| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Acquired Fund Fees and Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard LifeStrategy Income Fund Investor Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Income Composite Index
(reflects no deduction for fees, expenses, or taxes) |
% |
% |
% |
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
|
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Acquired Fund Fees and Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard LifeStrategy Conservative Growth Fund
Investor Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Conservative Growth Composite Index
(reflects no deduction for fees, expenses, or taxes) |
% |
% |
% |
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
|
|
|
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
|
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Acquired Fund Fees and Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard LifeStrategy Moderate Growth Fund
Investor Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Moderate Growth Composite Index
(reflects no deduction for fees, expenses, or taxes) |
% |
% |
% |
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
|
|
|
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
|
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Acquired Fund Fees and Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard LifeStrategy Growth Fund Investor Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Growth Composite Index
(reflects no deduction for fees, expenses, or taxes) |
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
|
|
|
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Vanguard Fund |
Stocks |
Bonds |
Vanguard LifeStrategy Income Fund |
20% |
80% |
Vanguard LifeStrategy Conservative
Growth Fund |
40% |
60% |
Vanguard LifeStrategy Moderate Growth
Fund |
60% |
40% |
Vanguard LifeStrategy Growth Fund |
80% |
20% |
Plain Talk About International Investing |
U.S. investors who invest in foreign securities will encounter risks not
typically associated with U.S. companies because foreign stock and bond
markets operate differently from the U.S. markets. For instance, foreign
companies and governments may not be subject to the same or similar
auditing, legal, tax, regulatory, financial reporting, accounting, and
recordkeeping standards and practices as U.S. companies and the U.S.
government, and their stocks and bonds may not be as liquid as those of
similar U.S. entities. In addition, foreign stock exchanges, brokers,
companies, bond markets, and dealers may be subject to different levels of
government supervision and regulation than their counterparts in the
United States. Further, the imposition of economic or other sanctions on the
United States by a foreign country, or on a foreign country or issuer by the
United States, could impair a fund’s ability to buy, sell, hold, receive, deliver,
or otherwise transact in certain investment securities or obtain exposure to
foreign securities and assets. These factors, among others, could negatively
affect the returns U.S. investors receive from foreign investments. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
How mortgage-backed securities are different: In general, declining interest
rates will not lift the prices of mortgage-backed securities—such as those
guaranteed by the Government National Mortgage Association—as much as
the prices of comparable bonds. Why? Because when interest rates fall, the
bond market tends to discount the prices of mortgage-backed securities for
prepayment risk—the possibility that homeowners will refinance their
mortgages at lower rates and cause the bonds to be paid off prior to maturity.
In part to compensate for this prepayment possibility, mortgage-backed
securities tend to offer higher yields than other bonds of comparable credit
quality and maturity. In contrast, when interest rates rise, prepayments tend
to slow down, subjecting mortgage-backed securities to extension risk—the
possibility that homeowners will repay their mortgages at slower rates. This
will lengthen the duration or average life of mortgage-backed securities held
by a fund and delay the fund’s ability to reinvest proceeds at higher interest
rates, making the fund more sensitive to changes in interest rates. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer must
pay back the bond’s principal (face value). Bond maturities range from less
than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the
more price risk you, as a bond investor, will face as interest rates rise—but
also the higher the potential yield you could receive. Longer-term bonds are
generally more suitable for investors willing to take a greater risk of price
fluctuations to get higher and more stable interest income. Shorter-term bond
investors should be willing to accept lower yields and greater income
variability in return for less fluctuation in the value of their investment. The
stated maturity of a bond may differ from the effective maturity of a bond,
which takes into consideration that an action such as a call or refunding may
cause bonds to be repaid before their stated maturity dates. |
|
|
Vanguard LifeStrategy Fund |
|
| |
Underlying Asset Class |
Income |
Conservative
Growth |
Moderate Growth |
Growth | |
U.S. stocks |
12% |
24% |
36% |
48% | |
Foreign stocks |
8% |
16% |
24% |
32% | |
U.S. fixed income securities |
56% |
42% |
28% |
14% | |
Foreign fixed income securities |
24% |
18% |
12% |
6% | |
Totals1 |
100% |
100% |
100% |
100% |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as “buying a dividend.” For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe tax on the $250 distribution you received—even if you reinvest it in more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before you invest. |
For a Share Outstanding Throughout Each Period |
Year Ended October 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$14.09 |
$17.40 |
$16.73 |
$16.24 |
$15.08 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.366 |
.368 |
.261 |
.393 |
.425 |
Capital Gain Distributions Received1 |
.0002 |
.046 |
.092 |
— |
— |
Net Realized and Unrealized Gain (Loss) on Investments |
(.004) |
(3.042) |
.656 |
.501 |
1.284 |
Total from Investment Operations |
.362 |
(2.628) |
1.009 |
.894 |
1.709 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.362) |
(.365) |
(.264) |
(.401) |
(.435) |
Distributions from Realized Capital Gains |
— |
(.317) |
(.075) |
(.003) |
(.114) |
Total Distributions |
(.362) |
(.682) |
(.339) |
(.404) |
(.549) |
Net Asset Value, End of Period |
$14.09 |
$14.09 |
$17.40 |
$16.73 |
$16.24 |
Total Return3 |
2.52% |
-15.59% |
6.06% |
5.60% |
11.60% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$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% |
Ratio of Net Investment Income to Average Net Assets |
2.50% |
2.34% |
1.51% |
2.39% |
2.72% |
Portfolio Turnover Rate |
4% |
26% |
7% |
17% |
6% |
|
|
|
|
|
|
|
|
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. |
For a Share Outstanding Throughout Each Period |
Year Ended October 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$18.87 |
$23.66 |
$21.49 |
$20.79 |
$19.29 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.476 |
.472 |
.360 |
.488 |
.521 |
Capital Gain Distributions Received1 |
.0002 |
.044 |
.089 |
— |
— |
Net Realized and Unrealized Gain (Loss) on Investments |
.363 |
(4.327) |
2.435 |
.715 |
1.715 |
Total from Investment Operations |
.839 |
(3.811) |
2.884 |
1.203 |
2.236 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.468) |
(.471) |
(.362) |
(.494) |
(.531) |
Distributions from Realized Capital Gains |
(.141) |
(.508) |
(.352) |
(.009) |
(.205) |
Total Distributions |
(.609) |
(.979) |
(.714) |
(.503) |
(.736) |
Net Asset Value, End of Period |
$19.10 |
$18.87 |
$23.66 |
$21.49 |
$20.79 |
Total Return3 |
4.43% |
-16.67% |
13.57% |
5.89% |
11.94% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$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% |
Ratio of Net Investment Income to Average Net Assets |
2.40% |
2.23% |
1.55% |
2.32% |
2.61% |
Portfolio Turnover Rate |
4% |
21% |
5% |
23% |
9% |
|
|
|
|
|
|
|
|
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. |
For a Share Outstanding Throughout Each Period |
Year Ended October 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$27.13 |
$34.35 |
$29.27 |
$28.29 |
$26.26 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.668 |
.660 |
.528 |
.633 |
.673 |
Capital Gain Distributions Received1 |
.0002 |
.041 |
.082 |
— |
— |
Net Realized and Unrealized Gain (Loss) on Investments |
1.025 |
(6.612) |
5.561 |
1.012 |
2.403 |
Total from Investment Operations |
1.693 |
(5.911) |
6.171 |
1.645 |
3.076 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.627) |
(.655) |
(.537) |
(.647) |
(.684) |
Distributions from Realized Capital Gains |
(.156) |
(.654) |
(.554) |
(.018) |
(.362) |
Total Distributions |
(.783) |
(1.309) |
(1.091) |
(.665) |
(1.046) |
Net Asset Value, End of Period |
$28.04 |
$27.13 |
$34.35 |
$29.27 |
$28.29 |
Total Return3 |
6.26% |
-17.80% |
21.38% |
5.89% |
12.20% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$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% |
Ratio of Net Investment Income to Average Net Assets |
2.31% |
2.17% |
1.60% |
2.23% |
2.50% |
Portfolio Turnover Rate |
5% |
15% |
5% |
21% |
9% |
|
|
|
|
|
|
|
|
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. |
For a Share Outstanding Throughout Each Period |
Year Ended October 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$35.36 |
$45.26 |
$36.15 |
$34.92 |
$32.44 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.843 |
.845 |
.705 |
.740 |
.789 |
Capital Gain Distributions Received1 |
.0002 |
.026 |
.051 |
— |
— |
Net Realized and Unrealized Gain (Loss) on Investments |
1.990 |
(9.175) |
9.813 |
1.246 |
3.029 |
Total from Investment Operations |
2.833 |
(8.304) |
10.569 |
1.986 |
3.818 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.820) |
(.851) |
(.709) |
(.749) |
(.798) |
Distributions from Realized Capital Gains |
(.043) |
(.745) |
(.750) |
(.007) |
(.540) |
Total Distributions |
(.863) |
(1.596) |
(1.459) |
(.756) |
(1.338) |
Net Asset Value, End of Period |
$37.33 |
$35.36 |
$45.26 |
$36.15 |
$34.92 |
Total Return3 |
8.03% |
-18.92% |
29.69% |
5.74% |
12.34% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$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% |
Ratio of Net Investment Income to Average Net Assets |
2.20% |
2.12% |
1.65% |
2.12% |
2.38% |
Portfolio Turnover Rate |
3% |
8% |
4% |
13% |
6% |
|
|
|
|
|
|
|
|
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. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273) |
For fund and service information
For literature requests |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
For account information
For most account transactions |
Participant Services 800-523-1188
(Text telephone for people with
hearing impairment at 800-749-7273) |
For information and services for participants in
employer-sponsored plans |
Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
Financial Advisor and Intermediary
Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard LifeStrategy Income
Fund |
9/30/1994 |
LifeInc |
723 |
921909206 |
Vanguard LifeStrategy
Conservative Growth Fund |
9/30/1994 |
LifeCon |
724 |
921909305 |
Vanguard LifeStrategy Moderate
Growth Fund |
9/30/1994 |
LifeMod |
914 |
921909404 |
Vanguard LifeStrategy Growth
Fund |
9/30/1994 |
LifeGro |
122 |
921909503 |
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Acquired Fund Fees and Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard STAR Fund Investor Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
STAR Composite Index
(reflects no deduction for fees, expenses, or taxes) |
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
|
|
|
STAR Composite Average
(reflects no deduction for taxes) |
|
|
|
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Plain Talk About Balanced Funds |
Balanced funds are generally investments that seek to provide some
combination of income and capital appreciation by investing in a mix of
stocks and bonds. Because prices of stocks and bonds can respond
differently to economic events and influences, a balanced fund should
experience less volatility than a fund investing exclusively in stocks. |
Plain Talk About International Investing |
U.S. investors who invest in foreign securities will encounter risks not
typically associated with U.S. companies because foreign stock and bond
markets operate differently from the U.S. markets. For instance, foreign
companies and governments may not be subject to the same or similar
auditing, legal, tax, regulatory, financial reporting, accounting, and
recordkeeping standards and practices as U.S. companies and the U.S.
