Real Estate Equities Inc. | 916,921 | 107,546 | ||||
Healthpeak Properties Inc. | 4,573,672 | 99,798 | ||||
Omega Healthcare Investors Inc. | 1,581,038 | 57,550 | ||||
Healthcare Realty Trust Inc. Class A | 2,457,029 | 43,465 | ||||
Sabra Health Care REIT Inc. | 1,492,113 | 24,217 | ||||
CareTrust REIT Inc. | 870,348 | 23,465 | ||||
National Health Investors Inc. | 279,979 | 20,959 | ||||
1 | Medical Properties Trust Inc. | 3,863,016 | 18,581 | |||
LTC Properties Inc. | 279,484 | 9,980 | ||||
Community Healthcare Trust Inc. | 179,148 | 3,898 | ||||
Global Medical REIT Inc. | 403,948 | 3,858 | ||||
Diversified Healthcare Trust | 1,089,801 | 3,640 | ||||
Universal Health Realty Income Trust | 84,196 | 3,599 | ||||
969,785 | ||||||
Hotel & Resort REITs (2.4%) | ||||||
Host Hotels & Resorts Inc. | 4,534,859 | 79,405 | ||||
Ryman Hospitality Properties Inc. | 365,631 | 36,749 | ||||
Apple Hospitality REIT Inc. | 1,484,163 | 21,951 | ||||
Park Hotels & Resorts Inc. | 957,283 | 14,417 | ||||
Sunstone Hotel Investors Inc. | 1,249,303 | 12,943 | ||||
DiamondRock Hospitality Co. | 1,353,764 | 11,141 | ||||
Pebblebrook Hotel Trust | 777,112 | 10,639 | ||||
RLJ Lodging Trust | 1,003,347 | 9,471 | ||||
Xenia Hotels & Resorts Inc. | 658,642 | 9,142 | ||||
Service Properties Trust | 1,068,926 | 6,061 | ||||
Summit Hotel Properties Inc. | 690,792 | 4,380 | ||||
Chatham Lodging Trust | 314,329 | 2,763 | ||||
219,062 | ||||||
Industrial REITs (12.0%) | ||||||
Prologis Inc. | 5,963,231 | 751,665 | ||||
Rexford Industrial Realty Inc. | 1,404,074 | 70,358 | ||||
EastGroup Properties Inc. | 309,132 | 57,805 | ||||
Americold Realty Trust Inc. | 1,739,442 | 51,992 | ||||
STAG Industrial Inc. | 1,172,107 | 47,834 | ||||
First Industrial Realty Trust Inc. | 853,098 | 46,682 | ||||
Terreno Realty Corp. | 619,331 | 42,368 | ||||
Innovative Industrial Properties Inc. | 181,854 | 22,333 | ||||
LXP Industrial Trust | 1,897,879 | 19,548 | ||||
Plymouth Industrial REIT Inc. | 263,818 | 6,311 |
Shares |
Market Value• ($000) |
|||||
* | Lineage Inc. | 12,272 | 1,078 | |||
1,117,974 | ||||||
Multi-Family Residential REITs (8.4%) | ||||||
AvalonBay Communities Inc. | 915,436 | 187,591 | ||||
Equity Residential | 2,198,779 | 153,101 | ||||
Essex Property Trust Inc. | 413,890 | 115,211 | ||||
Mid-America Apartment Communities Inc. | 752,330 | 105,153 | ||||
UDR Inc. | 2,015,849 | 80,775 | ||||
Camden Property Trust | 689,492 | 76,361 | ||||
Independence Realty Trust Inc. | 1,450,732 | 27,056 | ||||
Elme Communities | 565,269 | 9,304 | ||||
Veris Residential Inc. | 475,659 | 7,473 | ||||
* | Apartment Investment & Management Co. Class A | 838,892 | 7,433 | |||
Centerspace | 96,153 | 6,714 | ||||
NexPoint Residential Trust Inc. | 149,603 | 6,536 | ||||
782,708 | ||||||
Office REITs (3.3%) | ||||||
BXP Inc. | 961,380 | 68,556 | ||||
Vornado Realty Trust | 1,043,719 | 31,301 | ||||
1 | SL Green Realty Corp. | 417,680 | 27,834 | |||
Cousins Properties Inc. | 980,189 | 26,965 | ||||
Kilroy Realty Corp. | 718,564 | 26,565 | ||||
Highwoods Properties Inc. | 681,654 | 21,111 | ||||
COPT Defense Properties | 725,802 | 21,026 | ||||
Douglas Emmett Inc. | 1,079,731 | 17,373 | ||||
* | Equity Commonwealth | 690,725 | 14,070 | |||
JBG SMITH Properties | 560,681 | 9,167 | ||||
Easterly Government Properties Inc. Class A | 626,750 | 8,731 | ||||
Piedmont Office Realty Trust Inc. Class A | 801,008 | 6,929 | ||||
Paramount Group Inc. | 1,120,249 | 5,870 | ||||
Brandywine Realty Trust | 1,109,033 | 5,590 | ||||
Hudson Pacific Properties Inc. | 820,387 | 4,914 | ||||
Peakstone Realty Trust | 233,650 | 3,173 | ||||
NET Lease Office Properties | 94,583 | 2,791 | ||||
City Office REIT Inc. | 256,722 | 1,553 | ||||
Orion Office REIT Inc. | 341,390 | 1,383 | ||||
Office Properties Income Trust | 314,543 | 783 | ||||
305,685 | ||||||
Other Specialized REITs (6.8%) | ||||||
VICI Properties Inc. Class A | 6,722,407 | 210,142 | ||||
Iron Mountain Inc. | 1,889,257 | 193,762 | ||||
Gaming & Leisure Properties Inc. | 1,750,177 | 87,859 | ||||
Lamar Advertising Co. Class A | 564,924 | 67,712 | ||||
EPR Properties | 487,926 | 21,957 | ||||
Four Corners Property Trust Inc. | 593,700 | 16,113 | ||||
Outfront Media Inc. | 856,574 | 13,894 | ||||
Safehold Inc. | 298,486 | 6,907 | ||||
Uniti Group Inc. | 1,543,690 | 5,928 | ||||
Gladstone Land Corp. | 218,706 | 3,248 | ||||
Farmland Partners Inc. | 293,253 | 3,114 | ||||
630,636 | ||||||
Retail REITs (13.0%) | ||||||
Simon Property Group Inc. | 2,100,779 | 322,344 | ||||
Realty Income Corp. | 5,251,132 | 301,573 | ||||
Kimco Realty Corp. | 4,346,092 | 94,441 | ||||
Regency Centers Corp. | 1,131,324 | 76,183 | ||||
Federal Realty Investment Trust | 481,417 | 53,750 | ||||
NNN REIT Inc. | 1,175,833 | 52,783 | ||||
Brixmor Property Group Inc. | 1,941,974 | 49,462 | ||||
Agree Realty Corp. | 648,621 | 44,735 | ||||
Kite Realty Group Trust | 1,415,579 | 34,908 | ||||
Phillips Edison & Co. Inc. | 788,019 | 27,660 | ||||
Macerich Co. | 1,390,509 | 22,262 | ||||
Tanger Inc. | 702,355 | 20,298 | ||||
SITE Centers Corp. | 1,215,234 | 18,775 | ||||
Urban Edge Properties | 759,826 | 15,425 | ||||
Acadia Realty Trust | 665,077 | 14,392 | ||||
InvenTrust Properties Corp. | 437,594 | 12,327 |
Shares |
