VALLEY FORGE, Pa., Aug. 18, 2023 - Vanguard today announced plans to launch Vanguard International Dividend Growth Fund, an actively managed equity fund that seeks to compound wealth over the long term by investing in international companies with sustainably growing dividends. The fund will be managed by the same experienced investment team, from Wellington Management Company LLP, behind Vanguard Dividend Growth Fund. The International Dividend Growth Fund applies the time-tested investment philosophy of Wellington Management's Dividend Growth team to international stocks.

"Investors can use the International Dividend Growth Fund as a meaningful component of their international equity holdings, and it can be paired with the U.S.-focused Dividend Growth Fund to build a globally diversified, actively managed equity allocation," said Dan Reyes, global head of the Portfolio Review Department at Vanguard. "Vanguard creates products designed to meet the long-term needs of investors and help give them the best chance for investment success. Partnering with world-class investment talent is an integral part of Vanguard's disciplined, research-based process for developing a product lineup with enduring investment merit."

The International Dividend Growth Fund's portfolio manager will construct a high-conviction portfolio of companies with strong balance sheets and high, sustainable free cash flows. The portfolio manager will select companies that are expected to sustainably grow their dividends over the long term. The philosophy underpinning this is the belief that a growing dividend is key to identifying attractive investments. The fund will seek to invest in companies that can withstand the ups and downs of the business cycle, with a strong emphasis on resilience in all market environments.

The fund is expected to be available for investment in the fourth quarter of 2023 with a competitive expense ratio of 0.54%. The fund will have a single share class with a minimum initial investment of $3,000.

The fund will be advised by Wellington Management and managed by Peter Fisher, who also co-manages the Vanguard Dividend Growth Fund alongside portfolio manager Don Kilbride. Wellington Management is Vanguard's largest and longest-serving external advisor. From the day Vanguard was founded, Wellington Management has managed client assets on behalf of the Vanguard funds. As of June 30, 2023, Wellington Management oversaw more than $405 billion of Vanguard fund assets globally. Vanguard has a long-established relationship with Mr. Fisher and Wellington Management's Dividend Growth team and is confident that the team's proven investment process and philosophy will translate well to international stocks.

Developing a world-class product lineup
Vanguard consistently evaluates potential partners to find leading active investment managers who bring differentiated capabilities and talent to the management of Vanguard funds. All potential new Vanguard products must adhere to our established product design principles and meet our test of being sound and sensible vehicles to address investors' long-term needs.

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 individual investors, institutions, and financial professionals. Vanguard operates under a unique, investor-owned structure where Vanguard's fund shareholder clients 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.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (SEC) but has not yet become effective. The SEC has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is considered a criminal offense. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

For more information about Vanguard funds, visit vanguard.com/fundprospectus to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

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

Vanguard Marketing Corporation, Distributor.

SOURCE Vanguard