Vanguard FTSE U.K. All Share Index Unit Trust

The Fund is a passive fund. The Fund seeks to track the performance of the FTSE All-Share Index (the Index). The Index is a free-float market-capitalisation weighted index representing the performance of all eligible companies listed on the London Stock Exchanges main market, which pass screening for size and liquidity. The Fund attempts to: 1. Track the performance of the Index by investing in a representative sample of Index constituent shares. 2. Remain fully invested and hold small amounts of cash except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy.