UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07443
| Name of Registrant: | ||
| Address of Registrant: | P.O. Box 2600 | |
| Valley Forge, PA 19482 |
| Name and address of agent for service: | John E. Schadl, Esquire | |
| P.O. Box 876 | ||
| Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: October 31
Date
of reporting period: November 1, 2023—
Item 1: Reports to Shareholders.
|
Mid-Cap Growth Fund |
|
|
Selected Value Fund |
|
|
Emerging Markets Government Bond Index Fund |
|
|
Emerging Markets Government Bond Index Fund |
|
|
Emerging Markets Government Bond Index Fund |
|
|
Global Minimum Volatility Fund |
|
|
Global Minimum Volatility Fund |
|
|
International Dividend Appreciation Index Fund |
|
|
International Dividend Appreciation Index Fund |
|
|
International High Dividend Yield Index Fund |
|
|
International High Dividend Yield Index Fund |
|
|
International Dividend Growth Fund |
|
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended October 31, 2024, the Fund underperformed its benchmark, the Russell Midcap Growth Index.
U.S. economic growth hovered around 3% on a year-over-year basis during the period, quelling recession fears. The Federal Reserve embarked on a rate-cutting cycle toward the end of the period, and the year-over-year rate of consumer price inflation eased to around 2.5%. U.S. stocks posted very strong returns.
In an environment where money market yields in excess of 5% paled in comparison with substantial stock gains, having even a modest allocation to cash proved a significant drag on the Fund’s relative performance. The Fund’s holdings in consumer discretionary and health care also lagged. On the plus side, its holdings in industrials and consumer staples outperformed.
The Fund returned about four times as much during the fiscal year as it did on an annualized basis during the past decade. As this disparity suggests, returns won’t always be as generous as recent results.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2014, Through October 31, 2024
Initial investment of $10,000
2014 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Investor Shares | |||
Russell Midcap Growth Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of October 31, 2024)
Communication Services | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Information Technology | ||
Materials | ||
Real Estate | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of October 31, 2024)
Fund Net Assets (in millions) | $ |
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR301
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended October 31, 2024, the Fund underperformed its benchmark, the Russell Midcap Value Index.
U.S. economic growth hovered around 3% on a year-over-year basis during the period, quelling recession fears. The Federal Reserve embarked on a rate-cutting cycle toward the end of the period, and the year-over-year rate of consumer price inflation eased to around 2.5%. U.S. stocks posted very strong returns.
In an environment where money market yields in excess of 5% paled in comparison to substantial stock gains, the Fund’s allocation to cash—5% of assets, on average—proved a significant drag on relative performance. The Fund’s holdings in the information technology and health care sectors also contributed to underperformance. Its holdings in materials helped results the most.
The Fund’s return for the 12 months was much larger (by a factor of three) than its 10-year annualized return. As this disparity suggests, markets will not always be generous. Long-term shareholders should expect periods of lower or negative returns.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2014, Through October 31, 2024
Initial investment of $10,000
2014 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Investor Shares | |||
Russell Midcap Value Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of October 31, 2024)
Communication Services | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Information Technology | ||
Materials | ||
Real Estate | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of October 31, 2024)
Fund Net Assets (in millions) | $ |
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR934
Vanguard Emerging Markets Government Bond Index Fund
ETF Shares (VWOB ) Nasdaq
Annual Shareholder Report | October 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
ETF Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended October 31, 2024, the Fund performed roughly in line with its benchmark, the Bloomberg USD Emerging Markets Government RIC Capped Index.
Global economic growth appeared relatively stable at around 3% during the period, and U.S. recession fears faded. With inflation continuing to moderate across much of the world, major central banks including the European Central Bank, the Bank of England, and the U.S. Federal Reserve began lowering policy rates. Stocks and bonds worldwide recorded strong returns.
Amid these conditions, U.S. dollar-denominated emerging-market debt posted double-digit returns across almost all countries, sectors, maturities, and credit ratings. Among the 10 largest countries in the index by market value, returns ranged from 8% for bonds issued by South Korea to 120% for those issued by Argentina. Combined, the two countries accounted for more than 8% of the index.
