{"annotation_id":"2bf65a19-616f-472b-8add-7b5b277912d1","file_hash":"fe4046bd718818447506519b926d0c616e773e84ff89f79f761437dd9713bef0","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"5ef23d40-cb1d-4c3e-a1bf-8e2b09993984","block_type":"box","text":"Key Investor Information","page_number":1,"box":{"x":40,"y":56,"width":215,"height":14}},{"id":"5a4f9fe8-eb94-4024-b659-46726e2d77a2","block_type":"box","text":"This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you","page_number":1,"box":{"x":38,"y":88,"width":876,"height":9}},{"id":"ff23a5c3-6abb-4997-91c1-9408dc1ba7ab","block_type":"box","text":"understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest.","page_number":1,"box":{"x":39,"y":99,"width":890,"height":9}},{"id":"ec8eb943-7c21-4a42-9c14-beedf84a8eb5","block_type":"box","text":"Vanguard USD High Yield Corporate Bond","page_number":1,"box":{"x":53,"y":125,"width":410,"height":14}},{"id":"ec385ca1-792c-4f21-804b-7d8a88eb03e1","block_type":"box","text":"UCITS ETF (the \"Fund\")","page_number":1,"box":{"x":55,"y":142,"width":225,"height":13}},{"id":"cf5c8157-6031-4ac0-9739-e12ea57d03e9","block_type":"box","text":"A sub-fund of Vanguard Funds PLC","page_number":1,"box":{"x":53,"y":160,"width":239,"height":10}},{"id":"828269dc-3c30-485c-b2fc-18b4295db991","block_type":"box","text":"(USD) Distributing Shares","page_number":1,"box":{"x":515,"y":124,"width":184,"height":10}},{"id":"f47c363a-e320-4c6e-b8d8-5b8e404483bd","block_type":"box","text":"ISIN: IE0007XDORZ1","page_number":1,"box":{"x":515,"y":142,"width":129,"height":7}},{"id":"9ee86b51-0d43-41f1-be2e-1abcd34a5059","block_type":"box","text":"Manager: Vanguard Group (Ireland) Limited (“VGIL”)","page_number":1,"box":{"x":515,"y":159,"width":312,"height":9}},{"id":"32fa19ce-5248-4f03-97d0-7750b2d7e442","block_type":"box","text":"Objectives and investment policy","page_number":1,"box":{"x":39,"y":192,"width":292,"height":13}},{"id":"109f0eee-99ac-4228-81a4-6a54eb27d539","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":211,"width":4,"height":3}},{"id":"e0cada25-c945-482d-a5ae-72a618f89e97","block_type":"box","text":"The Fund employs a passive management – or indexing – investment \r\nhthh hil iitif itid kttk th","page_number":1,"box":{"x":52,"y":209,"width":435,"height":9}},{"id":"a357ba75-e808-4791-9ece-2bf86cd15372","block_type":"box","text":"pypgg \r\napproach, through physical acquisition of securities, and seeks to track the \r\nff thBlbUS Hih Yild 250MM 2% ICd","page_number":1,"box":{"x":52,"y":217,"width":435,"height":9}},{"id":"c2d33900-28d7-4566-a4e4-487d6293de3e","block_type":"box","text":"pp, gpyq, \r\nperformance of the Bloomberg US High Yield 250MM 2% Issuer Capped \r\nId(th“Id”)","page_number":1,"box":{"x":53,"y":225,"width":434,"height":9}},{"id":"c09b5891-b423-47e5-b2c0-0b95d3b62cc3","block_type":"box","text":"p\r\nIndex (the “Index”).","page_number":1,"box":{"x":53,"y":234,"width":111,"height":9}},{"id":"9a7f3560-331c-452d-bc04-c539bea8b48d","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":247,"width":4,"height":2}},{"id":"964d7732-d3c6-4a9f-8baf-311417ea700e","block_type":"box","text":"The Fund invests in a portfolio of USD-denominated, fixed-rate, high yield \r\ntbd(hih ildbditd llblbd) tht","page_number":1,"box":{"x":52,"y":245,"width":435,"height":9}},{"id":"6bf225d2-976e-48f6-837a-bf8897a1945b","block_type":"box","text":"p, , gy\r\ncorporate bonds (which may include subordinated or callable bonds) that, \r\nfibld tiblitf ttilf","page_number":1,"box":{"x":52,"y":253,"width":434,"height":9}},{"id":"bae5ba5a-ae19-4a68-ad0a-beeb1bf78097","block_type":"box","text":"p(y ) , \r\nso far as possible and practicable, consists of a representative sample of \r\ntht itif thId","page_number":1,"box":{"x":52,"y":261,"width":436,"height":9}},{"id":"763481b5-04f0-4062-93a3-5057dcba8f4e","block_type":"box","text":"pp, \r\nthe component securities of the Index.","page_number":1,"box":{"x":52,"y":269,"width":226,"height":9}},{"id":"8fa3a701-70eb-40cc-93d8-e354e280bc08","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":283,"width":4,"height":2}},{"id":"722b5ca6-0bf8-4425-823c-361ea04e3b86","block_type":"box","text":"The Index provides a measure of the USD-denominated, high yield, fixed\r\nttbd ktSitihtid hih ild if","page_number":1,"box":{"x":52,"y":280,"width":435,"height":9}},{"id":"c7b5d38e-c43e-4651-b573-7471c263370e","block_type":"box","text":"p, gy, \r\nrate corporate bond market. Securities are characterised as high yield if \r\nthiddltif Md’Fith d S&P iB1/BB/BBbl","page_number":1,"box":{"x":53,"y":288,"width":435,"height":9}},{"id":"5970cb20-1143-44c9-8299-fb28e7ffeae9","block_type":"box","text":"pgy\r\nthe middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. \r\nIdliiblbdt ht ttdif t lt USD","page_number":1,"box":{"x":52,"y":297,"width":434,"height":9}},{"id":"46d7f9bc-eeea-44ca-8768-0d554fb717bf","block_type":"box","text":"g y, \r\nIndex-eligible bonds must have an amount outstanding of at least USD \r\n250 illid i’ tkt iht id t 2% f th","page_number":1,"box":{"x":53,"y":305,"width":434,"height":9}},{"id":"a2d5eb71-eff9-4268-8953-b9d55cabbd1a","block_type":"box","text":"gg \r\n250 million and issuers’ aggregate market weight is capped at 2% of the \r\nttl idkt lBdfikt idfid","page_number":1,"box":{"x":52,"y":313,"width":435,"height":9}},{"id":"728f0a1b-8cff-4648-9e70-ae05063f13bb","block_type":"box","text":"ggggpp\r\ntotal index market value. Bonds from emerging market issues, as defined \r\nbthididldd fthId","page_number":1,"box":{"x":52,"y":321,"width":435,"height":9}},{"id":"27b42ad3-7b06-47ff-a309-0301d0165d59","block_type":"box","text":"gg \r\nby the index provider, are excluded from the Index.","page_number":1,"box":{"x":53,"y":329,"width":300,"height":9}},{"id":"c7bf1cd4-0e34-4d7e-a4e4-24d05daee846","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":343,"width":4,"height":2}},{"id":"59dc14a6-6dbb-4f6b-a6d8-ca67e25c5fff","block_type":"box","text":"The Fund may hold corporate bonds, which may be fixed or floating rate \r\nd ildbditd llblbdtht t t","page_number":1,"box":{"x":52,"y":341,"width":435,"height":8}},{"id":"9ba71c69-207c-4a1f-a8bf-d4b49c1f6408","block_type":"box","text":"y py g \r\nand may include subordinated or callable bonds, that are not components \r\nf thIdbt hik d thtitillbl","page_number":1,"box":{"x":52,"y":349,"width":435,"height":9}},{"id":"7657c991-7712-4f66-8a33-73c9461dc665","block_type":"box","text":"y , p\r\nof the Index, but whose risk and return characteristics closely resemble \r\nik d thtitif tittf thIdf thId","page_number":1,"box":{"x":52,"y":357,"width":435,"height":9}},{"id":"d19dd524-18ff-45b9-a94b-ca2baa1f53ad","block_type":"box","text":", y \r\nrisk and return characteristics of constituents of the Index or of the Index","page_number":1,"box":{"x":53,"y":365,"width":434,"height":7}},{"id":"dbed9fa6-c212-4118-a5bf-6d47bc9b6d68","block_type":"box","text":"as a whole. To a lesser extent the Fund may invest in similar types of \r\nt bdtidthId","page_number":1,"box":{"x":52,"y":373,"width":436,"height":9}},{"id":"5a7fecaa-ed65-4efc-afc8-fc37d25d29c0","block_type":"box","text":"government bonds outside the Index.","page_number":1,"box":{"x":52,"y":382,"width":220,"height":8}},{"id":"d238d93e-6aee-4fa2-b35a-0b473464aab4","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":395,"width":4,"height":2}},{"id":"f6fe30ce-b680-40ae-8ad7-9cc844a0e7db","block_type":"box","text":"The Fund may use derivatives in order to reduce risk or cost and/or \r\nttithA ditiifiil tt h","page_number":1,"box":{"x":52,"y":393,"width":436,"height":8}},{"id":"642b043a-7f07-439e-950f-a8881f747b6c","block_type":"box","text":"y \r\ngenerate extra income or growth. A derivative is a financial contract whose \r\nlibd thlf fiil t (h hbd","page_number":1,"box":{"x":52,"y":401,"width":435,"height":9}},{"id":"98f95822-fd38-4b2a-a7c4-f6f748bee3f3","block_type":"box","text":"gg\r\nvalue is based on the value of a financial asset (such as a share, bond, or \r\n) kt id","page_number":1,"box":{"x":52,"y":409,"width":436,"height":9}},{"id":"8f965332-3102-4015-9e3c-449387354fa9","block_type":"box","text":"currency) or a market index.","page_number":1,"box":{"x":52,"y":417,"width":166,"height":9}},{"id":"e39f03ad-0952-4563-b5a6-128a677fd7bd","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":431,"width":4,"height":2}},{"id":"16465258-c770-4ffd-b169-f740ac712cc9","block_type":"box","text":"The base currency of the Fund is USD.","page_number":1,"box":{"x":52,"y":428,"width":231,"height":9}},{"id":"143273da-0fed-4bb4-ad84-8fa89169bd84","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":442,"width":4,"height":2}},{"id":"601cd8e5-6cff-4c41-897c-70007738ad8f","block_type":"box","text":"The Fund may invest in rule 144a securities, some of which will not meet \r\nthFd’tdd liibilititid blliid","page_number":1,"box":{"x":52,"y":439,"width":435,"height":9}},{"id":"1bdc573b-ae7e-4e32-9758-41266745b9dd","block_type":"box","text":"y , \r\nthe Fund’s standard eligibility criteria and may be less liquid.","page_number":1,"box":{"x":52,"y":447,"width":357,"height":9}},{"id":"8fb2db40-6369-4f4e-9c7b-0974b24578dc","block_type":"box","text":"•","page_number":1,"box":{"x":512,"y":210,"width":3,"height":2}},{"id":"a81ff1b5-576a-415f-b0fe-51aebd5bce3e","block_type":"box","text":"The Fund attempts to remain fully invested and hold small amounts of cash \r\nt itdiktlitil iilditihth","page_number":1,"box":{"x":526,"y":208,"width":434,"height":9}},{"id":"3e130d29-b8a9-4d1e-9414-3280545e452c","block_type":"box","text":"py \r\nexcept in extraordinary market, political or similar conditions where the \r\nFd tildt fthiitt litid l","page_number":1,"box":{"x":526,"y":216,"width":435,"height":9}},{"id":"ad4a56b7-028b-4579-bb0e-d78548e7d1d6","block_type":"box","text":"py , p\r\nFund may temporarily depart from this investment policy to avoid losses.","page_number":1,"box":{"x":527,"y":224,"width":428,"height":9}},{"id":"a833c894-0ed7-4e09-942f-9f4b6d871f6a","block_type":"box","text":"•","page_number":1,"box":{"x":512,"y":238,"width":3,"height":2}},{"id":"a718e71a-bba9-473e-8518-9dc4a68c75fe","block_type":"box","text":"The Fund may invest in securities which are denominated in currencies \r\nthththbMtiht","page_number":1,"box":{"x":526,"y":235,"width":435,"height":9}},{"id":"a217707d-2043-4ae1-b289-08c58f4d59d6","block_type":"box","text":"y \r\nother than the base currency. Movements in currency exchange rates can \r\nfft thtf itt","page_number":1,"box":{"x":526,"y":243,"width":434,"height":9}},{"id":"2a95a136-e111-4dcc-8c75-b5b5a2976fb7","block_type":"box","text":"y\r\naffect the return of investments.","page_number":1,"box":{"x":526,"y":251,"width":187,"height":8}},{"id":"ceaddada-9056-4a24-8cdc-3e6bc27b6062","block_type":"box","text":"•","page_number":1,"box":{"x":512,"y":265,"width":3,"height":2}},{"id":"ee2cc4ee-072c-445d-ac9e-944bf4df2bba","block_type":"box","text":"The Fund is appropriate for long-term investment. You should have an \r\nitt hif t lt 3","page_number":1,"box":{"x":526,"y":263,"width":434,"height":8}},{"id":"226c3351-721a-461f-afbb-e31ed71d01ec","block_type":"box","text":"pppg\r\ninvestment horizon of at least 3 years.","page_number":1,"box":{"x":527,"y":271,"width":224,"height":9}},{"id":"dbe06cc6-682f-4b40-8f57-6dde27470dfe","block_type":"box","text":"•","page_number":1,"box":{"x":512,"y":284,"width":3,"height":3}},{"id":"ee0002a4-2445-4a2a-a71d-c2b43d19f775","block_type":"box","text":"Income from the ETF Shares will be paid out.","page_number":1,"box":{"x":527,"y":282,"width":266,"height":9}},{"id":"3992ec12-04a0-4ce3-aafc-74b5cfba6bfb","block_type":"box","text":"•","page_number":1,"box":{"x":512,"y":295,"width":3,"height":3}},{"id":"44325265-796a-4d9d-91a4-3ac92a9b3de5","block_type":"box","text":"Portfolio