Product Summarie FAS FASEMFHC reader - Vanguard

Vanguard funds

A comprehensive listing of our Vanguard ETF? and mutual fund offerings

As of March 31, 2020

Index funds

Equity

Vanguard fund Domestic large-cap Total Stock Market Index2 Russell 3000 Index2 Mega Cap Index2 Mega Cap Growth Index2

Mega Cap Value Index2 500 Index2 S&P 500 Growth Index2 S&P 500 Value Index2 Russell 1000 Index2 Russell 1000 Growth Index2 Russell 1000 Value Index2 Large-Cap Index2 Growth Index2 Value Index2 FTSE Social Index2 Tax-Managed Capital Appreciation2

Domestic mid-cap Extended Market Index2 Mid-Cap Index2 Mid-Cap Growth Index Mid-Cap Value Index S&P Mid-Cap 400 Index2 S&P Mid-Cap 400 Growth Index2 S&P Mid-Cap 400 Value Index2

Share class

Ticker symbol

Expense ratio1

ETF AdmiralTM 3 Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral

Investor

ETF Admiral Investor ETF

Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor

VTI VTSAX -- VTHR -- -- MGC -- -- MGK --

--

MGV -- -- VOO

VFIAX -- VOOG -- -- VOOV -- -- VONE -- -- VONG -- -- VONV -- -- VV VLCAX -- VUG VIGAX -- VTV VVIAX -- -- VFTAX -- -- VTCLX --

0.03% 0.04

-- 0.10

-- -- 0.07 -- -- 0.07 --

--

0.07 -- --

0.03

0.04 --

0.10 -- --

0.10 -- --

0.08 -- --

0.08 -- --

0.08 -- --

0.04

0.05 --

0.04 0.05

-- 0.04 0.05

-- -- 0.14 -- -- 0.09 --

ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor

VXF VEXAX -- VO VIMAX -- VOT VMGMX -- VOE VMVAX -- IVOO -- -- IVOG -- -- IVOV -- --

0.07% 0.07

-- 0.04 0.05

-- 0.07 0.07

-- 0.07 0.07

-- 0.10

-- -- 0.15 -- -- 0.15 -- --

Vanguard fund Domestic small-cap Small-Cap Index2 Small-Cap Growth Index2 Small-Cap Value Index2 S&P Small-Cap 600 Index2 S&P Small-Cap 600 Growth Index2 S&P Small-Cap 600 Value Index2 Russell 2000 Index2 Russell 2000 Growth Index2 Russell 2000 Value Index2 Tax-Managed Small-Cap2

Sector/specialty Communication Services Index Consumer Discretionary Index Consumer Staples Index Energy Index Financials Index Health Care Index Industrials Index Information Technology Index Materials Index Real Estate Index2 Utilities Index Dividend Appreciation Index High Dividend Yield Index

Share class

Ticker symbol

Expense ratio1

ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor

VB VSMAX -- VBK

VSGAX -- VBR VSIAX -- VIOO -- -- VIOG -- -- VIOV -- -- VTWO -- -- VTWG -- -- VTWV -- -- -- VTMSX --

0.05% 0.05

-- 0.07

0.07 --

0.07

0.07 --

0.10

-- -- 0.16

-- -- 0.15

-- -- 0.10 -- -- 0.15 -- -- 0.15 -- -- -- 0.09 --

ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor

VOX VTCAX -- VCR VCDAX -- VDC VCSAX -- VDE VENAX -- VFH VFAIX -- VHT VHCIX -- VIS VINAX -- VGT VITAX -- VAW VMIAX -- VNQ VGSLX -- VPU VUIAX -- VIG VDADX -- VYM VHYAX --

