Hello, I'm Jim Norris, Head of Vanguard's international business.

Vanguard is one of the world's largest investment firms, serving individuals, institutions, and financial advisors globally.

Since our founding in 1975, we have been a pioneer of low-cost investing, and today our clients entrust us with roughly one-and-half trillion U.S. dollars in assets divided about equally between index and actively managed portfolios.

I say "clients" but in fact our clients are much more than that.

Let me explain how Vanguard operates in the United States.

Vanguard is a mutually owned investment management firm.

Shareholders in our U.S.-domiciled funds and ETFs own Vanguard through their ownership in these products, a structure that is unique in our industry and provides substantial benefits to clients.

First, this mutual structure means that Vanguard provides services to our U.S.-domiciled mutual funds and ETFs on an at-cost basis.

In other words, being low cost is not a pricing strategy for us; rather, in the U.S., we have an inherent low-cost advantage.

Second, the mutual structure has created a core philosophy that aligns the interests of Vanguard and our clients.

We have never been in a position in the U.S. of having to trade off what is best for the client versus what is best for the owners of the company, because they are one and the same.

Third, the mutual structure means we operate independent of the short-term profit pressures of a public company, so we can make long-term decisions and investments on behalf of our clients.

In short, our structure promotes a relationship of mutual trust and commitment between Vanguard and our clients.

It's what motivates and drives all of us at Vanguard, and it's why our clients have helped us to become one of the largest investment management firms in the world.

We can't technically recreate this client owned structure outside the U.S., but we can, and do, replicate the same philosophy, policies and practices that derive from this singular alignment with our clients.

In short, the core character of Vanguard's way of investing—low costs, transparency, rigorous risk management, a long-term focus and an unwavering commitment to our clients' best interests - also benefits our investors outside the U.S.

This approach has already enabled us to establish a strong international foundation in Europe, the United Kingdom, Asia and the Americas, and we are building on that foundation by expanding into new regions and developing new investment products and capabilities that cater to the needs of global investors.

Our global expansion efforts are supported by a world-class global investment team operating in North America, Europe and Australia, which enables us to efficiently and effectively manage money across all the major world markets.

Together, this global investment team manages hundreds of U.S.- and non-U.S.-domiciled mutual funds, pooled investment vehicles, ETFs and separately managed accounts on behalf of clients around the world.

The long-term experience and professionalism of our investment team is one of the most important distinguishing features we bring to investors.

I can't say enough about how excited I am to help bring the Vanguard way of investing to global markets.

I hope I've given you at least a flavor of what makes Vanguard different from any other investment firm in the world.

Most important, I hope you are intrigued enough to want to learn more about how Vanguard can help you meet your investment needs.

Thank you for listening.