Supplement to the Prospectuses and ...
Prospectus Supplement Dated June 20, 2023
Important Changes to Vanguard's Frequent Trading Policy
The Board of Trustees of the Vanguard Funds have approved certain changes to the Vanguard Funds Frequent Trading Policy, applicable to trades having a trade date of June 21, 2023, or later, as follows:
Prospectus Text Changes In the Investing with Vanguard section, under the heading "Frequent-Trading Limitations," the following bullet points are added under "These frequent-trading limitations do not apply to the following": ? Certain transactions below dollar value or other thresholds specified by Vanguard. ? In-kind transactions to a shareholder's donor advised fund managed by Vanguard Charitable.
In the same section, the following text replaces corresponding similar text in its entirety under "For participants in employer-sponsored defined contribution plans,* the frequent-trading limitations do not apply to":
*The following Vanguard fund accounts are also subject to the frequent-trading limitations: SEP-IRAs, SIMPLE IRAs, certain individual 403(b)(7) Custodial Accounts, and Vanguard Individual 401(k) Plans.
? 2023 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.
PS FTPA 062023
Vanguard Emerging Markets Government Bond Index Fund Prospectus
February 27, 2023 AdmiralTM Shares Vanguard Emerging Markets Government Bond Index Fund Admiral Shares (VGAVX)
This prospectus contains financial data for the Fund through the fiscal year ended October 31, 2022. The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Contents
Fund Summary
1 Investing With Vanguard
28
Investing in Index Funds
8 Purchasing Shares
28
More on the Fund
9 Converting Shares
32
The Fund and Vanguard
21 Redeeming Shares
33
Investment Advisor
21 Exchanging Shares
37
Dividends, Capital Gains, and Taxes
22 Frequent-Trading Limitations
38
Share Price
25 Other Rules You Should Know
40
Financial Highlights
27 Fund and Account Updates
44
Employer-Sponsored Plans
45
Contacting Vanguard
47
Additional Information
48
Glossary of Investment Terms
50
Fund Summary
Investment Objective The Fund seeks to track the performance of a benchmark index that measures the investment return of U.S. dollar-denominated bonds issued by governments and government-related issuers in emerging market countries.
Fees and Expenses The following table describes the fees and expenses you may pay if you buy, hold, and sell Admiral Shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.
Shareholder Fees (Fees paid directly from your investment)
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 $1,000,000)
None 0.75% None None
$20
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Management Fees 12b-1 Distribution Fee Other Expenses Total Annual Fund Operating Expenses
0.18% None 0.02% 0.20%
1
Example
The following example is intended to help you compare the cost of investing in the Fund's Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund's shares. This example assumes that the shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year $95
3 Years $139
5 Years $187
10 Years $328
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.
Principal Investment Strategies The Fund employs an indexing investment approach designed to track the performance of the Bloomberg USD Emerging Markets Government RIC Capped Index. This Index includes U.S. dollar-denominated bonds that have maturities longer than one year and that were issued by emerging market governments and government-related issuers. The Index is capped, which means that its exposure to any particular bond issuer is limited to a maximum of 20% and its aggregate exposure to issuers that individually constitute 5% or more of the Index is limited to 48%. If the Index, as constituted based on market weights, exceeds the 20% or 48% limits, the excess is reallocated to bonds of other issuers represented in the Index.
The Fund invests by sampling the Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. All of the Fund's investments will be selected through the sampling process, and under normal circumstances at least 80% of
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