# EDGAR Filing Document

**Accession Number:** 0000735286
**File Stem:** 0000735286-25-000034
**Filing Date:** 2025-11
**Character Count:** 86112
**Document Hash:** 25c55dbc4e14c8c6290dd4c6786ccb69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000735286-25-000034.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0000735286-25-000034

**CONFORMED SUBMISSION TYPE**: TA-1/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251121

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD GROUP INC
- **CENTRAL INDEX KEY:** 0000735286

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** TA-1/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 084-00772
- **FILM NUMBER:** 251593660

**BUSINESS ADDRESS:**
- **STREET 1:** 100 VANGUARD BLVD
- **CITY:** MALVERN
- **STATE:** PA
- **ZIP:** 19355
- **BUSINESS PHONE:** 610-669-1000

**MAIL ADDRESS:**
- **STREET 1:** 400 DEVON PARK DR
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM TA-1

### UNIFORM FORM OF APPLICATION FOR REGISTRATION AS A TRANSFER AGENT

### Registrant Information

**Appropriate regulatory agency:** SEC

**Full name of Registrant:** VANGUARD GROUP INC

**FINS Number:** 385385

**Address of principal office where transfer agent activities are performed:** 100 Vanguard Boulevard, M39, Malvern, PA, 19355-2900

**Is mailing address different from principal office address?:** No

**Telephone Number:** 610-669-1000

**Does registrant conduct business in other locations?:** Yes

**Other Business Location Address 1:** 1030 Admiral Nelson Court, Charlotte, NC, 28262

**Other Business Location Address 2:** 14321 North Northsight Blvd, Scottsdale, AZ, 85260

**Other Business Location Address 3:** 7900 Windrose Avenue, Plano, TX, 75024

**Is registrant a self-transfer agent?:** Yes

**Does registrant engage a service company to perform any of its transfer agent functions?:** Yes

**Is registrant engaged as a service company by a named transfer agent?:** No

### Ownership and Control Information

**Registrant Type:** Corporation

**Does any other person control the management or policies of the applicant?:** No

**Does any other person directly or indirectly finance the applicant?:** No

**Control Affiliates Information:**

| Entity Name               | Relationship Start Date   | Title or Status                        | Ownership Code   | Control Person   | Relationship End Date   |
|:---|:---|:---|:---|:---|:---|
| Amy NMN Gutmann           | 06/30/2006                | Director                               | NA               | Yes              | 02/22/2022              |
| Andre Francois Perold     | 12/31/2004                | Director                               | NA               | Yes              |  |
| Francis Joseph Loughrey   | 10/01/2009                | Director                               | NA               | Yes              | 02/26/2025              |
| Michael Thomas Rollings   | 06/06/2006                | Managing Director                      | NA               | Yes              | 06/30/2025              |
| Mark NMN Loughridge       | 03/22/2012                | Director                               | NA               | Yes              |  |
| Scott Charles Malpass     | 03/22/2012                | Director                               | NA               | Yes              |  |
| Peter Frederick Volanakis | 12/01/2008                | Director                               | NA               | Yes              |  |
| Mortimer Joseph Buckley   | 01/31/2003                | Chief Executive Officer, Director      | NA               | Yes              | 07/08/2024              |
| Chris Davis McIsaac       | 01/07/2012                | Managing Director                      | NA               | Yes              |  |
| John Thomas Marcante      | 03/21/2013                | Managing Director                      | NA               | Yes              | 11/18/2022              |
| Anne Elizabeth Robinson   | 09/22/2016                | General Counsel                        | NA               | Yes              | 06/21/2024              |
| John Edward Schadl        | 03/18/2019                | Chief Compliance Officer               | NA               | Yes              | 11/30/2022              |
| Karin Ann Risi            | 05/28/2015                | Managing Director                      | NA               | Yes              | 12/31/2024              |
| Thomas Mark Rampulla      | 05/28/2015                | Managing Director                      | NA               | Yes              | 12/29/2023              |
| John Mark James           | 01/01/2017                | Managing Director                      | NA               | Yes              |  |
| Gregory NMN Davis         | 07/31/2017                | Managing Director, President           | NA               | Yes              |  |
| Sarah Bloom Raskin        | 07/31/2017                | Director                               | NA               | Yes              |  |
| Deanna Marie Mulligan     | 07/31/2017                | Director                               | NA               | Yes              | 05/03/2024              |
| Joseph Patrick Brennan    | 09/27/2018                | Chief Risk Officer                     | NA               | Yes              |  |
| Lauren Marie Valente      | 07/25/2020                | Managing Director                      | NA               | Yes              |  |
| Matthew John Benchener    | 12/04/2020                | Managing Director                      | NA               | Yes              |  |
| David Anthony Thomas      | 07/22/2021                | Director                               | NA               | Yes              |  |
| Nitin NMN Tandon          | 09/01/2021                | Managing Director                      | NA               | Yes              |  |
| Tara Lynn Bunch           | 11/18/2021                | Director                               | NA               | Yes              |  |
| Emerson Ulysses Fullwood  | 01/01/2008                | Director                               | NA               | Yes              | 02/26/2025              |
| Jacqueline Mary Angell    | 11/30/2022                | Chief Compliance Officer               | NA               | Yes              |  |
| Grant Fergus Reid         | 07/20/2023                | Director                               | NA               | Yes              |  |
| Amma Acheampomaa Boateng  | 12/30/2023                | Managing Director                      | NA               | Yes              |  |
| Lubos NMN Pastor          | 01/01/2024                | Director                               | NA               | Yes              |  |
| John NMN Murphy           | 06/01/2024                | Director                               | NA               | Yes              |  |
| Joanna Michelle Rotenberg | 01/06/2025                | Managing Director                      | NA               | Yes              |  |
| Rebecca Hope Patterson    | 02/26/2025                | Director                               | NA               | Yes              |  |
| Barbara NMN Venneman      | 02/26/2025                | Director                               | NA               | Yes              |  |
| Jon Nicholas Couture      | 12/09/2024                | Managing Director                      | NA               | Yes              |  |
| John Wesley Bendl         | 07/01/2025                | CFO, Managing Director                 | NA               | Yes              |  |
| Tonya Terrell Robinson    | 10/14/2024                | Managing Director, General Counsel     | NA               |  | 08/31/2025              |
| Natalie NMN Lamarque      | 09/30/2025                | Managing Director, Chief Legal Officer | NA               |  |  |

### Disciplinary History

- **Convicted/plead guilty to any felony or investment-related misdemeanor?:** No

- **Convicted/plead guilty to any other felony?:** No

- **Enjoined in connection with any investment-related activity?:** No

- **Found to have violated any investment-related statute or regulation?:** No

- **Made a false statement or omission in a filing with the SEC?:** No

- **Found to have violated SRO rules or failed to supervise?:** Yes

  - **Details #1:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** SEC FILE NO. 3-22435

