U.S. government obligations income
information
Important tax information for 2023
This tax update provides information to help you properly report your state and local tax liability on ordinary income
distributions you received from your mutual fund investments in 2023.
On the next pages, you’ll find a list of Vanguard funds that earned a portion of their ordinary dividends from obligations
of the U.S. government. Direct U.S. government obligations and certain U.S. government agency obligations are
generally exempt from taxation in most states.
*
Percentage of each fund’s total ordinary dividends derived from U.S. government obligations in 2023
Check with your state or local tax oce or with your tax advisor to determine whether your state allows you to
exclude some or all of the income you earn from mutual funds that invest in U.S. government obligations. Ifyour
state allows an exclusion, refer to the next page for the percentage of ordinary dividends derived from U.S.
government obligations that may be excluded for each fund in which you’re invested. To determine the portion of
dividends that may be exempt from your state income tax, multiply the amount of “ordinary dividends” reported
inBox 1a of Form 1099-DIV by the percentage listed in the following table.
Questions?
Call us at 877-662-7447 Monday through Friday from 8 a.m. to 8 p.m., Eastern time. Vanguard cannot provide tax
advice, and nothing herein should be considered tax advice.
**
You should consult your own tax advisor regarding your
specific situation including if you’re uncertain about the interpretation of a specific tax regulation. You can also find
avariety of general tax-related data and tools at investor.vanguard.com/taxes/.
*
Investments in U.S. government obligations may include the following: Federal Farm Credit Banks, Federal Home Loan Banks, the Student Loan
Marketing Association, the Tennessee Valley Authority, the U.S. Treasury Department (bonds, notes, bills, certificates, and savings bonds), and certain
other U.S. government obligations. GNMA, FNMA, Freddie Mac, repurchase agreements (including those that involve U.S. government obligations),
and certain other securities are generally subject to state and local taxes.
**
Although Vanguard aims to ensure the accuracy of the information contained in this supplement, we cannot guarantee that the information herein
will not be subject to change or that a tax authority might disagree with the information herein or any tax position taken by a taxpayer in reliance
upon the information in this supplement.
VANGUARD FUND
*
PERCENTAGE OF
ORDINARY
DIVIDENDS FROM
U.S. GOVERNMENT
OBLIGATIONS
500 Index Fund .%
Advice Select Dividend Growth Fund .
Advice Select Global Value Fund .
Advice Select International Growth Fund .
Alternative Strategies Fund .
Baillie Giord Global Positive Impact Stock Fund .
Balanced Index Fund .
Capital Opportunity Fund .
Cash Reserves Federal Money Market Fund .
Commodity Strategy Fund
**
.
Communication Services Index Fund .
Consumer Discretionary Index Fund .
Consumer Staples Index Fund .
Core Bond ETF .
Core Bond Fund .
Core-Plus Bond ETF .
Core-Plus Bond Fund .
Developed Markets Index Fund .
Diversified Equity Fund .
Dividend Appreciation Index Fund .
Emerging Markets Bond Fund .
Emerging Markets Government Bond Index Fund .
Emerging Markets Select Stock Fund .
Emerging Markets Stock Index Fund .
Energy Index Fund .
Equity Income Fund .
ESG International Stock ETF .
ESG U.S. Corporate Bond ETF .
ESG U.S. Stock ETF .
European Stock Index Fund .
Explorer
TM
Fund .
Explorer Value
TM
Fund .
Extended Duration Treasury Index Fund
**
.
Extended Market Index Fund .
Federal Money Market Fund† .
Financials Index Fund .
FTSE All-World ex-US Index Fund .
FTSE All-World ex-US Small-Cap Index Fund .
FTSE Social Index Fund .
Global Capital Cycles Fund .
Global Credit Bond Fund .
Global Environmental Opportunities Stock Fund .
Global Equity Fund .
Global ESG Select Stock Fund .
Global ex-U.S. Real Estate Index Fund .
Global Minimum Volatility Fund .
VANGUARD FUND
*
PERCENTAGE OF
ORDINARY
DIVIDENDS FROM
U.S. GOVERNMENT
OBLIGATIONS
Global Wellesley® Income Fund .%
Global Wellington
TM
Fund .
GNMA Fund .
Growth and Income Fund .
Growth Index Fund .
Health Care Fund .
Health Care Index Fund .
High Dividend Yield Index Fund .
High-Yield Corporate Fund .
Industrials Index Fund .
Inflation-Protected Securities Fund
**
.
Information Technology Index Fund .
Institutional Index Fund .
Institutional Intermediate-Term Bond Fund .
Institutional Short-Term Bond Fund .
Institutional Total Stock Market Index Fund .
Intermediate-Term Bond Index Fund
**
.
Intermediate-Term Corporate Bond Index Fund .
Intermediate-Term Investment-Grade Fund .
Intermediate-Term Treasury Fund
**
.
