{"annotation_id":"d93a73a5-06cf-4d4a-9786-7394e0081cc9","file_hash":"a706185d46f1cfa75916b43ad76ee737e209871d5ef4dfa21a8eb21009e3ef93","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"139fb219-96ce-4b7b-a020-ceee264b5100","block_type":"box","text":"1","page_number":1,"box":{"x":498,"y":937,"width":3,"height":7}},{"id":"c095d18e-6f08-4276-a1ce-94086b539578","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":1,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"bd6da5ea-ddba-43f2-b963-0b145dd7c091","block_type":"box","text":"PROSPECTUS","page_number":1,"box":{"x":439,"y":282,"width":126,"height":9}},{"id":"1d35533b-1aa9-4f5d-9e0e-0e0c4e7e4411","block_type":"box","text":"VANGUARD FUNDS PLC","page_number":1,"box":{"x":392,"y":312,"width":220,"height":9}},{"id":"9ffd1eb5-3c27-43d8-8755-1344ee1db1b8","block_type":"box","text":"An investment company with variable capital constituted as an umbrella fund with segregated","page_number":1,"box":{"x":129,"y":341,"width":746,"height":12}},{"id":"1e3dc8b8-3068-4e56-a69d-b24e4c76b70b","block_type":"box","text":"liability between Funds and incorporated with limited liability under the laws of Ireland under","page_number":1,"box":{"x":127,"y":356,"width":750,"height":11}},{"id":"80b18f8c-44a6-4143-894c-423e350c0e28","block_type":"box","text":"registration number 499158 and authorised and regulated by the Central Bank of Ireland","page_number":1,"box":{"x":148,"y":371,"width":709,"height":12}},{"id":"f0d8d72a-d5ca-4272-b143-ee0dc6daf54d","block_type":"box","text":"pursuant to the European Communities (Undertakings for Collective Investment in","page_number":1,"box":{"x":172,"y":386,"width":660,"height":12}},{"id":"47ea3a17-c31b-47bb-b170-95aaca4685ef","block_type":"box","text":"Transferable Securities) Regulations 2011, as may be amended","page_number":1,"box":{"x":253,"y":401,"width":498,"height":12}},{"id":"41bb3d13-5c77-4471-96b0-9488255f6f7e","block_type":"box","text":"This Prospectus is dated as at 4 September 2026.","page_number":1,"box":{"x":119,"y":664,"width":365,"height":12}},{"id":"b9df1385-34c1-4521-96d6-9db6cf2e1b50","block_type":"box","text":"2","page_number":2,"box":{"x":496,"y":937,"width":6,"height":7}},{"id":"f461b2ce-0df7-44ad-aa61-ef94b739853b","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":2,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"f5c388cc-4e8a-4924-a45c-998ad1e1c20e","block_type":"box","text":"VANGUARD FUNDS PLC","page_number":2,"box":{"x":392,"y":87,"width":220,"height":9}},{"id":"26fef5cf-28d4-4844-9f21-43c08a0c4040","block_type":"box","text":"IMPORTANT INFORMATION","page_number":2,"box":{"x":371,"y":124,"width":262,"height":9}},{"id":"81cc36a7-5b3a-4305-b7ca-3160dc63f04d","block_type":"box","text":"Investor Responsibility","page_number":2,"box":{"x":119,"y":161,"width":187,"height":12}},{"id":"6bb2bf3a-448b-4349-a67d-9d60b2792736","block_type":"box","text":"Investors should review this Prospectus carefully and in its entirety and consult a stockbroker,","page_number":2,"box":{"x":119,"y":190,"width":766,"height":12}},{"id":"161969f3-0243-4345-b353-6e1ef22f3a96","block_type":"box","text":"bank manager, solicitor, accountant or other financial adviser before making an application for","page_number":2,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"29926537-4a94-431a-9d8e-4a26128e88b0","block_type":"box","text":"Shares.","page_number":2,"box":{"x":120,"y":220,"width":61,"height":9}},{"id":"87c89d48-5c7c-4eee-b141-311c31bd3e75","block_type":"box","text":"Central Bank Authorisation","page_number":2,"box":{"x":119,"y":250,"width":226,"height":9}},{"id":"89b20888-484a-4cd8-967b-293365ec12a0","block_type":"box","text":"Authorisation of Vanguard Funds plc (the “Company”) is not an endorsement or guarantee of the","page_number":2,"box":{"x":119,"y":279,"width":766,"height":12}},{"id":"19ea7cd5-5e46-4150-98fb-2676adc20891","block_type":"box","text":"Company by the Central Bank nor is the Central Bank responsible for the contents of this","page_number":2,"box":{"x":119,"y":294,"width":766,"height":11}},{"id":"05cfff7b-b121-471c-992f-24670d6d0adc","block_type":"box","text":"Prospectus. The authorisation of the Company by the Central Bank shall not constitute a","page_number":2,"box":{"x":119,"y":309,"width":766,"height":12}},{"id":"8738a73b-5b25-4464-91cc-06e82495c7e0","block_type":"box","text":"warranty as to the performance of the Company and the Central Bank shall not be liable for the","page_number":2,"box":{"x":119,"y":324,"width":766,"height":12}},{"id":"a007e147-c277-4d18-8557-136741128f86","block_type":"box","text":"performance or default of the Company.","page_number":2,"box":{"x":119,"y":339,"width":324,"height":12}},{"id":"bb95b744-c4c1-45a0-a867-9b7250ef1139","block_type":"box","text":"This Prospectus describes the Company, an open-ended investment company with variable capital","page_number":2,"box":{"x":119,"y":368,"width":766,"height":12}},{"id":"33d4d633-015b-4f9c-8eed-858176b7ee08","block_type":"box","text":"incorporated in Ireland as a public limited company. It qualifies and is authorised in Ireland by the","page_number":2,"box":{"x":119,"y":383,"width":766,"height":12}},{"id":"1178d194-ed02-4fd7-8ff1-3f9171c5dfcf","block_type":"box","text":"Central Bank as a UCITS for the purposes of the UCITS Regulations. The Company is constituted as","page_number":2,"box":{"x":119,"y":398,"width":766,"height":12}},{"id":"748290f4-6cfd-4fc4-9683-e0303f724e2f","block_type":"box","text":"an umbrella fund, with segregated liability between Funds, insofar as the share capital of the Company","page_number":2,"box":{"x":119,"y":413,"width":766,"height":12}},{"id":"366f1eef-72f3-4f27-8ee7-1a97d737d05e","block_type":"box","text":"is divided into different classes of Shares with one or more classes of Shares representing a portfolio of","page_number":2,"box":{"x":119,"y":428,"width":766,"height":12}},{"id":"b44724ca-f0dd-409c-8682-e9b1f7967bad","block_type":"box","text":"assets that makes up a separate Fund. Shares of different classes may be established within a Fund