At period-end, the Fund’s 30-day SEC yield net of expenses—a proxy for its income-generating potential over 12 months—was about 6.3%.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2014, Through October 31, 2024
Initial investment of $10,000
2014 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
ETF Shares Net Asset Value | |||
ETF Shares Market Price | |||
Bloomberg USD Emerging Markets Government RIC Capped Index | |||
Bloomberg Global Aggregate Index ex USD | - | - |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of October 31, 2024)
Africa | |
Asia | |
Europe | |
North America | |
Oceania | |
South America | |
Other Assets and Liabilities—Net |
Fund Statistics
(as of October 31, 2024)
Fund Net Assets (in millions) | $ |
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR3820
Vanguard Emerging Markets Government Bond Index Fund
Admiral™ Shares (VGAVX )
Annual Shareholder Report | October 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Admiral Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended October 31, 2024, the Fund performed roughly in line with its benchmark, the Bloomberg USD Emerging Markets Government RIC Capped Index.
Global economic growth appeared relatively stable at around 3% during the period, and U.S. recession fears faded. With inflation continuing to moderate across much of the world, major central banks including the European Central Bank, the Bank of England, and the U.S. Federal Reserve began lowering policy rates. Stocks and bonds worldwide recorded strong returns.
Amid these conditions, U.S. dollar-denominated emerging-market debt posted double-digit returns across almost all countries, sectors, maturities, and credit ratings. Among the 10 largest countries in the index by market value, returns ranged from 8% for bonds issued by South Korea to 120% for those issued by Argentina. Combined, the two countries accounted for more than 8% of the index.
At period-end, the Fund’s 30-day SEC yield net of expenses—a proxy for its income-generating potential over 12 months—was about 6.3%.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2014, Through October 31, 2024
Initial investment of $10,000
2014 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Admiral SharesFootnote Reference1 | |||
Bloomberg USD Emerging Markets Government RIC Capped Index | |||
Bloomberg Global Aggregate Index ex USD | - | - |
| Footnote | Description |
Footnote1 | Vanguard fund returns are adjusted to reflect the 0.75% fee on purchases of fund shares. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of October 31, 2024)
Africa | |
Asia | |
Europe | |
North America | |
Oceania | |
South America | |
Other Assets and Liabilities—Net |
Fund Statistics
(as of October 31, 2024)
Fund Net Assets (in millions) | $ |
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR520
Vanguard Emerging Markets Government Bond Index Fund
Institutional Shares (VGIVX )
Annual Shareholder Report | October 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended October 31, 2024, the Fund performed roughly in line with its benchmark, the Bloomberg USD Emerging Markets Government RIC Capped Index.
Global economic growth appeared relatively stable at around 3% during the period, and U.S. recession fears faded. With inflation continuing to moderate across much of the world, major central banks including the European Central Bank, the Bank of England, and the U.S. Federal Reserve began lowering policy rates. Stocks and bonds worldwide recorded strong returns.
Amid these conditions, U.S. dollar-denominated emerging-market debt posted double-digit returns across almost all countries, sectors, maturities, and credit ratings. Among the 10 largest countries in the index by market value, returns ranged from 8% for bonds issued by South Korea to 120% for those issued by Argentina. Combined, the two countries accounted for more than 8% of the index.
