Vanguard Global 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 companies which may be located anywhere in the world. Under normal circumstances, at least 80% of the Funds assets will be invested in shares. The Fund is actively managed and uses a multi-manager structure with two investment advisers separately managing part of the Funds assets.