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: Tonya T. Robinson, Esquire
  P.O. Box 876
  Valley Forge, PA 19482

 

Registrant’s telephone number, including area code: (610) 669-1000

 

Date of fiscal year end: January 31

 

Date of reporting period: February 1, 2024—January 31, 2025

 

 

 

 

 

 

 

Item 1: Reports to Shareholders.

 

 

 

 

 

TABLE OF CONTENTS

 

Vanguard Real Estate II Index Fund
Institutional Plus Shares - VRTPX

   

Vanguard GNMA Fund
Investor Shares - VFIIX

   

Vanguard GNMA Fund
Admiral™ Shares - VFIJX

   

 

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Vanguard Real Estate II Index Fund
Institutional Plus Shares (VRTPX)
Annual Shareholder Report | January 31, 2025
This annual shareholder report contains important information about Vanguard Real Estate II Index Fund (the "Fund") for the period of February 1, 2024, to January 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Institutional Plus Shares $8 0.08%
How did the Fund perform during the reporting period?
  • For the 12 months ended January 31, 2025, the Fund performed in line with its benchmark.
  • In the United States, the economy saw steady growth during the fiscal period, supported by a solid labor market and inflation staying below 3% in the second half of 2024. The Federal Reserve began cutting short-term interest rates in September. This boosted stock returns, as did the prospects of tax cuts and less regulation under the incoming presidential administration.
  • Many benchmark sectors recorded positive returns for the 12 months. Health care REITs—which returned more than 40%—contributed most to performance. Retail REITs, multifamily residential REITs, and real estate services were also top performers, posting double-digit gains. Industrial REITs and telecom tower REITs detracted the most.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: September 26, 2017, Through January 31, 2025
Initial Investment of $100,000,000
10k Chart Image instPlus Shares
Average Annual Total Returns
1 Year 5 Years Since Inception
(9/26/2017)
Institutional Plus Shares 12.26% 3.14% 5.21%
Real Estate Spliced Index 12.35% 3.21% 5.28%
Dow Jones U.S. Total Stock Market Float Adjusted Index 26.28% 14.50% 14.00%
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
Fund Statistics
(as of January 31, 2025)
Fund Net Assets
(in millions)		 $9,445
Number of Portfolio Holdings 160
Portfolio Turnover Rate 4%
Total Investment Advisory Fees
(in thousands)		 $150
Portfolio Composition % of Net Assets
(as of January 31, 2025)
Data Center REITs 9.6%
Health Care REITs 12.1%
Industrial REITs 11.1%
Multi-Family Residential REITs 8.7%
Office REITs 3.3%
Other Specialized REITs 6.6%
Real Estate Services 8.1%
Retail REITs 13.3%
Self-Storage REITs 6.3%
Single-Family Residential REITs 4.0%
Telecom Tower REITs 10.0%
Other Assets and Liabilities—Net 6.9%
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Logo
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR2023
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Vanguard GNMA Fund
Investor Shares (VFIIX)
Annual Shareholder Report | January 31, 2025
This annual shareholder report contains important information about Vanguard GNMA Fund (the "Fund") for the period of February 1, 2024, to January 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Investor Shares $21 0.21%
How did the Fund perform during the reporting period?
  • For the 12 months ended January 31, 2025, the Fund outperformed its benchmark, the Bloomberg U.S. GNMA Bond Index.
  • In the United States, the economy saw steady growth during the fiscal period, supported by a solid labor market and inflation staying below 3% in the second half of 2024. While the Federal Reserve began cutting short-term interest rates in September, sticky inflation, solid growth, and potential tariffs clouded prospects for further rate cuts, weighing on bond prices.
  • While Fed rate cuts drove down yields of very short-term U.S. Treasuries, yields of longer-term Treasuries finished the period higher amid expectations for inflation down the road. The bellwether 10-year note added 0.63 percentage points to end the period at 4.54%.
  • The Fund’s outperformance was aided by security selection in 30-year GNMA securities. Out-of-benchmark allocations to agency collateralized mortgage obligations and 30-year conventional mortgages also contributed.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: January 31, 2015, Through January 31, 2025
Initial Investment of $10,000
Fund Performance - Growth of 10K
Average Annual Total Returns
1 Year 5 Years 10 Years
Investor Shares 2.19% -0.54% 0.86%
Bloomberg U.S. GNMA Bond Index 2.02% -0.59% 0.86%
Bloomberg U.S. Aggregate Bond Index 2.07% -0.60% 1.19%
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
Fund Statistics
(as of January 31, 2025)
Fund Net Assets
(in millions)		 $14,022
Number of Portfolio Holdings 127
Portfolio Turnover Rate 388%
Total Investment Advisory Fees
(in thousands)		 $1,626
Distribution by Stated Maturity % of Net Asset
(as of January 31, 2025)
0 - 5 Years 1.0%
5 - 10 Years 2.6%
10 - 15 Years 1.8%
15 - 20 Years 13.5%
20 - 25 Years 21.9%
Over 25 Years 57.7%
Other Assets and Liabilities—Net 1.5%
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Logo
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR36
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Vanguard GNMA Fund
Admiral™ Shares (VFIJX)
Annual Shareholder Report | January 31, 2025
This annual shareholder report contains important information about Vanguard GNMA Fund (the "Fund") for the period of February 1, 2024, to January 31, 2025. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Admiral Shares $11 0.11%
How did the Fund perform during the reporting period?
  • For the 12 months ended January 31, 2025, the Fund outperformed its benchmark, the Bloomberg U.S. GNMA Bond Index.
  • In the United States, the economy saw steady growth during the fiscal period, supported by a solid labor market and inflation staying below 3% in the second half of 2024. While the Federal Reserve began cutting short-term interest rates in September, sticky inflation, solid growth, and potential tariffs clouded prospects for further rate cuts, weighing on bond prices.
  • While Fed rate cuts drove down yields of very short-term U.S. Treasuries, yields of longer-term Treasuries finished the period higher amid expectations for inflation down the road. The bellwether 10-year note added 0.63 percentage points to end the period at 4.54%.
  • The Fund’s outperformance was aided by security selection in 30-year GNMA securities. Out-of-benchmark allocations to agency collateralized mortgage obligations and 30-year conventional mortgages also contributed.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: January 31, 2015, Through January 31, 2025
Initial Investment of $50,000
Fund Performance - Growth of 10K
Average Annual Total Returns
1 Year 5 Years 10 Years
Admiral Shares 2.28% -0.44% 0.96%
Bloomberg U.S. GNMA Bond Index 2.02% -0.59% 0.86%
Bloomberg U.S. Aggregate Bond Index 2.07% -0.60% 1.19%
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
Fund Statistics
(as of January 31, 2025)
Fund Net Assets
(in millions)		 $14,022
Number of Portfolio Holdings 127
Portfolio Turnover Rate 388%
Total Investment Advisory Fees
(in thousands)		 $1,626
Distribution by Stated Maturity % of Net Asset
(as of January 31, 2025)
0 - 5 Years 1.0%
5 - 10 Years 2.6%
10 - 15 Years 1.8%
15 - 20 Years 13.5%
20 - 25 Years 21.9%
Over 25 Years 57.7%
Other Assets and Liabilities—Net 1.5%
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard ® • vanguard.com
Logo
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing • 800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR536

 

Item 2: Code of Ethics.

 

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.

 

Item 3: Audit Committee Financial Expert.

 

All members of the Audit and Risk Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: Mark Loughridge, Sarah Bloom Raskin, Peter F. Volanakis, and Tara Bunch.

 

Item 4: Principal Accountant Fees and Services.

 

Includes fees billed in connection with services to the Registrant only.

 

   Fiscal Year Ended
January 31, 2025		   Fiscal Year Ended
January 31, 2024		 
(a)   Audit Fees.  $452,000   $460,000 
(b)   Audit-Related Fees.   0    0 
(c)   Tax Fees.   0    0 
(d)   All Other Fees.   0    0 
        Total.  $452,000   $460,000 

 

(e)(1) Pre-Approval Policies. The audit committee is responsible for pre-approving all audit and non-audit services provided by PwC to: (i) the Vanguard funds; and (ii) Vanguard, or any entity controlled by Vanguard that provides ongoing services to the Vanguard funds. All services provided to Vanguard entities by the independent auditor, whether or not they are subject to preapproval, must be disclosed to the audit committee. The audit committee chair may preapprove any permissible audit and non-audit services as long as any preapproval is brought to the attention of the full audit committee at the next scheduled meeting.
 (2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f)For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g)Aggregate Non-Audit Fees.

 

 

 

 

Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.

 

   Fiscal Year Ended
January 31, 2025		   Fiscal Year Ended
January 31, 2024		 
Non-audit fees to the Registrant only, listed as (b) through (d) above.  $0   $0 
           
Non-audit Fees to other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.          
     Audit-Related Fees.  $3,664,500   $3,295,934 
     Tax Fees.  $1,898,992   $1,678,928 
     All Other Fees.  $25,000   $25,000 
     Total.  $5,588,492   $4,999,862 

 

(h)For the most recent fiscal year, the Audit and Risk Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.

 

Item 5: Audit Committee of Listed Registrants.

 

The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: Mark Loughridge, Sarah Bloom Raskin, Peter F. Volanakis, and Tara Bunch.

 

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.

 

 

 

Financial Statements
For the year ended January 31, 2025
Vanguard Real Estate Index Funds
Vanguard Real Estate Index Fund
Vanguard Real Estate II Index Fund

 

Contents
Real Estate Index Fund
1
Real Estate II Index Fund
17
Report of Independent Registered

Public Accounting Firm
29
Tax information
30
   

 

Real Estate Index Fund
Financial Statements
Schedule of Investments
As of January 31, 2025
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.
          Shares Market
Value•
($000)
Equity Real Estate Investment Trusts (REITs) (92.2%)
Data Center REITs (8.1%)
  Equinix Inc. 3,573,343 3,264,821
  Digital Realty Trust Inc. 12,667,413 2,075,682
            5,340,503
Diversified REITs (1.7%)
  WP Carey Inc. 8,470,264 473,572
  Essential Properties Realty Trust Inc. 6,782,366 217,714
  Broadstone Net Lease Inc. 7,291,063 114,761
  Global Net Lease Inc. 7,575,473 54,468
  Empire State Realty Trust Inc. Class A 5,439,752 52,004
  Alexander & Baldwin Inc. 2,811,380 50,183
  American Assets Trust Inc. 1,886,411 45,802
  Armada Hoffler Properties Inc. 3,087,179 30,193
  Gladstone Commercial Corp. 1,642,668 26,628
  One Liberty Properties Inc. 662,130 16,997
  CTO Realty Growth Inc. 804,807 15,798
  NexPoint Diversified Real Estate Trust 1,277,645 7,065
            1,105,185
Health Care REITs (10.4%)
  Welltower Inc. 23,428,765 3,197,558
  Ventas Inc. 16,047,636 969,598
  Alexandria Real Estate Equities Inc. 6,092,646 593,119
  Healthpeak Properties Inc. 27,063,814 559,138
  Omega Healthcare Investors Inc. 9,973,650 369,624
  Healthcare Realty Trust Inc. Class A 14,042,412 235,211
  American Healthcare REIT Inc. 5,871,613 166,108
  CareTrust REIT Inc. 5,965,260 158,079
  Sabra Health Care REIT Inc. 9,061,784 151,423
  National Health Investors Inc. 1,787,652 121,757
1 Medical Properties Trust Inc. 22,047,621 103,403
  LTC Properties Inc. 1,681,452 57,842
  Sila Realty Trust Inc. 2,127,153 52,881
  Community Healthcare Trust Inc. 1,085,919 21,534
  Universal Health Realty Income Trust 509,125 19,876
  Global Medical REIT Inc. 2,415,663 18,939
  Diversified Healthcare Trust 6,497,729 16,114
            6,812,204
Hotel & Resort REITs (2.0%)
  Host Hotels & Resorts Inc. 27,171,652 454,038
  Ryman Hospitality Properties Inc. 2,201,207 230,775
  Apple Hospitality REIT Inc. 8,846,356 136,588
  Park Hotels & Resorts Inc. 8,080,986 109,013
  Sunstone Hotel Investors Inc. 7,476,654 84,711
  DiamondRock Hospitality Co. 8,019,165 70,408
  Pebblebrook Hotel Trust 4,659,788 61,183
  Xenia Hotels & Resorts Inc. 3,942,878 58,985
  RLJ Lodging Trust 5,992,887 58,431
  Summit Hotel Properties Inc. 4,190,723 28,120
1 Service Properties Trust 6,112,770 17,421
  Chatham Lodging Trust 1,894,671 16,559
            1,326,232
Industrial REITs (9.5%)
  Prologis Inc. 35,823,133 4,271,909
  Rexford Industrial Realty Inc. 8,491,406 345,261
  EastGroup Properties Inc. 1,884,954 319,726
  First Industrial Realty Trust Inc. 5,119,295 273,319
  Terreno Realty Corp. 3,748,272 245,212
  STAG Industrial Inc. 7,044,059 240,766
  Americold Realty Trust Inc. 10,441,808 228,153
1

 

Real Estate Index Fund
          Shares Market
Value•
($000)
  Lineage Inc. 2,642,235 158,534
  LXP Industrial Trust 11,383,222 94,708
  Innovative Industrial Properties Inc. 1,095,849 78,550
  Plymouth Industrial REIT Inc. 1,582,948 26,594
            6,282,732
Multi-Family Residential REITs (7.5%)
  AvalonBay Communities Inc. 5,502,515 1,218,862
  Equity Residential 13,203,134 932,537
  Essex Property Trust Inc. 2,485,081 707,179
  Mid-America Apartment Communities Inc. 4,522,885 690,102
  UDR Inc. 12,127,281 506,193
  Camden Property Trust 4,124,868 469,039
  Independence Realty Trust Inc. 8,937,261 171,685
  Elme Communities 3,401,112 51,901
  Veris Residential Inc. 3,231,909 51,517
  Apartment Investment & Management Co. Class A 4,935,886 44,620
  Centerspace 591,696 35,946
  NexPoint Residential Trust Inc. 885,177 34,947
  BRT Apartments Corp. 435,322 7,461
            4,921,989
Office REITs (2.8%)
  BXP Inc. 5,803,662 424,480
  Vornado Realty Trust 6,263,840 270,974
  Cousins Properties Inc. 5,884,942 179,667
1 SL Green Realty Corp. 2,507,153 168,957
  Kilroy Realty Corp. 4,313,535 168,314
  COPT Defense Properties 4,357,421 128,283
  Highwoods Properties Inc. 4,100,496 122,154
  Douglas Emmett Inc. 6,475,513 118,890
  JBG SMITH Properties 3,181,338 49,343
  Easterly Government Properties Inc. Class A 3,788,987 43,043
  Piedmont Office Realty Trust Inc. Class A 4,799,247 41,945
  Brandywine Realty Trust 6,682,326 36,686
  Paramount Group Inc. 6,732,603 32,922
* NET Lease Office Properties 571,923 18,256
  Hudson Pacific Properties Inc. 4,915,632 15,386
  Peakstone Realty Trust 1,404,768 15,101
  Orion Office REIT Inc. 1,934,021 7,833
  Office Properties Income Trust 2,101,443 1,909
*,2 New York REIT Liquidating LLC 1,208 8
            1,844,151
Other (13.9%)3
4,5 Vanguard Real Estate II Index Fund 420,563,078 9,159,864
Other Specialized REITs (5.5%)
  Iron Mountain Inc. 11,349,581 1,152,777
  VICI Properties Inc. Class A 37,115,743 1,104,936
  Gaming & Leisure Properties Inc. 10,619,590 513,882
  Lamar Advertising Co. Class A 3,399,393 429,751
  EPR Properties 2,928,819 135,018
  Four Corners Property Trust Inc. 3,583,957 98,308
  Outfront Media Inc. 5,139,075 94,559
  Uniti Group Inc. 9,442,595 51,462
  Safehold Inc. 1,798,679 29,156
1 Farmland Partners Inc. 1,770,234 20,659
1 Gladstone Land Corp. 1,316,078 14,293
            3,644,801
Retail REITs (11.6%)
  Simon Property Group Inc. 12,614,000 2,193,070
  Realty Income Corp. 33,692,327 1,840,949
  Kimco Realty Corp. 26,088,186 585,680
  Regency Centers Corp. 6,673,594 479,431
  Federal Realty Investment Trust 2,912,849 316,423
  Brixmor Property Group Inc. 11,656,613 303,771
1 Agree Realty Corp. 3,892,414 282,472
  NNN REIT Inc. 7,104,033 279,828
  Macerich Co. 9,613,569 199,770
  Kite Realty Group Trust 8,497,106 196,708
2

 