Market Value• ($000) |
|||||
Retail Opportunity Investments Corp. | 817,084 | 12,216 | ||||
Getty Realty Corp. | 330,077 | 9,777 | ||||
NETSTREIT Corp. | 471,479 | 7,765 | ||||
Whitestone REIT | 291,251 | 4,019 | ||||
Alexander's Inc. | 14,892 | 3,608 | ||||
Saul Centers Inc. | 84,612 | 3,346 | ||||
CBL & Associates Properties Inc. | 83,181 | 2,144 | ||||
*,2 | Spirit MTA REIT | 257,871 | 23 | |||
1,204,216 | ||||||
Self-Storage REITs (6.6%) | ||||||
Public Storage | 1,019,293 | 301,629 | ||||
Extra Space Storage Inc. | 1,363,868 | 217,701 | ||||
CubeSmart | 1,450,002 | 68,991 | ||||
National Storage Affiliates Trust | 478,515 | 20,370 | ||||
608,691 | ||||||
Single-Family Residential REITs (4.3%) | ||||||
Invitation Homes Inc. | 3,945,411 | 139,155 | ||||
Sun Communities Inc. | 801,964 | 101,633 | ||||
Equity LifeStyle Properties Inc. | 1,141,919 | 78,427 | ||||
American Homes 4 Rent Class A | 2,120,136 | 76,516 | ||||
UMH Properties Inc. | 425,414 | 7,555 | ||||
403,286 | ||||||
Telecom Tower REITs (12.1%) | ||||||
American Tower Corp. | 3,010,228 | 663,454 | ||||
Crown Castle Inc. | 2,800,993 | 308,334 | ||||
SBA Communications Corp. | 696,894 | 152,996 | ||||
1,124,784 | ||||||
Timber REITs (2.1%) | ||||||
Weyerhaeuser Co. | 4,703,215 | 149,374 | ||||
Rayonier Inc. | 910,178 | 27,606 | ||||
PotlatchDeltic Corp. | 512,521 | 22,735 | ||||
199,715 | ||||||
Total Equity Real Estate Investment Trusts (REITs) (Cost $7,188,981) | 8,537,293 | |||||
Real Estate Management & Development (7.6%) | ||||||
Diversified Real Estate Activities (0.2%) | ||||||
St. Joe Co. | 226,117 | 13,947 | ||||
RMR Group Inc. Class A | 102,107 | 2,649 | ||||
* | Tejon Ranch Co. | 129,289 | 2,456 | |||
19,052 | ||||||
Real Estate Development (0.2%) | ||||||
* | Howard Hughes Holdings Inc. | 210,702 | 15,627 | |||
* | Forestar Group Inc. | 129,207 | 4,087 | |||
19,714 | ||||||
Real Estate Operating Companies (0.3%) | ||||||
DigitalBridge Group Inc. | 1,054,077 | 14,894 | ||||
Kennedy-Wilson Holdings Inc. | 716,911 | 7,463 | ||||
* | Seritage Growth Properties Class A | 215,101 | 1,097 | |||
23,454 | ||||||
Real Estate Services (6.9%) | ||||||
* | CBRE Group Inc. Class A | 1,970,586 | 222,105 | |||
* | CoStar Group Inc. | 2,632,507 | 205,388 | |||
* | Jones Lang LaSalle Inc. | 305,811 | 76,728 | |||
* | Zillow Group Inc. Class C | 1,011,895 | 49,279 | |||
* | Cushman & Wakefield plc | 1,470,279 | 19,275 | |||
* | Zillow Group Inc. Class A | 357,751 | 16,957 | |||
Newmark Group Inc. Class A | 925,493 | 12,013 | ||||
* | Compass Inc. Class A | 2,445,682 | 10,737 | |||
* | Opendoor Technologies Inc. | 3,722,448 | 8,636 | |||
1 | eXp World Holdings Inc. | 498,449 | 7,158 | |||
Marcus & Millichap Inc. | 160,851 | 6,371 | ||||
* | Redfin Corp. | 770,074 | 6,269 | |||
* | Anywhere Real Estate Inc. | 640,222 | 3,022 | |||
643,938 | ||||||
Total Real Estate Management & Development (Cost $713,681) | 706,158 |
Shares |
Market Value• ($000) |
|||||
Temporary Cash Investments (0.6%) | ||||||
Money Market Fund (0.6%) | ||||||
3,4 | Vanguard Market Liquidity Fund, 5.390% (Cost $52,720) | 527,275 | 52,722 | |||
Total Investments (100.2%) (Cost $7,955,382) | 9,296,173 | |||||
Other Assets and Liabilities-Net (-0.2%) | (18,310) | |||||
Net Assets (100%) | 9,277,863 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $18,364,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $21,710,000 was received for securities on loan. |
REIT-Real Estate Investment Trust. |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity |
Termination Date |
Counterparty |
Notional Amount ($000) |
Floating Interest Rate Received (Paid)1 (%) |
Value and Unrealized Appreciation ($000) |
Value and Unrealized (Depreciation) ($000) |
Alexandria Real Estate Equities Inc. | 1/31/25 | CITNA | 11,463 | (5.331) | 108 | - |
Park Hotels & Resorts Inc. | 1/31/25 | GSI | 5,932 | (5.332) | 79 | - |
Realty Income Corp. | 8/30/24 | BANA | 15,846 | (5.431) | 1,390 | - |
1,577 | - |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA-Bank of America, N.A. | |
CITNA-Citibank, N.A. | |
GSI-Goldman Sachs International. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $7,902,662) | 9,243,451 |
Affiliated Issuers (Cost $52,720) | 52,722 |
Total Investments in Securities | 9,296,173 |
Investment in Vanguard | 249 |
Cash | 2,620 |
Receivables for Accrued Income | 2,541 |
Unrealized Appreciation-Over-the-Counter Swap Contracts | 1,577 |
Total Assets | 9,303,160 |
Liabilities | |
Payables for Investment Securities Purchased | 2,388 |
Collateral for Securities on Loan | 21,710 |
Payables for Capital Shares Redeemed | 878 |
Payables to Vanguard | 321 |
Total Liabilities | 25,297 |
Net Assets | 9,277,863 |
1 Includes $18,364,000 of securities on loan. | |
At July 31, 2024, net assets consisted of: |
|
Paid-in Capital | 8,083,550 |
Total Distributable Earnings (Loss) | 1,194,313 |
Net Assets | 9,277,863 |
Net Assets | |
Applicable to 427,561,715 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
9,277,863 |
Net Asset Value Per Share | $21.70 |
Six Months Ended July 31, 2024 |
|
($000) | |
Investment Income | |
Income | |
Dividends | 125,869 |
Interest1 | 458 |
Securities Lending-Net | 224 |
Total Income | 126,551 |
Expenses | |
The Vanguard Group-Note B | |
