March 1, 2004

Fund Manager: Ajit Dayal

Fund Currently Managed

Vanguard International Value Fund (VTRIX), since July 2002.

Investment Style Overview

Uses a strictly bottom-up, fundamentals and research-based process to identify undervalued stocks around the globe -- regardless of cap size or geographic location -- that have a catalyst for future growth. Puts great emphasis on meeting with company managements. Seeks to be broadly diversified in developed and emerging markets, as well as by sector.

Key Stock Selection Criteria

*Out-of-favor with market, and inexpensive relative to historic and peer valuations due to short-term concern.

*Company has solid business model, good outlook.

Key Sell Criteria

*Reaches "full valuation," and no further upside is seen.

*More attractive opportunity is discovered.

*Original investment premise was found to be wrong.

Biographical Notes

Ajit Dayal joined Hansberger Global Investors, Inc., Ft. Lauderdale, Fla., in 1998, and serves as its deputy chief investment officer. Dayal has a B.A. for Bombay University (India) and an M.B.A. from The University of North Carolina at Chapel Hill.

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