Vanguard Announces Advisory Changes for Vanguard Emerging Markets Select Stock Fund

VALLEY FORGE, PA (August 12, 2024)-Vanguard today announced changes to the investment advisory arrangements of Vanguard Emerging Markets Select Stock Fund. Oaktree Fund Advisors, LLC will be removed from the fund. Oaktree's allocation will be split among two of the fund's other advisors, Baillie Gifford Overseas Ltd. and Pzena Investment Management, LLC.

Vanguard's manager research team conducts ongoing reviews of current and prospective investment advisors, looking beyond short-term performance to focus on the drivers of long-term success for investors. As part of this review process, Vanguard determined that changes to the advisory structure would best serve current and future shareholders of the fund.

Following the transition, the advisor target allocations for the $785 million Emerging Markets Select Stock Fund will be as follows¹: Baillie Gifford, 37.5%, Pzena, 37.5%, and Wellington, 25%. As a result of these changes, the expense ratio² will decrease from 0.80% to 0.79%.

Both Pzena and Wellington Management have managed the fund since its inception in 2011, and Baillie Gifford since 2018. All three firms continue to manage multiple funds and strategies on behalf of Vanguard.

The investment objective, principal investment strategies and policies of the fund will remain the same.

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About Vanguard
Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe-directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

All figures as of June 30, 2024, unless stated otherwise.

For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

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

Advice services are provided by Vanguard Advisers, Inc., a registered investment advisor, or by Vanguard National Trust Company, a federally chartered, limited-purpose trust company.

©2024 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

[1] The board of trustees designates the proportion of Fund assets to be managed by each advisor and may change these proportions at any time.

[2] Active fund expense ratios are subject to change.

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