Vanguard LifeStrategy 80% Equity Fund A Inc

The Fund seeks to hold investments that will pay out money and increase in value through exposure to a diversified portfolio comprising approximately 80% shares and 20% bonds and other similar fixed income investments. The Fund will seek to achieve its investment objective by investing more than 90% of its assets in passive funds that track an index, which are managed or operated by the ACD or its associates (“Associated Schemes”). The Fund will have exposure (through its investment in Associated Schemes) to a wide range of countries and asset classes, including shares, bonds and other similar fixed income investments, and money market instruments. The Fund will have exposure to shares of UK companies and non-UK companies (including companies in emerging markets (i.e. countries that are progressing toward becoming advanced, usually shown by some development in financial markets, the existence of some form of stock exchange and a regulatory body)), and to Sterling-denominated (including gilts, index-linked gilts and UK investment-grade corporate bonds) and non-Sterling denominated bonds. Gilts are a type of bond issued by the UK government. The UK will generally form one of the largest single country exposures for shares and bonds with approximately 35% of the bond portion of the portfolio and 25% of the share portion of the portfolio. The Fund may also invest directly in transferable securities (such as shares, bonds and other similar fixed income investments) (which will generally be components of the indices tracked by the Associated Schemes in which the Fund invests), money market instruments and deposits. Money market instruments are investments usually issued by banks or governments that are a short term loan to the issuer by the buyer. The buyer receives interest and the return of the original amount at the end of a certain period. The Fund is actively managed in that the Investment Adviser has discretion in respect of the Associated Schemes in which the Fund may invest and the allocations to them, each of which may change over time. The Investment Adviser manages the Fund through the pre-determined exposure to shares and bonds (and other similar fixed income investments), as detailed above. The Fund attempts to 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 to avoid losses. The Fund may use derivatives (i.e. a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index) in order to reduce risk or cost and/or generate extra income or growth (known as “efficient portfolio management”). The currency of the share class is GBP. The Fund makes investments which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affect the return of investments. The Fund is more appropriate for long term investments. Income from the Fund will be paid out. Portfolio transaction costs will have an impact on performance. Shares in the Fund can be bought or sold on a daily basis (save on certain bank holidays or public holidays and subject to certain restrictions described in Appendix 1 of the Prospectus) by submitting an application in writing or by telephone. A list of the days on which shares in the Fund cannot be bought or sold is available on: https://global.vanguard.com/portal/site/loadPDF?country=global&docId=11627 For further information about the objectives and investment policy of the Fund, please see Appendix 1 of the Vanguard LifeStrategy Funds ICVC Prospectus (the “Prospectus”) on our website at https://global.vanguard.com