    - **Action Date:** 01/17/2025

    - **Court/Body Name and Location:** THE SECURITIES AND EXCHANGE COMMISSION

    - **Action Description:** ON JANUARY 17, 2025, U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") ISSUED A SETTLEDADMINISTRATIVE ORDER IN WHICH IT FOUND THAT THE VANGUARD GROUP ("VGI") WILLFULLY VIOLATEDSECTION 206(4) OF THE INVESTMENT ADVISERS ACT OF 1940 ("ADVISERS ACT"), AND RULES 206(4)-7 AND 206(4)-8THEREUNDER BY (I) FAILING TO DISCLOSE TO INVESTORS IN THE INVESTOR TARGET RETIREMENT FUNDS("TRFS") OF THE IMPACT ON CAPITAL GAINS DISTRIBUTIONS AND RESULTING CAPITAL GAINS TAX LIABILITY AS ARESULT OF LOWERING THE MINIMUM INVESTMENT FOR THE INSTITUTIONAL TRFS AND (II) NOT HAVING INPLACE, ADOPTED, OR IMPLEMENTED WRITTEN POLICIES AND PROCEDURES DURING 2020 AND 2021 TOADDRESS THE ACCURACY OF DISCLOSURES WITH RESPECT TO CERTAIN MUTUAL FUNDS. THE SEC ALSOFOUND THAT VGI CAUSED CERTAIN MUTUAL FUNDS TO VIOLATE SECTION 17(A)(2) OF THE SECURITIES ACT OF1933 ("SECURITIES ACT") AND SECTION 34(B) OF THE INVESTMENT COMPANY ACT OF 1940 ("INVESTMENTCOMPANY ACT"). WITHOUT ADMITTING OR DENYING THE FINDINGS, VGI WAS (I) CENSURED; (II) ORDERED TOCEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OFSECTION 17(A)(2) OF THE SECURITIES ACT, SECTION 206(4) OF THE ADVISERS ACT AND RULES 206(4)-7 AND206(4)-8 THEREUNDER, AND SECTION 34(B) OF THE INVESTMENT COMPANY ACT.

    - **Disposition:** WITHOUT ADMITTING OR DENYING THE FINDINGS, VGI WAS (I) CENSURED; (II) ORDERED TO CEASE AND DESISTFROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF SECTION 17(A)(2) OF THESECURITIES ACT, SECTION 206(4) OF THE ADVISERS ACT AND RULES 206(4)-7 AND 206(4)-8 THEREUNDER, ANDSECTION 34(B) OF THE INVESTMENT COMPANY ACT; (III) ORDERED TO PAY $14.7M IN DISGORGEMENT AND $3.5MIN PREJUDGMENT INTEREST; AND (IV) ORDERED TO PAY A $13.5M CIVIL MONEY PENALTY. DISGORGEMENT ANDINTEREST AMOUNTS DEEMED SATISFIED BY PAYMENT OF $92.9M TO FAIR FUND IN CONNECTION WITH RELATEDSTATE ACTIONS. ON JANUARY 24, 2025, VGI PAID $106,410,000 INTO THE SEC FAIR FUND, COMPRISING THE$13.5M CIVIL PENALTY AND $92.9M IN RESTITUTION.

  - **Details #2:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** File No. 3-22518

    - **Action Date:** 08/29/2025

    - **Court/Body Name and Location:** THE SECURITIES AND EXCHANGE COMMISSION

    - **Action Description:** ON AUGUST 29, 2025, VANGUARD ADVISERS, INC. (VAI) RESOLVED AN INVESTIGATION BY THE U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) INVOLVING VIOLATIONS OF SECTIONS 206(2) AND 206(4) OF THE INVESTMENT ADVISERS ACT OF 1940 AND RULE 206(4)-7 THEREUNDER ARISING FROM VAI'S MISSTATEMENTS, THE RELATED FAILURE TO ADEQUATELY DISCLOSE CONFLICTS OF INTEREST IN CONNECTION WITH ADVISORS' RECEIPT OF CERTAIN BONUSES AND COMPENSATION, AND VAI'S FAILURE TO ADOPT WRITTEN POLICIES AND PROCEDURES REASONABLY DESIGNED TO PREVENT IT FROM MAKING MISLEADING STATEMENTS TO CLIENTS REGARDING INCENTIVE COMPENSATION OR TO ENSURE THAT IT FULLY DISCLOSED THE CONFLICTS OF INTEREST CREATED BY ITS COMPENSATION STRUCTURE.

    - **Disposition:** WITHOUT ADMITTING OR DENYING FINDINGS, VAI AGREED TO A CENSURE, TO CEASE AND DESIST FROM FUTURE VIOLATIONS AND A $19.5M FINE.

- **Had authorization to act as a financial professional denied, suspended, or revoked?:** No

- **Had a registration as a financial professional denied, suspended, or revoked?:** No

- **Federal/State agency found a false statement or omission?:** No

- **Federal/State agency found a violation of investment-related regulations?:** Yes

  - **Details #1:**

    - **Entity Name:** Vanguard Advisors, Inc. (VAI)

    - **Action Title:** Comm. of Pennsylvania, Dept. of Banking and Securities v. Vanguard Advisors, Inc.

    - **Action Date:** 12/20/2017

    - **Court/Body Name and Location:** Commonwealth of Pennsylvania Department of Banking and Securities; Pennsylvania 10(d)(2)(v). Description of the Action As a result of an administrative error, Vanguard Advisors, Inc. did not immediately update an

    - **Action Description:** As a result of an administrative error, Vanguard Advisors, Inc. did not immediately update an investment advisor representative's registration to reflect Pennsylvania as the representative's new place of employment following the representative's move from Arizona to Pennsylvania. Vanguard Advisors, Inc. self-identified the issue.

    - **Disposition:** Entry of Consent Order and Agreement to pay an administrative assessment in the amount of $23,480.00.

  - **Details #2:**

    - **Entity Name:** Vanguard Marketing Corporation (VMC)

    - **Action Title:** ACCEPTANCE, WAIVER, AND CONSENT (AWC) NO. 2020066956001

    - **Action Date:** 11/04/2022

    - **Court/Body Name and Location:** Financial Industry Regulatory Authority (FINRA)

    - **Action Description:** FINRA found that from Nov. 2019 to Sept. 2020, VMC overstated projected yield and projected annual income for nine money market funds on certain brokerage account statements. FINRA also found that from at least Oct. 2019 to June 2021, certain account statements inaccurately presented market appreciation/depreciation and investment returns. The aforementioned errors did not affect the actual market yield paid to customers or holdings information displayed on customer statements have been resolved. FINRA also found that the firm failed to reasonably supervise its account statements by failing to time address customer reports of inaccuracies. FINRA found that VMC violated FINRA rules 2210, 3110, 4511 and 2010.

    - **Disposition:** Without admitting or denying the allegations or findings, VMC agreed to the imposition of a censure and a fine in the amount of $800,000, VMC's Letter of Acceptance, Waiver, and Consent was accepted by FINRA on May 25, 2023.

