Vanguard FTSE Global All Cap Index Fund

The Fund seeks to track the performance of the FTSE Global All Cap Index (the Index). The Index is comprised of large, mid-sized and small company shares in developed and emerging markets around the world. The Fund attempts to: 1. Track the performance of the Index by investing in a representative sample of Index constituent shares. 2. Remain fully invested and hold small amounts of cash except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy.