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: 811-03919
Name of Registrant: | Vanguard STAR Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | John E. Schadl, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: October 31
Date of reporting period: November 1, 2023—April 30, 2024
Item 1: Reports to Shareholders
Vanguard LifeStrategy Income Fund |
Vanguard LifeStrategy Conservative Growth Fund |
Vanguard LifeStrategy Moderate Growth Fund |
Vanguard LifeStrategy Growth Fund |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
LifeStrategy Income Fund | $1,000.00 | $1,077.50 | $0.57 |
LifeStrategy Conservative Growth Fund | $1,000.00 | $1,104.60 | $0.63 |
LifeStrategy Moderate Growth Fund | $1,000.00 | $1,133.30 | $0.69 |
LifeStrategy Growth Fund | $1,000.00 | $1,162.40 | $0.75 |
Based on Hypothetical 5% Yearly Return | |||
LifeStrategy Income Fund | $1,000.00 | $1,024.32 | $0.55 |
LifeStrategy Conservative Growth Fund | $1,000.00 | $1,024.27 | $0.60 |
LifeStrategy Moderate Growth Fund | $1,000.00 | $1,024.22 | $0.65 |
LifeStrategy Growth Fund | $1,000.00 | $1,024.17 | $0.70 |
Vanguard Total Bond Market II Index Fund Investor Shares | 56.3% |
Vanguard Total International Bond II Index Fund Investor Shares | 24.2 |
Vanguard Total Stock Market Index Fund Investor Shares | 11.4 |
Vanguard Total International Stock Index Fund Investor Shares | 8.1 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.3%) | ||||||
U.S. Stock Fund (11.3%) | ||||||
Vanguard Total Stock Market Index Fund Investor Shares | 3,689,150 | 446,314 | ||||
International Stock Fund (8.0%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 16,620,844 | 314,300 | ||||
U.S. Bond Fund (55.9%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 239,641,644 | 2,199,910 | |||
International Bond Fund (24.1%) | ||||||
1 | Vanguard Total International Bond II Index Fund Investor Shares | 107,899,677 | 947,359 | |||
Total Investment Companies (Cost $3,829,735) | 3,907,883 | |||||
Temporary Cash Investments (0.7%) | ||||||
Money Market Fund (0.7%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.394% (Cost $29,514) | 295,246 | 29,522 | |||
Total Investments (100.0%) (Cost $3,859,249) | 3,937,405 | |||||
Other Assets and Liabilities—Net (0.0%) | (1,176) | |||||
Net Assets (100%) | 3,936,229 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 110 | 11,818 | (320) |
E-mini S&P 500 Index | June 2024 | 74 | 18,748 | (460) |
(780) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $3,859,249) | 3,937,405 |
Cash Collateral Pledged—Futures Contracts | 1,116 |
Receivables for Investment Securities Sold | 4,400 |
Receivables for Accrued Income | 8,607 |
Receivables for Capital Shares Issued | 1,062 |
Total Assets | 3,952,590 |
Liabilities | |
Payables for Investment Securities Purchased | 8,596 |
Payables for Capital Shares Redeemed | 7,412 |
Variation Margin Payable—Futures Contracts | 353 |
Total Liabilities | 16,361 |
Net Assets | 3,936,229 |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 3,840,801 |
Total Distributable Earnings (Loss) | 95,428 |
Net Assets | 3,936,229 |
Net Assets | |
Applicable to 264,547,325 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,936,229 |
Net Asset Value Per Share | $14.88 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 84,110 |
Net Investment Income—Note B | 84,110 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | — |
Affiliated Funds Sold | 57,541 |
Futures Contracts | 2,004 |
Realized Net Gain (Loss) | 59,545 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 163,827 |
Futures Contracts | 769 |
Change in Unrealized Appreciation (Depreciation) | 164,596 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 308,251 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 84,110 | 110,240 | |
Realized Net Gain (Loss) | 59,545 | 34,529 | |
Change in Unrealized Appreciation (Depreciation) | 164,596 | (15,817) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 308,251 | 128,952 | |
Distributions | |||
Total Distributions | (83,366) | (108,175) | |
Capital Share Transactions | |||
Issued | 223,598 | 420,400 | |
Issued in Lieu of Cash Distributions | 75,552 | 98,550 | |
Redeemed | (598,370) | (1,008,015) | |
Net Increase (Decrease) from Capital Share Transactions | (299,220) | (489,065) | |
Total Increase (Decrease) | (74,335) | (468,288) | |
Net Assets | |||
Beginning of Period | 4,010,564 | 4,478,852 | |
End of Period | 3,936,229 | 4,010,564 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $14.09 | $14.09 | $17.40 | $16.73 | $16.24 | $15.08 |
Investment Operations | ||||||
Net Investment Income1 | .308 | .366 | .368 | .261 | .393 | .425 |
Capital Gain Distributions Received1 | .0002 | .0002 | .046 | .092 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | .790 | (.004) | (3.042) | .656 | .501 | 1.284 |
Total from Investment Operations | 1.098 | .362 | (2.628) | 1.009 | .894 | 1.709 |
Distributions | ||||||
Dividends from Net Investment Income | (.308) | (.362) | (.365) | (.264) | (.401) | (.435) |
Distributions from Realized Capital Gains | — | — | (.317) | (.075) | (.003) | (.114) |
Total Distributions | (.308) | (.362) | (.682) | (.339) | (.404) | (.549) |
Net Asset Value, End of Period | $14.88 | $14.09 | $14.09 | $17.40 | $16.73 | $16.24 |
Total Return3 | 7.75% | 2.52% | -15.59% | 6.06% | 5.60% | 11.60% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $3,936 | $4,011 | $4,479 | $6,098 | $5,603 | $4,714 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.11% | 0.11% | 0.11% | 0.11% | 0.11% | 0.11% |
Ratio of Net Investment Income to Average Net Assets | 4.12% | 2.50% | 2.34% | 1.51% | 2.39% | 2.72% |
Portfolio Turnover Rate | 3% | 4% | 26% | 7% | 17% | 6% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
Amount ($000) | |
Tax Cost | 3,901,410 |
Gross Unrealized Appreciation | 412,612 |
Gross Unrealized Depreciation | (377,397) |
Net Unrealized Appreciation (Depreciation) | 35,215 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 14,872 | 28,658 | |
Issued in Lieu of Cash Distributions | 4,960 | 6,794 | |
Redeemed | (39,845) | (68,841) | |
Net Increase (Decrease) in Shares Outstanding | (20,013) | (33,389) |
Current Period Transactions | ||||||||
Oct. 31, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Apr. 30, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 25,141 | NA1 | NA1 | — | 1 | 774 | — | 29,522 |
Vanguard Total Bond Market II Index Fund | 2,232,463 | 48,059 | 153,106 | (18,619) | 91,113 | 39,717 | — | 2,199,910 |
Vanguard Total International Bond II Index Fund | 975,871 | 38,374 | 83,158 | (887) | 17,159 | 34,149 | — | 947,359 |
Vanguard Total International Stock Index Fund | 315,007 | 9,501 | 54,023 | 6,504 | 37,311 | 6,018 | — | 314,300 |
Vanguard Total Stock Market Index Fund | 461,098 | 7,167 | 110,737 | 70,543 | 18,243 | 3,452 | — | 446,314 |
Total | 4,009,580 | 103,101 | 401,024 | 57,541 | 163,827 | 84,110 | — | 3,937,405 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Bond Market II Index Fund Investor Shares | 42.1% |
Vanguard Total Stock Market Index Fund Investor Shares | 23.5 |
Vanguard Total International Bond II Index Fund Investor Shares | 18.2 |
Vanguard Total International Stock Index Fund Investor Shares | 16.2 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.2%) | ||||||
U.S. Stock Fund (23.3%) | ||||||
Vanguard Total Stock Market Index Fund Investor Shares | 19,138,442 | 2,315,369 | ||||
International Stock Fund (16.0%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 84,231,314 | 1,592,814 | ||||
U.S. Bond Fund (41.8%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 451,692,280 | 4,146,535 | |||
International Bond Fund (18.1%) | ||||||
1 | Vanguard Total International Bond II Index Fund Investor Shares | 204,099,509 | 1,791,994 | |||
Total Investment Companies (Cost $8,045,020) | 9,846,712 | |||||
Temporary Cash Investments (0.8%) | ||||||
Money Market Fund (0.8%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.394% (Cost $78,931) | 789,581 | 78,950 | |||
Total Investments (100.0%) (Cost $8,123,951) | 9,925,662 | |||||
Other Assets and Liabilities—Net (0.0%) | (200) | |||||
Net Assets (100%) | 9,925,462 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 318 | 34,165 | (927) |
E-mini S&P 500 Index | June 2024 | 184 | 46,617 | (1,143) |
(2,070) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $8,123,951) | 9,925,662 |
Cash Collateral Pledged—Futures Contracts | 2,847 |
Receivables for Investment Securities Sold | 1,927 |
Receivables for Accrued Income | 16,277 |
Receivables for Capital Shares Issued | 2,856 |
Total Assets | 9,949,569 |
Liabilities | |
Payables for Investment Securities Purchased | 16,256 |
Payables for Capital Shares Redeemed | 6,951 |
Variation Margin Payable—Futures Contracts | 900 |
Total Liabilities | 24,107 |
Net Assets | 9,925,462 |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 7,899,200 |
Total Distributable Earnings (Loss) | 2,026,262 |
Net Assets | 9,925,462 |
Net Assets | |
Applicable to 489,844,289 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 9,925,462 |
Net Asset Value Per Share | $20.26 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 184,636 |
Net Investment Income—Note B | 184,636 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 1 |
Affiliated Funds Sold | 283,233 |
Futures Contracts | 4,905 |
Realized Net Gain (Loss) | 288,139 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 518,761 |
Futures Contracts | 1,930 |
Change in Unrealized Appreciation (Depreciation) | 520,691 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 993,466 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 184,636 | 243,820 | |
Realized Net Gain (Loss) | 288,139 | 239,488 | |
Change in Unrealized Appreciation (Depreciation) | 520,691 | (31,120) | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 993,466 | 452,188 | |
Distributions | |||
Total Distributions | (411,133) | (311,559) | |
Capital Share Transactions | |||
Issued | 510,980 | 869,660 | |
Issued in Lieu of Cash Distributions | 380,146 | 287,266 | |
Redeemed | (1,085,513) | (1,659,489) | |
Net Increase (Decrease) from Capital Share Transactions | (194,387) | (502,563) | |
Total Increase (Decrease) | 387,946 | (361,934) | |
Net Assets | |||
Beginning of Period | 9,537,516 | 9,899,450 | |
End of Period | 9,925,462 | 9,537,516 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $19.10 | $18.87 | $23.66 | $21.49 | $20.79 | $19.29 |
Investment Operations | ||||||
Net Investment Income1 | .373 | .476 | .472 | .360 | .488 | .521 |
Capital Gain Distributions Received1 | .0002 | .0002 | .044 | .089 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 1.631 | .363 | (4.327) | 2.435 | .715 | 1.715 |
Total from Investment Operations | 2.004 | .839 | (3.811) | 2.884 | 1.203 | 2.236 |
Distributions | ||||||
Dividends from Net Investment Income | (.373) | (.468) | (.471) | (.362) | (.494) | (.531) |
Distributions from Realized Capital Gains | (.471) | (.141) | (.508) | (.352) | (.009) | (.205) |
Total Distributions | (.844) | (.609) | (.979) | (.714) | (.503) | (.736) |
Net Asset Value, End of Period | $20.26 | $19.10 | $18.87 | $23.66 | $21.49 | $20.79 |
Total Return3 | 10.46% | 4.43% | -16.67% | 13.57% | 5.89% | 11.94% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $9,925 | $9,538 | $9,899 | $12,746 | $10,790 | $10,473 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
Ratio of Net Investment Income to Average Net Assets | 3.68% | 2.40% | 2.23% | 1.55% | 2.32% | 2.61% |
Portfolio Turnover Rate | 3% | 4% | 21% | 5% | 23% | 9% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
Amount ($000) | |
Tax Cost | 8,214,426 |
Gross Unrealized Appreciation | 2,436,031 |
Gross Unrealized Depreciation | (726,865) |
Net Unrealized Appreciation (Depreciation) | 1,709,166 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 25,028 | 43,876 | |
Issued in Lieu of Cash Distributions | 18,553 | 14,811 | |
Redeemed | (53,167) | (83,907) | |
Net Increase (Decrease) in Shares Outstanding | (9,586) | (25,220) |
Current Period Transactions | ||||||||
Oct. 31, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Apr. 30, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 67,235 | NA1 | NA1 | — | — | 2,053 | 1 | 78,950 |
Vanguard Total Bond Market II Index Fund | 3,976,385 | 143,026 | 97,696 | (3,343) | 128,163 | 72,854 | — | 4,146,535 |
Vanguard Total International Bond II Index Fund | 1,743,110 | 62,687 | 41,545 | (136) | 27,878 | 62,685 | — | 1,791,994 |
Vanguard Total International Stock Index Fund | 1,508,862 | 34,131 | 162,094 | 19,946 | 191,969 | 29,604 | — | 1,592,814 |
Vanguard Total Stock Market Index Fund | 2,240,253 | 28,753 | 391,154 | 266,766 | 170,751 | 17,440 | — | 2,315,369 |
Total | 9,535,845 | 268,597 | 692,489 | 283,233 | 518,761 | 184,636 | 1 | 9,925,662 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Stock Market Index Fund Investor Shares | 35.7% |
Vanguard Total Bond Market II Index Fund Investor Shares | 27.9 |
Vanguard Total International Stock Index Fund Investor Shares | 24.3 |
Vanguard Total International Bond II Index Fund Investor Shares | 12.1 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.3%) | ||||||
U.S. Stock Fund (35.4%) | ||||||
Vanguard Total Stock Market Index Fund Investor Shares | 59,465,722 | 7,194,163 | ||||
International Stock Fund (24.2%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 259,649,523 | 4,909,972 | ||||
U.S. Bond Fund (27.7%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 613,017,081 | 5,627,497 | |||
International Bond Fund (12.0%) | ||||||
1 | Vanguard Total International Bond II Index Fund Investor Shares | 276,801,105 | 2,430,314 | |||
Total Investment Companies (Cost $13,664,656) | 20,161,946 | |||||
Temporary Cash Investments (0.7%) | ||||||
Money Market Fund (0.7%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.394% (Cost $147,051) | 1,470,964 | 147,081 | |||
Total Investments (100.0%) (Cost $13,811,707) | 20,309,027 | |||||
Other Assets and Liabilities—Net (0.0%) | 3,809 | |||||
Net Assets (100%) | 20,312,836 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 611 | 65,644 | (1,778) |
E-mini S&P 500 Index | June 2024 | 347 | 87,913 | (2,155) |
(3,933) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $13,811,707) | 20,309,027 |
Cash Collateral Pledged—Futures Contracts | 5,403 |
Receivables for Investment Securities Sold | 7,836 |
Receivables for Accrued Income | 22,268 |
Receivables for Capital Shares Issued | 3,483 |
Total Assets | 20,348,017 |
Liabilities | |
Payables for Investment Securities Purchased | 22,239 |
Payables for Capital Shares Redeemed | 11,239 |
Variation Margin Payable—Futures Contracts | 1,703 |
Total Liabilities | 35,181 |
Net Assets | 20,312,836 |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 13,181,066 |
Total Distributable Earnings (Loss) | 7,131,770 |
Net Assets | 20,312,836 |
Net Assets | |
Applicable to 658,717,873 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 20,312,836 |
Net Asset Value Per Share | $30.84 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 326,821 |
Net Investment Income—Note B | 326,821 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 1 |
Affiliated Funds Sold | 611,483 |
Futures Contracts | 9,371 |