  - **Details #3:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** ATTORNEY GENERAL OF THE STATE OF NEW YORK, ASSURANCE NO. 25-003

    - **Action Date:** 01/17/2025

    - **Court/Body Name and Location:** ATTORNEY GENERAL OF THE STATE OF NEW YORK

    - **Action Description:** ON JANUARY 17, 2025, THE NEW YORK ATTORNEY GENERAL ISSUED A SETTLED ASSURANCE OFDISCONTINUANCE IN WHICH IT FOUND THAT VGI VIOLATED THE MARTIN ACT (N.Y. GENERAL BUSINESS LAW 352ET SEQ.) AND N.Y. EXECUTIVE LAW 63(12) BY FAILING TO DISCLOSE TO INVESTORS IN INVESTOR TARGETRETIREMENT FUNDS ("TRFS") OF THE IMPACT ON CAPITAL GAINS DISTRIBUTIONS AND RESULTING CAPITALGAINS TAX LIABILITY THAT WOULD RESULT FROM LOWERING THE MINIMUM INVESTMENT FOR THEINSTITUTIONAL TRFS.

    - **Disposition:** WITHOUT ADMITTING OR DENYING THE FINDINGS, VMC AND VGI AGREED NOT TO ENGAGE, OR ATTEMPT TOENGAGE, IN CONDUCT IN VIOLATION OF ANY APPLICABLE LAWS AND WERE ORDERED TO PAY (I) $135 MILLION INREMEDIATION, SUBJECT TO $42.094 MILLION IN OFFSETS ($92.91 MILLION NET OF OFFSETS); (II) A PENALTY OF$13.5 MILLION; AND (III) $14.7 MILLION IN DISGORGEMENT AND $3.5 MILLION IN PREJUDGMENT INTEREST. THEREQUIRED MONETARY RELIEF WAS DEEMED SATISFIED BY PAYMENT TO SEC FAIR FUND IN RELATED ACTION. ONJANUARY 24, 2025, VGI PAID $106,410,000 INTO THE SEC FAIR FUND, COMPRISING THE $13.5 MILLION CIVILPENALTY AND $92.9 MILLION IN RESTITUTION.

  - **Details #4:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** DFI Case No. S-245138 (LX)

    - **Action Date:** 03/10/2025

    - **Court/Body Name and Location:** Division of Securities, Wisconsin Department of Financial Institutions (DFI)

    - **Action Description:** On March 10, 2025, the Wisconsin Department of Financial Institutions, Division of Securities, issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Wis. Stat. 551.501(2) by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Wis. Admin Code DFI-Sec 4.05(2) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor share class TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional share class TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #5:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Case No. S-25-0017

    - **Action Date:** 03/10/2025

    - **Court/Body Name and Location:** Oregon Department of Consumer and Business Services, Division of Finanical Regulation

    - **Action Description:** On March 10, 2025, the Oregon Department of Consumer and Business Services, Division of Financial Regulation, issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Oregon Rev. Stat. 59.135(2) by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Oregon Rev. Stat 59.205(13) and Oregon Admin. Rule 441-205-0210(3) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor share class TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional share class TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #6:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** N/A

    - **Action Date:** 03/12/2025

    - **Court/Body Name and Location:** South Dakota Division of Insurance & Securities

    - **Action Description:** On March 12, 2025, the South Dakota Department of Labor and Regulation, Division of Insurance, issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated S. Dakota Codified Laws 47-31B-501 by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated S. Dakota Codified Laws 47-31B-412 by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor share class TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional share class TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #7:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** MS 24-12-19

    - **Action Date:** 03/21/2025

    - **Court/Body Name and Location:** STATE OF NEW MEXICO, REGULATION AND LICENSING DEPARTMENT, SECURITIES DIVISION

    - **Action Description:** ON MARCH 21, 2025, THE STATE OF NEW MEXICO REGULATION AND LICENSING DEPARTMENT SECURITIES DIVISION, ISSUED A SETTLED CONSENT ORDER IN WHICH IT FOUND THAT (I) THE VANGUARD GROUP (VGI) VIOLATED NEW MEXICO STATUTES ANNOTATED 1978, 58-13C-501 BY FAILING TO DISCLOSE THE POTENTIAL FOR HIGHER CAPITAL GAINS DISTRIBUTIONS FROM LOWERING THE INVESTMENT MINIMUM OF THE INSTITUTIONAL TARGET RETIREMENT FUNDS (TRFS); AND (II) THE VANGUARD MARKETING CORPORATION (VMC) VIOLATED NEW MEXICO STATUTES ANNOTATED 1978, 58-13C-412(C)(9) AND NEW MEXICO ADMIN. CODE. 12.11.4.10 FAILING TO ADEQUATELY SUPERVISE ITS AGENTS TO ENSURE THAT THEY TOOK ADEQUATE STEPS TO DISCLOSE THE RISK THAT INVESTORS THAT HELD INVESTOR TRFS IN TAXABLE ACCOUNTS COULD POTENTIALLY EXPERIENCE TAX CONSEQUENCES AS RESULT OF LOWERING THE INVESTMENT MINIMUM FOR THE INSTITUTIONAL TRFS.

    - **Disposition:** WITHOUT ADMITTING OR DENYING THE FINDINGS, VMC AND VGI AGREED NOT TO ENGAGE, OR ATTEMPT TO ENGAGE, IN CONDUCT IN VIOLATION OF ANY APPLICABLE LAWS AND WERE ORDERED TO PAY (I) $135 MILLION IN REMEDIATION, SUBJECT TO CERTAIN OFFSETS; (II) A PENALTY OF $13.5 MILLION; AND (III) $14.7 MILLION IN DISGORGEMENT AND $3.5 MILLION IN PREJUDGMENT INTEREST. PENALTIES AND REMEDIATION DEEMED SATISFIED BY PAYMENT TO SEC FAIR FUND IN RELATED ACTION.

  - **Details #8:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** DOCKET NO. 250010

    - **Action Date:** 03/21/2025

    - **Court/Body Name and Location:** PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES

    - **Action Description:** ON MARCH 21, 2025, THE PA DEPARTMENT OF BANKING AND SECURITIES ISSUED A SETTLED CONSENT ORDER IN WHICH IT FOUND THAT (I) THE VANGUARD GROUP (VGI) VIOLATED 70 PENN. STAT. 1-401 (B) BY FAILING TO DISCLOSE THE POTENTIAL FOR HIGHER CAPITAL GAINS DISTRIBUTIONS FROM LOWERING THE INVESTMENT MINIMUM OF THE INSTITUTIONAL TARGET RETIREMENT FUNDS (TRFS); AND (II) THE VANGUARD MARKETING CORPORATION (VMC) VIOLATED 70 PENN. STAT. 1-305 (A)(VII) BY FAILING TO ADEQUATELY SUPERVISE ITS AGENTS TO ENSURE THAT THEY TOOK ADEQUATE STEPS TO DISCLOSE THE RISK THAT INVESTORS THAT HELD INVESTOR TRFS IN TAXABLE ACCOUNTS COULD POTENTIALLY EXPERIENCE TAX CONSEQUENCES AS RESULT OF LOWERING THE INVESTMENT MINIMUM FOR THE INSTITUTIONAL TRFS.