government, and their stocks and bonds may not be as liquid as those of
similar U.S. entities. In addition, foreign stock exchanges, brokers,
companies, bond markets, and dealers may be subject to different levels of
government supervision and regulation than their counterparts in the
United States. Further, the imposition of economic or other sanctions on the
United States by a foreign country, or on a foreign country or issuer by the
United States, could impair a fund’s ability to buy, sell, hold, receive, deliver,
or otherwise transact in certain investment securities or obtain exposure to
foreign securities and assets. These factors, among others, could negatively
affect the returns U.S. investors receive from foreign investments. |
Plain Talk About Types of Bonds |
Bonds are issued (sold) by many sources: Corporations issue corporate
bonds; the federal government issues U.S. Treasury bonds; agencies of the
federal government issue agency bonds; financial institutions issue
asset-backed bonds; and mortgage holders issue “mortgage-backed”
pass-through certificates. Each issuer is responsible for paying back the
bond’s initial value as well as for making periodic interest payments. Many
bonds issued by government agencies and entities are neither guaranteed
nor insured by the U.S. government. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
How mortgage-backed securities are different: In general, declining interest
rates will not lift the prices of mortgage-backed securities—such as those
guaranteed by the Government National Mortgage Association—as much as
the prices of comparable bonds. Why? Because when interest rates fall, the
bond market tends to discount the prices of mortgage-backed securities for
prepayment risk—the possibility that homeowners will refinance their
mortgages at lower rates and cause the bonds to be paid off prior to maturity.
In part to compensate for this prepayment possibility, mortgage-backed
securities tend to offer higher yields than other bonds of comparable credit
quality and maturity. In contrast, when interest rates rise, prepayments tend
to slow down, subjecting mortgage-backed securities to extension risk—the
possibility that homeowners will repay their mortgages at slower rates. This
will lengthen the duration or average life of mortgage-backed securities held
by a fund and delay the fund’s ability to reinvest proceeds at higher interest
rates, making the fund more sensitive to changes in interest rates. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer must
pay back the bond’s principal (face value). Bond maturities range from less
than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the
more price risk you, as a bond investor, will face as interest rates rise—but
also the higher the potential yield you could receive. Longer-term bonds are
generally more suitable for investors willing to take a greater risk of price
fluctuations to get higher and more stable interest income. Shorter-term bond
investors should be willing to accept lower yields and greater income
variability in return for less fluctuation in the value of their investment. The
stated maturity of a bond may differ from the effective maturity of a bond,
which takes into consideration that an action such as a call or refunding may
cause bonds to be repaid before their stated maturity dates. |
Plain Talk About Credit Quality |
A bond’s credit quality rating is an assessment of the issuer’s ability to pay
interest on the bond and, ultimately, to repay the principal. The lower the
credit quality, the greater the perceived chance that the bond issuer will
default, or fail to meet its payment obligations. All things being equal, the
lower a bond’s credit quality, the higher its yield should be to compensate
investors for assuming additional risk. |
• Vanguard Windsor™ II Fund |
14.3% |
• Vanguard U.S. Growth Fund |
12% |
• Vanguard International Value Fund |
9.5% |
• Vanguard International Growth Fund |
8.9% |
• Vanguard Windsor Fund |
7.9% |
• Vanguard PRIMECAP Fund |
6% |
• Vanguard Explorer™ Fund |
3.7% |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as “buying a dividend.” For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe tax on the $250 distribution you received—even if you reinvest it in more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before you invest. |
For a Share Outstanding Throughout Each Period |
Year Ended October 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$25.23 |
$34.17 |
$29.01 |
$27.51 |
$26.10 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.563 |
.464 |
.395 |
.515 |
.576 |
Capital Gain Distributions Received1 |
.717 |
1.827 |
.960 |
.797 |
1.177 |
Net Realized and Unrealized Gain (Loss) on Investments |
.233 |
(9.076) |
5.846 |
1.816 |
1.310 |
Total from Investment Operations |
1.513 |
(6.785) |
7.201 |
3.128 |
3.063 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.551) |
(.449) |
(.405) |
(.544) |
(.613) |
Distributions from Realized Capital Gains |
(1.512) |
(1.706) |
(1.636) |
(1.084) |
(1.040) |
Total Distributions |
(2.063) |
(2.155) |
(2.041) |
(1.628) |
(1.653) |
Net Asset Value, End of Period |
$24.68 |
$25.23 |
$34.17 |
$29.01 |
$27.51 |
Total Return2 |
6.24% |
-21.07% |
25.52% |
11.75% |
12.72% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$20,682 |
$21,004 |
$28,992 |
$23,531 |
$22,225 |
Ratio of Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired Fund Fees and Expenses |
0.31% |
0.31% |
0.31% |
0.31% |
0.31% |
Ratio of Net Investment Income to Average Net Assets |
2.18% |
1.61% |
1.21% |
1.87% |
2.20% |
Portfolio Turnover Rate |
6% |
12% |
9% |
26% |
14% |
|
|
|
|
|
|
|
|
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. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273) |
For fund and service information
For literature requests |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
For account information
For most account transactions |
Participant Services 800-523-1188
(Text telephone for people with
hearing impairment at 800-749-7273) |
For information and services for participants in
employer-sponsored plans |
Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
Financial Advisor and Intermediary
Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard STAR Fund |
3/29/1985 |
STAR |
56 |
921909107 |
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Total International Stock Index Fund
Investor Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
FTSE Global All Cap ex US Index
(reflects no deduction for fees or expenses) |
% |
% |
% |
Plain Talk About Fund Expenses |
All mutual funds have operating expenses. These expenses, which are
deducted from a fund’s gross income, are expressed as a percentage of the
net assets of the fund. Assuming that operating expenses remain as stated in
the Fees and Expenses section, Vanguard Total International Stock Index
Fund Investor Shares’ expense ratio would be: 0.18%, or $1.80 per $1,000 of
average net assets. The average expense ratio for international funds in
2022 was 1.23%, or $12.30 per $1,000 of average net assets (derived from
data provided by Lipper, a Thomson Reuters Company, which reports on the
mutual fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities, including costs generated by shareholders of other share
classes offered by the fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Plain Talk About International Investing |
U.S. investors who invest in foreign securities will encounter risks not
typically associated with U.S. companies because foreign stock and bond
markets operate differently from the U.S. markets. For instance, foreign
companies and governments may not be subject to the same or similar
auditing, legal, tax, regulatory, financial reporting, accounting, and
recordkeeping standards and practices as U.S. companies and the U.S.
government, and their stocks and bonds may not be as liquid as those of
similar U.S. entities. In addition, foreign stock exchanges, brokers,
companies, bond markets, and dealers may be subject to different levels of
government supervision and regulation than their counterparts in the
United States. Further, the imposition of economic or other sanctions on the
United States by a foreign country, or on a foreign country or issuer by the
United States, could impair a fund’s ability to buy, sell, hold, receive, deliver,
or otherwise transact in certain investment securities or obtain exposure to
foreign securities and assets. These factors, among others, could negatively
affect the returns U.S. investors receive from foreign investments. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest and dividends as well as capital gains from the fund’s sale of
investments. Income consists of both the dividends that the fund earns from
any stock holdings and the interest it receives from any for higher prices than
it paid for them. These capital gains are either short-term or long-term,
depending on whether the fund held the securities for one year or less or for
more than one year. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as “buying a dividend.” For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe tax on the $250 distribution you received—even if you reinvest it in more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before you invest. |
|
|
|
|
|
|
For a Share Outstanding
Throughout Each Period |
Year Ended October 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$15.20 |
$20.86 |
$16.39 |
$17.13 |
$15.91 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.517 |
.548 |
.506 |
.389 |
.524 |
Net Realized and Unrealized Gain (Loss) on
Investments |
1.370 |
(5.613) |
4.464 |
(.718) |
1.186 |
Total from Investment Operations |
1.887 |
(5.065) |
4.970 |
(.329) |
1.710 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.517) |
(.595) |
(.500) |
(.411) |
(.490) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.517) |
(.595) |
(.500) |
(.411) |
(.490) |
Net Asset Value, End of Period |
$16.57 |
$15.20 |
$20.86 |
$16.39 |
$17.13 |
Total Return2 |
12.29% |
-24.70% |
30.45% |
-1.93% |
10.98% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$163,566 |
$148,776 |
$199,230 |
$155,670 |
$148,795 |
Ratio of Total Expenses to Average Net Assets |
0.18%3 |
0.17%3 |
0.17% |
0.17% |
0.17% |
Ratio of Net Investment Income to Average Net
Assets |
2.95% |
3.03% |
2.49% |
2.39% |
3.19% |
Portfolio Turnover Rate4 |
4% |
5% |
8% |
7% |
4% |
|
|
|
|
|
|
|
|
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 0.18% 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. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273) |
For fund and service information
For literature requests |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
For account information
For most account transactions |
Participant Services 800-523-1188
(Text telephone for people with
hearing impairment at 800-749-7273) |
For information and services for participants in
employer-sponsored plans |
Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
Financial Advisor and Intermediary
Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Total International
Stock Index Fund |
|
|
|
|
Investor Shares |
4/29/1996 |
TotIntl |
113 |
921909602 |
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Total International Stock Index Fund
Admiral Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
FTSE Global All Cap ex US Index
(reflects no deduction for fees or expenses) |
% |
% |
% |
Plain Talk About Fund Expenses |
All mutual funds have operating expenses. These expenses, which are
deducted from a fund’s gross income, are expressed as a percentage of the
net assets of the fund. Assuming that operating expenses remain as stated in
the Fees and Expenses section, Vanguard Total International Stock Index
Fund Admiral Shares’ expense ratios would be: for Admiral Shares, 0.12%, or
$1.20 per $1,000 of average net assets. The average expense ratio for
international funds in 2022 was 1.23%, or $12.30 per $1,000 of average net
assets (derived from data provided by Lipper, a Thomson Reuters Company,
which reports on the mutual fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities, including costs generated by shareholders of other share
classes offered by the fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Plain Talk About International Investing |
U.S. investors who invest in foreign securities will encounter risks not
typically associated with U.S. companies because foreign stock and bond
markets operate differently from the U.S. markets. For instance, foreign
companies and governments may not be subject to the same or similar
auditing, legal, tax, regulatory, financial reporting, accounting, and
recordkeeping standards and practices as U.S. companies and the U.S.
