23 Nov

Statement of Additional Information

PLEASE CROSS RELEASE TO ALL BELOW COMPANY CODES Statement of Additional Information for Vanguard All-World ex-US Shares Index ETF 23 November 2021 Vanguard Investments Australia Ltd announces the following: ETF ASX CODE ANNOUNCEMENT Vanguard All-World ex-US Shares Index ETF VEU Filing of Supplement dated November 22, 2021 to the Statement of Additional Information dated February 26, 2021 with the SEC The Vanguard Group, Inc. in the US has filed a Supplement dated November 22, 2021, to the Statement of Additional Information dated February 26, 2021 with the US Securities and Exchange Commission (SEC) for the Vanguard FTSE All-World ex-US Index Fund ETF Shares which are listed on the New York Stock Exchange (VEU:NYSE Arca), copy of which is attached. This SAI is incorporated by reference in the Australian Prospectus for the Vanguard All-World ex-U.S. Shares Index ETF (VEU:ASX). Further Information If you have any queries on Vanguard ETFs, please visit vanguard.com.au © 2021 Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) (Vanguard) is the issuer of the Prospectus on behalf of the US listed ETFs described in the Prospectus. Vanguard has arranged for the interests in the US ETFs to be made available to Australian investors via CHESS Depositary Interests (CDIs) that are quoted on the AQUA market of the ASX. Vanguard is a wholly owned subsidiary of The Vanguard Group, Inc. based in the US. All rights reserved. Vanguard ETFs will only be issued to Authorised Participants - that is persons who have entered into an Authorised Participant agreement with Vanguard. Retail investors can transact in Vanguard ETFs through a stockbroker or financial adviser on the secondary market. Investors should consider the Prospectus in deciding whether to acquire Vanguard ETFs. Retail investors can only use the Prospectus for informational purposes only. The Vanguard All-World ex-US Shares Index ETF (the “Product”) has been developed solely by Vanguard. The “Product” is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain LSE Group companies. All rights in the FTSE All-World ex US Index (the “Index”) vest in the relevant LSE Group company which owns the Index e.g., “FTSE®” “Russell®”, “FTSE Russell®”, are a trade mark(s) of the relevant LSE Group company and are used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Product. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Product or the suitability of the Index for the purpose to which it is being put by Vanguard. © 2021 Vanguard Investments Australia Ltd is the product issuer and is a wholly owned subsidiary of The Vanguard Group, Inc. based in the US. All rights reserved. Vanguard Investments Australia Ltd, Level 13, 130 Lonsdale Street, Melbourne VIC 3000 vanguard.com.au 1300 655 888 Vanguard Admiral Funds ® Vanguard Bond Index Funds Vanguard CaliforniaTax-Free Funds Vanguard Charlotte Funds Vanguard CMT Funds Vanguard Index Funds Vanguard Institutional Index Funds Vanguard International Equity Index Funds Vanguard Malvern Funds Vanguard MassachusettsTax-Exempt Funds Vanguard Money Market Reserves Vanguard Montgomery Funds Vanguard Municipal Bond Funds Vanguard New JerseyTax-Free Funds Vanguard NewYorkTax-Free Funds Vanguard OhioTax-Free Funds Vanguard PennsylvaniaTax-Free Funds Vanguard STAR ® Funds VanguardTax-Managed Funds ® VanguardValley Forge Funds Supplement Dated November 22, 2021, to the Statement of Additional Information Leadership Announcement and Other Updates The boards of trustees of the Vanguard funds (the “Boards”) have electedTara Bunch as a trustee of the Boards effective November 18, 2021. In addition, a sub-section has been added to the Investment Strategies, Risks, and Nonfundamental Policies section of the Statement of Additional Information. Each Fund’s investment objective, strategies, and policies remain unchanged. Statement of Additional InformationText Changes In the Management of the Funds section, the table under “Officers and Trustees” is replaced as follows: Name,Year of Birth Position(s) HeldWith Funds Vanguard Funds’Trustee/ Officer Since Principal Occupation(s) During the Past FiveYears, Outside Directorships, and Other Experience Number of Vanguard Funds Overseen by Trustee/Officer InterestedTrustee 1 Mortimer J. Buckley (1969) Chairman of the Board, Chief Executive Officer, and President January 2018 Chairman of the board (2019–present) of Vanguard and of each of the investment companies served by Vanguard; chief executive officer (2018–present) of Vanguard; chief executive officer, president, and trustee (2018–present) of each of the investment companies served by Vanguard; president and director (2017–present) of Vanguard; and president (2018–present) of Vanguard Marketing Corporation. Chief investment officer (2013–2017), managing director (2002–2017), head of the Retail Investor Group (2006–2012), and chief information officer (2001–2006) of Vanguard. Chairman of the board (2011–2017) and trustee (2009–2017) of the Children’s Hospital of Philadelphia; and trustee (2018–present) and vice chair (2019–present) ofThe Shipley School. 217 1 Mr. Buckley is considered an “interested person” as defined in the 1940 Act because he is an officer of theTrust. IndependentTrustees Tara Bunch (1962) Trustee November 2021 Head of Global Operations at Airbnb (2020–present). Vice President of AppleCare (2012–2020). Member of the board of Out & Equal (2002-2006), the University of California, Berkeley School of Engineering (2020-present), and Santa Clara University’s School of Business (2018-present). 217 Emerson U. Fullwood (1948) Trustee January 2008 Executive chief staff and marketing officer for North America and corporate vice president (retired 2008) of Xerox Corporation (document management products and services). Former president of the Worldwide Channels Group, Latin America, and Worldwide Customer Service and executive chief staff officer of Developing Markets of Xerox. Executive in residence and 2009–2010 Distinguished Minett Professor at the Rochester Institute ofTechnology. Director of SPX FLOW, Inc. (multi-industry manufacturing). Director of the University of Rochester Medical Center, the Monroe Community College Foundation, the United Way of Rochester, North Carolina A&T University, and Roberts Wesleyan College.Trustee of the University of Rochester. 217 Name,Year of Birth Position(s) HeldWith Funds Vanguard Funds’Trustee/ Officer Since Principal Occupation(s) During the Past FiveYears, Outside Directorships, and Other Experience Number of Vanguard Funds Overseen by Trustee/Officer Amy Gutmann (1949) Trustee June 2006 President (2004–present) of the University of Pennsylvania. Christopher H. Browne Distinguished Professor of Political Science, School of Arts and Sciences, and professor of communication, Annenberg School for Communication, with secondary faculty appointments in the Department of Philosophy, School of Arts and Sciences, and at the Graduate School of Education, University of Pennsylvania. 217 F. Joseph Loughrey (1949) Trustee October 2009 President and chief operating officer (retired 2009) and vice chairman of the board (2008–2009) of Cummins Inc. (industrial machinery). Chairman of the board of Hillenbrand, Inc. (specialized consumer services). Director of the V Foundation. Member of the advisory council for the College of Arts and Letters and chair of the advisory board to the Kellogg Institute for International Studies, both at the University of Notre Dame. Chairman of the board of Saint Anselm College. 217 Mark Loughridge (1953) Lead Independent Trustee March 2012 Senior vice president and chief financial officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth. 217 Scott C. Malpass (1962) Trustee March 2012 Chief investment officer and vice president of the University of Notre Dame (retired 2020). Assistant professor of finance at the Mendoza College of Business, University of Notre Dame (retired 2020), and member of the Notre Dame 403(b) Investment Committee. Member of the board of Catholic Investment Services, Inc. (investment advisors) and the board of superintendence of the Institute for the Works of Religion. 217 Name,Year of Birth Position(s) HeldWith Funds Vanguard Funds’Trustee/ Officer Since Principal Occupation(s) During the Past FiveYears, Outside Directorships, and Other Experience Number of Vanguard Funds Overseen by Trustee/Officer Deanna Mulligan (1963) Trustee January 2018 Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) ofThe Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability ofThe Guardian Life Insurance Company of America. Member of the board of the Economic Club of NewYork.Trustee of the Partnership for NewYork City (business leadership), the Chief Executives for Corporate Purpose, the New York-Presbyterian Hospital, and the Bruce Museum (arts and science). Member of the Advisory Council for the Stanford Graduate School of Business. 