Real Estate Index Fund
          Shares Market
Value•
($000)
  Phillips Edison & Co. Inc. 4,738,406 172,146
  Tanger Inc. 4,230,033 138,830
  Urban Edge Properties 4,693,198 95,460
  Acadia Realty Trust 4,074,635 93,880
  Curbline Properties Corp. 3,650,596 89,330
1 InvenTrust Properties Corp. 2,984,943 88,772
  Retail Opportunity Investments Corp. 4,927,448 86,083
  Getty Realty Corp. 1,990,252 61,718
1 NETSTREIT Corp. 2,989,717 43,291
  SITE Centers Corp. 1,825,880 27,352
  Whitestone REIT 1,644,207 22,032
  Saul Centers Inc. 515,098 18,811
  Alexander's Inc. 88,794 16,866
  CBL & Associates Properties Inc. 469,866 14,383
*,2 Spirit MTA REIT 2,071,263 186
            7,647,242
Self-Storage REITs (5.4%)
  Public Storage 6,094,304 1,819,028
  Extra Space Storage Inc. 8,199,756 1,262,763
  CubeSmart 8,711,031 363,250
  National Storage Affiliates Trust 2,791,531 103,705
            3,548,746
Single-Family Residential REITs (3.4%)
  Invitation Homes Inc. 22,520,492 701,513
  Sun Communities Inc. 4,822,435 610,038
  Equity LifeStyle Properties Inc. 6,854,142 448,604
  American Homes 4 Rent Class A 12,737,054 441,084
  UMH Properties Inc. 2,884,138 51,886
            2,253,125
Telecom Tower REITs (8.6%)
  American Tower Corp. 18,070,773 3,342,189
  Crown Castle Inc. 16,813,050 1,501,069
  SBA Communications Corp. Class A 4,158,645 821,582
            5,664,840
Timber REITs (1.8%)
  Weyerhaeuser Co. 28,142,699 861,729
  Rayonier Inc. 5,689,962 148,736
  PotlatchDeltic Corp. 3,052,264 136,528
            1,146,993
Total Equity Real Estate Investment Trusts (REITs) (Cost $57,488,561) 60,698,607
Real Estate Management & Development (7.4%)
Diversified Real Estate Activities (0.2%)
  St. Joe Co. 1,581,014 76,047
* Tejon Ranch Co. 776,852 12,600
  RMR Group Inc. Class A 610,486 11,398
            100,045
Real Estate Development (0.2%)
*,1 Howard Hughes Holdings Inc. 1,263,231 96,473
* Forestar Group Inc. 784,036 18,707
            115,180
Real Estate Operating Companies (0.1%)
  Kennedy-Wilson Holdings Inc. 4,254,603 38,504
1 Landbridge Co. LLC Class A 494,295 32,065
*,1 Seritage Growth Properties Class A 1,315,811 4,921
            75,490
Real Estate Services (6.9%)
* CBRE Group Inc. Class A 11,856,097 1,716,052
* CoStar Group Inc. 15,856,504 1,214,608
* Jones Lang LaSalle Inc. 1,835,984 519,216
* Zillow Group Inc. Class C 5,948,905 489,119
* Zillow Group Inc. Class A 2,098,167 166,175
* Cushman & Wakefield plc 8,867,428 122,282
* Compass Inc. Class A 16,610,824 120,428
  Newmark Group Inc. Class A 5,461,627 77,173
  Marcus & Millichap Inc. 974,056 37,170
* Redfin Corp. 4,356,431 34,851
3

 

Real Estate Index Fund
          Shares Market
Value•
($000)
1 eXp World Holdings Inc. 2,975,305 33,859
* Opendoor Technologies Inc. 23,112,550 31,895
* Anywhere Real Estate Inc. 3,872,212 13,979
            4,576,807
Total Real Estate Management & Development (Cost $4,408,090) 4,867,522
Temporary Cash Investments (0.6%)
Money Market Fund (0.6%)
6,7 Vanguard Market Liquidity Fund, 4.371% (Cost $403,270) 4,033,379 403,298
Total Investments (100.2%) (Cost $62,299,921)   65,969,427
Other Assets and Liabilities—Net (-0.2%)   (123,639)
Net Assets (100%)   65,845,788
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 $162,745,000.
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 $171,027,000 was received for securities on loan.
  REIT—Real Estate Investment Trust.
Derivative Financial Instruments Outstanding as of Period End
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 94,289 (4.438) — (3,260)
Redfin Corp. 1/30/26 GSI 2,800 (4.334) — —
VICI Properties Inc. Class A 8/29/25 BANA 99,314 (5.088) 2,968 —
Welltower Inc. 8/29/25 BANA 63,015 (4.488) 4,997 —
          7,965 (3,260)
1 Based on 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.
At January 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $6,396,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
4

 

Real Estate Index Fund
Statement of Assets and Liabilities
As of January 31, 2025
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value1  
Unaffiliated Issuers (Cost $54,019,207) 56,406,265
Affiliated Issuers (Cost $403,270) 403,298
Vanguard Real Estate II Index Fund (Cost $7,877,444) 9,159,864
Total Investments in Securities 65,969,427
Investment in Vanguard 1,495
Cash 30,633
Receivables for Investment Securities Sold 2,173
Receivables for Accrued Income 39,762
Receivables for Capital Shares Issued 40,681
Unrealized Appreciation—Over-the-Counter Swap Contracts 7,965
Total Assets 66,092,136
Liabilities  
Payables for Investment Securities Purchased 41,572
Collateral for Securities on Loan 171,027
Payables for Capital Shares Redeemed 27,282
Payables to Vanguard 3,207
Unrealized Depreciation—Over-the-Counter Swap Contracts 3,260
Total Liabilities 246,348
Net Assets 65,845,788
1 Includes $162,745,000 of securities on loan.  

At January 31, 2025, net assets consisted of:
   
Paid-in Capital 67,141,665
Total Distributable Earnings (Loss) (1,295,877)
Net Assets 65,845,788
 
Investor Shares—Net Assets  
Applicable to 2,638,094 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		79,440
Net Asset Value Per Share—Investor Shares $30.11
 
ETF Shares—Net Assets  
Applicable to 387,682,990 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		35,126,904
Net Asset Value Per Share—ETF Shares $90.61
 
Admiral™ Shares—Net Assets  
Applicable to 159,725,763 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		20,511,103
Net Asset Value Per Share—Admiral Shares $128.41
 
Institutional Shares—Net Assets  
Applicable to 509,595,485 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		10,128,341
Net Asset Value Per Share—Institutional Shares $19.88
See accompanying Notes, which are an integral part of the Financial Statements.
5

 

Real Estate Index Fund
Statement of Operations
  Year Ended
January 31, 2025
  ($000)
Investment Income  
Income  
Dividends—Unaffiliated Issuers 1,627,691
Dividends—Vanguard Real Estate II Index Fund 253,552
Interest—Unaffiliated Issuers 189
Interest—Affiliated Issuers 8,101
Securities Lending—Net 2,843
Total Income 1,892,376
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 1,151
Management and Administrative—Investor Shares 200
Management and Administrative—ETF Shares 34,699
Management and Administrative—Admiral Shares 21,608
Management and Administrative—Institutional Shares 8,952
Marketing and Distribution—Investor Shares 4
Marketing and Distribution—ETF Shares 1,355
Marketing and Distribution—Admiral Shares 906
Marketing and Distribution—Institutional Shares 338
Custodian Fees 114
Auditing Fees 39
Shareholders’ Reports and Proxy Fees—Investor Shares 2
Shareholders’ Reports and Proxy Fees—ETF Shares 2,797
Shareholders’ Reports and Proxy Fees—Admiral Shares 737
Shareholders’ Reports and Proxy Fees—Institutional Shares 333
Trustees’ Fees and Expenses 37
Other Expenses 40
Total Expenses 73,312
Net Investment Income 1,819,064
Realized Net Gain (Loss)  
Capital Gain Distributions Received—Unaffiliated Issuers 229,434
Capital Gain Distributions Received—Vanguard Real Estate II Index Fund —
Investment Securities Sold—Unaffiliated Issuers1 675,476
Investment Securities Sold—Affiliated Issuers 6
Investment Securities Sold—Vanguard Real Estate II Index Fund —
Swap Contracts 26,695
Realized Net Gain (Loss) 931,611
Change in Unrealized Appreciation (Depreciation)  
Investment Securities—Unaffiliated Issuers 4,014,043
Investment Securities—Affiliated Issuers (41)
Investment Securities—Vanguard Real Estate II Index Fund 746,909
Swap Contracts 10,403
Change in Unrealized Appreciation (Depreciation) 4,771,314
Net Increase (Decrease) in Net Assets Resulting from Operations 7,521,989
1 Includes $1,717,582,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
6

 

Real Estate Index Fund
Statement of Changes in Net Assets
  Year Ended January 31,
  2025
($000) 		2024
($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 1,819,064 1,899,119
Realized Net Gain (Loss) 931,611 277,070
Change in Unrealized Appreciation (Depreciation) 4,771,314 (5,161,675)
Net Increase (Decrease) in Net Assets Resulting from Operations 7,521,989 (2,985,486)
Distributions    
Net Investment Income and/or Realized Capital Gains    
Investor Shares (2,305) (2,871)
ETF Shares (1,010,254) (1,004,365)
Admiral Shares (601,430) (620,267)
Institutional Shares (303,772) (301,203)
Return of Capital    
Investor Shares (723) (994)
ETF Shares (317,245) (347,576)
Admiral Shares (188,864) (214,652)
Institutional Shares (95,392) (104,235)
Total Distributions (2,519,985) (2,596,163)
Capital Share Transactions    
Investor Shares (13,347) (30,815)
ETF Shares 217,195 (1,415,940)
Admiral Shares (947,161) (516,200)
Institutional Shares (621,858) 80,493
Net Increase (Decrease) from Capital Share Transactions (1,365,171) (1,882,462)
Total Increase (Decrease) 3,636,833 (7,464,111)
Net Assets    
Beginning of Period 62,208,955 69,673,066
End of Period 65,845,788 62,208,955
See accompanying Notes, which are an integral part of the Financial Statements.
7

 

Real Estate Index Fund
Financial Highlights
Investor Shares          
For a Share Outstanding
Throughout Each Period 		Year Ended January 31,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $27.89 $30.26 $35.37 $28.23 $31.21
Investment Operations          
Net Investment Income1 .774 .787 .684 .602 .586
Net Realized and Unrealized Gain (Loss) on Investments 2.544 (2.036) (4.766) 7.475 (2.498)
Total from Investment Operations 3.318 (1.249) (4.082) 8.077 (1.912)
Distributions          
Dividends from Net Investment Income (.836) (.833) (.686) (.620) (.624)
Distributions from Realized Capital Gains — — — — —
Return of Capital (.262) (.288) (.342) (.317) (.444)
Total Distributions (1.098) (1.121) (1.028) (.937) (1.068)
Net Asset Value, End of Period $30.11 $27.89 $30.26 $35.37 $28.23
Total Return2 12.07% -3.91% -11.39% 28.73% -5.88%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $79 $86 $127 $196 $188
Ratio of Total Expenses to Average Net Assets 0.26% 0.26% 0.26%3 0.26% 0.26%
Acquired Fund Fees and Expenses4 0.01% 0.01% — — —
Ratio of Net Investment Income to Average Net Assets 2.62% 2.87% 2.18% 1.77% 2.18%
Portfolio Turnover Rate5 7% 9% 7% 7% 8%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The 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.
See accompanying Notes, which are an integral part of the Financial Statements.
8

 

Real Estate Index Fund
Financial Highlights
ETF Shares          
For a Share Outstanding
Throughout Each Period 		Year Ended January 31,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $83.94 $91.06 $106.44 $84.96 $93.93
Investment Operations          
Net Investment Income1 2.473 2.527 2.240 1.960 1.889
Net Realized and Unrealized Gain (Loss) on Investments 7.631 (6.154) (14.394) 22.486 (7.525)
Total from Investment Operations 10.104 (3.627) (12.154) 24.446 (5.636)
Distributions          
Dividends from Net Investment Income (2.613) (2.595) (2.152) (1.943) (1.947)
Distributions from Realized Capital Gains — — — — —
Return of Capital (.821) (.898) (1.074) (1.023) (1.387)
Total Distributions (3.434) (3.493) (3.226) (2.966) (3.334)
Net Asset Value, End of Period $90.61 $83.94 $91.06 $106.44 $84.96
Total Return 12.22% -3.81% -11.25% 28.88% -5.80%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $35,127 $32,359 $36,825 $46,673 $32,064
Ratio of Total Expenses to Average Net Assets 0.12% 0.12% 0.12%2 0.12% 0.12%
Acquired Fund Fees and Expenses3 0.01% 0.01% — — —
Ratio of Net Investment Income to Average Net Assets 2.78% 3.07% 2.38% 1.90% 2.33%
Portfolio Turnover Rate4 7% 9% 7% 7% 8%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
9

 

Real Estate Index Fund
Financial Highlights
Admiral Shares          
For a Share Outstanding
Throughout Each Period 		Year Ended January 31,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $118.96 $129.05 $150.85 $120.40 $133.12
Investment Operations          
Net Investment Income1 3.495 3.613 3.201 2.761 2.677
Net Realized and Unrealized Gain (Loss) on Investments 10.820 (8.752) (20.428) 31.890 (10.672)
Total from Investment Operations 14.315 (5.139) (17.227) 34.651 (7.995)
Distributions          
Dividends from Net Investment Income (3.702) (3.678) (3.050) (2.770) (2.759)
Distributions from Realized Capital Gains — — — — —
Return of Capital (1.163) (1.273) (1.523) (1.431) (1.966)
Total Distributions (4.865) (4.951) (4.573) (4.201) (4.725)
Net Asset Value, End of Period $128.41 $118.96 $129.05 $150.85 $120.40
Total Return2 12.22% -3.75% -11.26% 28.91% -5.74%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $20,511 $19,879 $22,110 $25,764 $19,702
Ratio of Total Expenses to Average Net Assets 0.12% 0.12% 0.12%3 0.12% 0.12%
Acquired Fund Fees and Expenses4 0.01% 0.01% — — —
Ratio of Net Investment Income to Average Net Assets 2.77% 3.10% 2.41% 1.90% 2.33%
Portfolio Turnover Rate5 7% 9% 7% 7% 8%
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The 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.
See accompanying Notes, which are an integral part of the Financial Statements.
10

 

Real Estate Index Fund
Financial Highlights
Institutional Shares          
For a Share Outstanding
Throughout Each Period 		Year Ended January 31,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $18.41 $19.97 $23.35 $18.64 $20.60
Investment Operations          
Net Investment Income1 .542 .565 .500 .432 .421
Net Realized and Unrealized Gain (Loss) on Investments 1.685 (1.355) (3.168) 4.933 (1.646)
Total from Investment Operations 2.227 (.790) (2.668) 5.365 (1.225)
Distributions          
Dividends from Net Investment Income (.576) (.572) (.475) (.432) (.429)
Distributions from Realized Capital Gains — — — — —
Return of Capital (.181) (.198) (.237) (.223) (.306)
Total Distributions (.757) (.770) (.712) (.655) (.735)
Net Asset Value, End of Period $19.88 $18.41 $19.97 $23.35 $18.64
Total Return 12.28% -3.73% -11.27% 28.91% -5.68%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $10,128 $9,885 $10,610 $12,089 $9,478
Ratio of Total Expenses to Average Net Assets 0.10% 0.10% 0.10%2 0.10% 0.10%
Acquired Fund Fees and Expenses3 0.01% 0.01% — — —
Ratio of Net Investment Income to Average Net Assets 2.78% 3.13% 2.43% 1.92% 2.37%
Portfolio Turnover Rate4 7% 9% 7% 7% 8%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
11

 

Real Estate Index Fund
Notes to Financial Statements
Vanguard Real Estate Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor 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 NYSE Arca; they can be purchased and sold through a broker.
As a part of its principal investment strategy, the fund attempts to replicate its benchmark index by investing all, or substantially all, of its assets—either directly or indirectly through a wholly owned subsidiary—in the stocks that make up the index. Vanguard Real Estate II Index Fund (“the Subsidiary”) is the wholly owned subsidiary in which the fund has invested a portion of its assets. Expenses of the Subsidiary are reflected in the Acquired Fund Fees and Expenses in the Financial Highlights. For additional financial information about the Subsidiary, refer to the accompanying financial statements.
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. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. 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.
Investments in affiliated Vanguard funds are valued at that fund's net asset value.
2. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
During the year ended January 31, 2025, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
3. 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.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. The portion of distributions that exceed a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. 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.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the
12

 

Real Estate Index Fund
securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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 year ended January 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
7. Other: Distributions received from investment securities are recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Each investment security reports annually the tax character of its distributions. Dividend income, capital gain distributions received, and unrealized appreciation (depreciation) reflect the amounts of taxable income, capital gain, and return of capital reported by the REITs, and management’s estimates of such amounts for REIT distributions for which actual information has not been reported. Income, capital gain, and return of capital distributions received from affiliated Vanguard funds are recorded on ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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 those of the specific 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), shareholder reporting, and proxy fees. 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.
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 January 31, 2025, the fund had contributed to Vanguard capital in the amount of $1,495,000, representing less than 0.01% of the fund’s net assets and 0.60% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C.  Various inputs may be used to determine the value of the fund’s investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
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Real Estate Index Fund
The following table summarizes the market value of the fund's investments and derivatives as of January 31, 2025, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks 65,565,935 — 194 65,566,129
Temporary Cash Investments 403,298 — — 403,298
Total 65,969,233 — 194 65,969,427
Derivative Financial Instruments        
Assets        
Swap Contracts — 7,965 — 7,965
Liabilities        
Swap Contracts — (3,260) — (3,260)
D.  Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for in-kind redemptions and swap agreements were reclassified between the following accounts:
  Amount
($000)
Paid-in Capital 1,726,329
Total Distributable Earnings (Loss) (1,726,329)
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to capital loss carryforwards; the deferral of qualified late-year losses; the deferral of losses from wash sales; the deferral of income from real estate investment trusts; and the recognition of unrealized gains or losses from certain derivative contracts. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
  Amount
($000)
Undistributed Ordinary Income —
Undistributed Long-Term Gains —
Net Unrealized Gains (Losses) 3,342,084
Capital Loss Carryforwards (4,736,972)
Qualified Late-Year Losses (7,465)
Other Temporary Differences 106,476
Total (1,295,877)
The tax character of distributions paid was as follows:
  Year Ended January 31,
  2025
Amount
($000) 		2024
Amount
($000)
Ordinary Income* 1,917,761 1,928,706
Long-Term Capital Gains — —
Return of Capital 602,224 667,457
Total 2,519,985 2,596,163
* Includes short-term capital gains, if any.
As of January 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 62,627,343
Gross Unrealized Appreciation 10,680,353
Gross Unrealized Depreciation (7,338,269)
Net Unrealized Appreciation (Depreciation) 3,342,084
14

 

Real Estate Index Fund
E.  During the year ended January 31, 2025, the fund purchased $4,360,076,000 of investment securities and sold $5,846,737,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $5,878,402,000 and $5,853,891,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2025, such purchases were $126,000 and sales were $10,275,000, resulting in net realized loss of $516,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
F.  Capital share transactions for each class of shares were:
  Year Ended January 31,
  2025   2024
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 7,055 239   7,901 286
Issued in Lieu of Cash Distributions 3,028 104   3,865 145
Redeemed (23,430) (805)   (42,581) (1,536)
Net Increase (Decrease)—Investor Shares (13,347) (462)   (30,815) (1,105)
ETF Shares          
Issued 6,074,790 68,377   5,219,768 62,577
Issued in Lieu of Cash Distributions — —   — —
Redeemed (5,857,595) (66,200)   (6,635,708) (81,500)
Net Increase (Decrease)—ETF Shares 217,195 2,177   (1,415,940) (18,923)
Admiral Shares          
Issued 2,272,459 18,159   2,321,785 19,988
Issued in Lieu of Cash Distributions 699,132 5,607   735,078 6,445
Redeemed (3,918,752) (31,144)   (3,573,063) (30,661)
Net Increase (Decrease)—Admiral Shares (947,161) (7,378)   (516,200) (4,228)
Institutional Shares          
Issued 1,697,501 88,687   1,713,612 95,042
Issued in Lieu of Cash Distributions 383,313 19,892   384,847 21,798
Redeemed (2,702,672) (135,862)   (2,017,966) (111,179)
Net Increase (Decrease)—Institutional Shares (621,858) (27,283)   80,493 5,661
G.  Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:
    Current Period Transactions  
  Jan. 31, 2024
Market Value
($000) 		Purchases
at Cost
($000) 		Proceeds
from
Securities
Sold1
($000) 		Realized
Net Gain
(Loss)
($000) 		Change in
Unrealized
App. (Dep.)
($000) 		Income
($000) 		Capital Gain
Distributions
Received
($000) 		Jan. 31, 2025
Market Value
($000)
Vanguard Market Liquidity Fund 488,498 NA2 NA2 6 (41) 8,101 — 403,298
Vanguard Real Estate II Index Fund 8,159,403 334,580 — — 746,909 253,552 — 9,159,864
Total 8,647,901 334,580 — 6 746,868 261,653 — 9,563,162
1 Does not include adjustments related to return of capital.
2 Not applicable—purchases and sales are for temporary cash investment purposes.
H.  Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
15

 

Real Estate Index Fund
I.  The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
J.  Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.
16

 

Real Estate II Index Fund
Financial Statements
Schedule of Investments
As of January 31, 2025
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.
          Shares Market
Value•
($000)
Equity Real Estate Investment Trusts (REITs) (91.2%)
Data Center REITs (9.6%)
  Equinix Inc. 612,187 559,331
  Digital Realty Trust Inc. 2,111,081 345,922
            905,253
Diversified REITs (1.9%)
  WP Carey Inc. 1,411,298 78,906
  Essential Properties Realty Trust Inc. 1,129,821 36,267
  Broadstone Net Lease Inc. 1,215,441 19,131
  Global Net Lease Inc. 1,271,032 9,139
  Empire State Realty Trust Inc. Class A 905,073 8,653
  Alexander & Baldwin Inc. 468,654 8,365
  American Assets Trust Inc. 314,928 7,646
  Armada Hoffler Properties Inc. 513,004 5,017
  Gladstone Commercial Corp. 274,348 4,447
  One Liberty Properties Inc. 108,982 2,798
  CTO Realty Growth Inc. 132,790 2,607
  NexPoint Diversified Real Estate Trust 218,251 1,207
            184,183
Health Care REITs (12.1%)
  Welltower Inc. 3,988,003 544,284
  Ventas Inc. 2,674,313 161,582
  Alexandria Real Estate Equities Inc. 1,014,673 98,778
  Healthpeak Properties Inc. 4,508,259 93,141
  Omega Healthcare Investors Inc. 1,662,908 61,627
  Healthcare Realty Trust Inc. Class A 2,340,590 39,205
  American Healthcare REIT Inc. 978,922 27,694
  CareTrust REIT Inc. 995,105 26,370
  Sabra Health Care REIT Inc. 1,509,747 25,228
  National Health Investors Inc. 298,063 20,301
1 Medical Properties Trust Inc. 3,678,773 17,253
  LTC Properties Inc. 279,753 9,623
  Sila Realty Trust Inc. 354,003 8,801
  Community Healthcare Trust Inc. 182,389 3,617
  Universal Health Realty Income Trust 84,196 3,287
  Global Medical REIT Inc. 403,357 3,162
  Diversified Healthcare Trust 1,079,655 2,678
            1,146,631
Hotel & Resort REITs (2.3%)
  Host Hotels & Resorts Inc. 4,528,768 75,676
  Ryman Hospitality Properties Inc. 367,080 38,485
  Apple Hospitality REIT Inc. 1,472,276 22,732
  Sunstone Hotel Investors Inc. 1,244,567 14,101
  Park Hotels & Resorts Inc. 945,145 12,750
  DiamondRock Hospitality Co. 1,337,791 11,746
  Pebblebrook Hotel Trust 779,084 10,229
  Xenia Hotels & Resorts Inc. 656,784 9,825
  RLJ Lodging Trust 998,651 9,737
  Summit Hotel Properties Inc. 703,795 4,722
  Service Properties Trust 1,005,601 2,866
  Chatham Lodging Trust 316,594 2,767
            215,636
Industrial REITs (11.1%)
  Prologis Inc. 5,969,746 711,892
  Rexford Industrial Realty Inc. 1,415,393 57,550
  EastGroup Properties Inc. 314,181 53,292
  First Industrial Realty Trust Inc. 853,496 45,568
  Terreno Realty Corp. 624,317 40,843
  STAG Industrial Inc. 1,173,478 40,110
  Americold Realty Trust Inc. 1,739,190 38,001
17

 

Real Estate II Index Fund
          Shares Market
Value•
($000)
  Lineage Inc. 440,404 26,424
  LXP Industrial Trust 1,896,019 15,775
  Innovative Industrial Properties Inc. 182,190 13,059
  Plymouth Industrial REIT Inc. 263,334 4,424
            1,046,938
Multi-Family Residential REITs (8.7%)
  AvalonBay Communities Inc. 917,094 203,146
  Equity Residential 2,200,364 155,412
  Essex Property Trust Inc. 414,005 117,813
  Mid-America Apartment Communities Inc. 753,616 114,987
  UDR Inc. 2,020,878 84,351
  Camden Property Trust 687,468 78,172
  Independence Realty Trust Inc. 1,488,728 28,598
  Elme Communities 567,664 8,663
  Veris Residential Inc. 539,113 8,593
  Apartment Investment & Management Co. Class A 821,415 7,426
  Centerspace 98,338 5,974
  NexPoint Residential Trust Inc. 146,985 5,803
  BRT Apartments Corp. 71,899 1,232
            820,170
Office REITs (3.3%)
  BXP Inc. 967,403 70,756
  Vornado Realty Trust 1,044,161 45,171
  Cousins Properties Inc. 981,076 29,952
1 SL Green Realty Corp. 417,819 28,157
  Kilroy Realty Corp. 717,817 28,009
  COPT Defense Properties 726,518 21,389
  Highwoods Properties Inc. 682,857 20,342
  Douglas Emmett Inc. 1,078,234 19,796
  JBG SMITH Properties 528,770 8,201
  Easterly Government Properties Inc. Class A 633,116 7,192
  Piedmont Office Realty Trust Inc. Class A 802,012 7,010
  Brandywine Realty Trust 1,119,341 6,145
  Paramount Group Inc. 1,130,146 5,527
* NET Lease Office Properties 95,846 3,059
  Hudson Pacific Properties Inc. 814,227 2,549
  Peakstone Realty Trust 235,163 2,528
  Orion Office REIT Inc. 333,923 1,352
  Office Properties Income Trust 340,407 309
            307,444
Other Specialized REITs (6.6%)
  VICI Properties Inc. Class A 6,753,210 201,043
  Iron Mountain Inc. 1,891,530 192,123
  Gaming & Leisure Properties Inc. 1,769,954 85,648
  Lamar Advertising Co. Class A 566,563 71,625
  EPR Properties 487,509 22,474
  Four Corners Property Trust Inc. 598,167 16,408
  Outfront Media Inc. 855,426 15,740
  Uniti Group Inc. 1,574,487 8,581
  Safehold Inc. 298,789 4,843
  Farmland Partners Inc. 295,195 3,445
  Gladstone Land Corp. 220,999 2,400
            624,330
Retail REITs (13.3%)
  Simon Property Group Inc. 2,102,142 365,478
  Realty Income Corp. 5,315,736 290,452
  Kimco Realty Corp. 4,347,129 97,593
  Regency Centers Corp. 1,111,883 79,878
  Federal Realty Investment Trust 485,797 52,772
  Brixmor Property Group Inc. 1,943,776 50,655
1 Agree Realty Corp. 648,898 47,091
  NNN REIT Inc. 1,183,791 46,630
  Macerich Co. 1,602,682 33,304
  Kite Realty Group Trust 1,416,051 32,782
  Phillips Edison & Co. Inc. 789,817 28,694
  Tanger Inc. 705,213 23,145
  Urban Edge Properties 782,664 15,919
  Acadia Realty Trust 677,947 15,619
18

 

Real Estate II Index Fund
          Shares Market
Value•
($000)
  Curbline Properties Corp. 609,201 14,907
  InvenTrust Properties Corp. 497,670 14,801
  Retail Opportunity Investments Corp. 822,693 14,372
  Getty Realty Corp. 331,096 10,267
  NETSTREIT Corp. 500,282 7,244
  SITE Centers Corp. 302,531 4,532
  Whitestone REIT 274,675 3,681
  Saul Centers Inc. 84,612 3,090
  Alexander's Inc. 14,858 2,822
  CBL & Associates Properties Inc. 78,508 2,403
*,2 Spirit MTA REIT 257,871 23
            1,258,154
Self-Storage REITs (6.3%)
  Public Storage 1,015,647 303,150
  Extra Space Storage Inc. 1,366,532 210,446
  CubeSmart 1,451,757 60,538
  National Storage Affiliates Trust 465,245 17,284
            591,418
Single-Family Residential REITs (4.0%)
  Invitation Homes Inc. 3,751,486 116,859
  Sun Communities Inc. 803,818 101,683
  Equity LifeStyle Properties Inc. 1,142,399 74,770
  American Homes 4 Rent Class A 2,123,909 73,551
  UMH Properties Inc. 479,918 8,633
            375,496
Telecom Tower REITs (10.0%)
  American Tower Corp. 3,011,647 557,004
  Crown Castle Inc. 2,802,061 250,168
  SBA Communications Corp. Class A 692,989 136,907
            944,079
Timber REITs (2.0%)
  Weyerhaeuser Co. 4,689,537 143,594
  Rayonier Inc. 948,414 24,791
  PotlatchDeltic Corp. 508,156 22,730
            191,115
Total Equity Real Estate Investment Trusts (REITs) (Cost $7,308,003) 8,610,847
Real Estate Management & Development (8.6%)
Diversified Real Estate Activities (0.2%)
  St. Joe Co. 263,931 12,695
* Tejon Ranch Co. 129,040 2,093
  RMR Group Inc. Class A 102,067 1,906
            16,694
Real Estate Development (0.2%)
* Howard Hughes Holdings Inc. 210,768 16,096
* Forestar Group Inc. 130,979 3,125
            19,221
Real Estate Operating Companies (0.1%)
  Kennedy-Wilson Holdings Inc. 710,457 6,430
1 Landbridge Co. LLC Class A 82,442 5,348
* Seritage Growth Properties Class A 226,514 847
            12,625
Real Estate Services (8.1%)
* CBRE Group Inc. Class A 1,975,587 285,946
* CoStar Group Inc. 2,641,941 202,373
* Jones Lang LaSalle Inc. 305,934 86,518
* Zillow Group Inc. Class C 992,295 81,587
* Zillow Group Inc. Class A 348,624 27,611
* Cushman & Wakefield plc 1,476,571 20,362
* Compass Inc. Class A 2,770,249 20,084
  Newmark Group Inc. Class A 911,137 12,874
* Redfin Corp. 787,496 6,300
  Marcus & Millichap Inc. 161,838 6,176
1 eXp World Holdings Inc. 494,269 5,625
* Opendoor Technologies Inc. 3,860,556 5,328
19

 

Real Estate II Index Fund
          Shares Market
Value•
($000)
* Anywhere Real Estate Inc. 651,605 2,352
            763,136
Total Real Estate Management & Development (Cost $680,051) 811,676
Temporary Cash Investments (0.3%)
Money Market Fund (0.3%)
3,4 Vanguard Market Liquidity Fund, 4.371% (Cost $31,336) 313,414 31,338
Total Investments (100.1%) (Cost $8,019,390)   9,453,861
Other Assets and Liabilities—Net (-0.1%)   (8,613)
Net Assets (100%)   9,445,248
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 $14,262,000.
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 $14,994,000 was received for securities on loan.
  REIT—Real Estate Investment Trust.
Derivative Financial Instruments Outstanding as of Period End
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)
Park Hotels & Resorts Inc. 1/30/26 GSI 5,396 (4.334) — —
Realty Income Corp. 8/29/25 BANA 16,023 (4.438) 391 —
          391 —
1 Based on 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.
At January 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $768,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
20

 

Real Estate II Index Fund
Statement of Assets and Liabilities
As of January 31, 2025
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value1  
Unaffiliated Issuers (Cost $7,988,054) 9,422,523
Affiliated Issuers (Cost $31,336) 31,338
Total Investments in Securities 9,453,861
Investment in Vanguard 251
Cash 2,588
Cash Collateral Pledged—Over-the-Counter Swap Contracts 400
Receivables for Investment Securities Sold 342
Receivables for Accrued Income 6,595
Receivables for Capital Shares Issued 106
Unrealized Appreciation—Over-the-Counter Swap Contracts 391
Total Assets 9,464,534
Liabilities  
Payables for Investment Securities Purchased 3,963
Collateral for Securities on Loan 14,994
Payables to Vanguard 329
Total Liabilities 19,286
Net Assets 9,445,248
1 Includes $14,262,000 of securities on loan.  

At January 31, 2025, net assets consisted of:
   
Paid-in Capital 8,134,853
Total Distributable Earnings (Loss) 1,310,395
Net Assets 9,445,248
   
Net Assets  
Applicable to 433,724,207 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		9,445,248
Net Asset Value Per Share $21.78
See accompanying Notes, which are an integral part of the Financial Statements.
21

 

Real Estate II Index Fund
Statement of Operations
  Year Ended
January 31, 2025
  ($000)
Investment Income  
Income  
Dividends 261,047
Interest1 994
Securities Lending—Net 366
Total Income 262,407
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 150
Management and Administrative 6,855
Marketing and Distribution 144
Custodian Fees 53
Auditing Fees 39
Shareholders’ Reports and Proxy Fees 17
Trustees’ Fees and Expenses 5
Other Expenses 17
Total Expenses 7,280
Net Investment Income 255,127
Realized Net Gain (Loss)  
Capital Gain Distributions Received 36,952
Investment Securities Sold1 (60,639)
Swap Contracts (3,956)
Realized Net Gain (Loss) (27,643)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 809,776
Swap Contracts 1,221
Change in Unrealized Appreciation (Depreciation) 810,997
Net Increase (Decrease) in Net Assets Resulting from Operations 1,038,481
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $964,000, $6,000, and ($2,000), respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
22

 

Real Estate II Index Fund
Statement of Changes in Net Assets
  Year Ended January 31,
  2025
($000) 		2024
($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 255,127 253,107
Realized Net Gain (Loss) (27,643) (75,054)
Change in Unrealized Appreciation (Depreciation) 810,997 (496,890)
Net Increase (Decrease) in Net Assets Resulting from Operations 1,038,481 (318,837)
Distributions    
Net Investment Income and/or Realized Capital Gains (262,200) (254,199)
Return of Capital (83,536) (88,901)
Total Distributions (345,736) (343,100)
Capital Share Transactions    
Issued 46,455 70,851
Issued in Lieu of Cash Distributions 345,736 343,100
Redeemed (65,552) (15,985)
Net Increase (Decrease) from Capital Share Transactions 326,639 397,966
Total Increase (Decrease) 1,019,384 (263,971)
Net Assets    
Beginning of Period 8,425,864 8,689,835
End of Period 9,445,248 8,425,864
See accompanying Notes, which are an integral part of the Financial Statements.
23

 

Real Estate II Index Fund
Financial Highlights
For a Share Outstanding
Throughout Each Period 		Year Ended January 31,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $20.16 $21.86 $25.69 $20.50 $22.64
Investment Operations          
Net Investment Income1 .599 .620 .558 .484 .471
Net Realized and Unrealized Gain (Loss) on Investments 1.836 (1.476) (3.493) 5.427 (1.808)
Total from Investment Operations 2.435 (.856) (2.935) 5.911 (1.337)
Distributions          
Dividends from Net Investment Income (.618) (.625) (.528) (.477) (.465)
Distributions from Realized Capital Gains — — (.238) (.034) —
Return of Capital (.197) (.219) (.129) (.210) (.338)
Total Distributions (.815) (.844) (.895) (.721) (.803)
Net Asset Value, End of Period $21.78 $20.16 $21.86 $25.69 $20.50
Total Return 12.26% -3.68% -11.23% 28.96% -5.70%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $9,445 $8,426 $8,690 $9,542 $7,400
Ratio of Total Expenses to Average Net Assets 0.08% 0.08% 0.08%2 0.08% 0.08%
Ratio of Net Investment Income to Average Net Assets 2.80% 3.14% 2.47% 1.95% 2.41%
Portfolio Turnover Rate 4% 6% 5%3 6% 4%
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.
See accompanying Notes, which are an integral part of the Financial Statements.
24

 

Real Estate II Index Fund
Notes to Financial Statements
Vanguard Real Estate II Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund is a wholly owned subsidiary of Vanguard Real Estate Index Fund (“Real Estate Index Fund”), and at January 31, 2025, the Real Estate Index Fund was the record and beneficial owner of 97.0% of the fund’s net assets. As part of the Real Estate Index Fund’s principal investment strategy, it attempts to replicate the benchmark index by investing all, or substantially all, of its assets—either directly or indirectly through the fund—in the stocks that make up the index.
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. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. 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.
Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
2. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
During the year ended January 31, 2025, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
3. 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.
4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. The portion of distributions that exceed a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. 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.
5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
25

 

Real Estate II Index Fund
6. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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 year ended January 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
7. Other: Distributions received from investment securities are recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Each investment security reports annually the tax character of its distributions. Dividend income, capital gain distributions received, and unrealized appreciation (depreciation) reflect the amounts of taxable income, capital gain, and return of capital reported by the REITs, and management’s estimates of such amounts for REIT distributions for which actual information has not been reported. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. 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 those of the specific securities sold.
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 January 31, 2025, the fund had contributed to Vanguard capital in the amount of $251,000, representing less than 0.01% of the fund’s net assets and 0.10% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C.  Various inputs may be used to determine the value of the fund’s investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of January 31, 2025, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments        
Assets        
Common Stocks 9,422,500 — 23 9,422,523
Temporary Cash Investments 31,338 — — 31,338
Total 9,453,838 — 23 9,453,861
Derivative Financial Instruments        
Assets        
Swap Contracts — 391 — 391
D.  Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for swap agreements were reclassified between the individual components of total distributable earnings (loss).
26