    - **Disposition:** WITHOUT ADMITTING OR DENYING THE FINDINGS, VMC AND VGI AGREED NOT TO ENGAGE, OR ATTEMPT TO ENGAGE, IN CONDUCT IN VIOLATION OF ANY APPLICABLE LAWS AND WERE ORDERED TO PAY (I) $135 MILLION IN REMEDIATION, SUBJECT TO CERTAIN OFFSETS; (II) A PENALTY OF $13.5 MILLION; AND (III) $14.7 MILLION IN DISGORGEMENT AND $3.5 MILLION IN PREJUDGMENT INTEREST. PENALTIES AND REMEDIATION DEEMED SATISFIED BY PAYMENT TO SEC FAIR FUND IN RELATED ACTION.

  - **Details #9:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** DOCKET NO. 25-003-S

    - **Action Date:** 03/11/2025

    - **Court/Body Name and Location:** STATE OF VERMONT, DEPARTMENT OF FINANCIAL REGULATION

    - **Action Description:** ON MARCH 11, 2025, THE VERMONT DEPARTMENT OF FINANCIAL REGULATION ISSUED A SETTLED CONSENT ORDER IN WHICH IT FOUND THAT (I) THE VANGUARD GROUP (VGI) VIOLATED 9 VERMONT STAT. ANN. 5501 BY FAILING TO DISCLOSE THE POTENTIAL FOR HIGHER CAPITAL GAINS DISTRIBUTIONS FROM LOWERING THE INVESTMENT MINIMUM OF THE INSTITUTIONAL TARGET RETIREMENT FUNDS (TRFS); AND (II) THE VANGUARD MARKETING CORPORATION (VMC) VIOLATED VERMONT SECS. REG. 2-2(B)(2) BY FAILING TO ADEQUATELY SUPERVISE ITS AGENTS TO ENSURE THAT THEY TOOK ADEQUATE STEPS TO DISCLOSE THE RISK THAT INVESTORS THAT HELD INVESTOR TRFS IN TAXABLE ACCOUNTS COULD POTENTIALLY EXPERIENCE TAX CONSEQUENCES AS RESULT OF LOWERING THE INVESTMENT MINIMUM FOR THE INSTITUTIONAL TRFS.

    - **Disposition:** WITHOUT ADMITTING OR DENYING THE FINDINGS, VMC AND VGI AGREED NOT TO ENGAGE, OR ATTEMPT TO ENGAGE, IN CONDUCT IN VIOLATION OF ANY APPLICABLE LAWS AND WERE ORDERED TO PAY (I) $135 MILLION IN REMEDIATION, SUBJECT TO CERTAIN OFFSETS; (II) A PENALTY OF $13.5 MILLION; AND (III) $14.7 MILLION IN DISGORGEMENT AND $3.5 MILLION IN PREJUDGMENT INTEREST. PENALTIES AND REMEDIATION DEEMED SATISFIED BY PAYMENT TO SEC FAIR FUND IN RELATED ACTION.

  - **Details #10:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** ORDER NO. S-22-3439-25-CO01

    - **Action Date:** 03/18/2025

    - **Court/Body Name and Location:** STATE OF WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS, SECURITIES DIVISION

    - **Action Description:** ON MARCH 18, 2025, THE STATE OF WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS SECURITIES DIVISION, ISSUED A SETTLED CONSENT ORDER IN WHICH IT FOUND THAT (I) THE VANGUARD GROUP (VGI) VIOLATED REV. WASH. CODE 21.20.010 BY FAILING TO DISCLOSE THE POTENTIAL FOR HIGHER CAPITAL GAINS DISTRIBUTIONS FROM LOWERING THE INVESTMENT MINIMUM OF THE INSTITUTIONAL TARGET RETIREMENT FUNDS (TRFS); AND (II) THE VANGUARD MARKETING CORPORATION (VMC) VIOLATED WASHINGTON ADMIN. CODE 460-20C-150 BY FAILING TO ADEQUATELY SUPERVISE ITS AGENTS TO ENSURE THAT THEY TOOK ADEQUATE STEPS TO DISCLOSE THE RISK THAT INVESTORS THAT HELD INVESTOR TRFS IN TAXABLE ACCOUNTS COULD POTENTIALLY EXPERIENCE TAX CONSEQUENCES AS RESULT OF LOWERING THE INVESTMENT MINIMUM FOR THE INSTITUTIONAL TRFS.

    - **Disposition:** WITHOUT ADMITTING OR DENYING THE FINDINGS, VMC AND VGI AGREED NOT TO ENGAGE, OR ATTEMPT TO ENGAGE, IN CONDUCT IN VIOLATION OF ANY APPLICABLE LAWS AND WERE ORDERED TO PAY (I) $135 MILLION IN REMEDIATION, SUBJECT TO CERTAIN OFFSETS; (II) A PENALTY OF $13.5 MILLION; AND (III) $14.7 MILLION IN DISGORGEMENT AND $3.5 MILLION IN PREJUDGMENT INTEREST. PENALTIES AND REMEDIATION DEEMED SATISFIED BY PAYMENT TO SEC FAIR FUND IN RELATED ACTION.

  - **Details #11:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** 2025-CDS-006

    - **Action Date:** 04/01/2025

    - **Court/Body Name and Location:** COLORADO SECURITIES COMMISSIONER

    - **Action Description:** ON APRIL 1, 2025, THE STATE OF COLORADO SECURITIES COMMISSIONER ISSUED A SETTLED CONSENT ORDER IN WHICH IT FOUND THAT (I) THE VANGUARD GROUP (VGI) VIOLATED COLORADO REVISED STATUTES 11-51-501(1)(B) BY FAILING TO DISCLOSE THE POTENTIAL FOR HIGHER CAPITAL GAINS DISTRIBUTIONS FROM LOWERING THE INVESTMENT MINIMUM OF THE INSTITUTIONAL TARGET RETIREMENT FUNDS (TRFS); AND (II) THE VANGUARD MARKETING CORPORATION (VMC) VIOLATED 3 CODE OF COLORADO REGULATIONS 704-1, RULE 51-4.7(H) BY FAILING TO ADEQUATELY SUPERVISE ITS AGENTS TO ENSURE THAT THEY TOOK ADEQUATE STEPS TO DISCLOSE THE RISK THAT INVESTORS THAT HELD INVESTOR TRFS IN TAXABLE ACCOUNTS COULD POTENTIALLY EXPERIENCE TAX CONSEQUENCES AS RESULT OF LOWERING THE INVESTMENT MINIMUM FOR THE INSTITUTIONAL TRFS.

    - **Disposition:** WITHOUT ADMITTING OR DENYING THE FINDINGS, VMC AND VGI AGREED NOT TO ENGAGE, OR ATTEMPT TO ENGAGE, IN CONDUCT IN VIOLATION OF ANY APPLICABLE LAWS AND WERE ORDERED TO PAY (I) $135 MILLION IN REMEDIATION, SUBJECT TO CERTAIN OFFSETS; (II) A PENALTY OF $13.5 MILLION; AND (III) $14.7 MILLION IN DISGORGEMENT AND $3.5 MILLION IN PREJUDGMENT INTEREST. PENALTIES AND REMEDIATION DEEMED SATISFIED BY PAYMENT TO SEC FAIR FUND IN RELATED ACTION.