Realized Net Gain (Loss) | 620,855 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 1,523,703 |
Futures Contracts | 3,667 |
Change in Unrealized Appreciation (Depreciation) | 1,527,370 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,475,046 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 326,821 | 441,638 | |
Realized Net Gain (Loss) | 620,855 | 274,559 | |
Change in Unrealized Appreciation (Depreciation) | 1,527,370 | 375,154 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,475,046 | 1,091,351 | |
Distributions | |||
Total Distributions | (604,738) | (513,788) | |
Capital Share Transactions | |||
Issued | 1,086,826 | 1,649,703 | |
Issued in Connection with Acquisition of Vanguard Managed Allocation Fund—Note F | — | 1,071,642 | |
Issued in Lieu of Cash Distributions | 558,502 | 478,648 | |
Redeemed | (1,951,815) | (2,746,691) | |
Net Increase (Decrease) from Capital Share Transactions | (306,487) | 453,302 | |
Total Increase (Decrease) | 1,563,821 | 1,030,865 | |
Net Assets | |||
Beginning of Period | 18,749,015 | 17,718,150 | |
End of Period | 20,312,836 | 18,749,015 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $28.04 | $27.13 | $34.35 | $29.27 | $28.29 | $26.26 |
Investment Operations | ||||||
Net Investment Income1 | .493 | .668 | .660 | .528 | .633 | .673 |
Capital Gain Distributions Received1 | .0002 | .0002 | .041 | .082 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 3.235 | 1.025 | (6.612) | 5.561 | 1.012 | 2.403 |
Total from Investment Operations | 3.728 | 1.693 | (5.911) | 6.171 | 1.645 | 3.076 |
Distributions | ||||||
Dividends from Net Investment Income | (.505) | (.627) | (.655) | (.537) | (.647) | (.684) |
Distributions from Realized Capital Gains | (.423) | (.156) | (.654) | (.554) | (.018) | (.362) |
Total Distributions | (.928) | (.783) | (1.309) | (1.091) | (.665) | (1.046) |
Net Asset Value, End of Period | $30.84 | $28.04 | $27.13 | $34.35 | $29.27 | $28.29 |
Total Return3 | 13.33% | 6.26% | -17.80% | 21.38% | 5.89% | 12.20% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $20,313 | $18,749 | $17,718 | $22,295 | $17,658 | $17,282 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% | 0.13% |
Ratio of Net Investment Income to Average Net Assets | 3.24% | 2.31% | 2.17% | 1.60% | 2.23% | 2.50% |
Portfolio Turnover Rate | 3% | 5% | 15% | 5% | 21% | 9% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
Amount ($000) | |
Tax Cost | 13,939,694 |
Gross Unrealized Appreciation | 7,319,042 |
Gross Unrealized Depreciation | (953,642) |
Net Unrealized Appreciation (Depreciation) | 6,365,400 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 35,477 | 57,191 | |
Issued in Connection with Acquisition of Vanguard Managed Allocation Fund—Note F | — | 36,763 | |
Issued in Lieu of Cash Distributions | 18,294 | 17,062 | |
Redeemed | (63,741) | (95,326) | |
Net Increase (Decrease) in Shares Outstanding | (9,970) | 15,690 |
Current Period Transactions | ||||||||
Oct. 31, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Apr. 30, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 131,477 | NA1 | NA1 | 3 | 1 | 3,909 | 1 | 147,081 |
Vanguard Total Bond Market II Index Fund | 5,150,436 | 365,579 | 44,984 | 256 | 156,210 | 96,999 | — | 5,627,497 |
Vanguard Total International Bond II Index Fund | 2,304,812 | 125,650 | 36,557 | 249 | 36,160 | 83,499 | — | 2,430,314 |
Vanguard Total International Stock Index Fund | 4,479,956 | 89,355 | 288,834 | 17,521 | 611,974 | 89,356 | — | 4,909,972 |
Vanguard Total Stock Market Index Fund | 6,679,214 | 59,402 | 857,265 | 593,454 | 719,358 | 53,058 | — | 7,194,163 |
Total | 18,745,895 | 639,986 | 1,227,640 | 611,483 | 1,523,703 | 326,821 | 1 | 20,309,027 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Vanguard Total Stock Market Index Fund Investor Shares | 48.0% |
Vanguard Total International Stock Index Fund Investor Shares | 32.4 |
Vanguard Total Bond Market II Index Fund Investor Shares | 13.6 |
Vanguard Total International Bond II Index Fund Investor Shares | 6.0 |
Shares | Market Value• ($000) | |||||
Investment Companies (99.1%) | ||||||
U.S. Stock Fund (47.5%) | ||||||
Vanguard Total Stock Market Index Fund Investor Shares | 80,432,362 | 9,730,707 | ||||
International Stock Fund (32.1%) | ||||||
Vanguard Total International Stock Index Fund Investor Shares | 347,405,011 | 6,569,428 | ||||
U.S. Bond Fund (13.5%) | ||||||
1 | Vanguard Total Bond Market II Index Fund Investor Shares | 300,081,895 | 2,754,752 | |||
International Bond Fund (6.0%) | ||||||
1 | Vanguard Total International Bond II Index Fund Investor Shares | 139,423,087 | 1,224,134 | |||
Total Investment Companies (Cost $11,254,006) | 20,279,021 | |||||
Temporary Cash Investments (0.9%) | ||||||
Money Market Fund (0.9%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.394% (Cost $185,958) | 1,860,085 | 185,990 | |||
Total Investments (100.0%) (Cost $11,439,964) | 20,465,011 | |||||
Other Assets and Liabilities—Net (0.0%) | 539 | |||||
Net Assets (100%) | 20,465,550 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown for Vanguard Market Liquidity Fund is the 7-day yield. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
10-Year U.S. Treasury Note | June 2024 | 984 | 105,719 | (2,876) |
E-mini S&P 500 Index | June 2024 | 326 | 82,592 | (2,025) |
(4,901) |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $11,439,964) | 20,465,011 |
Cash Collateral Pledged—Futures Contracts | 5,947 |
Receivables for Investment Securities Sold | 230 |
Receivables for Accrued Income | 11,449 |
Receivables for Capital Shares Issued | 5,243 |
Total Assets | 20,487,880 |
Liabilities | |
Payables for Investment Securities Purchased | 11,435 |
Payables for Capital Shares Redeemed | 9,084 |
Variation Margin Payable—Futures Contracts | 1,811 |
Total Liabilities | 22,330 |
Net Assets | 20,465,550 |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 10,851,135 |
Total Distributable Earnings (Loss) | 9,614,415 |
Net Assets | 20,465,550 |
Net Assets | |
Applicable to 481,392,589 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 20,465,550 |
Net Asset Value Per Share | $42.51 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 277,289 |
Net Investment Income—Note B | 277,289 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 2 |
Affiliated Funds Sold | 556,320 |
Futures Contracts | 8,703 |
Realized Net Gain (Loss) | 565,025 |
Change in Unrealized Appreciation (Depreciation) | |
Affiliated Funds | 2,069,041 |
Futures Contracts | 5,673 |
Change in Unrealized Appreciation (Depreciation) | 2,074,714 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,917,028 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 277,289 | 410,286 | |
Realized Net Gain (Loss) | 565,025 | 109,850 | |
Change in Unrealized Appreciation (Depreciation) | 2,074,714 | 871,120 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 2,917,028 | 1,391,256 | |
Distributions | |||
Total Distributions | (410,673) | (417,946) | |
Capital Share Transactions | |||
Issued | 1,112,491 | 1,640,645 | |
Issued in Lieu of Cash Distributions | 386,675 | 394,381 | |
Redeemed | (1,577,502) | (2,248,485) | |
Net Increase (Decrease) from Capital Share Transactions | (78,336) | (213,459) | |
Total Increase (Decrease) | 2,428,019 | 759,851 | |
Net Assets | |||
Beginning of Period | 18,037,531 | 17,277,680 | |
End of Period | 20,465,550 | 18,037,531 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $37.33 | $35.36 | $45.26 | $36.15 | $34.92 | $32.44 |
Investment Operations | ||||||
Net Investment Income1 | .574 | .843 | .845 | .705 | .740 | .789 |
Capital Gain Distributions Received1 | .0002 | .0002 | .026 | .051 | — | — |
Net Realized and Unrealized Gain (Loss) on Investments | 5.467 | 1.990 | (9.175) | 9.813 | 1.246 | 3.029 |
Total from Investment Operations | 6.041 | 2.833 | (8.304) | 10.569 | 1.986 | 3.818 |
Distributions | ||||||
Dividends from Net Investment Income | (.586) | (.820) | (.851) | (.709) | (.749) | (.798) |
Distributions from Realized Capital Gains | (.275) | (.043) | (.745) | (.750) | (.007) | (.540) |
Total Distributions | (.861) | (.863) | (1.596) | (1.459) | (.756) | (1.338) |
Net Asset Value, End of Period | $42.51 | $37.33 | $35.36 | $45.26 | $36.15 | $34.92 |
Total Return3 | 16.24% | 8.03% | -18.92% | 29.69% | 5.74% | 12.34% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $20,466 | $18,038 | $17,278 | $21,449 | $16,125 | $15,906 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% |
Ratio of Net Investment Income to Average Net Assets | 2.76% | 2.20% | 2.12% | 1.65% | 2.12% | 2.38% |
Portfolio Turnover Rate | 3% | 3% | 8% | 4% | 13% | 6% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Distribution was less than $.001 per share. |
3 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
Amount ($000) | |
Tax Cost | 11,522,104 |
Gross Unrealized Appreciation | 9,450,225 |
Gross Unrealized Depreciation | (512,219) |
Net Unrealized Appreciation (Depreciation) | 8,938,006 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 26,555 | 42,873 | |
Issued in Lieu of Cash Distributions | 9,313 | 10,602 | |
Redeemed | (37,699) | (58,826) | |
Net Increase (Decrease) in Shares Outstanding | (1,831) | (5,351) |
Current Period Transactions | ||||||||
Oct. 31, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Apr. 30, 2024 Market Value ($000) | |
Vanguard Market Liquidity Fund | 212,261 | NA1 | NA1 | 3 | (2) | 5,434 | 2 | 185,990 |
Vanguard Total Bond Market II Index Fund | 2,372,481 | 321,901 | 7,585 | (1,129) | 69,084 | 45,740 | — | 2,754,752 |
Vanguard Total International Bond II Index Fund | 1,064,775 | 147,827 | 3,607 | (48) | 15,187 | 39,704 | — | 1,224,134 |
Vanguard Total International Stock Index Fund | 5,659,078 | 114,853 | 7,442 | (632) | 803,571 | 115,020 | — | 6,569,428 |
Vanguard Total Stock Market Index Fund | 8,722,759 | 73,122 | 804,501 | 558,126 | 1,181,201 | 71,391 | — | 9,730,707 |
Total | 18,031,354 | 657,703 | 823,135 | 556,320 | 2,069,041 | 277,289 | 2 | 20,465,011 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2024 | |||
STAR Fund | Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period |
Based on Actual Fund Return | $1,000.00 | $1,149.80 | $1.60 |
Based on Hypothetical 5% Yearly Return | 1,000.00 | 1,023.37 | 1.51 |
Vanguard WindsorTM II Fund Investor Shares | 14.2% |
Vanguard Short-Term Investment-Grade Fund Investor Shares | 12.4 |
Vanguard GNMA Fund Investor Shares | 12.1 |
Vanguard Long-Term Investment-Grade Fund Investor Shares | 12.0 |
Vanguard U.S. Growth Fund Investor Shares | 12.0 |
Vanguard International Value Fund Investor Shares | 9.7 |
Vanguard International Growth Fund Investor Shares | 9.6 |
Vanguard Windsor Fund Investor Shares | 7.9 |
Vanguard PRIMECAP Fund Investor Shares | 6.2 |
Vanguard ExplorerTM Fund Investor Shares | 3.9 |
Shares | Market Value• ($000) | |||||
Investment Companies (100.0%) | ||||||
U.S. Stock Funds (44.2%) | ||||||
Vanguard Windsor II Fund Investor Shares | 71,754,419 | 3,228,949 | ||||
Vanguard U.S. Growth Fund Investor Shares | 44,927,483 | 2,716,765 | ||||
Vanguard Windsor Fund Investor Shares | 81,350,730 | 1,784,022 | ||||
Vanguard PRIMECAP Fund Investor Shares | 8,854,392 | 1,410,770 | ||||
Vanguard Explorer Fund Investor Shares | 7,829,085 | 875,370 | ||||
10,015,876 | ||||||
International Stock Funds (19.3%) | ||||||
Vanguard International Value Fund Investor Shares | 53,430,701 | 2,189,056 | ||||
Vanguard International Growth Fund Investor Shares | 66,697,748 | 2,179,682 | ||||
4,368,738 | ||||||
U.S. Bond Funds (36.5%) | ||||||
Vanguard Short-Term Investment-Grade Fund Investor Shares | 277,096,824 | 2,798,678 | ||||
Vanguard GNMA Fund Investor Shares | 308,542,258 | 2,742,941 | ||||
Vanguard Long-Term Investment-Grade Fund Investor Shares | 364,967,278 | 2,726,305 | ||||
8,267,924 | ||||||
Total Investment Companies (Cost $15,393,238) | 22,652,538 | |||||
Temporary Cash Investments (0.0%) | ||||||
Money Market Fund (0.0%) | ||||||
1 | Vanguard Market Liquidity Fund, 5.394% (Cost $390) | 3,898 | 390 | |||
Total Investments (100.0%) (Cost $15,393,628) | 22,652,928 | |||||
Other Assets and Liabilities—Net (0.0%) | 1,044 | |||||
Net Assets (100%) | 22,653,972 |
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
1 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value—Affiliated Funds (Cost $15,393,628) | 22,652,928 |
Receivables for Investment Securities Sold | 7,941 |
Receivables for Accrued Income | 28,914 |
Receivables for Capital Shares Issued | 1,907 |
Total Assets | 22,691,690 |
Liabilities | |
Payables for Investment Securities Purchased | 28,913 |
Payables for Capital Shares Redeemed | 8,805 |
Total Liabilities | 37,718 |
Net Assets | 22,653,972 |
At April 30, 2024, net assets consisted of: | |
Paid-in Capital | 14,874,252 |
Total Distributable Earnings (Loss) | 7,779,720 |
Net Assets | 22,653,972 |
Net Assets | |
Applicable to 834,805,838 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 22,653,972 |
Net Asset Value Per Share | $27.14 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Income Distributions Received from Affiliated Funds | 323,746 |
Net Investment Income—Note B | 323,746 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received from Affiliated Funds | 316,584 |
Affiliated Funds Sold | 199,608 |
Realized Net Gain (Loss) | 516,192 |
Change in Unrealized Appreciation (Depreciation) from Affiliated Funds | 2,237,167 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,077,105 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 323,746 | 479,888 | |
Realized Net Gain (Loss) | 516,192 | 662,067 | |
Change in Unrealized Appreciation (Depreciation) | 2,237,167 | 199,539 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,077,105 | 1,341,494 | |
Distributions | |||
Total Distributions | (1,014,278) | (1,696,712) | |
Capital Share Transactions | |||
Issued | 388,445 | 791,674 | |
Issued in Lieu of Cash Distributions | 953,808 | 1,598,030 | |
Redeemed | (1,433,257) | (2,356,237) | |
Net Increase (Decrease) from Capital Share Transactions | (91,004) | 33,467 | |
Total Increase (Decrease) | 1,971,823 | (321,751) | |
Net Assets | |||
Beginning of Period | 20,682,149 | 21,003,900 | |
End of Period | 22,653,972 | 20,682,149 |
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $24.68 | $25.23 | $34.17 | $29.01 | $27.51 | $26.10 |
Investment Operations | ||||||
Net Investment Income1 | .384 | .563 | .464 | .395 | .515 | .576 |
Capital Gain Distributions Received1 | .376 | .717 | 1.827 | .960 | .797 | 1.177 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.929 | .233 | (9.076) | 5.846 | 1.816 | 1.310 |
Total from Investment Operations | 3.689 | 1.513 | (6.785) | 7.201 | 3.128 | 3.063 |
Distributions | ||||||
Dividends from Net Investment Income | (.387) | (.551) | (.449) | (.405) | (.544) | (.613) |
Distributions from Realized Capital Gains | (.842) | (1.512) | (1.706) | (1.636) | (1.084) | (1.040) |
Total Distributions | (1.229) | (2.063) | (2.155) | (2.041) | (1.628) | (1.653) |
Net Asset Value, End of Period | $27.14 | $24.68 | $25.23 | $34.17 | $29.01 | $27.51 |
Total Return2 | 14.98% | 6.24% | -21.07% | 25.52% | 11.75% | 12.72% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $22,654 | $20,682 | $21,004 | $28,992 | $23,531 | $22,225 |
Ratio of Total Expenses to Average Net Assets | — | — | — | — | — | — |
Acquired Fund Fees and Expenses | 0.30% | 0.31% | 0.31% | 0.31% | 0.31% | 0.31% |
Ratio of Net Investment Income to Average Net Assets | 2.36% | 2.18% | 1.61% | 1.21% | 1.87% | 2.20% |
Portfolio Turnover Rate | 3% | 6% | 12% | 9% | 26% | 14% |
The expense ratio, acquired fund fees and expenses, and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
Amount ($000) | |
Tax Cost | 15,440,686 |
Gross Unrealized Appreciation | 8,545,316 |
Gross Unrealized Depreciation | (1,333,074) |
Net Unrealized Appreciation (Depreciation) | 7,212,242 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
Shares (000) | Shares (000) | ||
Issued | 14,336 | 30,691 | |
Issued in Lieu of Cash Distributions | 35,392 | 66,179 | |
Redeemed | (52,958) | (91,397) | |
Net Increase (Decrease) in Shares Outstanding | (3,230) | 5,473 |
Current Period Transactions | ||||||||
Oct. 31, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Apr. 30, 2024 Market Value ($000) | |
Vanguard Explorer Fund | 772,868 | 7,069 | 63,464 | (6,525) | 165,422 | 4,647 | 2,422 | 875,370 |
Vanguard GNMA Fund | 2,611,263 | 48,017 | — | — | 83,661 | 48,018 | — | 2,742,941 |
Vanguard International Growth Fund | 1,845,864 | 38,792 | 30,596 | (9,371) | 334,993 | 21,427 | 17,365 | 2,179,682 |
Vanguard International Value Fund | 1,959,955 | 60,148 | 67,111 | 2,821 | 233,243 | 60,148 | — | 2,189,056 |
Vanguard Long-Term Investment-Grade Fund | 2,483,609 | 68,081 | 12,949 | (3,848) | 191,412 | 68,083 | — | 2,726,305 |
Vanguard Market Liquidity Fund | 991 | NA1 | NA1 | (2) | — | 17 | — | 390 |
Vanguard PRIMECAP Fund | 1,250,751 | 94,760 | 96,348 | 11,913 | 149,694 | 14,542 | 80,219 | 1,410,770 |
Vanguard Short-Term Investment-Grade Fund | 2,704,805 | 51,954 | 14,914 | (611) | 57,444 | 51,568 | — | 2,798,678 |
Vanguard U.S. Growth Fund | 2,473,800 | 7,884 | 413,382 | 129,703 | 518,760 | 7,884 | — | 2,716,765 |
Vanguard Windsor Fund | 1,624,611 | 125,628 | 106,856 | 6,004 | 134,635 | 19,137 | 106,490 | 1,784,022 |
Vanguard Windsor II Fund | 2,954,631 | 138,363 | 301,472 | 69,524 | 367,903 | 28,275 | 110,088 | 3,228,949 |
Total | 20,683,148 | 640,696 | 1,107,092 | 199,608 | 2,237,167 | 323,746 | 316,584 | 22,652,928 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
About Your Fund's Expenses | 1 |
Financial Statements | 4 |
Trustees Approve Advisory Arrangement | 96 |
Liquidity Risk Management | 98 |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended April 30, 2024 | |||
Beginning Account Value 10/31/2023 | Ending Account Value 4/30/2024 | Expenses Paid During Period | |
Based on Actual Fund Return | |||
Total International Stock Index Fund | |||
Investor Shares | $1,000.00 | $1,162.20 | $0.91 |
ETF Shares | 1,000.00 | 1,162.30 | 0.38 |
Admiral™ Shares | 1,000.00 | 1,162.30 | 0.59 |
Institutional Shares | 1,000.00 | 1,162.40 | 0.43 |
Institutional Plus Shares | 1,000.00 | 1,162.40 | 0.38 |
Institutional Select Shares | 1,000.00 | 1,162.60 | 0.24 |
Based on Hypothetical 5% Yearly Return | |||
Total International Stock Index Fund | |||
Investor Shares | $1,000.00 | $1,024.02 | $0.86 |
ETF Shares | 1,000.00 | 1,024.51 | 0.35 |
Admiral Shares | 1,000.00 | 1,024.32 | 0.55 |
Institutional Shares | 1,000.00 | 1,024.47 | 0.40 |
Institutional Plus Shares | 1,000.00 | 1,024.51 | 0.35 |
Institutional Select Shares | 1,000.00 | 1,024.64 | 0.23 |
Japan | 16.0% |
United Kingdom | 9.7 |
China | 7.2 |
Canada | 7.1 |
France | 6.7 |
India | 6.0 |
Switzerland | 5.2 |
Taiwan | 5.1 |
Germany | 5.1 |
Australia | 4.8 |
South Korea | 3.4 |
Netherlands | 2.8 |
Sweden | 2.2 |
Denmark | 2.1 |
Italy | 1.8 |
Spain | 1.7 |
Brazil | 1.5 |
Hong Kong | 1.3 |
Saudi Arabia | 1.2 |
Other | 9.1 |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
Euro Stoxx 50 Index | June 2024 | 16,895 | 882,946 | (4,224) |
FTSE 100 Index | June 2024 | 5,318 | 542,141 | 25,964 |
MSCI Emerging Markets Index | June 2024 | 12,871 | 670,579 | (3,633) |
S&P ASX 200 Index | June 2024 | 2,442 | 303,928 | (1,867) |
S&P TSX 60 Index | June 2024 | 1,892 | 358,843 | (3,860) |
Topix Index | June 2024 | 4,194 | 730,490 | 15,753 |
28,133 |
Forward Currency Contracts | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
State Street Bank & Trust Co. | 6/20/24 | AUD | 541,403 | USD | 358,663 | — | (7,418) |
Toronto-Dominion Bank | 6/20/24 | CAD | 417,952 | USD | 310,512 | — | (6,660) |
BNP Paribas | 6/20/24 | EUR | 269,928 | USD | 296,361 | — | (7,694) |
Morgan Stanley Capital Services LLC | 6/20/24 | EUR | 269,928 | USD | 295,689 | — | (7,023) |
Royal Bank of Canada | 6/20/24 | EUR | 265,899 | USD | 291,830 | — | (7,472) |
Forward Currency Contracts (continued) | |||||||
Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized (Depreciation) ($000) | ||||
Counterparty | Receive | Deliver | |||||
UBS AG | 6/20/24 | GBP | 382,358 | USD | 488,443 | — | (10,542) |
State Street Bank & Trust Co. | 6/20/24 | HKD | 40,928 | USD | 5,246 | — | (6) |
UBS AG | 6/20/24 | INR | 19,400,313 | USD | 233,358 | — | (1,239) |
State Street Bank & Trust Co. | 6/20/24 | INR | 18,926,540 | USD | 227,950 | — | (1,499) |
Deutsche Bank AG | 6/20/24 | INR | 14,719,290 | USD | 177,206 | — | (1,094) |
Bank of America, N.A. | 6/20/24 | INR | 13,147,279 | USD | 158,222 | — | (918) |
Toronto-Dominion Bank | 6/20/24 | INR | 11,264,974 | USD | 135,685 | — | (903) |
JPMorgan Chase Bank, N.A. | 6/20/24 | INR | 3,301,874 | USD | 39,748 | — | (242) |
Morgan Stanley Capital Services LLC | 6/20/24 | INR | 3,301,874 | USD | 39,710 | — | (204) |
BNP Paribas | 6/20/24 | INR | 3,290,940 | USD | 39,593 | — | (218) |
UBS AG | 6/20/24 | JPY | 87,043,104 | USD | 597,741 | — | (41,614) |
BNP Paribas | 6/20/24 | USD | 106,618 | AUD | 162,089 | 1,459 | — |
Citibank, N.A. | 6/20/24 | USD | 59,254 | BRL | 297,729 | 2,192 | — |
Deutsche Bank AG | 6/20/24 | USD | 59,216 | BRL | 297,729 | 2,154 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 182,570 | CHF | 158,372 | 9,312 | — |
UBS AG | 6/20/24 | USD | 182,313 | CHF | 158,372 | 9,056 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 177,469 | EUR | 165,340 | 650 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 106,200 | EUR | 97,834 | 1,574 | — |
Toronto-Dominion Bank | 6/20/24 | USD | 174,949 | GBP | 137,354 | 3,274 | — |
BNP Paribas | 6/20/24 | USD | 231,066 | JPY | 34,537,083 | 10,404 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 144,578 | JPY | 21,601,846 | 6,561 | — |
UBS AG | 6/20/24 | USD | 85,377 | JPY | 12,762,442 | 3,837 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 57,111 | JPY | 8,537,256 | 2,565 | — |
State Street Bank & Trust Co. | 6/20/24 | USD | 65,372 | KRW | 86,476,298 | 2,640 | — |
Standard Chartered Bank | 6/20/24 | USD | 19,483 | KRW | 26,162,600 | 504 | — |
BNP Paribas | 6/20/24 | USD | 19,479 | KRW | 26,162,600 | 501 | — |
Deutsche Bank AG | 6/20/24 | USD | 9,741 | KRW | 13,081,300 | 251 | — |
UBS AG | 6/20/24 | USD | 9,741 | KRW | 13,081,300 | 252 | — |
JPMorgan Chase Bank, N.A. | 6/20/24 | USD | 9,740 | KRW | 13,081,300 | 250 | — |
Deutsche Bank AG | 6/20/24 | USD | 53,869 | SEK | 549,934 | 3,854 | — |
Morgan Stanley Capital Services LLC | 6/20/24 | USD | 5,465 | TWD | 170,729 | 192 | — |
61,482 | (94,746) |
AUD—Australian dollar. |
BRL—Brazilian real. |
CAD—Canadian dollar. |
CHF—Swiss franc. |
EUR—euro. |
GBP—British pound. |
HKD—Hong Kong dollar. |
INR—Indian rupee. |
JPY—Japanese yen. |
KRW—Korean won. |
SEK—Swedish krona. |
TWD—Taiwanese dollar. |
USD—U.S. dollar. |
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) |
Beijing Kingsoft Office Software Inc. Class A | 7/31/24 | GSI | 12,235 | (2.831) | 594 | — |