transaction costs will have an impact on performance.","page_number":1,"box":{"x":527,"y":293,"width":370,"height":9}},{"id":"ae49ad9c-40cd-4813-9450-d497bb0cef5d","block_type":"box","text":"•","page_number":1,"box":{"x":512,"y":306,"width":3,"height":3}},{"id":"7727d8bf-4758-4459-b0f0-5dc4b7bf3f49","block_type":"box","text":"ETF Shares in the Fund can be bought or sold on a daily basis (save on \r\ntibk / blihlidd bjt ttititidibd","page_number":1,"box":{"x":527,"y":304,"width":433,"height":9}},{"id":"95e806a5-4d19-4ea0-9daa-2f8b5287449f","block_type":"box","text":"gy (\r\ncertain bank / public holidays and subject to certain restrictions described \r\niAdi1 f thPtitSlt)ETF Sh","page_number":1,"box":{"x":526,"y":312,"width":434,"height":9}},{"id":"01a7d2dc-d7ee-453f-8023-b0c4397529dc","block_type":"box","text":"pyj\r\nin Appendix 1 of the Prospectus or in a separate Supplement). ETF Shares \r\nlitd tk h()Sbjt ttiti","page_number":1,"box":{"x":527,"y":320,"width":434,"height":9}},{"id":"89c49dc3-a8a2-4343-bb47-ce49b18e50dc","block_type":"box","text":"pppppp)\r\nare listed on one or more stock exchange(s). Subject to certain exceptions \r\nt t ithPtitht Athid Ptiit","page_number":1,"box":{"x":526,"y":328,"width":435,"height":9}},{"id":"9c435eca-f061-45df-a31f-cceae38bfc9c","block_type":"box","text":"g()jp\r\nset out in the Prospectus, investors who are not Authorised Participants \r\nlbll ETF Shthh tht ibf","page_number":1,"box":{"x":526,"y":337,"width":435,"height":8}},{"id":"6edaa93b-7ef3-46f5-98e1-0a74319454b0","block_type":"box","text":"p, p\r\nmay only buy or sell ETF Shares through a company that is a member of \r\nlt tk ht tihtht tk hi","page_number":1,"box":{"x":527,"y":345,"width":435,"height":9}},{"id":"90fc3d83-955e-4338-b9c6-2016dfa3c767","block_type":"box","text":"y y y gpy \r\na relevant stock exchange at any time when that stock exchange is open \r\nfbiA lit f thdhih hithFd t b","page_number":1,"box":{"x":526,"y":353,"width":434,"height":9}},{"id":"cecfca49-83e9-4da3-8a71-e6c8bd986f9e","block_type":"box","text":"gy gp\r\nfor business. A list of the days on which shares in the Fund cannot be \r\nbht ld iilblhtt//fddd/hlid","page_number":1,"box":{"x":526,"y":361,"width":435,"height":9}},{"id":"727cf7fe-d547-463c-b1fa-a798f4ad4c1e","block_type":"box","text":"y\r\nbought or sold is available on \r\nlddfdlET","page_number":1,"box":{"x":527,"y":370,"width":188,"height":8}},{"id":"0f7888c1-efa2-4834-936c-73dbdea5c6f8","block_type":"box","text":"https://fund-docs.vanguard.com/holiday\r\nFdf","page_number":1,"box":{"x":723,"y":369,"width":238,"height":9}},{"id":"9d22cb5d-672b-4a88-95e1-4ad494b156d2","block_type":"box","text":"gp\r\ncalendar-vanguard-funds-plc-ETFs.pdf","page_number":1,"box":{"x":526,"y":378,"width":230,"height":9}},{"id":"2fb05a79-b149-4581-b294-70e98134a6fe","block_type":"box","text":"For further information about the objectives and investment policy of \r\nthFdll thliitd ltihiith thIdid","page_number":1,"box":{"x":512,"y":391,"width":450,"height":9}},{"id":"31397dc5-1802-4080-9f87-8a8cff37c809","block_type":"box","text":"jpy \r\nthe Fund, as well as the limited relationship with the Index provider, \r\nlthlt fthFd (\"Slt\") d Adi","page_number":1,"box":{"x":512,"y":399,"width":448,"height":9}},{"id":"1d9e9718-e210-4699-9fc1-5dad49ce863c","block_type":"box","text":", p p, \r\nplease see the supplement for the Fund (\"Supplement\") and Appendix \r\n6 f thVd Fdlt(th\"Pt\")","page_number":1,"box":{"x":512,"y":407,"width":449,"height":9}},{"id":"ab5525cb-2251-4079-a1aa-856af6a6b4e8","block_type":"box","text":"ppp(pp) pp\r\n6 of the Vanguard Funds plc prospectus (the \"Prospectus\") on our \r\nbitt htt//lbld","page_number":1,"box":{"x":512,"y":416,"width":450,"height":8}},{"id":"783ed402-da0d-48c6-b0a3-e05369551a06","block_type":"box","text":"website