Transcription
Vanguard Wholesale FundsProduct Disclosure StatementIndex and Cash Managed FundsDated 1 October 2010
This page has been left intentionally blank.2 Connect with Vanguard vanguard.com.au 1300 655 102
ContentsInvesting with VanguardAbout Vanguard 6How Vanguard invests 6Key benefits 7Risks of investing 8Funds at a glance 10Fund profilesCash 22Australian fixed interest 23International fixed interest 24Infrastructure 25Property 26Australian shares 27International shares 28Diversified 30Before you investFees and other costs 33Investing with Vanguard 39Indirect investors 47New Zealand investors 48Taxation information 49Vanguard’s rights and responsibilities 52How to investApplication form instructions 55Supporting identification and documents 56Application forms 58Contacting Vanguard Product Disclosure Statement Inside back cover3
FundsFund NameARSNABNAPIR CodeVanguard Cash Reserve Fund127 015 30162 738 136 510VAN0020AUVanguard Cash Plus Index Fund090 940 06019 638 293 529VAN0102AUVanguard Australian Government Bond Index Fund134 177 80723 499 844 319VAN0025AUVanguard Australian Fixed Interest Index Fund090 939 94152 931 145 473VAN0001AUVanguard International Fixed Interest Index Fund (Hedged)090 940 33759 108 266 812VAN0103AUVanguard International Credit Securities Index Fund (Hedged)095 366 05515 118 646 737VAN0106AUVanguard Global Infrastructure Fund128 385 27782 191 294 545VAN0023AUVanguard Global Infrastructure Fund (Hedged)128 385 19792 392 829 821VAN0024AUVanguard Australian Property Securities Index Fund090 939 54927 186 332 271VAN0004AUVanguard International Property Securities Index Fund115 001 00297 674 886 440VAN0018AUVanguard International Property Securities Index Fund (Hedged)115 001 36052 511 318 838VAN0019AUVanguard Australian Shares Index Fund090 939 71865 759 271 740VAN0002AUVanguard Australian Shares High Yield Fund091 751 80761 324 061 551VAN0104AUVanguard International Shares Index Fund090 939 61056 291 101 711VAN0003AUVanguard International Shares Index Fund (Hedged)093 254 90997 123 270 094VAN0105AUVanguard International Small Companies Index Fund127 015 47220 372 713 731VAN0021AUVanguard International Small Companies Index Fund (Hedged)127 015 43613 064 564 422VAN0022AUVanguard Emerging Markets Shares Index Fund090 939 45063 171 298 643VAN0005AUVanguard Conservative Index Fund101 565 35124 396 176 911VAN0109AUVanguard Balanced Index Fund101 565 43114 193 060 779VAN0108AUVanguard Growth Index Fund101 565 52043 698 348 922VAN0110AUVanguard High Growth Index Fund101 565 63771 339 405 674VAN0111AU 4 Connect with Vanguard vanguard.com.au 1300 655 102
Important informationThis Product Disclosure Statement (PDS) is for the VanguardWholesale Funds (Funds) shown in the table on the oppositepage and is dated 1 October 2010. This PDS supersedes allprevious offer documents. Vanguard Investments AustraliaLtd ABN 72 072 881 086 AFSL 227263 (Vanguard) is theissuer of this PDS and is solely responsible for its contents.In this PDS references to ‘Vanguard’, ‘the responsible entity’,‘manager’, ‘we’, ‘our’ and ‘us’ refer to Vanguard InvestmentsAustralia Ltd.Information in this PDS that is not materially adverse toinvestors is subject to change from time to time and maybe updated by Vanguard by publishing such informationon the Vanguard website at www.vanguard.com.au.A paper copy of any updated information will be givento a person free of charge upon request.This PDS is prepared for your general information only. It isnot intended to be a recommendation by Vanguard, any ofVanguard’s associates, or any other person to invest in theFunds. In preparing this PDS, Vanguard did not take intoaccount the investment objectives, financial situation orparticular needs of any particular person. Before you make aninvestment decision, it is important for you to read this PDS,and consider (with or without the advice or assistance of anadviser) whether an investment in the Funds is appropriate toyour needs, objectives and financial circumstances.Please read the entire PDS carefully so that you understandthe risks which may be applicable to the Funds.Your investment in the Funds is subject to investment andother risks, including possible delays in repayment and lossof income and principal invested. None of The VanguardGroup, Inc. (including Vanguard Investments Australia Ltd)or their related entities, directors or officers gives anyguarantee or assurance as to the performance of, or therepayment of capital or income reinvested in, any of theFunds described in this PDS. Members of The VanguardGroup, Inc. may invest in, lend to or provide some otherservices to the Funds.All dollar amounts are Australian dollars unless otherwise specified.You can obtain up-to-date performance and assetallocation information by visiting the Vanguard websiteat www.vanguard.com.au. Past performance is not anindicator of future returns.Applications for investment in the Funds may only be madeon the Application Form attached to this PDS or accompaniedby an electronic version