China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 1/24/25 | CITNA | 6,538 | (0.431) | — | (691) |
CTEEP-Cia de Transmissao de Energia Eletrica Paulista | 8/30/24 | BANA | 7,243 | (5.283) | — | (256) |
FTSE China A Stock Connect CNY All Cap Index | 6/13/24 | GSI | 192,674 | (2.781) | 2,764 | — |
FTSE China A Stock Connect CNY All Cap Index | 6/13/24 | GSI | 96,380 | (2.781) | 1,382 | — |
FTSE China A Stock Connect CNY All Cap Index | 6/20/25 | BANA | 201,594 | (1.831) | 5,115 | — |
Hanwha Ocean Co. Ltd. | 7/31/24 | GSI | 8,571 | (3.831) | 694 | — |
JA Solar Technology Co. Ltd. Class A | 7/31/24 | GSI | 4,636 | (1.331) | — | (515) |
Luxshare Precision Industry Co. Ltd. Class A | 1/24/25 | CITNA | 14,242 | (2.331) | — | (156) |
Magazine Luiza SA | 8/30/24 | BANA | 6,574 | (1.331) | — | (2,452) |
Nan Ya Printed Circuit Board Corp. | 8/30/24 | BANA | 6,265 | (2.331) | — | (534) |
RDC Semiconductor Co. Ltd. | 3/26/25 | MSCS | 5,000 | 2.167 | — | (1,858) |
Zhejiang Huayou Cobalt Co. Ltd. Class A | 7/31/24 | GSI | 4,157 | (1.581) | — | (225) |
10,549 | (6,687) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
CITNA—Citibank, N.A. | |
GSI—Goldman Sachs International. | |
MSCS—Morgan Stanley Capital Services LLC. |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value1 | |
Unaffiliated Issuers (Cost $345,204,114) | 411,124,691 |
Affiliated Issuers (Cost $9,287,268) | 9,328,119 |
Total Investments in Securities | 420,452,810 |
Investment in Vanguard | 12,546 |
Foreign Currency, at Value (Cost $580,271) | 577,617 |
Cash Collateral Pledged—Futures Contracts | 199,188 |
Cash Collateral Pledged—Over-the-Counter Swap Contracts and Forward Currency Contracts | 53,936 |
Receivables for Investment Securities Sold | 928,474 |
Receivables for Accrued Income | 2,052,276 |
Receivables for Capital Shares Issued | 175,968 |
Unrealized Appreciation—Forward Currency Contracts | 61,482 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 10,549 |
Total Assets | 424,524,846 |
Liabilities | |
Due to Custodian | 936,534 |
Payables for Investment Securities Purchased | 171,749 |
Collateral for Securities on Loan | 5,836,777 |
Payables for Capital Shares Redeemed | 493,633 |
Payables to Vanguard | 32,337 |
Variation Margin Payable—Futures Contracts | 11,447 |
Unrealized Depreciation—Forward Currency Contracts | 94,746 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 6,687 |
Deferred Foreign Capital Gains Taxes | 1,344,939 |
Total Liabilities | 8,928,849 |
Net Assets | 415,595,997 |
1 Includes $5,331,551,000 of securities on loan. |
Statement of Assets and Liabilities (continued) | |
At April 30, 2024, net assets consisted of: | |
($000s, except shares, footnotes, and per-share amounts) | Amount |
Paid-in Capital | 381,598,730 |
Total Distributable Earnings (Loss) | 33,997,267 |
Net Assets | 415,595,997 |
Investor Shares—Net Assets | |
Applicable to 10,110,677,730 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 191,193,523 |
Net Asset Value Per Share—Investor Shares | $18.91 |
ETF Shares—Net Assets | |
Applicable to 1,161,687,425 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 68,333,839 |
Net Asset Value Per Share—ETF Shares | $58.82 |
Admiral Shares—Net Assets | |
Applicable to 2,310,885,708 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 73,097,699 |
Net Asset Value Per Share—Admiral Shares | $31.63 |
Institutional Shares—Net Assets | |
Applicable to 312,851,842 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 39,574,339 |
Net Asset Value Per Share—Institutional Shares | $126.50 |
Institutional Plus Shares—Net Assets | |
Applicable to 258,218,893 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 32,671,502 |
Net Asset Value Per Share—Institutional Plus Shares | $126.53 |
Institutional Select Shares—Net Assets | |
Applicable to 80,472,262 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 10,725,095 |
Net Asset Value Per Share—Institutional Select Shares | $133.28 |
Six Months Ended April 30, 2024 | |
($000) | |
Investment Income | |
Income | |
Dividends—Unaffiliated Issuers1 | 5,391,294 |
Dividends—Affiliated Issuers | 11,507 |
Interest—Unaffiliated Issuers | 5,126 |
Interest—Affiliated Issuers | 89,420 |
Securities Lending—Net | 61,970 |
Total Income | 5,559,317 |
Expenses | |
The Vanguard Group—Note B | |
Investment Advisory Services | 12,975 |
Management and Administrative—Investor Shares | 135,369 |
Management and Administrative—ETF Shares | 15,814 |
Management and Administrative—Admiral Shares | 32,289 |
Management and Administrative—Institutional Shares | 11,914 |
Management and Administrative—Institutional Plus Shares | 8,210 |
Management and Administrative—Institutional Select Shares | 1,581 |
Marketing and Distribution—Investor Shares | 5,214 |
Marketing and Distribution—ETF Shares | 1,036 |
Marketing and Distribution—Admiral Shares | 1,578 |
Marketing and Distribution—Institutional Shares | 634 |
Marketing and Distribution—Institutional Plus Shares | 508 |
Marketing and Distribution—Institutional Select Shares | 10 |
Custodian Fees | 17,097 |
Shareholders’ Reports—Investor Shares | 929 |
Shareholders’ Reports—ETF Shares | 511 |
Shareholders’ Reports—Admiral Shares | 378 |
Shareholders’ Reports—Institutional Shares | 240 |
Shareholders’ Reports—Institutional Plus Shares | 65 |
Shareholders’ Reports—Institutional Select Shares | — |
Trustees’ Fees and Expenses | 143 |
Other Expenses | 613 |
Total Expenses | 247,108 |
Expenses Paid Indirectly | (5) |
Net Expenses | 247,103 |
Net Investment Income | 5,312,214 |
Realized Net Gain (Loss) | |
Capital Gain Distributions Received—Affiliated Issuers | 24 |
Investment Securities Sold—Unaffiliated Issuers2,3 | (1,005,307) |
Investment Securities Sold—Affiliated Issuers | (12,366) |
Futures Contracts | 381,679 |
Swap Contracts | (12,560) |
Forward Currency Contracts | 15,260 |
Foreign Currencies | 9,481 |
Realized Net Gain (Loss) | (623,789) |
Statement of Operations (continued) | |
Six Months Ended April 30, 2024 | |
($000) | |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities—Unaffiliated Issuers4 | 52,697,625 |
Investment Securities—Affiliated Issuers | 73,367 |
Futures Contracts | 203,451 |
Swap Contracts | 23,322 |
Forward Currency Contracts | 11,707 |
Foreign Currencies | (45,605) |
Change in Unrealized Appreciation (Depreciation) | 52,963,867 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 57,652,292 |
1 | Dividends are net of foreign withholding taxes of $561,121,000. |
2 | Realized Gain (Loss) is net of foreign capital gains taxes of $6,130,000. |
3 | Includes $514,123,000 of net gain (loss) resulting from in-kind redemptions. |
4 | The change in unrealized appreciation (depreciation) is net of the change in deferred foreign capital gains taxes of $570,711,000. |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||
($000) | ($000) | ||
Increase (Decrease) in Net Assets | |||
Operations | |||
Net Investment Income | 5,312,214 | 11,010,927 | |
Realized Net Gain (Loss) | (623,789) | (4,990,976) | |
Change in Unrealized Appreciation (Depreciation) | 52,963,867 | 33,277,762 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | 57,652,292 | 39,297,713 | |
Distributions | |||
Investor Shares | (3,319,181) | (4,978,504) | |
ETF Shares | (1,177,841) | (1,658,625) | |
Admiral Shares | (1,318,400) | (2,048,132) | |
Institutional Shares | (720,961) | (1,115,928) | |
Institutional Plus Shares | (580,465) | (876,306) | |
Institutional Select Shares | (192,525) | (285,539) | |
Total Distributions | (7,309,373) | (10,963,034) | |
Capital Share Transactions | |||
Investor Shares | 4,401,691 | 1,468,985 | |
ETF Shares | 5,735,912 | 6,697,225 | |
