Notes to Financial Statements
Vanguard Balanced Index Fund
is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers three classes of shares: Investor Shares, Admiral Shares, and Institutional Shares. Each of the
share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its
financial statements.
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official
closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Bonds and other temporary
cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent
pricing services. Structured debt securities, including mortgages and asset-backed securities, are valued using the latest bid prices or using valuations based on a matrix system that considers such factors as issuer,
tranche, nominal or option-adjusted spreads, weighted average coupon, weighted average maturity, credit enhancements, and collateral, as furnished by independent pricing services. Investments in Vanguard Market
Liquidity Fund are valued at that fund's net asset value. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but
after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees.
2. To Be Announced (TBA)
Transactions: A TBA transaction is an agreement to buy or sell mortgage-backed securities with agreed-upon characteristics (face amount, coupon, maturity) for settlement at a future date. The fund may be a seller of
TBA transactions to reduce its exposure to the mortgage-backed securities market or in order to sell mortgage-backed securities it owns under delayed-delivery arrangements. When the fund is a buyer of TBA
transactions, it maintains cash, short-term investments, or Treasuries in an amount sufficient to meet the purchase price at the settlement date of the TBA transaction. The primary risk associated with TBA
transactions is that a counterparty may default on its obligations. The fund mitigates its counterparty risk by, among other things, performing a credit analysis of counterparties, allocating transactions among
numerous counterparties, and monitoring its exposure to each counterparty. The fund may also enter into a Master Securities Forward Transaction Agreement (MSFTA) with certain counterparties and require them to
transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. Under an MSFTA, upon a counterparty
default (including bankruptcy), the fund may terminate any TBA transactions with that counterparty, determine the net amount owed by either party in accordance with its MSFTA, and sell or retain any collateral held up
to the net amount owed to the fund under the MSFTA.
At June 30, 2025,
counterparties had deposited in segregated accounts cash of $320,000 in connection with TBA transactions.
3. Mortgage Dollar
Rolls: The fund enters into mortgage-dollar-roll transactions, in which the fund sells mortgage-backed securities to a dealer and simultaneously agrees to purchase substantially similar securities in the future at a
predetermined price on a predetermined date. The fund forgoes principal and interest paid on the securities sold. In exchange for the forgone principal and interest paid, the fund is compensated by investing the
proceeds of the sale, typically in high-quality short-term fixed income securities, and earning interest on such investments. Further the fund receives a lower price on the securities to be repurchased. The fund also
enters into mortgage-dollar-roll transactions in which the fund buys mortgage-backed securities from a dealer pursuant to a TBA transaction and simultaneously agrees to sell substantially similar securities in
the future at a predetermined price. The securities bought in mortgage-dollar-roll transactions are used to cover an open TBA sell position. The fund continues to earn interest on mortgage-backed security pools
already held and receives a lower price on the securities to be sold in the future. The fund accounts for mortgage-dollar-roll transactions as purchases and sales; as such, these transactions may increase the
fund’s portfolio turnover rate. Amounts to be received or paid in connection with open mortgage dollar rolls are included in Receivables for Investment Securities Sold or Payables for Investment Securities
Purchased in the Statement of Assets and Liabilities.
4. Futures Contracts:
The fund uses futures contracts to invest in fixed income asset classes with greater efficiency and lower cost than is possible through direct investment, to add value when these instruments are attractively priced,
or to adjust sensitivity to changes in interest rates. The fund also uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and
minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in
the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of bonds or stocks held by
the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing
broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with
its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each
contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued
at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of
Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures
contracts.
During the six months ended
June 30, 2025, the fund’s average investments in long and short futures contracts represented less than 1% of net assets, based on the average of the notional amounts at each quarter-end during the period.
5. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
6. Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial
reporting purposes.
7. Securities Lending:
To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by
collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When
this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only
with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements
provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net
amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the
securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period
the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income
earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
8. Credit Facilities and
Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be
utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended June
30, 2025, the fund did not utilize the credit facilities or the Interfund Lending Program.
9. Other: Dividend
income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from
Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for
premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains
(losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal
rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses),
shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and
gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate
management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines
approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2025, the fund had contributed to Vanguard capital in the amount of $1,481,000, representing less than 0.01% of the fund’s
net assets and 0.59% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
C. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The
inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant
unobservable inputs are noted on the Schedule of Investments.
The following table summarizes
the market value of the fund's investments and derivatives as of June 30, 2025, based on the inputs used to value them:
|
| Level 1
($000)
| Level 2
($000)
| Level 3
($000)
| Total
($000)
|
| Investments
|
|
|
|
|
| Assets
|
|
|
|
|
| Common Stocks
| 35,927,684
| —
| 8
| 35,927,692
|
| Preferred Stocks
| —
| —
| —
| —
|
| Rights
| —
| —
| 92
| 92
|
| Warrants
| 2
| —
| —
| 2
|
| U.S. Government and Agency Obligations
| —
| 15,047,427
| —
| 15,047,427
|
| Asset-Backed/Commercial Mortgage-Backed Securities
| —
| 481,155
| —
| 481,155
|
| Corporate Bonds
| —
| 5,637,812
| —
| 5,637,812
|
| Sovereign Bonds
| —
| 733,236
| —
| 733,236
|
| Taxable Municipal Bonds
| —
| 110,625
| —
| 110,625
|
| Temporary Cash Investments
| 402,104
| —
| —
| 402,104
|
| Total
| 36,329,790
| 22,010,255
| 100
| 58,340,145
|
|
|
|
|
|
|
| Derivative Financial Instruments
|
|
|
|
|
| Assets
|
|
|
|
|
| Futures Contracts1
| 2,616
| —
| —
| 2,616
|
| Liabilities
|
|
|
|
|
| Futures Contracts1
| (114)
| —
| —
| (114)
|
| 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.
|
D. As of June 30, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
|
| Amount
($000)
|
| Tax Cost
| 30,621,957
|
| Gross Unrealized Appreciation
| 29,918,311
|
| Gross Unrealized Depreciation
| (2,197,621)
|
| Net Unrealized Appreciation (Depreciation)
| 27,720,690
|
E. During the six months ended June 30, 2025, the fund purchased $1,961,449,000 of investment securities and sold $3,077,697,000 of investment securities, other than U.S. government securities
and temporary cash investments. Purchases and sales of U.S. government securities were $4,670,645,000 and $4,988,405,000, respectively.
The fund purchased securities
from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment
Company Act of 1940. For the six months ended June 30, 2025, such purchases were $63,611,000 and sales were $35,250,000, resulting in net realized gain of $21,730,000; these amounts, other than temporary cash
investments, are included in the purchases and sales of investment securities noted above.
F. Capital share transactions for each class of shares were:
|
| Six Months Ended
June 30, 2025
|
| Year Ended
December 31, 2024
|
|
| Amount
($000)
| Shares
(000)
|
| Amount
($000)
| Shares
(000)
|
| Investor Shares
|
|
|
|
|
|
| Issued
| 5,695
| 119
|
| 17,237
| 370
|
| Issued in Lieu of Cash Distributions
| 4,121
| 87
|
| 9,281
| 193
|
| Redeemed
| (22,486)
| (467)
|
| (59,058)
| (1,239)
|
| Net Increase (Decrease)—Investor Shares
| (12,670)
| (261)
|
| (32,540)
| (676)
|
|
| Six Months Ended
June 30, 2025
|
| Year Ended
December 31, 2024
|
|
| Amount
($000)
| Shares
(000)
|
| Amount
($000)
| Shares
(000)
|
| Admiral Shares
|
|
|
|
|
|
| Issued
| 2,101,454
| 43,715
|
| 4,921,348
| 103,075
|
| Issued in Lieu of Cash Distributions
| 1,022,028
| 21,490
|
| 2,149,876
| 44,574
|
| Redeemed
| (3,431,309)
| (71,702)
|
| (6,629,646)
| (138,492)
|
| Net Increase (Decrease)—Admiral Shares
| (307,827)
| (6,497)
|
| 441,578
| 9,157
|
| Institutional Shares
|
|
|
|
|
|
| Issued
| 592,271
| 12,288
|
| 1,353,755
| 28,566
|
| Issued in Lieu of Cash Distributions
| 260,755
| 5,482
|
| 553,995
| 11,483
|
| Redeemed
| (1,292,527)
| (27,325)
|
| (1,630,180)
| (34,417)
|
| Net Increase (Decrease)—Institutional Shares
| (439,501)
| (9,555)
|
| 277,570
| 5,632
|
G. Transactions during the period in affiliated underlying Vanguard funds were as follows:
|
|
| Current Period Transactions
|
|
|
| Dec. 31, 2024
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)
| Jun. 30, 2025
Market Value
($000)
|
| Vanguard Market Liquidity Fund
| 469,291
| NA1
| NA1
| (5)
| (40)
| 5,591
| —
| 402,104
|
| Vanguard Total Bond Market ETF
| 30,564
| 5,393
| 36,867
| 468
| 442
| 323
| —
| —
|
| Total
| 499,855
| 5,393
| 36,867
| 463
| 402
| 5,914
| —
| 402,104
|
| 1
| Not applicable—purchases and sales are for temporary cash investment purposes.
|
H. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other
events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
Credit risk is the risk that a
counterparty to a transaction or an issuer of a financial instrument will fail to pay interest and principal when due, or that perceptions of the issuer’s ability to make such payments will cause the price of an
investment to decline. Investment in debt securities will generally increase credit risk.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
I. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a
chief operating decision maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of
the fund, as well as the fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily
operations. Through these committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment
strategies. When assessing segment performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are
consistent with the information contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
J. Management has determined that no subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure in these
financial statements.
Q022 082025
Item 8: Changes in and Disagreements with Accountants for Open-End
Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
At a special meeting of shareholders on February 26, 2025, shareholders
of Vanguard Valley Forge Funds (the “Trust”) approved the following proposal:
Proposal 1—Elect Trustees for each fund.*
The individuals listed in the table below were elected as Trustees.
All Trustees with the exception of Mr. Murphy; Ms. Patterson; Mr. Ramji; and Ms. Venneman, served as Trustees prior to the shareholder
meeting. Each vote reported below represents one dollar of the total combined net asset value of the Trust’s shares held on the
record date of November 26, 2024.
| Trustee | |
Votes For | |
Votes Withheld | |
Abstained | |
Broker
Non-Votes |
| Tara Bunch | |
39,052,874,079 | |
838,351,341 | |
N/A | |
N/A |
| Mark Loughridge | |
39,042,981,819 | |
848,243,602 | |
N/A | |
N/A |
| Scott C. Malpass | |
39,024,249,473 | |
866,975,947 | |
N/A | |
N/A |
| John Murphy | |
39,122,316,403 | |
768,909,018 | |
N/A | |
N/A |
| Lubos Pastor | |
39,072,992,785 | |
818,232,635 | |
N/A | |
N/A |
| Rebecca Patterson | |
39,123,258,472 | |
767,966,948 | |
N/A | |
N/A |
| André F. Perold | |
39,049,722,891 | |
841,502,529 | |
N/A | |
N/A |
| Salim Ramji | |
38,990,070,490 | |
901,154,930 | |
N/A | |
N/A |
| Sarah Bloom Raskin | |
38,901,312,238 | |
989,913,182 | |
N/A | |
N/A |
| Grant Reid | |
39,022,531,218 | |
868,694,203 | |
N/A | |
N/A |
| David Thomas | |
38,932,756,541 | |
958,468,879 | |
N/A | |
N/A |
| Barbara Venneman | |
39,130,452,090 | |
760,773,330 | |
N/A | |
N/A |
| Peter F. Volanakis | |
39,009,500,900 | |
881,724,520 | |
N/A | |
N/A |
* Results are for all funds within the same Trust.
Item 10: Remuneration Paid to Directors, Officers, and Others of
Open-End Management Investment Companies.
Not applicable. The Trustees’ Fees and Expenses are included in
the financial statements filed under Item 7 of this Form.
Item 11: Statement Regarding Basis for Approval of Investment Advisory
Contracts.
Trustees Approve Advisory Arrangement
The board of trustees of Vanguard Balanced Index Fund has renewed the
fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index and Fixed Income Groups.
The board determined that continuing the fund’s internalized management structure was in the best interests of the fund and its
shareholders.
The board based its decision upon an evaluation of the advisor’s
investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s
Oversight and Manager Search team, which is responsible for fund and advisor oversight and product management. The Oversight and Manager
Search team met regularly with the advisor and made presentations to the board during the fiscal year that directed the board’s
focus to relevant information and topics.
The board, or an investment committee made up of board members, also
received information throughout the year during advisor presentations conducted by the Oversight and Manager Search team. For each advisor
presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and
the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.
In addition, the board received periodic reports throughout the year,
which included information about the portfolio’s performance relative to its peers and benchmark, as applicable, and updates, as
needed, on the Oversight and Manager Search team’s ongoing assessment of the advisor.
Prior to their meeting, the trustees were provided with a memo and materials
that summarized the information they received over the course of the year. They also considered the factors discussed below, among others.
However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that
drove the board’s decision.
Nature, extent, and quality of services
The board reviewed the quality of the fund’s investment management
services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered
that Vanguard has been managing investments for more than four decades. Both the Equity Index Group and the Fixed Income Group adhere
to sound, disciplined investment management processes; each group’s management team has considerable experience, stability, and
depth.
The board concluded that Vanguard’s experience, stability, depth,
and performance, among other factors, warranted continuation of the advisory arrangement.
Investment performance
The board considered the short- and long-term performance of the fund,
including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the
performance was such that the advisory arrangement should continue.
Cost
The board concluded that the fund’s expense ratio was below the
average expense ratio charged by funds in its peer group and that the fund’s advisory expenses were also below the peer-group average.
The board does not conduct a profitability analysis of Vanguard because
of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The board concluded that the fund’s arrangement with Vanguard
ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.
The board will consider whether to renew the advisory arrangement again
after a one-year period.
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14: Purchase of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal
Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their
evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting.
There were no 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 17: Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19: Exhibits.
