Mutual Fund Summary Prospectus (497k)
February 27 2014 - 9:11AM
Edgar (US Regulatory)
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Vanguard FTSE All-World ex-US Small-Cap Index Fund
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Summary Prospectus
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February 27, 2014
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Investor Shares
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Vanguard FTSE All-World ex-US Small-Cap Index Fund Investor Shares (VFSVX)
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The Funds statutory Prospectus and Statement of Additional Information dated
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February 27, 2014, as may be amended or supplemented, are incorporated into
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and made part of this Summary Prospectus by reference.
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Before you invest, you may want to review the Funds Prospectus, which
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contains more information about the Fund and its risks. You can find
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the Funds Prospectus and other information about the Fund online at
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www.vanguard.com/prospectus
. You can also obtain this information at no
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cost by calling 800-662-7447 or by sending an e-mail request to
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online@vanguard.com.
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The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or
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passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
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Investment Objective
The Fund seeks to track the performance of a benchmark index that measures the investment return of stocks of international small-cap companies.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.
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Shareholder Fees
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(Fees paid directly from your investment)
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Sales Charge (Load) Imposed on Purchases
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None
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Purchase Fee (other than on reinvested dividends or capital gains)
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0.25%
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Sales Charge (Load) Imposed on Reinvested Dividends
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None
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Redemption Fee
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0.25%
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Account Service Fee (for certain fund account balances below $10,000)
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$20/year
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Annual Fund Operating Expenses
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(Expenses that you pay each year as a percentage of the value of your investment)
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Management Fees
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0.35%
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12b-1 Distribution Fee
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None
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Other Expenses
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0.05%
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Total Annual Fund Operating Expenses
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0.40%
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1
Examples
The following examples are intended to help you compare the cost of investing in the Funds Investor Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Funds shares. The first example assumes that the Shares provide a return of 5% a year, that total annual fund operating expenses remain as stated in the preceding table, and that you redeem your shares at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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$92
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$182
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$280
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$568
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You would pay the following expenses if you did
not
redeem your shares (the difference being that the Funds 0.25% redemption fee would not apply to any of the following periods, as it would to those in the preceding example):
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1 Year
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3 Years
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5 Years
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10 Years
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$41
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$128
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$224
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$505
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 19%.
Primary Investment Strategies
The Fund employs an indexing investment approach designed to track the performance of the FTSE Global Small Cap ex US Index, a free-float-adjusted, market-capitalization-weighted index designed to measure equity market performance of international small-capitalization stocks. The Index includes approximately 3,050 stocks of companies located in 46 countries, including both developed and emerging markets. As of October 31, 2013, the largest markets covered in the Index were the United Kingdom, Canada, Japan, and Taiwan (which made up approximately 18%, 13%, 12%, and 6%, respectively, of the Indexs market capitalization). The Fund attempts to sample the target index by investing all, or substantially all, of its assets in common stocks in the Index and by holding a representative sample of securities that resembles the full Index in terms of
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key risk factors and other characteristics. These factors include industry ratings, country ratings, market capitalization, and other financial characteristics of stocks.
Primary Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Funds share price and total return to fluctuate within a wide range, like the fluctuations of global stock markets. The Fund is subject to the following risks, which could affect the Funds performance:
Stock market risk
, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Funds investments in foreign stocks can be riskier than U.S. stock investments. The prices of foreign stocks and the prices of U.S. stocks have, at times, moved in opposite directions. In addition, the Funds target index may, at times, become focused in stocks of a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector.
Country/regional risk,
which is the chance that world eventssuch as political upheaval, financial troubles, or natural disasterswill adversely affect the value of securities issued by companies in foreign countries or regions. Because the Fund may invest a large portion of its assets in securities of companies located in any one country or region, the Funds performance may be hurt disproportionately by the poor performance of its investments in that area. Country/regional risk is especially high in emerging markets.