Intermediate-Term Treasury Index Fund
**
.
International Core Stock Fund .
International Dividend Appreciation Index Fund .
International Dividend Growth Fund .
International Explorer Fund .
International Growth Fund .
International High Dividend Yield Index Fund .
International Value Fund .
Large-Cap Index Fund .
LifeStrategy® Conservative Growth Fund .
LifeStrategy Growth Fund .
LifeStrategy Income Fund .
LifeStrategy Moderate Growth Fund .
Long-Term Bond Index Fund .
Long-Term Corporate Bond Index Fund .
Long-Term Investment-Grade Fund .
Long-Term Treasury Fund
**
.
Long-Term Treasury Index Fund
**
.
Managed Allocation Fund .
Market Neutral Fund .
Materials Index Fund .
Mega Cap Growth Index Fund .
Mega Cap Index Fund .
Mega Cap Value Index Fund .
Mid-Cap Growth Fund .
Mid-Cap Growth Index Fund .
*
This information applies to all share classes of a fund, including ETFs (exchange-traded funds).
**
This fund meets the threshold requirements for California, Connecticut, and New York, which require that 50% of the fund’s
assets at each quarter-end within the tax year consist of U.S. government obligations.
†This information applies to the Vanguard Federal Money Market Settlement Fund.
VANGUARD FUND
*
PERCENTAGE OF
ORDINARY
DIVIDENDS FROM
U.S. GOVERNMENT
OBLIGATIONS
Mid-Cap Index Fund .%
Mid-Cap Value Index Fund .
Mortgage-Backed Securities Index Fund .
Multi-Sector Income Bond Fund .
Pacific Stock Index Fund .
PRIMECAP Core Fund .
PRIMECAP Fund .
Real Estate Index Fund .
Real Estate II Index Fund .
Russell 1000 Growth Index Fund .
Russell 1000 Index Fund .
Russell 1000 Value Index Fund .
Russell 2000 Growth Index Fund .
Russell 2000 Index Fund .
Russell 2000 Value Index Fund .
Russell 3000 Index Fund .
S&P 500 Growth Index Fund .
S&P 500 Value Index Fund .
S&P Mid-Cap 400 Growth Index Fund .
S&P Mid-Cap 400 Index Fund .
S&P Mid-Cap 400 Value Index Fund .
S&P Small-Cap 600 Growth Index Fund .
S&P Small-Cap 600 Index Fund .
S&P Small-Cap 600 Value Index Fund .
Selected Value Fund .
Short-Term Bond Index Fund
**
.
Short-Term Corporate Bond Index Fund .
Short-Term Federal Fund .
Short-Term Inflation-Protected Securities
Index Fund
**
.
Short-Term Investment-Grade Fund .
Short-Term Treasury Fund
**
.
Short-Term Treasury Index Fund
**
.
Small-Cap Growth Index Fund .
Small-Cap Index Fund .
Small-Cap Value Index Fund .
STAR® Fund .
Strategic Equity Fund .
Strategic Small-Cap Equity Fund .
Target Retirement 2020 Fund .
Target Retirement 2025 Fund .
Target Retirement 2030 Fund .
Target Retirement 2035 Fund .
Target Retirement 2040 Fund .
VANGUARD FUND
*
PERCENTAGE OF
ORDINARY
DIVIDENDS FROM
U.S. GOVERNMENT
OBLIGATIONS
Target Retirement 2045 Fund .%
Target Retirement 2050 Fund .
Target Retirement 2055 Fund .
Target Retirement 2060 Fund .
Target Retirement 2065 Fund .
Target Retirement 2070 Fund .
Target Retirement Income Fund .
Tax-Managed Capital Appreciation Fund .
Tax-Managed Small-Cap Fund .
Total Bond Market Index Fund .
Total Bond Market II Index Fund .
Total Corporate Bond ETF .
Total International Bond Index Fund .
Total International Bond II Index Fund .
Total International Stock Index Fund .
Total Stock Market Index Fund .
Total World Bond ETF .
Total World Stock Index Fund .
Treasury Money Market Fund
**
.
U.S. Growth Fund .
U.S. Minimum Volatility ETF .
U.S. Momentum Factor ETF .
U.S. Multifactor ETF .
U.S. Multifactor Fund .
U.S. Quality Factor ETF .
U.S. Value Factor ETF .
Ultra-Short Bond ETF .
Ultra-Short-Term Bond Fund .
Utilities Index Fund .
Value Index Fund .
Wellesley Income Fund .
Wellington Fund .
Windsor
TM
Fund .
Windsor II Fund .
*
This information applies to all share classes of a fund, including ETFs (exchange-traded funds).
**
This fund meets the threshold requirements for California, Connecticut, and New York, which require that 50% of the fund’s
assets at each quarter-end within the tax year consist of U.S. government obligations.
†This information applies to the Vanguard Federal Money Market Settlement Fund.
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