0.10% 0.10

-- 0.10 0.10

-- 0.10 0.10

-- 0.10 0.10

-- 0.10 0.10

-- 0.10 0.10

-- 0.10 0.10

-- 0.10 0.10

-- 0.10 0.10

-- 0.12 0.12

-- 0.10 0.10

-- 0.06 0.08

-- 0.06 0.08

--

Vanguard fund ESG strategies ESG U.S. Stock ESG International Stock

International/global Total World Stock Index2 Total International Stock Index2 FTSE All-World ex-US Index2 FTSE All-World ex-US Small-Cap Index2 Global ex-U.S. Real Estate Index2 Developed Markets Index2 European Stock Index2 Pacific Stock Index2 Emerging Markets Stock Index2 International High Dividend Yield Index International Dividend Appreciation Index

Share class

ETF Admiral Investor ETF Admiral Investor

ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor

Ticker symbol

ESGV -- -- VSGX -- --

VT VTWAX -- VXUS VTIAX -- VEU VFWAX -- VSS VFSAX -- VNQI VGRLX4 -- VEA VTMGX -- VGK VEUSX -- VPL VPADX -- VWO VEMAX -- VYMI VIHAX4 -- VIGI VIAAX4 --

Expense ratio1

0.12% -- --

0.17 -- --

0.08% 0.10

-- 0.08 0.11

-- 0.08 0.11

-- 0.11 0.16

-- 0.12 0.12

-- 0.05 0.07

-- 0.08 0.10

-- 0.08 0.10

-- 0.10 0.14

-- 0.27 0.27

-- 0.20 0.20

--

Balanced

Vanguard fund Balanced Index2

Tax-Managed Balanced

Share class

ETF Admiral Investor ETF Admiral Investor

Ticker symbol

-- VBIAX -- -- VTMFX --

Expense ratio1

-- 0.07%

-- -- 0.09 --

Fixed income

Vanguard fund Domestic/taxable Total Bond Market Index2

Total Corporate Bond Index

Short-Term Bond Index2

Short-Term Corporate Bond Index2

Short-Term Treasury Index2

Short-Term Inflation-Protected Securities Index2 Intermediate-Term Bond Index2

Intermediate-Term Corporate Bond Index2 Intermediate-Term Treasury Index2

Long-Term Bond Index2

Long-Term Corporate Bond Index2

Long-Term Treasury Index2

Extended Duration Treasury Index2

Mortgage-Backed Securities Index2

Domestic/tax-exempt Tax-Exempt Bond Index

International/global Total World Bond

Total International Bond Index2

Emerging Markets Government Bond Index2

Share class

ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor

ETF Admiral Investor

ETF Admiral Investor ETF Admiral Investor ETF Admiral Investor

Ticker symbol

BND VBTLX -- VTC -- -- BSV VBIRX -- VCSH VSCSX -- VGSH VSBSX -- VTIP VTAPX -- BIV VBILX -- VCIT VICSX5 -- VGIT VSIGX -- BLV VBLAX5 -- VCLT VLTCX5 -- VGLT VLGSX -- EDV -- -- VMBS VMBSX --

VTEB VTEAX --

BNDW -- -- BNDX VTABX -- VWOB VGAVX5 --

Expense ratio1

0.035% 0.05

-- 0.05

-- -- 0.05 0.07 -- 0.05 0.07 -- 0.05 0.07 -- 0.05 0.06 -- 0.05 0.07 -- 0.05 0.07 -- 0.05 0.07 -- 0.05 0.07 -- 0.05 0.07 -- 0.05 0.07 -- 0.07 -- -- 0.05 0.07 --

0.06% 0.09

--

0.06% -- --

0.08 0.11

-- 0.25 0.25

--

1 As reported in each fund's most recent prospectus as of March 31, 2020. A fund's current expense ratio may be lower or higher than the figure shown.

2 Includes an Institutional and/or Institutional Plus share class. 3 Admiral Shares require no investment minimum for financial intermediaries.

4 This fund's share class includes a purchase fee and a redemption fee. See the respective prospectus for more information.

