Vanguard International Dividend Appreciation Index Fund Admiral Shares

This fund provides an economical pathway for investors to gain exposure to a selection of high-quality international businesses known for their consistent ability and dedication to increasing dividends over time. It aims to mirror the performance of a specially constructed, modified market-capitalization-weighted index. This benchmark consists of stocks of all sizes from developed and emerging markets globally, excluding the U.S., specifically chosen for their historical track record of annual dividend growth. Investing in non-U.S. equities means the fund may experience greater price fluctuations compared to funds focused solely on domestic markets. There is also the potential for dividend-paying stocks to underperform the broader stock market during certain investment periods. This fund could be appropriate for long-term investors seeking both income and international exposure to companies prioritizing dividend distributions. For 75% of its total assets, the fund is constrained from acquiring more than 10% of the voting shares of any single issuer, or investing more than 5% of its total assets in any one issuer, except when necessary to align with its target index's composition. These limitations do not extend to investments in U.S. government or agency obligations.