Investment Advisory Services | 70 |
Management and Administrative | 3,196 |
Marketing and Distribution | 69 |
Custodian Fees | 44 |
Shareholders' Reports | 8 |
Trustees' Fees and Expenses | 2 |
Other Expenses | 8 |
Total Expenses | 3,397 |
Net Investment Income | 123,154 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received | 20,253 |
Investment Securities Sold1 | (20,990) |
Swap Contracts | (2,224) |
Realized Net Gain (Loss) | (2,961) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 716,096 |
Swap Contracts | 2,407 |
Change in Unrealized Appreciation (Depreciation) | 718,503 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 838,696 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $458,000, $3,000, and ($2,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended July 31, 2024 |
Year Ended January 31, 2024 |
||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 123,154 | 253,107 | |
Realized Net Gain (Loss) | (2,961) | (75,054) | |
Change in Unrealized Appreciation (Depreciation) | 718,503 | (496,890) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 838,696 | (318,837) | |
Distributions | |||
Net Investment Income and/or Realized Capital Gains | (178,497) | (254,199) | |
Return of Capital | - | (88,901) | |
Total Distributions | (178,497) | (343,100) | |
Capital Share Transactions | |||
Issued | 25,513 | 70,851 | |
Issued in Lieu of Cash Distributions | 178,497 | 343,100 | |
Redeemed | (12,210) | (15,985) | |
Net Increase (Decrease) from Capital Share Transactions | 191,800 | 397,966 | |
Total Increase (Decrease) | 851,999 | (263,971) | |
Net Assets | |||
Beginning of Period | 8,425,864 | 8,689,835 | |
End of Period | 9,277,863 | 8,425,864 |
For a Share Outstanding Throughout Each Period |
Six Months Ended July 31, 2024 |
Year Ended January 31, | ||||
2024 | 2023 | 2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $20.16 | $21.86 | $25.69 | $20.50 | $22.64 | $20.10 |
Investment Operations | ||||||
Net Investment Income1 | .292 | .620 | .558 | .484 | .471 | .571 |
Net Realized and Unrealized Gain (Loss) on Investments | 1.672 | (1.476) | (3.493) | 5.427 | (1.808) | 2.752 |
Total from Investment Operations | 1.964 | (.856) | (2.935) | 5.911 | (1.337) | 3.323 |
Distributions | ||||||
Dividends from Net Investment Income | (.424) | (.625) | (.528) | (.477) | (.465) | (.590) |
Distributions from Realized Capital Gains | - | - | (.238) | (.034) | - | - |
Return of Capital | - | (.219) | (.129) | (.210) | (.338) | (.193) |
Total Distributions | (.424) | (.844) | (.895) | (.721) | (.803) | (.783) |
Net Asset Value, End of Period | $21.70 | $20.16 | $21.86 | $25.69 | $20.50 | $22.64 |
Total Return | 9.91% | -3.68% | -11.23% | 28.96% | -5.70% | 16.78% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $9,278 | $8,426 | $8,690 | $9,542 | $7,400 | $7,848 |
Ratio of Total Expenses to Average Net Assets | 0.08% | 0.08% | 0.08%2 | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.90% | 3.14% | 2.47% | 1.95% | 2.41% | 2.63% |
Portfolio Turnover Rate | 2% | 6% | 5%3 | 6% | 4% | 3% |
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 0.08%. |
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. |
Level 1 ($000) |
Level 2 ($000) |
Level 3 ($000) |
Total ($000) |
|
Investments | ||||
Assets | ||||
Common Stocks | 9,243,428 | - | 23 | 9,243,451 |
Temporary Cash Investments | 52,722 | - | - | 52,722 |
Total | 9,296,150 | - | 23 | 9,296,173 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | - | 1,577 | - | 1,577 |
Amount ($000) |
|
Tax Cost | 8,011,698 |
Gross Unrealized Appreciation | 2,199,668 |
Gross Unrealized Depreciation | (913,616) |
Net Unrealized Appreciation (Depreciation) | 1,286,052 |
Six Months Ended July 31, 2024 |
Year Ended January 31, 2024 |
||
Shares (000) |
Shares (000) |
||
Issued | 1,282 | 3,562 | |
Issued in Lieu of Cash Distributions | 8,834 | 17,762 | |
Redeemed | (573) | (786) | |
Net Increase (Decrease) in Shares Outstanding | 9,543 | 20,538 |
Financial Statements
|
1 |
Coupon |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
|||
U.S. Government and Agency Obligations (98.5%) | ||||||
U.S. Government Securities (0.6%) | ||||||
United States Treasury Inflation Indexed Bonds | 1.750% | 1/15/34 | 87,174 | 86,388 | ||
Conventional Mortgage-Backed Securities (92.7%) | ||||||
1,2 | Fannie Mae Pool | 2.120% | 5/1/31 | 20,825 | 18,134 | |
1,2 | Fannie Mae Pool | 2.250% | 4/1/33 | 27,145 | 23,042 | |
1,2 | Fannie Mae Pool | 2.690% | 3/1/37 | 7,842 | 6,594 | |
1,2 | Fannie Mae Pool | 2.950% | 6/1/31 | 1,893 | 1,739 | |
1,2 | Fannie Mae Pool | 2.960% | 6/1/31 | 2,242 | 2,068 | |
1,2 | Fannie Mae Pool | 3.000% | 6/1/43 | 31,172 | 28,244 | |
1,2 | Fannie Mae Pool | 3.010% | 8/1/34 | 2,045 | 1,809 | |
1,2 | Fannie Mae Pool | 3.050% | 7/1/31 | 1,939 | 1,790 | |
1,2 | Fannie Mae Pool | 3.240% | 3/1/28 | 5,743 | 5,548 | |
1,2 | Fannie Mae Pool | 3.260% | 12/1/37 | 4,175 | 3,642 | |
1,2 | Fannie Mae Pool | 3.410% | 5/1/32 | 4,100 | 3,833 | |
1,2 | Fannie Mae Pool | 3.420% | 4/1/31 | 1,295 | 1,225 | |
1,2 | Fannie Mae Pool | 3.460% | 9/1/29 | 6,049 | 5,824 | |
1,2 | Fannie Mae Pool | 3.520% | 11/1/32 | 21,125 | 19,807 | |
1,2 | Fannie Mae Pool | 4.125% | 6/1/28 | 28,792 | 28,560 | |
1,2 | Fannie Mae Pool | 4.260% | 3/1/29 | 21,795 | 21,670 | |
