Vanguard ActiveLife Climate Aware 40-50% Equity Fund

The Fund seeks to provide an increase in the value of investments over the long-term (more than 5 years) together with some money paid out from those investments as income. The Fund is actively managed and seeks to achieve its investment objective by investing in a combination of shares (40-50% of the Funds investments) and bonds (issued by companies and entities which are not companies, such as government-related entities) (50-60% of the Fund). The Fund can invest worldwide and the majority of the Funds investments will be in developed countries. The Fund can invest in all countries, sectors and industries, subject to (i) Climate Considerations and (ii) Exclusions as described below.