  - **Details #12:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** MATTER NO. 25-202513-S

    - **Action Date:** 03/25/2025

    - **Court/Body Name and Location:** STATE OF CONNECTICUT, DEPARTMENT OF BANKING

    - **Action Description:** ON MARCH 25, 2025, THE STATE OF CONNECTICUT DEPARTMENT OF BANKING ISSUED A SETTLED CONSENT ORDER IN WHICH IT FOUND THAT (I) THE VANGUARD GROUP (VGI) VIOLATED CONNECTICUT GEN. STAT 36B-5(A)(2) BY FAILING TO DISCLOSE THE POTENTIAL FOR HIGHER CAPITAL GAINS DISTRIBUTIONS FROM LOWERING THE INVESTMENT MINIMUM OF THE INSTITUTIONAL TARGET RETIREMENT FUNDS (TRFS); AND (II) THE VANGUARD MARKETING CORPORATION (VMC) VIOLATED REGULATIONS OF CONNECTICUT STATE AGENCIES 36B-31-6(F) BY FAILING TO ADEQUATELY SUPERVISE ITS AGENTS TO ENSURE THAT THEY TOOK ADEQUATE STEPS TO DISCLOSE THE RISK THAT INVESTORS THAT HELD INVESTOR TRFS IN TAXABLE ACCOUNTS COULD POTENTIALLY EXPERIENCE TAX CONSEQUENCES AS RESULT OF LOWERING THE INVESTMENT MINIMUM FOR THE INSTITUTIONAL TRFS.

    - **Disposition:** WITHOUT ADMITTING OR DENYING THE FINDINGS, VMC AND VGI AGREED NOT TO ENGAGE, OR ATTEMPT TO ENGAGE, IN CONDUCT IN VIOLATION OF ANY APPLICABLE LAWS AND WERE ORDERED TO PAY (I) $135 MILLION IN REMEDIATION, SUBJECT TO CERTAIN OFFSETS; (II) A PENALTY OF $13.5 MILLION; AND (III) $14.7 MILLION IN DISGORGEMENT AND $3.5 MILLION IN PREJUDGMENT INTEREST. PENALTIES AND REMEDIATION DEEMED SATISFIED BY PAYMENT TO SEC FAIR FUND IN RELATED ACTION.

  - **Details #13:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** INV2022-00041

    - **Action Date:** 03/22/2025

    - **Court/Body Name and Location:** STATE OF NEW HAMPSHIRE, DEPARTMENT OF STATE, BUREAU OF SECURITIES REGULATION

    - **Action Description:** ON MARCH 21, 2025, THE STATE OF NEW HAMPSHIRE DEPARTMENT OF STATE BUREAU OF SECURITIES REGULATION, ISSUED A SETTLED CONSENT ORDER IN WHICH IT FOUND THAT (I) THE VANGUARD GROUP (VGI) VIOLATED N.H. REV. STAT. ANN. 421-B:5-501(A)(2) BY FAILING TO DISCLOSE THE POTENTIAL FOR HIGHER CAPITAL GAINS DISTRIBUTIONS FROM LOWERING THE INVESTMENT MINIMUM OF THE INSTITUTIONAL TARGET RETIREMENT FUNDS (TRFS); AND (II) THE VANGUARD MARKETING CORPORATION (VMC) VIOLATED N.H. REV. STAT. ANN. 421-B:4-412(D)(9) BY FAILING TO ADEQUATELY SUPERVISE ITS AGENTS TO ENSURE THAT THEY TOOK ADEQUATE STEPS TO DISCLOSE THE RISK THAT INVESTORS THAT HELD INVESTOR TRFS IN TAXABLE ACCOUNTS COULD POTENTIALLY EXPERIENCE TAX CONSEQUENCES AS RESULT OF LOWERING THE INVESTMENT MINIMUM FOR THE INSTITUTIONAL TRFS.

    - **Disposition:** WITHOUT ADMITTING OR DENYING THE FINDINGS, VMC AND VGI AGREED NOT TO ENGAGE, OR ATTEMPT TO ENGAGE, IN CONDUCT IN VIOLATION OF ANY APPLICABLE LAWS AND WERE ORDERED TO PAY (I) $135 MILLION IN REMEDIATION, SUBJECT TO CERTAIN OFFSETS; (II) A PENALTY OF $13.5 MILLION; AND (III) $14.7 MILLION IN DISGORGEMENT AND $3.5 MILLION IN PREJUDGMENT INTEREST. PENALTIES AND REMEDIATION DEEMED SATISFIED BY PAYMENT TO SEC FAIR FUND IN RELATED ACTION.

  - **Details #14:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** N/A

    - **Action Date:** 03/21/2025

    - **Court/Body Name and Location:** STATE OF NEW JERSEY, BUREAU OF SECURITIES

    - **Action Description:** ON MARCH 21, 2025, THE STATE OF NEW JERSEY BUREAU OF SECURITIES, ISSUED A SETTLED CONSENT ORDER IN WHICH IT FOUND THAT (I) THE VANGUARD GROUP (VGI) VIOLATED NEW JERSEY STATUTES ANNOTATED 49:3-52(B) BY FAILING TO DISCLOSE THE POTENTIAL FOR HIGHER CAPITAL GAINS DISTRIBUTIONS FROM LOWERING THE INVESTMENT MINIMUM OF THE INSTITUTIONAL TARGET RETIREMENT FUNDS (TRFS); AND (II) THE VANGUARD MARKETING CORPORATION (VMC) VIOLATED NEW JERSEY STATUTES ANNOTATED 49:3-58(A)(2)(XI) BY FAILING TO ADEQUATELY SUPERVISE ITS AGENTS TO ENSURE THAT THEY TOOK ADEQUATE STEPS TO DISCLOSE THE RISK THAT INVESTORS THAT HELD INVESTOR TRFS IN TAXABLE ACCOUNTS COULD POTENTIALLY EXPERIENCE TAX CONSEQUENCES AS RESULT OF LOWERING THE INVESTMENT MINIMUM FOR THE INSTITUTIONAL TRFS.

    - **Disposition:** WITHOUT ADMITTING OR DENYING THE FINDINGS, VMC AND VGI AGREED NOT TO ENGAGE, OR ATTEMPT TO ENGAGE, IN CONDUCT IN VIOLATION OF ANY APPLICABLE LAWS AND WERE ORDERED TO PAY (I) $135 MILLION IN REMEDIATION, SUBJECT TO CERTAIN OFFSETS; (II) A PENALTY OF $13.5 MILLION; AND (III) $14.7 MILLION IN DISGORGEMENT AND $3.5 MILLION IN PREJUDGMENT INTEREST. PENALTIES AND REMEDIATION DEEMED SATISFIED BY PAYMENT TO SEC FAIR FUND IN RELATED ACTION.