at","page_number":1,"box":{"x":511,"y":424,"width":65,"height":7}},{"id":"3db5d5a4-b43c-495a-8e09-051502f74459","block_type":"box","text":"gppp\r\nhttps://global.vanguard.com","page_number":1,"box":{"x":581,"y":424,"width":178,"height":9}},{"id":"e4d02950-1048-4b4e-990c-892400e0f6c8","block_type":"box","text":"Risk and reward profile","page_number":1,"box":{"x":40,"y":464,"width":203,"height":13}},{"id":"9ee345fa-7103-4357-a17a-546f6e05fc59","block_type":"box","text":"Lower risk","page_number":1,"box":{"x":58,"y":483,"width":53,"height":6}},{"id":"3a86e7f2-1572-44ab-b6bc-694ef55cd5dd","block_type":"box","text":"Higher risk","page_number":1,"box":{"x":414,"y":483,"width":55,"height":8}},{"id":"524a9e81-6c19-47e7-8ef3-94883b7f4079","block_type":"box","text":"Typically lower rewards","page_number":1,"box":{"x":57,"y":503,"width":122,"height":8}},{"id":"efe8861e-0246-41c7-a6b9-8a25771c1bf4","block_type":"box","text":"Typically higher 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indicator is based on historical data and may not be a reliable \r\niditif thftik filf thFd","page_number":1,"box":{"x":53,"y":549,"width":435,"height":9}},{"id":"3c0c7c36-da92-405b-8dcf-3469896db501","block_type":"box","text":"indication of the future risk profile of the Fund.","page_number":1,"box":{"x":53,"y":558,"width":271,"height":8}},{"id":"f01e6e29-66b7-4b38-bb47-386ef6b86cdf","block_type":"box","text":"•","page_number":1,"box":{"x":39,"y":571,"width":3,"height":2}},{"id":"d8b63b7c-8e71-4faa-bf24-5b915f1f7dca","block_type":"box","text":"The risk category shown is not guaranteed and may change over time.","page_number":1,"box":{"x":53,"y":569,"width":417,"height":8}},{"id":"26dc8ee8-ad87-4392-9db5-c8d191f1d630","block_type":"box","text":"•","page_number":1,"box":{"x":39,"y":582,"width":3,"height":2}},{"id":"404e2bc7-9a0b-4b5c-b0d8-4c4f3d46db45","block_type":"box","text":"The lowest category does not mean “risk free”.","page_number":1,"box":{"x":53,"y":580,"width":275,"height":9}},{"id":"f3add59e-e880-489d-9781-76c062cc5182","block_type":"box","text":"- The value of bonds and fixed income-related securities is affected by \r\nifltil fth itt tifltidit dd","page_number":1,"box":{"x":53,"y":591,"width":435,"height":9}},{"id":"9917799a-a97c-4207-922b-6705ec3e1e4f","block_type":"box","text":"y \r\ninfluential factors such as interest rates, inflation, credit spreads and \r\nltilithihitdibthftildilitil","page_number":1,"box":{"x":53,"y":599,"width":434,"height":9}},{"id":"005f5b34-56dc-45fb-8525-18ec4f780196","block_type":"box","text":", , p\r\nvolatility which, in turn, are driven by other factors including political, \r\niid iifit tt","page_number":1,"box":{"x":53,"y":607,"width":434,"height":9}},{"id":"c3c41d1b-be3a-465f-a4ce-3818546b6e52","block_type":"box","text":"y , , y g p\r\neconomic news, company earnings and significant corporate 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This means the Fund is more sensitive to any localised \r\niktlitil ltt","page_number":1,"box":{"x":53,"y":654,"width":434,"height":9}},{"id":"f74513ae-b0f8-4348-a62c-df8291e9a1d3","block_type":"box","text":"p\r\neconomic, market, political or regulatory events.","page_number":1,"box":{"x":53,"y":662,"width":283,"height":9}},{"id":"848bf04b-6a42-4d2e-a391-59d2cec1c505","block_type":"box","text":"- Use of derivatives. The use of derivatives could increase or reduce","page_number":1,"box":{"x":527,"y":484,"width":435,"height":7}},{"id":"d0120116-5a2d-4aa5-b4c6-f2d9af8f02f4","block_type":"box","text":"exposure to underlying assets and result in greater fluctuations of the \r\nFd't t l","page_number":1,"box":{"x":527,"y":492,"width":435,"height":9}},{"id":"36575062-811b-4862-bbad-60d80fb8d28d","block_type":"box","text":"pyg \r\nFund's net asset value.","page_number":1,"box":{"x":528,"y":500,"width":135,"height":7}},{"id":"12c922a2-0a4c-4766-943c-5cddd6bc520d","block_type":"box","text":"The risk and reward indicator does not take account of the following \r\nikf itiithFd","page_number":1,"box":{"x":512,"y":511,"width":450,"height":9}},{"id":"b05ad910-d452-461c-93df-d1211ac60dfa","block_type":"box","text":"risks of investing in the Fund:","page_number":1,"box":{"x":513,"y":519,"width":189,"height":9}},{"id":"400bebad-89b1-4b45-be34-e7cd63ed52fe","block_type":"box","text":"•","page_number":1,"box":{"x":513,"y":533,"width":3,"height":2}},{"id":"2b3b5bb1-48c9-4723-a6bd-a3380ddbdc41","block_type":"box","text":"Counterparty risk. The insolvency of any institutions providing services \r\nh fkif ttitttditi","page_number":1,"box":{"x":527,"y":530,"width":435,"height":9}},{"id":"e8769046-d2e6-4414-a411-a1cb9ff657ce","block_type":"box","text":"py y y pg \r\nsuch as safekeeping of assets or acting as counterparty to derivatives or \r\nthittthFd tfiil l","page_number":1,"box":{"x":527,"y":539,"width":436,"height":9}},{"id":"59521533-93d5-46df-a93b-134c786d01ac","block_type":"box","text":"pg g py \r\nother instruments, may expose the Fund to financial loss.","page_number":1,"box":{"x":527,"y":547,"width":338,"height":9}},{"id":"01567a87-06df-4cac-af51-c45fc2a1c416","block_type":"box","text":"•","page_number":1,"box":{"x":513,"y":560,"width":3,"height":3}},{"id":"03d41308-9143-4348-b401-0928bd89bd7a","block_type":"box","text":"Liquidity risk. Lower liquidity means there are insufficient buyers or sellers \r\ntllthFd tll bittdilThild th","page_number":1,"box":{"x":527,"y":558,"width":435,"height":9}},{"id":"49ef8be2-9202-49c7-9e58-9ada6cf21feb","block_type":"box","text":"qy qy y\r\nto allow the Fund to sell or buy investments readily. This could cause the \r\nFd tihihthbilliittld","page_number":1,"box":{"x":527,"y":566,"width":435,"height":9}},{"id":"7a187d09-f595-40c0-a97a-05494eada45d","block_type":"box","text":"y y\r\nFund to incur higher costs when buying or selling investments or could \r\ntht thFd it bltbll itthit ld","page_number":1,"box":{"x":528,"y":574,"width":433,"height":9}},{"id":"0c4f2218-f8bd-47fe-82b4-7e8f91cd96e2","block_type":"box","text":"gyg g \r\nmean that the Fund is not able to buy or sell investments when it would \r\nliktd","page_number":1,"box":{"x":527,"y":583,"width":434,"height":8}},{"id":"c3d44f43-d745-491a-837e-295f6667176b","block_type":"box","text":"like to do so.","page_number":1,"box":{"x":527,"y":591,"width":74,"height":7}},{"id":"a499a677-b39d-4e49-8e03-bf9d06427fcc","block_type":"box","text":"•","page_number":1,"box":{"x":513,"y":604,"width":3,"height":2}},{"id":"8cb3d548-3180-4447-8e1f-1ac37df196ad","block_type":"box","text":"High Yield Bonds Risk. High yield bonds are issued by lower-rated \r\nid hihik tht thit bblt","page_number":1,"box":{"x":527,"y":602,"width":434,"height":9}},{"id":"03eba68d-b135-4c9b-a8bf-4902048e7f9a","block_type":"box","text":"ggyy \r\ncompanies and carry a higher risk that the issuer may not be able to repay \r\nht it Thittlbfftd bi","page_number":1,"box":{"x":527,"y":610,"width":435,"height":9}},{"id":"c66349ea-17cb-46a8-8e1b-536df1c5b694","block_type":"box","text":"py gy py \r\nwhat it owes. These investments can also be more affected by economic \r\nditiithilid fll hld th","page_number":1,"box":{"x":526,"y":618,"width":436,"height":9}},{"id":"61118653-2eed-49d2-ac15-ba1adaeee501","block_type":"box","text":"y \r\nconditions, meaning their value may rise and fall more sharply and the \r\nFd ld il","page_number":1,"box":{"x":527,"y":626,"width":435,"height":9}},{"id":"38bbb0e2-cddb-44a6-88e4-c0f67897cf6b","block_type":"box","text":"g \r\nFund could incur losses.","page_number":1,"box":{"x":528,"y":635,"width":142,"height":7}},{"id":"75974ead-2962-41ff-9ea9-602169495bb3","block_type":"box","text":"For further information on risks please see the “Risk Factors” section \r\nf thPtbitt htt//lbld","page_number":1,"box":{"x":513,"y":646,"width":448,"height":8}},{"id":"5640a857-28c5-4ea0-a4ce-cee24a8a7da0","block_type":"box","text":"p\r\nof the Prospectus on our