to","page_number":2,"box":{"x":119,"y":443,"width":766,"height":12}},{"id":"8b62ddd9-f881-4f17-ae17-46a2e70f39e1","block_type":"box","text":"accommodate different subscription and/or redemption provisions and/or dividends and/or charges","page_number":2,"box":{"x":119,"y":458,"width":766,"height":12}},{"id":"57cad030-94d1-4a2b-8800-0693c4f632d7","block_type":"box","text":"and/or fee arrangements, including different ongoing charges figures.","page_number":2,"box":{"x":119,"y":473,"width":517,"height":12}},{"id":"a168610e-3b32-4ad7-beec-ab1eeb7fecfb","block_type":"box","text":"This Prospectus and any relevant Supplement should be read and constituted as one document. To the","page_number":2,"box":{"x":119,"y":502,"width":766,"height":12}},{"id":"890c1b8d-997a-4e53-a9e7-3c7ebeb2afca","block_type":"box","text":"extent that there is any inconsistency between this Prospectus and the relevant Supplement, the relevant","page_number":2,"box":{"x":119,"y":517,"width":766,"height":12}},{"id":"9793e10f-5905-4a96-9107-d80f8cf9fe38","block_type":"box","text":"Supplement shall prevail.","page_number":2,"box":{"x":120,"y":532,"width":186,"height":12}},{"id":"076361f4-3179-4f65-9056-76fd5486df58","block_type":"box","text":"The portfolio of assets maintained for each Fund is invested in accordance with the investment objective","page_number":2,"box":{"x":119,"y":562,"width":766,"height":12}},{"id":"6fc4fe4b-d7a1-4408-bb1b-3cfb0b24ef8a","block_type":"box","text":"and policies applicable to such Fund. Details for each Fund are set out either in","page_number":2,"box":{"x":119,"y":577,"width":612,"height":12}},{"id":"1cbb7f75-2925-454b-a772-74adb275ea83","block_type":"box","text":"Appendix 1","page_number":2,"box":{"x":733,"y":577,"width":91,"height":12}},{"id":"492ef632-2e78-407d-88d0-61fb91905a11","block_type":"box","text":"of this","page_number":2,"box":{"x":826,"y":577,"width":59,"height":9}},{"id":"2fa418a7-0b4e-4cb2-a94e-9cf6d7a2b5be","block_type":"box","text":"Prospectus or otherwise in the Supplement for the relevant Fund.","page_number":2,"box":{"x":119,"y":592,"width":479,"height":12}},{"id":"26eaf81c-8478-4b0b-b5dd-84c66f4a0c9d","block_type":"box","text":"The Board of Directors whose names appear under the heading “","page_number":2,"box":{"x":119,"y":621,"width":470,"height":12}},{"id":"e494e410-fd72-43de-9c07-2a53dd59b7b9","block_type":"box","text":"Directory","page_number":2,"box":{"x":590,"y":621,"width":75,"height":12}},{"id":"ced2a9fe-393a-4af5-83e2-b7ac312fc7d1","block_type":"box","text":"”","page_number":2,"box":{"x":666,"y":621,"width":7,"height":4}},{"id":"64da092e-670d-4659-bd88-8ca3f6862966","block_type":"box","text":"jointly accept responsibility","page_number":2,"box":{"x":676,"y":621,"width":209,"height":12}},{"id":"ef3a0eea-441d-4788-876e-1a4cd9788461","block_type":"box","text":"for the information contained in this Prospectus. To the best of the knowledge and belief of the Directors","page_number":2,"box":{"x":119,"y":636,"width":766,"height":12}},{"id":"c833bb62-9d5f-419a-b6e1-9569628b48dd","block_type":"box","text":"(who have taken all reasonable care to ensure that such is the case), the information contained in this","page_number":2,"box":{"x":119,"y":651,"width":766,"height":12}},{"id":"4cf86956-0ebe-44b3-8b80-47600cf2abc8","block_type":"box","text":"document does not contain any untrue or misleading statement, is in accordance with the facts and does","page_number":2,"box":{"x":119,"y":666,"width":766,"height":12}},{"id":"9f6accb9-d81e-4824-9ec1-453f3c26573e","block_type":"box","text":"not omit anything likely to affect the import of such information. The Directors accept responsibility","page_number":2,"box":{"x":119,"y":681,"width":766,"height":12}},{"id":"d6132dc2-7f8e-4f7e-b15d-c510b403aea0","block_type":"box","text":"accordingly. Details in respect of future Funds may also be set out in a separate supplement to this","page_number":2,"box":{"x":119,"y":696,"width":766,"height":12}},{"id":"61ced484-32eb-4d88-9652-3a68fba095e8","block_type":"box","text":"Prospectus.","page_number":2,"box":{"x":119,"y":712,"width":89,"height":11}},{"id":"bf18c96a-6acd-4002-ad37-1bafb8387cae","block_type":"box","text":"Reliance on this Prospectus and on the Key Information Document","page_number":2,"box":{"x":119,"y":741,"width":531,"height":12}},{"id":"9b92722e-ea73-4d65-a98d-0759bbf2829b","block_type":"box","text":"Shares in any Fund described in this Prospectus or in any relevant Supplement as well as in any relevant","page_number":2,"box":{"x":120,"y":770,"width":765,"height":12}},{"id":"632edf30-2c6a-475e-ab89-e772e8d46b0b","block_type":"box","text":"Key Information Document are offered only on the basis of the information contained in those","page_number":2,"box":{"x":119,"y":785,"width":766,"height":12}},{"id":"15327d28-f7e6-4623-830f-f2f44adcbee8","block_type":"box","text":"documents and the latest audited annual financial report and any subsequent semi-annual financial report","page_number":2,"box":{"x":119,"y":800,"width":766,"height":12}},{"id":"a58f98ca-dfc7-4ed5-b8d9-623c745f2836","block_type":"box","text":"of the Company. These reports will form part of this Prospectus.","page_number":2,"box":{"x":119,"y":815,"width":485,"height":12}},{"id":"431996a0-a8b1-4a05-b352-134e7317cce2","block_type":"box","text":"This Prospectus is based on information, law and practice at the date hereof. The Company cannot be","page_number":2,"box":{"x":119,"y":844,"width":766,"height":12}},{"id":"c421b1c3-9e03-40b6-8a23-45347945cbd7","block_type":"box","text":"bound by an out of date prospectus when it has issued a new prospectus, and investors should check","page_number":2,"box":{"x":119,"y":859,"width":766,"height":12}},{"id":"7fe77714-c9ab-4110-854f-d77409db9cc1","block_type":"box","text":"with the Administrator that this is the most recently published prospectus.","page_number":2,"box":{"x":119,"y":874,"width":550,"height":12}},{"id":"985bc842-7727-4361-929c-cea0fffc234c","block_type":"box","text":"3","page_number":3,"box":{"x":497,"y":937,"width":5,"height":7}},{"id":"74af9edc-40c9-4587-a4aa-5922449a58bd","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":3,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"2b200f8b-522b-4fea-ab0a-4333f199062c","block_type":"box","text":"No