U.S.-domiciled mutual funds and ETFs typically release capital gains to shareholders each December. Below is a list of Vanguard funds that, as of October 31, 2018, were expected to distribute capital gains in December 2018.
These estimates are subject to change as we finalize our calculations for each fund. In early December, we plan to provide final estimates, including estimated income, for all funds. Final distribution amounts will be added to our fund-distribution table and each fund's profile page after the fund's declaration date in December.
Note: As of October 31, 2018, funds not listed did not expect to distribute capital gains in December. Also, we do not anticipate any Vanguard ETFs® will distribute capital gains in 2018.
Investment products like mutual funds and ETFs are made up of underlying stocks and/or bonds. These underlying securities are bought and sold by fund managers on the fund level. For index funds and ETFs, these transactions are usually a part of normal portfolio management activity like rebalancing or reconstituting an index. In the case of active funds, these transactions may be made to pursue specific investment strategies. Capital gains are realized whenever the fund or ETF sells these securities for higher prices than it paid for them.
Vanguard provides preliminary estimates for capital gains distributions in November via email, with an updated estimate in December. Please see the table for more details on our capital gains estimates.
List of U.S.-domiciled Vanguard mutual funds and ETFs that are expected to distribute taxable capital gains, with scheduled record dates and preliminary capital gains estimates, as of October 31, 2018. Estimates of year-end capital gains for each applicable Vanguard ETF®, broken down by short-term, long-term, and total gains. Estimates of total capital gains per share for all applicable remaining funds.
Updated estimates of year-end capital gains for applicable U.S.-domiciled Vanguard mutual funds and ETFs, broken down by short-term, long-term, and total gains, plus estimated income and qualified dividend income percentages, as of December 31, 2017.
Updated estimated breakdown of distributions for our U.S.-domiciled managed payout fund, as well as estimates for any additional year-end distributions for this fund.
We recommend you speak with an independent professional for specific tax or financial advice related to capital gains distributions.
The information contained herein does not constitute an offer or solicitation and may not be treated as an offer or solicitation in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. Broker-dealers, advisors and other intermediaries must determine whether their clients are eligible for investment in the products discussed herein.
Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy or sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.
All investing is subject to risk, including the possible loss of the money you invest. Past performance is no guarantee of future returns. International investing is subject to additional risks, including the possibility that returns will be hurt by a decline in the value of foreign currencies or by unfavorable developments in a particular country or region. Investments in bonds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer's ability to make payments.