Vanguard European Stock Index Fund expenses

Transaction Fee History

 * 1.0% purchase fee from 1995 through 11/2/1997
 * 0.5% purchase fee beginning 11/3/1997 through 3/31/2000

Note
The Fund CR (Commission Ratio) is derived by dividing the brokerage commissions paid by the fund into a fund's approximate average net assets (three data points derived from annual and semiannual reports). An exact ratio requires all twelve monthly data points. Since these data points are not readily available, the approximation must suffice.

Brokerage commission expense is the only transaction expense that can be quantified. Additional transaction costs, such as spread costs and market impact costs, must be estimated.

Vanguard provides only aggregate, not individual, international index fund brokerage commission expense prior to 1997.

The fund's higher than average turnover in fiscal year 2002 was due to a reformulation of the MSCI international indexes.