Taxes

Qualified dividend income—2019 year-end figures

The tables show the percentage of 2019 dividend and net short-term capital gain distributions, by fund and share class, that are eligible for reduced tax rates as "qualified dividend income" (QDI). Equity and balanced funds are likely to distribute QDI to shareholders; money market and bond funds won't distribute QDI.

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QDI-eligible amounts, including any net short-term capital gains, are reported to shareholders in Box 1b of Form 1099-DIV. For those shareholders who don't receive a Form 1099-DIV, QDI-eligible amounts can be determined by applying the relevant percentages from the table to the dividend and net short-term capital gain distributions shown on the shareholder's 2019 year-end account statement.

Note: Because of the unique reporting requirements for Vanguard Real Estate Index Fund, Vanguard has received an extension to mail Form 1099-DIV to shareholders by late February. As a result, QDI information for this fund won't be available until that time.

Fund name	QDI figures for dividends	QDI figures for short-term capital gains
Vanguard Balanced Index Fund Investor Shares	47.98%	0.00%
Vanguard Balanced Index Fund Admiral™ Shares	47.98%	0.00%
Vanguard Balanced Index Fund Institutional Shares	47.98%	0.00%
Vanguard Value Index Fund Investor Shares	100.00%	0.00%
Vanguard Value Index Fund Admiral Shares	100.00%	0.00%
Vanguard Value Index Fund Institutional Shares	100.00%	0.00%
Vanguard Value ETF	100.00%	0.00%
Vanguard Growth Index Fund Investor Shares	93.20%	0.00%
Vanguard Growth Index Fund Admiral Shares	93.20%	0.00%
Vanguard Growth Index Fund Institutional Shares	93.20%	0.00%
Vanguard Growth ETF	93.20%	0.00%
Vanguard Wellington™ Fund Investor Shares	58.67%	0.00%
Vanguard Wellington Fund Admiral Shares	58.67%	0.00%
Vanguard Windsor™ Fund Investor Shares	100.00%	2.59%
Vanguard Windsor Fund Admiral Shares	100.00%	2.59%
Vanguard U.S. Growth Fund Investor Shares	100.00%	73.43%
Vanguard U.S. Growth Fund Admiral Shares	100.00%	73.43%
Vanguard Explorer™ Fund Investor Shares	100.00%	0.00%
Vanguard Explorer Fund Admiral Shares	100.00%	0.00%
Vanguard Morgan™ Growth Fund Investor Shares	100.00%	0.00%
Vanguard Morgan Growth Fund Admiral Shares	100.00%	0.00%
Vanguard Wellesley® Income Fund Investor Shares	34.77%	0.00%
Vanguard Wellesley Income Fund Admiral Shares	34.77%	0.00%
Vanguard 500 Index Fund Investor Shares	100.00%	0.00%
Vanguard 500 Index Fund Admiral Shares	100.00%	0.00%
Vanguard S&P 500 ETF	100.00%	0.00%
Vanguard 500 Index Fund Institutional Select Shares	100.00%	0.00%
Vanguard International Value Fund Investor Shares	73.94%	0.00%
Vanguard Small-Cap Index Fund Investor Shares	69.37%	0.00%
Vanguard Small-Cap Index Fund Admiral Shares	69.37%	0.00%
Vanguard Small-Cap Index Fund Institutional Shares	69.37%	0.00%
Vanguard Small-Cap ETF	69.37%	0.00%
Vanguard Small-Cap Index Fund Institutional Plus Shares	69.37%	0.00%
Vanguard Energy Fund Investor Shares	98.70%	0.00%