At period-end, the Fund’s 30-day SEC yield net of expenses—a proxy for its income-generating potential over 12 months—was about 6.3%.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: February 11, 2015, Through October 31, 2024
Initial investment of $5,000,000
2/11/15 | $ | $ | $ |
4/30/15 | $ | $ | $ |
7/31/15 | $ | $ | $ |
10/31/15 | $ | $ | $ |
1/31/16 | $ | $ | $ |
4/30/16 | $ | $ | $ |
7/31/16 | $ | $ | $ |
10/31/16 | $ | $ | $ |
1/31/17 | $ | $ | $ |
4/30/17 | $ | $ | $ |
7/31/17 | $ | $ | $ |
10/31/17 | $ | $ | $ |
1/31/18 | $ | $ | $ |
4/30/18 | $ | $ | $ |
7/31/18 | $ | $ | $ |
10/31/18 | $ | $ | $ |
1/31/19 | $ | $ | $ |
4/30/19 | $ | $ | $ |
7/31/19 | $ | $ | $ |
10/31/19 | $ | $ | $ |
1/31/20 | $ | $ | $ |
4/30/20 | $ | $ | $ |
7/31/20 | $ | $ | $ |
10/31/20 | $ | $ | $ |
1/31/21 | $ | $ | $ |
4/30/21 | $ | $ | $ |
7/31/21 | $ | $ | $ |
10/31/21 | $ | $ | $ |
1/31/22 | $ | $ | $ |
4/30/22 | $ | $ | $ |
7/31/22 | $ | $ | $ |
10/31/22 | $ | $ | $ |
1/31/23 | $ | $ | $ |
4/30/23 | $ | $ | $ |
7/31/23 | $ | $ | $ |
10/31/23 | $ | $ | $ |
1/31/24 | $ | $ | $ |
4/30/24 | $ | $ | $ |
7/31/24 | $ | $ | $ |
10/31/24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | Since Inception 2/11/15 | |
|---|---|---|---|
Institutional SharesFootnote Reference1 | |||
Bloomberg USD Emerging Markets Government RIC Capped Index | |||
Bloomberg Global Aggregate Index ex USD | - | - |
| Footnote | Description |
Footnote1 | Vanguard fund returns are adjusted to reflect the 0.75% fee on purchases of fund shares. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of October 31, 2024)
Africa | |
Asia | |
Europe | |
North America | |
Oceania | |
South America | |
Other Assets and Liabilities—Net |
Fund Statistics
(as of October 31, 2024)
Fund Net Assets (in millions) | $ |
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR2020
Vanguard Global Minimum Volatility Fund
Admiral™ Shares (VMNVX )
Annual Shareholder Report | October 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Admiral Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended October 31, 2024, the Fund underperformed its expense-free benchmark, the FTSE Global All Cap Index (USD Hedged).
Global economic growth appeared relatively stable at around 3% during the period, and U.S. recession fears faded. With inflation continuing to moderate across much of the world, major central banks including the European Central Bank, the Bank of England, and the U.S. Federal Reserve began lowering policy rates. Global stocks posted very strong returns.
All major regions detracted from the Fund’s relative performance. The Fund’s U.S. holdings, which account for more than 50% of its assets, detracted most.
Just three of the Fund’s 11 sectors contributed positively to relative performance: energy, materials, and consumer discretionary. Strong selection in energy helped most. Information technology and industrials detracted most, mainly because of weak selection.
The Fund seeks to provide long-term capital appreciation with lower volatility relative to the global equity market. The Fund’s average volatility for the 12 months was about 25% less than that of its benchmark.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2014, Through October 31, 2024
Initial investment of $50,000
Admiral Shares | FTSE Global All Cap Index (USD Hedged) | FTSE Global All Cap Index | |
|---|---|---|---|
2014 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Admiral Shares | |||
FTSE Global All Cap Index (USD Hedged) | |||
FTSE Global All Cap IndexFootnote Reference* |
| Footnote | Description |
Footnote* | The Fund added a broad-based benchmark to reflect new regulatory requirements. The FTSE Global All Cap Index is considered broadly representative of the overall securities market applicable to the Fund. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of October 31, 2024)
Asia | |
Europe | |
North America | |
Oceania | |
South America | |
Other Assets and Liabilities—Net |
Fund Statistics
(as of October 31, 2024)
Fund Net Assets (in millions) | $ |
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR594
Vanguard Global Minimum Volatility Fund
Investor Shares (VMVFX )
Annual Shareholder Report | October 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended October 31, 2024, the Fund underperformed its expense-free benchmark, the FTSE Global All Cap Index (USD Hedged).