 

Real Estate II Index Fund
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to capital loss carryforwards; the deferral of qualified late-year losses; the deferral of losses from wash sales; the deferral of income from real estate investment trusts; and the recognition of unrealized gains or losses from certain derivative contracts. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
  Amount
($000)
Undistributed Ordinary Income —
Undistributed Long-Term Gains —
Net Unrealized Gains (Losses) 1,393,301
Capital Loss Carryforwards (98,660)
Qualified Late-Year Losses (2,082)
Other Temporary Differences 17,836
Total 1,310,395
The tax character of distributions paid was as follows:
  Year Ended January 31,
  2025
Amount
($000) 		2024
Amount
($000)
Ordinary Income* 262,200 254,199
Long-Term Capital Gains — —
Return of Capital 83,536 88,901
Total 345,736 343,100
* Includes short-term capital gains, if any.
As of January 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 8,060,560
Gross Unrealized Appreciation 2,321,781
Gross Unrealized Depreciation (928,480)
Net Unrealized Appreciation (Depreciation) 1,393,301
E.  During the year ended January 31, 2025, the fund purchased $712,764,000 of investment securities and sold $395,060,000 of investment securities, other than temporary cash investments.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the year ended January 31, 2025, such purchases were $40,000 and sales were $1,671,000, resulting in net realized gain of $192,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
F.  Capital shares issued and redeemed were:
  Year Ended January 31,
  2025
Shares
(000) 		2024
Shares
(000)
Issued 2,234 3,562
Issued in Lieu of Cash Distributions 16,360 17,762
Redeemed (2,889) (786)
Net Increase (Decrease) in Shares Outstanding 15,705 20,538
G.  Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
27

 

Real Estate II Index Fund
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
H.  The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
I.  Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.
28

 

Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Specialized Funds and Vanguard Fixed Income Securities Funds and Shareholders of Vanguard Real Estate Index Fund and Vanguard Real Estate II Index Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Vanguard Real Estate Index Fund (one of the funds constituting Vanguard Specialized Funds) and Vanguard Real Estate II Index Fund (one of the funds constituting Vanguard Fixed Income Securities Funds) (hereafter collectively referred to as the "Funds") as of January 31, 2025, the related statements of operations for the year ended January 31, 2025, the statements of changes in net assets for each of the two years in the period ended January 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended January 31, 2025 and each of the financial highlights for each of the five years in the period ended January 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
March 21, 2025
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
29

 

Tax information (unaudited)
The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified dividend income for purposes of the maximum rate under section 1(h)(11) for calendar year 2024.
Fund ($000)
Real Estate Index Fund 36,705
Real Estate II Index Fund 5,032
The following amounts for the fiscal year, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as interest earned from obligations of the U.S. government which is generally exempt from state income tax.
Fund ($000)
Real Estate Index Fund 4,542
Real Estate II Index Fund 546
The following amounts, or if subsequently determined to be different, the maximum amounts allowable by law, are hereby designated as qualified business income under section 199A for calendar year 2024.
Fund ($000)
Real Estate Index Fund 1,763,517
Real Estate II Index Fund 246,666
  
Q1230 032025
30
Financial Statements
For the year ended January 31, 2025
Vanguard GNMA Fund

 

Contents
Financial Statements
1
Report of Independent Registered

Public Accounting Firm
14
Tax information
15
   

 

GNMA Fund
Financial Statements
Schedule of Investments
As of January 31, 2025
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 (97.5%)
U.S. Government Securities (0.6%)
  United States Treasury Inflation Indexed Bonds 1.750% 1/15/34 87,576 85,166
Conventional Mortgage-Backed Securities (91.4%)  
1,2 Fannie Mae Pool 2.120% 5/1/31 20,825 17,853
1,2 Fannie Mae Pool 2.250% 4/1/33 27,145 22,487
1,2 Fannie Mae Pool 2.690% 3/1/37 7,769 6,308
1,2 Fannie Mae Pool 2.950% 6/1/31 1,878 1,693
1,2 Fannie Mae Pool 2.960% 6/1/31 2,213 2,007
1,2 Fannie Mae Pool 3.000% 6/1/43 29,664 26,186
1,2 Fannie Mae Pool 3.010% 8/1/34 2,045 1,752
1,2 Fannie Mae Pool 3.050% 7/1/31 1,924 1,742
1,2 Fannie Mae Pool 3.240% 3/1/28 5,687 5,475
1,2 Fannie Mae Pool 3.260% 12/1/37 4,175 3,498
1,2 Fannie Mae Pool 3.410% 5/1/32 4,100 3,732
1,2 Fannie Mae Pool 3.420% 4/1/31 1,277 1,188
1,2 Fannie Mae Pool 3.460% 9/1/29 5,976 5,684
1,2 Fannie Mae Pool 4.260% 3/1/29 21,795 21,381
1,2 Fannie Mae Pool 4.625% 6/1/28 16,874 16,844
1,2 Fannie Mae Pool 4.820% 4/1/29 36,835 36,881
1,2 Fannie Mae Pool 5.170% 2/1/29 4,590 4,649
1,2 Fannie Mae Pool 5.200% 3/1/29 21,784 22,088
1,2 Freddie Mac Gold Pool 3.000% 6/1/43–1/1/47 7,208 6,283
1,2 Freddie Mac Gold Pool 3.500% 11/1/47–8/1/48 1,339 1,206
1,2 Freddie Mac Gold Pool 4.000% 9/1/30–4/1/44 1,565 1,470
1,2 Freddie Mac Gold Pool 4.500% 4/1/34–2/1/46 17,153 16,698
1,2 Freddie Mac Gold Pool 5.000% 1/1/38–4/1/44 5,949 5,961
1 Ginnie Mae I Pool 2.500% 11/15/42–12/15/46 41,088 35,657
1 Ginnie Mae I Pool 3.000% 1/15/26–3/15/46 315,968 280,057
1 Ginnie Mae I Pool 3.250% 8/15/42 7,379 6,641
1 Ginnie Mae I Pool 3.500% 7/15/39–6/15/48 270,360 247,145
1 Ginnie Mae I Pool 3.750% 7/15/42 883 813
1 Ginnie Mae I Pool 3.875% 10/15/40–6/15/42 12,173 11,344
1 Ginnie Mae I Pool 4.000% 4/15/25–7/15/46 356,524 338,248
1 Ginnie Mae I Pool 4.500% 4/15/33–4/15/44 186,289 181,027
1 Ginnie Mae I Pool 5.000% 11/15/32–7/15/52 165,647 164,829
1 Ginnie Mae I Pool 5.500% 5/15/28–9/15/45 125,258 126,128
1 Ginnie Mae I Pool 6.000% 12/15/27–3/15/40 46,554 47,421
1 Ginnie Mae I Pool 6.500% 3/15/25–7/15/40 43,824 45,034
1 Ginnie Mae I Pool 7.000% 11/15/31–11/15/36 5,016 5,096
1 Ginnie Mae I Pool 7.250% 1/15/27 3 3
1 Ginnie Mae I Pool 7.500% 10/15/31 2,496 2,565
1 Ginnie Mae I Pool 8.000% 8/15/31 990 1,014
1 Ginnie Mae II Pool 1.500% 4/20/44–4/20/52 127,172 97,492
1,3,4 Ginnie Mae II Pool 2.000% 10/20/43–2/15/55 2,413,755 1,935,262
1,3,4 Ginnie Mae II Pool 2.500% 6/20/37–2/15/55 2,220,777 1,863,004
1,3,4 Ginnie Mae II Pool 3.000% 4/20/31–3/15/55 1,731,162 1,519,919
1,3,4,5 Ginnie Mae II Pool 3.500% 10/20/40–2/15/55 1,427,455 1,298,653
1,3,4 Ginnie Mae II Pool 4.000% 4/20/39–2/15/55 352,939 334,699
1,4 Ginnie Mae II Pool 4.500% 12/20/32–2/15/55 752,282 719,651
1,4 Ginnie Mae II Pool 5.000% 10/20/32–2/15/55 808,175 788,685
1,4 Ginnie Mae II Pool 5.500% 1/20/34–2/15/55 538,418 536,603
1,4 Ginnie Mae II Pool 6.000% 4/20/28–2/15/55 840,535 848,086
1,4 Ginnie Mae II Pool 6.500% 4/20/37–2/15/55 207,843 212,150
1 Ginnie Mae II Pool 7.500% 8/20/25 1 1
1,2 UMBS Pool 2.000% 11/1/46–4/1/52 3,618 2,832
1,2 UMBS Pool 2.500% 7/1/27–9/1/46 5,281 4,659
1,2,4 UMBS Pool 3.000% 12/1/25–3/25/55 9,651 9,722
1,2,4 UMBS Pool 3.500% 9/1/46–3/25/55 87,400 79,583
1,2 UMBS Pool 4.000% 5/1/46–6/1/46 1,685 1,568
1,2,4 UMBS Pool 4.500% 12/1/40–2/25/55 3,126 2,967
1

 

GNMA Fund
      Coupon Maturity
Date 		Face
Amount
($000) 		Market
Value•
($000)
1,2,4 UMBS Pool 5.000% 9/1/35–3/25/55 130,524 126,191
1,2,4 UMBS Pool 5.500% 2/1/53–2/25/55 490,920 485,165
1,2,4 UMBS Pool 6.000% 12/1/52–3/25/55 218,113 219,867
1,2 UMBS Pool 6.500% 2/1/29–5/1/40 688 720
            12,813,567
Nonconventional Mortgage-Backed Securities (5.5%)  
1,2,6 Fannie Mae Pool, RFUCCT1Y + 1.560% 6.844% 8/1/43 434 444
1,2,6 Fannie Mae Pool, RFUCCT1Y + 1.580% 7.162% 9/1/44 2,336 2,394
1,2 Fannie Mae REMICS 1.500% 1/25/51 6,060 3,359
1,2 Fannie Mae REMICS 2.000% 9/25/42 2,802 2,596
1,2 Fannie Mae REMICS 2.500% 10/25/42 2,231 2,090
1,2 Fannie Mae REMICS 3.000% 4/25/40–7/25/49 30,302 26,555
1,2 Fannie Mae REMICS 3.500% 7/25/44–4/25/59 67,096 55,569
1,2 Fannie Mae REMICS 5.500% 12/25/51 30,709 30,736
1,2 Fannie Mae REMICS 6.000% 10/25/28–9/25/32 915 936
1,2,6 Freddie Mac Non Gold Pool, RFUCCT1Y + 1.518% 7.268% 10/1/44 533 543
1,2,6 Freddie Mac Non Gold Pool, RFUCCT1Y + 1.600% 7.082% 10/1/44 2,270 2,321
1,2,6 Freddie Mac Non Gold Pool, RFUCCT1Y + 1.616% 7.295% 9/1/44 1,476 1,507
1,2,6 Freddie Mac Non Gold Pool, RFUCCT1Y + 1.620% 6.790% 10/1/44 2,185 2,233
1,2,6 Freddie Mac Non Gold Pool, RFUCCT1Y + 1.620% 6.995% 9/1/43 1,448 1,481
1,2,6 Freddie Mac Non Gold Pool, RFUCCT1Y + 1.620% 7.370% 7/1/44 513 524
1,2,6 Freddie Mac Non Gold Pool, RFUCCT1Y + 1.630% 6.286% 4/1/44 1,851 1,893
1,2,6 Freddie Mac Non Gold Pool, RFUCCT1Y + 1.640% 7.132% 8/1/43 2,128 2,172
1,2 Freddie Mac REMICS 2.000% 4/15/42 2,898 2,627
1,2 Freddie Mac REMICS 2.500% 3/25/52 5,369 3,602
1,2 Freddie Mac REMICS 3.500% 8/15/45–1/25/46 17,562 15,587
1,2 Freddie Mac REMICS 4.000% 6/15/54 4,125 3,199
1,2 Freddie Mac REMICS 6.000% 4/15/28–11/15/32 2,292 2,337
1 Ginnie Mae REMICS 1.000% 8/20/50–6/20/51 28,095 21,048
1 Ginnie Mae REMICS 1.500% 11/20/49–4/16/50 21,500 17,520
1 Ginnie Mae REMICS 1.650% 11/20/45 24,995 22,935
1 Ginnie Mae REMICS 2.000% 7/20/42 16,087 14,534
1 Ginnie Mae REMICS 2.250% 3/16/45–2/20/52 12,216 10,946
1 Ginnie Mae REMICS 2.375% 4/20/44 4,320 3,944
1 Ginnie Mae REMICS 2.500% 12/16/39–2/20/52 203,109 173,398
1 Ginnie Mae REMICS 2.650% 11/17/48 2,311 2,194
1 Ginnie Mae REMICS 3.000% 6/20/39–2/20/52 230,007 195,067
1 Ginnie Mae REMICS 3.000% 7/20/43 3,315 3,021
1 Ginnie Mae REMICS 3.250% 8/20/44–2/20/49 13,418 10,673
1 Ginnie Mae REMICS 3.500% 9/20/44–2/20/49 50,067 44,580
1 Ginnie Mae REMICS 3.691% 10/20/48 10,677 9,562
1 Ginnie Mae REMICS 3.750% 12/16/39 2,403 2,138
1 Ginnie Mae REMICS 4.000% 1/20/45–12/20/48 55,053 52,120
1 Ginnie Mae REMICS 4.500% 6/20/39–4/16/41 17,715 17,193
1 Ginnie Mae REMICS 5.000% 6/16/37 3,965 3,954
1,6 Ginnie Mae REMICS, TSFR1M + 0.314% 4.613% 2/20/37 1,000 997
            770,529
Total U.S. Government and Agency Obligations (Cost $15,102,070) 13,669,262
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 10,658 7,666
1,2 Freddie Mac Seasoned Credit Risk Transfer Trust Series 2018-4 3.500% 3/25/58 11,208 7,961
1,2 Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-1 3.500% 7/25/58 15,439 11,040
1,2 Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3 3.500% 10/25/58 56,379 49,448
1,2 Freddie Mac Seasoned Credit Risk Transfer Trust Series 2019-3 3.500% 10/25/58 14,392 10,370
1,2 Freddie Mac Seasoned Credit Risk Transfer Trust Series 2020-1 2.500% 8/25/59 61,411 49,497
Total Asset-Backed/Commercial Mortgage-Backed Securities (Cost $178,241) 135,982
2

 

GNMA Fund
      Coupon   Shares Market
Value•
($000)
Temporary Cash Investments (2.5%)
Money Market Fund (0.2%)
7 Vanguard Market Liquidity Fund 4.371%   255,095 25,507
        Maturity
Date 		Face
Amount
($000) 		 
Repurchase Agreements (2.3%)
  Bank of America Securities, LLC
(Dated 1/31/25, Repurchase Value $21,708,000, collateralized by Fannie Mae 2.000%–6.500%, 4/1/35–1/1/54, Freddie Mac 2.000%–6.000%, 1/1/52–10/1/53, and Ginnie Mae 5.300%–6.181%, 10/15/59–10/20/74, with a value of $22,134,000) 		4.350% 2/3/25 21,700 21,700
  Bank of Nova Scotia
(Dated 1/31/25, Repurchase Value $72,826,000, collateralized by U.S. Treasury Note/Bond 0.750%–4.875%, 3/15/26–2/15/48, with a value of $74,283,000) 		4.330% 2/3/25 72,800 72,800
  Barclays Capital Inc.
(Dated 1/31/25, Repurchase Value $29,411,000, collateralized by U.S. Treasury Note/Bond 4.625%, 6/15/27, with a value of $29,988,000) 		4.340% 2/3/25 29,400 29,400
  Citigroup Global Markets Inc.
(Dated 1/31/25, Repurchase Value $29,311,000, collateralized by U.S. Treasury Note/Bond 1.250%–4.125%, 4/30/28–10/31/29, with a value of $29,886,000) 		4.330% 2/3/25 29,300 29,300
  Credit Agricole Securities (USA) Inc.
(Dated 1/31/25, Repurchase Value $22,508,000, collateralized by U.S. Treasury Note/Bond 4.250%, 2/28/29, with a value of $22,950,000) 		4.330% 2/3/25 22,500 22,500
  HSBC Bank USA
(Dated 1/31/25, Repurchase Value $17,206,000, collateralized by U.S. Treasury Bill 0.000%, 2/25/25–5/20/25, with a value of $17,544,000) 		4.330% 2/3/25 17,200 17,200
  HSBC Bank USA
(Dated 1/31/25, Repurchase Value $30,111,000, collateralized by Fannie Mae 2.000%–2.500%, 6/1/35–1/1/51, and Freddie Mac 2.500%–6.500%, 3/1/44–11/1/54, with a value of $30,702,000) 		4.350% 2/3/25 30,100 30,100
  JP Morgan Securities LLC
(Dated 1/31/25, Repurchase Value $20,007,000, collateralized by U.S. Treasury Note/Bond 0.250%, 10/31/25, with a value of $20,400,000) 		4.340% 2/3/25 20,000 20,000
  Natixis SA
(Dated 1/31/25, Repurchase Value $20,607,000, collateralized by Federal Home Loan Bank 4.080%–4.100%, 5/25/33–10/24/33, Treasury Inflation Indexed Note/Bond 0.125%–3.375%, 7/15/26–2/15/52, and U.S. Treasury Note/Bond 2.875%–4.375%, 1/15/28–5/15/48, with a value of $21,012,000) 		4.330% 2/3/25 20,600 20,600
  Societe Generale
(Dated 1/31/25, Repurchase Value $15,205,000, collateralized by U.S. Treasury Note/Bond 4.500%, 11/15/54, with a value of $15,504,000) 		4.330% 2/3/25 15,200 15,200
  TD Securities (USA) LLC
(Dated 1/31/25, Repurchase Value $19,407,000, collateralized by Fannie Mae 5.500%, 11/1/54, with a value of $19,788,000) 		4.350% 2/3/25 19,400 19,400
  Wells Fargo & Co.
(Dated 1/31/25, Repurchase Value $29,011,000, collateralized by Freddie Mac 5.500%, 11/1/54, with a value of $29,580,000) 		4.350% 2/3/25 29,000 29,000
            327,200
Total Temporary Cash Investments (Cost $352,705) 352,707
Total Investments (101.0%) (Cost $15,633,016)   14,157,951
Other Assets and Liabilities—Net (-1.0%)   (136,093)
Net Assets (100%)   14,021,858
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 $15,405,000 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 January 31, 2025.
5 Securities with a value of $9,980,000 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.
3

