VANGUARD FTSE ALLWORLD EXUS INDEX FUND INSTITUTIONAL SHARES (VFWSX) Exchange: NMFQS

The Fund employs an indexing investment approach designed to track the performance of the FTSE All-World ex US Index, a float-adjusted, market- capitalization-weighted index designed to measure equity market performance of international markets, excluding the United States. As of October 31, 2019, the Index included 3,333 stocks of companies located in 48 markets, including both developed and emerging markets. As of October 31, 2019, the largest markets covered in the Index were Japan, the United Kingdom, China, and France (which made up approximately 17%, 11%, 8%, and 7%, respectively, of the Index’s market capitalization). The Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index.