Vanguard Global Equity Income Fund

The Fund seeks to provide an annual level of income (gross of fees) greater than that of the FTSE Developed Index (the Index) together with an increase in the value of investments over the long-term (more than 5 years). The Fund will seek to achieve its investment objective by investing primarily in shares of companies which tend to pay out a larger amount of money as income (gross of fees) than an equivalent investment in the Index would pay out. Such companies may be located anywhere in the world. Under normal circumstances, at least 80% of the Funds assets will normally be invested in shares.