of this PDS. The offer to which theelectronic version of this PDS relates is only available topersons receiving the electronic version of this PDS in Australiaor New Zealand. Applications from outside of Australia orNew Zealand will not be accepted through this PDS.If you have received this PDS electronically and would like apaper copy, please contact Client Services on 1300 655 102and a copy will be provided free of charge.Unless otherwise stated, data is provided by Vanguard,sourced from market data, and all material is current as atthe date of this PDS.If you are investing indirectly through a master trust, wrapaccount, a nominee or a custody service, or investor directedportfolio service (collectively referred to as an ‘IDPS’), pleaserefer to page 47 to ascertain what type of information in thisPDS is relevant to you as an indirect investor.If you are a New Zealand investor, please refer to page 48 toascertain what type of information in this PDS is relevant toyou as a New Zealand investor.BPAY is registered to BPAY Pty Ltd ABN 69 079 137 518.Ibbotson Associates Australia Limited ABN 54 071 808 501has consented to being named in this PDS in the form andcontext in which it is included. At the date of this PDS, thatconsent has not been withdrawn.Certain Funds may have multiple classes of units each ofwhich has a different fee structure. That is, the managementfees and other costs may be different for each class ofunits. Unless otherwise specified, this PDS relates to thewholesale class of units.Product Disclosure Statement 5
About VanguardVanguard Investments Australia Ltd is a wholly ownedsubsidiary of The Vanguard Group, Inc., which is based in theUnited States and currently manages over A 1.6 trillion formore than 23 million individual and institutional accounts asat 30 June 2010.Over the past 35 years, The Vanguard Group, Inc. hasgrown to be one of the world’s largest and most respectedinvestment management companies. Vanguard now has aglobal presence with offices in the United States, Australia,Asia and Europe.Vanguard has established a reputation in Australia as an indexspecialist, managing over A 80 billion as at 30 June 2010.Offering a range of low-cost managed funds and exchangetraded funds (ETFs) covering major asset sectors, investorscan benefit from Vanguard’s high-quality, low-cost investmentsolutions. For further information, please refer to our websiteat www.vanguard.com.au.Vanguard tries to minimise the transaction costs associatedwith managing cash flows and making adjustments for indexor benchmark changes, while maintaining the objective ofclosely tracking the returns represented by the index orbenchmark. In some cases, Vanguard is required to tradesecurities to maintain a portfolio that closely tracks theindex or benchmark, in which case it seeks to minimise theassociated transaction costs, turnover and realised capitalgains within the portfolio.Currency hedgingFunds with currency hedging use forward foreign exchangecontracts to manage currency fluctuations that affect thevalue of the securities held by those Funds. The net resultis that returns (income and capital appreciation) of Fundswith currency hedging are relatively unaffected by currencyfluctuations – only the investment performance of the actualportfolio is captured.FuturesHow Vanguard investsVanguard’s investment approachVanguard employs an indexing investment approachwhereby a fund is designed to track a chosen index orbenchmark – an index fund. This is achieved by seekingto replicate the returns of the index or benchmark, eitherby holding all of the securities included in the index orbenchmark or a representative sample of these securities.An index measures the performance or change in value ofa particular group of securities, such as shares, bonds orother investments, over a period of time. Today, there areindices measuring investment results of all major marketsand asset classes.The value or return of an index fund typically goes up ordown in line with the market. Because indices change veryinfrequently, index funds by their nature are ‘buy and hold’investments, a strategy that generally results in relatively lowportfolio turnover.Unlike indices – which are theoretical measures – indexfunds will incur actual costs in assembling portfolios, forinstance, brokerage. While index funds seek to minimisethese costs, they usually result in the returns of index fundsbeing less than the returns of the relevant indices.6 Funds may use futures to gain market exposure withoutinvesting directly in securities. This allows Vanguard tomaintain Fund liquidity without being under-invested.Importantly, derivatives are not used to leverage theFunds’ portfolios.BorrowingsFunds will only borrow where Vanguard believes it is in thebest interests of investors to do so. Currently, Vanguard doesnot intend to borrow for the purposes of gearing.Environmental, social and ethical considerationsVanguard does not take into account labour standardsor environmental, social or ethical considerations whenselecting, retaining or realising investments for the Funds.Proxy voting and engagementVanguard votes proxies in companies where the Funds orunderlying Funds have a significant economic interest and it isreasonably practicable to do so. This covers the vast majority ofholdings by value. Vanguard believes the right to vote proxiesfor holdings are a significant asset. Vanguard exercises thevotes with the goal of maximising the value of the investments.Details of Vanguard’s proxy voting policy can be found at theVanguard website: www.vanguard.com.au.Vanguard is a shareholder in Regnan – Governance Researchand Engagement Pty Limited, which engages with ASX 200companies on environmental, social and governance issuesfrom a long-term shareholder value perspective.Connect with Vanguard vanguard.com.au 1300 655 102
Key benefitsCompetitive long-term performanceLow costVanguard’s investment approach provides investors withan efficient way to capture long-term market performance.Historically, the returns of index funds have beencompetitive with the returns of active funds over the longterm. However, past performance is not a reliable indicatorof future performance.Low management feesDiversificationIndex funds provide a diversified portfolio of shares orsecurities, which means they are less exposed to theperformance fluctuations of individual shares or securities.This moderates the volatility of a portfolio and ‘smoothsout’ investment returns over time. Index funds invest in awide selection of available securities in the relevant index,generally holding significantly more securities than mostactive funds with the same benchmark.Vanguard’s funds have low ongoing fees as we strive tominimise the costs of managing and operating funds.Low transaction costsIndex funds typically keep trading activity and thus brokeragecosts and other transaction costs to a minimum.Tax efficiencyVanguard’s buy and hold investment strategy means thatsecurities are held within a portfolio for longer. If certaininvestments are held for more than 12 months, any capitalgain on the sale of those investments may be reduced underthe capital gains tax discount rules – a tax efficient outcomefor eligible investors.While the majority of funds that Vanguard manages carrywith them the benefit of broad diversification, from time totime the number of securities in a given index may reducedue to factors such as index rebalancing. This may lead toa change in the diversification of the portfolio.Product Disclosure Statement 7
Risks of investingInvestors in the Funds face a number of investment risks.There is no guarantee that the value of your investmentprincipal will be maintained. It is important to keep in mindone of the main principles of investing: the higher thepotential reward, the higher the risk of losing money.The reverse is also generally true: the lower the risk,the lower the potential reward. When you consider aninvestment in one or more of the Funds, you should takeinto account your personal tolerance for fluctuating marketvalues. Since each Fund seeks to track a different marketindex, investment risk will vary from Fund to Fund.Market riskMarket risk is the possibility that the market has negativereturns over short or even extended periods. Cashinvestments have the lowest market risk. Bonds, propertysecurities and equities have progressively increasing levelsof market risk.In any asset class, the returns of individual securities are acombination of the broad market return and returns specificto each security.By diversifying their holdings across the market, indexfunds are generally well protected from the specific risk ofindividual securities.From time to time the number of securities in a given indexmay reduce due to factors such as index rebalancing and thismay lead to a change in the diversification of the portfolio.Investors should be aware that markets and currencies canbe volatile and affect the returns of an investment portfolio.Currency riskFluctuations in the value of the Australian dollar relativeto other currencies can affect the returns from overseasinvestments. A fall in the value of the Australian dollarrelative to other currencies increases the value of nonAustralian assets and therefore benefits the Australianinvestor holding non-Australian assets such as internationalshares. Conversely, a rise in the value of the Australian dollarrelative to other currencies decreases the value of nonAustralian assets.Vanguard manages this uncertainty for some Funds byusing currency hedging which involves using forwardforeign exchange contracts. The return (income and capitalappreciation) of a Fund with currency hedging is thusrelatively unaffected by currency fluctuations.8 Investors should be aware that hedging portfolios againstcurrency risks involves costs and implementation risks dueto the volatility of currency and securities markets.Where a Fund holding non-Australian assets offers bothhedged and unhedged versions, the unhedged version willoutperform the hedged version if the value of the Australiandollar falls relative to other currencies.There are side effects for the income distributions fromFunds with currency hedging. When the Australian dollar isappreciating, the gains from currency hedging may result insignificant additional income being distributed. Conversely,when the Australian dollar is depreciating, the losses fromcurrency hedging can totally offset other income in thoseFunds, resulting in no income distribution for the period.The following Funds do not hedge any of their exposure toforeign currencies: Vanguard Global Infrastructure Fund; Vanguard International Property Securities Index Fund; Vanguard International Shares Index Fund; Vanguard International Small Companies Index Fund; and Vanguard Emerging Markets Shares Index Fund.Accordingly, these Funds (and the Vanguard ConservativeIndex Fund, Vanguard Balanced Index Fund, VanguardGrowth Index Fund, and the Vanguard High GrowthIndex Fund that invest in them) are affected by currencyfluctuations. The value of these Funds will be reduced with arise in the value of the Australian dollar.The following Funds are hedged back into Australian dollarsreducing their exposure to currency risk for Australian dollarinvestors: Vanguard International Fixed Interest Index Fund(Hedged); Vanguard International Credit Securities Index Fund(Hedged); Vanguard Global Infrastructure Fund (Hedged); Vanguard International Property Securities Index Fund(Hedged); Vanguard International Shares Index Fund (Hedged) –AUD Class; and Vanguard International Small Companies Index Fund(Hedged).The Vanguard International Shares Index Fund (Hedged) –NZD Class is hedged back into New Zealand dollars reducingits exposure to currency risk for New Zealand dollar investors.Connect with Vanguard vanguard.com.au 1300 655 102
Credit risk / Counterparty riskManager riskCredit risk / counterparty risk is the risk that a Fund’s tradingcounterparties become insolvent or cannot otherwise meettheir obligations to the Fund.This is the risk that the Funds may fail to meet theirobjectives due to trading errors resulting from: Vanguard’s selection of securities from the relevantindex; orFor example, there is a risk that issuers of fixed interestand debt securities may not be able to meet their paymentobligations and a risk that profits associated with foreignexchange contracts may not be realised.Any securities lending in the fixed interest Funds is with aselected group of counterparties, all of which have AA orbetter long term and A1 short-term credit ratings fromStandard & Poor’s (or Moody’s equivalent ratings).Derivative riskThe primary risks associated with the use of derivativecontracts are: the values of the derivative may fail to move in line withthe underlying asset (a performance difference); the potential lack of liquidity of the derivative; the Funds may not be able to meet payment obligationsfor the derivative contracts as they arise; and the counterparty to the derivative contract may not meetits obligations under the contract.The risk of a performance difference is minimised byinvesting in derivative contracts where the behaviour isexpected to resemble the key risk/return characteristics ofthe Fund’s underlying securities.The risk that a Fund may not be able to close out aderivatives position is minimised by entering intotransactions on an exchange with an active and liquidsecondary market, or with counterparties that are able toprovide a minimum level of liquidity for any transactions inthe over-the-counter market.The Funds do not use derivative contracts for speculativepurposes or to leverage the assets of the Funds.Regulatory risk a currency hedge failing to behave in line with thetarget index.Vanguard’s investment approach seeks to mitigate this risk.Fund riskFund risk relates to risks that are particular to the Funds.These may include risks that: the costs of managing the portfolios may not bemeasured by the relevant index or benchmark; securities in the relevant index or benchmark for aFund may change due to changes in the industry or therelevant sector; fees and expenses for a Fund could change; Vanguard could be replaced as manager; or a Fund could terminate.There is also a risk that investing in the Funds may givedifferent results than investing directly in the underlyingsecurities because of the income or capital gains accruedin the Funds and the consequences of investment andwithdrawal by other investors.Other operational risksThere is a risk that circumstances beyond Vanguard’sreasonable control could prevent Vanguard from managingthe Funds in accordance with their investment strategiesand as otherwise contemplated by this PDS.Examples of these circumstances include strikes, industrialdisputes, fires or other casualty, war, civil disturbance,terrorist acts, governmental pre-emption in connection withan emergency of state and epidemics (including potentialepidemics). By investing in these Funds you agree thatVanguard is not liable if Vanguard is prevented from managingthe Funds by circumstances beyond its reasonable control.This is the risk that a government or regulator may introduceregulatory and tax changes that affect the value of securitiesin which one or more of the Funds invest, or the value ofyour units in the Fund.The Funds may be affected by changes to legislation orgovernment policy both in Australia and in other countries.These changes are monitored by Vanguard and action istaken, where appropriate, to facilitate the achievement of theFunds’ investment objectives.Product Disclosure Statement 9
