Form NSAR-A VANGUARD TRUSTEES' EQUIT For: Apr 30
PAGE 1 000 A000000 04/30/2016 000 C000000 0000313850 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 VANGUARD TRUSTEES EQUITY FUNDS 001 B000000 811-2968 001 C000000 6106691000 002 A000000 100 VANGUARD BOULEVARD 002 B000000 MALVERN 002 C000000 PA 002 D010000 19355 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 4 007 C010100 1 007 C020100 VANGUARD INTERNATIONAL VALUE FUND 007 C030100 N 007 C010200 2 007 C020200 VANGUARD DIVERSIFIED EQUITY FUND 007 C030200 N 007 C010300 3 007 C020300 VANGUARD EMERGING MARKETS SELECT STOCK FUND 007 C030300 N 007 C010400 4 007 C020400 ALTERNATIVE STRATEGIES FUND 007 C030400 N 008 A000101 LAZARD ASSET MANAGEMENT LLC 008 B000101 A 008 C000101 801-61701 008 D010101 NEW YORK 008 D020101 NY 008 D030101 10112 008 A000102 Edinburgh Partners Limited 008 B000102 A 008 C000102 801-63714 008 D010102 Edinburgh 008 D050102 Scotland 008 D060102 EH2 4DJ 008 A000103 ARGA INVESTMENT MANAGEMENT, LP 008 B000103 A 008 C000103 801-77018 008 D010103 Stamford 008 D020103 CT PAGE 2 008 D030103 06901 008 A000201 THE VANGUARD GROUP, INC. 008 B000201 A 008 C000201 801-11953 008 D010201 MALVERN 008 D020201 PA 008 D030201 19355 008 A000301 M&G INVESTMENT MANAGEMENT LIMITED 008 B000301 A 008 C000301 801-21981 008 D010301 LONDON 008 D050301 UK 008 D060301 EC4R0HH 008 A000302 OAKTREE CAPITAL MANAGEMENT, L.P. 008 B000302 A 008 C000302 801-48923 008 D010302 LOS ANGELES 008 D020302 CA 008 D030302 90071 008 A000303 PZENA INVESTMENT MANAGEMENT, LLC 008 B000303 A 008 C000303 801-50838 008 D010303 NEW YORK 008 D020303 NY 008 D030303 10036 008 A000304 WELLINGTON MANAGEMENT COMPANY, LLP 008 B000304 A 008 C000304 801-15908 008 D010304 BOSTON 008 D020304 MA 008 D030304 02109 008 A000401 THE VANGUARD GROUP, INC. 008 B000401 A 008 C000401 801-49601 008 D010401 MALVERN 008 D020401 PA 008 D030401 19355 010 A00AA01 THE VANGUARD GROUP, INC. 010 B00AA01 801-11953 010 C01AA01 MALVERN 010 C02AA01 PA 010 C03AA01 19355 011 A00AA01 VANGUARD MARKETING CORP. 011 B00AA01 8-21570 011 C01AA01 MALVERN 011 C02AA01 PA 011 C03AA01 19355 012 A00AA01 THE VANGUARD GROUP, INC. 012 B00AA01 84-772 012 C01AA01 MALVERN 012 C02AA01 PA PAGE 3 012 C03AA01 19355 013 A00AA01 PRICEWATERHOUSECOOPERS LLP 013 B01AA01 PHILADELPHIA 013 B02AA01 PA 013 B03AA01 19103 014 A00AA01 VANGUARD MARKETING CORP. 014 B00AA01 8-21570 015 A000101 BROWN BROTHERS HARRIMAN & CO. 015 B000101 C 015 C010101 BOSTON 015 C020101 MA 015 C030101 02109 015 E010101 X 015 A000201 BROWN BROTHERS HARRIMAN & CO. 015 B000201 C 015 C010201 BOSTON 015 C020201 MA 015 C030201 02109 015 E010201 X 015 A000301 Bank of New York 015 B000301 C 015 C010301 New York 015 C020301 NY 015 C030301 10286 015 E010301 X 015 A000401 BROWN BROTHERS HARRIMAN & CO. 015 B000401 C 015 C010401 BOSTON 015 C020401 MA 015 C030401 02110 015 E010401 X 018 00AA00 Y 019 A00AA00 Y 019 B00AA00 198 019 C00AA00 VANGUARDGR 020 A000001 CREDIT SUISSE SECURITIES (USA) LLC 020 B000001 13-5659485 020 C000001 309 020 A000002 HSBC Securities (USA) Inc. 020 B000002 13-2650272 020 C000002 223 020 A000003 Bernstein (Sanford C.) & Co., Inc. 020 B000003 13-2625874 020 C000003 221 020 A000004 J.P. MORGAN SECURITIES INC. 020 B000004 13-3224016 020 C000004 204 020 A000005 MORGAN STANLEY 020 B000005 13-2655998 020 C000005 136 020 A000006 CITIGROUP GLOBAL MARKETS, INC. PAGE 4 020 B000006 13-2919773 020 C000006 98 020 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH INC. 020 B000007 13-5674085 020 