Vanguard announced the reopening of the $36.6 billion Vanguard Dividend Growth Fund (VDIGX) to all investors, effective immediately.

Vanguard filed a preliminary registration with the U.S. Securities and Exchange Commission for Vanguard International Core Stock Fund. The new actively managed fund will be managed by Wellington Management Company LLP and is expected to be available to investors in the fourth quarter of 2019.

Vanguard issued its sixth annual How America Saves: Small business edition—a comprehensive assessment of plan design trends and participant savings behavior in small business 401(k) plans served by Vanguard Retirement Plan Access (VRPA).

Vanguard launched Vanguard Commodity Strategy Fund (VCMDX) for investors seeking low-cost exposure to the commodities market. The fund will be offered in Admiral Shares, with an estimated expense ratio of 0.20%, which is one-sixth the 1.24% average expense ratio of competing broad-based commodity-linked funds.

Vanguard announced plans to transition the client service and account administration for the Vanguard Variable Annuity to Transamerica within the next 12 to 18 months.

Vanguard CEO Tim Buckley accepted the 2019 U.S. Morningstar Award for Investing Excellence for Exemplary Stewardship at the Morningstar Investment Conference--one of the three top honors presented by the firm. Vanguard is the inaugural recipient of the award, which recognizes the asset manager that has shown an unwavering focus on serving the best interests of investors.

Vanguard filed a preliminary registration statement with the Securities and Exchange Commission for Vanguard Commodity Strategy Fund. The new actively-managed fund, which is expected to launch in June 2019, will offer investors added portfolio diversification, along with a potential hedge against inflation risk by investing primarily in commodities and treasury inflation protected securities (TIPS).

Vanguard today added to its current environmental, social, and governance (ESG) fund offerings with Vanguard Global ESG Select Stock Fund. The new active equity fund will be managed by Wellington Management Company LLP and is expected to be available for investment in mid-2019.

Vanguard announces the passing of John Clifton Bogle, founder of The Vanguard Group, who died today in Bryn Mawr, Pennsylvania. He was 89.

Vanguard announced that the $962.5 million Vanguard Convertible Securities Fund has been closed to new investors in advance of a planned liquidation in late March. Shareholders of the fund are being notified and have the opportunity to exchange into another Vanguard fund or redeem shares prior to the liquidation date, at which time the fund’s assets will be sold and the proceeds distributed.

In Vanguard’s annual global economic and market outlook, we outline our expectations for growth and market returns and what investors can focus on to increase their odds of investment success.

Vanguard announced several senior leadership changes. Chris McIsaac, currently head of Vanguard’s Planning and Development Division, has been named head of Vanguard’s International business.

Building upon decades of thought leadership and investor advocacy, Vanguard introduced How America Invests, a comprehensive analysis of Vanguard investor behavior.

Vanguard announced that Michael Buek, a long-tenured principal in Vanguard Equity Index Group and head of U.S. trading, will retire at the end of December 2020, after 33 years with the firm.

Vanguard announced Sprucegrove Investment Management Ltd. (Sprucegrove) will be added to the firm’s distinguished roster of world-class active management expertise.

Vanguard announced steps to align its money market lineup with changing market dynamics. Vanguard has a long history of refining its fund offerings in an effort to best meet investors’ needs and to adapt to shifting market dynamics. After careful review, Vanguard determined that the limited supply of specific short-term municipal securities available in Pennsylvania (PA) and New Jersey (NJ) makes it no longer possible to meet the investment objectives and maintain the diversification and risk profile of the $1.8 billion Vanguard Pennsylvania Municipal Money Market Fund and the $1.2 billion Vanguard New Jersey Municipal Money Market Fund. Vanguard has closed both funds to new investors and plans to liquidate each of the funds in November. Vanguard will continue to invest in the PA and NJ money market universes as part of its national Municipal Money Market Fund and its PA and NJ long-term tax-exempt funds.

Vanguard launched its first fixed income environmental, social, and governance (ESG) ETF for U.S. investors, Vanguard ESG U.S. Corporate Bond ETF (VCEB). The ESG ETF provides investors access to the U.S. corporate bond market and expands Vanguard’s current index-and-actively-managed ESG offerings. Vanguard ESG U.S. Corporate Bond ETF seeks to track the performance of Bloomberg Barclays MSCI U.S. Corporate SRI Select Index and is listed on the Chicago Board Options Exchange (Cboe) with a low expense ratio of 0.12%.

Vanguard unveiled its 2020 Investment Stewardship Annual Report, which provides an in-depth view into company engagements, including case studies, the rationale for a number of votes, and summaries of its mutual funds’ voting activities from the year ended June 30, 2020. Additionally, Vanguard also announced the appointment of John Galloway as Vanguard’s new Global Head of Investment Stewardship.

Vanguard announced changes to its taxable money market fund lineup.

Vanguard announced it would seek shareholder approval to merge the $1.1 billion Vanguard U.S. Value Fund into the $77.2 billion Vanguard Value Index Fund. Effective immediately, Vanguard U.S. Value Fund is closed to new shareholder accounts. The firm also announced plans to seek shareholder approval to change the diversification status of five funds.