Emerging markets risk
, which is the chance that the stocks of companies located in emerging markets will be substantially more volatile, and substantially less liquid, than the stocks of companies located in more developed foreign markets because, among other factors, emerging markets can have greater custodial and operational risks; less developed legal, regulatory, and accounting systems; and greater political, social, and economic instability than developed markets.
Currency risk
, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates.
Currency risk is especially high in emerging markets.
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 Funds target index. Index sampling risk for the Fund should be low.
Investment style risk
, which is the chance that returns from non-U.S. small-capitalization stocks will trail returns from global stock markets. Historically, non-U.S. small-cap stocks have been more volatile in price than the large-cap stocks that dominate the global markets, and they often perform quite differently. Small companies tend to have greater stock volatility because, among other things, these companies are more sensitive to changing economic conditions.
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An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Funds Investor Shares (including annual fund operating expenses but excluding shareholder fees) has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Investor Shares (including annual fund operating expenses and any applicable shareholder fees) compare with those of the Funds target index, which has investment characteristics similar to those of the Fund. FTSE Global Small Cap ex US Index returns are adjusted for withholding taxes applicable to U.S.-based mutual funds organized as Delaware statutory trusts. Keep in mind that the Funds past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at
vanguard.com/performance
or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns Vanguard FTSE All-World ex-US Small-Cap Index Fund Investor Shares
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1 If applicable shareholder fees were reflected, returns would be less than those shown.
During the periods shown in the bar chart, the highest return for a calendar quarter was 20.15% (quarter ended September 30, 2010), and the lowest return for a quarter was 22.30% (quarter ended September 30, 2011).
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Average Annual Total Returns for Periods Ended December 31, 2013
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Since
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Inception
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(Apr. 2,
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1 Year
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2009)
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Vanguard FTSE All-World ex-US Small-Cap Index Fund Investor Shares
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Return Before Taxes
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16.86%
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18.27%
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Return After Taxes on Distributions
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15.94
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17.53
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Return After Taxes on Distributions and Sale of Fund Shares
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9.91
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14.73
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FTSE Global Small Cap ex US Index
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(reflects no deduction for fees or expenses)
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18.07%
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19.35%
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Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned
Return After Taxes on Distributions and Sale of Fund Shares
may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
Investment Advisor
The Vanguard Group, Inc. (Vanguard)
Portfolio Manager
Michael D. Eyre, CFA, CPA, Portfolio Manager at Vanguard. He has managed the Fund since 2013.
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Purchase and Sale of Fund Shares
You may purchase or redeem shares online through our website (
vanguard.com)
, by mail (The Vanguard Group, P.O. Box 1110, Valley Forge, PA 19482-1110), or by telephone (800-662-2739). The following table provides the Funds minimum initial and subsequent investment requirements.
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Account Minimums
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Investor Shares
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To open and maintain an account
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$3,000
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To add to an existing account
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Generally $100 (other than by Automatic Investment
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Plan, which has no established minimum)
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Tax Information
The Funds distributions may be taxable as ordinary income or capital gain. If you are investing through a tax-deferred retirement account, such as an IRA, special tax rules apply.
Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of Fund shares.
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Vanguard FTSE All-World ex-US Small-Cap Index Fund Investor SharesFund Number 1684
CFA
®
is a trademark owned by CFA Institute.
Vanguard FTSE All-World ex-US Small-Cap Index Fund (the Fund) is not in any way sponsored, endorsed, sold, or promoted by FTSE International Limited (FTSE) or the London Stock Exchange Group companies (LSEG) (together the Licensor Parties), and none of the Licensor Parties make any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the FTSE Global Small Cap ex US Index (the Index) (upon which the Fund is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Fund. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to Vanguard or to its clients. The Index is calculated by FTSE or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein. All rights in the Index vest in FTSE. FTSE
®
is a trademark of LSEG and is used by FTSE under licence.
© 2014 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SP 1684 022014
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