  - **Details #15:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Div. Case No. 125581

    - **Action Date:** 04/02/2025

    - **Court/Body Name and Location:** Iowa Insurance Commissioner

    - **Action Description:** On April 2,2025, the Iowa Insurance Commissioner issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Iowa Code 502.501 by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Iowa Code 502.412(4)(i) and Iowa Admin. Code Rule 191-50.17(3) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as a result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #16:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** 2025-SC-001

    - **Action Date:** 04/10/2025

    - **Court/Body Name and Location:** State of Rhode Island, Department of Business Regulation, Securities Division

    - **Action Description:** On April 10, 2025, the State of Rhode Island Department of Business Regulation Securities Division issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated R.I. Gen. Laws 7-11-501 by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated R.I. Gen. Laws 7-11-212(b)(11) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as a result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #17:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Division Order No. 25-005

    - **Action Date:** 04/03/2025

    - **Court/Body Name and Location:** Ohio Department of Commerce, Division of Securities

    - **Action Description:** On April 3, 2025, the Ohio Department of Commerce, Division of Securities, issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Ohio Rev. Code 1707.19(A)(1)(i) by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Ohio Admin. Code 1301:6-3-19(B)(9) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as a result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #18:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Order No. ENSC-241177

    - **Action Date:** 04/10/2025

    - **Court/Body Name and Location:** Commissioner of Securities, State of Georgia

    - **Action Description:** On April 10, 2025, the Commissioner of Securities State of Georgia issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Official Code of Georgia 10-5-50 by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Official Code of Georgia 10-5-41(d)(9) and Georgia Rule 590-4-5-12(1) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as a result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #19:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** File No. INV25-005

    - **Action Date:** 04/10/2025

    - **Court/Body Name and Location:** State of Nevada, Office of the Secretary of State, Securities Division

    - **Action Description:** On April 10, 2025, the State of Nevada Office of the Secretary of State Securities Division issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Nev. Rev. Stat. 90.570 by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Nev. Rev. Stat. 90.420(1)(l) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as a result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #20:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** NO. 2025-03

    - **Action Date:** 04/11/2025

    - **Court/Body Name and Location:** State of Maine, Office of Securities

    - **Action Description:** On April 11, 2025, the State of Maine Office of Securities issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated 32 Maine Rev. Stat. 16501(2) by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Maine Office of Securities Rules, Chapter 504 7(1) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as a result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #21:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Order No. 23-25-S

    - **Action Date:** 04/14/2025

    - **Court/Body Name and Location:** State of Alaska Department of Commerce, Community, and Economic Development, Division of Banking and Securities

    - **Action Description:** On April 14, 2025, the State of Alaska Department of Commerce, Community, and Economic Development Division of Banking and Securities issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Alaska Stat. 45.56.500(2) by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Alaska Stat. 45.56.440(d)(9) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as a result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #22:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Investor Protection Case No. 22-0111

    - **Action Date:** 04/21/2025

    - **Court/Body Name and Location:** The Investor Protection Director of the State of Delaware

    - **Action Description:** On April 21, 2025, the Investor Protection Director of the State of Delaware issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Delaware Securities Act 73-201(2) by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Delaware Securities Act 73-304(a)(10) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #23:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** LS-23-5929

    - **Action Date:** 04/25/2025

    - **Court/Body Name and Location:** Office of the Mississippi Secretary of State, Securities Division

    - **Action Description:** On April 25, 2025, the Office of the Mississippi Secretary of State, Securities Division, issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Mississippi Securities Act 75-71-501 by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Mississippi Securities Rule 5.19 by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #24:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** N/A

    - **Action Date:** 04/28/2025

    - **Court/Body Name and Location:** Department of Financial Protection and Innovation of the State of California

    - **Action Description:** On April 28, 2025, the Department of Financial Protection and Innovation of the State of California issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated California Corporations Code section 25401 by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated California Corporations Code section 25218 and 10 C.C.R. 260.218.4 by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #25:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** N/A

    - **Action Date:** 04/28/2025

    - **Court/Body Name and Location:** Nebraska Department of Banking and Finance

    - **Action Description:** On April 28, 2025, the Nebraska Department of Banking and Finance, Bureau of Securities, issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Neb. Rev. Stat. 8-1102(1)(b) (Reissue 2002) by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Neb. Rev. Stat. 8-1103(9)(a)(xi) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor share class TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional share class TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #26:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** N/A

    - **Action Date:** 04/28/2025

    - **Court/Body Name and Location:** State of Minnesota Department of Commerce

    - **Action Description:** On April 28, 2025, the Minnesota Department of Commerce issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Minn. Stat. 80A.68 by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Minn. Stat. 80A.67 (d)(9) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor share class TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional share class TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #27:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** SEC-2025-35

    - **Action Date:** 05/01/2025

    - **Court/Body Name and Location:** Commissioner of Securities and Insurance, Office of the Montana State Auditor

    - **Action Description:** On May 1, 2025, the Commissioner of Securities and Insurance, Office of the Montana State Auditor issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated M.C.A. 30-10-301(1)(b) by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated M.C.A. 30-10-201(13)(k) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor share class TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional share class TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #28:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Docket No. SD-25-0004; Docket No. SD-25-0005

    - **Action Date:** 05/01/2025

    - **Court/Body Name and Location:** Division of Securities, Utah Department of Commerce

    - **Action Description:** On May 1, 2025, the Utah Securities Commission, Division of Securities, Utah Department of Commerce issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Utah Code Ann. Section 61-1-1(2) by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Utah Code Ann. Section 61-1-6(2)(a)(ii)(J) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor share class TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional share class TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #29:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** S-22-0038

    - **Action Date:** 06/12/2025

    - **Court/Body Name and Location:** The Arkansas Securities Department and the Arkansas Securities Commissioner

    - **Action Description:** On June 12, 2025, the Arkansas Securities Commissioner issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Ark. Code. Ann. 23-42-507(2) by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Ark. Code Ann. 23-42-301(f) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #30:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Docket No. SB-2025-006

    - **Action Date:** 06/17/2025

    - **Court/Body Name and Location:** Idaho Department of Finance

    - **Action Description:** On June 17, 2025, the State of Idaho Department of Finance issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated I.C. 30-14-501, by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated I.C. 30-14-412 and Rule 105, by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #31:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** 2025-DFI-0074

    - **Action Date:** 06/17/2025

    - **Court/Body Name and Location:** Commonwealth of Kentucky, Public Protection Cabinet, Department of Financial Institutions

    - **Action Description:** On June 17, 2025, the Kentucky Department of Financial Institutions issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated KRS 292.320(1)(b), by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated 808 KAR 10:030, Section 3, by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #32:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Case No. 22-0035

    - **Action Date:** 06/12/2025

    - **Court/Body Name and Location:** State of West Virginia, West Virginia Securities Division

    - **Action Description:** On June 12, 2025, the West Virginia Securities Commissioner issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated W. Va. Code 32-1-101(2), by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated W. Va. Code 32-2-204(a)(J), by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #33:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Alabama Securities Commission

    - **Action Date:** 06/10/2025

    - **Court/Body Name and Location:** Order No. CO-2025-OO21

    - **Action Description:** On June 10, 2025, the Alabama Securities Commission issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Section 8-6-17(a)(2), Code of Alabama 1975, by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Section 8-6-3(j)(10), Code of Alabama 1975, by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #34:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** ENF-24-020076