Vanguard announced it will partner with Infosys (NYSE: INFY) as part of its ongoing strategy to enhance and evolve its full-service defined contribution (DC) business. This strategic partnership will deliver a technology-driven approach to plan administration and fundamentally reshape the corporate retirement plan experience for its sponsors and participants.

Vanguard announced a number of leadership changes.

Vanguard announced an effort that began in early May to support Historically Black Colleges and Universities (HBCUs), which have been disproportionately impacted by COVID-19. The firm contributed $100,000 to the Thurgood Marshall College Fund’s COVID-19 HBCU Emergency Fund, which provides resources to ensure students and faculty have access to virtual learning tools, mental health support, and tuition assistance. In addition, Vanguard provided $50,000 in direct emergency support to each of the following schools: Delaware State University, Florida A&M University, Hampton University, Howard University, and North Carolina A&T State University.

Vanguard, in collaboration with technology provider Symbiont, and in conjunction with Bank of New York Mellon, State Street, and Franklin Templeton, is actively exploring the application of distributed ledger technology (DLT) to foreign-exchange forwards, bringing transparency and workflow efficiencies to the over-the-counter currency market. As part of this pilot, Vanguard has simulated multiple 30-day FX forward contracts with its partners in the initiative – a proof of concept that is reflective of how the firms would conduct the first test trades of FX forwards on a DLT network in the future.

Vanguard, in partnership with technology provider Symbiont, announced the completion of the first phase of a blockchain pilot designed to digitize the issuance of asset-backed securities (ABS). In close collaboration with a large US ABS issuer, as well as BNY Mellon, Citi, and State Street, Vanguard successfully modeled the full lifecycle of an ABS settlement on distributed ledger technology (DLT) network by replicating end-to-end transaction flows.

Vanguard’s 2020 edition of How America Saves, the industry’s definitive report on Americans’ retirement saving habits, found that automatic plan features helped millions of 401(k) participants adhere to their financial goals, even amid severe market volatility resulting from the coronavirus pandemic.

Vanguard closed its $39.5 billion Treasury Money Market Fund (VUSXX) to new shareholder accounts. The company is seeking to protect existing Fund shareholders from high levels of cash flow that could potentially accelerate reductions to the Fund’s yield. Existing shareholders of the Fund can continue to make purchases with no limits.

Emotional elements, such as trust and personal connection with an advisor or advisory service, account for about 40% of investors’ perceived value of financial advice, according to new Vanguard research.

Vanguard has announced plans to merge the $770 million Vanguard Capital Value Fund into the $17.6 billion Vanguard Windsor Fund. Following the merger, which is expected to be completed in mid-2020, the combined fund will retain the Windsor Fund name and continue to focus on large- and mid-capitalization value stocks.

Vanguard today announced forthcoming changes to Vanguard Managed Payout Fund, including renaming it Vanguard Managed Allocation Fund, adding a new portfolio manager, and eliminating monthly payouts in favor of an annual distribution. The change to the portfolio management team is effective immediately; the investment objective and principal investment strategy will be changed in the second quarter to reflect the cessation of monthly payments. The last payment will be made in May.

In a report released, Vanguard researchers present results from a new survey that examines investor expectations for U.S. stock returns, GDP growth rates, and bond returns. Citing data obtained during a series of surveys issued to Vanguard retail clients and 401(k) participants, Investor expectations: A new survey revealed investors assigned a 72% probability of conventional equity market returns (defined as a one-year return ranging from –10% to 30%), and anticipated one-year stock market returns of roughly 5%.

In fund annual reports, Vanguard reported lower expense ratios on four ETFs, including the $8.3 billion Vanguard Extended Market ETF, the $21.9 billion Vanguard Short-Term Bond ETF, the $12.6 billion Vanguard Intermediate-Term Bond ETF, and the $4.8 billion Vanguard Long-Term Bond ETF. Vanguard also reported lower expenses on three mutual fund share classes of Vanguard Extended Market Fund.

Vanguard, a leading provider of defined contribution (DC) recordkeeping and investment management services, today announced a partnership with EQ, a leading shareholder services company, to provide equity compensation services to plan sponsor clients and their participants. The offer will enable employers to seamlessly integrate their employee equity compensation plan with their existing DC plan and provide participants with an intuitive, one-stop platform designed to simplify administration, streamline transactions, and inform financial decisions.

In a new Vanguard white paper, The value of advice: Improving portfolio diversification, researchers Cynthia Pagliaro and Steve Utkus demonstrate the material impact of financial advice on the construction of individual investors’ portfolios. Analyzing the asset allocations of more than 44,000 Vanguard self-directed investors who adopted Vanguard Personal Advisor Services, the researchers found the implementation of advice improved portfolio construction for nearly 90% of the investors by addressing equity risk-taking, increasing international exposures, and reducing cash holdings.

Vanguard and HarbourVest today announced a strategic partnership to provide qualified investors with access to private equity and the potential to earn higher returns and achieve increased diversification.

Vanguard, a leader in low-cost investing, extended commission-free online trading for stocks and options to all Vanguard Brokerage clients, effective immediately. This expands Vanguard Brokerage’s commission-free platform that has included all Vanguard mutual funds since 1977, all Vanguard ETFs since 2010, and nearly every ETF in the industry since 2018. Additionally, more than 3,000 non-Vanguard mutual funds have no transaction fee when traded online.