Funds at a glance
CashFund nameVanguard Cash Reserve FundVanguard Cash Plus Index FundInvestment objective ATo provide current income while seeking tomaintain liquidity and capital stability. The returncharacteristics are expected to be broadly in linewith the UBS Australian Bank Bill IndexTo track the return (income and capital appreciation)of the Vanguard Cash Plus Index - a custom indexwhich is a measure of high quality Australian cashand short-term fixed interest securitiesFund commencement date31 October 200726 August 1998 500,000 500,000- Additional investment 5,000 5,000- Minimum withdrawal 1,000 1,000- Minimum switch 500,000 500,000- Minimum transfer 500,000 500,000NilNilWithdrawals are normally paidwithin two business daysWithdrawals are normally paidwithin two business daysDailyDailyMonthlyMonthly- Establishment feeNilNil- Application/contribution feeNilNil- Withdrawal feeNilNil- Termination feeNilNil- Switching feeNilNil- Transfer feeNilNil0.15% p.a.0.29% p.a.Nil / NilNil / NilMinimum investment amounts B- Initial investment- Minimum account balanceAccess to fundsCUnit pricing frequencyIncome distributions frequencyFees and costs- Management costs D- Buy / sell spread costs EABCDEThe investment objective is before Fund fees and expenses.Vanguard may accept a lesser amount at its discretion.Please refer to ‘Withdrawals’ on page 41 for details of when withdrawal payment times may be longer.The management costs for the Funds incorporate goods and services tax (GST) after taking into account any expected input tax credits.The management costs for the Funds also incorporate management costs for any underlying Funds. Please refer to page 36 for moreinformation concerning management costs for the Funds.Buy/sell spread costs are estimates. Please refer to page 36 for more information concerning buy/sell spread costs for the Funds.The above information is subject to change. Details of any changes will be published on the Vanguard website at www.vanguard.com.au.Investors will be notified of any material changes. A paper copy of any updated information will be provided free of charge upon request.Product Disclosure Statement 11
Australian fixed interestFund nameVanguard Australian Government BondIndex FundVanguard Australian Fixed InterestIndex FundInvestment objective ATo track the return (income and capital appreciation)of the UBS Australian Government Bond IndexTo track the return (income and capital appreciation)of the UBS Australian Composite Bond IndexFund commencement date22 December 20086 June 1997 500,000 500,000- Additional investment 5,000 5,000- Minimum withdrawal 1,000 1,000- Minimum switch 500,000 500,000- Minimum transfer 500,000 500,000NilNilWithdrawals are normally paidwithin four business daysWithdrawals are normally paidwithin four business daysDailyDailyQuarterly as at 31 March, 30 June,30 September, 31 DecemberQuarterly as at 31 March, 30 June,30 September, 31 December- Establishment feeNilNil- Application/contribution feeNilNil- Withdrawal feeNilNil- Termination feeNilNil- Switching feeNilNil- Transfer feeNilNil0.29% p.a.0.29% p.a.0.10% / 0.10%0.20% / 0.20%Minimum investment amounts B- Initial investment- Minimum account balanceAccess to fundsCUnit pricing frequencyIncome distributions frequencyFees and costs- Management costs D- Buy / sell spread costsABCDEEThe investment objective is before Fund fees and expenses.Vanguard may accept a lesser amount at its discretion.Please refer to ‘Withdrawals’ on page 41 for details of when withdrawal payment times may be longer.The management costs for the Funds incorporate goods and services tax (GST) after taking into account any expected input tax credits.The management costs for the Funds also incorporate management costs for any underlying Funds. Please refer to page 36 for moreinformation concerning management costs for the Funds.Buy/sell spread costs are estimates. Please refer to page 36 for more information concerning buy/sell spread costs for the Funds.The above information is subject to change. Details of any changes will be published on the Vanguard website at www.vanguard.com.au.Investors will be notified of any material changes. A paper copy of any updated information will be provided free of charge upon request.12 Connect with Vanguard vanguard.com.au 1300 655 102
International fixed interestFund nameVanguard International Fixed Interest IndexFund (Hedged)Vanguard International Credit SecuritiesIndex Fund (Hedged)Investment objective ATo track the return (income and capitalappreciation) of the Barclays Capital GlobalTreasury Index hedged into Australian dollarsTo track the return (income and capitalappreciation) of the Barclays Capital GlobalAggregate Government-related and CorporateIndex hedged into Australian dollarsFund commencement date27 July 199923 February 2001 500,000 500,000- Additional investment 5,000 5,000- Minimum withdrawal 1,000 1,000- Minimum switch 500,000 500,000- Minimum transfer 500,000 500,000NilNilWithdrawals are normally paidwithin four business daysWithdrawals are normally paidwithin four business daysDailyDailyQuarterly as at 31 March, 30 June,30 September, 31 DecemberQuarterly as at 31 March, 30 June,30 September, 31 December- Establishment feeNilNil- Application/contribution feeNilNil- Withdrawal feeNilNil- Termination feeNilNil- Switching feeNilNil- Transfer feeNilNil0.34% p.a.0.34% p.a.0.20% / 0.20%0.40% / 0.40%Minimum investment amounts B- Initial investment- Minimum account balanceAccess to fundsCUnit pricing frequencyIncome distributions frequencyFees and costs- Management costs D- Buy / sell spread costsABCDEEThe investment objective is before Fund fees and expenses.Vanguard may accept a lesser amount at its discretion.Please refer to ‘Withdrawals’ on page 41 for details of when withdrawal payment times may be longer.The management costs for the Funds incorporate goods and services tax (GST) after taking into account any expected input tax credits.The management costs for the Funds also incorporate management costs for any underlying Funds. Please refer to page 36 for moreinformation concerning management costs for the Funds.Buy/sell spread costs are estimates. Please refer to page 36 for more information concerning buy/sell spread costs for the Funds.The above information is subject to change. Details of any changes will be published on the Vanguard website at www.vanguard.com.au.Investors will be notified of any material changes. A paper copy of any updated information will be provided free of charge upon request.Product Disclosure Statement 13
InfrastructureFund nameVanguard Global Infrastructure FundVanguard Global Infrastructure Fund (Hedged)Investment objective ATo track the return (income and capitalappreciation) of the Vanguard Global InfrastructureIndex - a custom index based on certain subsectors of the UBS Developed Infrastructure andUtilities Index - (with net dividends reinvested) inAustralian dollarsTo track the return (income and capital appreciation)of the Vanguard Global Infrastructure Index a custom index based on certain sub-sectorsof the UBS Developed Infrastructure and UtilitiesIndex - (with net dividends reinvested) hedgedinto Australian dollarsFund commencement date30 November 200730 November 2007 500,000 500,000- Additional investment 5,000 5,000- Minimum withdrawal 1,000 1,000- Minimum switch 500,000 500,000- Minimum transfer 500,000 500,000NilNilWithdrawals are normally paidwithin four business daysWithdrawals are normally paidwithin four business daysDailyDailyQuarterly as at 31 March, 30 June,30 September, 31 DecemberQuarterly as at 31 March, 30 June,30 September, 31 December- Establishment feeNilNil- Application/contribution feeNilNil- Withdrawal feeNilNil- Termination feeNilNil- Switching feeNilNil- Transfer feeNilNil0.49% p.a.0.52% p.a.0.30% / 0.30%0.40% / 0.40%Minimum investment amounts B- Initial investment- Minimum account balanceAccess to funds CUnit pricing frequencyIncome distributions frequencyFees and costs- Management costs D- Buy / sell spread costs EABCDEThe investment objective is before Fund fees and expenses.Vanguard may accept a lesser amount at its discretion.Please refer to ‘Withdrawals’ on page 41 for details of when withdrawal payment times may be longer.The management costs for the Funds incorporate goods and services tax (GST) after taking into account any expected input tax credits.The management costs for the Funds also incorporate management costs for any underlying Funds. Please refer to page 36 for moreinformation concerning management costs for the Funds.Buy/sell spread costs are estimates. Please refer to page 36 for more information concerning buy/sell spread costs for the Funds.The above information is subject to change. Details of any changes will be published on the Vanguard website at www.vanguard.com.au.Investors will be notified of any material changes. A paper copy of any updated information will be provided free of charge upon request.14 Connect with Vanguard vanguard.com.au 1300 655 102
PropertyFund nameVanguard AustralianProperty SecuritiesIndex FundVanguard InternationalProperty Secur
4 Connect with Vanguard vanguard.com.au 1300 655 102 Funds Fund Name ARSN ABN APIR Code Vanguard Cash Reserve Fund 127 015 301 62 738 136 510 VAN0020AU Vanguard Cash Plus Index Fund 090 940 060 19 638 293 529 VAN0102AU Vanguard Australian Government Bond Index Fund 134 177 807 23 499 844 319 VAN0025AU Vanguard Australian Fixed Interest Index Fund 090 939 941 52 931 145 473 VAN0001AU