5 This fund's share class includes a purchase fee. See the respective prospectus for more information.

Active funds

Equity

Vanguard fund Domestic large-cap PRIMECAP?CLOSED U.S. Growth Diversified Equity Dividend Growth Growth and Income PRIMECAP Core?CLOSED Equity Income U.S. Value WindsorTM Windsor II

Domestic mid-cap Capital Opportunity?CLOSED Mid-Cap Growth Strategic Equity Capital Value?CLOSED Selected Value

Domestic small-cap ExplorerTM Explorer ValueTM Strategic Small-Cap Equity

Sector/specialty Market Neutral6 Global Capital Cycles Health Care Energy Commodity Strategy Alternative Strategies

Share class

Ticker symbol

Expense ratio1

Admiral2 Investor3 Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor

VPMAX VPMCX VWUAX VWUSX -- VDEQX4 -- VDIGX4 VGIAX VQNPX -- VPCCX4 VEIRX

VEIPX -- VUVLX4 VWNEX VWNDX VWNAX VWNFX

0.31% 0.38 0.28 0.39

-- 0.35

-- 0.22 0.23 0.33

-- 0.46 0.18 0.27

-- 0.22 0.20 0.30 0.26 0.34

Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor

VHCAX

VHCOX -- VMGRX4 -- VSEQX4 -- VCVLX4 -- VASVX4

0.37% 0.44

-- 0.36

-- 0.17

-- 0.29

-- 0.33

Admiral Investor Admiral Investor Admiral Investor

VEXRX VEXPX -- VEVFX4 -- VSTCX4

0.34% 0.45

-- 0.55

-- 0.26

Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor

-- VMNFX4

-- VGPMX4 VGHAX VGHCX VGELX VGENX VCMDX -- -- VASFX4,7

-- 1.80%

--

0.33 0.28 0.34 0.29 0.37 0.205

-- -- 0.79

Vanguard fund Factor U.S. Value Factor U.S. Momentum Factor U.S. Quality Factor U.S. Liquidity Factor U.S. Multifactor U.S. Minimum Volatility Global Minimum Volatility

International/global International Core Stock International Growth International Value International Explorer Global Equity Global ESG Select Stock Emerging Markets Select Stock

Balanced

STAR? Wellesley? Income Global Wellesley WellingtonTM?CLOSED Global Wellington Managed Payout

Share class

Ticker symbol

Expense ratio1

ETF Admiral ETF Admiral ETF Admiral ETF Admiral ETF Admiral ETF Admiral Admiral Investor

VFVA -- VFMO -- VFQY -- VFLQ -- VFMF VFMFX VFMV -- VMNVX VMVFX

0.14% --

0.13 --

0.13 --

0.14 --

0.19 0.18 0.13

-- 0.14 0.21

Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor

VZICX VWICX VWILX VWIGX -- VTRIX4 -- VINEX4 -- VHGEX4 VESGX VEIGX -- VMMSX4

0.35%5 0.455 0.32 0.43

-- 0.37

-- 0.39

-- 0.48 0.455 0.555

-- 0.93

Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor

-- VGSTX4 VWIAX VWINX VGYAX VGWIX VWENX VWELX VGWAX VGWLX -- VPGDX4

-- 0.31% 0.16 0.23 0.32 0.42. 0.17 0.25 0.36 0.46

-- 0.32

1 As reported in each fund's most recent prospectus as of March 31, 2020. A fund's current expense ratio may be lower or higher than the figure shown.

2 Admiral Shares require no investment minimum for financial intermediaries. 3 Minimum initial investment $3,000 for Investor Shares except where noted.

4 No minimum investment required. 5 Estimated.

6 Includes an Institutional and/or Institutional Plus share class. 7 This fund is not available for health savings accounts, 529 plans, or defined contribution plans.

