Vanguard Global Emerging Markets Fund

The Fund seeks to provide an increase in the value of investments over the long-term (more than 5 years). The Fund seeks to achieve its investment objective by investing primarily in shares of companies located in emerging markets around the world. Under normal circumstances, at least 80% of the Funds assets will be invested in shares of such companies. The Fund is actively managed and uses a multi-manager structure with two investment advisers separately managing part of the Funds assets.