The Vanguard Active U.K. Equity Fund (the “Fund”) seeks to provide an increase in the value of investments over the long-term (more than 5 years). 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.