Vanguard released its wide-ranging outlook and analysis on the future of the global economy and financial markets.

Vanguard filed an initial registration statement with the U.S. Securities and Exchange Commission to introduce Vanguard China Select Stock Fund. The fund will invest in both onshore and offshore Chinese equities and is intended for clients seeking actively managed, high-alpha-target equity exposure to complement a broadly diversified portfolio. Vanguard expects to launch the fund in the first quarter of 2022.

Vanguard announced the election of Tara Bunch to its board of directors and to the board of trustees of each of the Vanguard funds.

Vanguard announced the introduction of its new five-fund active equity offer available exclusively to clients of Personal Advisor Services (PAS). The offer is comprised of five single-manager funds, including two existing funds—Vanguard International Core Stock Fund and Vanguard Capital Opportunity Fund—and three funds launched today: Vanguard Advice Select Dividend Growth Fund, Vanguard Advice Select Global Value Fund, and Vanguard Advice Select International Growth Fund.

Vanguard launched the actively managed Vanguard Core-Plus Bond Fund, which seeks to offer clients a broadly diversified, single-fund, core fixed income portfolio invested primarily in U.S. Treasury, mortgage-backed, and other U.S. investment-grade securities. In addition, the fund may invest beyond the U.S. investment-grade bond market in areas such as high-yield corporate securities and emerging markets debt of all credit quality ratings.

Vanguard announced it has completed the acquisition of Just Invest, a provider of tax-managed, tailored wealth management technology. Just Invest’s offerings, including direct indexing platform Kaleidoscope™, provide financial advisors with technology solutions that cater to their clients’ unique financial needs. The acquisition adds direct indexing, or personalized indexing, capabilities to bolster Vanguard’s world-class investment product lineup and service offering for advisors.

Vanguard announced continued efforts to meet the evolving needs of retirement savers, retirees, and plan sponsors by lowering costs, streamlining investment options, and enhancing its industry-leading target-date offer. The firm will consolidate its lineup with the planned mergers of Vanguard Institutional Target Retirement Funds into Vanguard Target Retirement Funds (TRFs), which is expected to result in a lower expense ratio of 0.08% (8 basis points) for each TRF following completion of the mergers.

Vanguard announced plans to introduce an auto portability service for 401(k) sponsor clients and their participants. The firm has engaged Retirement Clearinghouse, LLC (RCH)—a leading provider of consolidation services for defined contribution plans and an RLJ Companies' majority owned company—to provide plan sponsors with a new portability solution to simplify small-balance 401(k) rollovers, help more employees preserve their retirement savings, and improve their chances of investment success. The service is expected to launch in mid-2022.

Vanguard today announced the retirement of John Marcante, chief information officer, following 28-years of dedicated service to the firm. Nitin Tandon, Vanguard’s current head of Retail and Corporate Systems within the Information Technology division, will join Vanguard’s Senior Staff immediately and become chief information officer, overseeing all aspects of the company's use of technology globally, when Mr. Marcante retires in November.

Vanguard filed initial registration statements with the Securities and Exchange Commission to launch three new active equity mutual funds: Vanguard Advice Select Dividend Growth Fund, Vanguard Advice Select Global Value Fund, and Vanguard Advice Select International Growth Fund.

Vanguard filed initial registration statements with the U.S. Securities and Exchange Commission to introduce two new active fixed income funds: Vanguard Core-Plus Bond Fund and Vanguard Multi-Sector Income Bond Fund. The funds are designed to meet the needs of clients seeking actively managed “core” and “satellite” bond portfolios and will augment the lineup of higher-alpha, diversified fixed income strategies managed by Vanguard Fixed Income Group.

Vanguard announced the election of Dr. David A. Thomas to its board of directors and to the board of trustees of each of the Vanguard funds.

Vanguard announced it has entered into a definitive agreement to acquire Just Invest, a provider of tax-managed, tailored wealth management technology, including Kaleidoscope™—a highly customizable, direct indexing offer.

World-class plan design, including automatic enrollment, annual automatic deferral increases, and target-date funds helped defined contribution (DC) participants stay the course during the COVID-19 pandemic, according to the most-recent edition of How America Saves.

Vanguard announced plans to change the target benchmarks for two dividend-focused index funds in the third quarter of this year. Vanguard Dividend Appreciation Index Fund will change its benchmark to the S&P U.S. Dividend Growers Index from the Nasdaq US Dividend Achievers Select Index. Vanguard International Dividend Appreciation Index Fund will change its benchmark to the S&P Global Ex-U.S. Dividend Growers Index from the Nasdaq International Dividend Achievers Select Index. The respective ETF Shares of these funds, VIG and VIGI, will also track the new benchmarks.

Vanguard today announced plans to broaden access to private equity. Vanguard entered the private equity market in 2020 with an initial focus on institutional advised clients, including pensions, endowments, and foundations.

After 32 years with the firm, Vanguard announced that John Hollyer, principal and global head of Vanguard Fixed Income Group, will retire at the end of June 2021.

Vanguard introduced its first actively managed bond ETF, managed by its in-house fixed income team. Vanguard Ultra-Short Bond ETF (VUSB) offers a low-cost, diversified option for investors seeking income and limited price volatility.

Vanguard today announced it is broadening the accessibility and utility of three ETFs in its Russell Index series by employing forward share splits. Vanguard Russell 1000 Value ETF (VONV) and Vanguard Russell 2000 ETF (VTWO) have declared a two-for-one share split, and Vanguard Russell 1000 Growth ETF (VONG) has declared a four-for-one share split.

Vanguard announced plans to modify the investment advisory arrangements of the $45.5 billion Vanguard U.S. Growth Fund and $1.2 billion Vanguard Variable Insurance Funds—Growth Portfolio.

Vanguard introduced a broad market international bond index fund, Vanguard Total International Bond II Index Fund. The fund will provide international fixed income exposure for Vanguard Target Retirement Funds, Vanguard Target Retirement Trusts, and Vanguard LifeStrategy Funds, who will be the only investors in the new fund.

Vanguard announced that based on preliminary voting results at today’s shareholder meeting, which was held virtually, Vanguard fund shareholders approved a proposal for a fund merger and a change in diversification status of five funds.

Vanguard filed an initial registration statement with the Securities and Exchange Commission to launch Vanguard Ultra-Short Bond ETF.

Vanguard announced the addition of Ariel Investments, LLC, to the firm’s distinguished roster of world-class active managers. Ariel will join Cardinal Capital Management, LLC, and Frontier Capital Management Co., L.L.C., in overseeing the $1.2 billion Vanguard Explorer Value Fund.

Vanguard filed an initial registration statement with the U.S. Securities and Exchange Commission to introduce Vanguard Baillie Gifford Global Positive Impact Stock Fund, which is designed to meet the needs of investors seeking actively managed global equity returns along with measurable impact on environmental and social challenges.

Vanguard announced plans to launch Vanguard Target Retirement 2070 Fund and Vanguard Target Retirement 2070 Trusts. The newest vintage in Vanguard’s industry-leading Target Retirement lineup, the 2070 Fund and Trusts are designed to provide the youngest members of the workforce with an all-in-one, low-cost portfolio solution as they begin saving for retirement.

Vanguard launched its first actively managed environmental, social and governance (ESG) fund, Global ESG Select Stock Fund (VEIGX). The fund is now accepting investments during a two-week subscription period concluding on June 4, 2019, when it is expected to begin trading.

Vanguard introduced Vanguard International Core Stock Fund (VWICX), expanding its actively managed roster of more than 70 mutual funds and ETFs.

Vanguard today reported expense ratio changes for 18 funds across multiple ETF and mutual fund share classes, including a wide range of international strategies. The firm continues to return value to investors through lower fund expenses on its path to returning $1 billion in cost savings to shareholders by the end of 2025.

Vanguard released the newest edition of How America Saves, the firm’s seminal report on 401(k) plan design and retirement savings habits. Through its annual, comprehensive analysis of nearly five million 401(k) accounts recordkept at Vanguard, the report reveals additional plan design opportunities employers can address to further improve workers’ retirement readiness. While employers have made significant progress in adopting leading plan designs and features, many participants are facing increasingly complex financial situations and life events that can compromise their retirement savings efforts.

Vanguard reported expense ratio changes for five mutual funds across multiple share classes. These changes align to funds with fiscal years ending January 2022 and represent an aggregate $2.8 million in net savings for investors.

Vanguard reported expense ratio changes for six funds across multiple ETF and mutual fund share classes with fiscal years ending December 2021. The changes include reductions for four broadly diversified bond ETFs and represent $8.8 million in aggregate net savings for investors. Vanguard’s investor-owned corporate structure enables the firm to return value to shareholders through lower costs and reinvestments to improve capabilities, technology, and client experience.

Vanguard and American Express announced a new Vanguard financial advice service to be offered exclusively to eligible American Express U.S. Consumer Card Members. INVEST for Amex by Vanguard features Vanguard’s digital financial planning and investment management expertise coupled with American Express’ differentiated rewards. The service will also include access to Vanguard financial advisors.

The newly merged Vanguard Target Retirement Funds will have a lower expense ratio of 0.08%. At less than one-fifth the cost of the average target-date fund, Vanguard Target Retirement Funds will retain the same investment strategy, asset allocations, and glide path, informed by more than four decades of client insights and investment management expertise.

Vanguard reported lower expense ratios for seven share classes of actively managed mutual funds and one index ETF in prospectus filings for funds with fiscal years ending September 30, 2021. As a result of these expense reductions, $4.4 million in savings was returned to investors.1 This represents the second of six rounds of annual prospectus updates in Vanguard’s 2021-2022 fiscal-year reporting period, which runs from December to May.

Vanguard reported lower expense ratios for 17 fund shares, including nine fixed income ETFs. As a result, investors saved an estimated $18.9 million.1 Since its founding in 1975, Vanguard has been a leader in lowering the cost of investing. For more than four decades, asset growth driven by investor cash flows and market returns, coupled with operational efficiencies, has enabled Vanguard to return value to investors through lower fund expense ratios.