C000007 90 020 A000008 UBS FINANCIAL SERVICES INC. 020 B000008 13-2638166 020 C000008 85 020 A000009 Brockhouse & Cooper Inc. 020 B000009 10-0656933 020 C000009 30 020 A000010 CLSA LIMITED 020 C000010 29 021 000000 1627 022 A000001 VANGUARD MARKET LIQUIDITY FUND 022 B000001 20-0961056 022 C000001 1187302 022 D000001 1113925 022 A000002 BG Group 022 C000002 68501 022 D000002 137916 022 A000003 Mediclinic International 022 C000003 36353 022 D000003 36353 022 A000004 VANGUARD GROWTH & INCOME FUND 022 B000004 23-2426756 022 C000004 17994 022 D000004 26205 022 A000005 VANGUARD US GROWTH FUND 022 B000005 04-6035483 022 C000005 17624 022 D000005 16288 022 A000006 VANGUARD MORGAN GROWTH FUND 022 B000006 51-0108190 022 C000006 16967 022 D000006 16560 022 A000007 VANGUARD WINDSOR II FUND 022 B000007 23-2439132 022 C000007 13447 022 D000007 19773 022 A000008 CREDIT SUISSE SECURITIES (USA) LLC 022 B000008 13-5659485 022 C000008 7280 022 D000008 24937 022 A000009 Royal Dutch Shell 022 C000009 44855 022 D000009 0 022 A000010 Vallourec SA 022 C000010 34147 022 D000010 0 023 C000000 1501666 PAGE 5 023 D000000 1435119 024 000100 Y 024 000200 N 024 000300 N 024 000400 Y 025 A000101 HSBC Securities (USA) Inc. 025 B000101 13-2650272 025 C000101 E 025 D000101 38949 025 A000102 CREDIT SUISSE SECURITIES (USA) LLC 025 B000102 13-5659485 025 C000102 E 025 D000102 51388 025 A000401 MORGAN STANLEY 025 B000401 13-2655998 025 C000401 E 025 D000401 154 026 A000000 N 026 B000000 Y 026 C000000 N 026 D000000 Y 026 E000000 N 026 F000000 N 026 G010000 N 026 G020000 Y 026 H000000 N 027 000000 Y 028 A010100 63232 028 A020100 0 028 A030100 0 028 A040100 64385 028 B010100 231469 028 B020100 150128 028 B030100 0 028 B040100 169024 028 C010100 150450 028 C020100 0 028 C030100 0 028 C040100 83968 028 D010100 75490 028 D020100 0 028 D030100 0 028 D040100 85284 028 E010100 64786 028 E020100 0 028 E030100 0 028 E040100 172438 028 F010100 201561 028 F020100 0 028 F030100 0 028 F040100 119105 PAGE 6 028 G010100 786988 028 G020100 150128 028 G030100 0 028 G040100 694204 028 H000100 0 028 A010200 6425 028 A020200 0 028 A030200 0 028 A040200 19222 028 B010200 11200 028 B020200 116441 028 B030200 0 028 B040200 20901 028 C010200 9437 028 C020200 0 028 C030200 0 028 C040200 25433 028 D010200 5133 028 D020200 0 028 D030200 0 028 D040200 18928 028 E010200 7690 028 E020200 0 028 E030200 0 028 E040200 24593 028 F010200 5983 028 F020200 0 028 F030200 0 028 F040200 27068 028 G010200 45868 028 G020200 116441 028 G030200 0 028 G040200 136145 028 H000200 0 028 A010300 5225 028 A020300 0 028 A030300 0 028 A040300 7612 028 B010300 13837 028 B020300 4158 028 B030300 0 028 B040300 13374 028 C010300 10024 028 C020300 0 028 C030300 0 028 C040300 10155 028 D010300 8037 028 D020300 0 028 D030300 0 028 D040300 9908 028 E010300 7276 PAGE 7 028 E020300 0 028 E030300 0 028 E040300 4667 028 F010300 14065 028 F020300 0 028 F030300 0 028 F040300 6194 028 G010300 58464 028 G020300 4158 028 G030300 0 028 G040300 51910 028 H000300 0 028 A010400 0 028 A020400 0 028 A030400 0 028 A040400 0 028 B010400 0 028 B020400 746 028 B030400 0 028 B040400 0 028 C010400 0 028 C020400 0 028 C030400 0 028 C040400 8000 028 D010400 0 028 D020400 0 028 D030400 0 028 D040400 4500 028 E010400 9230 028 E020400 0 028 E030400 0 028 E040400 0 028 F010400 2811 028 F020400 0 028 F030400 0 028 F040400 0 028 G010400 12041 028 G020400 746 028 G030400 0 028 G040400 12500 028 H000400 0 029 00AA00 N 030 A00AA00 0 030 B00AA00 0.00 030 C00AA00 0.00 031 A00AA00 0 031 B00AA00 0 032 00AA00 0 033 00AA00 0 034 00AA00 N 035 00AA00 0 PAGE 8 036 B00AA00 0 037 000100 N 037 000200 N 037 000300 N 037 000400 N 038 000100 0 038 000200 0 038 000300 0 038 000400 0 039 000100 Y 039 000200 Y 039 000300 Y 039 000400 Y 040 000100 N 040 000200 N 040 000300 N 040 000400 N 042 A00AA00 0 042 B00AA00 0 042 C00AA00 0 042 D00AA00 0 042 E00AA00 0 042 F00AA00 0 042 G00AA00 0 042 H00AA00 0 043 00AA00 0 044 00AA00 0 045 000100 Y 045 000200 N 045 000300 Y 045 000400 N 046 000100 Y 046 000300 Y 047 000100 N 047 000300 N 048 000100 0.000 048 A010100 0 048 A020100 0.000 048 B010100 0 048 B020100 0.000 048 C010100 0 048 C020100 0.000 048 D010100 0 048 D020100 0.000 048 E010100 0 048 E020100 0.000 048 F010100 0 048 F020100 0.000 048 G010100 0 048 G020100 0.000 048 H010100 0 PAGE 9 048 H020100 0.000 048 I010100 0 048 I020100 0.000 048 J010100 0 048 J020100 0.000 048 K010100 0 048 K020100 0.000 048 000200 0.000 048 A010200 0 048 A020200 0.000 048 B010200 0 048 B020200 0.000 048 C010200 0 048 C020200 0.000 048 D010200 0 048 D020200 0.000 048 E010200 0 048 E020200 0.000 048 F010200 0 048 F020200 0.000 048 G010200 0 048 G020200 0.000 048 H010200 0 048 H020200 0.000 048 I010200 0 048 I020200 0.000 048 J010200 0 048 J020200 0.000 048 K010200 0 048 K020200 0.000 048 000300 0.000 048 A010300 0 048 A020300 0.000 048 B010300 0 048 B020300 0.000 048 C010300 0 048 C020300 0.000 048 D010300 0 048 D020300 0.000 048 E010300 0 048 E020300 0.000 048 F010300 0 048 F020300 0.000 048 G010300 0 048 G020300 0.000 048 H010300 0 048 H020300 0.000 048 I010300 0 048 I020300 0.000 048 J010300 0 048 J020300 0.000 PAGE 10 048 K010300 0 048 K020300 0.000 048 000400 0.000 048 A010400 0 048 A020400 0.000 048 B010400 0 048 B020400 0.000 048 C010400 0 048 C020400 0.000 048 D010400 0 048 D020400 0.000 048 E010400 0 048 E020400 0.000 048 F010400 0 048 F020400 0.000 048 G010400 0 048 G020400 0.000 048 H010400 0 048 H020400 0.000 048 I010400 0 048 I020400 0.000 048 J010400 0 048 J020400 0.000 048 K010400 0 048 K020400 0.000 049 000100 N 049 000300 N 050 000100 N 050 000300 N 051 000100 Y 051 000300 Y 052 000100 N 052 000300 N 053 A000100 N 053 A000300 N 054 A000100 N 054 B000100 N 054 C000100 N 054 D000100 N 054 E000100 N 054 F000100 N 054 G000100 N 054 H000100 N 054 I000100 N 054 J000100 N 054 K000100 N 054 L000100 N 054 M000100 N 054 N000100 N 054 O000100 N 054 A000300 N PAGE 11 054 B000300 N 054 C000300 N 054 D000300 N 054 E000300 N 054 F000300 N 054 G000300 N 054 H000300 N 054 I000300 N 054 J000300 N 054 K000300 N 054 L000300 N 054 M000300 N 054 N000300 N 054 O000300 N 055 A000100 N 055 B000100 N 055 A000200 N 055 B000200 N 055 A000300 N 055 B000300 N 055 A000400 Y 055 B000400 N 056 000100 Y 056 000200 Y 056 000300 Y 056 000400 Y 057 000100 N 057 000200 N 057 000300 N 057 000400 N 058 A000100 N 058 A000200 N 058 A000300 N 058 A000400 N 059 000100 Y 059 000200 Y 059 000300 Y 059 000400 Y 060 A000100 Y 060 B000100 Y 060 A000200 Y 060 B000200 Y 060 A000300 Y 060 B000300 Y 060 A000400 Y 060 B000400 Y 061 000100 3000 061 000200 3000 061 000300 3000 061 000400 250000 062 A00AA00 N PAGE 12 062 B00AA00 0.0 062 C00AA00 0.0 062 D00AA00 0.0 062 E00AA00 0.0 062 F00AA00 0.0 062 G00AA00 0.0 062 H00AA00 0.0 062 I00AA00 0.0 062 J00AA00 0.0 062 K00AA00 0.0 062 L00AA00 0.0 062 M00AA00 0.0 062 N00AA00 0.0 062 O00AA00 0.0 062 P00AA00 0.0 062 Q00AA00 0.0 062 R00AA00 0.0 063 A00AA00 0 063 B00AA00 0.0 066 A000100 Y 066 B000100 N 066 C000100 N 066 D000100 Y 066 E000100 N 066 F000100 N 066 G000100 N 066 A000200 Y 066 B000200 N 066 C000200 N 066 D000200 N 066 E000200 Y 066 F000200 N 066 G000200 N 066 A000300 Y 066 B000300 N 066 C000300 Y 066 D000300 N 066 E000300 N 066 F000300 N 066 G000300 N 066 A000400 Y 066 B000400 N 066 C000400 N 066 D000400 N 066 E000400 N 066 F000400 N 066 G000400 Y 067 000100 N 067 000200 Y 067 000300 N 067 000400 N PAGE 13 068 A000100 N 068 B000100 Y 068 A000200 N 068 B000200 Y 068 A000300 N 068 B000300 Y 068 A000400 N 068 B000400 Y 069 000100 N 069 000200 N 069 000300 N 069 000400 N 070 A010100 Y 070 A020100 N 070 B010100 Y 070 B020100 N 070 C010100 Y 070 C020100 N 070 D010100 Y 070 D020100 N 070 E010100 Y 070 E020100 N 070 F010100 Y 070 F020100 Y 070 G010100 Y 070 G020100 N 070 H010100 Y 070 H020100 N 070 I010100 Y 070 I020100 N 070 J010100 Y 070 J020100 Y 070 K010100 Y 070 K020100 Y 070 L010100 Y 070 L020100 Y 070 M010100 Y 070 M020100 Y 070 N010100 Y 070 N020100 Y 070 O010100 Y 070 O020100 N 070 P010100 Y 070 P020100 N 070 Q010100 Y 070 Q020100 N 070 R010100 Y 070 R020100 N 070 A010200 Y 070 A020200 N 070 B010200 Y PAGE 14 070 B020200 N 070 C010200 Y 070 C020200 N 070 D010200 Y 070 D020200 N 070 E010200 Y 070 E020200 N 070 F010200 Y 070 F020200 N 070 G010200 Y 070 G020200 N 070 H010200 Y 070 H020200 N 070 I010200 Y 070 I020200 N 070 J010200 Y 070 J020200 N 070 K010200 Y 070 K020200 Y 070 L010200 Y 070 L020200 N 070 M010200 Y 070 M020200 N 070 N010200 Y 070 N020200 N 070 O010200 Y 070 O020200 N 070 P010200 Y 070 P020200 N 070 Q010200 Y 070 Q020200 N 070 R010200 Y 070 R020200 N 070 A010300 Y 070 A020300 N 070 B010300 Y 070 B020300 N 070 C010300 Y 070 C020300 N 070 D010300 Y 070 D020300 N 070 E010300 Y 070 E020300 N 070 F010300 Y 070 F020300 Y 070 G010300 Y 070 G020300 N 070 H010300 Y 070 H020300 N 070 I010300 Y 070 I020300 N PAGE 15 070 J010300 Y 070 J020300 Y 070 K010300 Y 070 K020300 Y 070 L010300 Y 070 L020300 Y 070 M010300 Y 070 M020300 Y 070 N010300 Y 070 N020300 Y 070 O010300 Y 070 O020300 N 070 P010300 Y 070 P020300 N 070 Q010300 Y 070 Q020300 N 070 R010300 Y 070 R020300 N 070 A010400 Y 070 A020400 N 070 B010400 Y 070 B020400 N 070 C010400 Y 070 C020400 N 070 D010400 Y 070 D020400 N 070 E010400 Y 070 E020400 N 070 F010400 Y 070 F020400 Y 070 G010400 Y 070 G020400 N 070 H010400 Y 070 H020400 N 070 I010400 Y 070 I020400 Y 070 J010400 Y 070 J020400 N 070 K010400 Y 070 K020400 Y 070 L010400 Y 070 L020400 Y 070 M010400 Y 070 M020400 Y 070 N010400 Y 070 N020400 N 070 O010400 Y 070 O020400 N 070 P010400 Y 070 P020400 N 070 Q010400 Y PAGE 16 070 Q020400 Y 070 R010400 Y 070 R020400 Y 071 A000100 962665 071 B000100 909507 071 C000100 7300196 071 D000100 12 071 A000200 109109 071 B000200 98767 071 C000200 1362832 071 D000200 7 071 A000300 63166 071 B000300 57342 071 C000300 233033 071 D000300 25 071 A000400 70878 071 B000400 49624 071 C000400 117756 071 D000400 42 072 A000100 6 072 B000100 550 072 C000100 97216 072 D000100 0 072 E000100 1504 072 F000100 7769 072 G000100 4368 072 H000100 0 072 I000100 3604 072 J000100 536 072 K000100 0 072 L000100 87 072 M000100 5 072 N000100 0 072 O000100 0 072 P000100 0 072 Q000100 0 072 R000100 0 072 S000100 0 072 T000100 548 072 U000100 0 072 V000100 0 072 W000100 0 072 X000100 16917 072 Y000100 0 072 Z000100 82353 072AA000100 130783 072BB000100 259716 072CC010100 0 072CC020100 146703 072DD010100 158648 072DD020100 0 PAGE 17 072EE000100 0 072 A000200 6 072 B000200 0 072 C000200 10450 072 D000200 0 072 E000200 0 072 F000200 0 072 G000200 0 072 H000200 0 072 I000200 0 072 J000200 0 072 K000200 0 072 L000200 0 072 M000200 0 072 N000200 0 072 O000200 0 072 P000200 0 072 Q000200 0 072 R000200 0 072 S000200 0 072 T000200 0 072 U000200 0 072 V000200 0 072 W000200 0 072 X000200 0 072 Y000200 0 072 Z000200 10450 072AA000200 100216 072BB000200 5657 072CC010200 0 072CC020200 137333 072DD010200 15681 072DD020200 0 072EE000200 106084 072 A000300 6 072 B000300 25 072 C000300 1769 072 D000300 0 072 E000300 3 072 F000300 611 072 G000300 84 072 H000300 0 072 I000300 200 072 J000300 123 072 K000300 0 072 L000300 62 072 M000300 0 072 N000300 0 072 O000300 0 072 P000300 0 072 Q000300 0 PAGE 18 072 R000300 0 072 S000300 0 072 T000300 19 072 U000300 0 072 V000300 0 072 W000300 0 072 X000300 1099 072 Y000300 0 072 Z000300 698 072AA000300 4545 072BB000300 20993 072CC010300 20496 072CC020300 0 072DD010300 4421 072DD020300 0 072EE000300 0 072 A000400 6 072 B000400 75 072 C000400 942 072 D000400 0 072 E000400 0 072 F000400 76 072 G000400 0 072 H000400 0 072 I000400 154 072 J000400 31 072 K000400 0 072 L000400 0 072 M000400 12 072 N000400 0 072 O000400 0 072 P000400 0 072 Q000400 0 072 R000400 3 072 S000400 0 072 T000400 16 072 U000400 0 072 V000400 0 072 W000400 309 072 X000400 601 072 Y000400 0 072 Z000400 416 072AA000400 17850 072BB000400 8637 072CC010400 0 072CC020400 1170 072DD010400 746 072DD020400 0 072EE000400 0 073 A010100 0.6620 073 A020100 0.0000 PAGE 19 073 B000100 0.0000 073 C000100 0.0000 073 A010200 0.3260 073 A020200 0.0000 073 B000200 2.4490 073 C000200 0.0000 073 A010300 0.2840 073 A020300 0.0000 073 B000300 0.0000 073 C000300 0.0000 073 A010400 0.0950 073 A020400 0.0000 073 B000400 0.0000 073 C000400 0.0000 074 A000100 28559 074 B000100 0 074 C000100 19665 074 D000100 0 074 E000100 0 074 F000100 7457955 074 G000100 0 074 H000100 0 074 I000100 483473 074 J000100 16511 074 K000100 0 074 L000100 64868 074 M000100 0 074 N000100 8071031 074 O000100 48518 074 P000100 22145 074 Q000100 0 074 R010100 0 074 R020100 0 074 R030100 0 074 R040100 177791 074 S000100 0 074 T000100 7822577 074 U010100 246701 074 U020100 0 074 V010100 31.71 074 V020100 0.00 074 W000100 0.0000 074 X000100 159992 074 Y000100 14000 074 A000200 0 074 B000200 0 074 C000200 0 074 D000200 0 074 E000200 0 074 F000200 0 074 G000200 0 PAGE 20 074 H000200 0 074 I000200 1327988 074 J000200 1079 074 K000200 0 074 L000200 168 074 M000200 0 074 N000200 1329235 074 O000200 0 074 P000200 0 074 Q000200 0 074 R010200 0 074 R020200 0 074 R030200 0 074 R040200 1564 074 S000200 0 074 T000200 1327671 074 U010200 44685 074 U020200 0 074 V010200 29.71 074 V020200 0.00 074 W000200 0.0000 074 X000200 26685 074 Y000200 0 074 A000300 1625 074 B000300 0 074 C000300 1498 074 D000300 0 074 E000300 0 074 F000300 255161 074 G000300 0 074 H000300 0 074 I000300 13702 074 J000300 777 074 K000300 0 074 L000300 949 074 M000300 0 074 N000300 273712 074 O000300 2412 074 P000300 664 074 Q000300 0 074 R010300 0 074 R020300 0 074 R030300 0 074 R040300 678 074 S000300 0 074 T000300 269958 074 U010300 16351 074 U020300 0 074 V010300 16.51 074 V020300 0.00 074 W000300 0.0000 PAGE 21 074 X000300 10436 074 Y000300 600 074 A000400 56049 074 B000400 0 074 C000400 8846 074 D000400 0 074 E000400 0 074 F000400 106050 074 G000400 0 074 H000400 0 074 I000400 29533 074 J000400 2679 074 K000400 0 074 L000400 2753 074 M000400 0 074 N000400 205910 074 O000400 2984 074 P000400 70 074 Q000400 0 074 R010400 0 074 R020400 0 