Vanguard International Growth Fund Prospectus Investor and Admiral

ETF Shares are excluded when allocating to the Fund its share of the costs of
Vanguard operations.
Cash Management
The Fund’s daily cash balance may be invested in one or more Vanguard CMT Funds,
which are very low-cost money market funds. When investing in a Vanguard CMT Fund,
the Fund bears its proportionate share of the at-cost expenses of the CMT Fund in
which it invests.
Temporary Investment Measures
The Fund may temporarily depart from its normal investment policies and strategies
when doing so is believed to be in the Fund’s best interest, so long as the alternative
is consistent with the Fund’s investment objective. For instance, the Fund may invest
beyond the normal limits in derivatives or ETFs that are consistent with the Fund’s
objective when those instruments are more favorably priced or provide needed
liquidity, as might be the case if the Fund is transitioning assets from one advisor to
another or receives large cash flows that it cannot prudently invest immediately.
In addition, the Fund may take temporary defensive positions that are inconsistent
with its normal investment policies and strategies—for instance, by allocating
substantial assets to cash, commercial paper, or other less volatile instruments—in
response to adverse or unusual market, economic, political, or other conditions. In
doing so, the Fund may succeed in avoiding losses but may otherwise fail to achieve
its investment objective.
Redemption and Account Service Fees
The Fund charges a 2% redemption fee on shares redeemed before they have been
held for two months. The fee applies if you redeem shares by selling or by exchanging
to another Vanguard fund, or if Vanguard liquidates your Fund account because the
balance falls below the minimum initial investment for any reason, including market
fluctuation. Shares you have held the longest will be redeemed first.
Unlike a sales charge or a load paid to a broker or a fund management company, the
redemption fee is paid directly to the Fund to offset the costs of buying and selling
securities. The redemption fee is designed to ensure that short-term investors pay
their share of the Fund’s transaction costs and that long-term investors do not
subsidize the activities of short-term traders.
An account service fee of $20 per year applies to certain fund accounts whose
balances are less than $10,000.
See Investing With Vanguard for more information about fees.
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