Global economic growth appeared relatively stable at around 3% during the period, and U.S. recession fears faded. With inflation continuing to moderate across much of the world, major central banks including the European Central Bank, the Bank of England, and the U.S. Federal Reserve began lowering policy rates. Global stocks posted very strong returns.
All major regions detracted from the Fund’s relative performance. The Fund’s U.S. holdings, which account for more than 50% of its assets, detracted most.
Just three of the Fund’s 11 sectors contributed positively to relative performance: energy, materials, and consumer discretionary. Strong selection in energy helped most. Information technology and industrials detracted most, mainly because of weak selection.
The Fund seeks to provide long-term capital appreciation with lower volatility relative to the global equity market. The Fund’s average volatility for the 12 months was about 25% less than that of its benchmark.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: October 31, 2014, Through October 31, 2024
Initial investment of $10,000
2014 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Investor Shares | |||
FTSE Global All Cap Index (USD Hedged) | |||
FTSE Global All Cap IndexFootnote Reference* |
| Footnote | Description |
Footnote* | The Fund added a broad-based benchmark to reflect new regulatory requirements. The FTSE Global All Cap Index is considered broadly representative of the overall securities market applicable to the Fund. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of October 31, 2024)
Asia | |
Europe | |
North America | |
Oceania | |
South America | |
Other Assets and Liabilities—Net |
Fund Statistics
(as of October 31, 2024)
Fund Net Assets (in millions) | $ |
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1194
Vanguard International Dividend Appreciation Index Fund
ETF Shares (VIGI ) Nasdaq
Annual Shareholder Report | October 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
ETF Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended October 31, 2024, the Fund underperformed its benchmark, the S&P Global Ex-U.S. Dividend Growers Index. This was largely because of differences in the price of securities used by the Fund to calculate its net asset value and the quoted published prices for the same securities. This practice is known as fair-value pricing.
Global economic growth appeared relatively stable at around 3% during the period, and U.S. recession fears faded. With inflation continuing to moderate across much of the world, major central banks including the European Central Bank, the Bank of England, and the U.S. Federal Reserve began lowering policy rates. Global stocks posted very strong returns.
In the Fund’s benchmark, Europe—which accounts for almost half the index’s weighting—contributed most to the index’s performance, followed by the Pacific region and North America. By sector, health care, industrials, technology, and financials contributed most to returns.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: February 25, 2016, Through October 31, 2024
Initial investment of $10,000
2/25/16 | $ | $ | $ |
4/30/16 | $ | $ | $ |
7/31/16 | $ | $ | $ |
10/31/16 | $ | $ | $ |
1/31/17 | $ | $ | $ |
4/30/17 | $ | $ | $ |
7/31/17 | $ | $ | $ |
10/31/17 | $ | $ | $ |
1/31/18 | $ | $ | $ |
4/30/18 | $ | $ | $ |
7/31/18 | $ | $ | $ |
10/31/18 | $ | $ | $ |
1/31/19 | $ | $ | $ |
4/30/19 | $ | $ | $ |
7/31/19 | $ | $ | $ |
10/31/19 | $ | $ | $ |
1/31/20 | $ | $ | $ |
4/30/20 | $ | $ | $ |
7/31/20 | $ | $ | $ |
10/31/20 | $ | $ | $ |
1/31/21 | $ | $ | $ |
4/30/21 | $ | $ | $ |
7/31/21 | $ | $ | $ |
10/31/21 | $ | $ | $ |
1/31/22 | $ | $ | $ |
4/30/22 | $ | $ | $ |
7/31/22 | $ | $ | $ |
10/31/22 | $ | $ | $ |
1/31/23 | $ | $ | $ |
4/30/23 | $ | $ | $ |
7/31/23 | $ | $ | $ |
10/31/23 | $ | $ | $ |
1/31/24 | $ | $ | $ |
4/30/24 | $ | $ | $ |
7/31/24 | $ | $ | $ |
10/31/24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | Since Inception 2/25/16 | |
|---|---|---|---|
ETF Shares Net Asset Value | |||
ETF Shares Market Price | |||
Spliced S&P Global Ex-U.S. Dividend Growers Index | |||
S&P Global Ex-U.S. BMI (USD)Footnote Reference* |
| Footnote | Description |
Footnote* | The Fund added a broad-based benchmark to reflect new regulatory requirements. The broad-based benchmark is considered broadly representative of the overall securities market applicable to the Fund. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of October 31, 2024)
Asia | |
Europe | |
North America | |
Oceania | |
South America | |
Other Assets and Liabilities—Net |
Fund Statistics
(as of October 31, 2024)
Fund Net Assets (in millions) | $ |
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR4415
Vanguard International Dividend Appreciation Index Fund
Admiral™ Shares (VIAAX )
Annual Shareholder Report | October 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Admiral Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended October 31, 2024, the Fund underperformed its benchmark, the S&P Global Ex-U.S. Dividend Growers Index. This was largely because of differences in the price of securities used by the Fund to calculate its net asset value and the quoted published prices for the same securities. This practice is known as fair-value pricing.