Vanguard is continuing to lower the cost of investing by broadening access to Vanguard Institutional Target Retirement Funds (TRFs). Effective immediately, the plan-level minimum investment requirement has been reduced to $5 million from $100 million, enabling more 401(k) and 403(b) plan sponsors to offer these low-cost, broadly diversified options to their retirement plan participants.

Vanguard announced that the Neptune building, an innovative, new office facility situated on the firm’s 87-acre Malvern West campus, will officially open on Friday, November 1, 2019.

In a new paper, Vanguard researchers introduce a three-part framework for measuring the value of financial advice to investors. Using data derived from Vanguard Personal Advisor Services clients, Assessing the Value of Advice demonstrates that the value of advice encompasses three broad dimensions: portfolio, financial, and emotional.

Vanguard released its global 2019 Investment Stewardship annual report, which details company engagements and voting records of its mutual funds for the 12 months ended June 30, 2019.

Vanguard, in close collaboration with the Center for Research in Security Prices (CRSP®) and technology provider Symbiont, is leading an effort to simplify the index data sharing process through innovative blockchain technology. This partnership between the three organizations will enable index data to move instantly between index providers and market participants over one decentralized database.

Vanguard today announced that Vanguard Emerging Markets Bond Fund is available for investment. The new offering expands Vanguard’s U.S.-domiciled active fixed income fund roster to 25 funds and complements the firm’s existing emerging markets bond index offering.

Vanguard has appointed seven experienced investment management professionals as portfolio managers of 23 equity index funds, including some of the largest index funds in the world. Vanguard, which manages $3.56 trillion in index fund assets, periodically rotates its portfolio management staff across the globe in order to strengthen the breadth and depth of the firm’s investment management capabilities.

Vanguard announced plans to merge the $15.1 billion Vanguard Morgan Growth Fund into the $10.2 billion Vanguard U.S. Growth Fund. Following the merger, scheduled to be completed in early 2019, the fund will retain the U.S. Growth Fund name and continue to invest primarily in large-capitalization stocks of U.S. companies considered to have above-average earnings growth potential and reasonable stock prices in comparison with expected earnings.

Vanguard is continuing to lower the cost of investing for nearly 1.5 million clients by broadening the availability of its low-cost Admiral Shares. Minimum investment requirements for Admiral Shares will be lowered from $10,000 to $3,000 for 38 index funds, which is expected to deliver an estimated $71 million in aggregate savings, based on current total assets. This is in addition to the estimated $625 million in cumulative savings that Vanguard has created for its clients over the last three years alone.

Vanguard added to its growing roster of active fixed income offerings with the launch of Vanguard Global Credit Bond Fund. The new actively managed fund will provide investors with diversified exposure to the U.S. and international investment-grade credit markets.

Vanguard supports the Securities and Exchange Commission’s (SEC) efforts to enhance disclosures by mutual funds and ETFs to improve investor’s experience and help investors make more informed investment decisions.

Vanguard CEO Tim Buckley will succeed Bill McNabb as Chairman of the $5.3 trillion investment management firm, effective January 1, 2019. He becomes the fourth chairman in the firm’s 43-year history.

Vanguard added to its current environmental, social, and governance (ESG) fund offering with Vanguard ESG U.S. Stock ETF (ESGV) and Vanguard ESG International Stock ETF (VSGX). The new ETFs, which are among the lowest-cost ESG ETFs in the industry, can be purchased commission-free from Vanguard and are available on other leading trading platforms.

Joseph P. Brennan has been appointed to a newly created position of Vanguard’s Global Chief Risk Officer and a member of Vanguard’s senior leadership team. In his new role, Mr. Brennan, 49, will assume responsibility for the firm’s current enterprise risk management organization, in addition to all facets of enterprise security and investment risk management.

Vanguard announced an expanded partnership with RiskFirst, a leading financial technology company, to provide its institutional nonprofit clients with the same innovative risk management solution, PFaroe, that pension clients have utilized since 2016. Vanguard is one of the first firms in the asset management industry to offer PFaroe to its outsourced chief investment officer (OCIO) foundation and endowment clients. The tool supplements Vanguard’s risk management capabilities and offers a comprehensive analysis of portfolio risks.

Vanguard launched Vanguard Total World Bond ETF (BNDW), the industry’s first U.S.-domiciled index ETF offering investors access to the global investment-grade bond universe in a single fund. The new ETF trades on Nasdaq and seeks to track the Bloomberg Barclays Global Aggregate Float Adjusted Composite Index. It has an estimated expense ratio of 0.09%.

Vanguard, the leader in low-cost investing, today launched the largest suite of commission-free ETFs available to investors.1 As announced in early July, Vanguard is offering commission-free online transactions on approximately 90% of all ETFs—nearly 1,800 of the roughly 2,000 ETFs currently trading on the major exchanges. Vanguard has excluded inverse and leveraged ETFs due to their highly speculative nature.

Vanguard filed a preliminary registration statement with the Securities and Exchange Commission for Vanguard Global Credit Bond Fund. The new actively managed fund, expected to launch in November 2018, will provide investors with diversified, predominately investment-grade exposure to the U.S. and international credit markets.

Vanguard announced changes to two actively managed equity funds. The $2.3 billion Vanguard Precious Metals and Mining Fund (VGPMX) will be renamed to Vanguard Global Capital Cycles Fund as part of a restructuring intended to broaden the fund’s mandate and diversify its portfolio. Wellington Management Company LLP will manage the fund effective today. Additionally, Baillie Gifford Overseas Ltd. has been added to the advisory team of the $641 million Vanguard Emerging Markets Select Stock Fund (VMMSX). M&G Investment Management Limited will no longer serve in an advisory capacity for either fund.

Vanguard announced substantial reductions in the cost of investing with the firm by providing commission-free online transactions for the vast majority of ETFs. Vanguard, which has offered commission-free transactions of Vanguard ETFs since 2010, is broadening access beyond the company’s 77 low-cost ETFs to nearly 1,800 offerings, including ETFs from BlackRock, Schwab, and SSgA. The program will exclude highly speculative and complex ETFs.

Vanguard filed a preliminary registration statement with the Securities and Exchange Commission for Vanguard ESG U.S. Stock ETF and Vanguard ESG International Stock ETF. The new ETFs will complement Vanguard’s existing FTSE Social Index Fund and are expected to begin trading in September 2018.

Vanguard announced that David R. Glocke, a long-tenured money market fund manager in Vanguard’s Fixed Income Group, will retire at the end of the month.

Vanguard announced plans to transfer the listing of the $36.7 billion Vanguard Total Bond Market ETF (BND) from NYSE Arca to Nasdaq on or about July 26, 2018. Until that time, Vanguard Total Bond Market ETF will continue to trade on NYSE Arca. Clients should not expect any meaningful impact to their trading experience as a result of the transfer.

Vanguard filed a preliminary registration statement with the Securities and Exchange Commission for Vanguard Total World Bond ETF. The ETF will be the industry’s first U.S.-domiciled index product offering investors access to the entire global investment-grade bond universe in a single portfolio. It is expected to launch in the third quarter of this year.

Vanguard announced four key appointments within its Fixed Income Group as part of the firm's long-standing practice of periodically rotating investment professionals to broaden their experience and strengthen and deepen the firm’s equity and bond management teams.

Vanguard launched six new factor-based ETFs—the firm’s first actively managed ETFs in the U.S.—and one factor-based mutual fund. Vanguard’s five single factor funds seek to achieve specific risk or return objectives through targeted factor exposures—minimum volatility, value, momentum, liquidity, and quality. The newly launched U.S. factor funds serve as an extension of Vanguard’s low-cost active fund lineup. These funds will be managed by Vanguard Quantitative Equity Group—Vanguard’s third largest active equity manager, overseeing more than $39 billion.

In annual reports being published, nine stock and bond ETFs reported lower expense ratios, including the $24.3 billion Vanguard Total International Bond ETF, the $17.3 billion Vanguard Total International Stock ETF, and the $63.2 billion Vanguard Emerging Markets Stock ETF, the largest in its category1. Vanguard also reported lower expenses on two active funds: Vanguard Global Minimum Volatility Fund and Vanguard International Value Fund.

In annual reports being published today, three Vanguard international income-oriented funds reported lower expense ratios: the $1.6 billion Vanguard International Dividend Appreciation Index Fund, the $1.5 billion Vanguard International High Dividend Yield Index Fund, and the $1.9 billion Vanguard Emerging Markets Government Bond Index Fund. Vanguard also reported lower expense ratios on four externally managed active equity funds.

Vanguard today announced changes to the multi-manager structures of three value funds: the $47.5 billion Vanguard Windsor II Fund, the $8.0 billion Vanguard Selected Value Fund, and the $951.5 million Diversified Value Portfolio of Vanguard Variable Insurance Fund.

Vanguard, the $5.9 trillion U.S.-based asset manager, and Ant Financial Services Group, operator of the world’s leading payment and lifestyle platform, Alipay, today announced a partnership to bring a new streamlined and broadly-available investment advisory service to retail consumers in China.

Vanguard released its comprehensive outlook and analysis on the global economy and financial markets. With ongoing trade tensions, geopolitical uncertainty, and unpredictable policymaking becoming the new normal, Vanguard expects U.S. growth to decelerate below trend to around 1% in 2020, with the risk of recession still elevated.

Vanguard announced plans to launch a new, broad market international bond index fund, Vanguard Total International Bond II. The fund will serve as the international fixed income component for the firm’s industry-leading Vanguard Target Retirement series and LifeStrategy Funds.

Vanguard announced a number of key appointments across its investment management division as part of ongoing efforts to build and expand the capabilities of its global team of more than 500 portfolio managers, analysts, and traders.

Vanguard announced that Vanguard Baillie Gifford Global Positive Impact Stock Fund is available for investment. The fund consists of a global equity portfolio with the potential to outperform the broad market through active management and contribute positively to solving some of the world’s challenges, including social and environmental challenges.

Vanguard expanded its Investor Choice pilot program, adding three new funds and two new voting policy options.

Vanguard unveiled data from its Investor Choice proxy voting pilot, outlining individual investor engagement and voting policy preferences from the 2024 proxy season.

