|
Investor
Shares |
Admiral
Shares |
Sales
Charge (Load) Imposed on Purchases |
|
|
Purchase
Fee |
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends |
|
|
Redemption
Fee |
|
|
Account
Service Fee Per Year
(for
certain fund account balances below $1,000,000) |
$ |
$ |
|
Investor
Shares |
Admiral
Shares |
Management
Fees |
|
|
12b-1
Distribution Fee |
|
|
Other
Expenses |
|
|
Total
Annual Fund Operating Expenses |
|
|
|
1
Year |
3
Years |
5
Years |
10
Years |
Investor
Shares |
$ |
$ |
$ |
$ |
Admiral
Shares |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
|
|
|
- |
|
|
1
Year |
5
Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard
Global Minimum Volatility Fund
Investor
Shares |
|
|
|
|
Return
Before Taxes
|
- |
|
|
|
Return
After Taxes on Distributions
|
- |
|
|
|
Return
After Taxes on Distributions and Sale of
Fund
Shares
|
- |
|
|
|
Vanguard
Global Minimum Volatility Fund
Admiral
Shares |
|
|
|
|
Return
Before Taxes
|
- |
|
|
|
FTSE
Global All Cap Index Hedged
(reflects
no deduction for fees or expenses) |
- |
|
|
|
Plain
Talk About Fund Expenses |
All
mutual funds have operating expenses. These expenses, which are
deducted
from a fund’s gross income, are expressed as a percentage of the
net
assets of the fund. Assuming that operating expenses remain as stated
in
the Fees and Expenses section, Vanguard Global Minimum Volatility Fund’s
expense
ratios would be as follows: for Investor Shares, 0.21%, or $2.10 per
$1,000
of average net assets; for Admiral Shares, 0.14%, or $1.40 per
$1,000
of average net assets. The average expense ratio for global funds in
2021
was 1.02%, or $10.20 per $1,000 of average net assets (derived from
data
provided by Lipper, a Thomson Reuters Company, which reports on the
mutual
fund industry). |
Plain
Talk About Costs of Investing |
Costs
are an important consideration in choosing a mutual fund. That is
because
you, as a shareholder, pay a proportionate share of the costs of
operating
a fund and any transaction costs incurred when the fund buys or
sells
securities. These costs can erode a substantial portion of the gross
income
or the capital appreciation a fund achieves. Even seemingly small
differences
in expenses can, over time, have a dramatic effect on a
fund’s
performance. |
Plain
Talk About International Investing |
U.S.
investors who invest in foreign securities will encounter risks not
typically
associated with U.S. companies because foreign stock and bond
markets
operate differently from the U.S. markets. For instance, foreign
companies
and governments may not be subject to the same or similar
auditing,
legal, tax, regulatory, financial reporting, accounting, and
recordkeeping
standards and practices as U.S. companies and the U.S.
government,
and their stocks and bonds may not be as liquid as those of
similar
U.S. entities. In addition, foreign stock exchanges, brokers,
companies,
bond markets, and dealers may be subject to less government
supervision
and regulation than their counterparts in the United States.
Further,
the imposition of economic or other sanctions on the United States
by
a foreign country, or on a foreign country or issuer by the United States,
could
impair a fund's ability to buy, sell, hold, receive, deliver, or otherwise
transact
in certain investment securities or obtain exposure to foreign
securities
and assets. These factors, among others, could negatively affect
the
returns U.S. investors receive from foreign
investments. |
Plain
Talk About Derivatives |
Derivatives
can take many forms. Some forms of derivatives—such as
exchange-traded
futures and options on securities, commodities, or
indexes—have
been trading on regulated exchanges for decades. These
types
of derivatives are standardized contracts that can easily be bought and
sold
and whose market values are determined and published daily. On the
other
hand, non-exchange-traded derivatives—such as certain swap
agreements
and foreign currency exchange forward contracts—tend to be
more
specialized or complex and may be more difficult to accurately
value. |
Plain
Talk About Vanguard’s Unique Corporate Structure |
Vanguard
is owned jointly by the funds it oversees and thus indirectly by the
shareholders
in those funds. Most other mutual funds are operated by
management
companies that are owned by third parties—either public or
private
stockholders—and not by the funds they
serve. |
Plain
Talk About Distributions |
As
a shareholder, you are entitled to your portion of a fund’s income from
interest
and dividends as well as capital gains from the fund’s sale of
investments.
