Vanguard International Shares Select Exclusions Index Fund

The Fund provides low-cost access to a broadly diversified range of securities that excludes companies involved in the production of tobacco, controversial weapons and companies that manufacture nuclear weapons, components that were developed or significantly modified for exclusive use in nuclear weapons, and companies that provide auxiliary services related to nuclear weapons. The Fund is exposed to the fluctuating values of foreign currencies, as there will not be any hedging of foreign currencies to the Australian dollar.