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Vanguard Global ESG Select Stock Fund

Supplement Dated May 21, 2019, to the Prospectus and

Summary Prospectus Dated May 21, 2019

Subscription Period

Vanguard Global ESG Select Stock Fund will hold a subscription period from

May 21, 2019, through June 4, 2019. During this period, the Fund will invest in

money market instruments or hold its assets in cash rather than seek to achieve

its investment objective. This strategy should allow the Fund to accumulate

sufficient assets to construct a complete portfolio within a single day and is

expected to reduce initial trading costs.

The Fund reserves the right to terminate or extend its subscription period prior

to June 4, 2019.

During the subscription period, you may invest in the Fund online (if you are

registered for online access) or you may contact Vanguard by telephone or by

mail to complete a transaction. Please see the Investing With Vanguard

section of the prospectus for more details about requesting transactions.

PS 2247 052019