Vanguard Active U.K. Equity Fund A GBP Accumulation

The Fund seeks to provide an increase in the value of investments over the long-term (more than 5 years). The Fund is an active fund and may use a multi-manager structure. Each investment adviser uses their expertise to pick investments to achieve the Fund’s objectives. The Fund seeks to achieve its investment objective by investing primarily in shares of U.K. companies, being those which are incorporated, domiciled or conduct a significant portion of their business in the U.K. Such companies may also be listed in the U.K. Under normal circumstances, at least 80% of the Fund’s assets will be invested in shares of such companies.