Vanguard Global Minimum Volatility Fund Admiral Shares

The fund invests primarily in U.S. and foreign stocks that are expected to minimize volatility relative to the global equity market. To reduce volatility, the fund will consider stocks’ risk and diversification characteristics and seek to hedge away most of the currency exposure resulting from its foreign stock holdings. While the fund’s goal is to limit the volatility of global stock investing, we caution against expecting any low or minimum volatility investment to outperform, or even match, the global equity market over the long term. It is reasonable for investors to expect, on average, for a minimum volatility fund to outperform the overall global market in sharp downturns and trail the market in strong bull markets.