person has been authorised by the Company to give any information or make any representations","page_number":3,"box":{"x":118,"y":87,"width":767,"height":12}},{"id":"3979e25b-7f18-46e1-b18d-a9596ba9dfdf","block_type":"box","text":"concerning the Company or in connection with the offering of Shares other than those contained in this","page_number":3,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"421633db-8fd8-48da-913a-36b213b38285","block_type":"box","text":"Prospectus, and, if given or made, such information or representations must not be relied on as having","page_number":3,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"fc57bcee-1e2b-4d8a-95e8-eddbe01c9a26","block_type":"box","text":"been given or made by the Company. The delivery of this Prospectus (whether or not accompanied by","page_number":3,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"2e20ec1f-7f7c-43ce-9ef4-30c17618f16c","block_type":"box","text":"any reports) or the issue of Shares shall not, under any circumstances, create any implication that the","page_number":3,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"5dee4b31-6caa-4f97-913f-b0d24fbf5892","block_type":"box","text":"affairs of the Company have not changed since the date hereof.","page_number":3,"box":{"x":119,"y":162,"width":471,"height":12}},{"id":"874d6ff8-6640-48fc-800a-d9ac500e8f5f","block_type":"box","text":"The distribution of this Prospectus and the offering and placing of Shares in certain jurisdictions may","page_number":3,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"d240cde7-c60e-4fa7-9942-d30db23a0da0","block_type":"box","text":"be restricted. Persons into whose possession this Prospectus comes are required by the Company to","page_number":3,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"fedc90cc-861f-41bf-9f0e-86554e1af717","block_type":"box","text":"inform themselves about and to observe any such restrictions. This Prospectus does not constitute an","page_number":3,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"bac0e8fd-9acf-4c49-b15d-498662bda4c6","block_type":"box","text":"offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorised","page_number":3,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"88fce324-7741-4125-9b6c-d130a0d276b4","block_type":"box","text":"or to any person to whom it is unlawful to make such offer or solicitation.","page_number":3,"box":{"x":119,"y":251,"width":550,"height":12}},{"id":"97709928-5769-446d-96f3-ee2ed1b47e9c","block_type":"box","text":"The distribution of this Prospectus in certain jurisdictions may require that this Prospectus is translated","page_number":3,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"f4f515ae-5d4f-4258-8558-60286b85d48a","block_type":"box","text":"into the official language of those countries. Should any inconsistency arise between the translated","page_number":3,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"1a02ee18-6ad3-4d5d-bb99-a8a0845d353f","block_type":"box","text":"version and the English-language version, the English-language version of this Prospectus shall prevail.","page_number":3,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"d2eee8ba-dd6c-4b29-a62a-d5a6f7febcf2","block_type":"box","text":"Governing Law","page_number":3,"box":{"x":119,"y":340,"width":128,"height":12}},{"id":"ceb6943d-83b2-4779-a170-8321ca60b02d","block_type":"box","text":"The issue and allotment of Shares is subject to the provisions of the Prospectus, the Constitution and the","page_number":3,"box":{"x":119,"y":369,"width":766,"height":12}},{"id":"4f16bab6-f739-4442-b6c6-e402c992af1d","block_type":"box","text":"Application Form and the aforementioned documents, the subscription for or redemption of Shares and","page_number":3,"box":{"x":119,"y":384,"width":766,"height":12}},{"id":"3e5f3e71-0e1d-4d68-a512-1c8b28614420","block_type":"box","text":"the terms of holding of such Shares will be governed by and construed in accordance with the laws of","page_number":3,"box":{"x":119,"y":399,"width":766,"height":12}},{"id":"f93b6ed3-f340-4d91-9d33-f46f05bbade6","block_type":"box","text":"Ireland.","page_number":3,"box":{"x":119,"y":414,"width":61,"height":10}},{"id":"86306f33-3eed-42b1-86bf-46b5d512fb25","block_type":"box","text":"The Application Form and the terms on which Shares in a Fund are held shall be governed by and","page_number":3,"box":{"x":119,"y":443,"width":766,"height":12}},{"id":"d8b8aa3d-fa96-4823-88d7-441e42ee63cd","block_type":"box","text":"construed in accordance with the laws of Ireland. The Courts of Ireland are to have exclusive jurisdiction","page_number":3,"box":{"x":119,"y":458,"width":766,"height":12}},{"id":"7bbab3f7-f14d-43da-bb8e-1142e77e1b0a","block_type":"box","text":"to settle any dispute, controversy or claim arising out of or in connection with the Application Form, the","page_number":3,"box":{"x":119,"y":473,"width":766,"height":12}},{"id":"62f7d532-4442-447e-a471-1664aa3f845d","block_type":"box","text":"Prospectus, the Constitution, the Company or its operations, the application for or the holding of Shares","page_number":3,"box":{"x":119,"y":488,"width":766,"height":12}},{"id":"5a155fb9-2c31-4c9e-b53c-1c2629596170","block_type":"box","text":"in a Fund. Unless the Manager otherwise agrees in writing, an applicant for Shares irrevocably submits","page_number":3,"box":{"x":119,"y":503,"width":766,"height":12}},{"id":"ba7d360d-775c-4a5f-b52f-8fe7425d799a","block_type":"box","text":"to the exclusive jurisdiction of the Irish courts.","page_number":3,"box":{"x":119,"y":519,"width":349,"height":12}},{"id":"a3a6d57f-6ec1-4860-9685-6384c0fd97a3","block_type":"box","text":"Investors’ Reliance on U.S. Federal Tax Advice in this Prospectus","page_number":3,"box":{"x":119,"y":548,"width":521,"height":12}},{"id":"3fd7a768-72f0-4553-b568-748a1cdfdeab","block_type":"box","text":"The discussion contained in this Prospectus as to U.S. federal tax considerations is not intended or","page_number":3,"box":{"x":119,"y":577,"width":766,"height":12}},{"id":"44faccd0-6b25-4d91-9449-73c8b6c3749d","block_type":"box","text":"written to be used, and cannot be used, for the purpose of avoiding penalties. Such discussion is written","page_number":3,"box":{"x":119,"y":592,"width":766,"height":12}},{"id":"104a606f-8195-40c0-b97c-71203aa64ec7","block_type":"box","text":"to support the promotion or marketing of the transactions or matters addressed in this Prospectus. Each","page_number":3,"box":{"x":119,"y":607,"width":766,"height":12}},{"id":"1ac3e53e-25bb-476d-af11-d775236698a5","block_type":"box","text":"taxpayer should seek U.S. federal tax advice based on the taxpayer’s particular circumstances from an","page_number":3,"box":{"x":119,"y":622,"width":766,"height":12}},{"id":"02c17371-9c8b-426b-896b-07e5ce14ff52","block_type":"box","text":"independent tax advisor.","page_number":3,"box":{"x":119,"y":637,"width":186,"height":12}},{"id":"f7a38208-aac4-4753-8ff5-5f73299440c1","block_type":"box","text":"Listing","page_number":3,"box":{"x":119,"y":667,"width":60,"height":11}},{"id":"1295d56f-9d16-4e73-9f26-ac8135a9271b","block_type":"box","text":"Depending on the currency designation of the relevant ETF Shares, the ETF Shares of each Fund will","page_number":3,"box":{"x":119,"y":696,"width":766,"height":12}},{"id":"0a406072-a8eb-40a8-8b9a-5f43337ee13d","block_type":"box","text":"normally be primarily listed and/or admitted for trading on either the Regulated Market of Euronext","page_number":3,"box":{"x":119,"y":711,"width":766,"height":12}},{"id":"496f589c-65b1-41e6-9148-92e61ce7669b","block_type":"box","text":"Dublin, the main market of London Stock Exchange, the Deutsche Börse Xetra, the Borsa Italiana, Cboe","page_number":3,"box":{"x":119,"y":726,"width":766,"height":12}},{"id":"a4c91dd6-b3f8-4dfc-a577-4af3786c7f55","block_type":"box","text":"Europe Equities or the SIX Swiss Exchange, as appropriate (but may be primarily listed on an alternative","page_number":3,"box":{"x":119,"y":741,"width":766,"height":12}},{"id":"086cfc84-cabf-4df8-a9ce-76567482caeb","block_type":"box","text":"stock exchange). In addition to the primary listing, it is also intended that the ETF Shares of each Fund","page_number":3,"box":{"x":120,"y":756,"width":765,"height":12}},{"id":"d3293d80-1d20-43ef-bcb1-6088ab3f1b29","block_type":"box","text":"may be listed and admitted for trading on a number of other stock exchanges, such listings being","page_number":3,"box":{"x":119,"y":771,"width":766,"height":12}},{"id":"3d50d7d8-4dda-4a24-a615-61136df0c484","block_type":"box","text":"secondary to the primary listing (including without limitation any of the aforementioned exchanges and","page_number":3,"box":{"x":120,"y":786,"width":765,"height":12}},{"id":"9c92fbd9-f72e-4a49-a8fd-cfa67f379eea","block_type":"box","text":"/ or Euronext Amsterdam, Euronext Paris, Bolsa Mexicana de Valores and Bolsa Institucional de","page_number":3,"box":{"x":119,"y":801,"width":766,"height":11}},{"id":"4579d675-7256-42af-a708-288089443e88","block_type":"box","text":"Valores). The Company does not warrant or guarantee that such listings will take place or continue to","page_number":3,"box":{"x":119,"y":816,"width":766,"height":12}},{"id":"bd999747-2568-4df0-a163-d0c559bd4c46","block_type":"box","text":"exist. 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Each investor must satisfy itself regarding compliance with these requirements, prior to","page_number":4,"box":{"x":119,"y":837,"width":766,"height":12}},{"id":"d2b5f7f2-59d2-4756-a3e1-b7a7a88b6a70","block_type":"box","text":"subscribing to or purchasing the Shares.","page_number":4,"box":{"x":120,"y":852,"width":299,"height":12}},{"id":"a68f1a98-ea35-4d6b-b71d-aea1df5b8496","block_type":"box","text":"5","page_number":5,"box":{"x":497,"y":937,"width":5,"height":7}},{"id":"ce5d130a-cada-456a-8977-6699b918ea89","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":5,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"63887743-e92e-427a-9fdb-d79502573646","block_type":"box","text":"France","page_number":5,"box":{"x":119,"y":87,"width":60,"height":9}},{"id":"19f78fc2-a7f0-4d26-9ea9-9eec3d84eef8","block_type":"box","text":"As of the date of this Prospectus, deposits made on a P","page_number":5,"box":{"x":119,"y":117,"width":393,"height":12}},{"id":"f8c6176e-ff45-4ae2-acfc-357f606ebbea","block_type":"box","text":"Plan d’Epargne en Actions","page_number":5,"box":{"x":511,"y":117,"width":201,"height":12}},{"id":"453eeb6c-8712-4ddc-8ffe-31b77a859cc6","block_type":"box","text":"(PEA) can be used for","page_number":5,"box":{"x":712,"y":117,"width":173,"height":12}},{"id":"e5103ce9-0c29-4022-82e1-2fa372c40871","block_type":"box","text":"the acquisition of ETF Shares of Vanguard FTSE Developed Europe ex UK UCITS ETF; Vanguard","page_number":5,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"d450bedb-a643-403f-86d0-78f7d70434c4","block_type":"box","text":"Germany All Cap UCITS ETF; and Vanguard FTSE Eurozone UCITS ETF. 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The issuers of these","page_number":5,"box":{"x":119,"y":207,"width":766,"height":9}},{"id":"d06bd55f-e17f-4ca1-8beb-6c2a1c25596a","block_type":"box","text":"securities shall also be subject to corporate income tax or an equivalent tax under its local standard tax","page_number":5,"box":{"x":120,"y":222,"width":765,"height":12}},{"id":"80ec6563-9cba-4a27-925d-419b98a90779","block_type":"box","text":"law.","page_number":5,"box":{"x":119,"y":237,"width":35,"height":9}},{"id":"5c7ceddb-218d-472e-a6af-6b91051a2bb9","block_type":"box","text":"Jurisdictional Considerations","page_number":5,"box":{"x":119,"y":267,"width":237,"height":9}},{"id":"ff12c024-dacd-4a66-87d5-1dd35d9bf6ff","block_type":"box","text":"Potential investors should inform themselves as to:","page_number":5,"box":{"x":119,"y":297,"width":381,"height":10}},{"id":"4817a33e-2aa0-495d-a3c4-2af1afd2229e","block_type":"box","text":"(a) the legal requirements within the countries of their nationality, citizenship, residence, ordinary","page_number":5,"box":{"x":119,"y":334,"width":766,"height":12}},{"id":"b8ea275d-6cf7-4780-9c33-bc2d4c6d21b0","block_type":"box","text":"residence