Vanguard Energy Fund Admiral Shares	98.70%	0.00%
Vanguard Health Care Fund Investor Shares	100.00%	35.77%
Vanguard Health Care Fund Admiral Shares	100.00%	35.77%
Vanguard Global Capital Cycles Fund Investor Shares	88.23%	0.00%
Vanguard STAR® Fund Investor Shares	42.06%	12.89%
Vanguard Dividend Growth Fund Investor Shares	100.00%	17.60%
Vanguard PRIMECAP Fund Investor Shares	100.00%	100.00%
Vanguard PRIMECAP Fund Admiral Shares	100.00%	100.00%
Vanguard Equity Income Fund Investor Shares	100.00%	100.00%
Vanguard Equity Income Fund Admiral Shares	100.00%	100.00%
Vanguard Pacific Stock Index Fund Investor Shares	72.30%	0.00%
Vanguard Pacific Stock Index Fund Institutional Shares	72.30%	0.00%
Vanguard Pacific Stock Index Fund Admiral Shares	72.30%	0.00%
Vanguard FTSE Pacific ETF	72.30%	0.00%
Vanguard Pacific Stock Index Fund Institutional Plus Shares	72.30%	0.00%
Vanguard Windsor II Fund Investor Shares	100.00%	0.00%
Vanguard Windsor II Fund Admiral Shares	100.00%	0.00%
Vanguard European Stock Index Fund Investor Shares	82.40%	0.00%
Vanguard European Stock Index Fund Institutional Shares	82.40%	0.00%
Vanguard European Stock Index Fund Admiral Shares	82.40%	0.00%
Vanguard FTSE Europe ETF	82.40%	0.00%
Vanguard European Stock Index Fund Institutional Plus Shares	82.40%	0.00%
Vanguard International Growth Fund Investor Shares	83.92%	0.00%
Vanguard International Growth Fund Admiral Shares	83.92%	0.00%
Vanguard Total Stock Market Index Fund Investor Shares	93.79%	0.00%
Vanguard Total Stock Market Index Fund Admiral Shares	93.79%	0.00%
Vanguard Total Stock Market Index Fund Institutional Shares	93.79%	0.00%
Vanguard Total Stock Market ETF	93.79%	0.00%
Vanguard Total Stock Market Index Fund Institutional Select Shares	93.79%	0.00%
Vanguard Total Stock Market Index Fund Institutional Plus Shares	93.79%	0.00%
Vanguard Growth and Income Fund Investor Shares	100.00%	74.46%
Vanguard Growth and Income Fund Admiral Shares	100.00%	74.46%
Vanguard Institutional Index Fund Institutional Shares	96.61%	0.00%
Vanguard Institutional Index Fund Institutional Plus Shares	96.61%	0.00%
Vanguard Extended Market Index Fund Investor Shares	66.73%	0.00%
Vanguard Extended Market Index Fund Admiral Shares	66.73%	0.00%
Vanguard Extended Market Index Fund Institutional Shares	66.73%	0.00%
Vanguard Extended Market ETF	66.73%	0.00%
Vanguard Extended Market Index Fund Institutional Plus Shares	66.73%	0.00%
Vanguard Extended Market Index Fund Institutional Select Shares	66.73%	0.00%
Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares	100.00%	0.00%
Vanguard Tax-Managed Capital Appreciation Fund Admiral Shares	100.00%	0.00%
Vanguard Tax-Managed Balanced Fund Admiral Shares	97.35%	0.00%
Vanguard Capital Opportunity Fund Investor Shares	100.00%	100.00%
Vanguard Capital Opportunity Fund Admiral Shares	100.00%	100.00%
Vanguard Total International Stock Index Fund Investor Shares	64.86%	0.00%
Vanguard Total International Stock Index Fund Admiral Shares	64.86%	0.00%
Vanguard Total International Stock Index Fund Institutional Shares	64.86%	0.00%