website at","page_number":1,"box":{"x":513,"y":654,"width":227,"height":9}},{"id":"707ad52b-4de4-4c70-8c0b-6dd1689f8a71","block_type":"box","text":"https://global.vanguard.com","page_number":1,"box":{"x":745,"y":654,"width":178,"height":9}},{"id":"cd53d08c-70ad-4844-98f7-ce8d2b81d7ce","block_type":"box","text":"Charges","page_number":2,"box":{"x":39,"y":35,"width":74,"height":13}},{"id":"0d1efe82-14cc-49ff-8753-e04fd48a6cc8","block_type":"box","text":"The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential \r\nth f itt","page_number":2,"box":{"x":38,"y":52,"width":923,"height":9}},{"id":"2e8fe4e8-4be5-49c6-9a14-05eef31ac7b5","block_type":"box","text":"gypy \r\ngrowth of your investment.","page_number":2,"box":{"x":38,"y":60,"width":156,"height":9}},{"id":"5b6c0db9-70a2-4d8d-a354-e3dea298b92e","block_type":"box","text":"One-off charges taken before or after you invest","page_number":2,"box":{"x":42,"y":74,"width":285,"height":9}},{"id":"1a036d6f-0d6e-4e18-96d2-2ec9c5c3f0ad","block_type":"box","text":"Entry charge*","page_number":2,"box":{"x":51,"y":92,"width":80,"height":9}},{"id":"fc8fe285-227b-4867-8517-f356019436b4","block_type":"box","text":"None","page_number":2,"box":{"x":452,"y":92,"width":31,"height":7}},{"id":"9cc9d85e-bce4-4549-af12-314e54d8aec2","block_type":"box","text":"Exit charge*","page_number":2,"box":{"x":51,"y":110,"width":71,"height":9}},{"id":"46b65454-56e4-4086-94ce-09293a6e21ec","block_type":"box","text":"None","page_number":2,"box":{"x":452,"y":110,"width":31,"height":7}},{"id":"4f47b90c-7949-4a54-ad0d-587bda3931d3","block_type":"box","text":"This is the maximum that might be taken out of your money before it is","page_number":2,"box":{"x":48,"y":126,"width":430,"height":9}},{"id":"2bbcd6fa-e363-443b-bd80-93aa66528ce5","block_type":"box","text":"invested / before the proceeds of your investment are paid out.","page_number":2,"box":{"x":48,"y":137,"width":371,"height":9}},{"id":"7f62f40c-9332-48fe-8563-0d0b2257aa71","block_type":"box","text":"Charges taken from the Fund over a year","page_number":2,"box":{"x":42,"y":151,"width":245,"height":9}},{"id":"0f5d08c9-0e6a-460a-a597-f7df67180349","block_type":"box","text":"Ongoing charges","page_number":2,"box":{"x":51,"y":169,"width":101,"height":9}},{"id":"f7dce5f6-0e6b-4f67-9875-bc77052def62","block_type":"box","text":"0.15%","page_number":2,"box":{"x":446,"y":169,"width":36,"height":7}},{"id":"f3346378-5faf-4705-a474-49726028c4cd","block_type":"box","text":"Charges taken from the Fund under certain specific conditions","page_number":2,"box":{"x":42,"y":186,"width":369,"height":9}},{"id":"d7f7d37b-96d4-46e3-82b9-8b59d85ff0af","block_type":"box","text":"Performance fee","page_number":2,"box":{"x":51,"y":207,"width":98,"height":7}},{"id":"4e44021d-9a97-4581-b93a-4d5e3c042194","block_type":"box","text":"None","page_number":2,"box":{"x":452,"y":201,"width":31,"height":7}},{"id":"b6802afe-755c-47d9-9214-83521fc8f08b","block_type":"box","text":"Investors who are not Authorised Participants (\"APs\") may have to pay fees \r\nttkbkhbll tk h()Thf","page_number":2,"box":{"x":513,"y":72,"width":449,"height":9}},{"id":"4dad3311-665c-4cef-bcb9-126091b49914","block_type":"box","text":"p() y py \r\nto a stockbroker when you buy or sell on stock exchange(s). The fees are \r\nilblditlftkbkd t hd bbl","page_number":2,"box":{"x":512,"y":81,"width":450,"height":8}},{"id":"513e1df4-627b-4530-87fb-27d91b65d228","block_type":"box","text":"yy g()\r\navailable directly from your stockbroker and are not charged by, or payable \r\ntthFd","page_number":2,"box":{"x":513,"y":89,"width":449,"height":9}},{"id":"5d35f459-b567-4e5e-9bad-997431f34f7e","block_type":"box","text":"to, the Fund.","page_number":2,"box":{"x":512,"y":97,"width":74,"height":8}},{"id":"12db43c4-94a4-46e6-9e5e-cc45199523c6","block_type":"box","text":"The entry and exit charges shown are maximum figures and in some cases \r\niht lItfid t thtl td it