government, and their stocks and bonds may not be as liquid as those of
similar U.S. entities. In addition, foreign stock exchanges, brokers,
companies, bond markets, and dealers may be subject to different levels of
government supervision and regulation than their counterparts in the
United States. Further, the imposition of economic or other sanctions on the
United States by a foreign country, or on a foreign country or issuer by the
United States, could impair a fund’s ability to buy, sell, hold, receive, deliver,
or otherwise transact in certain investment securities or obtain exposure to
foreign securities and assets. These factors, among others, could negatively
affect the returns U.S. investors receive from foreign investments. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest and dividends as well as capital gains from the fund’s sale of
investments. Income consists of both the dividends that the fund earns from
any stock holdings and the interest it receives from any for higher prices than
it paid for them. These capital gains are either short-term or long-term,
depending on whether the fund held the securities for one year or less or for
more than one year. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as “buying a dividend.” For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe tax on the $250 distribution you received—even if you reinvest it in more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before you invest. |
|
|
|
|
|
|
For a Share Outstanding
Throughout Each Period |
Year Ended October 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$25.43 |
$34.90 |
$27.41 |
$28.66 |
$26.61 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.885 |
.942 |
.868 |
.658 |
.892 |
Net Realized and Unrealized Gain (Loss) on Investments |
2.288 |
(9.398) |
7.478 |
(1.205) |
1.993 |
Total from Investment Operations |
3.173 |
(8.456) |
8.346 |
(.547) |
2.885 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.883) |
(1.014) |
(.856) |
(.703) |
(.835) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.883) |
(1.014) |
(.856) |
(.703) |
(.835) |
Net Asset Value, End of Period |
$27.72 |
$25.43 |
$34.90 |
$27.41 |
$28.66 |
Total Return2 |
12.35% |
-24.65% |
30.59% |
-1.92% |
11.08% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$64,479 |
$59,468 |
$80,052 |
$64,452 |
$76,314 |
Ratio of Total Expenses to Average Net Assets |
0.12%3 |
0.11%3 |
0.11% |
0.11% |
0.11% |
Ratio of Net Investment Income to Average Net Assets |
3.02% |
3.11% |
2.55% |
2.40% |
3.25% |
Portfolio Turnover Rate4 |
4% |
5% |
8% |
7% |
4% |
|
|
|
|
|
|
|
|
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 0.12% 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. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273) |
For fund and service information
For literature requests |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
For account information
For most account transactions |
Participant Services 800-523-1188
(Text telephone for people with
hearing impairment at 800-749-7273) |
For information and services for participants in
employer-sponsored plans |
Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
Financial Advisor and Intermediary
Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Total International
Stock Index Fund |
|
|
|
|
Admiral Shares |
11/29/2010 |
TotIntlAdmIdx |
569 |
921909818 |
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Total International Stock Index Fund
ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Based on Market Price |
|
|
|
Return Before Taxes |
|
|
|
FTSE Global All Cap ex US Index
(reflects no deduction for fees or expenses) |
% |
% |
% |
Plain Talk About Fund Expenses |
All funds have operating expenses. These expenses, which are deducted
from a fund’s gross income, are expressed as a percentage of the net assets
of the fund. Assuming that operating expenses remain as stated in the Fees
and Expenses section, Vanguard Total International Stock Index Fund ETF
Shares’ expense ratio would be 0.08%, or $0.80 per $1,000 of average net
assets. The average expense ratio for international funds in 2022 was 1.23%,
or $12.30 per $1,000 of average net assets (derived from data provided by
Lipper, a Thomson Reuters Company, which reports on the fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing an ETF. That is because
you, as a shareholder, pay a proportionate share of the costs of operating a
fund and any transaction costs incurred when the fund buys or sells
securities, including costs generated by shareholders of other share classes
offered by the fund. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Plain Talk About International Investing |
U.S. investors who invest in foreign securities will encounter risks not
typically associated with U.S. companies because foreign stock and bond
markets operate differently from the U.S. markets. For instance, foreign
companies and governments may not be subject to the same or similar
auditing, legal, tax, regulatory, financial reporting, accounting, and
recordkeeping standards and practices as U.S. companies and the U.S.
government, and their stocks and bonds may not be as liquid as those of
similar U.S. entities. In addition, foreign stock exchanges, brokers,
companies, bond markets, and dealers may be subject to different levels of
government supervision and regulation than their counterparts in the
United States. Further, the imposition of economic or other sanctions on the
United States by a foreign country, or on a foreign country or issuer by the
United States, could impair a fund’s ability to buy, sell, hold, receive, deliver,
or otherwise transact in certain investment securities or obtain exposure to
foreign securities and assets. These factors, among others, could negatively
affect the returns U.S. investors receive from foreign investments. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest and dividends as well as capital gains from the fund’s sale of
investments. Income consists of both the dividends that the fund earns from
any stock holdings and the interest it receives from any for higher prices than
it paid for them. These capital gains are either short-term or long-term,
depending on whether the fund held the securities for one year or less or for
more than one year. |
Vanguard Fund |
Inception Date |
Vanguard
Fund
Number |
CUSIP
Number |
Vanguard Total International Stock Index
Fund |
|
|
|
ETF Shares |
1/26/2011
(Investor Shares
4/29/1996) |
3369 |
921909768 |
|
|
|
|
|
|
For a Share Outstanding
Throughout Each Period |
Year Ended October 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$47.28 |
$64.90 |
$50.97 |
$53.30 |
$49.50 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
1.669 |
1.777 |
1.677 |
1.251 |
1.677 |
Net Realized and Unrealized Gain (Loss) on Investments |
4.274 |
(17.486) |
13.870 |
(2.256) |
3.696 |
Total from Investment Operations |
5.943 |
(15.709) |
15.547 |
(1.005) |
5.373 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(1.663) |
(1.911) |
(1.617) |
(1.325) |
(1.573) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(1.663) |
(1.911) |
(1.617) |
(1.325) |
(1.573) |
Net Asset Value, End of Period |
$51.56 |
$47.28 |
$64.90 |
$50.97 |
$53.30 |
Total Return |
12.46% |
-24.64% |
30.66% |
-1.88% |
11.11% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$54,767 |
$44,401 |
$51,747 |
$28,294 |
$16,293 |
Ratio of Total Expenses to Average Net Assets |
0.08%2 |
0.07%2 |
0.07% |
0.08% |
0.08% |
Ratio of Net Investment Income to Average Net Assets |
3.06% |
3.16% |
2.64% |
2.46% |
3.28% |
Portfolio Turnover Rate3 |
4% |
5% |
8% |
7% |
4% |
|
|
|
|
|
|
|
|
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% 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 Shares |
Institutional Plus Shares |
Sales Charge (Load) Imposed on Purchases |
|
|
Purchase Fee |
|
|
Sales Charge (Load) Imposed on Reinvested
Dividends |
|
|
Redemption Fee |
|
|
|
Institutional Shares |
Institutional Plus Shares |
Management Fees |
% |
|
12b-1 Distribution Fee |
|
|
Other Expenses |
% |
|
Total Annual Fund Operating Expenses |
% |
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Institutional Shares |
$ |
$ |
$ |
$ |
Institutional Plus Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Total International Stock Index Fund
Institutional Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Vanguard Total International Stock Index Fund
Institutional Plus Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
FTSE Global All Cap ex US Index
(reflects no deduction for fees or expenses) |
% |
% |
% |
Plain Talk About Fund Expenses |
All mutual funds have operating expenses. These expenses, which are
deducted from a fund’s gross income, are expressed as a percentage of the
net assets of the fund. Assuming that operating expenses remain as stated in
the Fees and Expenses section, Vanguard Total International Stock Index
Fund’s expense ratios would be as follows: for Institutional Shares, 0.09%, or
$0.90 per $1,000 of average net assets; for Institutional Plus Shares, 0.08%,
or $0.80 per $1,000 of average net assets. The average expense ratio for
international funds in 2022 was 1.23%, or $12.30 per $1,000 of average net
assets (derived from data provided by Lipper, a Thomson Reuters Company,
which reports on the mutual fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities, including costs generated by shareholders of other share
classes offered by the Fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Plain Talk About International Investing |
U.S. investors who invest in foreign securities will encounter risks not
typically associated with U.S. companies because foreign stock and bond
markets operate differently from the U.S. markets. For instance, foreign
companies and governments may not be subject to the same or similar
auditing, legal, tax, regulatory, financial reporting, accounting, and
recordkeeping standards and practices as U.S. companies and the U.S.
government, and their stocks and bonds may not be as liquid as those of
similar U.S. entities. In addition, foreign stock exchanges, brokers,
companies, bond markets, and dealers may be subject to different levels of
government supervision and regulation than their counterparts in the
United States. Further, the imposition of economic or other sanctions on the
United States by a foreign country, or on a foreign country or issuer by the
United States, could impair a fund’s ability to buy, sell, hold, receive, deliver,
or otherwise transact in certain investment securities or obtain exposure to
foreign securities and assets. These factors, among others, could negatively
affect the returns U.S. investors receive from foreign investments. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest and dividends as well as capital gains from the fund’s sale of
investments. Income consists of both the dividends that the fund earns from
any stock holdings and the interest it receives from any for higher prices than
it paid for them. These capital gains are either short-term or long-term,
depending on whether the fund held the securities for one year or less or for
more than one year. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as “buying a dividend.” For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe tax on the $250 distribution you received—even if you reinvest it in more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before you invest. |
|
|
|
|
|
|
For a Share Outstanding Throughout Each Period |
Year Ended October 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$101.68 |
$139.55 |
$109.61 |
$114.61 |
$106.43 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
3.572 |
3.806 |
3.519 |
2.670 |
3.597 |
Net Realized and Unrealized Gain (Loss) on
Investments |
9.182 |
(37.582) |
29.888 |
(4.826) |
7.960 |
Total from Investment Operations |
12.754 |
(33.776) |
33.407 |
(2.156) |
11.557 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(3.564) |
(4.094) |
(3.467) |
(2.844) |
(3.377) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(3.564) |
(4.094) |
(3.467) |
(2.844) |
(3.377) |
Net Asset Value, End of Period |
$110.87 |
$101.68 |
$139.55 |
$109.61 |
$114.61 |
Total Return |
12.41% |
-24.63% |
30.62% |
-1.89% |
11.10% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$34,802 |
$32,204 |
$42,913 |
$31,735 |
$33,476 |
Ratio of Total Expenses to Average Net Assets |
0.09%2 |
0.08%2 |
0.08% |
0.08% |
0.08% |
Ratio of Net Investment Income to Average Net
Assets |
3.05% |
3.14% |
2.58% |
2.44% |
3.27% |
Portfolio Turnover Rate3 |
4% |
5% |
8% |
7% |
4% |
|
|
|
|
|
|
|
|
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 0.09% 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. |
|
|
|
|
|
|
For a Share Outstanding Throughout Each Period |
Year Ended October 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$101.70 |
$139.59 |
$109.63 |
$114.63 |
$106.45 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
3.584 |
3.815 |
2.900 |
2.726 |
3.617 |
Net Realized and Unrealized Gain (Loss) on
Investments |
9.192 |
(37.597) |
30.529 |
(4.871) |
7.947 |
Total from Investment Operations |
12.776 |
(33.782) |
33.429 |
(2.145) |
11.564 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(3.576) |
(4.108) |
(3.469) |
(2.855) |
(3.384) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(3.576) |
(4.108) |
(3.469) |
(2.855) |
(3.384) |
Net Asset Value, End of Period |
$110.90 |
$101.70 |
$139.59 |
$109.63 |
$114.63 |
Total Return |
12.43% |
-24.63% |
30.63% |
-1.88% |
11.10% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$27,752 |
$25,785 |
$32,880 |
$83,550 |
$118,865 |
Ratio of Total Expenses to Average Net Assets |
0.08%2 |
0.07%2 |
0.07% |
0.07% |
0.07% |
Ratio of Net Investment Income to Average Net
Assets |
3.06% |
3.15% |
2.18% |
2.50% |
3.29% |
Portfolio Turnover Rate3 |
4% |
5% |
8% |
7% |
4% |
|
|
|
|
|
|
|
|
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% 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. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273) |
For fund and service information
For literature requests |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
For account information
For most account transactions |
Participant Services 800-523-1188
(Text telephone for people with
hearing impairment at 800-749-7273) |
For information and services for participants in
employer-sponsored plans |
Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
Financial Advisor and Intermediary
Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Total
International Stock
Index Fund |
|
|
|
|
Institutional Shares |
11/29/2010 |
TotIntlInstIdx |
1869 |
921909784 |
Institutional Plus Shares |
11/30/2010 |
TotIntLInstPlusIdx |
1870 |
921909776 |
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard Total International Stock Index
Fund Institutional Select Shares |
|
|
|
|
Return Before Taxes |
% |
% |
% |
|
Return After Taxes on Distributions |
|
|
|
|
Return After Taxes on Distributions and Sale
of Fund Shares |
|
|
|
|
FTSE Global All Cap ex US Index
(reflects no deduction for fees or expenses) |
% |
% |
% |
|
Plain Talk About Fund Expenses |
All mutual funds have operating expenses. These expenses, which are
deducted from a fund’s gross income, are expressed as a percentage of the
net assets of the fund. Assuming that operating expenses remain as stated in
the Fees and Expenses section, Vanguard Total International Stock Index
Fund Institutional Select Shares’ expense ratio would be 0.050%, or $0.50
per $1,000 of average net assets. The average expense ratio for international
funds in 2022 was 1.23%, or $12.30 per $1,000 of average net assets
(derived from data provided by Lipper, a Thomson Reuters Company, which
reports on the mutual fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities, including costs generated by shareholder of other share
classes offered by the fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Plain Talk About International Investing |
U.S. investors who invest in foreign securities will encounter risks not
typically associated with U.S. companies because foreign stock and bond
markets operate differently from the U.S. markets. For instance, foreign
companies and governments may not be subject to the same or similar
auditing, legal, tax, regulatory, financial reporting, accounting, and
recordkeeping standards and practices as U.S. companies and the U.S.
government, and their stocks and bonds may not be as liquid as those of
similar U.S. entities. In addition, foreign stock exchanges, brokers,
companies, bond markets, and dealers may be subject to different levels of
government supervision and regulation than their counterparts in the
United States. Further, the imposition of economic or other sanctions on the
United States by a foreign country, or on a foreign country or issuer by the
United States, could impair a fund’s ability to buy, sell, hold, receive, deliver,
or otherwise transact in certain investment securities or obtain exposure to
foreign securities and assets. These factors, among others, could negatively
affect the returns U.S. investors receive from foreign investments. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest and dividends as well as capital gains from the fund’s sale of
investments. Income consists of both the dividends that the fund earns from
any stock holdings and the interest it receives from any for higher prices than
it paid for them. These capital gains are either short-term or long-term,
depending on whether the fund held the securities for one year or less or for
more than one year. |
Plain Talk About Buying a Dividend |
Unless you are investing through a tax-advantaged account (such as a
401(k) plan), you should consider avoiding a purchase of fund shares shortly
before the fund makes a distribution, because doing so can cost you money
in taxes. This is known as “buying a dividend.” For example: On
December 15, you invest $5,000, buying 250 shares for $20 each. If the fund
pays a distribution of $1 per share on December 16, its share price will drop
to $19 (not counting market change). You still have only $5,000 (250 shares
x $19 = $4,750 in share value, plus 250 shares x $1 = $250 in distributions),
but you owe tax on the $250 distribution you received—even if you reinvest it
in more shares. To avoid buying a dividend, check a fund’s distribution
schedule before you invest. |
|
|
|
|
|
|
For a Share Outstanding Throughout Each Period |
Year Ended October 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$107.13 |
$147.04 |
$115.49 |
$120.75 |
$112.10 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
3.804 |
4.059 |
3.731 |
2.896 |
3.421 |
Net Realized and Unrealized Gain (Loss) on
Investments |
9.673 |
(39.609) |
31.522 |
(5.120) |
8.783 |
Total from Investment Operations |
13.477 |
(35.550) |
35.253 |
(2.224) |
12.204 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(3.797) |
(4.360) |
(3.703) |
(3.036) |
(3.554) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(3.797) |
(4.360) |
(3.703) |
(3.036) |
(3.554) |
Net Asset Value, End of Period |
$116.81 |
$107.13 |
$147.04 |
$115.49 |
$120.75 |
Total Return |
12.45% |
-24.61% |
30.66% |
-1.85% |
11.13% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$9,072 |
$8,277 |
$10,014 |
$8,045 |
$3,437 |
Ratio of Total Expenses to Average Net Assets |
0.050%2 |
0.047%2 |
0.045% |
0.045% |
0.045% |
Ratio of Net Investment Income to Average Net
Assets |
3.08% |
3.19% |
2.60% |
2.52% |
2.98% |
Portfolio Turnover Rate3 |
4% |
5% |
8% |
7% |
4% |
|
|
|
|
|
|
|
|
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 0.050% 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. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
For account information
For most account transactions |
Participant Services 800-523-1188
(Text telephone for people with
hearing impairment at 800-749-7273) |
For information and services for participants in
employer-sponsored plans |
Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
Financial Advisor and Intermediary
Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund
Number |
CUSIP
Number |
Vanguard Total International
Stock Index Fund |
|
|
|
|
Institutional Select Shares |
6/24/2016 |
VanTIntSIInsSel |
1969 |
921909743 |
B-1 | |
B-4 | |
B-5 | |
B-34 | |
B-34 | |
B-36 | |
B-53 | |
B-56 | |
B-57 | |
B-57 | |
B-75 | |
B-75 |
|
|
|
Share Classes1
| |||
Fund2
|
Investor |
Admiral |
Institutional |
Institutional Plus |
Institutional Select |
ETF |
Vanguard LifeStrategy® Conservative Growth
Fund3
|
VSCGX |
— |
— |
— |
— |
— |
Vanguard LifeStrategy Growth Fund3
|
VASGX |
— |
— |
— |
— |
— |
Vanguard LifeStrategy Income Fund3
|
VASIX |
— |
— |
— |
— |
— |
Vanguard LifeStrategy Moderate Growth
Fund3
|
VSMGX |
— |
— |
— |
— |
— |
Vanguard STAR Fund |
VGSTX |
— |
— |
— |
— |
— |
Vanguard Total International Stock Index Fund |
VGTSX |
VTIAX |
VTSNX |
VTPSX |
VTISX |
VXUS4
|
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard LifeStrategy Conservative Growth Fund |
$12,749.94 |
$16,999.92 |
$16,999.92 |
Vanguard LifeStrategy Growth Fund |
12,749.94 |
16,999.92 |
16,999.92 |
Vanguard LifeStrategy Income Fund |
12,749.94 |
16,999.92 |
16,999.92 |
Vanguard LifeStrategy Moderate Growth Fund |
12,749.94 |
16,999.92 |
16,999.92 |
Vanguard STAR Fund |
12,749.94 |
16,999.92 |
16,999.92 |
Vanguard Total International Stock Index Fund |
16,999.92 |
16,999.91 |
16,999.91 |
Vanguard Fund |
Capital
Contribution
to Vanguard |
Percentage of
Fund’s Average
Net Assets |
Percent of
Vanguard Funds’
Contribution |
Total International Stock Index Fund |
$12,736,000 |
Less than 0.01% |
5.09% |
Annual Shared Fund Operating Expenses
(Shared Expenses Deducted From Fund Assets) | |||
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard Total International Stock Index Fund |
|
|
|
Management and Administrative Expenses |
0.11% |
0.11% |
0.10% |
Marketing and Distribution Expenses |
Less than 0.01 |
0.01 |
Less than 0.01 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Interested Trustee1
|
|
|
|
|
Mortimer J. Buckley
(1969) |
Chairman of the
Board, Chief
Executive
Officer, and
President |
January 2018 |
Chairman of the board (2019–present) of Vanguard
and of each of the investment companies served by
Vanguard; chief executive officer (2018–present) of
Vanguard; chief executive officer, president, and
trustee (2018–present) of each of the investment
companies served by Vanguard; president and
director (2017–present) of Vanguard; and president
(2018–present) of Vanguard Marketing Corporation.