1,2 | Fannie Mae Pool | 4.370% | 5/1/28 | 18,127 | 18,134 | |
1,2 | Fannie Mae Pool | 4.625% | 6/1/28 | 16,874 | 17,028 | |
1,2 | Fannie Mae Pool | 4.820% | 4/1/29 | 36,835 | 37,481 | |
1,2 | Fannie Mae Pool | 5.170% | 2/1/29 | 4,590 | 4,725 | |
1,2 | Fannie Mae Pool | 5.200% | 3/1/29 | 21,784 | 22,462 | |
1,2 | Freddie Mac Gold Pool | 3.000% | 6/1/43-1/1/47 | 7,534 | 6,753 | |
1,2 | Freddie Mac Gold Pool | 3.500% | 11/1/47-8/1/48 | 1,398 | 1,288 | |
1,2 | Freddie Mac Gold Pool | 4.000% | 9/1/30-4/1/44 | 1,654 | 1,600 | |
1,2 | Freddie Mac Gold Pool | 4.500% | 4/1/34-2/1/46 | 18,036 | 17,858 | |
1,2 | Freddie Mac Gold Pool | 5.000% | 1/1/38-4/1/44 | 6,406 | 6,486 | |
1 | Ginnie Mae I Pool | 2.500% | 11/15/42-12/15/46 | 43,461 | 38,412 | |
1 | Ginnie Mae I Pool | 3.000% | 1/15/26-3/15/46 | 330,439 | 301,086 | |
1 | Ginnie Mae I Pool | 3.250% | 8/15/42 | 7,840 | 7,249 | |
1 | Ginnie Mae I Pool | 3.500% | 7/15/39-6/15/48 | 283,731 | 266,465 | |
1 | Ginnie Mae I Pool | 3.750% | 7/15/42 | 926 | 876 | |
1 | Ginnie Mae I Pool | 3.875% | 10/15/40-6/15/42 | 12,887 | 12,310 | |
1 | Ginnie Mae I Pool | 4.000% | 8/15/24-7/15/46 | 376,824 | 364,078 | |
1 | Ginnie Mae I Pool | 4.500% | 4/15/33-4/15/44 | 196,651 | 194,419 | |
1 | Ginnie Mae I Pool | 5.000% | 11/15/32-7/15/52 | 177,247 | 178,224 | |
1 | Ginnie Mae I Pool | 5.500% | 5/15/28-9/15/45 | 136,131 | 138,914 | |
1 | Ginnie Mae I Pool | 6.000% | 12/15/27-3/15/40 | 52,474 | 53,747 | |
1 | Ginnie Mae I Pool | 6.500% | 3/15/25-7/15/40 | 48,214 | 50,186 | |
1 | Ginnie Mae I Pool | 7.000% | 11/15/31-11/15/36 | 6,043 | 6,159 | |
1 | Ginnie Mae I Pool | 7.250% | 1/15/27 | 4 | 4 | |
1 | Ginnie Mae I Pool | 7.500% | 10/15/31 | 3,146 | 3,231 | |
1 | Ginnie Mae I Pool | 8.000% | 8/15/31 | 1,161 | 1,209 | |
1 | Ginnie Mae I Pool | 8.500% | 11/15/26 | 1 | 1 | |
1 | Ginnie Mae II Pool | 1.500% | 4/20/44-4/20/52 | 131,585 | 105,327 | |
1,3,4 | Ginnie Mae II Pool | 2.000% | 10/20/43-8/15/54 | 2,702,870 | 2,243,623 | |
1,3,4 | Ginnie Mae II Pool | 2.500% | 6/20/37-8/15/54 | 2,579,002 | 2,225,928 | |
1,3,4 | Ginnie Mae II Pool | 3.000% | 4/20/31-8/15/54 | 1,858,984 | 1,672,467 | |
1,3,4,5 | Ginnie Mae II Pool | 3.500% | 10/20/40-8/15/54 | 1,709,517 | 1,592,483 | |
1,4 | Ginnie Mae II Pool | 4.000% | 4/20/39-8/15/54 | 701,972 | 672,226 | |
1,4 | Ginnie Mae II Pool | 4.500% | 12/20/32-8/15/54 | 541,823 | 530,872 | |
1,4 | Ginnie Mae II Pool | 5.000% | 10/20/32-8/15/54 | 690,127 | 684,806 | |
1,4 | Ginnie Mae II Pool | 5.500% | 1/20/34-8/15/54 | 427,609 | 429,198 | |
1,4 | Ginnie Mae II Pool | 6.000% | 4/20/28-8/15/54 | 583,357 | 590,611 | |
1,4 | Ginnie Mae II Pool | 6.500% | 4/20/37-8/15/54 | 210,824 | 214,856 | |
1 | Ginnie Mae II Pool | 7.500% | 6/20/25-8/20/25 | 5 | 5 | |
1,2,4 | UMBS Pool | 2.000% | 11/1/46-8/25/54 | 3,715 | 3,011 | |
1,2,4 | UMBS Pool | 2.500% | 7/1/27-8/25/54 | 91,739 | 78,183 |
Coupon |
Maturity Date |
Face Amount ($000) |
Market Value• ($000) |
|||
1,2,4 | UMBS Pool | 3.000% | 12/1/25-8/25/54 | 59,851 | 53,934 | |
1,2 | UMBS Pool | 3.500% | 9/1/46-7/1/52 | 144,277 | 133,054 | |
1,2 | UMBS Pool | 4.000% | 5/1/46-6/1/46 | 1,786 | 1,706 | |
1,2,4 | UMBS Pool | 4.500% | 12/1/40-8/25/54 | 3,147 | 3,051 | |
1,2,4 | UMBS Pool | 5.000% | 9/1/35-8/25/54 | 74,771 | 73,724 | |
1,2,4 | UMBS Pool | 5.500% | 2/1/53-8/25/54 | 117,806 | 118,111 | |
1,2,4 | UMBS Pool | 6.000% | 12/1/52-8/25/54 | 433,846 | 440,551 | |
1,2 | UMBS Pool | 6.500% | 2/1/29-5/1/40 | 741 | 782 | |
13,792,423 | ||||||
Nonconventional Mortgage-Backed Securities (5.2%) | ||||||
1,2,6 | Fannie Mae Pool, RFUCCT1Y + 1.560% | 6.086% | 8/1/43 | 793 | 816 | |
1,2,6 | Fannie Mae Pool, RFUCCT1Y + 1.580% | 5.950% | 9/1/44 | 2,424 | 2,494 | |
1,2 | Fannie Mae REMICS | 1.500% | 1/25/51 | 6,015 | 3,508 | |
1,2 | Fannie Mae REMICS | 2.000% | 9/25/42 | 3,008 | 2,783 | |
1,2 | Fannie Mae REMICS | 2.500% | 10/25/42 | 2,408 | 2,253 | |
1,2 | Fannie Mae REMICS | 3.000% | 4/25/40-7/25/49 | 30,061 | 26,762 | |
1,2 | Fannie Mae REMICS | 3.500% | 7/25/44-4/25/59 | 67,628 | 57,776 | |
1,2 | Fannie Mae REMICS | 6.000% | 10/25/28-9/25/32 | 1,041 | 1,064 | |
1,2,6 | Freddie Mac Non Gold Pool, RFUCCT1Y + 1.571% | 2.904% | 10/1/44 | 1,174 | 1,195 | |
1,2,6 | Freddie Mac Non Gold Pool, RFUCCT1Y + 1.600% | 5.850% | 10/1/44 | 2,980 | 3,052 | |
1,2,6 | Freddie Mac Non Gold Pool, RFUCCT1Y + 1.615% | 5.985% | 9/1/44 | 1,593 | 1,640 | |
1,2,6 | Freddie Mac Non Gold Pool, RFUCCT1Y + 1.620% | 5.870% | 9/1/43 | 1,697 | 1,738 | |
1,2,6 | Freddie Mac Non Gold Pool, RFUCCT1Y + 1.620% | 5.882% | 10/1/44 | 2,218 | 2,272 | |
1,2,6 | Freddie Mac Non Gold Pool, RFUCCT1Y + 1.620% | 6.082% | 7/1/44 | 604 | 622 | |
1,2,6 | Freddie Mac Non Gold Pool, RFUCCT1Y + 1.630% | 6.069% | 4/1/44 | 2,182 | 2,224 | |
1,2,6 | Freddie Mac Non Gold Pool, RFUCCT1Y + 1.637% | 6.489% | 8/1/43 | 2,344 | 2,397 | |
1,2 | Freddie Mac REMICS | 2.000% | 4/15/42 | 3,265 | 2,963 | |
1,2 | Freddie Mac REMICS | 2.500% | 3/25/52 | 5,369 | 3,748 | |
1,2 | Freddie Mac REMICS | 3.500% | 8/15/45-1/25/46 | 18,024 | 16,301 | |
1,2 | Freddie Mac REMICS | 4.000% | 6/15/54 | 4,043 | 3,301 | |
1,2 | Freddie Mac REMICS | 6.000% | 4/15/28-11/15/32 | 2,721 | 2,773 | |
1 | Ginnie Mae REMICS | 1.000% | 8/20/50-6/20/51 | 29,636 | 22,995 | |