Global economic growth appeared relatively stable at around 3% during the period, and U.S. recession fears faded. With inflation continuing to moderate across much of the world, major central banks including the European Central Bank, the Bank of England, and the U.S. Federal Reserve began lowering policy rates. Global stocks posted very strong returns.
In the Fund’s benchmark, Europe—which accounts for almost half the index’s weighting—contributed most to the index’s performance, followed by the Pacific region and North America. By sector, health care, industrials, technology, and financials contributed most to returns.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: March 2, 2016, Through October 31, 2024
Initial investment of $10,000
3/2/16 | $ | $ | $ |
4/30/16 | $ | $ | $ |
7/31/16 | $ | $ | $ |
10/31/16 | $ | $ | $ |
1/31/17 | $ | $ | $ |
4/30/17 | $ | $ | $ |
7/31/17 | $ | $ | $ |
10/31/17 | $ | $ | $ |
1/31/18 | $ | $ | $ |
4/30/18 | $ | $ | $ |
7/31/18 | $ | $ | $ |
10/31/18 | $ | $ | $ |
1/31/19 | $ | $ | $ |
4/30/19 | $ | $ | $ |
7/31/19 | $ | $ | $ |
10/31/19 | $ | $ | $ |
1/31/20 | $ | $ | $ |
4/30/20 | $ | $ | $ |
7/31/20 | $ | $ | $ |
10/31/20 | $ | $ | $ |
1/31/21 | $ | $ | $ |
4/30/21 | $ | $ | $ |
7/31/21 | $ | $ | $ |
10/31/21 | $ | $ | $ |
1/31/22 | $ | $ | $ |
4/30/22 | $ | $ | $ |
7/31/22 | $ | $ | $ |
10/31/22 | $ | $ | $ |
1/31/23 | $ | $ | $ |
4/30/23 | $ | $ | $ |
7/31/23 | $ | $ | $ |
10/31/23 | $ | $ | $ |
1/31/24 | $ | $ | $ |
4/30/24 | $ | $ | $ |
7/31/24 | $ | $ | $ |
10/31/24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | Since Inception 3/2/16 | |
|---|---|---|---|
Admiral SharesFootnote Reference1 | |||
Spliced S&P Global Ex-U.S. Dividend Growers Index | |||
S&P Global Ex-U.S. BMI (USD)Footnote Reference* |
| Footnote | Description |
Footnote1 | Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions of fund shares. |
Footnote* | The Fund added a broad-based benchmark to reflect new regulatory requirements. The broad-based benchmark is considered broadly representative of the overall securities market applicable to the Fund. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of October 31, 2024)
Asia | |
Europe | |
North America | |
Oceania | |
South America | |
Other Assets and Liabilities—Net |
Fund Statistics
(as of October 31, 2024)
Fund Net Assets (in millions) | $ |
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR515
Vanguard International High Dividend Yield Index Fund
ETF Shares (VYMI ) Nasdaq
Annual Shareholder Report | October 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
ETF Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended October 31, 2024, the Fund underperformed its benchmark, the FTSE All-World ex-US High Dividend Yield Index. This was largely because of differences in the price of securities used by the Fund to calculate its net asset value and the quoted published prices for the same securities. This practice is known as fair-value pricing.
