Russia’s invasion of Ukraine has shocked us all. It has caused a tragic loss of life and a humanitarian crisis. The political, social and economic ramifications are still unfolding. And we know the impact of this war stretches beyond borders, including reaching many of our clients and our employees.

In response, Vanguard has donated to organisations providing supplies, care and resources to Ukrainian children and families who have had their lives completely upturned by this conflict, and we are matching 100% of employee contributions to groups providing direct humanitarian assistance to Ukrainians in need. Vanguard is also supporting our employees who are dealing with the anguish of having family and friends in the region during this difficult time. We are making emergency relief grants, time off and mental health resources available to employees facing hardship due to this crisis.

We are also focused on supporting our clients, providing timely information and perspectives to help them maintain a disciplined approach and ensuring their assets are stewarded effectively through this period of uncertainty and market volatility. Our experienced investment professionals are well-prepared and able to meet the challenges of this quickly unfolding and turbulent situation.

We have moved swiftly to carry out sanctions levied against Russian financial institutions, entities and individuals and to make needed adjustments prompted by market closures and index-provider changes. The overall exposure to Russia in Vanguard funds is very limited – accounting for less than 0.01% of client assets – and the vast majority of that exposure is in our index funds. We have suspended purchases of Russian securities across our internally and externally managed active funds and are actively working to further reduce our exposure to Russia and exit the positions across our index funds. Vanguard stands ready to apply further measures announced by governments against Russia for its unprovoked attack on Ukraine.

During times like these, we are guided by our commitment to do what’s right for our clients, our employees and our communities. As this conflict evolves, we will continue to support our clients, relief efforts and our team members around the globe. Our hearts go out to all those affected and we continue to hope for a peaceful resolution to this tragic and deadly conflict.

IMPORTANT RISK INFORMATION

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

IMPORTANT INFORMATION

For professional investors only (as defined under the MiFID II Directive) investing for their own account (including management companies (fund of funds) and professional clients investing on behalf of their discretionary clients). In Switzerland, this document is directed at professional investors and should not be distributed to, or relied upon by retail investors.

The material contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information in this document does not constitute legal, tax, or investment advice. You must not, therefore, rely on the content of this document when making any investment decisions.

The material contained in this document is for educational purposes only and is not a recommendation or solicitation to buy or sell investments.

Issued in EEA by Vanguard Group (Ireland) Limited which is regulated in Ireland by the Central Bank of Ireland.

Issued in Switzerland by Vanguard Investments Switzerland GmbH.

Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority.

© 2022 Vanguard Group (Ireland) Limited. All rights reserved.

© 2022 Vanguard Investments Switzerland GmbH. All rights reserved.

© 2022 Vanguard Asset Management, Limited. All rights reserved.