1 | Ginnie Mae REMICS | 1.500% | 11/20/49-4/16/50 | 22,924 | 19,009 | |
1 | Ginnie Mae REMICS | 1.650% | 11/20/45 | 27,329 | 24,880 | |
1 | Ginnie Mae REMICS | 2.000% | 7/20/42 | 17,367 | 15,725 | |
1 | Ginnie Mae REMICS | 2.250% | 3/16/45-2/20/52 | 12,986 | 11,681 | |
1 | Ginnie Mae REMICS | 2.375% | 4/20/44 | 4,633 | 4,230 | |
1 | Ginnie Mae REMICS | 2.500% | 12/16/39-2/20/52 | 214,032 | 184,788 | |
1 | Ginnie Mae REMICS | 2.650% | 11/17/48 | 2,409 | 2,271 | |
1 | Ginnie Mae REMICS | 3.000% | 6/20/39-2/20/52 | 234,170 | 202,755 | |
1 | Ginnie Mae REMICS | 3.000% | 7/20/43 | 3,491 | 3,220 | |
1 | Ginnie Mae REMICS | 3.250% | 8/20/44-2/20/49 | 13,202 | 10,837 | |
1 | Ginnie Mae REMICS | 3.500% | 9/20/44-2/20/49 | 51,705 | 47,045 | |
1 | Ginnie Mae REMICS | 3.686% | 10/20/48 | 10,912 | 10,025 | |
1 | Ginnie Mae REMICS | 3.750% | 12/16/39 | 2,359 | 2,132 | |
1 | Ginnie Mae REMICS | 4.000% | 1/20/45-12/20/48 | 57,918 | 55,502 | |
1 | Ginnie Mae REMICS | 4.500% | 6/20/39-4/16/41 | 18,211 | 17,941 | |
1 | Ginnie Mae REMICS | 5.000% | 6/16/37 | 4,313 | 4,297 | |
1,6 | Ginnie Mae REMICS, TSFR1M + 0.314% | 5.660% | 2/20/37 | 1,070 | 1,064 | |
782,079 | ||||||
Total U.S. Government and Agency Obligations (Cost $15,899,341) | 14,660,890 | |||||
Asset-Backed/Commercial Mortgage-Backed Securities (1.0%) | ||||||
1,2 | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-3 | 3.500% | 8/25/57 | 10,473 | 7,863 | |
1,2 | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-4 | 3.500% | 3/25/58 | 11,014 | 8,134 | |
1,2 | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1 | 3.500% | 7/25/58 | 15,172 | 11,271 | |
1,2 | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3 | 3.500% | 10/25/58 | 58,385 | 52,317 | |
1,2 | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3 | 3.500% | 10/25/58 | 14,143 | 10,572 | |
1,2 | Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-1 | 2.500% | 8/25/59 | 63,897 | 53,443 | |
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $182,237) | 143,600 |
Coupon | Shares |
Market Value• ($000) |
||||
Temporary Cash Investments (1.1%) | ||||||
Money Market Fund (0.2%) | ||||||
7 | Vanguard Market Liquidity Fund | 5.390% | 248,947 | 24,892 | ||
Maturity Date |
Face Amount ($000) |
|||||
Repurchase Agreements (0.9%) | ||||||
Bank of America Securities, LLC (Dated 7/31/24, Repurchase Value $10,202,000, collateralized by Fannie Mae 1.500%-4.500%, 4/1/26-8/1/53, and Freddie Mac 3.000%-6.000%, 10/1/26-6/1/54, with a value of $10,404,000) |
5.350% | 8/1/24 | 10,200 | 10,200 | ||
Bank of Nova Scotia (Dated 7/31/24, Repurchase Value $10,802,000, collateralized by U.S. Treasury Note/Bond 0.375%-4.750%, 8/31/26-11/15/53, with a value of $11,018,000) |
5.340% | 8/1/24 | 10,800 | 10,800 | ||
Barclays Capital Inc. (Dated 7/31/24, Repurchase Value $16,602,000, collateralized by U.S. Treasury Note/Bond 4.375%, 12/15/26, with a value of $16,932,000) |
5.340% | 8/1/24 | 16,600 | 16,600 | ||
Citigroup Global Markets Inc. (Dated 7/31/24, Repurchase Value $15,502,000, collateralized by U.S. Treasury Note/Bond 1.250%, 12/31/26, with a value of $15,810,000) |
5.330% | 8/1/24 | 15,500 | 15,500 | ||
Credit Agricole Securities (USA) Inc. (Dated 7/31/24, Repurchase Value $10,802,000, collateralized by Treasury Inflation Indexed Note/Bond 1.250%, 4/15/28, with a value of $11,016,000) |
5.340% | 8/1/24 | 10,800 | 10,800 | ||
HSBC Bank USA (Dated 7/31/24, Repurchase Value $12,202,000, collateralized by U.S. Treasury Bill 0.000%, 11/19/24-6/12/25, with a value of $12,444,000) |
5.340% | 8/1/24 | 12,200 | 12,200 | ||
HSBC Bank USA (Dated 7/31/24, Repurchase Value $14,702,000, collateralized by Fannie Mae 5.500%, 6/1/53, with a value of $14,994,000) |
5.350% | 8/1/24 | 14,700 | 14,700 | ||
JP Morgan Securities LLC (Dated 7/31/24, Repurchase Value $2,000,000, collateralized by U.S. Treasury Bill 0.000%, 10/1/24-6/12/25, and U.S. Treasury Note/Bond 2.625%-4.750%, 3/15/27-2/15/41, with a value of $2,040,000) |
5.340% | 8/1/24 | 2,000 | 2,000 | ||
Natixis SA (Dated 7/31/24, Repurchase Value $12,402,000, collateralized by Federal Home Loan Bank 4.000%, 10/24/29, Treasury Inflation Indexed Note/Bond 0.125%-3.625%, 4/15/28-2/15/52, and U.S. Treasury Note/Bond 4.625%-6.125%, 11/15/27-5/15/54, with a value of $12,648,000) |
5.340% | 8/1/24 | 12,400 | 12,400 | ||
Societe Generale (Dated 7/31/24, Repurchase Value $11,502,000, collateralized by U.S. Treasury Bill 0.000%, 9/3/24, with a value of $11,730,000) |
5.340% | 8/1/24 | 11,500 | 11,500 | ||
TD Securities (USA) LLC (Dated 7/31/24, Repurchase Value $10,402,000, collateralized by U.S. Treasury Note/Bond 4.375%, 8/15/43, with a value of $10,608,000) |
5.340% | 8/1/24 | 10,400 | 10,400 | ||
Wells Fargo & Co. (Dated 7/31/24, Repurchase Value $12,102,000, collateralized by Freddie Mac 1.500%-7.500%, 11/1/27-8/1/54, with a value of $12,342,000) |
5.350% | 8/1/24 | 12,100 | 12,100 | ||
139,200 | ||||||
Total Temporary Cash Investments (Cost $164,090) | 164,092 | |||||
Total Investments (100.6%) (Cost $16,245,668) | 14,968,582 | |||||
Other Assets and Liabilities-Net (-0.6%) | (86,841) | |||||
Net Assets (100%) | 14,881,741 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called. |
2 | The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock. |