 

GNMA Fund
Derivative Financial Instruments Outstanding as of Period End
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 March 2025 1,232 253,330 209
5-Year U.S. Treasury Note March 2025 1,186 126,179 (375)
Ultra 10-Year U.S. Treasury Note March 2025 88 9,801 (110)
Ultra Long U.S. Treasury Bond March 2025 90 10,662 (345)
        (621)
 
Short Futures Contracts
10-Year U.S. Treasury Note March 2025 (1,181) (128,544) 57
Long U.S. Treasury Bond March 2025 (2,034) (231,685) 5,300
        5,357
        4,736
See accompanying Notes, which are an integral part of the Financial Statements.
4

 

GNMA Fund
Statement of Assets and Liabilities
As of January 31, 2025
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value  
Unaffiliated Issuers (Cost $15,607,511) 14,132,444
Affiliated Issuers (Cost $25,505) 25,507
Total Investments in Securities 14,157,951
Investment in Vanguard 380
Cash 90
Receivables for Investment Securities Sold 2,293,323
Receivables for Accrued Income 42,558
Receivables for Capital Shares Issued 2,403
Variation Margin Receivable—Futures Contracts 1,413
Other Assets 615
Total Assets 16,498,733
Liabilities  
Payables for Investment Securities Purchased 2,456,346
Payables for Capital Shares Redeemed 12,455
Payables for Distributions 6,861
Payables to Investment Advisor 388
Payables to Vanguard 825
Total Liabilities 2,476,875
Net Assets 14,021,858

At January 31, 2025, net assets consisted of:
   
Paid-in Capital 16,937,366
Total Distributable Earnings (Loss) (2,915,508)
Net Assets 14,021,858
 
Investor Shares—Net Assets  
Applicable to 535,748,725 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		4,900,176
Net Asset Value Per Share—Investor Shares $9.15
 
Admiral™ Shares—Net Assets  
Applicable to 997,267,483 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 		9,121,682
Net Asset Value Per Share—Admiral Shares $9.15
See accompanying Notes, which are an integral part of the Financial Statements.
5

 

GNMA Fund
Statement of Operations
  Year Ended
January 31, 2025
  ($000)
Investment Income  
Income  
Interest1 555,847
Total Income 555,847
Expenses  
Investment Advisory Fees—Note B 1,626
The Vanguard Group—Note C  
Management and Administrative—Investor Shares 9,415
Management and Administrative—Admiral Shares 8,796
Marketing and Distribution—Investor Shares 182
Marketing and Distribution—Admiral Shares 435
Custodian Fees 341
Auditing Fees 40
Shareholders’ Reports and Proxy Fees—Investor Shares 224
Shareholders’ Reports and Proxy Fees—Admiral Shares 198
Trustees’ Fees and Expenses 8
Other Expenses 19
Total Expenses 21,284
Net Investment Income 534,563
Realized Net Gain (Loss)  
Investment Securities Sold1 (84,831)
Futures Contracts (4,502)
Realized Net Gain (Loss) (89,333)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities1 (139,830)
Futures Contracts 19,899
Change in Unrealized Appreciation (Depreciation) (119,931)
Net Increase (Decrease) in Net Assets Resulting from Operations 325,299
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $3,376,000, ($9,000), and $9,000, respectively. Purchases and sales are for temporary cash investment purposes.
See accompanying Notes, which are an integral part of the Financial Statements.
6

 

GNMA Fund
Statement of Changes in Net Assets
  Year Ended January 31,
  2025
($000) 		2024
($000)
Increase (Decrease) in Net Assets    
Operations    
Net Investment Income 534,563 535,871
Realized Net Gain (Loss) (89,333) (178,351)
Change in Unrealized Appreciation (Depreciation) (119,931) (152,310)
Net Increase (Decrease) in Net Assets Resulting from Operations 325,299 205,210
Distributions    
Investor Shares (178,710) (167,790)
Admiral Shares (355,543) (367,806)
Total Distributions (534,253) (535,596)
Capital Share Transactions    
Investor Shares (184,750) (25,298)
Admiral Shares (975,116) (1,208,416)
Net Increase (Decrease) from Capital Share Transactions (1,159,866) (1,233,714)
Total Increase (Decrease) (1,368,820) (1,564,100)
Net Assets    
Beginning of Period 15,390,678 16,954,778
End of Period 14,021,858 15,390,678
See accompanying Notes, which are an integral part of the Financial Statements.
7

 

GNMA Fund
Financial Highlights
Investor Shares          
For a Share Outstanding
Throughout Each Period 		Year Ended January 31,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $9.28 $9.44 $10.41 $10.73 $10.58
Investment Operations          
Net Investment Income1 .329 .304 .230 .085 .178
Net Realized and Unrealized Gain (Loss) on Investments (.130) (.160) (.969) (.321) .157
Total from Investment Operations .199 .144 (.739) (.236) .335
Distributions          
Dividends from Net Investment Income (.329) (.304) (.231) (.084) (.176)
Distributions from Realized Capital Gains — — — — —
Return of Capital — — — — (.009)
Total Distributions (.329) (.304) (.231) (.084) (.185)
Net Asset Value, End of Period $9.15 $9.28 $9.44 $10.41 $10.73
Total Return2 2.19% 1.62% -7.09% -2.21% 3.17%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $4,900 $5,157 $5,270 $6,711 $7,719
Ratio of Total Expenses to Average Net Assets 0.21% 0.21%3 0.21%3 0.21% 0.21%
Ratio of Net Investment Income to Average Net Assets 3.57% 3.33% 2.40% 0.80% 1.66%
Portfolio Turnover Rate4 388% 305% 478% 800% 638%
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 259%, 180%, 206%, 298%, and 182%, respectively, attributable to mortgage-dollar-roll activity.
See accompanying Notes, which are an integral part of the Financial Statements.
8

 

GNMA Fund
Financial Highlights
Admiral Shares          
For a Share Outstanding
Throughout Each Period 		Year Ended January 31,
2025 2024 2023 2022 2021
Net Asset Value, Beginning of Period $9.28 $9.44 $10.41 $10.73 $10.58
Investment Operations          
Net Investment Income1 .338 .313 .239 .098 .184
Net Realized and Unrealized Gain (Loss) on Investments (.130) (.160) (.969) (.323) .161
Total from Investment Operations .208 .153 (.730) (.225) .345
Distributions          
Dividends from Net Investment Income (.338) (.313) (.240) (.095) (.185)
Distributions from Realized Capital Gains — — — — —
Return of Capital — — — — (.010)
Total Distributions (.338) (.313) (.240) (.095) (.195)
Net Asset Value, End of Period $9.15 $9.28 $9.44 $10.41 $10.73
Total Return2 2.28% 1.73% -7.00% -2.11% 3.28%
Ratios/Supplemental Data          
Net Assets, End of Period (Millions) $9,122 $10,233 $11,685 $15,587 $19,602
Ratio of Total Expenses to Average Net Assets 0.11% 0.11%3 0.11%3 0.11% 0.11%
Ratio of Net Investment Income to Average Net Assets 3.67% 3.42% 2.49% 0.92% 1.72%
Portfolio Turnover Rate4 388% 305% 478% 800% 638%
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 259%, 180%, 206%, 298%, and 182%, respectively, attributable to mortgage-dollar-roll activity.
See accompanying Notes, which are an integral part of the Financial Statements.
9

 

GNMA Fund
Notes to Financial Statements
Vanguard GNMA Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: Investor Shares and Admiral Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
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 other 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. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer, tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral, 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. To Be Announced (TBA) Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of TBA transactions to reduce its exposure to the mortgage-backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. When the fund is a buyer of TBA transactions, it maintains cash, short-term investments, or Treasuries in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty, determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up to the net amount owed to the fund under the MSFTA.
At January 31, 2025, counterparties had deposited in segregated accounts securities with a value of $2,343,000 and cash of $5,760,000 in connection with TBA transactions.
3. Mortgage Dollar Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a predetermined price on a predetermined date. The fund forgoes principal and interest paid on the securities sold. In exchange for the forgone principal and interest paid, the fund is compensated by investing the proceeds of the sale, typically in high-quality short-term fixed income securities, and earning interest on such investments. Further the fund receives a lower price on the securities to be repurchased. The fund also enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell substantially similar securities in the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the fund’s portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities Purchased in the Statement of Assets and Liabilities.
4. Repurchase Agreements: The fund enters into repurchase agreements with institutional counterparties. Securities pledged as collateral to the fund under repurchase agreements are held by a custodian bank until the agreements mature, and in the absence of a default, such collateral cannot be repledged, resold, or rehypothecated. Each agreement requires that the market value of the collateral be sufficient to cover payments of interest and principal. The fund further mitigates its counterparty risk by entering into repurchase agreements only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master repurchase agreements with its counterparties. The master repurchase agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any repurchase agreements with that counterparty, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund. Such action may be subject to legal proceedings, which may delay or limit the disposition of collateral.
5. Futures Contracts: The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced, or to adjust sensitivity to changes in interest rates. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
10

 

GNMA Fund
During the year ended January 31, 2025, the fund’s average investments in long and short futures contracts represented 4% and 3% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
6. 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.
7. Distributions: Distributions from net investment income are declared daily and paid on the first business day of the following month. Annual distributions from realized capital gains, if any, are recorded on the ex-dividend date. The portion of distributions that exceed a fund's current and accumulated earnings and profits, as measured on a tax basis, constitute a non-taxable return of capital. 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.
8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 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 year ended January 31, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
9. 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. Inflation adjustments to the face amount of inflation-indexed securities are included in interest income. 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 those of the specific 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), shareholder reporting, and proxy fees. 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.
B.  Wellington Management Company llp provides investment advisory services to the fund for a fee calculated at an annual percentage rate of average net assets. For the year ended January 31, 2025, the investment advisory fee represented an effective annual basic rate of 0.01% of the fund’s average net assets.
C.  In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At January 31, 2025, the fund had contributed to Vanguard capital in the amount of $380,000, representing less than 0.01% of the fund’s net assets and 0.15% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
D.  Various inputs may be used to determine the value of the fund’s investments and derivatives. 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 and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
11

 

GNMA Fund
The following table summarizes the market value of the fund's investments and derivatives as of January 31, 2025, 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 — 13,669,262 — 13,669,262
Asset-Backed/Commercial Mortgage-Backed Securities — 135,982 — 135,982
Temporary Cash Investments 25,507 327,200 — 352,707
Total 25,507 14,132,444 — 14,157,951
Derivative Financial Instruments        
Assets        
Futures Contracts1 5,566 — — 5,566
Liabilities        
Futures Contracts1 (830) — — (830)
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.
E.  Permanent differences between book-basis and tax-basis components of net assets, if any, are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share.
Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to capital loss carryforwards; the deferral of losses from wash sales; the deferral of losses from straddles; the recognition of unrealized gains or losses from certain derivative contracts; the timing of payables for distributions; and the treatment of amortization adjustments from certain fixed income securities. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:
  Amount
($000)
Undistributed Ordinary Income 14,374
Undistributed Long-Term Gains —
Net Unrealized Gains (Losses) (1,490,378)
Capital Loss Carryforwards (1,432,643)
Qualified Late-Year Losses —
Other Temporary Differences (6,861)
Total (2,915,508)
The tax character of distributions paid was as follows:
  Year Ended January 31,
  2025
Amount
($000) 		2024
Amount
($000)
Ordinary Income* 534,253 535,596
Long-Term Capital Gains — —
Total 534,253 535,596
* Includes short-term capital gains, if any.
As of January 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
  Amount
($000)
Tax Cost 15,648,329
Gross Unrealized Appreciation 12,661
Gross Unrealized Depreciation (1,503,039)
Net Unrealized Appreciation (Depreciation) (1,490,378)
F.  During the year ended January 31, 2025, the fund purchased $56,056,685,000 of investment securities and sold $57,483,355,000 of investment securities, other than temporary cash investments.
12

 

GNMA Fund
G.  Capital share transactions for each class of shares were:
  Year Ended January 31,
  2025   2024
  Amount
($000) 		Shares
(000) 		  Amount
($000) 		Shares
(000)
Investor Shares          
Issued 125,524 13,659   347,914 38,502
Issued in Lieu of Cash Distributions 171,386 18,668   160,202 17,531
Redeemed (481,660) (52,403)   (533,414) (58,335)
Net Increase (Decrease)—Investor Shares (184,750) (20,076)   (25,298) (2,302)
Admiral Shares          
Issued 902,929 98,305   1,358,325 148,334
Issued in Lieu of Cash Distributions 272,470 29,677   281,905 30,844
Redeemed (2,150,515) (233,651)   (2,848,646) (313,873)
Net Increase (Decrease)—Admiral Shares (975,116) (105,669)   (1,208,416) (134,695)
H.  Significant market disruptions, such as those caused by pandemics, natural or environmental ‎disasters, war, acts of terrorism, or other events, can adversely affect local and global ‎markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
Credit risk is the risk that a counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an investment to decline. Investment in debt securities will generally increase credit risk.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
I.  The fund adopted Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. The new guidance did not change how the fund identifies operating segments but did require incremental disclosure of information not previously required. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
J.  Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these financial statements.
13

 

Report of Independent Registered
Public Accounting Firm
To the Board of Trustees of Vanguard Fixed Income Securities Funds and Shareholders of Vanguard GNMA Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard GNMA Fund (one of the funds constituting Vanguard Fixed Income Securities Funds, referred to hereafter as the "Fund") as of January 31, 2025, the related statement of operations for the year ended January 31, 2025, the statement of changes in net assets for each of the two years in the period ended January 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended January 31, 2025 and the financial highlights for each of the five years in the period ended January 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
March 21, 2025
We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.
14

 

Tax information (unaudited)
The fund hereby designates for the fiscal year $4,041,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.
The fund hereby designates 100%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income dividends eligible to be treated as interest income for purposes of section 163(j) and the regulations thereunder for the fiscal year.
The fund hereby designates 97.9%, or if subsequently determined to be different, the maximum percentage allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident alien shareholders.
Q360 032025
15

 

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. The Trustees’ Fees and Expenses are included in the financial statements filed under Item 7 of this Form.

 

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.

 

Not applicable.

 

 

 

 

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) Code of Ethics filed herewith.
(a)(2) Certifications filed herewith.
(a)(2) Certifications filed herewith.

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  VANGUARD FIXED INCOME SECURITIES FUNDS  
     
BY: /s/ SALIM RAMJI*  
  _______________________  
  SALIM RAMJI  
  CHIEF EXECUTIVE OFFICER  

 

Date: March 25, 2025

 

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: March 25, 2025

 

  VANGUARD FIXED INCOME SECURITIES FUNDS  
     
BY: /s/ CHRISTINE BUCHANAN*  
  _______________________  
  CHRISTINE BUCHANAN  
  CHIEF FINANCIAL OFFICER  

 

Date: March 25, 2025

 

* By: /s/ Tonya T. Robinson    

 

Tonya T. Robinson, pursuant to a Power of Attorney  filed on February 28, 2025 (see File Number 333-177613), Incorporated by Reference.

 

 

 

Exhibit 99.CODEETH

 

Access Person Code of Conduct

Effective Date: 01 January 2024 | Contact: The Code of Ethical Conduct Team

Return to the Corporate Policies Page

 

Policy Coverage

 

This policy applies to all crew members and contingent workers globally who have been designated as an “Access Person” and, in certain instances, to their Household or Family Members. A “contingent worker” is any person other than a crew member who provides services to, or on behalf of, Vanguard through staffing firms, consulting firms, service providers, or as independent contractors.

 

Related Items

 

·         The Code of Ethical Conduct 

·         How to Voice Concerns at Vanguard 

·         My Compliance and Ethics Resource Center 

·         Training Resources & Job Aids 

·        Standards of Conduct Policy 

·         Conflicts of Interest Policy 

·         Insider Trading Policy 

·         Outside Business Activity Policy

 

Access Persons – Please note that the specific trading restrictions and reporting requirements vary depending on your Access Person designation, meaning Advisor Access Person, Fund Access Person, or Investment Access Person. Regardless of your designation, the Compliance Department has the authority to apply to you, with appropriate notice, any of the trading restrictions within this policy.

 

Household or Family Members – Certain aspects of this policy apply to you and your Household or Family Members. This is required by law and regulation in many jurisdictions, and is consistent with industry best practices, to ensure effective monitoring and to protect against conflicts of interest or related issues. See the Defined Terms section for the definition of Household or Family Member in your region.

 

Note: If your Household or Family Member(s) also works at Vanguard, they are subject to the same personal trading rules that apply to you, even if they are not designated as an Access Person. If they are also an Access Person, each of you is subject to the most restrictive designation held by you or your Household or Family Member(s).

 

Your designation may change – your Access Person designation may change as a result of changes in your role or department, or if the Compliance Department determines that a change in designation is necessary.

 

 

Additional Requirements for Associated Persons:

 

U.S. crew members and contingent workers who are deemed to be Associated Persons under the FINRA Licensing Policy have certain obligations under this policy and have additional investment-related obligations under the FINRA Licensing Policy and the Securities Account Reporting Obligations for Associated Persons.

 

 

Policy Overview

 

Some crew members and contingent workers at Vanguard, by virtue of their role or department, are designated as an Access Person (i.e., an Advisor Access Person, Fund Access Person, or Investment Access Person) because they or their department are authorized to have knowledge of non-public information regarding the Vanguard Funds and/or sensitive market or client activity. As a result, Access Persons are subject to additional reporting requirements, stricter personal investment rules, and greater oversight. These standards and rules, as set forth in in this policy (the Access

 

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Person Code of Conduct (APCC)1), have been adopted to ensure compliance with applicable laws and regulations and to avoid conflicts of interest or the appearance of conflicts of interest. In particular, this policy aims to prevent conflicts of interest that could arise between the securities trading that Vanguard conducts on behalf of the Vanguard Funds or its clients and the personal securities trading by crew, contingent workers, and their Household or Family Members. Be sure you are familiar with other Vanguard policies that govern ethical conduct and personal investment activities, including those listed at the top of this policy.

