Vanguard Emerg Mkts Sel Stk Inv (Vanguard Emerging Markets Selec) fond

Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks of companies located in emerging markets. For purposes of the 80% policy, emerging markets means countries included in the fund’s performance benchmark, the FTSE Emerging Index; countries classified as emerging economies by the World Bank; and other countries or markets with similar emerging characteristics as determined by the advisors.