Vanguard Managed Payout Fund

Data updated: 2023-05-26

C000055412 — Vanguard Managed Payout Fund. Money Market · $1.13B AUM · 0.27% expense ratio · -4.5% 1-yr return. Holdings, fees, performance and SEC filings.

C000055412 Fund Overview

Vanguard Managed Payout Fund is a US mutual fund managed by Vanguard Valley Forge Funds, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

Type: US mutual fund
Manager: Vanguard Valley Forge Funds
Category: Money Market
Assets under management: $1.13B
1-year return: -4.5%
SEC CIK: 0000889519
SEC series ID: S000019761
Share class ID: C000055412

C000055412 Investment Objective and Strategy

Vanguard Managed Payout Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Vanguard Valley Forge Funds.

Investment objective

The Fund will make monthly cash distributions while seeking to have these distributions and the invested capital keep pace with inflation over time.

Principal investment strategy

The Fund invests in Vanguard mutual funds and other investments according to an asset allocation strategy designed to provide shareholders with regular cash flow from their investments in the Fund. The Fund may allocate its assets across a broadly diversified selection of opportunitiessuch as stocks (including stocks issued by real estate investment trusts (REITs)), bonds, cash, inflation-linked investments, and selected other investmentsin proportions that reflect the advisors evaluation of their expected returns and risks as an integrated whole. The advisor uses quantitative analysis and professional judgment in an attempt to combine complementary asset classes and investments across the risk/reward spectrum. The exact proportion of each asset class or investment may be changed to reflect shifts in the advisors risk and return expectations.

Although the Fund has flexibility to invest substantially in a single asset class or investment, the Fund is generally expected to allocate its assets across multiple asset classes and investments, including the following: ? Stocks. The Fund may invest in Vanguard Total Stock Market Index Fund, Vanguard Total International Stock Index Fund, and Vanguard Global Minimum Volatility Fund (and/or other Vanguard stock funds) to capture the investment returns of U.S. and foreign equity markets. The Fund may also invest in Vanguard Real Estate Index Fund to capture the returns of stocks issued by equity real estate investment trusts (known as REITs). The Fund will, through its investments in Vanguard stock funds, indirectly invest, to varying degrees, in large-, mid-, and small-capitalization stocks diversified across growth and value styles in the United States, as well as in stocks of companies located in developed and emerging markets around the world.

Certain foreign stocks may be hedged to the U.S. dollar in order to reduce currency volatility. ? Bonds and Cash. The Fund may invest in Vanguard Total Bond Market II Index Fund, Vanguard Intermediate-Term Investment-Grade Fund, and Vanguard Total International Bond Index Fund (and/or other Vanguard bond funds) to capture the investment returns of U.S. and foreign fixed income markets. Through its investments in one or more Vanguard bond funds, the Fund will indirectly invest, to varying degrees, in a wide spectrum of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S.

dollar (but hedged by Vanguard to minimize foreign currency exposure). The Fund may also invest a portion of its assets in a Vanguard money market fund that invests in high-quality, short-term money market instruments. ? Inflation-Linked Investments. The Fund may invest in Vanguard Inflation-Protected Securities Fund and Vanguard Short-Term Inflation-Protected Securities Index Fund (and/or other Vanguard inflation-protected securities funds) to capture the investment returns of inflation-indexed securities issued by the U.S. government, its agencies and instrumentalities, and corporations. ? Other Investments. The Fund may invest in selected other investments (other investments) that employ strategies that have historically generated capital appreciation over the long term while exhibiting low correlation with the returns of the U.S.

stock market. The advisor believes that the expected return characteristics of these other investments offer potential diversification to a balanced portfolio of stocks, bonds, and cash. A description of the Funds potential other investments follows. o Commodity-Linked Investments and Subsidiary Investments. The Fund may allocate a portion of its assets to investments that create exposure to the commodity markets, including investments that provide exposure to the total return of a diversified basket of exchange-traded futures contracts on physical commodities. Commodities include real assets such as agricultural products, livestock, precious and industrial metals, and energy products. The Fund may obtain exposure to the commodity markets by investing a portion of its assets in a wholly owned subsidiary, which in turn invests in commodity-linked investments and fixed income securities.

The Fund may also obtain exposure to the commodity markets by direct investment in certain types of commodity-linked investments. Commodity-linked investments may include commodity-linked total return swaps, commodity futures contracts, options on commodity futures contracts, commodity-linked structured notes, exchange-traded commodity pools or funds, and other commodity-linked investments. ? Market Neutral Investments. The Fund may invest in Vanguard Market Neutral Fund, which seeks to provide long-term capital appreciation while limiting exposure to general stock market risk. The Market Neutral Funds advisor selects and maintains a diversified portfolio of common stocks for the fund. The Market Neutral Fund follows a market neutral strategy, which the fund defines as a strategy designed to produce a portfolio that is neutral with respect to general stock market risk (sometimes referred to as beta neutrality).

Beta is a measure of a portfolios volatility relative to the volatility of the general stock market. The Market Neutral Fund, as a whole, does not seek to adhere to any other definition of market neutrality. By taking long and short positions in different securities, the Market Neutral Fund attempts to limit the effect of market movements on portfolio performance. ? Absolute Return Investing. The Fund may invest in Vanguard Alternative Strategies Fund, which seeks to generate returns by utilizing several alternative strategies that individually and collectively are expected to have low correlation with traditional capital markets and that collectively are expected to have lower volatility than the overall U.S. stock market. The strategies are based on the advisors view regarding investable opportunities across capital markets.

The Alternative Strategies Fund pursues strategies including the following: long/short equity, event driven, fixed income relative value, currencies, and commodity-linked investments. The Alternative Strategies Fund will hold long and/or short positions within each strategy in an allocation that attempts to minimize market exposure, while attempting to capture attractive risk premiums identified by the advisor. The advisor expects that, over the long term, the assets underlying its long positions will outperform (appreciate more than or depreciate less than) the assets underlying its short positions. The Alternative Strategies Fund implements these strategies by investing, either directly or indirectly through a wholly owned subsidiary, in a broad range of investments that may include, but are not limited to, the following: equities; fixed income instruments; options; foreign currency exchange forward contracts; futures, including commodity and U.S.

Treasury futures; and swaps.

C000055412 Performance

Total returns for C000055412 (as of 2026-10-01), from SEC filings.

Period	Total return
1 year	-4.5%
3 years (annualised)	10.8%

C000055412 Risk Information

Risk metrics for C000055412, derived from monthly returns in SEC filings.

1-year volatility (annualised): 16.2%

C000055412 Costs and Fees

C000055412 costs about $27 per $10,000 invested per year in fund expenses.

Net expense ratio: 0.27%
Gross expense ratio: 0.27%
Portfolio turnover: 21%
Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000055412 Cashflows

Over the 12 months to 2023-03, Vanguard Managed Payout Fund had net outflows of $106.44M, from monthly SEC N-PORT filings.

Month	Net flow
2023-03	−$30.40M
2023-02	−$39.53M
2023-01	−$13.43M
2022-12	$15.65M
2022-11	−$7.35M
2022-10	−$5.63M

C000055412 Debt Constituents

No individual debt constituents are reported in Vanguard Managed Payout Fund's latest SEC N-PORT filing.

C000055412 Prospectus and SEC Filings

Official Vanguard Managed Payout Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Money Market funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.