    - **Action Date:** 07/07/2025

    - **Court/Body Name and Location:** State of Michigan, Department of Licensing and Regulatory Affairs, Corporations, Securities and Commercial Licensing Bureau

    - **Action Description:** On July 7, 2025, the State of Michigan Department of Licensing and Regulatory Affairs, Corporations Securities and Commercial Licensing Bureau issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated MCL 451.2501(b) by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated MCL 451.2412(4)(i) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #35:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Cause No. 25-0006 CA

    - **Action Date:** 08/01/2025

    - **Court/Body Name and Location:** State of Indiana, Office of the Secretary of State Securities Division

    - **Action Description:** On August 1, 2025, the State of Indiana, Office of the Secretary of State Securities Division issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Ind. Code 23-19-5-1(2) by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Ind. Code 23-19-4-12 by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #36:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Matter No. 20224600

    - **Action Date:** 08/04/2025

    - **Court/Body Name and Location:** Securities Commissioner of South Carolina

    - **Action Description:** On August 4, 2025, the Securities Commissioner of South Carolina issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated S.C. Code Ann. 35-1-501(2), by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated S.C. Code Ann. 35-1-412(d)(9) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #37:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Order No: SB-CO-01-25

    - **Action Date:** 08/06/2025

    - **Court/Body Name and Location:** Commissioner of the District of Columbia Department of Insurance, Securities and Banking

    - **Action Description:** On August 6, 2025, the Commissioner of the District of Columbia Department of Insurance, Securities and Banking issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated D.C. Official Code 31-5606.05(a)(1)(B), by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated D.C. Official Code 31-5602.07(a)(12), by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #38:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** No. SEB20250001

    - **Action Date:** 08/12/2025

    - **Court/Body Name and Location:** State of Hawaii, Department of Commerce and Consumer Affairs

    - **Action Description:** On August 12, 2025, the State of Hawaii, Department of Commerce and Consumer Affairs issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated HRS 485A-501(a)(2), by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated HRS 485A-412(d)(9), by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #39:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Matter No. 25-0000056

    - **Action Date:** 08/12/2025

    - **Court/Body Name and Location:** Commissioner of Commerce and Insurance for the State of Tennessee

    - **Action Description:** On August 12, 2025, the Commissioner of Commerce and Insurance for the State of Tennessees issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated Tenn. Code Ann. 48-1-121(a)(2), by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated Tenn. Code Ann. 48-1-112(a)(2)(J), by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #40:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Order No. IC-25-CAF-04

    - **Action Date:** 08/13/2025

    - **Court/Body Name and Location:** Texas State Securities Board

    - **Action Description:** On August 13, 2025, the Texas State Securities Board issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated 4008.052 of the Texas Securities Act, by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated 115.10 of the Texas State Securities Board Rules, by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #41:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Case Number 2200547

    - **Action Date:** 09/17/2025

    - **Court/Body Name and Location:** Secretary of State, State of Illinois, Securities Department

    - **Action Description:** On September 17, 2025, the Illinois Secretary of State, Securities Department issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated 815 ILCS 5/12.G, by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated 815 ILCS 5/8E(1)e by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #42:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** Docket No. 25E071 / KSD No. 2023-6858

    - **Action Date:** 09/16/2025

    - **Court/Body Name and Location:** The Assistant Commissioner, Securities Division of the Kansas Department of Insurance

    - **Action Description:** On September 16, 2025, The Assistant Commissioner, Securities Division of the Kansas Department of Insurance issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated K.S.A. 17-12a501(2), by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated K.S.A. 17-12a412(d)(9) and K.A.R. 81-3-7(a)(2) by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #43:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** SO-25-906 25-1955

    - **Action Date:** 09/19/2025

    - **Court/Body Name and Location:** State of North Dakota, Insurance & Securities Department

    - **Action Description:** On September 19, 2025, the State of North Dakota, Insurance & Securities Department issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated N.D.C.C. 10-04-15(2)(b), by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated N.D.C.C. 10-04-11-(1)(m), by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #44:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** DOCKET NO. S-21363A-25-0170 DECISION NO. 81513

    - **Action Date:** 10/23/2025

    - **Court/Body Name and Location:** The Arizona Corporation Commission

    - **Action Description:** On October 23, 2025, the Arizona Corporation Commission issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated A.R.S. 44-1991(A)(2), by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated A.R.S. 44-1961(A)(12) and Ariz. Admin. Code R14-4-131, by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

  - **Details #45:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** FILE NO. 22SEC057

    - **Action Date:** 11/07/2025

    - **Court/Body Name and Location:** The State of North Carolina, Department of the Secretary of State, Securities Division

    - **Action Description:** On November 7, 2025, The State of North Carolina, Department of the Secretary of State, Securities Division issued a settled Consent Order in which it found that (i) The Vanguard Group (VGI) violated N.C.G.S. Chapter 78A, by failing to disclose the potential for higher capital gains distributions from lowering the investment minimum of the Institutional Target Retirement Funds (TRFs); and (ii) the Vanguard Marketing Corporation (VMC) violated N.C.G.S. 78A-39(a1)(1) and (2)(a), by failing to adequately supervise its agents to ensure that they took adequate steps to disclose the risk that investors that held Investor TRFs in taxable accounts could potentially experience tax consequences as result of lowering the investment minimum for the Institutional TRFs.

    - **Disposition:** Without admitting or denying the findings, VMC and VGI agreed not to engage, or attempt to engage, in conduct in violation of any applicable laws and were ordered to pay (i) $135 million in remediation, subject to certain offsets; (ii) a penalty of $13.5 million; and (iii) $14.7 million in disgorgement and $3.5 million in prejudgment interest. Penalties and remediation deemed satisfied by payment to SEC Fair Fund in related action.

- **Federal/State agency denied, suspended, or revoked authorization?:** No

- **Federal/State agency entered an order against the applicant?:** No

- **Federal/State agency denied, suspended, or revoked registration?:** No

- **Federal/State agency revoked or suspended a license?:** No

- **SRO found a false statement or omission?:** No

- **SRO found a violation of its rules?:** Yes

  - **Details #1:**

    - **Entity Name:** Vanguard Marketing Corporation (VMC)

    - **Action Title:** ACCEPTANCE, WAIVER, AND CONSENT (AWC) No. C05040058

    - **Action Date:** 07/20/2004

    - **Court/Body Name and Location:** National Association of Securities Dealers (NASD)

    - **Action Description:** NASD alleges in two instances, prices paid to customers to liquidate municipal securities positions were below fair market vvalue. By relying on broker's bids to determine FMV, VMC failed to ensure transactions were executed at fair and reasonable prices.

    - **Disposition:** NASD accepted VMC's Letter of Acceptance, Waiver and Consent. Firm agreed to imposition of censure and fine in the amount of $10,000, and restitution to two customers in the amount of $9443, plus interest.

  - **Details #2:**

    - **Entity Name:** Vanguard Marketing Corporation (VMC)

    - **Action Title:** ACCEPTANCE, WAIVER, AND CONSENT (AWC) No. 2013038325801

    - **Action Date:** 03/06/2015

    - **Court/Body Name and Location:** Financial Industry Regulatory Authority (FINRA)

    - **Action Description:** FINRA alleges that VMC violated article V, section 2(c) of the FINRA by-laws, FINRA rule 2010 and NASD rule 3010(a) by failing to file form U4 amendments for 60 reportable events, and by failing to timely file form U4 amendments for 20 report events.

    - **Disposition:** FINRA accepted VMC's AWC. VMC agreed to the imposition of a censure, a $350,000 fine, production of a VMC retained independent consultant's report, and certification of VMC's implementation of improvements outlined in the independent consultant's report.

- **SRO denied, suspended, or revoked authorization?:** No

- **SRO revoked or suspended a license?:** No

- **Subject of an order or finding by a foreign financial regulatory authority?:** Yes

  - **Details #1:**

    - **Entity Name:** N/A

    - **Action Title:** Capital Market Investigation Department, Investigation Team 3-1076

    - **Action Date:** 09/24/2020

    - **Court/Body Name and Location:** South Korean Financial Services Commission, South Korea

    - **Action Description:** The South Korean Financial Supervisory Service claimed that on three occasions from 2018 to 2019 The Vanguard Group, Inc. (VGI), engaged in the sale of two Korean listed securities without corresponding ownership of the positions, a practice which is prohibited under South Korean law.

    - **Disposition:** On September 24, 2020, the South Korean Financial Services Commission imposed an administrative fine in the amount$104,575 (KRW 120 Million) on VGI, related to the above.

  - **Details #2:**

    - **Entity Name:** Vanguard Investments Australia Ltd (VIA)

    - **Action Title:** ASIC Infringement Notices Section 12GX

    - **Action Date:** 11/11/2022

    - **Court/Body Name and Location:** Australian Securities and Investments Commission (ASIC) Act 2001

    - **Action Description:** VIA self-identified an error in the product disclosure statements (PDS) to the Australian Securities and Investments Commission for the Vanguard International Shares Select Exclusions Index Funds and issued a supplementary PDS for the affected funds, correcting the error, and communicating the update to investors.

    - **Disposition:** The notices resulted in a total fine of $27,116 USD ($39,960 AUD). The notices were paid in full on 12/1/2022.

  - **Details #3:**

    - **Entity Name:** Vanguard Investments Australia Ltd (VIA)

    - **Action Title:** Financial Markets Authority (FMA), New Zealand, Formal Warning

    - **Action Date:** 03/27/2023

    - **Court/Body Name and Location:** FMA, New Zealand

    - **Action Description:** The FMA issued a formal warning to VIA for failing to lodge the required notice on the New Zealand Companies Office Disclose Register within the required five-day timeframe regarding the three infringement notices issued by Australian Securities and Investments Commission (ASIC).

    - **Disposition:** A formal warning was issued by FMA.

  - **Details #4:**

    - **Entity Name:** Vanguard Investments Australia LTD (VIA)

    - **Action Title:** Vanguard Ethically Conscious Global Aggregate Bond Index ETF

    - **Action Date:** 09/25/2024

    - **Court/Body Name and Location:** Australian Securities and Investments Commission

    - **Action Description:** ON 25 JULY 2023, ASIC LODGED CIVIL PENALTY PROCEEDINGS IN THE FEDERAL COURT OF AUSTRALIA AGAINSVANGUARD INVESTMENTS AUSTRALIA LTD (VIA), ALLEGING MISREPRESENTATIONS IN RELATION TO CLAIMSABOUT CERTAIN ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) EXCLUSIONARY SCREENS APPLIED TOINVESTMENTS IN THE VANGUARD ETHICALLY CONSCIOUS GLOBAL AGGREGATE BOND INDEX AND ETF. ASICALLEGED THAT THE DESCRIPTION OF THE EXCLUSIONARY SCREENS IN THE PRODUCT DISCLOSURESTATEMENTS (PDS) DID NOT PROVIDE A SUFFICIENTLY DETAILED EXPLANATION THAT CERTAIN COMPANY DEBISSUERS LACKING ESG RESEARCH COVERAGE WERE INCLUDED IN THE BENCHMARK SUCH THAT THE FUNDAND ETF HAD EXPOSURE TO CERTAIN SECURITIES THAT MAY NOT HAVE REASONABLY EXPECTED BYINVESTORS. IN ADDITION, ANCILLIARY STATEMENTS MADE BY VIA, IN THE FORM OF A MEDIA RELEASE AND TWINDUSTRY PRESENTATIONS, WERE ALLEGED TO NOT ADEQUATELY DISCLOSE THE LIMITATIONS OF THEEXCLUSIONARY SCREENS APPLIED TO THE PRODUCTS.

    - **Disposition:** IN CONSIDERING THE FACTS, JUSTICE O'BRYAN OF THE FEDERAL COURT ISSUED A REASONS FOR JUDGEMENAND ORDERS ON 25 SEPTEMBER 2024, THAT OBLIGATES: 1) VIA TO PAY PECUNIARY PENALTY TO THECOMMONWEALTH OF AUSTRALIA OF AUD$12.9 MILLION WHICH WAS PAID IN FULL ON 14 OCTOBER 2024; 2) VIAPUBLISH ADVERSE PUBLICITY NOTICES AS PRESCRIBED BY THE ANNEXURE ACCOMPANYING THE ORDERS BY25 OCTOBER 2024 ON SPECIFIED INTERNET WEB ADDRESSES UNTIL AT LEAST 25 SEPTEMBER 2025; AND 3) ASTO PAY VIA'S COSTS OF AND INCIDENTAL TO THE HEARING ON 8 MARCH 2024 AND VIA TO OTHERWISE PAY THCOSTS OF THE PROCEEDINGS

- **Currently the subject of any proceeding that could result in a 'yes' answer to any of the above?:** Yes

  - **Details #1:**

    - **Entity Name:** The Vanguard Group, Inc.

    - **Action Title:** CIVIL JUDICIAL

    - **Action Date:** 11/27/2024

    - **Court/Body Name and Location:** UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF TEXAS; TYLER DIVISION; CASE 6:24-CV-004

    - **Action Description:** ATTORNEYS GENERALS OF TEXAS, ALABAMA, ARKANSAS, INDIANA, IOWA, KANSAS, MISSOURI, MONTANA, NEBRASKA, WEST VIRGINIA & WYOMING. VIOLATION OF SECTION 7 OF THE CLAYTON ACT, 15 U.S.C. & 18; VIOLATIONS OF SECTION 1 OF THE SHERMAN ACT 15 U.S.C. & 1; TEXAS, MONTANA AND WEST VIRGINIA STATELAW ANTITRUST CLAIMS.

    - **Disposition:** PENDING: SERVED IN PERSON ON 12/3/24 BUT THE COURT DOCKET INDICATES THE SERVICE DATE AS 12/4/24.

- **Had a bond revoked for disorderly conduct, fraud, or dishonesty?:** No

- **Have any unsatisfied judgments or liens against them?:** No

### Signature

**Signature:** Jacqueline Angell

**Title:** Chief Compliance Officer

**Date:** 11/21/2025

**Phone Number:** 610-503-3877