h","page_number":2,"box":{"x":512,"y":108,"width":450,"height":9}},{"id":"7c7305d1-335a-4f1b-b795-113fe810badb","block_type":"box","text":"y gg\r\nyou might pay less. Investors can find out the actual entry and exit charges \r\nfthiditibtd di","page_number":2,"box":{"x":512,"y":116,"width":450,"height":9}},{"id":"5e062fe2-a72e-4325-bc14-2eb9fdbfc62b","block_type":"box","text":"ygpy \r\nfrom their distributor and or adviser.","page_number":2,"box":{"x":512,"y":124,"width":211,"height":7}},{"id":"a0ed7e08-c4d6-4b28-b915-d58d3216a25d","block_type":"box","text":"APs dealing directly with the Fund will pay related transaction costs. For cash \r\ntidtithbh ttiff i","page_number":2,"box":{"x":512,"y":136,"width":449,"height":8}},{"id":"ae75e474-cd2c-43dc-8294-6ddeef588970","block_type":"box","text":"g y py \r\ncreations or redemptions there may be a cash transaction fee of a maximum \r\nf 2% hih iid tthFdd ll ttiill hitd","page_number":2,"box":{"x":513,"y":144,"width":449,"height":9}},{"id":"3eaeb098-aa66-40be-9f99-ffaef2544962","block_type":"box","text":"py \r\nof 2% which is paid to the Fund, and all transactions will have associated \r\nttitItht APill t thft","page_number":2,"box":{"x":513,"y":152,"width":448,"height":9}},{"id":"a92549dd-6510-49e4-8df6-d58c1a6ab78f","block_type":"box","text":"p, \r\ntransaction costs. Investors who are not APs will not pay these fees or costs.","page_number":2,"box":{"x":512,"y":160,"width":449,"height":9}},{"id":"209c8273-9245-4247-9057-d3811c803c81","block_type":"box","text":"* In the case of a large subscription or redemption by an investor, that \r\nithtdditil h(tidiltil) tth","page_number":2,"box":{"x":513,"y":171,"width":449,"height":9}},{"id":"6cc6e2d2-7272-4520-a3ee-b6de607357a9","block_type":"box","text":"gppy , \r\ninvestor may have to pay an additional charge (e.g. anti-dilution levy) to the \r\nFd tttitid","page_number":2,"box":{"x":513,"y":179,"width":449,"height":9}},{"id":"71a70105-570e-4dd7-b648-a78497ccd1a3","block_type":"box","text":"y py \r\nFund to cover transaction costs incurred.","page_number":2,"box":{"x":513,"y":188,"width":241,"height":6}},{"id":"34ab2b89-a0ab-447a-b05c-e0a035ac56ab","block_type":"box","text":"Ongoing charges have not been based on an ex-post calculation as the \r\nhllhd lthldOih","page_number":2,"box":{"x":513,"y":199,"width":449,"height":8}},{"id":"4ca93fc5-3281-4d6a-a5c7-eb75bc369360","block_type":"box","text":"gg gp\r\nshare class was launched less than one calendar year ago. Ongoing charges \r\nhdilbtitd bd thtd ttl f htht","page_number":2,"box":{"x":513,"y":207,"width":449,"height":9}},{"id":"c58c3694-25d5-44e6-bf2a-a12980fc031d","block_type":"box","text":"yggg g\r\nhave accordingly been estimated based on the expected total of charges that \r\nill btkfthtf thFd thf It","page_number":2,"box":{"x":513,"y":215,"width":449,"height":9}},{"id":"bbf02c4b-0f16-4d67-beb0-d286fbe634de","block_type":"box","text":"gy pg\r\nwill be taken from the assets of the Fund over the course of a year. It \r\nldtflittit","page_number":2,"box":{"x":512,"y":223,"width":450,"height":9}},{"id":"f58b33e8-63bd-4198-9b23-772e1f584d2a","block_type":"box","text":"excludes portfolio transaction costs.","page_number":2,"box":{"x":513,"y":231,"width":211,"height":9}},{"id":"5ec00b05-9102-407c-8833-a5d7d34d96a3","block_type":"box","text":"For further information about charges, please see the Supplement and \r\nthtititld “BiSh”“RdiSh”d “F","page_number":2,"box":{"x":513,"y":242,"width":449,"height":9}},{"id":"715dbdcd-7d2a-4d29-b585-955d6603da75","block_type":"box","text":"g, ppp\r\nthe sections entitled “Buying Shares”, “Redeeming Shares”, and “Fees \r\nd E” ithPtbitt","page_number":2,"box":{"x":512,"y":251,"width":450,"height":8}},{"id":"e1ad998b-efa8-4dee-9410-2479f9e17ffc","block_type":"box","text":"yg , g , \r\nand Expenses” in the Prospectus on our website at 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