Income consists of both the dividends that the fund earns from
any
stock holdings and the interest it receives from any money market and
bond
investments. Capital gains are realized whenever the fund sells
securities
for higher prices than it paid for them. These capital gains are
either
short-term or long-term, depending on whether the fund held the
securities
for one year or less or for more than one
year. |
Plain
Talk About Buying a Dividend |
Unless
you are a tax-exempt investor or investing through a tax-advantaged
account
(such as an IRA or an employer-sponsored retirement or savings
plan),
you should consider avoiding a purchase of fund shares shortly before
the
fund makes a distribution, because doing so can cost you money in
taxes.
This is known as “buying a dividend.” For example: On December 15,
you
invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution
of $1 per share on December 16, its share price will drop to $19
(not
counting market change). You still have only $5,000 (250 shares x $19 =
$4,750
in share value, plus 250 shares x $1 = $250 in distributions), but you
owe
tax
on the $250 distribution you received—even if you reinvest it in
more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before
you invest. |
|
Year Ended
October 31, | ||||
For
a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$14.83 |
$12.77 |
$14.71 |
$13.78 |
$13.57 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1
|
.347 |
.252 |
.293 |
.428 |
.374 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(.952) |
2.085 |
(1.571) |
1.403 |
.148 |
Total
from Investment Operations |
(.605) |
2.337 |
(1.278) |
1.831 |
.522 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.505) |
(.277) |
(.397) |
(.300) |
(.312) |
Distributions
from Realized Capital Gains |
— |
— |
(.265) |
(.601) |
— |
Total
Distributions |
(.505) |
(.277) |
(.662) |
(.901) |
(.312) |
Net
Asset Value, End of Period |
$13.72 |
$14.83 |
$12.77 |
$14.71 |
$13.78 |
Total
Return2
|
-4.28% |
18.51% |
-9.22% |
14.41% |
3.89% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$260 |
$301 |
$338 |
$643 |
$515 |
Ratio
of Total Expenses to Average Net Assets |
0.21%3
|
0.21% |
0.21% |
0.21% |
0.23% |
Ratio
of Net Investment Income to Average Net Assets |
2.46% |
1.77% |
2.16% |
3.09% |
2.66% |
Portfolio
Turnover Rate |
51%4
|
24% |
58% |
46% |
24% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Total
returns do not include account service fees that may have applied in the
periods shown. Fund prospectuses
provide
information about any applicable account service
fees. |
3 |
The
ratio of expenses to average net assets for the period net of reduction
from custody fee offset arrangements
was
0.21%. |
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares. |
|
Year Ended
October 31, | ||||
For
a Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$29.67 |
$25.56 |
$29.45 |
$27.58 |
$27.15 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1
|
.712 |
.520 |
.608 |
.878 |
.758 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(1.910) |
4.177 |
(3.155) |
2.819 |
.297 |
Total
from Investment Operations |
(1.198) |
4.697 |
(2.547) |
3.697 |
1.055 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(1.032) |
(.587) |
(.812) |
(.624) |
(.625) |
Distributions
from Realized Capital Gains |
— |
— |
(.531) |
(1.203) |
— |
Total
Distributions |
(1.032) |
(.587) |
(1.343) |
(1.827) |
(.625) |
Net
Asset Value, End of Period |
$27.44 |
$29.67 |
$25.56 |
$29.45 |
$27.58 |
Total
Return2
|
-4.24% |
18.60% |
-9.18% |
14.54% |
3.93% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$1,816 |
$2,449 |
$2,824 |
$3,483 |
$2,542 |
Ratio
of Total Expenses to Average Net Assets |
0.14%3
|
0.14% |
0.14% |
0.14% |
0.15% |
Ratio
of Net Investment Income to Average Net Assets |
2.52% |
1.83% |
2.26% |
3.16% |
2.74% |
Portfolio
Turnover Rate |
51%4
|
24% |
58% |
46% |
24% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Total
returns do not include account service fees that may have applied in the
periods shown. Fund prospectuses
provide
information about any applicable account service
fees. |
3 |
The
ratio of expenses to average net assets for the period net of reduction
from custody fee offset arrangements
was
0.14%. |
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares. |
Web |
|
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Vanguard
Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund
Number |
CUSIP
Number |
Vanguard
Global Minimum Volatility Fund | ||||
Investor
Shares |
12/12/2013 |
GMinVolInv |
1194 |
921946877 |
Admiral
Shares |
12/12/2013 |
GMinVolAdm |
594 |
921946869 |