Vanguard Global Minimum Volatility Fund Admiral Shares

This fund primarily allocates its capital to a selection of U.S. and international equities, with the specific aim of achieving lower volatility compared to the broad global equity market. To achieve this, it carefully evaluates the risk profiles and diversification potential of individual stocks. Additionally, the fund actively seeks to mitigate the majority of currency exposure stemming from its non-U.S. investments through hedging strategies. While its primary objective is to temper the overall fluctuations inherent in global stock investing, it's crucial for investors to understand that this strategy is not designed to outperform, or even consistently match, the performance of the overall global equity market over extended periods. Typically, one can anticipate a minimum volatility fund to demonstrate greater resilience and potentially outperform the broader market during significant downturns, yet conversely, it may lag behind during robust bull market phases.