3 | Securities with a value of $7,894,000 have been segregated as collateral for certain open To Be Announced (TBA) transactions. |
4 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of July 31, 2024. |
5 | Securities with a value of $11,848,000 have been segregated as initial margin for open futures contracts. |
6 | Variable-rate security; rate shown is effective rate at period end. Certain variable-rate securities are not based on a published reference rate and spread but are determined by the issuer or agent based on current market conditions. |
7 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
REMICS-Real Estate Mortgage Investment Conduits. | |
RFUCCT1Y-Refinitiv USD IBOR Consumer Cash Fallbacks Term 1-year. | |
TSFR1M-CME Term Secured Overnight Financing Rate 1-Month. | |
UMBS-Uniform Mortgage-Backed Securities. |
Futures Contracts | ||||
($000) | ||||
Expiration |
Number of Long (Short) Contracts |
Notional Amount |
Value and Unrealized Appreciation (Depreciation) |
|
Long Futures Contracts | ||||
2-Year U.S. Treasury Note | September 2024 | 1,398 | 287,104 | 2,456 |
5-Year U.S. Treasury Note | September 2024 | 839 | 90,520 | 1,608 |
10-Year U.S. Treasury Note | September 2024 | 1,650 | 184,491 | 2,487 |
Ultra Long U.S. Treasury Bond | September 2024 | 86 | 11,005 | 380 |
6,931 | ||||
Short Futures Contracts | ||||
Long U.S. Treasury Bond | September 2024 | (2,176) | (262,820) | (8,246) |
Ultra 10-Year U.S. Treasury Note | September 2024 | (2,136) | (246,875) | (7,038) |
(15,284) | ||||
(8,353) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $16,220,778) | 14,943,690 |
Affiliated Issuers (Cost $24,890) | 24,892 |
Total Investments in Securities | 14,968,582 |
Investment in Vanguard | 425 |
Cash | 41 |
Receivables for Investment Securities Sold | 1,629,172 |
Receivables for Accrued Income | 43,425 |
Receivables for Capital Shares Issued | 2,107 |
Other Assets | 615 |
Total Assets | 16,644,367 |
Liabilities | |
Payables for Investment Securities Purchased | 1,741,415 |
Payables for Capital Shares Redeemed | 11,299 |
Payables for Distributions | 7,314 |
Payables to Investment Advisor | 400 |
Payables to Vanguard | 865 |
Variation Margin Payable-Futures Contracts | 1,333 |
Total Liabilities | 1,762,626 |
Net Assets | 14,881,741 |
At July 31, 2024, net assets consisted of: |
|
Paid-in Capital | 17,573,183 |
Total Distributable Earnings (Loss) | (2,691,442) |
Net Assets | 14,881,741 |
Investor Shares-Net Assets | |
Applicable to 544,244,681 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
5,058,039 |
Net Asset Value Per Share-Investor Shares | $9.29 |
Admiral Shares-Net Assets | |
Applicable to 1,057,017,013 outstanding $.001 par value shares of beneficial interest (unlimited authorization) |
9,823,702 |
Net Asset Value Per Share-Admiral Shares | $9.29 |
Six Months Ended July 31, 2024 |
|
($000) | |
Investment Income | |
Income | |
Interest1 | 278,141 |
Total Income | 278,141 |
Expenses | |
Investment Advisory Fees-Note B | 812 |
The Vanguard Group-Note C | |
Management and Administrative-Investor Shares | 4,743 |
Management and Administrative-Admiral Shares | 4,523 |
Marketing and Distribution-Investor Shares | 98 |
Marketing and Distribution-Admiral Shares | 215 |
Custodian Fees | 166 |
Shareholders' Reports-Investor Shares | 61 |
Shareholders' Reports-Admiral Shares | 54 |
Trustees' Fees and Expenses | 4 |
Other Expenses | 8 |
Total Expenses | 10,684 |
Net Investment Income | 267,457 |
Realized Net Gain (Loss) | |
Investment Securities Sold1 | (48,319) |
Futures Contracts | (1,790) |
Realized Net Gain (Loss) | (50,109) |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities1 | 58,149 |
Futures Contracts | 6,810 |
Change in Unrealized Appreciation (Depreciation) | 64,959 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 282,307 |
1 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,761,000, ($9,000), and $9,000, respectively. Purchases and sales are for temporary cash investment purposes. |
Six Months Ended July 31, 2024 |
Year Ended January 31, 2024 |
||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 267,457 | 535,871 | |
Realized Net Gain (Loss) | (50,109) | (178,351) | |
Change in Unrealized Appreciation (Depreciation) | 64,959 | (152,310) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 282,307 | 205,210 | |
Distributions | |||
Investor Shares | (88,280) | (167,790) | |
Admiral Shares | (178,915) | (367,806) | |
Total Distributions | (267,195) | (535,596) | |
Capital Share Transactions | |||
Investor Shares | (105,452) | (25,298) | |
Admiral Shares | (418,597) | (1,208,416) | |
Net Increase (Decrease) from Capital Share Transactions | (524,049) | (1,233,714) | |
Total Increase (Decrease) | (508,937) | (1,564,100) | |
Net Assets | |||
Beginning of Period | 15,390,678 | 16,954,778 | |
End of Period | 14,881,741 | 15,390,678 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period |
Six Months Ended July 31, 2024 |
Year Ended January 31, | ||||
2024 | 2023 | 2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $9.28 | $9.44 | $10.41 | $10.73 | $10.58 | $10.31 |
Investment Operations | ||||||
Net Investment Income1 | .161 | .304 | .230 | .085 | .178 | .285 |
Net Realized and Unrealized Gain (Loss) on Investments | .010 | (.160) | (.969) | (.321) | .157 | .272 |
Total from Investment Operations | .171 | .144 | (.739) | (.236) | .335 | .557 |
Distributions | ||||||
Dividends from Net Investment Income | (.161) | (.304) | (.231) | (.084) | (.176) | (.287) |
Distributions from Realized Capital Gains | - | - | - | - | - | - |
Return of Capital | - | - | - | - | (.009) | - |
Total Distributions | (.161) | (.304) | (.231) | (.084) | (.185) | (.287) |
Net Asset Value, End of Period | $9.29 | $9.28 | $9.44 | $10.41 | $10.73 | $10.58 |
Total Return2 | 1.89% | 1.62% | -7.09% | -2.21% | 3.17% | 5.46% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $5,058 | $5,157 | $5,270 | $6,711 | $7,719 | $7,365 |
Ratio of Total Expenses to Average Net Assets | 0.21% | 0.21%3 | 0.21%3 | 0.21% | 0.21% | 0.21% |
Ratio of Net Investment Income to Average Net Assets | 3.55% | 3.33% | 2.40% | 0.80% | 1.66% | 2.71% |
Portfolio Turnover Rate4 | 178% | 305% | 478% | 800% | 638% | 616% |
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 0.21%. |
4 | Includes 122%, 180%, 206%, 298%, 182%, and 198%, respectively, attributable to mortgage-dollar-roll activity. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period |
Six Months Ended July 31, 2024 |
Year Ended January 31, | ||||
2024 | 2023 | 2022 | 2021 | 2020 | ||
Net Asset Value, Beginning of Period | $9.28 | $9.44 | $10.41 | $10.73 | $10.58 | $10.31 |
Investment Operations | ||||||
Net Investment Income1 | .165 | .313 | .239 | .098 | .184 | .295 |
Net Realized and Unrealized Gain (Loss) on Investments | .010 | (.160) | (.969) | (.323) | .161 | .272 |
Total from Investment Operations | .175 | .153 | (.730) | (.225) | .345 | .567 |
Distributions | ||||||
Dividends from Net Investment Income | (.165) | (.313) | (.240) | (.095) | (.185) | (.297) |
Distributions from Realized Capital Gains | - | - | - | - | - | - |
Return of Capital | - | - | - | - | (.010) | - |
Total Distributions | (.165) | (.313) | (.240) | (.095) | (.195) | (.297) |
Net Asset Value, End of Period | $9.29 | $9.28 | $9.44 | $10.41 | $10.73 | $10.58 |
Total Return2 | 1.94% | 1.73% | -7.00% | -2.11% | 3.28% | 5.57% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $9,824 | $10,233 | $11,685 | $15,587 | $19,602 | $17,356 |
Ratio of Total Expenses to Average Net Assets | 0.11% | 0.11%3 | 0.11%3 | 0.11% | 0.11% | 0.11% |
Ratio of Net Investment Income to Average Net Assets | 3.65% | 3.42% | 2.49% | 0.92% | 1.72% | 2.81% |
Portfolio Turnover Rate4 | 178% | 305% | 478% | 800% | 638% | 616% |
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 0.11%. |
4 | Includes 122%, 180%, 206%, 298%, 182%, and 198%, respectively, attributable to mortgage-dollar-roll activity. |
Level 1 ($000) |
Level 2 ($000) |
Level 3 ($000) |
Total ($000) |
|
Investments | ||||
Assets | ||||
U.S. Government and Agency Obligations | - | 14,660,890 | - | 14,660,890 |
Asset-Backed/Commercial Mortgage-Backed Securities | - | 143,600 | - | 143,600 |
Temporary Cash Investments | 24,892 | 139,200 | - | 164,092 |
Total | 24,892 | 14,943,690 | - | 14,968,582 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 6,931 | - | - | 6,931 |
Liabilities | ||||
Futures Contracts1 | 15,284 | - | - | 15,284 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities. |
Amount ($000) |
|
Tax Cost | 16,262,282 |
Gross Unrealized Appreciation | 78,154 |
Gross Unrealized Depreciation | (1,380,207) |
Net Unrealized Appreciation (Depreciation) | (1,302,053) |
Six Months Ended July 31, 2024 |
Year Ended January 31, 2024 |
||||
Amount ($000) |
Shares (000) |
Amount ($000) |
Shares (000) |
||
Investor Shares | |||||
Issued | 41,900 | 4,599 | 347,914 | 38,502 | |
Issued in Lieu of Cash Distributions | 84,638 | 9,304 | 160,202 | 17,531 | |
Redeemed | (231,990) | (25,483) | (533,414) | (58,335) | |
Net Increase (Decrease)-Investor Shares | (105,452) | (11,580) | (25,298) | (2,302) | |
Admiral Shares | |||||
Issued | 463,919 | 50,932 | 1,358,325 | 148,334 | |
Issued in Lieu of Cash Distributions | 136,739 | 15,032 | 281,905 | 30,844 | |
Redeemed | (1,019,255) | (111,883) | (2,848,646) | (313,873) | |
Net Increase (Decrease)-Admiral Shares | (418,597) | (45,919) | (1,208,416) | (134,695) |
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.
Trustees Approve Advisory Arrangements - Real Estate II Index Fund
The board of trustees of Vanguard Real Estate Index Fund and the board of trustees of Vanguard Real Estate II Index Fund have renewed each fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. Each board determined that continuing the respective fund's internalized management structure was in the best interests of the fund and its shareholders.
Each board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.
Each board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Portfolio Review Department. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, each board received periodic reports throughout the year, which included information about the respective fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Portfolio Review Department's ongoing assessment of the advisor.
Prior to their meeting, the trustees of each board were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether either board approved its respective fund's arrangement. Rather, it was the totality of the circumstances that drove each board's decision.