Chief investment officer (2013–2017), managing
director (2002–2017), head of the Retail Investor
Group (2006–2012), and chief information officer
(2001–2006) of Vanguard. Member of the board of
governors of the Investment Company Institute and of
FINRA. |
210 |
1 Mr. Buckley is considered an “interested person” as defined in the 1940 Act because he is an officer of the Trust. | ||||
Independent Trustees |
|
|
|
|
Tara Bunch
(1962) |
Trustee |
November 2021 |
Head of Global Operations at Airbnb (2020–present).
Vice President of AppleCare (2012–2020). Member of
the board of the University of California, Berkeley
School of Engineering, and Santa Clara University’s
School of Business. |
210 |
Emerson U. Fullwood
(1948) |
Trustee |
January 2008 |
Executive chief staff and marketing officer for North
America and corporate vice president (retired 2008) of
Xerox Corporation (document management products
and services). Former president of the Worldwide
Channels Group, Latin America, and Worldwide
Customer Service and executive chief staff officer of
Developing Markets of Xerox. Executive in residence
and 2009–2010 Distinguished Minett Professor at the
Rochester Institute of Technology. Member of the
board of directors of the University of Rochester
Medical Center, the Monroe Community College
Foundation, the United Way of Rochester, North
Carolina A&T University, Roberts Wesleyan College,
and the Rochester Philharmonic Orchestra. Trustee of
the University of Rochester. |
210 |
F. Joseph Loughrey
(1949) |
Trustee |
October 2009 |
President and chief operating officer (retired 2009)
and vice chairman of the board (2008–2009) of
Cummins Inc. (industrial machinery). Director of the V
Foundation. Member of the advisory council for the
College of Arts and Letters at the University of Notre
Dame. Chairman of the board of Saint Anselm
College. |
210 |
Mark Loughridge
(1953) |
Lead
Independent
Trustee |
March 2012 |
Senior vice president and chief financial officer (retired
2013) of IBM (information technology services).
Fiduciary member of IBM’s Retirement Plan
Committee (2004–2013), senior vice president and
general manager (2002–2004) of IBM Global
Financing, vice president and controller (1998–2002)
of IBM, and a variety of other prior management roles
at IBM. Member of the Council on Chicago Booth. |
210 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Scott C. Malpass
(1962) |
Trustee |
March 2012 |
Co-founder and managing partner (2022-present) of
Grafton Street Partners (investment advisory firm).
Chief investment officer and vice president of the
University of Notre Dame (retired 2020). Chair of the
board of Catholic Investment Services, Inc.
(investment advisors). Member of the board of
superintendence of the Institute for the Works of
Religion. Member of the Notre Dame 403(b)
Investment Committee and the board of directors of
Paxos Trust Company (finance). |
210 |
Deanna Mulligan
(1963) |
Trustee |
January 2018 |
Chief executive officer of Purposeful (2021–present).
Board chair (2020), chief executive officer
(2011–2020), and president (2010–2019) of The
Guardian Life Insurance Company of America. Chief
operating officer (2010–2011) and executive vice
president (2008–2010) of Individual Life and Disability
of The Guardian Life Insurance Company of America.
Director of DuPont. Member of the board of the
Economic Club of New York. Trustee of the
Partnership for New York City (business leadership),
the Chief Executives for Corporate Purpose, and the
New York-Presbyterian Hospital. |
210 |
Lubos Pastor
(1974) |
Trustee |
January 2024 |
Charles P. McQuaid Distinguished Service Professor
of Finance (2023-present) at the University of Chicago
Booth School of Business; Charles P. McQuaid
Professor of Finance at the University of Chicago
Booth School of Business (2009-2023). Vice
President at European Finance Association. Member
of the board of the Fama-Miller Center for Research in
Finance. Research Associate at the National Bureau
of Economic Research, and Research Fellow at the
Centre for Economic Policy and Research. Member of
Center for Research in Security Prices (CRSP) Index
Advisory Council and Advisory Board. |
210 |
André F. Perold
(1952) |
Trustee |
December 2004 |
George Gund Professor of Finance and Banking,
Emeritus at the Harvard Business School (retired
2011). Chief investment officer and partner of
HighVista Strategies LLC (private investment firm).
Board member of RIT Capital Partners (investment
firm). |
210 |
Sarah Bloom Raskin
(1961) |
Trustee |
January 2018 |
Deputy secretary (2014–2017) of the United States
Department of the Treasury. Governor (2010–2014) of
the Federal Reserve Board. Commissioner
(2007–2010) of financial regulation for the State of
Maryland. Colin W. Brown Distinguished Professor of
the Practice, Duke Law School (2021–present);
Rubenstein Fellow, Duke University (2017–2020);
Distinguished Fellow of the Global Financial Markets
Center, Duke Law School (2020–2022); and Senior
Fellow, Duke Center on Risk (2020–present). Partner
of Kaya Partners (climate policy advisory services).
Member of the board of directors of Arcadia (energy
solution technology). |
210 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Grant Reid
(1959) |
Trustee |
July 2023 |
Senior operating partner (2023–present) of CVC
Capital (alternative investment manager). Chief
executive officer and president (2014–2022) and
member of the board of directors (2015–2022) of
Mars, Incorporated (multinational manufacturer).
Member of the board of directors of Marriott
International, Inc. Member of the board of the
Sustainable Markets Initiative (environmental
services) and chair of the Sustainable Markets
Initiative’s Agribusiness Task Force. |
210 |
David Thomas
(1956) |
Trustee |
July 2021 |
President of Morehouse College (2018–present).
Professor of Business Administration Emeritus at
Harvard University (2017–2018) and Dean
(2011–2016) and Professor of Management at
Georgetown University, McDonough School of
Business (2016–2017). Director of DTE Energy
Company. Trustee of Common Fund. |
210 |
Peter F. Volanakis
(1955) |
Trustee |
July 2009 |
President and chief operating officer (retired 2010) of
Corning Incorporated (communications equipment)
and director of Corning Incorporated (2000–2010) and
Dow Corning (2001–2010). Director (2012) of SPX
Corporation (multi-industry manufacturing). Overseer
of the Amos Tuck School of Business Administration,
Dartmouth College (2001–2013). Member of the BMW
Group Mobility Council. |
210 |
Executive Officers |
|
|
|
|
Jacqueline Angell
(1974) |
Chief
Compliance
Officer |
November 2022 |
Principal of Vanguard. Chief compliance officer
(2022–present) of Vanguard and of each of the
investment companies served by Vanguard. Chief
compliance officer (2018–2022) and deputy chief
compliance officer (2017–2019) of State Street. |
210 |
Christine Buchanan
(1970) |
Chief Financial
Officer |
November 2017 |
Principal of Vanguard. Chief financial officer
(2021–present) and treasurer (2017–2021) of each of
the investment companies served by Vanguard.
Partner (2005–2017) at KPMG (audit, tax, and
advisory services). |
210 |
John Galloway
(1973) |
Investment
Stewardship
Officer |
September 2020 |
Principal of Vanguard. Investment stewardship officer
(2020–present) of each of the investment companies
served by Vanguard. Head of Investor Advocacy
(2020–present) and head of Marketing Strategy and
Planning (2017–2020) at Vanguard. Special Assistant
to the President of the United States (2015). |
210 |
Ashley Grim
(1984) |
Treasurer |
February 2022 |
Treasurer (2022–present) of each of the investment
companies served by Vanguard. Fund transfer agent
controller (2019–2022) and director of Audit Services
(2017–2019) at Vanguard. Senior manager
(2015–2017) at PriceWaterhouseCoopers (audit and
assurance, consulting, and tax services). |
210 |
Jodi Miller
(1980) |
Finance Director |
September
2022 |
Principal of Vanguard. Finance director
(2022–present) of each of the investment companies
served by Vanguard. Head of Enterprise Investment
Services (2020–present), Head of Retail Client
Services & Operations (2020–2022), and Head of
Retail Strategic Support (2018–2020) at Vanguard. |
210 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Anne E. Robinson
(1970) |
Secretary |
September 2016 |
General counsel (2016–present) of Vanguard.
Secretary (2016–present) of Vanguard and of each of
the investment companies served by Vanguard.
Managing director (2016–present) of Vanguard.
Managing director and general counsel of Global
Cards and Consumer Services (2014–2016) at
Citigroup. Counsel (2003–2014) at American Express.
Non-executive director of the board of National Grid
(energy). |
210 |
Michael Rollings
(1963) |
Finance Director |
February 2017 |
Finance director (2017–present) and treasurer (2017)
of each of the investment companies served by
Vanguard. Managing director (2016–present) of
Vanguard. Chief financial officer (2016–present) of
Vanguard. Director (2016–present) of Vanguard
Marketing Corporation. Executive vice president and
chief financial officer (2006–2016) of MassMutual
Financial Group. |
210 |
Trustee |
Aggregate
Compensation From
the Funds1
|
Total Compensation
From All Vanguard
Funds Paid to Trustees2
|
Mortimer J. Buckley |
— |
— |
Tara Bunch |
$19,385 |
$330,000 |
Emerson U. Fullwood |
19,385 |
330,000 |
F. Joseph Loughrey |
20,560 |
350,000 |
Mark Loughridge |
23,497 |
400,000 |
Scott C. Malpass |
19,385 |
330,000 |
Deanna Mulligan |
19,385 |
330,000 |
Lubos Pastor3 |
— |
— |
André F. Perold |
19,385 |
330,000 |
Sarah Bloom Raskin |
20,560 |
350,000 |
Grant Reid4 |
6,647 |
188,572 |
David Thomas |
19,385 |
330,000 |
Peter F. Volanakis |
20,560 |
350,000 |
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard LifeStrategy Conservative Growth Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
Lubos Pastor |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard LifeStrategy Growth Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
Lubos Pastor |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard LifeStrategy Income Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
Lubos Pastor |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard LifeStrategy Moderate Growth Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
Lubos Pastor |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard STAR Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
Lubos Pastor |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Total International Stock Index Fund |
Mortimer J. Buckley |
Over $100,000 |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
Over $100,000 |
Over $100,000 |
|
Mark Loughridge |
$50,001 – $100,000 |
Over $100,000 |
|
Scott C. Malpass |
Over $100,000 |
Over $100,000 |
|
Deanna Mulligan |
Over $100,000 |
Over $100,000 |
|
Lubos Pastor |
Over $100,000 |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
Over $100,000 |
Over $100,000 |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard LifeStrategy Growth Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
7.00% |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard LifeStrategy Moderate Growth Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
5.96% |
Vanguard Total International Stock Index Fund |
Investor Shares |
VANGUARD TARGET RETIREMENT
2045 FUND VALLEY FORGE, PA |
13.64% |
|
|
VANGUARD TARGET RETIREMENT
2035 FUND VALLEY FORGE, PA |
13.40% |
|
|
VANGUARD TARGET RETIREMENT
2040 FUND VALLEY FORGE, PA |
12.96% |
|
|
VANGUARD TARGET RETIREMENT
2050 FUND VALLEY FORGE, PA |
12.37% |
|
|
VANGUARD TARGET RETIREMENT
2030 FUND VALLEY FORGE, PA |
11.84% |
|
|
VANGUARD TARGET RETIREMENT
2025 FUND VALLEY FORGE, PA |
8.77% |
|
|
VANGUARD TARGET RETIREMENT
2055 FUND VALLEY FORGE, PA |
8.19% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
5.72% |
|
Institutional Shares |
FIDELITY INVESTMENTS
INSTITUTIONAL OPERATIONS CO INC
COVINGTON, KY |
9.74% |
|
|
TIAA TRUST, N.A. CHARLOTTE, NC |
9.67% |
|
|
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
6.57% |
|
Institutional Select Shares |
NEW YORK COLLEGE SAVINGS PLAN
AGGRESSIVE GROWTH PORTFOLIO
1155 NEWTOWN, MA |
18.17% |
|
|
COLLEGE SAVINGS PLAN OF
NEVADA TOTAL INTL STOCK INDEX
PORTFOLIO 04520 BOSTON, MA |
7.79% |
|
|
COLLEGE SAVINGS PLAN OF
NEVADA AGGRESSIVE GROWTH
PORTFOLIO 04509 BOSTON, MA |
5.67% |
|
Institutional Plus Shares |
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
11.93% |
Vanguard Fund |
Owner |
Percentage
of Ownership |
Vanguard Total International Stock ETF |
Vanguard Marketing Corporation |
61.18% |
|
Charles Schwab & Co., Inc. |
11.58% |
|
National Financial Services, LLC |
6.91% |
Portfolio Manager |
|
No. of
account |
Total
assets |
No. of accounts with
performance-based fees |
Total assets
in accounts with
performance-based
fees |
Roger Aliaga-Diaz |
Registered investment companies1 |
18 |
$606.3B |
0 |
$0 |
|
Other pooled investment vehicles |
12 |
$590.4B |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Aurelie Denis |
Registered investment companies2 |
31 |
$904.5B |
0 |
$0 |
|
Other pooled investment vehicles |
14 |
$597.5B |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Walter Nejman |
Registered investment companies2 |
40 |
$2.5T |
0 |
$0 |
|
Other pooled investment vehicles |
12 |
$590.4B |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Michael R. Roach |
Registered investment companies2 |
22 |
$684.1B |
0 |
$0 |
|
Other pooled investment vehicles |
12 |
$590.4B |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Vanguard Fund |
2021 |
2022 |
2023 |
Total International Stock Index Fund |
$7,780,000 |
14,322,000 |
27,438,000 |
Portfolio Manager |
|
No. of
account |
Total
assets |
No. of accounts with
performance-based fees |
Total assets
in accounts with
performance-based
fees |
Michael Perre |
Registered investment companies1 |
8 |
$635.4B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
23 |
$39.5B |
0 |
$0 |
Christine D. Franquin |
Registered investment companies1 |
6 |
$618.4B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Vanguard Fund |
Securities Lending Activities |
Vanguard Total International Stock Index Fund |
|
Gross income from securities lending activities |
$323,995,618 |
Fees paid to securities lending agent from a revenue split |
$9,044,442 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash
collateral reinvestment vehicle) that are not included in the revenue split |
$286,700 |
Administrative fees not included in revenue split |
$46,259 |
Indemnification fee not included in revenue split |
$0 |
Rebate (paid to borrower) |
$182,405,328 |
Other fees not included in revenue split (specify) |
$0 |
Aggregate fees/compensation for securities lending activities |
$191,782,729 |
Net income from securities lending activities |
$132,212,889 |
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard LifeStrategy Conservative Growth Fund |
$17,000 |
$11,000 |
$8,000 |
Vanguard LifeStrategy Growth Fund |
22,000 |
17,000 |
16,000 |
Vanguard LifeStrategy Income Fund |
8,000 |
5,000 |
3,000 |
Vanguard LifeStrategy Moderate Growth Fund |
28,000 |
18,000 |
16,000 |
Vanguard STAR Fund |
— |
— |
— |
Vanguard Total International Stock Index Fund |
18,531,000 |
15,599,000 |
10,281,000 |
Vanguard Fund |
Regular Broker or Dealer (or Parent) |
Aggregate Holdings |
Vanguard Total International Stock Index Fund |
Macquarie Group |
$506,471,000 |
Country |
JAN |
FEB |
MAR |
APR |
MAY |
JUN |
JUL |
AUG |
SEP |
OCT |
NOV |
DEC |
Albania |
1, 2 |
|
14, 22 |
1, 10 |
1, 6 |
17 |
|
|
5 |
|
28, 29 |
9, 25 |
Argentina |
1 |
12, 13 |
28, 29 |
2 |
1 |
17, 20 |
9 |
|
|
|
6, 20 |
25 |
Australia |
1, 26 |
|
4, 11,
29 |
1, 2,
25 |
6, 27 |
3, 10 |
|
5, 14 |
23 |
7 |
5 |
24, 25,
26, 31 |
Austria |
1 |
|
29 |
1 |
1, 9,
20, 30 |
|
|
15 |
|
|
1 |
24-26,
31 |
Bahrain** |
1 |
|
|
10, 11 |
1 |
16-18 |
16, 17 |
|
15 |
|
|
16, 17 |
Bangladesh** |
7 |
21, 26 |
17, 26 |
7, 10,
11, 14 |
1, 22 |
16-18 |
1, 17 |
15, 26 |
16 |
13 |
|
16, 25,
31 |
Belgium |
1 |
|
29 |
1 |
1 |
|
|
|
|
|
|
24, 25,
26, 31 |
Bermuda |
1 |
|
29 |
|
24 |
17 |
|
1, 2 |
2 |
|
11 |
25, 26 |
Bosnia and
Herzegovina, Fed. of |
1, 2, 9 |
|
|
|
1-3, 6,
9 |
|
|
|
|
|
21 |
|
Botswana |
1, 2 |
|
29 |
1 |
1, 9 |
|
1, 15,
16 |
|
30 |
1 |
|
25, 26 |
Brazil |
1 |
12-14 |
29 |
|
1, 30 |
|
|
|
|
|
15, 20 |
25, 31 |
Bulgaria |
1 |
|
4 |
29 |
1, 3, 6,
24 |
|
|
|
6, 23 |
|
|
24-26,
31 |
Canada |
1, 2 |
19 |
29 |
|
20 |
24 |
1 |
5 |
2, 30 |
14 |
11 |
25, 26 |
Chile |
1 |
|
29 |
|
1, 21 |
20 |
16 |
15 |
18-20 |
31 |
1 |
25 |
China |
1 |
9,
12-16 |
|
4, 5 |
1-3 |
10 |
|
|
16, 17 |
1-4, 7 |
|
|
China Connect - Bond
Connect |
1 |
12-16 |
|
4, 5 |
1-3 |
10 |
|
|
16, 17 |
1-4, 7 |
|
|
China Connect - Stock
Connect |
1 |
9,
12-16 |
29 |
1, 4, 5 |
1-3, 15 |
10 |
1 |
|
16-18 |
1-4, 7,
11 |
|
25, 26 |
Colombia |
1, 8 |
|
25, 28,
29 |
|
1, 13 |
3, 10 |
1 |
7, 19 |
|
14 |
4, 11 |
25 |
Croatia |
1 |
|
29 |
1 |
1, 30 |
|
|
5, 15 |
|
|
1, 18 |
24-26,
31 |
Cyprus |
1 |
|
18, 25,
29 |
1 |
1, 3, 6,
7 |
24 |
|
15 |
|
1, 28 |
|
24-26 |
Czech Republic |
1 |
|
29 |
1 |
1, 8 |
|
5 |
|
|
28 |
|
24-26,
31 |
Denmark |
1 |
|
28, 29 |
1 |
9, 10,
20 |
5 |
|
|
|
|
|
24-26,
31 |
Egypt** |
1, 7,
25 |
|
|
10, 11 |
1, 5, 6 |
16, 17 |
1, 7,
23 |
|
15 |
6 |
|
|
Country |
JAN |
FEB |
MAR |
APR |
MAY |
JUN |
JUL |
AUG |
SEP |
OCT |
NOV |
DEC |
Estonia |
1 |
|
29 |
1 |
1, 9 |
24 |
|
20 |
|
|
|
24-26,
31 |
Finland |
1 |
|
29 |
1 |
1, 9 |
21 |
|
|
|
|
|
6,
24-26,
31 |
France |
1 |
|
29 |
1 |
1 |
|
|
|
|
|
|
24-26,
31 |
Georgia, Republic of |
1, 2,
19 |
|
8 |
9 |
3, 6, 9 |
|
|
28 |
|
14 |
|
|
Germany |
1 |
|
29 |
1 |
1, 9,
20 |
|
|
|
|
3 |
|
24, 25,
26, 31 |
Ghana |
1, 8 |
|
6, 29 |
1, 10 |
1 |
17 |
1 |
5 |
23 |
|
|
6, 25,
26 |
Greece |
1 |
|
18, 25,
29 |
1 |
1, 3, 6 |
