Vanguard Active Global Credit Bond

The Fund will implement its investment strategy by investing substantially all of its assets in an AUD Hedged Class of the Irish Fund. The Irish Fund invests in investment grade global credit fixed income bonds predominantly made up of corporate and noncorporate obligations, with a rating of the equivalent of Baa3 and above by Moody‘s or another rating agency or, if unrated, are determined to be of comparable credit quality by the Irish Fund’s manager.