Vanguard Total International Stock Index Fund Institutional Plus Shares	64.86%	0.00%
Vanguard Total International Stock Index Fund Institutional Select Shares	64.86%	0.00%
Vanguard Total International Stock ETF	64.86%	0.00%
Vanguard Strategic Equity Fund Investor Shares	84.25%	0.00%
Vanguard Tax-Managed Small-Cap Fund Admiral Shares	90.04%	0.00%
Vanguard Tax-Managed Small-Cap Fund Institutional Shares	90.04%	0.00%
Vanguard LifeStrategy® Growth Fund Investor Shares	60.00%	0.00%
Vanguard U.S. Value Fund Investor Shares	97.53%	0.00%
Vanguard International Explorer Fund Investor Shares	86.15%	0.00%
Vanguard Developed Markets Index Fund Admiral Shares	76.35%	0.00%
Vanguard Developed Markets Index Fund Institutional Shares	76.35%	0.00%
Vanguard FTSE Developed Markets ETF	76.35%	0.00%
Vanguard Developed Markets Index Fund Investor Shares	76.35%	0.00%
Vanguard Developed Markets Index Fund Institutional Plus Shares	76.35%	0.00%
Vanguard Global Equity Fund Investor Shares	74.90%	0.00%
Vanguard FTSE Social Index Fund Investor Shares	100.00%	0.00%
Vanguard FTSE Social Index Fund Institutional Shares	100.00%	0.00%
Vanguard FTSE Social Index Fund Admiral Shares	100.00%	0.00%
Vanguard Mid-Cap Growth Fund Investor Shares	100.00%	0.00%
Vanguard Target Retirement 2015 Fund Investor Shares	27.67%	0.00%
Vanguard Target Retirement 2025 Fund Investor Shares	44.38%	0.00%
Vanguard Target Retirement 2035 Fund Investor Shares	56.80%	0.00%
Vanguard Target Retirement 2045 Fund Investor Shares	68.47%	0.00%
Vanguard Large-Cap Index Fund Investor Shares	97.15%	0.00%
Vanguard Large-Cap Index Fund Institutional Shares	97.15%	0.00%
Vanguard Large-Cap ETF	97.15%	0.00%
Vanguard Large-Cap Index Fund Admiral Shares	97.15%	0.00%
Vanguard Target Retirement Income Fund Investor Shares	21.91%	0.00%
Vanguard Capital Value Fund Investor Shares	96.91%	0.00%
Vanguard U.S Multifactor Fund Admiral Shares	100.00%	0.00%
Vanguard Emerging Markets Stock Index Fund Institutional Shares	38.41%	0.00%
Vanguard Emerging Markets Stock Index Fund Investor Shares	38.41%	0.00%
Vanguard FTSE Emerging Markets ETF	38.41%	0.00%
Vanguard Emerging Markets Stock Index Fund Institutional Plus Shares	38.41%	0.00%
Vanguard Emerging Markets Stock Index Fund Admiral Shares	38.41%	0.00%
Vanguard Dividend Appreciation Index Fund Investor Shares	100.00%	0.00%
Vanguard Dividend Appreciation ETF	100.00%	0.00%
Vanguard Dividend Appreciation Index Fund Admiral Shares	100.00%	0.00%
Vanguard Diversified Equity Fund Investor Shares	100.00%	100.00%
Vanguard Strategic Small-Cap Equity Fund Investor Shares	81.45%	0.00%
Vanguard High Dividend Yield Index Fund Investor Shares	100.00%	0.00%
Vanguard High Dividend Yield ETF	100.00%	0.00%
Vanguard High Dividend Yield Index Fund Admiral Shares	100.00%	0.00%
Vanguard Total World Stock Index Fund Investor Shares	84.07%	0.00%
Vanguard Total World Stock Index Fund Institutional Shares	84.07%	0.00%
Vanguard Total World Stock ETF	84.07%	0.00%
Vanguard Total World Stock Index Fund Admiral Shares	84.07%	0.00%
Vanguard Market Neutral Fund Investor Shares	56.09%	0.00%
Vanguard Market Neutral Fund Institutional Shares	56.09%	0.00%
Vanguard Target Retirement 2020 Fund Investor Shares	37.60%	0.00%
Vanguard Target Retirement 2030 Fund Investor Shares	50.51%	0.00%
Vanguard Target Retirement 2040 Fund Investor Shares	63.01%	0.00%
Vanguard Target Retirement 2050 Fund Investor Shares	68.45%	0.00%
Vanguard LifeStrategy Income Fund Investor Shares	13.55%	0.00%
Vanguard LifeStrategy Conservative Growth Fund Investor Shares	27.91%	0.00%
Vanguard Global ex-U.S. Real Estate Index Fund Investor Shares	7.63%	0.00%
Vanguard Global ex-U.S. Real Estate Index Fund Admiral Shares	7.63%	0.00%
Vanguard Global ex-U.S. Real Estate Index Fund Institutional Shares	7.63%	0.00%
Vanguard Global ex-U.S. Real Estate ETF	7.63%	0.00%
Vanguard Emerging Markets Select Stock Fund Investor Shares	75.36%	0.00%
Vanguard FTSE All-World ex-US Index Fund Admiral Shares	71.64%	0.00%
Vanguard FTSE All-World ex-US Index Fund Investor Shares	71.64%	0.00%
Vanguard FTSE All-World ex-US Index Fund Institutional Shares	71.64%	0.00%
Vanguard FTSE All-World ex-US ETF	71.64%	0.00%
Vanguard FTSE All-World ex-US Index Fund Institutional Plus Shares	71.64%	0.00%
Vanguard Mega Cap Index Fund Institutional Shares	100.00%	0.00%
Vanguard Mega Cap ETF	100.00%	0.00%
Vanguard Mid-Cap Growth Index Fund Investor Shares	78.44%	0.00%
Vanguard Mid-Cap Growth ETF	78.44%	0.00%
Vanguard Mid-Cap Growth Index Fund Admiral Shares	78.44%	0.00%
Vanguard Mid-Cap Value Index Fund Investor Shares	90.86%	0.00%
Vanguard Mid-Cap Value ETF	90.86%	0.00%
Vanguard Mid-Cap Value Index Fund Admiral Shares	90.86%	0.00%
Vanguard Mega Cap Growth Index Fund Institutional Shares	100.00%	0.00%
Vanguard Mega Cap Growth ETF	100.00%	0.00%
Vanguard Mega Cap Value Index Fund Institutional Shares	100.00%	0.00%
Vanguard Mega Cap Value ETF	100.00%	0.00%
Vanguard Mid-Cap Index Fund Investor Shares	83.19%	0.00%
Vanguard Mid-Cap Index Fund Institutional Shares	83.19%	0.00%
Vanguard Mid-Cap ETF	83.19%	0.00%
Vanguard Mid-Cap Index Fund Institutional Plus Shares	83.19%	0.00%
Vanguard Mid-Cap Index Fund Admiral Shares	83.19%	0.00%
Vanguard Small-Cap Value Index Fund Investor Shares	69.72%	0.00%
Vanguard Small-Cap Value Index Fund Institutional Shares	69.72%	0.00%
Vanguard Small-Cap Value ETF	69.72%	0.00%
Vanguard Small-Cap Value Index Fund Admiral Shares	69.72%	0.00%
Vanguard Small-Cap Growth Index Fund Investor Shares	72.59%	0.00%
Vanguard Small-Cap Growth Index Fund Institutional Shares	72.59%	0.00%
Vanguard Small-Cap Growth ETF	72.59%	0.00%
Vanguard Small-Cap Growth Index Fund Admiral Shares	72.59%	0.00%
Vanguard Institutional Total Stock Market Index Fund Institutional Shares	92.68%	0.00%
Vanguard Institutional Total Stock Market Index Fund Institutional Plus Shares	92.68%	0.00%
Vanguard LifeStrategy Moderate Growth Fund Investor Shares	43.43%	0.00%
Vanguard Selected Value Fund Investor Shares	96.35%	0.00%
Vanguard Global Minimum Volatility Fund Admiral Shares	58.41%	0.00%