074 R030400 0 074 R040400 36065 074 S000400 0 074 T000400 166791 074 U010400 7852 074 U020400 0 074 V010400 21.24 074 V020400 0.00 074 W000400 0.0000 074 X000400 2 074 Y000400 6900 075 A000100 0 075 B000100 7595554 075 A000200 0 075 B000200 1362546 075 A000300 0 075 B000300 246468 075 A000400 0 075 B000400 161532 076 000100 0.00 076 000200 0.00 076 000300 0.00 076 000400 0.00 077 A000000 N 078 000000 N 080 C00AA00 0 081 B00AA00 0 082 B00AA00 0 083 B00AA00 0 084 B00AA00 0 PAGE 22 086 A010000 0 086 A020000 0 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 SIGNATURE DARYL VANSYCKLE TITLE MANAGER
Vanguard Emerging Markets Stock Index Fund Supplement to the Prospectus and Summary Prospectus Dated February 26, 2015 New Target Index Effective as of the start of business on November 2, 2015, Vanguard Emerging Markets Stock Index Fund has begun tracking the FTSE Emerging Markets All Cap China A Transition Index (the "Transition Index"), on an interim basis, in the first phase of a two-phased index change as previously approved by the Fund?s board of trustees. The board of trustees has approved the FTSE Emerging Markets All Cap China A Inclusion Index as the new target index for the Fund, replacing the FTSE Emerging Index. The board believes that the new index will result in a more comprehensive representation of the Fund's market segment due to the addition of smallcapitalization equity securities and China A-shares to its portfolio. The Fund is expected to begin tracking the FTSE Emerging Markets All Cap China A Inclusion Index over the next 12 months, and the current change to the Transition Index is the first of two phases. This approach is intended to enable the Fund's advisor, The Vanguard Group, Inc., to make the necessary adjustments to portfolio holdings in a manner that minimizes impact to Fund shareholders. In this first phase, the Fund has ceased tracking its former target index and has begun temporarily tracking the Transition Index, an interim index that will gradually increase exposure to small-capitalization stocks and China A-shares while proportionately reducing exposure to other stocks based on their weightings in the new target index. In the second phase, the Fund will begin tracking the FTSE Emerging Markets All Cap China A Inclusion Index, which will be quota-adjusted by FTSE to take into account the quota amount allocated to foreign investors by the Chinese regulator. During both this transition phase and the final benchmark phase, the Fund will invest by sampling the index, meaning that it will hold a broadly diversified collection of securities that, in the aggregate, approximates the full index in terms of key characteristics. Prospectus and Summary Prospectus Text Changes The paragraph under "Principal Investment Strategies" for the Emerging Markets Stock Index Fund is replaced with the following: The Fund employs an indexing investment approach designed to track the performance of the FTSE Emerging Markets All Cap China A Transition Index, an interim index that will gradually increase exposure to small-capitalization stocks and China A-shares while proportionately reducing exposure to other stocks based on their weightings in the FTSE Emerging Markets All Cap China A Inclusion Index. The FTSE Emerging Markets All Cap China A Inclusion Index is a market-capitalization-weighted index that is made up of approximately 3,500 common stocks of large-, mid-, and small-cap companies located in emerging markets