Nature, extent, and quality of services
The board of the Real Estate Index Fund reviewed the quality of that fund's investment management services over both the short and long term, while the board of the Real Estate II Index Fund reviewed the quality of that fund's investment management services since its inception in 2017; each took into account the organizational depth and stability of the advisor. Each board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.
Each board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement with its respective fund.
Investment performance
The board of the Real Estate Index Fund considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group, while the board of the Real Estate II Index Fund considered the short-term and since inception performance of the fund compared with its target index and peer group. Each board concluded that the performance of its respective fund was such that its advisory arrangement should continue.
Cost
Each board concluded that the respective fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the respective fund's advisory expenses were also below the peer-group average.
Neither board conducts a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
Each board concluded that its respective fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
Each board will consider whether to renew its respective advisory arrangement again after a one-year period.
Trustees Approve Advisory Arrangement - GNMA Fund
The board of trustees of Vanguard GNMA Fund has renewed the fund's investment advisory arrangement with Wellington Management Company LLP(Wellington Management). The board determined that renewing the fund's advisory arrangement was in the best interests of the fund and its shareholders.
The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.
The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Portfolio Review Department. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received periodic reports throughout the year, which included information about the fund's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Portfolio Review Department's ongoing assessment of the advisor.
Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board's decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund's investment management services over both the short and long term and took into account the organizational depth and stability of the advisor. The board considered that Wellington Management, founded in 1928, is among the nation's oldest and most respected institutional investment managers. The portfolio managers are backed by a team of experienced analysts who help inform their strategic perspective and conduct statistical and cash-flow analysis. The team leverages its deep knowledge of the mortgage industry to analyze the relative value of various GNMA bonds and seeks to construct a portfolio with lower prepayment and extension risk than the benchmark, but with similar interest rate risk. Wellington Management has advised the GNMA Fund since its inception in 1980.
The board concluded that the advisor's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with a relevant benchmark index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.
Cost
The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory fee rate was also below the peer-group average.
The board did not consider the profitability of Wellington Management in determining whether to approve the advisory fee because Wellington Management is independent of Vanguard and the advisory fee is the result of arm's-length negotiations.
The benefit of economies of scale
The board concluded that the fund's shareholders benefit from economies of scale because of the breakpoints in the fund's advisory fee schedule with Wellington Management. The breakpoints reduce the effective rate of the fee as the fund's assets increase.
The board will consider whether to renew the advisory arrangement again after a one-year period.
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. In February 2024, a third-party service provider began performing security pricing services for the Registrant. There were no other changes in the Registrant's Internal Control Over Financial Reporting or in other factors that could significantly affect this control during the period covered by this report, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19: Exhibits.
(a)(1) Not applicable.
(a)(2) Certifications filed herewith.
(a)(2) Certifications filed herewith.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD FIXED INCOME SECURITIES FUNDS | ||
BY: | /s/ SALIM RAMJI* | |
SALIM RAMJI | ||
CHIEF EXECUTIVE OFFICER |
Date: September 20, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD FIXED INCOME SECURITIES FUNDS | ||
BY: | /s/ SALIM RAMJI* | |
SALIM RAMJI | ||
CHIEF EXECUTIVE OFFICER |
Date: September 20, 2024
VANGUARD FIXED INCOME SECURITIES FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: September 20, 2024
* By: | /s/ John E. Schadl |
John E. Schadl, pursuant to a Power of Attorney filed on July 25, 2024 (see File Number 33-48863), Incorporated by Reference.