or domicile for the acquisition of Shares;","page_number":5,"box":{"x":166,"y":349,"width":382,"height":12}},{"id":"2a69eefb-cce3-44d1-89c2-51a8cbff7901","block_type":"box","text":"(b) any foreign exchange restrictions or exchange control requirements which they might encounter","page_number":5,"box":{"x":119,"y":379,"width":766,"height":12}},{"id":"eb6cf188-3e8d-44cc-9548-4725664a8d0e","block_type":"box","text":"on the acquisition or sale of Shares;","page_number":5,"box":{"x":167,"y":394,"width":268,"height":12}},{"id":"9b6c0835-10ce-4686-9ae8-e02fca39d76a","block_type":"box","text":"(c) the income tax and other taxation consequences which might be relevant to the acquisition,","page_number":5,"box":{"x":119,"y":424,"width":766,"height":12}},{"id":"155c9e03-8a33-4f6c-a978-83083b40c298","block_type":"box","text":"holding, redemption, conversion or disposal of Shares; and","page_number":5,"box":{"x":166,"y":439,"width":441,"height":12}},{"id":"e3cbd192-0365-404a-a62c-0df970201e45","block_type":"box","text":"(d) any requisite government or other consents and the observing of any other formalities.","page_number":5,"box":{"x":119,"y":469,"width":690,"height":12}},{"id":"4e19db8f-7ed2-4ef6-b71c-09573d33b1f8","block_type":"box","text":"The Constitution","page_number":5,"box":{"x":119,"y":500,"width":138,"height":9}},{"id":"f9c5ef2e-dfa5-4f3a-bb45-b8d13097d95a","block_type":"box","text":"The provisions of the Constitution are binding on each of its Shareholders (who are taken to have notice","page_number":5,"box":{"x":119,"y":529,"width":766,"height":12}},{"id":"41cc032b-d04b-4ff6-9b94-57576df95b43","block_type":"box","text":"of them).","page_number":5,"box":{"x":119,"y":544,"width":72,"height":12}},{"id":"fa6c8e12-7059-4aae-be3b-18ee00438d18","block_type":"box","text":"The value of Funds may fall as well as rise, and investors may not get back the amount invested","page_number":5,"box":{"x":119,"y":573,"width":766,"height":12}},{"id":"ebdcfaf3-ba52-40b2-8d44-18659a76d017","block_type":"box","text":"or any return on an investment","page_number":5,"box":{"x":119,"y":588,"width":245,"height":12}},{"id":"459c7ef6-3514-42d3-9fb4-db6d7e0e0536","block_type":"box","text":". There can be no assurance that any Fund will achieve its investment","page_number":5,"box":{"x":366,"y":588,"width":519,"height":12}},{"id":"f83d15be-0936-44e3-99b1-29e85894bb36","block_type":"box","text":"objective. Potential investors should not treat the contents of this Prospectus as advice relating to legal,","page_number":5,"box":{"x":119,"y":603,"width":766,"height":12}},{"id":"ccc82051-ed8c-4c5b-8b73-2c48305b86e5","block_type":"box","text":"taxation, investment or any matters and are recommended to consult their own professional advisers","page_number":5,"box":{"x":119,"y":618,"width":766,"height":12}},{"id":"cf154d09-a405-472f-8733-2a9b1191ae40","block_type":"box","text":"concerning the acquisition, holding or disposal of Shares. The Company makes no representation or","page_number":5,"box":{"x":119,"y":633,"width":766,"height":12}},{"id":"00eecbca-d7bb-43bf-ae27-01b8367332d2","block_type":"box","text":"warranties in respect of suitability.","page_number":5,"box":{"x":119,"y":648,"width":260,"height":12}},{"id":"ddcf213e-01d5-474f-ac45-3dc2b8dd985d","block_type":"box","text":"6","page_number":6,"box":{"x":497,"y":937,"width":5,"height":7}},{"id":"f60bc648-b9d5-489a-80b1-32204bebe5f7","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":6,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"35fddd3a-5bab-44de-a097-affd942764f7","block_type":"box","text":"CONTENTS","page_number":6,"box":{"x":450,"y":87,"width":105,"height":9}},{"id":"d1d8ae3b-4a7a-482e-93ac-111477defbd1","block_type":"box","text":"Page No","page_number":6,"box":{"x":816,"y":102,"width":69,"height":12}},{"id":"1aa5545b-fb79-44df-9e32-4752cf215aec","block_type":"box","text":"Terms used in this Document .............................................................................................................. 10","page_number":6,"box":{"x":119,"y":124,"width":749,"height":9}},{"id":"2e3c0ec1-d6a6-4227-9426-4ed6d14c2aae","block_type":"box","text":"Directory .............................................................................................................................................. 20","page_number":6,"box":{"x":119,"y":146,"width":749,"height":12}},{"id":"3202934d-7f97-446b-83ee-156be0d564e8","block_type":"box","text":"The Company ...................................................................................................................................... 21","page_number":6,"box":{"x":119,"y":168,"width":747,"height":12}},{"id":"7e67378f-af7a-4765-b50c-9b28491c01a3","block_type":"box","text":"General ................................................................................................................................... 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................................................................................................................ 24","page_number":6,"box":{"x":180,"y":243,"width":688,"height":12}},{"id":"6090ed5e-9b37-4eb4-abb1-a959a57cd8aa","block_type":"box","text":"Base Currency ........................................................................................................................ 24","page_number":6,"box":{"x":179,"y":258,"width":689,"height":12}},{"id":"b30f77df-a2d8-4ca7-89af-1b285da85d4d","block_type":"box","text":"Category of scheme ................................................................................................................ 24","page_number":6,"box":{"x":180,"y":273,"width":688,"height":12}},{"id":"3c32a49a-ff48-4571-945b-c346e0456d33","block_type":"box","text":"Further information ................................................................................................................ 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............................................................................ 