VanguardGlobal Wellington™ Fund

Fact sheet | March 31, 2023

Vanguard Global WellingtonTM Fund

Balanced fund (stocks and bonds) | AdmiralTM Shares

Vanguard?

Fund facts

Risk level Low

1 23

High 45

Total net assets

$1,668 MM

Expense ratio as of 12/21/22

0.32%

Ticker symbol

VGWAX

Turnover rate

77.4%

Inception date

11/02/17

Fund number

1767

Investment objective

Vanguard Global Wellington Fund seeks to provide long-term capital appreciation and moderate current income.

Investment strategy

The fund invests 60% to 70% of its assets in dividend-paying and, to a lesser extent, non-dividend-paying equity securities of established large U.S. and foreign companies. In choosing these companies, the advisor seeks those that appear to be undervalued but have prospects for improvement. These stocks are commonly referred to as value stocks. The remaining 30% to 40% of the fund's assets are invested mainly in U.S. and foreign fixed income securities that the advisor believes will generate a moderate level of current income. These securities include investment-grade corporate bonds, with some exposure to government and government agency bonds, and mortgage-backed securities. The fund will also invest in local currency bonds.

Portfolio management

Wellington Management Company LLP Founded in 1928, Wellington Management Company LLP, Boston, Massachusetts, is among the nation's oldest and most respected institutional investment managers. The firm has advised this fund since 2017.

For the most up-to-date fund data, please scan the QR code below.

Benchmark Global Wellington Composite Index

Growth of a $10,000 investment : November 30, 2017--December 31, 2022

$13,346 Fund as of 12/31/22

$12,556 Benchmark as of 12/31/22

2013 2014 2015 2016 2017* 2018 2019 2020 2021 2022

Annual returns

Annual returns

Fund Benchmark

2013 -- --

2014 -- --

2015 -- --

2016 -- --

2017* 1.91 2.26

2018 -4.71 -5.55

2019 22.15 21.84

2020 7.51

13.80

2021 13.53 13.09

2022 -7.04 -16.16

Total returns

Periods ended March 31, 2023

Total returns

Quarter Year to date One year Three years Five years Since inception

Fund

2.95%

2.95%

-1.68%

11.42%

6.55%

6.22%

Benchmark

6.05%

6.05%

-5.82%

10.26%

5.88%

--

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at performance. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.

Market allocation?stocks

United States

58.5%

Hong Kong

1.8

Japan

10.0

Finland

1.6

France

8.2

Spain

1.4

United Kingdom

7.9

Korea

1.3

Switzerland

4.8

Taiwan

1.3

* Partial return since fund started, November 2, 2017. Global Wellington Composite Index: 65% FTSE Developed Index (net of tax) and 35% Bloomberg Fixed Income Composite Index, composed of 80% Bloomberg Global Aggregate Credit Index (USD Hedged), 10% Bloomberg Global Aggregate Treasury Index (USD Hedged), and 10% Bloomberg Global Aggregate Securitized Index (USD Hedged). The fund held a subscription period from October 18, 2017 through November 1, 2017, during which time all assets were held directly or indirectly in money market instruments. Performance measurement began November 2, 2017.

F1767 032023

Fact sheet | March 31, 2023

Vanguard Global Wellington Fund

Balanced fund (stocks and bonds) | AdmiralTM Shares

Ten largest holdings*

1 Microsoft Corp. 2 AstraZeneca plc 3 Johnson & Johnson 4 Cisco Systems Inc. 5 Novartis AG 6 TotalEnergies SE 7 Chubb Ltd. 8 Merck & Co. Inc. 9 UnitedHealth Group Inc. 10 Alphabet Inc.

Top 10 as % of total net assets

14.8%

* The holdings listed exclude any temporary cash investments and equity index products.

Fund allocation

Stock Bond

Market allocation?bonds

United States Supranational United Kingdom France Canada

64.8%

Short-Term Reserves

3.1

32.1

67.3%

Germany

2.1

5.7

Norway

1.7

4.9

Switzerland

1.6

3.5

Saudi Arabia

1.3

2.3

Denmark

1.1

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Plain talk about risk

The fund is subject to the risks associated with the U.S. and foreign stock and bond markets, any of which could cause an investor to lose money. However, because stock and bond prices can move in different directions or to different degrees, the fund's bond holdings may counteract some of the volatility experienced by the fund's stock holdings.

With approximately 60% to 70% of its assets allocated to U.S. and foreign equity securities, the fund is proportionately subject to the following stock risks: stock market risk, which is the chance that stock prices overall will decline; and investment style risk, which is the chance that returns from large-capitalization value stocks will trail returns from the overall stock market. Mid- and large-cap stocks tend to go through cycles of doing better--or worse--than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years. The fund is also subject to the following risks associated with investments in foreign stocks. Country/regional risk is the chance that world events such as political upheaval, financial troubles, or natural disasters will adversely affect the value of securities issued by companies in foreign countries or regions. Because the fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the fund's performance may be hurt disproportionately by the poor performance of its investments in that area. Currency risk is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/ regional risk and currency risk are especially high in emerging markets.

With approximately 30% to 40% of its assets allocated to U.S. and foreign bonds, the fund is proportionately subject to the following bond risks: interest rate risk, which is the chance that bond prices will decline because of rising interest rates; income risk, which is the chance that the fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline; liquidity risk, which is the chance that the fund may not be able to sell a security in a timely manner at a desired price; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the fund's income. For mortgage-backed securities, this risk is known as prepayment risk. The fund is also subject to the following risks associated with investments in foreign bonds: country/regional risk, which is the chance that world events such as political upheaval, financial troubles, or natural disasters will adversely affect the value and/or liquidity of securities issued by foreign governments, government agencies, or companies; currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates; and currency hedging risk, which is the chance that the currency hedging transactions entered into by the fund may not perfectly offset the fund's foreign currency exposure. The fund is also subject to manager risk, which is the chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective.

Note on frequent trading restrictions

Frequent trading policies may apply to those funds offered as investment options within your plan. Please log on to for your employer plans or contact Participant Services at 800-523-1188 for additional information.

For more information about Vanguard funds or to obtain a prospectus, see below for which situation is right for you.

If you receive your retirement plan statement from Vanguard or log on to Vanguard's website to view your plan, visit or call 800-523-1188.

If you receive your retirement plan statement from a service provider other than Vanguard or log on to a recordkeeper's website that is not Vanguard to view your plan, please call 855-402-2646.

Visit to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

Financial advisor clients: For more information about Vanguard funds, contact your financial advisor to obtain a prospectus.

Investment Products: Not FDIC Insured ? No Bank Guarantee ? May Lose Value

? 2023 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

F1767 032023

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