 

Policy Requirements

 

Vanguard recognizes the importance to crew and contingent workers of being able to manage and develop their own financial resources through long-term investments and strategies. With that in mind, the rules in this policy are intended to ensure that trading on behalf of Vanguard Funds and clients are given priority over trading in personal accounts, and that trades in personal accounts do not adversely affect trades for Vanguard’s funds or clients. Similarly, you must comply with applicable securities laws and must avoid taking personal advantage of your knowledge of securities activity in Vanguard Funds or client accounts.

 

This policy includes specific restrictions on personal investing but cannot anticipate every fact pattern or situation. You should adhere to the spirit, and not just the letter, of this policy.

 

To the extent possible, Compliance will treat all records related to trading in personal accounts as confidential. Information will be accessible within the Compliance Department and may be reported to senior management or HR. Records may also need to be made available to Internal Audit and/or any regulator. All non-U.S. crew members and contingent workers are required to sign a data consent/data privacy notice.

 

The Compliance Department reserves the right to monitor all investment or trading activity by you and your Household or Family Members based on any information or system to which it has access.

 

 

Note for Crew Members in China: 

 

Because you may not have access to MCO, different systems and procedures are in place for you to disclose accounts and holdings. Please consult with your manager or the China Compliance Department to learn more. 

 

 

Brokerage Firms You May Use 

 

The terms in this section apply to all Access Persons.

 

The brokerage firms you may use to hold and transact Reportable Securities depend on whether you are a crew member or contingent worker, in addition to where you work. See the definition of Reportable Security in the Defined Terms section.

 

 

 

 

 

 

 

1 The APCC constitutes the code of ethics that the Vanguard funds have adopted in compliance with U.S. SEC Rules 17j-1 and 204A-1.The APCC is a policy that has been created and approved, and is governed, similar to other policies at Vanguard. As used herein, references to “this policy” mean the APCC.

 

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All U.S. Crew and their Household or Family Members (see parts (a) and (b) of the definition in the defined terms section)

Must hold and trade all Reportable Securities in a Vanguard Brokerage Account (VBA), but may hold other investments at the firm(s) of their choice

 

Must initiate transfer of all Reportable Securities to a VBA within 60 days of hire

 

Exceptions: Employer-sponsored plans, Approved Managed Accounts, 529 college savings plans and ABLE plans may be held at other firms; However, if these, or any other accounts hold Vanguard Funds or Reportable Securities, they must be reported in the “Accounts” tab of MyComplianceOffice (MCO)

 

Non-U.S. Crew and their Household or Family Members May hold and trade all Securities and investments at the firm(s) of their choice

 

Contingent Workers May hold and trade all Securities and investments at the firm(s) of their choice

 

 

Disclosure Obligations 

 

The terms in this section apply to all Access Persons.

 

Access Persons must disclose accounts and holdings information to the Compliance Department via an initial disclosure and periodic ongoing disclosures. All issued assignments must be completed even if you do not have any brokerage accounts or trade Reportable Securities.

 

(1)Initial Disclosure of Accounts and Holdings

 

Within ten (10) calendar days of being designated an Access Person, all Access Persons must disclose the following to the Compliance Department via the New Access Persons Holdings Report assignment through MyComplianceOffice, or MCO:

 

oAll Covered Accounts and Reportable Securities held by you or a Household or Family Member;
oAll Covered Accounts in which you exercise Investment Discretion or over which you exercise control (e.g., agent authority (full or limited), trustee, power of attorney authority, etc.);
oAll accounts in which you have, or will acquire, Beneficial Ownership of Securities; and
oAll accounts held by you and any Household or Family Member in which there are college saving plan products, annuity products, or other investment or insurance products that, in turn, hold or invest in Vanguard Funds. These can include 529 plans, Achieving a Better Life Experience (ABLE) plans, employer sponsored retirement plans (e.g., 401(k) and 403(b) plans), and Health Savings Accounts invested in Vanguard Funds or products.

 

This includes accounts held at Vanguard and other financial institutions. You do not need to disclose an account or submit transaction confirmations or statements if the account does not have the ability

 

Page 3 of 19

 

 

to hold Securities (e.g., a traditional checking, savings, or deposit account with a bank, credit union, or building society for holding cash).

 

This information must be current as of no more than 45 calendar days before joining Vanguard or being designated as an Access Person. Failure to complete and submit the New Access Persons Holdings Report within ten (10) calendar days of receiving it may be considered a violation of this policy.

 

 

Quick Tip: 

 

For a summary of the disclosure and transfer requirements, please review the FAQs prepared by the Compliance Department. The MCO Overview provides information on how to access and use MCO.

 

 

(2)Ongoing Disclosure of Accounts, Transactions, and Duplicate Statements

 

After the Initial Disclosure, Access Persons may need to periodically disclose account and transaction information for themselves and their Household or Family Members to the Compliance Department.

 

Required Ongoing Disclosures

 

If at any time, an Access Person, or their Household or Family Member:

 

Opens, or intends to open, a Covered Account with any financial institution, including Vanguard The Covered Accounts and Reportable Securities must be disclosed on the “Accounts” tab in MCO within ten (10) calendar days. You must also upload an account statement to the “Trading Documents” tab in MCO.

 

Acquires holdings in Reportable Securities or Beneficial Ownership of Securities

 

Becomes associated with a Covered Account (including a VBA) via marriage, inheritance, or other life events

 

 

Account Monitoring

 

Vanguard Brokerage Accounts (VBAs)

Compliance will receive transaction confirmations automatically for VBAs associated with U.S. crew members and contingent workers, and their Household or Family Members, but only after the VBAs are properly disclosed in MCO. No additional action is needed.

 


 

External Covered Accounts
Many brokerage firms have data feeds available that allow Compliance to receive transaction confirmations electronically and automatically. If a data feed is available, no additional action is needed. If a data feed is not available, statements or transaction confirmations must be provided to Compliance through a quarterly assignment in MCO, or Compliance must be added as an interested party on the account to receive duplicate statements. For details on these processes, see Appendix B.

 

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Note for Crew Members and Contingent Workers in Australia:

 

You are required to disclose all transactions in VIA funds in MCO in the same manner as is required for Reportable Securities.

 

 

 

Investment and Trading Requirements

 

The terms in this section apply to all Access Persons.

 

General Obligations

 

·Comply with the law:

 

oYou must comply with all applicable securities-related rules and laws.
oYou may not engage in conduct that is deceitful, fraudulent, or manipulative, or that involves false or misleading statements, in connection with the purchase or sale of a Security by a Vanguard Fund or Vanguard Client account, or otherwise.
oYou may not intentionally, recklessly, or negligently circulate false information or rumors that may affect the securities markets or may be perceived as market manipulation.

 

·Use of Information:

 

oYou may not take personal advantage of knowledge of recent, impending, or planned Securities activities of the Vanguard Funds or their investment advisors or any Vanguard Client. You are prohibited from purchasing or selling - directly or indirectly - any Security or Related Security when you know that the Security is being purchased or sold, or considered for purchase or sale, by a Vanguard Fund (with the exception of an index fund) or by a Vanguard Client.
oYou are subject to and must comply with the Insider Trading Policy and/or any similar policy of the Vanguard affiliate or region for which you work. Each of these policies is considered an integral part of your obligations under this policy. Each policy prohibits you from buying or selling any Security while in possession of Material, Nonpublic Information about the issuer of the Security. The policies also prohibit you from communicating any nonpublic information about any Security or issuer of Securities to third parties.
oYou must comply with the Confidential Information Policy, including that you may not share information with any third party about any planned, upcoming, or recently executed trading activity by any Vanguard Fund or Vanguard Client unless such information is publicly available through no action by you.

 

·Fund policies and excessive trading:

 

oWhen purchasing, exchanging, or redeeming shares of a Vanguard Fund, you must adhere to the policies and standards set forth in the fund’s prospectus, or offering document, including policies on market-timing and frequent trading.
oExcessive trading in Covered Accounts is strongly discouraged. The Compliance Department reserves the right to monitor trading across all of your Covered Accounts, and may conduct scrutiny of any trades in your Covered Accounts where such trading may appear excessive in nature (including, but not limited to, if the number of trades is so frequent as to potentially impact your ability to carry out your assigned responsibilities

 

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  or the trades involve positions that are disproportionate to your net assets). If Compliance in its sole discretion determines you have engaged in excessive trading, then Compliance may limit the number of trades allowed in your Covered Accounts during a given period. This section does not apply to transactions in an Approved Managed Account.

 

·Beneficial ownership and discretion:

 

oThe terms and restrictions of this policy apply to all Securities in which you have acquired or will acquire Beneficial Ownership.
oYou must comply with these investment and trading restrictions with respect to any account you own as well as any account over which you exercise Investment Discretion or exercise control.

 

·No circumvention:

 

oYou are not permitted to assist, aid, or enable any other person in doing anything that you are prohibited from doing under this policy.

 

·Exceptions and waivers:

 

oIn rare cases, the Chief Compliance Officer may grant exceptions to this policy, including pre-clearance, other trading restrictions, and certain reporting requirements on a case-by-case basis if it is determined that (1) the proposed conduct involves no opportunity for abuse, (2) the proposed conduct does not conflict with Vanguard’s interests, and (3) not granting an exception would result in an unfair or unjust outcome. See below for more details on exceptions.
oThe Chief Compliance Officer may waive the applicability of this policy for a contingent worker if the policy’s requirements are covered through the applicable service provider’s contract with Vanguard.

 

Rules regarding specific investments or investment types:

 

·Use of derivatives:

 

oYou and your Household or Family Members may not use a derivative to avoid or circumvent a rule or requirement set forth in this policy. If something is prohibited by these rules, then it is also against these rules to effectively accomplish the same thing by using a derivative. This includes futures, options, and other types of derivatives.
oYou and your Household or Family Members are permitted to trade futures or options on commodities.

 

·IPOs and ICOs:

 

oYou and your Household or Family Members are prohibited from acquiring Securities in an Initial Public Offering (IPO) or Secondary Offering.
oYou and your Household or Family Members are prohibited from participating in an Initial Coin Offering (ICO).

 

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·Private Placements – You and your Household or Family Members are not permitted to invest in securities offered to potential investors in a Private Placement or other limited investment offering without first obtaining pre-clearance from Compliance via the Outside Business Activity request form (the form for U.S. crew is in LARS, and for ex-U.S. crew is in MCO). If you or your Household or Family Members receive approval to purchase Securities in a Private Placement, you must immediately inform Compliance if that Security goes to public offer or is pending listing on an exchange.

 

·SPACs – You and your Household or Family Members are prohibited from acquiring a SPAC at any stage of its lifecycle (i.e., pre-IPO, IPO, pre-merger, post-merger).

 

·Short-Selling – You are prohibited from selling short any Security that you do not own or from otherwise engaging in short-selling activities.

 

·Digital Currencies and Related Investments – Refer to the Trading and Reporting Requirements for Digital Currency Investments and Activities for details on which digital currency account and product types are permitted, and what must be disclosed, under this policy.

 

Trade Pre-clearance

 

Fund Access Persons and Investment Access Persons must pre-clear all Covered Securities transactions made by themselves and their Household or Family Members. Investment Access Persons must also obtain pre-clearance for purchases in excess of, and sales in excess of, US$50,000 in an individual Vanguard ETF over a rolling 30-day period, including those made by their Household or Family Members. Failure to obtain pre-clearance for a single transaction or a series of transactions that exceed US$50,000 over a rolling 30-day period in an individual Vanguard ETF is a violation of this policy.

 

Note: In some instances, you must pre-clear trades in accounts managed by Vanguard. See the pre-clearance exceptions below for more details.

 

Obtaining Pre-clearance

 

Pre-clearance approval must be obtained via the “Personal Trade Pre-Clearance” path in MCO, and requests are typically approved or denied immediately. For those Access Persons in the U.S., the pre-clearance system is available between 8:00 AM and 4:00 PM (ET) Monday through Friday. However, requests should be submitted by 3:30 PM (ET) to ensure same day approval. Completing a trade before receiving approval or after the approval window expires is a violation of this policy. Attempting to obtain approval after the transaction has occurred is not permitted.

 

Pre-clearance Expiration

 

In the U.S.: Pre-clearance approval will expire at the end of the trading day on which it is issued. If you wish to trade after the approval window closes, you must obtain a new approval on the day you wish to trade. Pre-clearance for same-day limit orders is permitted. Good-til-cancelled (GTC) limit orders are prohibited.

 

Outside the U.S.: Pre-clearance approval will expire at the end of the trading day on the next business day after the approval is received. If you wish to trade after the approval window

 

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closes, you must obtain a new approval. Pre-clearance for limit orders is permitted, but the order must be executed, or expire, by the end of the trading day on the next business day.

 

Pre-clearance Exceptions

 

·Purchases or sales of Vanguard Funds
oNote: Investment Access Persons must pre-clear Vanguard ETF trades as described above.
·Purchases or sales where the person requesting pre-clearance has no direct or indirect influence or control over the account in which the trades will be made (e.g., you have a trust in your name but you are not the trustee who places the transaction, provided you have granted Investment Discretion to the trustee and there has been no prior communication between you and the trustee regarding the transaction)
·Corporate actions in Covered Securities such as stock dividends, stock splits, mergers, consolidations, spin-offs, or other similar corporate reorganizations or distributions
·Purchases or sales made as a part of an Automatic Investment Program or Dividend Reinvestment Program
·Purchases effected upon the exercise of Rights which were issued pro rata to all holders of a class of its Securities, to the extent such Rights were acquired from such issuer
·Acquisitions of Covered Securities through gifts or bequests
·Purchases or sales in an Approved Managed Account, provided there is no prior communication with the account’s portfolio manager regarding the transactions

 

Vanguard Digital Advisor and Personal Advisor accounts: These accounts qualify as Approved Managed Accounts once enrolled in these programs. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) required to be made prior to enrollment, via the self-directed trade path, are subject to pre-clearance and short-term trading restrictions. In these instances, you (and not a Vanguard Advisor) are responsible for obtaining the pre-clearance. To clarify, if a Vanguard Advisor informs you that you need to trade a Covered Security (or directs you to trade a Covered Security) in these accounts in order to enroll, you are still required to obtain pre-clearance.

 

However, pre-clearance is not required for trades executed by Digital Advisor or Personal Advisor as the result of enrolling in either program, nor is it required for trades executed by these programs after enrollment is complete.

 

Vanguard Personal Advisor Select and Vanguard Wealth Management accounts: Accounts enrolled in these programs are not considered Approved Managed Accounts. Trades of Covered Securities (and for Investment Access Persons, Vanguard ETFs as described in the Trade Pre-Clearance section) in these accounts are always subject to pre-clearance and all other trading rules that apply to you. In these accounts, you (and not a Vanguard Advisor) are responsible for obtaining all necessary pre-clearances. Investment Access Persons must opt out of the automatic rebalancing feature offered by these programs.

 

Trading violations made in any account managed through these programs (Digital Advisor, Personal Advisor, Personal Advisor Select, or Vanguard Wealth Management) will be investigated by the Compliance Department on a case-by-case basis. The findings of such an investigation will determine whether the Access Person or the Advisor will receive the violation.

 

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Blackout Periods

 

Fund Access Persons and Investment Access Persons generally will not receive pre-clearance approval to trade a Covered Security if the same, or a Related Security, was traded in a Vanguard Fund in the prior seven calendar days.

 

If you purchase a Covered Security without pre-clearance, you will have violated this policy and may be required to immediately sell the Covered Security and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If you sell a Covered Security without pre-clearance, you will have violated this policy and must relinquish to Vanguard the difference (exclusive of commissions) between the sale price you received and the sale price received by the Vanguard Fund (if your sale price is higher), multiplied by the number of shares you sold.

 

If an Investment Access Person sells a Covered Security within seven days before a Vanguard Fund sells the same Covered Security, or a Related Security, they may be required to relinquish to Vanguard any profits earned from their sale of the Covered Security (exclusive of commissions), where profits are calculated based on the difference between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares they sold.

 

In addition to these restrictions, local law may dictate the extent to which any gains must be relinquished.

 

Compliance may exempt certain trades from these restrictions during blackout periods that coincide with trading by certain Vanguard Funds (e.g., index funds).

 

Exception to Blackout Periods

 

Notwithstanding the blackout period restrictions, Fund Access Persons may buy up to US$50,000 (or local currency equivalent), as well as sell up to US$50,000 worth of a Stock, in any rolling 30-day period, if the issuer has a market capitalization that exceeds US$5 billion. Pre-clearance is still required for all Covered Securities trades regardless of whether they meet this exception.

 

If a Fund Access Person’s purchases exceed the US$50,000 limit, they will have violated this policy and will be required to sell the amount by which they exceeded the limit, and relinquish all profits received from the sale to Vanguard (exclusive of commissions). If a Fund Access Person’s sales exceed the US$50,000 limit, they will have violated this policy must relinquish to Vanguard the difference (exclusive of commissions) between the sale price they received and the sale price received by the Vanguard Fund (if their sale price is higher), multiplied by the number of shares sold in excess of the limit.

 

Trades of Securities of issuers with market capitalizations below US$5 billion, or that exceed US$50,000 in any 30-day rolling period, will continue to be subject to the blackout periods unless the Compliance Department grants an exception.

 

Short-Term Trading

 

You are prohibited from purchasing and then selling a Covered Security at a profit, as well as selling and then repurchasing a Covered Security at a lower price, within 30 calendar days. This prohibition also applies to all Vanguard ETF trades made by Investment Access Persons. A last-in/first-out accounting methodology will be applied to a series of Security purchases, regardless of how you placed the trades or plan to report them for tax purposes. For example, if you purchased a security for $10, you may not sell the same security for more than $10 within 30

 

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calendar days. Similarly, if you sold a security for $10, you may not repurchase the same security for below $10 within 30 calendar days. Profits on such trades must be relinquished to Vanguard (exclusive of commissions). In addition, the transaction will be considered a violation of this policy.

 

The rule applies across all accounts owned by you and your Household or Family Members. For example, if you purchase a stock in your account and the same stock is sold in an account beneficially owned by your spouse or domestic partner within 30 calendar days at a price higher than your purchase price, you will be in violation of this policy and must relinquish profits received from the sale to Vanguard (exclusive of commissions).