98","page_number":8,"box":{"x":179,"y":853,"width":688,"height":12}},{"id":"15ddb129-32b8-48ad-9d91-df921b433f65","block_type":"box","text":"Currency Hedged Share Classes ............................................................................................. 99","page_number":8,"box":{"x":180,"y":868,"width":688,"height":12}},{"id":"569226d3-7d6f-4173-81df-43f1b24a4548","block_type":"box","text":"Investing in Smaller Companies............................................................................................. 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.......................................................................................... 119","page_number":9,"box":{"x":179,"y":378,"width":689,"height":12}},{"id":"90b3032c-359f-4168-a488-86418c0b20e3","block_type":"box","text":"Vanguard FTSE 100 UCITS ETF ........................................................................................ 125","page_number":9,"box":{"x":179,"y":393,"width":688,"height":13}},{"id":"e1c1adef-1529-4763-a042-97e71316c00e","block_type":"box","text":"Vanguard U.K. Gilt UCITS ETF.......................................................................................... 131","page_number":9,"box":{"x":179,"y":408,"width":687,"height":13}},{"id":"f46e97c8-71d4-42a9-9ed7-683d491b98fe","block_type":"box","text":"Vanguard FTSE All-World UCITS ETF .............................................................................. 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........................................................................................................................................ 199","page_number":9,"box":{"x":119,"y":618,"width":749,"height":12}},{"id":"a069cc08-f631-4507-84d9-17842aee519d","block_type":"box","text":"Investment Powers and Restrictions ..................................................................................... 199","page_number":9,"box":{"x":180,"y":633,"width":688,"height":9}},{"id":"5ec69986-f662-49ca-a44c-c438acfbfea7","block_type":"box","text":"Appendix 4 ........................................................................................................................................ 206","page_number":9,"box":{"x":119,"y":655,"width":749,"height":12}},{"id":"0fb24cd5-933d-4619-baaf-a8fc3a90d52e","block_type":"box","text":"Portfolio Investment Techniques.......................................................................................... 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219","page_number":9,"box":{"x":119,"y":730,"width":749,"height":12}},{"id":"a4173cf7-2891-499c-9470-54a1dfeafa61","block_type":"box","text":"General Information ............................................................................................................. 219","page_number":9,"box":{"x":180,"y":745,"width":688,"height":9}},{"id":"b2e9b995-d36b-4a22-af6d-b890669c54fd","block_type":"box","text":"Appendix 7 ........................................................................................................................................ 226","page_number":9,"box":{"x":119,"y":767,"width":749,"height":12}},{"id":"b718213b-5ab6-41f6-932e-861078ad6bb4","block_type":"box","text":"Information for Investors in Specific Jurisdictions .............................................................. 226","page_number":9,"box":{"x":180,"y":782,"width":688,"height":12}},{"id":"e8da5af8-d44d-4daa-9b36-35ce5f6d4f15","block_type":"box","text":"Appendix 8 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records","page_number":21,"box":{"x":179,"y":622,"width":706,"height":12}},{"id":"a863abca-afbd-4ed7-bde6-aa2771f851ab","block_type":"box","text":"of the Depositary from the assets of other Funds, and shall not (save as provided in the Act), be","page_number":21,"box":{"x":179,"y":637,"width":706,"height":12}},{"id":"13fd5ec6-1a09-4344-a8fd-4a400cb276fb","block_type":"box","text":"used to discharge directly or indirectly the liabilities of or claims against any other Fund and","page_number":21,"box":{"x":178,"y":652,"width":707,"height":12}},{"id":"38e92dd6-4fb9-42f2-a4c7-99448e5bace0","block_type":"box","text":"shall not be available for such purpose.","page_number":21,"box":{"x":179,"y":667,"width":293,"height":12}},{"id":"fcf0f705-4dbc-41d8-8a24-65eeb3602ee7","block_type":"box","text":"(c)","page_number":21,"box":{"x":119,"y":696,"width":20,"height":12}},{"id":"bb0e25ed-f418-4d22-8980-80e90ad325a4","block_type":"box","text":"Any asset derived from another asset comprised in a Fund will be applied to the same Fund as","page_number":21,"box":{"x":178,"y":696,"width":707,"height":12}},{"id":"4b3314a1-8332-4f33-b693-9253f7c0e26a","block_type":"box","text":"the asset from which it was derived and any increase or diminution in value of such an asset will","page_number":21,"box":{"x":178,"y":711,"width":707,"height":12}},{"id":"32dec432-34f7-46c1-8f94-ea655f849342","block_type":"box","text":"be applied to the relevant Fund.","page_number":21,"box":{"x":178,"y":726,"width":239,"height":12}},{"id":"3e347115-2aa9-4bc0-b713-87e9359a27bf","block_type":"box","text":"(d)","page_number":21,"box":{"x":119,"y":755,"width":21,"height":12}},{"id":"303d0a8f-7a93-45fd-b96a-2aa7c797699f","block_type":"box","text":"In the case of any asset that the Directors do not consider as readily attributable to a particular","page_number":21,"box":{"x":179,"y":755,"width":706,"height":12}},{"id":"9414cc08-7514-4e23-a47c-1ad4815aaaae","block_type":"box","text":"Fund or Funds, the Directors have the discretion to determine, with the consent of the","page_number":21,"box":{"x":178,"y":770,"width":707,"height":12}},{"id":"ede19595-5d00-4983-b12c-118a2eb67d64","block_type":"box","text":"Depositary, the basis upon which any such asset will be allocated between Funds, and the","page_number":21,"box":{"x":178,"y":785,"width":707,"height":13}},{"id":"55c3a752-8b53-4bab-876a-05e17f559c02","block_type":"box","text":"Directors may at any time vary such basis.","page_number":21,"box":{"x":178,"y":801,"width":319,"height":12}},{"id":"0b47ce48-d9d8-43a6-ad24-29e6ee3c495a","block_type":"box","text":"(e)","page_number":21,"box":{"x":119,"y":830,"width":20,"height":12}},{"id":"c0898cd0-0226-47af-bdbe-9091c5e5404e","block_type":"box","text":"Any