Notes to Fin a nci al St a tements
Vanguard U.S. G r o w t h F und i s r e gi ste r e d und e r t h e I n vest m e n t Co m p an y Act of 1 9 4 0 a s an ope n -e nd in vest m e n t co m p
an y, o r mu t ual f und . T h e f und offe r s t w o c la sses of s har es, I n vesto r S har es and
A dmiral S har es. I n vesto r S har es ar e a v aila b l e to an y in vesto r wh o m eets t h e f und ’s minimum p ur c ha se r eq uir e m e n ts. A
dmiral S har es ar e d es ign e d fo r in vesto r s wh o m eet ce r t ain admini st ra t i ve, se r v i ce, te nur e, and a cco un t-s i ze c ri te ria .
A. T h e fo ll o wing s igni f i c an t a cco un t ing po li c i es co n fo rm to g e n e rall y a ccepte d a cco un t ing p rin c i p l es fo r
U.S. mu t ual f und s. T h e f und co n s i ste n t l y fo ll o w s s u c h po li c i es in p r ep aring i ts f inan c ial st a te m e n ts.
1 . Sec uri ty Valua t i o n : Sec uri t i es ar e v alu e d a s of t h e c l ose of t rading o n t h e Ne w Yo r k Stock Exc hang e ( g e n e rall y 4 p.
m ., E a ste rn t im e) o n t h e v alua t i o n da te. Eq ui ty sec uri t i es ar e v alu e d a t t h e la test q u ote d s al es p ri ces o r off i c ial c l os
ing p ri ces t a ke n f r o m t h e p rimar y mar ket in whi c h e a c h sec uri ty t rad es; s u c h sec uri t i es n ot t rad e d o n t h e v alua t i o n da te
ar e v alu e d a t t h e m e an of t h e la test q u ote d b id and a ske d p ri ces. Sec uri t i es fo r whi c h mar ket q u ot a t i o n s ar e n ot r e adil y
a v aila b l e, o r wh ose v alu es ha ve bee n ma te riall y a ffecte d by eve n ts occ urring befo r e t h e f und ’s p ri c ing t im e b u t a fte r t h e c
l ose of t h e sec uri t i es’ p rimar y mar kets, ar e v alu e d by m et h o d s d ee m e d by t h e bo ard of t ru stees to r ep r ese n t f air v alu e. I n
vest m e n ts in Vanguard Mar ket Li q uidi ty F und ar e v alu e d a t t ha t f und ’s n et a sset v alu e.
Te m po rar y c a s h in vest m e n ts a cq uir e d ove r 60 da ys to ma t u