Vanguard Expands Investor Choice to All U.S. Equity Index Products

Expansion includes Vanguard's Total Stock Market Index and Target Retirement suite, extending Investor Choice to millions more investors

VALLEY FORGE, Pa., Nov. 9, 2026 /PRNewswire/ -- Vanguard today announced the expansion of Investor Choice to all Vanguard U.S. equity index products, including the Vanguard Morningstar Total Stock Market Index Fund, the world's largest mutual fund, and Vanguard's industry-leading¹ Target Retirement suite. This final expansion, effective in early 2027, achieves Vanguard's goal of making Investor Choice available across its full U.S. equity index lineup and brings the program to $8.2 trillion in eligible assets².

"Three years ago, we launched Vanguard Investor Choice to make proxy voting more accessible to all investors," said John Galloway, Global Head of Investor Engagement at Vanguard. "With the addition of the Total Stock Market Index and our Target Retirement suite, millions more investors can now make their voices heard on important shareholder topics. As participation grows, we continue to see investors bringing diverse perspectives to proxy voting, strengthening our conviction that corporate governance is stronger when all investors have a voice."

Strong Demand Drives Participation

Investor demand for proxy voting choice remains strong. Recent Vanguard research indicates most investors (85%) believe fund managers should consider their preferences when casting proxy votes, while more than half (55%) want the opportunity to choose how votes are cast on their behalf³. These results reinforce findings from Vanguard's 2025 survey, which found similarly strong investor interest in proxy voting choice. According to Vanguard's 2026 How Investors Vote report, that sustained demand has translated into action, with more than half a million investors now participating in Investor Choice, up more than sixfold from the year prior.

Newly Eligible Products

The expansion includes all trusts and fund share classes of the below products. While this list represents the completion of Vanguard's planned U.S. expansion of the program, future Vanguard products that meet Investor Choice's eligibility criteria will also become eligible for participation.

• Vanguard Balanced Index
• Vanguard FTSE Social Index
• Vanguard LifeStrategy 20/80 Fund
• Vanguard LifeStrategy 40/60 Fund
• Vanguard LifeStrategy 60/40 Fund
• Vanguard LifeStrategy 80/20 Fund
• Vanguard Morningstar Institutional Total Stock Market Index
• Vanguard Morningstar Mega Cap Growth Index
• Vanguard Morningstar Mega Cap Value Index
• Vanguard Morningstar Mid-Cap Growth Index
• Vanguard Morningstar Mid-Cap Value Index
• Vanguard Morningstar Small-Cap Growth Index
• Vanguard Morningstar Small-Cap Index
• Vanguard Morningstar Small-Cap Value Index
• Vanguard Morningstar Total Stock Market Index
• Vanguard Real Estate II Index
• Vanguard Real Estate Index
• Vanguard Russell 1000 Growth Index
• Vanguard Russell 1000 Value Index
• Vanguard Russell 2000 Growth Index
• Vanguard Russell 2000 Index
• Vanguard Russell 2000 Value Index
• Vanguard Russell 3000 Index
• Vanguard's Full Target Retirement Suite
• Vanguard Tax-Managed Balanced Fund
• Vanguard Total World Stock Index
• Vanguard Variable Insurance Fund - Conservative Allocation Portfolio
• Vanguard Variable Insurance Fund - Equity Index Portfolio
• Vanguard Variable Insurance Fund - Moderate Allocation Portfolio
• Vanguard Variable Insurance Fund - Real Estate Index Portfolio
• Vanguard Variable Insurance Fund - Total Stock Market Index Portfolio
• Vanguard Variable Insurance Fund - Morningstar Mid-Cap Index Portfolio

Vanguard Investor Choice Overview 

Vanguard Investor Choice empowers individual investors, their advisors, 529 plans, and retirement plan sponsors to make their voices heard on important shareholder matters at portfolio companies held in participating Vanguard funds. With more than half a million participating investors, Investor Choice is the world's largest retail proxy voting choice program⁴.       

Vanguard Investor Choice offers a range of clear, distinct, and deliberately curated voting policy options that determine how investors' proportionate shares are voted. To learn more about the policy options and for enrollment instructions for both investors who hold Vanguard funds through third parties and for those who hold their funds directly in Vanguard accounts, please visit the Vanguard Investor Choice webpage.

Notes:

1 Vanguard and Morningstar, Inc., as of December 31, 2025. Results will vary for other time periods. Vanguard's oldest share class (Investor Shares) and all funds in the Morningstar peer group with a minimum 10-year history were included in the comparison. There may be other material differences between products that must be considered before investing. Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For the most recent performance, visit our website at vanguard.com/performance.

2 As of September 30, 2026.

3 Ipsos Investor Choice Survey, 2026. Sample size = 914 (sample weighted to reflect U.S. population). Investors were defined as respondents who indicated that they have any of the following types of accounts or funds: retirement funds (e.g., 401(k), IRA, Roth IRA); a high-yield savings account; a certificate of deposit (CD) account; a money market account; a brokerage account (e.g., an account in which you choose the stocks, bonds, and mutual funds you invest in); or a managed investment account (e.g., an account in which a financial advisor manages and chooses investments for you).

4 Based on eligible assets under management as of July 31, 2026.

About Vanguard 

Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe—directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com

Visit vanguard.com to obtain a prospectus, or, if available, a summary prospectus. The prospectus contains investment objectives, risks, charges, expenses, and other information; read and consider carefully before investing. 

All investing is subject to risk, including the possible loss of the money you invest.

Investments in Target Retirement Funds and Trusts are subject to the risks of their underlying funds. The year in the fund or trust name refers to the approximate year (the target date) when an investor in the fund or trust would retire and leave the workforce. The fund/trust will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. The Income Trust/Fund and Income and Growth Trust have fixed investment allocations and are designed for investors who are already retired. An investment in a Target Retirement Fund or Trust is not guaranteed at any time, including on or after the target date. 

The Vanguard collective trusts are not mutual funds. They are collective trusts available only to tax-qualified plans and their eligible participants. The collective trust mandates are managed by Vanguard Fiduciary Trust Company, a wholly owned subsidiary of The Vanguard Group, Inc. Investment objectives, risks, charges, expenses, and other important information should be considered carefully before investing.

Vanguard Marketing Corporation, Distributor.

SOURCE Vanguard