217 André F. Perold (1952) Trustee December 2004 George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and co-managing partner of HighVista Strategies LLC (private investment firm). Board member (2018–present) of RIT Capital Partners (investment firm); investment committee member of Partners Health Care System. 217 Sarah Bloom Raskin (1961) Trustee January 2018 Deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Professor (2020–present), Distinguished Fellow of the Global Financial Markets Center (2020–present), and Rubenstein Fellow (2017–2020) of Duke University; trustee (2017–present) of Amherst College; member of the Amherst College Investment Committee (2019–present); and member of the Regenerative Crisis Response Committee (2020–present). 217 DavidThomas (1956) Trustee July 2021 President of Morehouse College (2018–present). Professor of Business Administration Emeritus at Harvard University (2017–2018) and Dean (2011–2016) and Professor of Management at Georgetown University, McDonough School of Business (2016–2017). Director of DTE Energy Company (2013–present).Trustee of Common Fund (2019–present). 217 Name,Year of Birth Position(s) HeldWith Funds Vanguard Funds’Trustee/ Officer Since Principal Occupation(s) During the Past FiveYears, Outside Directorships, and Other Experience Number of Vanguard Funds Overseen by Trustee/Officer Peter F. Volanakis (1955) Trustee July 2009 President and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Chairman of the board of trustees of Colby-Sawyer College. Member of the BMW Group Mobility Council. 217 Executive Officers Christine M. Buchanan (1970) Chief Financial Officer and ActingTreasurer November 2017 Principal of Vanguard. Chief financial officer (2021-present) and treasurer (2017-present; acting October 2021-present) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services). 217 David Cermak (1960) Finance Director October 2019 Principal of Vanguard. Finance director (2019–present) of each of the investment companies served by Vanguard. Managing director and head (2017–present) of Vanguard Investments Singapore. Managing director and head (2017–2019) of Vanguard Investments Hong Kong. Representative director and head (2014–2017) of Vanguard Investments Japan. 217 John Galloway (1973) Investment Stewardship Officer September 2020 Principal of Vanguard. Investment stewardship officer (2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Deputy Assistant to the President of the United States (2015). 217 Peter Mahoney (1974) Controller May 2015 Principal of Vanguard. Controller (2015–present) of each of the investment companies served by Vanguard. Head of International Fund Services (2008– 2014) at Vanguard. 217 Anne E. Robinson (1970) Secretary September 2016 General counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. 217 Name,Year of Birth Position(s) HeldWith Funds Vanguard Funds’Trustee/ Officer Since Principal Occupation(s) During the Past FiveYears, Outside Directorships, and Other Experience Number of Vanguard Funds Overseen by Trustee/Officer Michael Rollings (1963) Finance Director February 2017 Finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group. 217 John E. Schadl (1972) Chief Compliance Officer March 2019 Principal of Vanguard. Chief compliance officer (2019–present) of Vanguard and of each of the investment companies served by Vanguard. Assistant vice president (2019–present) of Vanguard Marketing Corporation. 217 The following is added to the Investment Strategies, Risks, and Nonfundamental Policies section: Environmental, Social, and Governance (ESG) Considerations Vanguard’s Investment Stewardship Team, on behalf of the Board of Trustees of each Vanguard-advised fund, administers proxy voting, engagement, and advocacy for the equity holdings of the Vanguard-advised funds. The Investment Stewardship Team may engage with issuers to better understand how they are addressing material risks, including ESG risks. Specifically, the Investment Stewardship Team may engage with companies on how they disclose significant risks to shareholders, develop their risk mitigation approach, and report on progress. Each fund has adopted procedures and guidelines for monitoring portfolio holding human rights practices and violations pursuant to which it may assess regulatory, reputational, or other risks associated with the alleged activity. In extraordinary circumstances a fund may divest of a portfolio holding where doing so is deemed appropriate. © 2021The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. SAITRU1 112021

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