Vanguard announced that it will reduce the minimum asset requirement from $3,000 to $100 for its robo-advisor service, Digital Advisor, significantly increasing accessibility for investors interested in utilizing a digital advice service to manage short- and long-term financial goals. 

Vanguard announced that Tonya T. Robinson will join the firm in October as general counsel and managing director of its legal division. She will be responsible for all legal and compliance activities, public policy, and investment stewardship. She will also serve as secretary of the Vanguard Board of Directors and secretary of the Vanguard funds.

Vanguard announced plans to introduce Vanguard Core Tax-Exempt Bond ETF (VCRM) and Vanguard Short Duration Tax-Exempt Bond ETF (VSDM), two active municipal ETFs that will be managed by Vanguard Fixed Income Group. Vanguard intends to launch the ETFs before the end of the year.

Vanguard 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 announced an upcoming change to the portfolio managers of Vanguard Health Care Fund. Jean Hynes will step down as co-portfolio manager of the fund in January 2025. Ms. Hynes will continue to serve as the CEO and a Managing Partner of Wellington Management. Rebecca Sykes, CFA, who has worked closely with Ms. Hynes since joining Wellington Management’s Health Care Team in 2007 and has advised the fund as co-portfolio manager since May 2023, will become the sole portfolio manager.

Vanguard announced that Salim Ramji has assumed the role of chief executive officer and joined Vanguard’s Board of Directors. His appointment was part of a planned transition announced on May 14, 2024. Salim succeeds Tim Buckley, who is retiring from Vanguard after more than 30 years of distinguished service, including a highly successful tenure as chairman and chief executive officer.

401(k) plan participants saved at historic rates in 2023, with a record-high number of participants also increasing their savings rate. How America Saves, Vanguard’s annual report on the retirement savings behaviors of nearly five million American workers, found that the average participant deferral rate reached a record-high 7.4% in 2023. 

Vanguard announced that both Vanguard PRIMECAP Fund and Vanguard PRIMECAP Core Fund are open to all investors without restriction, effective immediately. Both funds, which have been closed since 2004 and 2009, respectively, are now available for new accounts and additional purchases. 

Vanguard announced changes to the investment advisory arrangements of Vanguard Explorer Value Fund. Wellington Management Company LLP joins the fund as advisor, alongside existing advisors Frontier Capital Management LLC and Ariel Investments, LLC. Ariel and Wellington Management will manage the portion of the fund formerly advised by Cardinal Capital Management, L.L.C., which will no longer serve as an advisor to the fund. 

Vanguard announced that its Board of Directors has appointed Salim Ramji, a longtime financial services executive, as the Company’s new Chief Executive Officer and a member of the Board, effective July 8, 2024. Mr. Ramji succeeds Tim Buckley, who, as previously announced, will retire and step down as Chairman and CEO.

Vanguard announced the acquisition of a newly constructed, 91-acre campus in Charlotte, North Carolina.

Vanguard announced that Tim Buckley will retire from his role as Chairman and Chief Executive Officer by year-end 2024 after a dynamic and highly successful tenure as CEO and more than three decades of distinguished Vanguard service.

Vanguard launched Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and Vanguard California Tax-Exempt Bond ETF (VTEC), two index municipal bond ETFs managed by Vanguard Fixed Income Group.

Vanguard is introducing new and enhanced intergenerational wealth and legacy planning capabilites through a partnership with Vanilla, an innovative provider of digital estate planning tools and solutions.

Vanguard announced the election of Lubos Pastor to its board of directors and to the board of trustees for each of the Vanguard funds. 

Vanguard announced the retirement of Tom Rampulla, managing director and head of Vanguard’s Financial Advisor Services (FAS) division, following 35 years of dedicated service to the firm. Amma Boateng, current head of the Broker-Dealer channel within FAS, will join Vanguard’s senior leadership team and become the head of the division effective January 1, 2024.

Vanguard released its annual outlook and analysis on global financial markets and economies. This year’s report, “A Return to Sound Money,” provides investors a comprehensive economic roadmap and articulates Vanguard's updated long-term investment thesis.

Vanguard launched Vanguard Core-Plus Bond ETF (VPLS) and announced that Vanguard Core Bond ETF (VCRB) will launch before year end. These two new actively managed bond ETFs offer clients broadly diversified fixed income exposure with low equity correlation and the potential to outperform broad bond benchmarks over the long term.

Vanguard International Dividend Growth Fund (VIDGX) is now available for investment, beginning with a two-week subscription period. The fund is actively managed by Wellington Management Company and seeks to compound wealth over time by investing in companies that have the ability and willingness to grow their dividends over the long term. The subscription period will conclude at the end of the business day on November 14.

Vanguard announced plans to launch Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) and Vanguard California Tax-Exempt Bond ETF (VTEC), two index municipal bond ETFs. The ETFs will be managed by Vanguard’s Fixed Income Group, which has overseen municipal bond portfolios for more than 40 years.

The retirement readiness outlook is mixed for Americans, according to the inaugural Vanguard Retirement Outlook report. This comprehensive analysis—which builds off expertise garnered from Vanguard’s nearly fifty years serving individual investors—evaluates retirement readiness for a nationally representative sample of American workers.