around the world. The Fund invests by sampling the Index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the interim index in terms of key characteristics. These key characteristics include industry weightings and market capitalization, as well as certain financial measures, such as price/earnings ratio and dividend yield. The following text is added under the "Principal Risks" section: - China A-shares risk, which is the chance that the Fund may not be able to access a sufficient amount of China A-shares to track its target index. China A-shares are only available to foreign investors through a quota license or the Shanghai-Hong Kong Stock Connect program. The following replaces similar text under the "Principal Risks" section: - Index sampling risk, which is the chance that the securities selected for the Fund, in the aggregate, will not provide investment performance matching that of the Fund's target index. Prospectus Text Changes The following paragraph replaces similar text in the More on the Funds section under the heading "Market Exposure": Keep in mind that the MSCI EAFE Index tracks mainly large- and mid-cap stocks. Historically, small-cap stocks (such as those held by the Funds) have been more volatile than-and at times have performed quite differently from-the large and mid-cap stocks of the MSCI EAFE Index. Also under the heading "Market Exposure," the following is added after the emerging markets risk flag: The Emerging Markets Stock Index Fund is subject to China A-shares risk, which is the chance that the Fund may not be able to access a sufficient amount of China A-shares to track its target index. China A-shares are only available to foreign investors through a quota license or through the Shanghai-Hong Kong Stock Connect program. China A-shares (A-shares) are shares of mainland Chinese companies that are traded locally on the Shanghai and Shenzhen stock exchanges. In order for foreign investors to purchase A-shares, a Qualified Foreign Institutional Investor (QFII) or Renminbi QFII (RQFII) license and quota are required. The quota available to the Emerging Markets Stock Index Fund through a Vanguard entity with an RQFII or QFII license may be limited by a Chinese regulator or the quota use of other Vanguard funds. A-shares are also available to foreign investors through the Shanghai-Hong Kong Stock Connect program (Stock Connect), subject to separate quota limitations. It is possible that the A-shares quota available to the Fund as a foreign investor may not be sufficient to meet the Fund's investment needs. In this situation, the Fund may underweight A-shares relative to the index or seek an alternative method of economic exposure, such as by purchasing other classes of securities or depositary receipts, or by utilizing derivatives. These options could increase the Fund's index sampling risk or investment cost. Additionally, investing in A-shares generally increases emerging markets risk due in part to government and issuer market controls and the developing settlement and legal systems. The following replaces similar text in the More on the Funds section under the heading "Security Selection": Each Fund attempts to track the investment performance of a benchmark index that measures the return of a particular market segment. Vanguard European Stock Index Fund and Vanguard Pacific Stock Index Fund use the replication method of indexing, meaning that each Fund generally holds the same stocks as its