Active funds (continued)

Fixed income

Vanguard fund Taxable Core Bond GNMA High-Yield Corporate Inflation-Protected Securities2 Intermediate-Term Treasury Intermediate-Term Investment-Grade Long-Term Investment-Grade Long-Term Treasury Short-Term Federal Short-Term Investment-Grade2 Short-Term Treasury Ultra-Short-Term Bond

Tax-exempt California Intermediate-Term Tax-Exempt California Long-Term Tax-Exempt Massachusetts Tax-Exempt New Jersey Long-Term Tax-Exempt New York Long-Term Tax-Exempt Ohio Long-Term Tax-Exempt Pennsylvania Long-Term Tax-Exempt High-Yield Tax-Exempt Intermediate-Term Tax-Exempt Long-Term Tax-Exempt Limited-Term Tax-Exempt Short-Term Tax-Exempt

Share class

Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor

Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor Admiral Investor

Ticker symbol

VCOBX VCORX VFIJX VFIIX VWEAX VWEHX VAIPX VIPSX VFIUX VFITX VFIDX VFICX VWETX VWESX VUSUX VUSTX VSGDX VSGBX VFSUX VFSTX VFIRX VFISX VUSFX VUBFX

VCADX VCAIX VCLAX VCITX -- VMATX3 VNJUX VNJTX VNYUX VNYTX -- VOHIX3 VPALX VPAIX VWALX VWAHX VWIUX VWITX VWLUX VWLTX VMLUX VMLTX VWSUX VWSTX

Expense ratio1

0.10% 0.25 0.11 0.21 0.13 0.23 0.10 0.20 0.10 0.20 0.10 0.20 0.12 0.22 0.10 0.20 0.10 0.20 0.10 0.20 0.10 0.20 0.10 0.20

0.09% 0.17 0.09 0.17

-- 0.13 0.09 0.17 0.09 0.17

-- 0.13 0.09 0.17 0.09 0.17 0.09 0.17 0.09 0.17 0.09 0.17 0.09 0.17

Vanguard fund International Emerging Markets Bond

Global Credit Bond

Share class

Ticker symbol

Admiral Investor Admiral Investor

VEGBX VEMBX VGCAX VGCIX

Expense ratio1

0.45% 0.60 0.25 0.35

Life-cycle funds

Vanguard fund

LifeStrategy?3

LifeStrategy Conservative Growth LifeStrategy Growth LifeStrategy Income LifeStrategy Moderate Growth

Target Retirement3 Target Retirement Income Target Retirement 2015 Target Retirement 2020 Target Retirement 2025 Target Retirement 2030 Target Retirement 2035 Target Retirement 2040 Target Retirement 2045 Target Retirement 2050 Target Retirement 2055 Target Retirement 2060 Target Retirement 2065

Share class

Ticker symbol

Expense ratio1

Investor Investor Investor Investor

VSCGX VASGX VASIX VSMGX

Investor Investor Investor Investor Investor Investor Investor Investor Investor Investor Investor Investor

VTINX VTXVX VTWNX VTTVX VTHRX VTTHX VFORX VTIVX VFIFX VFFVX VTTSX VLXVX

0.12% 0.14 0.11 0.13

0.12% 0.13 0.13 0.13 0.14 0.14 0.14 0.15 0.15 0.15 0.15 0.15

1 As reported in each fund's most recent prospectus as of March 31, 2020. A fund's current expense ratio may be lower or higher than the figure shown.

2 Includes an Institutional and/or Institutional Plus share class. 3 No minimum investment required.

For more information about Vanguard funds and Vanguard ETFs, contact your financial advisor to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying, and receive less than net asset value when selling.

All investments are subject to risk, including the possible loss of the money you invest.

Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund would retire and leave the workforce. The Fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in the Target Retirement Fund is not guaranteed at any time, including on or after the target date.

The Emerging Markets Government Bond Fund is subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments. The Fund seeks to track the performance of an index that measures the investment return of dollar-denominated bonds issued by governments of emerging market countries (including government agencies and government-owned corporations). Because the Fund invests only in U.S. dollar-denominated bonds, U.S.-based shareholders are not subject to currency risk, although if an issuer's home currency declines relative to the U.S. dollar, it could negatively affect perceptions of the issuer's ability to make payments, which could cause the issuer's bonds to decline in value.

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