, an actively managed international equity fund, which is expected to be available during the fourth quarter of 2019. The registration statement for the fund was filed today with the U.S. Securities and Exchange Commission.

Offering broad exposure to non-U.S. stocks across growth and value investment styles, the International Core Stock Fund is designed to serve as a core holding in a globally balanced portfolio. The fund will serve as an active alternative to Vanguard Total International Stock Index Fund, providing a broad, actively managed single-fund solution to non-U.S. developed and emerging markets.

The fund will offer 2 share classes with estimated expense ratios of 0.45% for Investor Shares and 0.35% for Admiral™ Shares, both well below the industry average expense ratio of 0.75% for other foreign large-blend mutual funds.*

Wellington Management Company LLP, Vanguards oldest and largest external advisory partner, will manage the fund. The firm is a world-class investment organization with deep global research capabilities across geographies and a long, distinguished history of investing in non-U.S. equity markets.

The funds investment strategy will employ a multi-disciplinary approach that identifies attractive, high-return potential opportunities by leveraging the full breadth and depth of Wellington Managements global resources.

The fund will be differentiated and benefit from this unique approach that doesnt emphasize any particular style or factor. The investment team seeks to build an all weather portfolio that prioritizes outperformance of the funds benchmark and limits the portfolios style, factor, region, and industry risk exposure through a sophisticated and centralized risk management approach.

With $1.3 trillion in actively managed fund assets**, Vanguards active funds have consistently outperformed peers over various time periods†. In managing our active funds, we believe that a prudent approach to risk, unambiguous decision-making, and enduring yet adaptable processes are critical to achieving long-term success.

We attribute our enduring outperformance to 3 key factors: our exceptional investment talent; our proven, disciplined approach; and our unique alignment with our clients.

Our global scale and long-term focus allow us to attract world-class investment professionalsboth internally and externallyto oversee a full roster of active funds without compromising our commitment to low costs.

With more than 40 years of experience in selecting and partnering with active managers, we look to build loyal and lasting relationshipsconfident that each relationship will be mutually beneficial to us, our active fund managers, and most importantly, our clients.

Our managers embrace our values and long-term approach, enabling them to focus solely on creating the best outcomes for our clients. At Vanguard, our mission is clear. With no outside owners, we naturally align our interests with those of our clientsand our success is inextricably tied to the success we create for them and the long-term value we deliver.

In the coming months, look for more information about Vanguard International Core Stock Fund.

**As of March 31, 2019. Source: Morningstar, Inc.

†Number of Vanguard actively managed funds that outperformed their Lipper peer-group averages for periods ended March 31, 2019. For the 1-year period, 96 of 127 Vanguard funds; for the 3-year period, 88 of 114 Vanguard funds; for the 5-year period, 98 of 106 Vanguard funds; for the 10-year period, 88 of 100 Vanguard funds. Results will vary for other time periods. Only funds with a minimum of 1-, 3-, 5-, or 10-year history, respectively, were included in the comparison. Source: Lipper, a Thomson Reuters Company.Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risk. For the most recent performance, visit /performance.

A registration statement relating to Vanguard International Core Stock Fund has been filed with the Securities and Exchange Commission but has not yet become effective. Shares of Vanguard International Core Stock Fund may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, Vanguard International Core Stock Fund in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

For more information about Vanguard funds, visit m/fundprospectus to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing. Copies of the final prospectus can be obtained from Vanguard. Please note that a preliminary prospectus is subject to change.

All investing is subject to risk, including the possible loss of the money you invest.

Investments in stocks issued by non-U.S. companies and governments are subject to risks including country/regional risk and currency risk. Diversification does not ensure a profit or protect against a loss.

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