24 |
|
15 |
|
28 |
|
24, 25,
26 |
Hong Kong |
1 |
9, 12,
13 |
29 |
1, 4 |
1, 15 |
10 |
1 |
|
18 |
1, 11 |
|
24, 25,
26, 31 |
Hungary |
1 |
|
15, 29 |
1 |
1, 20 |
|
|
19, 20 |
|
23 |
1 |
24-27,
31 |
Iceland |
1 |
|
28, 29 |
1, 25 |
1, 9,
20 |
17 |
|
5 |
|
|
|
24-26,
31 |
India |
26 |
19 |
8, 25,
29 |
1, 9,
11, 17 |
1, 23 |
17 |
17 |
15 |
16 |
2 |
1, 15 |
24-26,
31 |
Indonesia |
1 |
8, 9 |
11, 12,
29 |
8-12,
15 |
1, 9,
10, 23,
24 |
17, 18 |
|
|
16 |
|
|
24-26,
31 |
Ireland |
1 |
5 |
29 |
1 |
1, 6 |
3 |
|
5 |
|
28 |
|
24-26,
31 |
Israel** |
30 |
27 |
24 |
22, 23,
24, 25,
28, 29 |
13, 14 |
11, 12 |
|
13 |
|
2, 3,
16, 17,
20, 21,
22, 23,
24 |
|
|
Italy |
1 |
|
29 |
1 |
1 |
|
|
15 |
|
|
|
24-26,
31 |
Ivory Coast |
1 |
|
|
1, 10 |
1, 9,
20 |
17 |
|
7, 15 |
16 |
|
1, 15 |
25 |
Japan |
1-3, 8 |
12, 23 |
20 |
29 |
3, 6 |
|
15 |
12 |
16, 23 |
14 |
4 |
31 |
Jordan** |
1 |
|
|
9-11 |
1 |
16-19 |
7 |
|
15 |
|
|
25 |
Kazakhstan |
1, 2 |
|
8, 21,
22, 25 |
|
1, 7, 9 |
17 |
8 |
30 |
|
25 |
|
16 |
Kenya |
1 |
|
29 |
1, 10 |
1 |
|
|
|
|
10 |
|
12, 25,
26, 31 |
Korea, Republic of |
1, 2 |
9, 12 |
1 |
10 |
1, 6,
15 |
6 |
|
15 |
16-18 |
3, 9 |
|
25 |
Kuwait** |
1 |
8, 25,
26 |
|
10, 11 |
|
16, 17 |
7 |
|
15 |
|
|
|
Latvia |
1 |
|
29 |
1 |
1, 6, 9 |
24 |
|
|
|
|
18 |
23-26,
30, 31 |
Lithuania |
1 |
16 |
11, 29 |
1 |
1, 9 |
24 |
|
15 |
|
|
1, 2 |
24-26,
31 |
Luxembourg |
1 |
|
29 |
1 |
1, 9,
20 |
23 |
|
15 |
|
|
1 |
24-26,
31 |
Malawi |
1, 15 |
|
4, 29 |
1, 10 |
1, 14 |
|
8 |
|
|
15 |
|
25, 26 |
Malaysia |
1, 25 |
1 |
28 |
10, 11 |
1, 22 |
3, 17 |
|
|
16 |
31 |
|
25 |
Mauritius |
1, 2,
25 |
1 |
8, 12 |
9, 10 |
1 |
|
|
15 |
|
31 |
|
25 |
Mexico |
1 |
5 |
18, 28,
29 |
|
1 |
|
|
|
16 |
1 |
18 |
12, 25 |
Country |
JAN |
FEB |
MAR |
APR |
MAY |
JUN |
JUL |
AUG |
SEP |
OCT |
NOV |
DEC |
Morocco |
1, 11 |
|
|
10, 11 |
1 |
17 |
8, 30 |
14, 20,
21 |
16, 17 |
|
6, 18 |
|
Namibia |
1 |
|
21, 29 |
1 |
1, 9 |
17 |
|
9, 26 |
24 |
|
|
10, 16,
25, 26 |
Netherlands |
1 |
|
29 |
1 |
1 |
|
|
|
|
|
|
24, 25,
26, 31 |
New Zealand |
1, 2 |
6 |
29 |
1, 25 |
|
3, 28 |
|
|
|
28 |
|
25, 26 |
Nigeria |
1 |
|
29 |
1, 10,
11 |
1 |
12, 17,
18 |
|
|
16 |
1 |
|
25, 26 |
Norway |
1 |
|
27, 28,
29 |
1 |
1, 9,
17, 20 |
|
|
|
|
|
|
24-26,
31 |
Oman** |
|
8 |
|
9-11 |
|
16-20 |
7 |
|
15 |
|
18 |
|
Pakistan |
1, 2 |
5 |
11 |
8-10 |
1 |
17-19 |
1, 16 |
14 |
16 |
|
|
25 |
Panama |
1, 9 |
12-14 |
28, 29 |
|
1 |
|
|
|
|
|
4, 5,
11, 28 |
9, 20,
25 |
Peru |
1, 2 |
|
28, 29 |
|
1 |
7 |
23, 29 |
6, 30 |
|
8 |
1 |
9, 25 |
Philippines |
1 |
|
28, 29 |
9 |
1 |
12 |
|
21, 26 |
|
|
1 |
24, 25,
30, 31 |
Poland |
1 |
|
29 |
1 |
1, 3,
30 |
|
|
15 |
|
|
1, 11 |
24-26,
31 |
Portugal |
1 |
|
29 |
1 |
1 |
|
|
|
|
|
|
24, 25,
26, 31 |
Qatar** |
1 |
13 |
3 |
10, 11 |
|
16-18 |
|
|
|
|
|
18 |
Romania |
1, 2,
24 |
|
|
|
1, 3, 6 |
24 |
|
15 |
|
|
|
25, 26 |
Russia |
1-5, 1,
2, 8 |
23 |
8 |
29, 30 |
1, 9,
10 |
12 |
|
|
|
|
4 |
30, 31 |
Serbia |
8 |
|
|
|
|
|
|
|
|
|
|
|
Singapore |
1 |
12 |
29 |
10 |
1, 22 |
17 |
|
9 |
|
31 |
|
25 |
Slovak Republic |
1 |
|
29 |
1 |
1, 8 |
|
5 |
29 |
|
|
1 |
24-26 |
Slovenia |
1, 2 |
8 |
29 |
1 |
1, 2 |
25 |
|
15 |
|
31 |
1 |
24-26,
31 |
South Africa |
1 |
|
21, 29 |
1 |
1 |
17 |
|
9 |
24 |
|
|
16, 25,
26 |
Spain |
1 |
|
29 |
1 |
1 |
|
|
|
|
|
|
25, 26 |
Sri Lanka |
1, 15,
25 |
5, 23 |
8, 29 |
10, 11,
12, 23 |
1, 23,
24 |
17, 21 |
|
19 |
16, 17 |
17, 31 |
15 |
25 |
Srpska, Republic of |
1, 2, 9 |
|
|
|
1-3, 6,
9 |
|
|
|
|
|
21 |
|
Sweden |
1, 5 |
|
28, 29 |
1, 30 |
1, 8, 9 |
5, 6,
20, 21 |
|
|
|
|
1 |
23,
24-26,
30, 31 |
Switzerland |
1, 2 |
|
29 |
1, 15 |
1, 9,
20 |
|
|
1 |
9 |
|
|
24, 25,
26, 31 |
Taiwan |
1 |
6-9, 8,
9,
12-14,
28 |
|
4, 5 |
1 |
10 |
|
|
17 |
10 |
|
|
Tanzania |
1, 12 |
|
29 |
1, 10,
11, 26 |
1 |
|
|
8 |
|
14 |
|
9, 25,
26 |
Thailand |
1 |
26 |
|
8, 15,
16 |
1, 6,
22 |
3 |
22, 29 |
12 |
|
14, 23 |
|
5, 10,
31 |
Tunisia |
1 |
|
20 |
9-11 |
1 |
16, 17 |
7, 25 |
13 |
15 |
15 |
|
17 |
Turkey |
1 |
|
|
9,
10-12,
23 |
1 |
17-19 |
15 |
30 |
|
28, 29 |
|
|
Uganda |
1, 26 |
16 |
8, 29 |
1, 10 |
1 |
|
|
|
|
9 |
|
25, 26 |
Country |
JAN |
FEB |
MAR |
APR |
MAY |
JUN |
JUL |
AUG |
SEP |
OCT |
NOV |
DEC |
United Arab Emirates -
ADX, DFM, DIFC |
1 |
|
|
8-10 |
|
17, 18 |
|
|
|
|
|
2 |
United Kingdom |
1 |
|
29 |
1 |
6, 27 |
|
|
26 |
|
|
|
24, 25,
26, 31 |
United States |
1, 15 |
19 |
29 |
|
27 |
19 |
3, 4 |
|
2 |
14 |
11, 28,
29 |
24, 25 |
Uruguay |
1 |
12, 13 |
28, 29 |
22 |
1 |
17 |
18 |
|
|
|
|
25 |
Vietnam |
1 |
8, 9,
12-14 |
|
18, 30 |
1 |
|
|
|
2, 3 |
|
|
|
Zambia |
1 |
|
8, 12,
29 |
1 |
1 |
|
1, 2 |
5 |
|
18, 24 |
|
25 |
Zimbabwe |
1 |
21 |
29 |
1, 18 |
1 |
|
|
12, 13 |
|
|
|
23, 25,
26 |
Argentina |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Australia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Austria |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Bahrain |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Bangladesh |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+1 |
Belgium |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Bermuda |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Botswana |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/28/2024 |
04/04/2024 |
T+7 |
07/12/2024 |
07/19/2024 |
T+7 |
09/27/2024 |
10/04/2024 |
T+7 |
12/24/2024 |
12/31/2024 |
T+7 |
Brazil |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Bulgaria |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/30/2024 |
05/07/2024 |
T+7 |
12/23/2024 |
12/30/2024 |
T+7 |
Canada |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Chile |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
09/17/2024 |
09/24/2024 |
T+7 |
China A-Share |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+0 |
China B-Share |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
02/08/2024 |
02/21/2024 |
T+13 |
03/28/2024 |
04/08/2024 |
T+11 |
04/02/2024 |
04/09/2024 |
T+7 |
04/03/2024 |
04/10/2024 |
T+7 |
04/30/2024 |
05/08/2024 |
T+8 |
06/28/2024 |
07/05/2024 |
T+7 |
09/13/2024 |
09/23/2024 |
T+10 |
09/30/2024 |
10/10/2024 |
T+10 |
10/08/2024 |
10/15/2024 |
T+7 |
10/09/2024 |
10/16/2024 |
T+7 |
10/10/2024 |
10/17/2024 |
T+7 |
12/24/2024 |
12/31/2024 |
T+7 |
China Connect |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+0 |
Colombia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+0 |
Costa Rica |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/22/2024 |
04/02/2024 |
T+11 |
12/24/2024 |
01/02/2025 |
T+9 |
Croatia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
Cyprus |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/30/2024 |
05/08/2024 |
T+8 |
05/02/2024 |
05/09/2024 |
T+7 |
12/23/2024 |
12/30/2024 |
T+7 |
Czech Republic |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
Denmark |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/27/2024 |
04/03/2024 |
T+7 |
12/23/2024 |
12/30/2024 |
T+7 |
Egypt |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/08/2024 |
04/15/2024 |
T+7 |
04/24/2024 |
05/02/2024 |
T+8 |
06/13/2024 |
06/20/2024 |
T+7 |
Estonia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
Finland |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
France |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
Giorgia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+1 |
Germany |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
Ghana |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
12/24/2024 |
12/31/2024 |
T+7 |
Greece |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/30/2024 |
05/07/2024 |
T+7 |
12/23/2024 |
12/30/2024 |
T+7 |
Hong Kong |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
02/08/2924 |
02/15/2024 |
T+7 |
12/23/2024 |
12/30/2024 |
T+7 |
Hungary |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
Iceland |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/27/2024 |
04/03/2024 |
T+7 |
12/23/2024 |
12/30/2024 |
T+7 |
India |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+1 |
Indonesia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/05/2024 |
04/17/2024 |
T+12 |
Ireland |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Israel |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Italy |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
Japan |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Jordan |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/08/2024 |
04/15/2024 |
T+7 |
06/13/2024 |
06/23/2024 |
T+10 |
Kazakhstan |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/20/2024 |
03/28/2024 |
T+8 |
05/06/2024 |
05/13/2024 |
T+7 |
Kenya |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/28/2024 |
04/04/2024 |
T+7 |
12/24/2024 |
12/31/2024 |
T+7 |
Kuwait |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
02/22/2024 |
02/29/2024 |
T+7 |
04/09/2024 |
04/16/2024 |
T+7 |
05/05/2024 |
05/12/2024 |
T+7 |
06/11/2024 |
06/20/2024 |
T+9 |
06/12/2024 |
06/23/2024 |
T+11 |
06/13/2024 |
06/24/2024 |
T+11 |
Latvia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
Lithuania |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/28/2024 |
04/04/2024 |
T+7 |
12/23/2024 |
01/01/2025 |
T+9 |
Luxembourg |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Malawi |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/28/2024 |
04/04/2024 |
T+7 |
Malawi |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/24/2024 |
12/31/2024 |
T+7 |
Malaysia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Mauritius |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+3 |
Mexico |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Morocco |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Namibia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Netherlands |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
New Zealand |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Nigeria |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/28/2024 |
04/04/2024 |
T+7 |
04/09/2024 |
04/16/2024 |
T+7 |
06/11/2024 |
06/19/2024 |
T+8 |
06/13/2024 |
06/20/2024 |
T+7 |
06/14/2024 |
06/21/2024 |
T+7 |
12/24/2024 |
12/31/2024 |
T+7 |
Norway |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/26/2024 |
04/03/2024 |
T+8 |
12/23/2024 |
12/30/2024 |
T+7 |
Oman (T+2) |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/08/2024 |
04/15/2024 |
T+7 |
06/13/2024 |
06/23/2024 |
T+10 |
Pakistan |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/09/2024 |
04/16/2024 |
T+7 |
04/10/2024 |
04/17/2024 |
T+7 |
06/13/2024 |
06/20/2024 |
T+7 |
06/14/2024 |
06/21/2024 |
T+7 |
Panama |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/26/2024 |
04/02/2024 |
T+7 |
Peru |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Philippines |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Poland |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
Portugal |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
Qatar |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Romania |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/30/2024 |
05/07/2024 |
T+7 |
Russia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/26/2024 |
05/03/2024 |
T+7 |
Saudi Arabia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2024 |
04/15/2024 |
T+11 |
06/13/2024 |
06/24/2024 |
T+11 |
Serbia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/30/2024 |
05/08/2024 |
T+8 |
Singapore |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Slovak Republic |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
Slovenia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
South Africa |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
South Korea |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
09/13/2024 |
09/20/2024 |
T+7 |
Spain |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Sri Lanka |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/09/2024 |
04/17/2024 |
T+8 |
05/22/2024 |
05/29/2024 |
T+7 |
09/13/2024 |
09/20/2024 |
T+7 |
Sweden |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/27/2024 |
04/03/2024 |
T+7 |
12/23/2024 |
12/30/2024 |
T+7 |
Switzerland |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/23/2024 |
12/30/2024 |
T+7 |
Taiwan |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
02/07/2024 |
02/16/2024 |
T+9 |
Tanzania |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Thailand |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Tunisia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/08/2024 |
04/16/2024 |
T+8 |
Turkey |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/08/2024 |
04/16/2024 |
T+8 |
06/14/2024 |
06/21/2024 |
T+7 |
Uganda |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Ukraine |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
United Arab Emirates |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/07/2024 |
04/15/2024 |
T+8 |
United Kingdom |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
United States |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+2 |
Uruguay |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+1 |
Vietnam (T+2) |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
02/07/2024 |
02/16/2024 |
T+9 |
WAEMU |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/28/2024 |
04/04/2024 |
T+7 |
Zambia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/28/2024 |
04/04/2024 |
T+7 |
04/26/2024 |
05/03/2024 |
T+7 |
Zimbabwe |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
03/28/2024 |
04/04/2024 |
T+7 |
08/09/2024 |
08/16/2024 |
T+7 |
12/20/2024 |
12/30/2024 |
T+10 |
12/24/2024 |
12/31/2024 |
T+7 |
(a) |
Articles of Incorporation, Amended and Restated Agreement and Declaration of Trust, filed with Post-Effective
Amendment No. 99 dated February 27, 2023, is hereby incorporated by reference. |
(b) |
By-Laws, Amended and Restated By-Laws, filed with Post-Effective Amendment No. 97 dated February 26, 2021, is
hereby incorporated by reference. |
(c) |
Instruments Defining Rights of Security Holders, reference is made to Articles III and V of the Registrant’s Amended
and Restated Agreement and Declaration of Trust, refer to Exhibit (a) above. |
(d) |
Investment Advisory Contracts, The Vanguard Group, Inc., provides investment advisory services to Vanguard
STAR Fund, Vanguard Total International Stock Index Fund, and Vanguard LifeStrategy Funds pursuant to the Fifth
Amended and Restated Funds’ Service Agreement, refer to Exhibit (h) below. |
(e) |
Underwriting Contracts, not applicable. |
(f) |
Bonus or Profit Sharing Contracts, reference is made to the section entitled “Management of the Funds” in Part B of
this Registration Statement. |
(g) |
|
(h) |
Other Material Contracts, Fifth Amended and Restated Funds’ Service Agreement, filed with Post-Effective
Amendment No. 95 dated February 27, 2020, is hereby incorporated by reference. Form of Fund of Funds
Investment Agreement, filed with Post-Effective Amendment No. 98 dated February 25, 2022, is hereby
incorporated by reference. |
(i) |
Legal Opinion, not applicable. |
(j) |
|
(k) |
Omitted Financial Statements, not applicable. |
(l) |
Initial Capital Agreements, not applicable. |
(m) |
Rule 12b-1 Plan, not applicable. |
(n) |
|
(o) |
Reserved. |
(p) |
|
(a) |
Vanguard Marketing Corporation, a wholly owned subsidiary of The Vanguard Group, Inc., is the principal
underwriter of each fund within the Vanguard group of investment companies, a family of over 200 funds. |
(b) |
The principal business address of each named director and officer of Vanguard Marketing Corporation is 100
Vanguard Boulevard, Malvern, PA 19355. |
Name |
Positions and Office with Underwriter |
Positions and Office with Funds |
Matthew J. Benchener |
Vice President and Chief Executive Officer
Designee |
None |
Karin A. Risi |
Vice President |
None |
Michael Rollings |
Vice President |
Finance Director |
John E. Bisordi |
General Counsel and Vice President |
None |
Tara Buckley |
Vice President and Assistant Secretary |
None |
Matthew C. Brancato |
Vice President |
None |
Mortimer J. Buckley |
President |
Chief Executive Officer and President |
Beth Morales Singh |
Secretary |
None |
Erica Green |
Chief Compliance Officer |
None |
Sarah Green |
Anti-Money Laundering Officer |
None |
Nitin Tandon |
Chief Information Officer |
None |
Manish Nagar |
Chief Information Security Officer |
None |
Salvatore L. Pantalone |
Principal Financial Officer and Treasurer |
None |
Matthew Tretter |
Principal Operations Officer |
None |
Danielle Corey |
Annuity and Insurance Officer |
None |
Jeff Seglem |
Annuity and Insurance Officer |
None |
Barbara Bock |
Controller |
None |
Jason Botzler |
Vice President |
None |
Jon Cleborne |
Vice President |
None |
Kaitlyn Holmes |
Vice President |
None |
Andrew Kadjeski |
Vice President |
None |
Amy M. Laursen |
Vice President |
None |
Paul M. Jakubowski |
Vice President |
None |
John James |
Vice President |
None |
James D. Martielli |
Vice President |
None |
Armond E. Mosley |
Vice President |
None |
David Petty |
Vice President |
None |
David MacBride |
Vice President |
None |
Name |
Positions and Office with Underwriter |
Positions and Office with Funds |
Massy Williams |
Vice President |
None |
Jacob Buttery |
Assistant Secretary |
None |
Janelle McDonald |
Vice President |
None |
Parks Strobridge |
Vice President |
None |
|
|
|
(c) |
Not applicable. |
Signature |
Title |
Date |
/s/ Mortimer J. Buckley*
Mortimer J. Buckley |
Chairman and Chief Executive Officer |
February 26, 2024 |
/s/ Tara Bunch*
Tara Bunch |
Trustee |
February 26, 2024 |
/s/ Emerson U. Fullwood*
Emerson U. Fullwood |
Trustee |
February 26, 2024 |
/s/ F. Joseph Loughrey*
F. Joseph Loughrey |
Trustee |
February 26, 2024 |
/s/ Mark Loughridge*
Mark Loughridge |
Trustee |
February 26, 2024 |
/s/ Scott C. Malpass*
Scott C. Malpass |
Trustee |
February 26, 2024 |
/s/ Deanna Mulligan*
Deanna Mulligan |
Trustee |
February 26, 2024 |
/s/ Lubos Pastor*
Lubos Pastor |
Trustee |
February 26, 2024 |
/s/ André F. Perold*
André F. Perold |
Trustee |
February 26, 2024 |
/s/ Sarah Bloom Raskin*
Sarah Bloom Raskin |
Trustee |
February 26, 2024 |
/s/ Grant Reid*
Grant Reid |
Trustee |
February 26, 2024 |
/s/ David Thomas*
David Thomas |
Trustee |
February 26, 2024 |
Signature |
Title |
Date |
/s/ Peter F. Volanakis*
Peter F. Volanakis |
Trustee |
February 26, 2024 |
/s/ Christine Buchanan*
Christine Buchanan |
Chief Financial Officer |
February 26, 2024 |