C000155398 Fees and Costs — Vanguard Institutional Target Retirement Income Fund, Institutional Shares
Data updated: 2022-03-01
The net expense ratio is 0.09%. There are no sales loads or redemption fees. In fiscal 2021 the fund paid $17K in broker commissions, 0.0002% of average net assets, and portfolio turnover was 20%.
C000155398 Fees and Expenses
Annual operating expenses and sales charges of C000155398. Prospectus, as of January 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.09% |
| Fee waiver | — |
| Net expense ratio | 0.09% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
C000155398 Costs Over Time
On $10,000 invested in C000155398, assuming 5% a year before costs, total costs come to $57 over 5 years, cutting the return by 0.09% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.09%) | $9 | $30 | $52 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $1 | $5 |
| Total costs | $9 | $31 | $57 |
| Value after costs | $10,491 | $11,545 | $12,705 |
| Impact on return, per year | 0.09% | 0.09% | 0.09% |
C000155398 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.0002%
- Total broker commissions: $17K
- Bought from dealers (principal trades, not a cost): $7.1B
- Portfolio turnover (prospectus): 20%
- Securities lending: none during the year
C000155398 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $6K | 35.75% |
| Morgan Stanley & Co. LLC | $5K | 32.42% |
| BofA Securities, Inc. | $5K | 31.83% |
C000155398 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Vanguard Market Liquidity Fund | $2.0B | 28.90% |
| Vanguard Total International Bond II Index Fund | $1.6B | 22.12% |
| Vanguard Total International Bond Index Fund | $1.2B | 16.48% |
| Vanguard Total Bond Market II Index Fund | $941.2M | 13.35% |
| Vanguard Total Stock Market Index Fund | $491.6M | 6.97% |
| Vanguard Short-Term Inflation-Protected Securities Index Fund | $353.0M | 5.01% |
| Vanguard Total International Stock Index Fund | $229.7M | 3.26% |
| BofA Securities, Inc. | $202.5M | 2.87% |
| Morgan Stanley & Co. LLC | $74.3M | 1.05% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.