Admiral Shares | (475,405) | (374,643) | |
Institutional Shares | (173,639) | (335,030) | |
Institutional Plus Shares | 972,530 | (326,813) | |
Institutional Select Shares | 353,449 | 62,813 | |
Net Increase (Decrease) from Capital Share Transactions | 10,814,538 | 7,192,537 | |
Total Increase (Decrease) | 61,157,457 | 35,527,216 | |
Net Assets | |||
Beginning of Period | 354,438,540 | 318,911,324 | |
End of Period | 415,595,997 | 354,438,540 |
Investor Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $16.57 | $15.20 | $20.86 | $16.39 | $17.13 | $15.91 |
Investment Operations | ||||||
Net Investment Income1 | .240 | .517 | .548 | .506 | .389 | .524 |
Net Realized and Unrealized Gain (Loss) on Investments | 2.435 | 1.370 | (5.613) | 4.464 | (.718) | 1.186 |
Total from Investment Operations | 2.675 | 1.887 | (5.065) | 4.970 | (.329) | 1.710 |
Distributions | ||||||
Dividends from Net Investment Income | (.335) | (.517) | (.595) | (.500) | (.411) | (.490) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.335) | (.517) | (.595) | (.500) | (.411) | (.490) |
Net Asset Value, End of Period | $18.91 | $16.57 | $15.20 | $20.86 | $16.39 | $17.13 |
Total Return2 | 16.22% | 12.29% | -24.70% | 30.45% | -1.93% | 10.98% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $191,194 | $163,566 | $148,776 | $199,230 | $155,670 | $148,795 |
Ratio of Total Expenses to Average Net Assets | 0.17%3 | 0.18%3 | 0.17%3 | 0.17% | 0.17% | 0.17% |
Ratio of Net Investment Income to Average Net Assets | 2.61% | 2.95% | 3.03% | 2.49% | 2.39% | 3.19% |
Portfolio Turnover Rate4 | 1% | 4% | 5% | 8% | 7% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%, 0.18% and 0.17%, respectively. |
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. |
ETF Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $51.56 | $47.28 | $64.90 | $50.97 | $53.30 | $49.50 |
Investment Operations | ||||||
Net Investment Income1 | .783 | 1.669 | 1.777 | 1.677 | 1.251 | 1.677 |
Net Realized and Unrealized Gain (Loss) on Investments | 7.548 | 4.274 | (17.486) | 13.870 | (2.256) | 3.696 |
Total from Investment Operations | 8.331 | 5.943 | (15.709) | 15.547 | (1.005) | 5.373 |
Distributions | ||||||
Dividends from Net Investment Income | (1.071) | (1.663) | (1.911) | (1.617) | (1.325) | (1.573) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (1.071) | (1.663) | (1.911) | (1.617) | (1.325) | (1.573) |
Net Asset Value, End of Period | $58.82 | $51.56 | $47.28 | $64.90 | $50.97 | $53.30 |
Total Return | 16.23% | 12.46% | -24.64% | 30.66% | -1.88% | 11.11% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $68,334 | $54,767 | $44,401 | $51,747 | $28,294 | $16,293 |
Ratio of Total Expenses to Average Net Assets | 0.07%2 | 0.08%2 | 0.07%2 | 0.07% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.74% | 3.06% | 3.16% | 2.64% | 2.46% | 3.28% |
Portfolio Turnover Rate3 | 1% | 4% | 5% | 8% | 7% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%, 0.08% and 0.07%, respectively. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Admiral Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $27.72 | $25.43 | $34.90 | $27.41 | $28.66 | $26.61 |
Investment Operations | ||||||
Net Investment Income1 | .409 | .885 | .942 | .868 | .658 | .892 |
Net Realized and Unrealized Gain (Loss) on Investments | 4.071 | 2.288 | (9.398) | 7.478 | (1.205) | 1.993 |
Total from Investment Operations | 4.480 | 3.173 | (8.456) | 8.346 | (.547) | 2.885 |
Distributions | ||||||
Dividends from Net Investment Income | (.570) | (.883) | (1.014) | (.856) | (.703) | (.835) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (.570) | (.883) | (1.014) | (.856) | (.703) | (.835) |
Net Asset Value, End of Period | $31.63 | $27.72 | $25.43 | $34.90 | $27.41 | $28.66 |
Total Return2 | 16.23% | 12.35% | -24.65% | 30.59% | -1.92% | 11.08% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $73,098 | $64,479 | $59,468 | $80,052 | $64,452 | $76,314 |
Ratio of Total Expenses to Average Net Assets | 0.11%3 | 0.12%3 | 0.11%3 | 0.11% | 0.11% | 0.11% |
Ratio of Net Investment Income to Average Net Assets | 2.66% | 3.02% | 3.11% | 2.55% | 2.40% | 3.25% |
Portfolio Turnover Rate4 | 1% | 4% | 5% | 8% | 7% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.11%, 0.12% and 0.11%, respectively. |
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. |
Institutional Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $110.87 | $101.68 | $139.55 | $109.61 | $114.61 | $106.43 |
Investment Operations | ||||||
Net Investment Income1 | 1.654 | 3.572 | 3.806 | 3.519 | 2.670 | 3.597 |
Net Realized and Unrealized Gain (Loss) on Investments | 16.272 | 9.182 | (37.582) | 29.888 | (4.826) | 7.960 |
Total from Investment Operations | 17.926 | 12.754 | (33.776) | 33.407 | (2.156) | 11.557 |
Distributions | ||||||
Dividends from Net Investment Income | (2.296) | (3.564) | (4.094) | (3.467) | (2.844) | (3.377) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.296) | (3.564) | (4.094) | (3.467) | (2.844) | (3.377) |
Net Asset Value, End of Period | $126.50 | $110.87 | $101.68 | $139.55 | $109.61 | $114.61 |
Total Return | 16.24% | 12.41% | -24.63% | 30.62% | -1.89% | 11.10% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $39,574 | $34,802 | $32,204 | $42,913 | $31,735 | $33,476 |
Ratio of Total Expenses to Average Net Assets | 0.08%2 | 0.09%2 | 0.08%2 | 0.08% | 0.08% | 0.08% |
Ratio of Net Investment Income to Average Net Assets | 2.69% | 3.05% | 3.14% | 2.58% | 2.44% | 3.27% |
Portfolio Turnover Rate3 | 1% | 4% | 5% | 8% | 7% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%, 0.09% and 0.08%, respectively. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Plus Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $110.90 | $101.70 | $139.59 | $109.63 | $114.63 | $106.45 |
Investment Operations | ||||||
Net Investment Income1 | 1.669 | 3.584 | 3.815 | 2.900 | 2.726 | 3.617 |
Net Realized and Unrealized Gain (Loss) on Investments | 16.263 | 9.192 | (37.597) | 30.529 | (4.871) | 7.947 |
Total from Investment Operations | 17.932 | 12.776 | (33.782) | 33.429 | (2.145) | 11.564 |
Distributions | ||||||
Dividends from Net Investment Income | (2.302) | (3.576) | (4.108) | (3.469) | (2.855) | (3.384) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.302) | (3.576) | (4.108) | (3.469) | (2.855) | (3.384) |
Net Asset Value, End of Period | $126.53 | $110.90 | $101.70 | $139.59 | $109.63 | $114.63 |
Total Return | 16.24% | 12.43% | -24.63% | 30.63% | -1.88% | 11.10% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $32,672 | $27,752 | $25,785 | $32,880 | $83,550 | $118,865 |
Ratio of Total Expenses to Average Net Assets | 0.07%2 | 0.08%2 | 0.07%2 | 0.07% | 0.07% | 0.07% |
Ratio of Net Investment Income to Average Net Assets | 2.71% | 3.06% | 3.15% | 2.18% | 2.50% | 3.29% |
Portfolio Turnover Rate3 | 1% | 4% | 5% | 8% | 7% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%, 0.08% and 0.07%, respectively. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Institutional Select Shares | ||||||
For a Share Outstanding Throughout Each Period | Six Months Ended April 30, 2024 | Year Ended October 31, | ||||
2023 | 2022 | 2021 | 2020 | 2019 | ||
Net Asset Value, Beginning of Period | $116.81 | $107.13 | $147.04 | $115.49 | $120.75 | $112.10 |
Investment Operations | ||||||
Net Investment Income1 | 1.776 | 3.804 | 4.059 | 3.731 | 2.896 | 3.421 |
Net Realized and Unrealized Gain (Loss) on Investments | 17.135 | 9.673 | (39.609) | 31.522 | (5.120) | 8.783 |
Total from Investment Operations | 18.911 | 13.477 | (35.550) | 35.253 | (2.224) | 12.204 |
Distributions | ||||||
Dividends from Net Investment Income | (2.441) | (3.797) | (4.360) | (3.703) | (3.036) | (3.554) |