Global economic growth appeared relatively stable at around 3% during the period, and U.S. recession fears faded. With inflation continuing to moderate across much of the world, major central banks including the European Central Bank, the Bank of England, and the U.S. Federal Reserve began lowering policy rates. Global stocks posted very strong returns.
Although other regions had higher returns in the fund’s benchmark index, Europe contributed the most to performance because of its larger weighting. By sector, financials accounted for roughly half the index’s returns.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: February 25, 2016, Through October 31, 2024
Initial investment of $10,000
2/25/16 | $ | $ | $ |
4/30/16 | $ | $ | $ |
7/31/16 | $ | $ | $ |
10/31/16 | $ | $ | $ |
1/31/17 | $ | $ | $ |
4/30/17 | $ | $ | $ |
7/31/17 | $ | $ | $ |
10/31/17 | $ | $ | $ |
1/31/18 | $ | $ | $ |
4/30/18 | $ | $ | $ |
7/31/18 | $ | $ | $ |
10/31/18 | $ | $ | $ |
1/31/19 | $ | $ | $ |
4/30/19 | $ | $ | $ |
7/31/19 | $ | $ | $ |
10/31/19 | $ | $ | $ |
1/31/20 | $ | $ | $ |
4/30/20 | $ | $ | $ |
7/31/20 | $ | $ | $ |
10/31/20 | $ | $ | $ |
1/31/21 | $ | $ | $ |
4/30/21 | $ | $ | $ |
7/31/21 | $ | $ | $ |
10/31/21 | $ | $ | $ |
1/31/22 | $ | $ | $ |
4/30/22 | $ | $ | $ |
7/31/22 | $ | $ | $ |
10/31/22 | $ | $ | $ |
1/31/23 | $ | $ | $ |
4/30/23 | $ | $ | $ |
7/31/23 | $ | $ | $ |
10/31/23 | $ | $ | $ |
1/31/24 | $ | $ | $ |
4/30/24 | $ | $ | $ |
7/31/24 | $ | $ | $ |
10/31/24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | Since Inception 2/25/16 | |
|---|---|---|---|
ETF Shares Net Asset Value | |||
ETF Shares Market Price | |||
FTSE All-World ex US High Dividend Yield Index | |||
FTSE Global All Cap ex US IndexFootnote Reference* |
| Footnote | Description |
Footnote* | The Fund added a broad-based benchmark to reflect new regulatory requirements. The broad-based benchmark is considered broadly representative of the overall securities market applicable to the Fund. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of October 31, 2024)
Africa | |
Asia | |
Europe | |
North America | |
Oceania | |
South America | |
Other Assets and Liabilities—Net |
Fund Statistics
(as of October 31, 2024)
Fund Net Assets (in millions) | $ |
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR4430
Vanguard International High Dividend Yield Index Fund
Admiral™ Shares (VIHAX )
Annual Shareholder Report | October 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Admiral Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended October 31, 2024, the Fund underperformed its benchmark, the FTSE All-World ex-US High Dividend Yield Index. This was largely because of differences in the price of securities used by the Fund to calculate its net asset value and the quoted published prices for the same securities. This practice is known as fair-value pricing.
Global economic growth appeared relatively stable at around 3% during the period, and U.S. recession fears faded. With inflation continuing to moderate across much of the world, major central banks including the European Central Bank, the Bank of England, and the U.S. Federal Reserve began lowering policy rates. Global stocks posted very strong returns.
Although other regions had higher returns in the fund’s benchmark index, Europe contributed the most to performance because of its larger weighting. By sector, financials accounted for roughly half the index’s returns.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: March 2, 2016, Through October 31, 2024
Initial investment of $10,000
3/2/16 | $ | $ | $ |
4/30/16 | $ | $ | $ |
7/31/16 | $ | $ | $ |
10/31/16 | $ | $ | $ |
1/31/17 | $ | $ | $ |
4/30/17 | $ | $ | $ |
7/31/17 | $ | $ | $ |
10/31/17 | $ | $ | $ |
1/31/18 | $ | $ | $ |
4/30/18 | $ | $ | $ |
7/31/18 | $ | $ | $ |
10/31/18 | $ | $ | $ |
1/31/19 | $ | $ | $ |
4/30/19 | $ | $ | $ |
7/31/19 | $ | $ | $ |
10/31/19 | $ | $ | $ |
1/31/20 | $ | $ | $ |
4/30/20 | $ | $ | $ |
7/31/20 | $ | $ | $ |
10/31/20 | $ | $ | $ |
1/31/21 | $ | $ | $ |
4/30/21 | $ | $ | $ |
7/31/21 | $ | $ | $ |
10/31/21 | $ | $ | $ |
1/31/22 | $ | $ | $ |
4/30/22 | $ | $ | $ |
7/31/22 | $ | $ | $ |
10/31/22 | $ | $ | $ |
1/31/23 | $ | $ | $ |
4/30/23 | $ | $ | $ |
7/31/23 | $ | $ | $ |
10/31/23 | $ | $ | $ |
1/31/24 | $ | $ | $ |
4/30/24 | $ | $ | $ |
7/31/24 | $ | $ | $ |
10/31/24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | Since Inception 3/2/16 | |
|---|---|---|---|
Admiral SharesFootnote Reference1 | |||
FTSE All-World ex US High Dividend Yield Index | |||
FTSE Global All Cap ex US IndexFootnote Reference* |
| Footnote | Description |
Footnote1 | Vanguard fund returns are adjusted to reflect the 0.25% fee on purchases and redemptions of fund shares. |
Footnote* | The Fund added a broad-based benchmark to reflect new regulatory requirements. The broad-based benchmark is considered broadly representative of the overall securities market applicable to the Fund. |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of October 31, 2024)
Africa | |
Asia | |
Europe | |
North America | |
Oceania | |
South America | |
Other Assets and Liabilities—Net |
Fund Statistics
(as of October 31, 2024)
Fund Net Assets (in millions) | $ |
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR530
Vanguard International Dividend Growth Fund
Investor Shares (VIDGX )
Annual Shareholder Report | October 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $ |
| Footnote | Description |
Footnote1 | Annualized. |
How did the Fund perform during the reporting period?
For the period from its inception on November 15, 2023, through the end of its first fiscal year on October 31, 2024, the Fund underperformed its benchmark, the S&P International Developed Dividend Growers Index NTR.
For the 12 months ended October 31, global economic growth appeared relatively stable at around 3%, and U.S. recession fears faded. With inflation continuing to moderate across much of the world, major central banks including the European Central Bank, the Bank of England, and the U.S. Federal Reserve began lowering policy rates. Global stocks posted very strong returns.
In absolute terms, the Fund’s returns for the near-fiscal-year period were solid across regions and most industrial sectors. However, its stock selection in Europe lagged that of the benchmark, severely hampering relative returns. By sector, selection in financials and information technology were the biggest detractors from relative performance.
The Fund, which is actively managed, primarily seeks a growing dividend income stream from international stocks. Its investment mandate is similar to that of Vanguard Dividend Growth Fund, which focuses on domestic stocks.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: November 15, 2023, Through October 31, 2024
Initial investment of $10,000
11/15/23 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
Since Inception 11/15/23 | |
|---|---|
Investor Shares | |
S&P International Developed Dividend Growers Index NTR | |
MSCI All Country World Index ex USAFootnote Reference* |
| Footnote | Description |
Footnote* | The Fund added a broad-based benchmark to reflect new regulatory requirements. The MSCI All Country World Index ex USA is considered broadly representative of the overall securities market applicable to the Fund. |
This table reflects the Fund's investments, including short-term investments and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of October 31, 2024)
Asia | |
Europe | |
North America | |
Other Assets and Liabilities—Net |
Fund Statistics
(as of October 31, 2024)
Fund Net Assets (in millions) | $ |
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
ARV021