Vanguard announced plans to introduce Vanguard Core Bond ETF (VCRB) and Vanguard Core-Plus Bond ETF (VPLS), two active fixed income ETFs that will be managed by Vanguard Fixed Income Group. Vanguard intends to launch the ETFs at the end of the year.

Vanguard announced plans to launch Vanguard International Dividend Growth Fund, an actively managed equity fund that seeks to compound wealth over the long term by investing in international companies with sustainably growing dividends. The fund will be managed by the same experienced investment team, from Wellington Management Company LLP, behind Vanguard Dividend Growth Fund. 

Vanguard filed registration statements with the Securities and Exchange Commission for five equity index funds. As previously announced, the purpose of the filings is to facilitate the movement of five existing equity index funds from one Delaware Statutory Trust to different, existing trusts. 

Vanguard announced the election of Grant Reid to its board of directors and to the board of trustees for each of the Vanguard funds.

Participation rates in 401(k) plans recordkept by Vanguard have reached an all-time high, driven by the continued power of design features like automatic enrollment and automatic annual increases. The firm’s annual release of How America Saves—an industry-leading compendium of the retirement savings behaviors of nearly five million American workers—also reports that employers are increasingly bolstering 401(k) plans with services designed to meet the broader financial needs of their employees, including advice.

Vanguard announced changes to the advisory arrangements of Vanguard Growth and Income Fund and Vanguard U.S. Growth Fund. Wellington Management Company LLP has been added as an advisor to the Growth and Income Fund, and the portion of the U.S. Growth Fund advised by Wellington Management will increase. Vanguard Quantitative Equity Group (QEG) will no longer serve as an advisor to either fund. 

Vanguard launched Vanguard Short-Term Tax-Exempt Bond ETF (Ticker: VTES). The new municipal bond index ETF is managed by Vanguard Fixed Income Group and is designed for tax-sensitive investors with a short-term time horizon and low interest rate risk tolerance.

Vanguard announced plans to merge Vanguard Managed Allocation Fund into Vanguard LifeStrategy Moderate Growth Fund and to liquidate Vanguard Alternative Strategies Fund. The merger and liquidation are expected to take place in the second quarter of 2023.

Vanguard announced the launch of its proxy voting choice pilot for investors in three Vanguard equity index funds. The pilot reflects Vanguard’s continuing commitment to levelling the playing field for individual investors and helping to give them the best chance for investment success.

Vanguard announced that the actively managed Vanguard Multi-Sector Income Bond Fund is now available for public investment, offering investors diversified exposure to fixed income credit sectors. The fund, managed by Vanguard Fixed Income Group, provides clients with a flexible, risk-controlled approach that enables portfolio managers to seek the best opportunities across various sectors and credit qualities.

Vanguard announced plans to introduce Vanguard Short-Term Tax-Exempt Bond ETF (Ticker: VTES), a municipal bond index ETF that will be managed by Vanguard Fixed Income Group. Vanguard intends to launch the ETF in the first quarter of 2023.

Vanguard announced plans to modify the investment advisory arrangement of the $3.1 billion Vanguard Mid-Cap Growth Fund. RS Investments will no longer serve as an advisor to the fund, and the firm’s portion of the fund (approximately 20% of fund assets) will be transitioned to Frontier Capital Management Co., LLC, an existing manager on the fund.

Vanguard Global Environmental Opportunities Stock Fund is now available for investment. Investors can purchase shares during a two-week subscription period. The fund will begin pursuing its investment objective on November 16, 2022.

Vanguard announced changes to the investment advisory arrangements and benchmark of the $1.68 billion Vanguard International Explorer Fund. Following a transition period, current investment advisors Wellington Management Company LLP; Schroder Investment Management North America Inc.; and Baillie Gifford Overseas Ltd., will now manage 40%, 40%, and 20% of the fund’s assets, respectively. TimesSquare Capital Management, LLC will no longer serve as an advisor to the fund.

Vanguard announced that the $44.2 million Vanguard U.S. Liquidity Factor ETF will be liquidated in late November. The decision was made as part of Vanguard’s ongoing, comprehensive review of its global product lineup to ensure that each fund and ETF meets the evolving needs of clients.

Vanguard announced that it has added Vanguard Fixed Income Group as an advisor to Vanguard High-Yield Corporate Fund. Vanguard’s high-yield credit team will manage about one-third of the portfolio with Wellington Management Company LLP continuing to manage the remainder of the fund. Additionally, Elizabeth Shortsleeve of Wellington Management, has been added as a co-portfolio manager.

Vanguard announced its plans to launch Vanguard Global Environmental Opportunities Stock Fund. The actively managed fund will hold a concentrated portfolio of companies that both are involved in the process of decarbonization and derive at least half of their revenue from activities deemed by the fund’s advisor to contribute positively to environmental change.

Vanguard announced changes to the investment advisory arrangements of Vanguard Global Equity Fund. Two additional investment advisors were added to the fund: Wellington Management Company, LLP and Pzena Investment Management, LLC. They will manage the portion of the fund formerly advised by Marathon Asset Management, which will no longer serve as an advisor to the fund.