Distributions from Realized Capital Gains | — | — | — | — | — | — |
Total Distributions | (2.441) | (3.797) | (4.360) | (3.703) | (3.036) | (3.554) |
Net Asset Value, End of Period | $133.28 | $116.81 | $107.13 | $147.04 | $115.49 | $120.75 |
Total Return | 16.26% | 12.45% | -24.61% | 30.66% | -1.85% | 11.13% |
Ratios/Supplemental Data | ||||||
Net Assets, End of Period (Millions) | $10,725 | $9,072 | $8,277 | $10,014 | $8,045 | $3,437 |
Ratio of Total Expenses to Average Net Assets | 0.045%2 | 0.050%2 | 0.047%2 | 0.045% | 0.045% | 0.045% |
Ratio of Net Investment Income to Average Net Assets | 2.74% | 3.08% | 3.19% | 2.60% | 2.52% | 2.98% |
Portfolio Turnover Rate3 | 1% | 4% | 5% | 8% | 7% | 4% |
The expense ratio and net investment income ratio for the current period have been annualized. |
1 | Calculated based on average shares outstanding. |
2 | The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.045%, 0.050% and 0.047%, respectively. |
3 | Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 39,693,466 | 368,427,509 | 327,761 | 408,448,736 |
Preferred Stocks | 1,754,574 | 1,457,504 | — | 3,212,078 |
Rights | 539 | — | — | 539 |
Warrants | 126 | — | 344 | 470 |
Temporary Cash Investments | 8,790,987 | — | — | 8,790,987 |
Total | 50,239,692 | 369,885,013 | 328,105 | 420,452,810 |
Derivative Financial Instruments | ||||
Assets | ||||
Futures Contracts1 | 41,717 | — | — | 41,717 |
Forward Currency Contracts | — | 61,482 | — | 61,482 |
Swap Contracts | — | 10,549 | — | 10,549 |
Total | 41,717 | 72,031 | — | 113,748 |
Liabilities | ||||
Futures Contracts1 | 13,584 | — | — | 13,584 |
Forward Currency Contracts | — | 94,746 | — | 94,746 |
Swap Contracts | — | 6,687 | — | 6,687 |
Total | 13,584 | 101,433 | — | 115,017 |
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. |
Statement of Assets and Liabilities | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Unrealized Appreciation—Futures Contracts1 | 41,717 | — | 41,717 |
Unrealized Appreciation—Forward Currency Contracts | — | 61,482 | 61,482 |
Unrealized Appreciation—Over-the-Counter Swap Contracts | 10,549 | — | 10,549 |
Total Assets | 52,266 | 61,482 | 113,748 |
Unrealized Depreciation—Futures Contracts1 | 13,584 | — | 13,584 |
Unrealized Depreciation—Forward Currency Contracts | — | 94,746 | 94,746 |
Unrealized Depreciation—Over-the-Counter Swap Contracts | 6,687 | — | 6,687 |
Total Liabilities | 20,271 | 94,746 | 115,017 |
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. |
Realized Net Gain (Loss) on Derivatives | Equity Contracts ($000) | Foreign Exchange Contracts ($000) | Total ($000) |
Futures Contracts | 381,679 | — | 381,679 |
Swap Contracts | (12,560) | — | (12,560) |
Forward Currency Contracts | — | 15,260 | 15,260 |
Realized Net Gain (Loss) on Derivatives | 369,119 | 15,260 | 384,379 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | |||
Futures Contracts | 203,451 | — | 203,451 |
Swap Contracts | 23,322 | — | 23,322 |
Forward Currency Contracts | — | 11,707 | 11,707 |
Change in Unrealized Appreciation (Depreciation) on Derivatives | 226,773 | 11,707 | 238,480 |
Amount ($000) | |
Tax Cost | 359,106,209 |
Gross Unrealized Appreciation | 121,806,167 |
Gross Unrealized Depreciation | (60,460,835) |
Net Unrealized Appreciation (Depreciation) | 61,345,332 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 7,307,774 | 395,727 | 12,760,713 | 730,511 | |
Issued in Lieu of Cash Distributions | 3,319,181 | 181,144 | 4,978,504 | 286,145 | |
Redeemed | (6,225,264) | (334,590) | (16,270,232) | (935,786) | |
Net Increase (Decrease)—Investor Shares | 4,401,691 | 242,281 | 1,468,985 | 80,870 | |
ETF Shares | |||||
Issued | 5,735,912 | 99,437 | 6,753,255 | 124,195 | |
Issued in Lieu of Cash Distributions | — | — | — | — | |
Redeemed | — | — | (56,030) | (1,000) | |
Net Increase (Decrease)—ETF Shares | 5,735,912 | 99,437 | 6,697,225 | 123,195 |
Six Months Ended April 30, 2024 | Year Ended October 31, 2023 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Admiral Shares | |||||
Issued | 4,666,026 | 150,969 | 8,495,565 | 290,895 | |
Issued in Lieu of Cash Distributions | 1,111,585 | 36,273 | 1,735,932 | 59,657 | |
Redeemed | (6,253,016) | (202,046) | (10,606,140) | (363,701) | |
Net Increase (Decrease)—Admiral Shares | (475,405) | (14,804) | (374,643) | (13,149) | |
Institutional Shares | |||||
Issued | 3,847,532 | 31,195 | 5,992,813 | 51,295 | |
Issued in Lieu of Cash Distributions | 661,064 | 5,393 | 1,029,424 | 8,847 | |
Redeemed | (4,682,235) | (37,638) | (7,357,267) | (62,968) | |
Net Increase (Decrease)—Institutional Shares | (173,639) | (1,050) | (335,030) | (2,826) | |
Institutional Plus Shares | |||||
Issued | 2,368,715 | 19,059 | 3,910,173 | 33,454 | |
Issued in Lieu of Cash Distributions | 572,153 | 4,666 | 857,516 | 7,364 | |
Redeemed | (1,968,338) | (15,757) | (5,094,502) | (44,097) | |
Net Increase (Decrease)—Institutional Plus Shares | 972,530 | 7,968 | (326,813) | (3,279) | |
Institutional Select Shares | |||||
Issued | 596,808 | 4,617 | 4,362,115 | 33,587 | |
Issued in Lieu of Cash Distributions | 192,525 | 1,490 | 285,539 | 2,328 | |
Redeemed | (435,884) | (3,298) | (4,584,841) | (35,516) | |
Net Increase (Decrease)—Institutional Select Shares | 353,449 | 2,809 | 62,813 | 399 |
Current Period Transactions | ||||||||
Oct. 31, 2023 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Apr. 30, 2024 Market Value ($000) | |
Vanguard FTSE Emerging Markets ETF | 597,074 | — | 121,721 | (11,710) | 73,489 | 11,507 | — | 537,132 |
Vanguard Market Liquidity Fund | 7,823,775 | NA1 | NA1 | (656) | (122) | 89,420 | 24 | 8,790,987 |
Total | 8,420,849 | — | 121,721 | (12,366) | 73,367 | 100,927 | 24 | 9,328,119 |
1 | Not applicable—purchases and sales are for temporary cash investment purposes. |
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: 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 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.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: 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 STAR FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: June 20, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD STAR FUNDS | ||
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER | ||
Date: June 20, 2024 | ||
VANGUARD STAR FUNDS | ||
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: June 20, 2024
* By: | /s/ John E. Schadl |
John E. Schadl, pursuant to a Power of Attorney filed on January 11, 2024 (see File Number 33-34494); a Power of Attorney filed on July 21, 2023 (see File Number 33-53683), Incorporated by Reference; and a Power of Attorney filed on March 29, 2023 (see File Number 2-11444), Incorporated by Reference.
Exhibit 99.CERT
CERTIFICATIONS
I, Mortimer J. Buckley, certify that:
1. I have reviewed this report on Form N-CSR of Vanguard STAR 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: June 20, 2024
/s/ Mortimer J. Buckley | |
Mortimer J. Buckley | |
Chief Executive Officer |
CERTIFICATIONS
I, Christine Buchanan, certify that:
1. I have reviewed this report on Form N-CSR of Vanguard STAR 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: June 20, 2024
/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 STAR 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: June 20, 2024
/s/ Mortimer J. Buckley | |
Mortimer J. Buckley | |
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 STAR 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: June 20, 2024
/s/ Christine Buchanan | |
Christine Buchanan | |
Chief Financial Officer |
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