Vanguard Selected Value Fund (Vanguard Whitehall Funds, Selec) Fonds

The fund employs an active management approach, investing mainly in the stocks of mid-size U.S. companies considered by an advisor to be undervalued. Although it mainly invests in U.S. stocks, it reserves the right to invest up to 25% of its assets in foreign securities, which may include depositary receipts. Foreign securities may be traded on U.S. or foreign markets.