*Source: Vanguard Investment Advisory Research Center calculations, using data from Morningstar, Inc. Fund performance as of June 30, 2023. The performance of each Vanguard fund was compared with that of its stated benchmark using monthly return data ended June 30, 2023. The monthly returns for all Vanguard active equity funds, including those that were merged or liquidated during the period, were included in the performance calculations. The active equity portions of Vanguard balanced funds were excluded. Annualized asset-weighted excess returns were generated by calculating the asset-weighted cross-section monthly returns and then generating a time series set of returns. All fund performance data are net of fund expense ratios.
**Source: Morningstar, Inc., as of June 30, 2023.
***Source: Lipper, a Thomson Reuters Company, as of June 30, 2023.
†Vanguard is owned by its funds, which are owned by Vanguard's fund shareholder clients. Our retail direct investment advisory strategies, in turn, are built on core investments in the Vanguard funds.
††Data as of June 30, 2023.
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