Vanguard ActiveLife Climate Aware 40-50% Equity Income 

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 an active fund whereby the investment adviser uses their expertise to pick investments to achieve the Fund’s objectives. The Fund uses an independent sub-investment adviser which follows a distinct approach in managing the Fund’s investments to maintain a balance between its investments in shares and bonds. The Fund seeks to achieve its investment objective by investing in a combination of shares of companies (between 40-50% of the portfolio, with an expected allocation of 45%) and bonds (between 50-60% of the portfolio, with an expected allocation of 55%) selected in accordance with the Sustainability Policy. The Fund’s holdings in shares of companies may change by up to 5% either side of the stated expected allocation due to changing market conditions and prices.