 

Options Trading (Advisor Access Persons Only)

 

You may hold options on a Covered Security until you exercise the options, or the options expire. However, you may not otherwise close any open options positions for a profit within 30 calendar days. Realizing profits on short-term trades of options will be considered violations of this policy, and you must relinquish such profits to Vanguard (exclusive of commissions). This includes short-term trades that are the result of options that are assigned or are exercised automatically, without any action on your part. For example:

 

·If a call option is assigned within 30 calendar days of your purchase of the underlying Security itself, and the underlying Security is called away at price higher than you purchase price, the call assignment would be considered a violation of this policy. You will be required to relinquish profits from the assignment to Vanguard (exclusive of commissions). For example, if a Security is called away at $12 after you purchase the Security itself for $10 in the prior 30 calendar days, you will have violated this policy and will be required to relinquish profits.
·If your position auto exercises upon expiration, and you earn a profit within 30 calendar days of opening the position, you will be in violation of this policy and will be required to relinquish profits from the exercise to Vanguard (exclusive of commissions).

 

Exceptions 

 

The Chief Compliance Officer or their designee retains the discretion to interpret and grant exceptions to this policy and to decide how the rules apply to any given situation for the purposes of protecting the funds and being consistent with the general principles of this policy and the Code of Ethical Conduct.

 

Understandably, you may encounter personal situations in which you believe an exception to this policy is necessary. Exceptions may be warranted if:

 

·You face a financial hardship that can be met by liquidating assets that are subject to this policy’s rule (e.g., medical expense, home purchase, life event, etc.).
·You would like to liquidate company stock held in a former employer’s stock plan, or exercise options held in a former employer’s stock option plan.
·Your Household or Family Member(s) would like to sell stock or exercise options in their current or former employer’s stock plan or stock option plan.
·You, or your Household or Family Members, would like to liquidate Covered Securities received as part of a gift, bequest, or inheritance. These exceptions will be granted once for all Covered Securities received in a single gift, bequest, or inheritance.
·You receive three pre-clearance denials for the same security within a rolling 60 calendar day period, provided that your second and third requests are submitted on or after the next available pre-clearance date specified by MCO.

 

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If you believe you should be afforded an exception to this policy’s rules, you must obtain prior written approval by submitting a request through the Hardship Waiver Request Form. Compliance will consider your request and notify you of the outcome.

 

Policy Compliance 

 

Questions regarding this policy may be submitted to the policy contact for your region.

 

Please be aware of and comply with any supplemental policies that may apply to your role, department, or geographic region. Check with your manager for more information.

 

If you believe you may have breached this policy, you should immediately report it to your manager, notify the policy contact for your region, and work with them to take corrective action. Alternatively, you may report concerns regarding this policy via the Anonymous Reporting channel that Vanguard has arranged for your region. You are expected to cooperate with any research or investigation into conduct regarding this policy. 

 

The Compliance Department is the owner of this policy. Any violations or potential violations of this policy may be investigated by the Compliance Department, and if it is determined that there has been a violation, you may be subject to penalties and sanctions as described in the Disciplinary Action Policy and, for crew and contingent workers in Australia, the Managing Misconduct Policy. Any violation of this policy may result in disciplinary action up to and including termination of employment. 

 

Refer to the Policy Disclaimer Statement for more information. 

 

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Defined Terms 

 

The following definitions apply throughout this policy:

 

Access Person Any person designated as an Investment Access Person, Fund Access Person, or Advisor Access Person.
Approved Managed Account An investment account where (i) the account is owned by an investor and overseen by a hired professional money manager, (ii) the investor has no trading discretion on the account, and (iii) Compliance has approved it as an Approved Managed Account.
Associated Person Any person who conducts securities business on behalf of Vanguard Marketing Corporation (VMC). This includes all FINRA-licensed contingent workers, as well as non-licensed contingent workers who perform certain operational and administrative functions for VMC.
Automatic Investment Program  A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) Investment accounts, according to a predetermined schedule and allocation. An Automatic Investment Program includes a dividend reinvestment plan.
Bankers’ Acceptance A time draft drawn on a commercial bank by a borrower usually in connection with an international commercial transaction. Bankers’ Acceptances are usually guaranteed by the bank.
Beneficial Ownership

The opportunity to directly or indirectly—through any contract, arrangement, understanding, relationship, or otherwise—share at any time in any economic interest or profit derived from an ownership of or a transaction in a Security. For clarity, what you are deemed to have Beneficial Ownership of includes the following:

 

·         Any Security owned individually by you.

·         Any Security owned by a Household or Family Member.

·         Any Security owned in joint tenancy, as tenants in common, or in other joint ownership arrangements.

·         Any Security in which a Household or Family Member has Beneficial Ownership if the Security is held in a Covered Account over which you have decision making authority (for example, you act as a trustee, executor, or guardian or you provide Investment advice).

·         Your interest as a general partner or manager/member in Securities held by a general or limited partnership or limited liability company.

·         Your interest as a member of an Investment club or an organization that is formed for the purpose of investing in a pool of monies or Securities.

·         Your ownership of Securities as a trustee of a trust in which either you or a Household or Family Member has a vested interest in the principal or income of the trust or your ownership of a vested interest in a trust.

 

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  ·         Securities owned by a corporation which is directly or indirectly controlled by, or under common control with, such person.
Bond  A debt obligation issued by a corporation, government, or government agency that entails repayment of the principal amount of the obligation at a future date, usually with interest.
Certificate  In Germany, a right or obligation issued by a bank where the payout profile or benefit of ownership depends upon or is tied to the performance of an agreed-upon underlying asset or security. 
Certificate of Deposit (CD)  An insured, interest-bearing deposit at a bank that requires the depositor to keep the money invested for a specified period.
Commercial Paper A promissory note issued by a large company in need of short-term financing.
Covered Account Any Vanguard Fund account, any brokerage account, and any other type of account that holds, or is capable of holding, Reportable Securities.
Covered Security

Any Security (including through an IPO), but not including any:

 

·         Direct Obligations of a Government;

·         Bankers' Acceptances, Certificates of Deposit (CD), Commercial Paper, and High-Quality Short-Term Debt Instruments, including Repurchase Agreements;

·         Shares issued by Open-End Funds (although for European subsidiaries, this is limited to UCITS schemes, a non-UCITS retail scheme, or another fund subject to supervision under the law of an European Economic Area (EEA) state which is an index fund or which requires an equivalent level of risk spreading in their assets);

·         Life policies;

·         ETFs;

·         ETNs; or

·         Digital Currencies.

Debenture An unsecured debt obligation backed only by the general credit of the borrower.
Digital Currency A digital asset that: (1) serves solely as a store of value, a medium of exchange, or a unit of account; (2) is not issued or guaranteed by any jurisdiction, central bank, or public authority; (3) relies on algorithmic techniques to regulate the generation of new units of the digital asset; and (4) has transactions involving the digital asset recorded on a decentralized network or distributed ledger (e.g., blockchain). Common examples of a Digital Currency are Bitcoin and Ether. A Digital Currency is distinguishable from a Digital Security Token or a Digital Utility Token.
Digital Security Token

Any digital asset that is not a Digital Currency or Digital Utility Token. In general, a Digital Security Token may: (1) derive its value primarily from, or represent an interest in, a separate asset or pool of assets; or (2) represent an interest in an enterprise or venture. A Digital Security Token may provide owners or holders with voting rights, rights to distributions, or other rights associated with ownership. Digital Security Tokens are generally held for speculative investment purposes and not to provide holders with access to a particular network, product, or service. Digital Security Tokens, like other investments, are generally not used as a medium of exchange.

 

Note, whether or not an asset is a Digital Security Token depends on specific facts and circumstances. Merely referring to an asset as a Digital

 

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  Currency or Digital Utility Token does not prevent the asset from being a Digital Security Token. Furthermore, an asset may be a Digital Security Token even if it has some purported utility. Please contact Compliance if you have any questions regarding whether an asset is a Digital Security Token.
Digital Utility Token  A digital asset that (1) provides access to a particular network, product, or service; (2) derives its value primarily from providing access to a particular network, product, or service; and (3) does not function as a Digital Currency or Digital Security Token. 
Direct Obligation of a Government  A debt that is backed by the full taxing power of any government. These Securities are generally considered to be of the very highest quality. 
ETF or Exchange-Traded Fund  An investment with characteristics of both mutual funds and individual stocks. Many ETFs track an index, a commodity, or a basket of assets. Unlike mutual funds, ETFs can be traded throughout the day. ETFs often have lower expense ratios but must be purchased and sold through a broker, which means you may incur commissions.
ETN or Exchange-Traded Note  A senior, unsecured, unsubordinated debt Security issued by a financial institution, whose returns are based on the performance of an underlying index and backed only by the credit of the issuer. ETNs have a maturity date, but typically pay no periodic coupon interest and offer no principal protection. At maturity an ETN investor receives a cash payment linked to the performance of the corresponding index, less fees.
Futures / Futures Contract  A contract to buy or sell specific amounts of a commodity or financial instrument (such as grain, a currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), a Digital Security Token, or an index) for an agreed-upon price at a certain time in the future. Sometimes the arrangements in a contract prescribe that settlements are made through cash payments, rather than the delivery of physical goods or Securities; this is called Contract for Difference.
High-Quality Short-Term Debt Instrument  An instrument that has a maturity at issuance of less than 366 days and is rated in one of the two highest ratings categories by a nationally recognized statistical rating organization, or an instrument that is unrated but determined by Vanguard to be of comparable quality.
Household or Family Member (U.S., Australia, Canada, China, Hong Kong, and Mexico) 

For the U.S., Australia, Canada, China, Hong Kong, and Mexico regions, the term “Household or Family Member” includes:

 

a)     Your spouse or domestic partner (an unrelated adult with whom you share your home and contribute to each other's support);

b)     Any child of yours or of your spouse or domestic partner, provided that the child resides in the same household as or is financially dependent upon you; or

c)      Any other individual over whose accounts you have control (e.g., agent authority (full or limited), trustee, power of attorney authority) and to whose financial support you materially contribute.

 

For purposes of parts (a) and (b) of this definition, those persons may not be deemed Household or Family Members under this policy if you demonstrate, to the satisfaction of the Compliance Department, that you derive no economic benefit from, and exercise no control over, that person’s accounts.

Household or Family Member (Europe)  For Europe crew members, the term “Household or Family Member” includes your spouse, domestic partner (an unrelated adult with whom you share your home and contribute to each other's support), and minor

 

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  children, as well as relatives whether by blood, adoption, or marriage (e.g., children, grandchildren, siblings, parents, parents-in-law, stepchildren) residing in the same household for at least one year prior to the date of the personal transaction.
Initial Coin Offering (ICO)  An initial offer or sale of Digital Currencies or Digital Security Tokens. Note, whether or not an offering is an ICO depends on specific facts and circumstances. Please contact Compliance before participating in an initial offering of a Digital Currency, Digital Security Token, or Digital Utility Token
Initial Public Offering (IPO)  A corporation's first offering of common stock to the public.
Investment Contract  Any contract, transaction, or scheme whereby a person invests money in a common enterprise and is led to expect profits solely from the efforts of the promoter or third party.
Investment Discretion  The authority an individual may exercise, with respect to investment control or trading discretion, on another person's account (e.g., executor, trustee, power of attorney).
Material, Nonpublic Information Information about an issuer, or the equity or debt securities of an issuer, should be considered "material" if there is a substantial likelihood that a     reasonable investor would consider the information important in making     an investment decision, or disclosure of the information would be likely to   cause a significant change in the price of the securities. Information is "nonpublic" if it is not generally available to investors. Information is clearly public if it appears in a press release, SEC or other public regulatory filing, or in a newspaper, magazine, wire report, newsletter, or other publication of general circulation (written or electronic).
Non-Access Person  Any person in a role that has not been designated as an Access Person role.
Note  A financial security that generally has a longer term than a bill, but a shorter term than a Bond. However, the duration of a note can vary significantly and may not always fall neatly into this categorization. Notes are similar to Bonds in that they are sold at, above, or below face (par) value; make regular interest payments; and have a specified term until maturity.
Open-End Fund  A mutual fund that has an unlimited number of shares available for purchase.
Option  The right, but not the obligation, to buy (for a call option) or sell (for a put option) a specific amount of a given stock, commodity, currency, including foreign currencies and Digital Currencies (e.g., Bitcoin), index, or debt, at a specified price (the strike price) during a specified period or on one particular date.
Private Placement  A Security that is not registered or required to be registered under applicable securities laws. Private Placements are generally sold to a relatively small number of select investors (as opposed to a public issue, in which Securities are made available for sale on the open market) in order to raise capital. Private Placements may include, among others, interests in hedge funds (including limited partnership interests) and shares of private companies. Investors in Private Placements are usually banks, mutual funds, insurance companies, pension funds, hedge funds, and high net worth individuals. Private Placements are typically held or maintained outside of Vanguard.

 

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Related Security  Any Security or instrument that provides economic exposure to the same company or entity—provided, however, that equity instruments will generally not be considered related to fixed income instruments (other than convertible Bonds) and vice versa. For example, all of the following instruments would be related to the common Stock of Company X: Options, Futures, Rights, and Warrants on Company X common Stock; preferred Stock issued by Company X; and Bonds convertible into Company X common Stock. Similarly, different Bonds issued by Company X would be related to one another.
Reportable Security  Any Covered Security, ETF, ETN, or Digital Security Token.
Repurchase Agreement  An arrangement by which the seller of an asset agrees, at the time of the sale, to buy back the asset at a specific price and, typically, on a given date (normally the next day).
Right  A Security giving stockholders entitlement to purchase new shares issued by the corporation issuer at a predetermined price (normally at a discount to the current market price) in proportion to the number of shares already owned. Rights are issued only for a short period of time, after which they expire.
Secondary Offering  The sale of new or closely held shares by a company that has already made an Initial Public Offering.
Security  Any Stock, Bond, money market instrument, Note, evidence of indebtedness, Debenture, Warrant, Option, Right, Investment Contract, ETF, ETN, Digital Currency that has been deemed to be a security by the US Securities and Exchange Commission, Certificate, or any other investment or interest commonly known as a Security.
SPAC (Special Purpose Acquisition Company)  A shell company or company with no commercial operations that is formed strictly to raise capital through an Initial Public Offering (IPO) for the purpose of acquiring an existing company.
Spread Betting  A way of trading that enables you to profit from movements in a wide range of markets from Securities to currencies, including foreign currencies and Digital Currencies, Digital Security Tokens, commodities, and interest rates. Spread betting allows you to trade on whether the price quoted for these financial instruments will go up or down.
Stock  A Security that represents part ownership, or equity, in a corporation. Each share of stock is a proportional stake in the corporation's assets and profits, some of which could be paid out as dividends.
UCITS (Undertakings for the Collective Investment of Transferable Securities)  A regulatory framework of the European Commission that creates a harmonized regime throughout Europe for the management and sale of mutual funds. UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and investor protection requirements.
Vanguard Client  The clients of VGI, or any of the International Subsidiaries, and investors in the Vanguard Funds, including the Vanguard Funds themselves.
Vanguard Fund  Vanguard mutual funds, Vanguard managed funds, Vanguard UCITS funds, Vanguard ETFs, and any other accounts sponsored or managed by Vanguard. This includes, but is not limited to, separately managed accounts and collective trusts.
Warrant  An entitlement to purchase a certain amount of common Stock at a set price (usually higher than the current price) during an extended period of time. Usually issued with a fixed-income security to enhance its marketability, a Warrant can be transferred, traded, or exercised by the holder.

 

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Appendix A: Access Person Designations and Trading Rules

 

The terms and requirements in this appendix are in addition to the investment and trading restrictions applicable to all Access Persons, which are noted above. You must comply with the portions of this appendix that apply to your Access Person designation.

 

As a reminder, the designation(s) that applies to you is based on your cost center. Click HERE to determine whether you are an Access Person, and if so, which designation(s) applies.

 

Access Person Designation Hierarchy:

 

1.Investment Access Person
2.Fund Access Person
3.Advisor Access Person

 

If you have multiple Access Person designations, you are subject to the trading rules of your highest-ranking designation. For example, if you are an Advisor Access Person and a Fund Access Person, you are subject to the trading rules for Fund Access Persons.

 

If both you and a Household or Family Member are designated as Access Persons, you must both follow the trading rules for the most restrictive designation held by either of you. For example, if you are a Fund Access Person, and your spouse or domestic partner is an Investment Access Person, both of you must abide by the Investment Access Person trading rules.

 

Trading Rule Advisor Access
Persons		 Fund Access
Persons		 Investment Access
Persons

Trade Pre-clearance

 

Note: ALL Access Persons must pre-clear Private Placements, as described above

  No  Yes, for self-directed trades of Covered Securities  Yes, for self-directed trades of Covered Securities of any amount and individual Vanguard ETF transactions in excess of US$50,000 over a rolling 30-day period

 Blackout Period

  No  Yes  Yes

 

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Short-Term Trading
(30-Day Hold)		  Yes, for self-directed trades of Covered Securities (including Options trades  exercised or assigned involuntarily)  Yes, for self-directed trades of Covered Securities  Yes, for self-directed trades of Covered Securities and Vanguard ETFs
Prohibited Securities

IPOs/ICOs

Security Futures**

Short Positions SPACs Leveraged/Inverse ETFs

All Options*

IPOs/ICOs

Security Futures**

Short Positions

SPACs

Spread Bets*** Leveraged/Inverse ETFs

All Options*

IPOs/ICOs

Security Futures**

Short Positions SPACs

Spread Bets*** Leveraged/Inverse ETFs

Resource Trading and Reporting Requirements for Advisor Access Persons Trading and Reporting Requirements for Fund Access Persons Trading and Reporting Requirements for Investment Access Persons

 

 

* Fund Access Persons and Investment Access Persons may not trade Options on any Security (including Options on ETFs, Digital Utility Tokens, Digital Security Tokens, and Digital Currencies). Options on commodities are permitted.

 

**All Access Persons are prohibited from entering into, acquiring, or selling any Futures contract (including single stock futures). Futures on commodities are permitted.

