Vanguard Global Emerging Markets 

The Fund seeks to provide an increase in the value of investments over the long-term (more than 5 years). The Fund is an active fund, and its multi-manager structure uses three independent sub-investment advisers, managing approximately equal portions of the Fund’s investments. Each investment adviser uses their expertise to pick investments to achieve the Fund’s objectives. 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 Fund’s assets will be invested in shares of such companies. The Fund typically invests in a diverse range of companies representing different economic sectors and industry groups across the spectrum of large, mid and small cap value securities, chosen mainly on the basis of an investment approach that focuses on analysing individual shares rather than stock markets.