Vanguard Global Minimum Volatility Fund Investor Shares	58.41%	0.00%
Vanguard PRIMECAP Core Fund Investor Shares	100.00%	100.00%
Vanguard Alternative Strategies Fund Investor Shares	40.39%	0.00%
Vanguard Target Retirement 2055 Fund Investor Shares	68.43%	0.00%
Vanguard Global Wellesley Income Fund Investor Shares	49.95%	0.00%
Vanguard Global Wellesley Income Fund Admiral Shares	49.95%	0.00%
Vanguard International High Dividend Yield Index Fund Admiral Shares	71.16%	0.00%
Vanguard International High Dividend Yield Index Fund Investor Shares	71.16%	0.00%
Vanguard International High Dividend Yield ETF	71.16%	0.00%
Vanguard Global Wellington Fund Investor Shares	71.71%	0.00%
Vanguard Global Wellington Fund Admiral Shares	71.71%	0.00%
Vanguard Institutional Target Retirement 2015 Fund	28.25%	0.00%
Vanguard Institutional Target Retirement 2020 Fund	38.20%	0.00%
Vanguard Institutional Target Retirement 2025 Fund	45.00%	0.00%
Vanguard Institutional Target Retirement 2030 Fund	51.04%	0.00%
Vanguard Institutional Target Retirement 2035 Fund	57.22%	0.00%
Vanguard Institutional Target Retirement 2040 Fund	63.57%	0.00%
Vanguard Institutional Target Retirement 2045 Fund	69.01%	0.00%
Vanguard Institutional Target Retirement 2050 Fund	69.00%	0.00%
Vanguard Institutional Target Retirement 2055 Fund	68.97%	0.00%
Vanguard Institutional Target Retirement 2060 Fund	68.97%	0.00%
Vanguard Institutional Target Retirement Income Fund	22.29%	0.00%
Vanguard FTSE All-World ex-US Small-Cap Index Fund Institutional Shares	47.17%	0.00%
Vanguard FTSE All-World ex-US Small-Cap Index Fund Investor Shares	47.17%	0.00%
Vanguard FTSE All-World ex-US Small-Cap Index Fund Admiral Shares	47.17%	0.00%
Vanguard FTSE All-World ex-US Small-Cap ETF	47.17%	0.00%
Vanguard Explorer Value Fund Investor Shares	86.42%	0.00%
Vanguard Target Retirement 2060 Fund Investor Shares	68.47%	0.00%
Vanguard Target Retirement 2065 Fund Investor Shares	68.25%	0.00%
Vanguard Institutional Target Retirement 2065 Fund	68.93%	0.00%
Vanguard S&P 500 Value Index Fund Institutional Shares	100.00%	0.00%
Vanguard S&P 500 Value ETF	100.00%	0.00%
Vanguard S&P 500 Growth Index Fund Institutional Shares	100.00%	0.00%
Vanguard S&P 500 Growth ETF	100.00%	0.00%
Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares	83.64%	0.00%
Vanguard S&P Mid-Cap 400 ETF	83.64%	0.00%
Vanguard S&P Mid-Cap 400 Growth Index Fund Institutional Shares	77.15%	0.00%
Vanguard S&P Mid-Cap 400 Growth ETF	77.15%	0.00%
Vanguard S&P Mid-Cap 400 Value Index Fund Institutional Shares	93.11%	0.00%
Vanguard S&P Mid-Cap 400 Value ETF	93.11%	0.00%
Vanguard S&P Small-Cap 600 Index Fund Institutional Shares	72.36%	0.00%
Vanguard S&P Small-Cap 600 ETF	72.36%	0.00%
Vanguard S&P Small-Cap 600 Value Index Fund Institutional Shares	76.55%	0.00%
Vanguard S&P Small-Cap 600 Value ETF	76.55%	0.00%
Vanguard S&P Small-Cap 600 Growth Index Fund Institutional Shares	73.28%	0.00%
Vanguard S&P Small-Cap 600 Growth ETF	73.28%	0.00%
Vanguard Russell 1000 Index Fund Institutional Shares	100.00%	0.00%
Vanguard Russell 1000 ETF	100.00%	0.00%
Vanguard Russell 1000 Value Index Fund Institutional Shares	94.73%	0.00%
Vanguard Russell 1000 Value ETF	94.73%	0.00%
Vanguard Russell 1000 Growth Index Fund Institutional Shares	100.00%	0.00%
Vanguard Russell 1000 Growth ETF	100.00%	0.00%
Vanguard Russell 2000 Index Fund Institutional Shares	72.41%	0.00%
Vanguard Russell 2000 ETF	72.41%	0.00%
Vanguard Russell 2000 Value Index Fund Institutional Shares	72.49%	0.00%
Vanguard Russell 2000 Value ETF	72.49%	0.00%
Vanguard Russell 2000 Growth Index Fund Institutional Shares	74.80%	0.00%
Vanguard Russell 2000 Growth ETF	74.80%	0.00%
Vanguard Russell 3000 Index Fund Institutional Shares	100.00%	0.00%
Vanguard Russell 3000 ETF	100.00%	0.00%
Vanguard International Dividend Appreciation Index Fund Admiral Shares	65.20%	0.00%
Vanguard International Dividend Appreciation Index Fund Investor Shares	65.20%	0.00%
Vanguard International Dividend Appreciation ETF	65.20%	0.00%
Vanguard Global ESG Select Stock Fund Admiral Shares	100.00%	100.00%
Vanguard Global ESG Select Stock Fund Investor Shares	100.00%	100.00%
Vanguard International Core Stock Fund Admiral Shares	100.00%	0.00%
Vanguard International Core Stock Fund Investor Shares	100.00%	0.00%
Vanguard U.S. Value Factor ETF	100.00%	0.00%
Vanguard U.S. Quality Factor ETF	100.00%	0.00%
Vanguard U.S. Momentum Factor ETF	76.50%	0.00%
Vanguard U.S. Minimum Volatility ETF	58.01%	0.00%
Vanguard U.S. Liquidity Factor ETF	84.34%	0.00%
Vanguard U.S. Multifactor ETF	100.00%	0.00%
Vanguard ESG U.S. Stock ETF	96.55%	0.00%
Vanguard ESG International Stock ETF	64.53%	0.00%
Vanguard Energy ETF	100.00%	0.00%
Vanguard Energy Index Fund Admiral Shares	100.00%	0.00%
Vanguard Materials ETF	100.00%	0.00%
Vanguard Materials Index Fund Admiral Shares	100.00%	0.00%
Vanguard Industrials ETF	100.00%	0.00%
Vanguard Industrials Index Fund Admiral Shares	100.00%	0.00%
Vanguard Consumer Discretionary ETF	100.00%	0.00%
Vanguard Consumer Discretionary Index Fund Admiral Shares	100.00%	0.00%
Vanguard Consumer Staples ETF	100.00%	0.00%
Vanguard Consumer Staples Index Fund Admiral Shares	100.00%	0.00%
Vanguard Health Care ETF	100.00%	0.00%
Vanguard Health Care Index Fund Admiral Shares	100.00%	0.00%
Vanguard Financials ETF	96.98%	0.00%
Vanguard Financials Index Fund Admiral Shares	96.98%	0.00%
Vanguard Information Technology ETF	100.00%	0.00%
Vanguard Information Technology Index Fund Admiral Shares	100.00%	0.00%
Vanguard Communications Services ETF	100.00%	0.00%
Vanguard Communications Services Index Fund Admiral Shares	100.00%	0.00%
Vanguard Utilities ETF	100.00%	0.00%
Vanguard Utilities Index Fund Admiral Shares	100.00%	0.00%
Vanguard Real Estate Index Fund Investor Shares	3.59%	0.00%
Vanguard Real Estate Index Fund Admiral Shares	3.59%	0.00%
Vanguard Real Estate Index Fund Institutional Shares	3.59%	0.00%
Vanguard Real Estate ETF	3.59%	0.00%
Vanguard Real Estate II Index Fund Institutional Plus Shares	3.52%	0.00%
Vanguard Managed Payout Fund	37.95%	0.00%

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