target index and in approximately the same proportions. Vanguard Emerging Markets Stock Index Fund uses the sampling method of indexing, meaning that the Fund's advisor, using computer programs, selects from the target index a representative sample of securities that will resemble the target index in terms of key risk factors and other characteristics. These include industry weightings, market capitalization, and other financial characteristics of stocks. Emerging Markets Stock Index Fund. The Fund invests in the common stocks included in the FTSE Emerging Markets All Cap China A Transition Index, an interim index that will gradually increase exposure to small-capitalization stocks and China A-shares while proportionately reducing exposure to other stocks based on their weightings in the FTSE Emerging Markets All Cap China A Inclusion Index. The FTSE Emerging Markets All Cap China A Inclusion Index is a market-capitalizationweighted index that is made up of approximately 3,500 common stocks of large-, mid-, and small-cap companies located in emerging markets around the world and is part of the FTSE China A Inclusion indexes, which contain FTSE China A All Cap Index securities adjusted for the aggregate approved RQFII and QFII quotas available to foreign investors. The Fund invests by sampling the interim index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the interim index in terms of key characteristics. These key characteristics include industry weightings and market capitalization, as well as certain financial measures, such as price/earnings ratio and dividend yield. The following is added to the end of the second paragraph under "Other Investment Policies and Risks": The Emerging Markets Stock Index Fund may use derivatives as an alternative method of economic exposure to China A-shares. London Stock Exchange Group companies includes FTSE International Limited ("FTSE"), Frank Russell Company ("Russell"), MTS Next Limited ("MTS"), and FTSE TMX Global Debt Capital Markets Inc ("FTSE TMX"). All rights reserved. "FTSE(R)", "Russell(R)", "MTS(R)", "FTSE TMX(R)" and "FTSE Russell" and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under licence. All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE Emerging Markets All Cap China A Transition Index or the fitness or suitability of the Index for any particular purpose to which it might be put. The London Stock Exchange Group companies do not provide investment advice and nothing in this document should be taken as constituting financial or investment advice. The London Stock Exchange Group companies make no representation regarding the advisability of investing in any asset. A decision to invest in any such asset should not be made in reliance on any information herein. Indexes cannot be invested in directly. Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The general information contained in this publication should not be acted upon without obtaining specific legal, tax, and investment advice from a licensed professional. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of the London Stock Exchange Group companies. Distribution of the London Stock Exchange Group companies? index values and the use of their indexes to create financial products require a licence with FTSE, FTSE TMX, MTS and/or Russell and/or its licensors. (C) 2015 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. PS 533A 112015
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