 

***Fund Access Persons and Investment Access Persons are prohibited from participating in Spread Betting on Securities, indexes, interest rates, currencies, or commodities.

 

Appendix B: External Account Monitoring

 

Vanguard has direct electronic feeds with several financial institutions that allow the Compliance Department to monitor trading activity and holdings in external accounts automatically. If you have a Covered Account at these institutions, the Compliance Department can monitor your trades and holdings automatically, with no action needed on your part. However, some firms may require you to provide your consent for Vanguard to monitor your account. If applicable, you will be contacted by the Compliance Department and provided further instructions.

 

Although other financial institutions and plan providers may offer Covered Accounts or Reportable Securities, some may not offer direct electronic feeds. These include:

 

·Smaller brokerage firms or investment advisors
·529 college savings plans or Achieving a Better Life Experience (ABLE) plans that offer Vanguard Funds.

 

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·Health Savings Accounts (HSAs) that offer Vanguard Funds, including the Health Equity HSA offered through Vanguard
·Employer sponsored retirement plans or investment plans that offer Vanguard Funds or Reportable Securities (e.g., 401(k) and 403(b) plans, employer stock purchase plans, stock options plans, restricted stock plans, etc.)
·Annuity plan providers that offer Vanguard Funds or products

 

To allow the Compliance Department to monitor such accounts and holdings, Access Persons have two options:

 

(1)Contact the firm where your Covered Accounts or Reportable Securities are held and request that they send duplicate statements and confirmations to Vanguard. This is often accomplished by naming Vanguard as an interested party on your accounts and directing the firm to send duplicate statements and confirmations to “Xerox”, Vanguard’s third-party service provider, at this address:

 

F01012 – Vanguard C/O MyComplianceOffice

PO BOX 3048

Coppell, TX 75019-3048

 

(2)If the firm cannot provide duplicate statements and confirmations to Vanguard, you will be responsible for uploading copies to the Trading Documents section of MCO immediately after you receive them, unless the Compliance Department provides you with an exception. The documents must clearly show the firm/institution's name, account number, account owner, account type, and transaction and/or holdings details.

 

Additionally, you will be required to complete a Quarterly Securities Transaction Report each calendar quarter via MCO. Failure to complete and submit the assignment within 30 calendar days of the end of the calendar quarter may be considered a violation of this policy.

 

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Exhibit 99.CERT

 

CERTIFICATIONS

 

I, Salim Ramji, certify that:

 

1. I have reviewed this report on Form N-CSR of Vanguard Fixed Income Securities Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 25, 2025

 

  /s/ Salim Ramji
  Salim Ramji
  Chief Executive Officer

 

 

 

 

 

CERTIFICATIONS

 

I, Christine Buchanan, certify that:

 

1. I have reviewed this report on Form N-CSR of Vanguard Fixed Income Securities Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: March 25, 2025

 

  /s/ Christine Buchanan
  Christine Buchanan
  Chief Financial Officer

 

 

 

 

 

Exhibit 99.906CERT

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

Name of Issuer: Vanguard Fixed Income Securities Funds

 

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

 

Date:        March 25, 2025

 

  /s/ Salim Ramji
  Salim Ramji
  Chief Executive Officer

 

 

 

 

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

 

Name of Issuer: Vanguard Fixed Income Securities Funds

 

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

 

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

 

Date:        March 25, 2025

 

  /s/ Christine Buchanan
  Christine Buchanan
  Chief Financial Officer

 

 

 

v3.25.1
Form N-CSR Cover
 12 Months Ended
Jan. 31, 2025
Shareholder Report [Line Items]  
Document Type N-CSR
Amendment Flag false
Registrant Name Vanguard Fixed Income Securities Funds
Entity Central Index Key 0000106444
Entity Investment Company Type N-1A
Document Period End Date Jan. 31, 2025

v3.25.1
Shareholder Report
 12 Months Ended
Jan. 31, 2025
USD ($)
Holding
Shareholder Report [Line Items]  
Document Type N-CSR
Amendment Flag false
Registrant Name Vanguard Fixed Income Securities Funds
Entity Central Index Key 0000106444
Entity Investment Company Type N-1A
Document Period End Date Jan. 31, 2025
C000007087 [Member]  
Shareholder Report [Line Items]  
Fund Name Vanguard GNMA Fund
Class Name Investor Shares
Trading Symbol VFIIX
Annual or Semi-Annual Statement [Text Block] This annual shareholder report contains important information about Vanguard GNMA Fund (the "Fund") for the period of February 1, 2024, to January 31, 2025.
Shareholder Report Annual or Semi-Annual annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
Additional Information Phone Number 800-662-7447
Additional Information Website https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
Expenses [Text Block]
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Investor Shares $21 0.21%
Expenses Paid, Amount $ 21
Expense Ratio, Percent 0.21%
Factors Affecting Performance [Text Block]
How did the Fund perform during the reporting period?
  • For the 12 months ended January 31, 2025, the Fund outperformed its benchmark, the Bloomberg U.S. GNMA Bond Index.
  • In the United States, the economy saw steady growth during the fiscal period, supported by a solid labor market and inflation staying below 3% in the second half of 2024. While the Federal Reserve began cutting short-term interest rates in September, sticky inflation, solid growth, and potential tariffs clouded prospects for further rate cuts, weighing on bond prices.
  • While Fed rate cuts drove down yields of very short-term U.S. Treasuries, yields of longer-term Treasuries finished the period higher amid expectations for inflation down the road. The bellwether 10-year note added 0.63 percentage points to end the period at 4.54%.
  • The Fund’s outperformance was aided by security selection in 30-year GNMA securities. Out-of-benchmark allocations to agency collateralized mortgage obligations and 30-year conventional mortgages also contributed.
Performance Past Does Not Indicate Future [Text] Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.
Line Graph [Table Text Block]
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: January 31, 2015, Through January 31, 2025
Initial Investment of $10,000
Fund Performance - Growth of 10K
Average Annual Return [Table Text Block]
Average Annual Total Returns
1 Year 5 Years 10 Years
Investor Shares 2.19% -0.54% 0.86%
Bloomberg U.S. GNMA Bond Index 2.02% -0.59% 0.86%
Bloomberg U.S. Aggregate Bond Index 2.07% -0.60% 1.19%
No Deduction of Taxes [Text Block] The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Updated Performance Information Location [Text Block] Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Net Assets $ 14,022,000,000
Holdings Count | Holding 127
Advisory Fees Paid, Amount $ 1,626,000
Investment Company Portfolio Turnover 388.00%
Additional Fund Statistics [Text Block]
Fund Statistics
(as of January 31, 2025)
Fund Net Assets
(in millions)		 $14,022
Number of Portfolio Holdings 127
Portfolio Turnover Rate 388%
Total Investment Advisory Fees
(in thousands)		 $1,626
Holdings [Text Block]
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
Distribution by Stated Maturity % of Net Asset
(as of January 31, 2025)
0 - 5 Years 1.0%
5 - 10 Years 2.6%
10 - 15 Years 1.8%
15 - 20 Years 13.5%
20 - 25 Years 21.9%
Over 25 Years 57.7%
Other Assets and Liabilities—Net 1.5%
C000007088 [Member]  
Shareholder Report [Line Items]  
Fund Name Vanguard GNMA Fund
Class Name Admiral™ Shares
Trading Symbol VFIJX
Annual or Semi-Annual Statement [Text Block] This annual shareholder report contains important information about Vanguard GNMA Fund (the "Fund") for the period of February 1, 2024, to January 31, 2025.
Shareholder Report Annual or Semi-Annual annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
Additional Information Phone Number 800-662-7447
Additional Information Website https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
Expenses [Text Block]
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Admiral Shares $11 0.11%
Expenses Paid, Amount $ 11
Expense Ratio, Percent 0.11%
Factors Affecting Performance [Text Block]
How did the Fund perform during the reporting period?
  • For the 12 months ended January 31, 2025, the Fund outperformed its benchmark, the Bloomberg U.S. GNMA Bond Index.
  • In the United States, the economy saw steady growth during the fiscal period, supported by a solid labor market and inflation staying below 3% in the second half of 2024. While the Federal Reserve began cutting short-term interest rates in September, sticky inflation, solid growth, and potential tariffs clouded prospects for further rate cuts, weighing on bond prices.
  • While Fed rate cuts drove down yields of very short-term U.S. Treasuries, yields of longer-term Treasuries finished the period higher amid expectations for inflation down the road. The bellwether 10-year note added 0.63 percentage points to end the period at 4.54%.
  • The Fund’s outperformance was aided by security selection in 30-year GNMA securities. Out-of-benchmark allocations to agency collateralized mortgage obligations and 30-year conventional mortgages also contributed.
Performance Past Does Not Indicate Future [Text] Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.
Line Graph [Table Text Block]
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: January 31, 2015, Through January 31, 2025
Initial Investment of $50,000
Fund Performance - Growth of 10K
Average Annual Return [Table Text Block]
Average Annual Total Returns
1 Year 5 Years 10 Years
Admiral Shares 2.28% -0.44% 0.96%
Bloomberg U.S. GNMA Bond Index 2.02% -0.59% 0.86%
Bloomberg U.S. Aggregate Bond Index 2.07% -0.60% 1.19%
No Deduction of Taxes [Text Block] The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Updated Performance Information Location [Text Block] Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Net Assets $ 14,022,000,000
Holdings Count | Holding 127
Advisory Fees Paid, Amount $ 1,626,000
Investment Company Portfolio Turnover 388.00%
Additional Fund Statistics [Text Block]
Fund Statistics
(as of January 31, 2025)
Fund Net Assets
(in millions)		 $14,022
Number of Portfolio Holdings 127
Portfolio Turnover Rate 388%
Total Investment Advisory Fees
(in thousands)		 $1,626
Holdings [Text Block]
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
Distribution by Stated Maturity % of Net Asset
(as of January 31, 2025)
0 - 5 Years 1.0%
5 - 10 Years 2.6%
10 - 15 Years 1.8%
15 - 20 Years 13.5%
20 - 25 Years 21.9%
Over 25 Years 57.7%
Other Assets and Liabilities—Net 1.5%
C000193720 [Member]  
Shareholder Report [Line Items]  
Fund Name Vanguard Real Estate II Index Fund
Class Name Institutional Plus Shares
Trading Symbol VRTPX
Annual or Semi-Annual Statement [Text Block] This annual shareholder report contains important information about Vanguard Real Estate II Index Fund (the "Fund") for the period of February 1, 2024, to January 31, 2025.
Shareholder Report Annual or Semi-Annual annual shareholder report
Additional Information [Text Block] You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.
Additional Information Phone Number 800-662-7447
Additional Information Website https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature
Expenses [Text Block]
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
Institutional Plus Shares $8 0.08%
Expenses Paid, Amount $ 8
Expense Ratio, Percent 0.08%
Factors Affecting Performance [Text Block]
How did the Fund perform during the reporting period?
  • For the 12 months ended January 31, 2025, the Fund performed in line with its benchmark.
  • In the United States, the economy saw steady growth during the fiscal period, supported by a solid labor market and inflation staying below 3% in the second half of 2024. The Federal Reserve began cutting short-term interest rates in September. This boosted stock returns, as did the prospects of tax cuts and less regulation under the incoming presidential administration.
  • Many benchmark sectors recorded positive returns for the 12 months. Health care REITs—which returned more than 40%—contributed most to performance. Retail REITs, multifamily residential REITs, and real estate services were also top performers, posting double-digit gains. Industrial REITs and telecom tower REITs detracted the most.
Performance Past Does Not Indicate Future [Text] Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.
Line Graph [Table Text Block]
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: September 26, 2017, Through January 31, 2025
Initial Investment of $100,000,000
10k Chart Image instPlus Shares
Average Annual Return [Table Text Block]
Average Annual Total Returns
1 Year 5 Years Since Inception
(9/26/2017)
Institutional Plus Shares 12.26% 3.14% 5.21%
Real Estate Spliced Index 12.35% 3.21% 5.28%
Dow Jones U.S. Total Stock Market Float Adjusted Index 26.28% 14.50% 14.00%
Performance Inception Date Sep. 26, 2017
No Deduction of Taxes [Text Block] The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Updated Performance Information Location [Text Block] Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Net Assets $ 9,445,000,000
Holdings Count | Holding 160
Advisory Fees Paid, Amount $ 150,000
Investment Company Portfolio Turnover 4.00%
Additional Fund Statistics [Text Block]
Fund Statistics
(as of January 31, 2025)
Fund Net Assets
(in millions)		 $9,445
Number of Portfolio Holdings 160
Portfolio Turnover Rate 4%
Total Investment Advisory Fees
(in thousands)		 $150
Holdings [Text Block]
This table reflects the Fund’s investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of January 31, 2025)
Data Center REITs 9.6%
Health Care REITs 12.1%
Industrial REITs 11.1%
Multi-Family Residential REITs 8.7%
Office REITs 3.3%
Other Specialized REITs 6.6%
Real Estate Services 8.1%
Retail REITs 13.3%
Self-Storage REITs 6.3%
Single-Family Residential REITs 4.0%
Telecom Tower REITs 10.0%
Other Assets and Liabilities—Net 6.9%

v3.25.1
Shareholder Report, Line Graph (Details) - USD ($)
 12 Months Ended 60 Months Ended 88 Months Ended 120 Months Ended
Jan. 31, 2025
Jan. 31, 2025
Jan. 31, 2025
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Jan. 31, 2022
Jan. 31, 2021
Jan. 31, 2020
Jan. 31, 2019
Jan. 31, 2018
Sep. 26, 2017
Jan. 31, 2017
Jan. 31, 2016
Jan. 31, 2015
C000007087 [Member]                              
Account Value [Line Items]                              
Line Graph and Table Measure Name Investor Shares                            
Account Value $ 10,897 $ 10,897 $ 10,897 $ 10,897 $ 10,663 $ 10,493 $ 11,294 $ 11,548 $ 11,193 $ 10,614 $ 10,319   $ 10,232 $ 10,183 $ 10,000
Average Annual Return, Percent 2.19% (0.54%)   0.86%                      
C000007088 [Member]                              
Account Value [Line Items]                              
Line Graph and Table Measure Name Admiral Shares                            
Account Value $ 55,027 $ 55,027 55,027 $ 55,027 53,798 52,885 56,863 58,088 56,246 53,280 51,752   51,263 50,964 50,000
Average Annual Return, Percent 2.28% (0.44%)   0.96%                      
C000193720 [Member]                              
Account Value [Line Items]                              
Line Graph and Table Measure Name Institutional Plus Shares                            
Account Value $ 145,202,613 $ 145,202,613 $ 145,202,613 $ 145,202,613 129,343,262 134,285,669 151,269,355 117,295,167 124,382,109 106,513,279 97,110,506 $ 100,000,000      
Average Annual Return, Percent 12.26% 3.14% 5.21%                        
Bloomberg U S Aggregate Bond Index [Member]                              
Account Value [Line Items]                              
Line Graph and Table Measure Name Bloomberg U.S. Aggregate Bond Index                            
Account Value $ 11,256 $ 11,256 $ 11,256 $ 11,256 11,028 10,802 11,787 12,148 11,600 10,580 10,347   10,129 9,984 10,000
Average Annual Return, Percent 2.07% (0.60%)   1.19%                      
Dow Jones U S Total Stock Market Float Adjusted Index [Member]                              
Account Value [Line Items]                              
Line Graph and Table Measure Name Dow Jones U.S. Total Stock Market Float Adjusted Index                            
Account Value $ 261,837,930 $ 261,837,930 $ 261,837,930 $ 261,837,930 207,351,751 174,033,798 190,031,179 160,368,676 133,035,562 110,518,068 113,147,952 100,000,000      
Average Annual Return, Percent 26.28% 14.50% 14.00%                        
Bloomberg U S GNMA Bond Index [Member]                              
Account Value [Line Items]                              
Line Graph and Table Measure Name Bloomberg U.S. GNMA Bond Index                            
Account Value $ 10,895 $ 10,895 $ 10,895 $ 10,895 10,679 10,516 11,270 11,556 11,219 10,634 10,327   $ 10,239 $ 10,210 $ 10,000
Average Annual Return, Percent 2.02% (0.59%)   0.86%                      
Real Estate Spliced Index [Member]                              
Account Value [Line Items]                              
Line Graph and Table Measure Name Real Estate Spliced Index                            
Account Value $ 145,923,277 $ 145,923,277 $ 145,923,277 $ 145,923,277 $ 129,880,851 $ 134,763,813 $ 151,683,298 $ 117,542,026 $ 124,572,985 $ 106,637,183 $ 97,144,679 $ 100,000,000      
Average Annual Return, Percent 12.35% 3.21% 5.28%                        

v3.25.1
Shareholder Report, Holdings (Details)
Jan. 31, 2025
C000007087 [Member] | Zero To 5 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.00%
C000007087 [Member] | Five To 10 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.60%
C000007087 [Member] | Ten To 15 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.80%
C000007087 [Member] | Fifteen To 20 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 13.50%
C000007087 [Member] | Twenty To 25 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 21.90%
C000007087 [Member] | Over 25 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 57.70%
C000007087 [Member] | Other Assets and Liabilities Net [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.50%
C000007088 [Member] | Zero To 5 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.00%
C000007088 [Member] | Five To 10 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 2.60%
C000007088 [Member] | Ten To 15 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.80%
C000007088 [Member] | Fifteen To 20 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 13.50%
C000007088 [Member] | Twenty To 25 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 21.90%
C000007088 [Member] | Over 25 Years [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 57.70%
C000007088 [Member] | Other Assets and Liabilities Net [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 1.50%
C000193720 [Member] | Data Center REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 9.60%
C000193720 [Member] | Health Care REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 12.10%
C000193720 [Member] | Industrial REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 11.10%
C000193720 [Member] | Multi Family Residential REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 8.70%
C000193720 [Member] | Office REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 3.30%
C000193720 [Member] | Other Specialized REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 6.60%
C000193720 [Member] | Real Estate Services [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 8.10%
C000193720 [Member] | Retail REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 13.30%
C000193720 [Member] | Self Storage REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 6.30%
C000193720 [Member] | Single Family Residential REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 4.00%
C000193720 [Member] | Telecom Tower REITs [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 10.00%
C000193720 [Member] | Other Assets and Liabilities Net [Member]  
Holdings [Line Items]  
Percent of Net Asset Value 6.90% 

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