Vanguard ETF/fund ratios

''Because Vanguard ETFs are shares of conventional Vanguard index funds, they can take full advantage of tax-management strategies available to conventional funds and to ETFs. Conventional index funds can manage tax liabilities by selling high-cost securities to realize losses to offset realized gains. They can also limit a fund's potential capital gains exposure by using in-kind redemptions to eliminate stocks with high built-in capital gains from the portfolio. This advantage gives our Vanguard ETFs management team more flexibility in implementing tax-management strategies.'' {from Learn More About Vanguard ETFs}

The following table records the percentage of ETF shares to the total shares of each Vanguard Equity Index Fund offering ETF shares.

Notes:
 * 1) Ratios are determined at the close of the fiscal years. For US index funds and the tax-managed Euro-Pacific international fund this occurs on 12/31 of each year. For all other international index funds, the close of the fiscal year comes on 10/31 of each year.