Vanguard Diversified Equity Fund (Vanguard Diversified Equity Fun) Fonds

As a fund of funds, the fund invests in a diversified group of actively-managed Vanguard equity mutual funds (each, an “underlying fund” and collectively, the “underlying funds”), rather than in individual securities. Under normal circumstances, by investing in underlying funds, the fund indirectly invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities.