Fund Description: Vanguard Dividend Appreciation ETF, formerly Vanguard Dividend Appreciation VIPERs, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Vanguard Specialized Funds, an open-end investment management company. INVESTMENT OBJECTIVE: The Vanguard Dividend Appreciation ETF seeks to track the performance of the NASDAQ US Dividend Achievers Select Index, formerly the Dividend Achievers Select Index. INDEX DESCRIPTION: The NASDAQ US Dividend Achievers Select Index is comprised of a select group of securities with at least ten consecutive years of increasing annual regular dividend payments. FUND STRATEGY: The Fund employs a passive management or indexing investment approach designed to track the performance of the Index. As its primary indexing strategy, the Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index. The Fund may use a sampling strategy if regulatory constraints or other considerations prevent it from replicating the Index. FUND MANAGEMENT: The Vanguard Group, Inc. serves as investment advisor to the Fund.