liability will be allocated to the Fund or Funds to which in the opinion of the Directors it","page_number":21,"box":{"x":178,"y":830,"width":707,"height":12}},{"id":"22d6b8dd-6fac-4329-b7e1-17937312d933","block_type":"box","text":"relates or if such liability is not readily attributable to any particular Fund, the Directors will","page_number":21,"box":{"x":178,"y":845,"width":707,"height":12}},{"id":"082caf93-c034-4804-9585-e1e5de4a0a04","block_type":"box","text":"have discretion to determine, with the consent of the Depositary, the basis upon which any","page_number":21,"box":{"x":178,"y":860,"width":707,"height":12}},{"id":"f7bd8934-8426-4622-9824-84fedbe18131","block_type":"box","text":"liability will be allocated between Funds, and the Directors may at any time vary such 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be","page_number":22,"box":{"x":179,"y":102,"width":706,"height":12}},{"id":"b9a74842-7c84-49be-a03f-0585c34633e5","block_type":"box","text":"properly allocated as intended under (d) above.","page_number":22,"box":{"x":178,"y":117,"width":353,"height":12}},{"id":"eec1daa8-8249-4d67-b492-5532dab81bc2","block_type":"box","text":"(g)","page_number":22,"box":{"x":119,"y":146,"width":21,"height":12}},{"id":"8cd12fc5-4a17-4232-ae97-1cde8661424f","block_type":"box","text":"Subject as otherwise provided in this Prospectus, the assets held in or attributable to each Fund,","page_number":22,"box":{"x":179,"y":146,"width":706,"height":12}},{"id":"381cf67d-c214-436e-93dc-07d1ed9612e8","block_type":"box","text":"shall be applied solely in respect of that Fund and shall belong exclusively thereto and shall not","page_number":22,"box":{"x":179,"y":161,"width":706,"height":12}},{"id":"a5752489-42bc-45c9-b8cc-35d77451931d","block_type":"box","text":"be used to discharge directly or indirectly the liabilities of or claims against any other Fund and","page_number":22,"box":{"x":178,"y":176,"width":707,"height":12}},{"id":"e79deecb-a345-4051-a240-441b9813bc86","block_type":"box","text":"shall not be available for any such purpose.","page_number":22,"box":{"x":179,"y":191,"width":324,"height":12}},{"id":"af6b1cf5-a756-401b-a953-33d72c397f0e","block_type":"box","text":"The Directors may, with the prior approval of the Central Bank, from time to time issue Shares in relation","page_number":22,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"12ecdff5-bf5c-4b49-8439-741260f1c538","block_type":"box","text":"to the creation of new Funds.","page_number":22,"box":{"x":119,"y":235,"width":220,"height":10}},{"id":"1049a5d2-b154-4c18-a846-62592ed9e2ee","block_type":"box","text":"Share capital","page_number":22,"box":{"x":120,"y":265,"width":108,"height":12}},{"id":"d3f91ed8-d359-48a6-b8a6-dcca463fd454","block_type":"box","text":"The authorised Share capital of the Company is US$2.00 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Shares in the Company may","page_number":22,"box":{"x":119,"y":324,"width":766,"height":12}},{"id":"06a18fd8-7ade-4680-80ac-7e7d65a98b10","block_type":"box","text":"be marketed in other EEA States and in countries outside the EU and the EEA, subject to the UCITS","page_number":22,"box":{"x":119,"y":339,"width":766,"height":12}},{"id":"e68a0cef-639b-4de6-a061-f4f719b73707","block_type":"box","text":"Regulations and Central Bank Requirements, and any regulatory constraints in those countries, if the","page_number":22,"box":{"x":119,"y":354,"width":766,"height":12}},{"id":"b719f3fa-13a7-4c15-afe5-34bbc2e609f6","block_type":"box","text":"Manager so decides.","page_number":22,"box":{"x":119,"y":369,"width":156,"height":12}},{"id":"803661ae-78e4-45b7-9e2b-15b3e5a1f297","block_type":"box","text":"The Directors","page_number":22,"box":{"x":119,"y":399,"width":113,"height":9}},{"id":"5d15d2bc-b814-4fdd-b25a-b9ea9e1683b3","block_type":"box","text":"The Directors are responsible for managing the business affairs of the Company. Under the Constitution,","page_number":22,"box":{"x":119,"y":428,"width":766,"height":12}},{"id":"acceea9f-cdfd-477a-9a10-43bbb4dfdc34","block_type":"box","text":"and pursuant to the Management Agreement described in the “","page_number":22,"box":{"x":119,"y":443,"width":484,"height":12}},{"id":"9110b897-637b-424c-88c6-6360ba26a01e","block_type":"box","text":"Management and Administration","page_number":22,"box":{"x":604,"y":443,"width":268,"height":12}},{"id":"bb70006a-0ab2-4d81-a64a-8ccef0ad5116","block_type":"box","text":"”","page_number":22,"box":{"x":873,"y":443,"width":12,"height":9}},{"id":"dceb03b2-adb8-491c-a482-a7c9644442ed","block_type":"box","text":"section of this Prospectus, the Directors have delegated certain of their powers, duties, discretions and/or","page_number":22,"box":{"x":120,"y":458,"width":765,"height":12}},{"id":"3056ef65-f9c1-4cc2-8505-46953b25689e","block_type":"box","text":"functions in relation to the management and administration of the Company’s affairs, and the promotion","page_number":22,"box":{"x":119,"y":473,"width":766,"height":12}},{"id":"99015716-24df-42c6-880e-848f888ce597","block_type":"box","text":"of its Shares, to the Manager with certain powers of sub-delegation. The Manager has delegated","page_number":22,"box":{"x":119,"y":488,"width":766,"height":12}},{"id":"bb46de5c-a053-40c1-8924-d531ada3e98d","block_type":"box","text":"responsibility for the preparation and maintenance of the Company’s books and records, related fund","page_number":22,"box":{"x":119,"y":503,"width":766,"height":12}},{"id":"4979cf56-11ec-42af-a3ae-22311cf5db45","block_type":"box","text":"accounting matters (including the calculation of the Net Asset Value per Share), administration, transfer","page_number":22,"box":{"x":119,"y":518,"width":766,"height":12}},{"id":"2d8df6a7-9db3-43ae-812d-2e8016e37ad3","block_type":"box","text":"agency and registrar services to the Administrator. The Manager has delegated responsibility for the","page_number":22,"box":{"x":119,"y":533,"width":766,"height":12}},{"id":"c5f514c5-bc6a-4215-a7c9-a32ae780da99","block_type":"box","text":"investment, management and disposal of the assets of the Fund to the relevant Investment Manager.","page_number":22,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"2ec6a1eb-90fe-4c2a-82fd-1ca433314f27","block_type":"box","text":"The Manager has delegated responsibility for the distribution of Shares to the Distributor.","page_number":22,"box":{"x":119,"y":563,"width":667,"height":12}},{"id":"d09746f0-075e-4763-ac72-a6913d953c77","block_type":"box","text":"The Directors are listed below with their principal occupations. None of the Directors has entered into","page_number":22,"box":{"x":119,"y":592,"width":766,"height":12}},{"id":"6947459c-c89d-4cb8-a3bb-9637f86d6c30","block_type":"box","text":"an employment or service contract with the Company nor is any such contract proposed. 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The address of the","page_number":22,"box":{"x":119,"y":652,"width":766,"height":12}},{"id":"9d91be17-5143-4c7d-bb6f-5b1da3174041","block_type":"box","text":"Directors is the registered office of the Company.","page_number":22,"box":{"x":119,"y":667,"width":371,"height":12}},{"id":"bc3bef69-4641-4ad8-9a2f-ed7ea3411470","block_type":"box","text":"Jonathan Cleborne","page_number":22,"box":{"x":119,"y":697,"width":154,"height":9}},{"id":"23503a86-5750-43f6-a1ef-47f8c3a06c46","block_type":"box","text":"CFA (American) is Managing Director for Vanguard Europe, responsible for","page_number":22,"box":{"x":274,"y":696,"width":611,"height":12}},{"id":"09170123-122e-4af8-b897-f9a819fd0ec1","block_type":"box","text":"leading the operations and distribution efforts of the European business. Mr. Cleborne relocated to","page_number":22,"box":{"x":119,"y":711,"width":766,"height":13}},{"id":"fb25ab45-86b0-4830-b728-831891147f59","block_type":"box","text":"London from Vanguard’s global headquarters in the United States in 2024. Prior to this role, Mr.","page_number":22,"box":{"x":119,"y":726,"width":766,"height":12}},{"id":"f7113a82-5051-4726-8f11-a54ee5fb04b7","block_type":"box","text":"Cleborne was head of Personal Investor Advice leading a team that provides Vanguard’s U.S. clients","page_number":22,"box":{"x":119,"y":742,"width":766,"height":12}},{"id":"b5535a56-b10a-4926-9ef7-dec87238c203","block_type":"box","text":"with ongoing asset management and investment advice consultations with Certified Financial Planner™","page_number":22,"box":{"x":119,"y":757,"width":766,"height":12}},{"id":"4eaffe96-804b-406b-82e1-49d0e324eb5b","block_type":"box","text":"professionals through Vanguard's Personal Advisor offers. Mr. Cleborne and his team were also","page_number":22,"box":{"x":119,"y":771,"width":766,"height":13}},{"id":"9d6156cd-4bf1-486e-a431-b4d611659dc3","block_type":"box","text":"responsible for Vanguard Digital Advisor®. Collectively, the team stewarded over $300B on behalf of","page_number":22,"box":{"x":119,"y":786,"width":766,"height":13}},{"id":"17d08513-905b-4375-a84f-3041376eb126","block_type":"box","text":"individual investors and 401(k) plan participants. Since joining Vanguard over 20 years ago, Mr.","page_number":22,"box":{"x":119,"y":802,"width":766,"height":12}},{"id":"87d304a9-f840-4e29-a389-070d29d0ce42","block_type":"box","text":"Cleborne has held a variety of roles in Personal Investor, Financial Advisor Services, Corporate","page_number":22,"box":{"x":119,"y":817,"width":766,"height":12}},{"id":"f7e78797-d8a8-40d1-8808-c229f4c2fcf9","block_type":"box","text":"Strategy, and the Investment Strategy Group. He was also the global head of Vanguard Portfolio Review","page_number":22,"box":{"x":120,"y":832,"width":765,"height":12}},{"id":"11a40497-2dc7-4fcb-99fd-47f6a6f4ab81","block_type":"box","text":"Department, which oversees Vanguard's 400-plus mutual funds, ETFs, and their advisors. The","page_number":22,"box":{"x":119,"y":847,"width":766,"height":12}},{"id":"1630eb62-ec2c-4046-9ae9-16419b67303f","block_type":"box","text":"department is also responsible for developing the optimal fund lineup for investors, analyzing the health,","page_number":22,"box":{"x":119,"y":862,"width":766,"height":12}},{"id":"ea39205d-c066-4255-bf5e-67486bf14876","block_type":"box","text":"usage, and competitive landscape of Vanguard's funds and ETFs and serving as specialized product","page_number":22,"box":{"x":119,"y":877,"width":766,"height":12}},{"id":"8c7ddc2e-9749-4694-a087-b20c92b46dbf","block_type":"box","text":"experts.","page_number":22,"box":{"x":119,"y":893,"width":62,"height":11}},{"id":"a7f89007-c33b-45bb-814a-6eb79d36e56d","block_type":"box","text":"23","page_number":23,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"66a06a6b-39c4-45ab-b514-b11a8a575731","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":23,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"e1e947fb-fa37-4fc4-a0e5-330314327fd4","block_type":"box","text":"Mr. Cleborne earned a B.A. from the University of Virginia and an M.B.A. from the Tuck School of","page_number":23,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"2ca9b75f-04cc-431f-b14a-ebff9258e241","block_type":"box","text":"Business at Dartmouth. He is a CFA® charterholder and a member of the CFA Society of the United","page_number":23,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"1f6b84d3-b96e-4dcc-9bd9-db6c0b30a2b5","block_type":"box","text":"Kingdom.","page_number":23,"box":{"x":119,"y":117,"width":79,"height":12}},{"id":"2b3d8156-ff18-4652-9619-07fb6b306def","block_type":"box","text":"Robyn Laidlaw","page_number":23,"box":{"x":119,"y":146,"width":122,"height":12}},{"id":"c969832b-9555-43c1-9129-ec02b0354e90","block_type":"box","text":"(New Zealand) is a Vanguard Principal and Head of Distribution, Europe. Robyn is","page_number":23,"box":{"x":242,"y":146,"width":643,"height":12}},{"id":"b4b6f8cd-485c-4264-80d0-69efac5735fe","block_type":"box","text":"responsible for business development and client management across intermediary and institutional","page_number":23,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"192db323-7dd9-4d3c-b5e1-1fcf6e3573e3","block_type":"box","text":"channels in Europe. Previous to this, Robyn was Head of Distribution, UK. Robyn joined Vanguard in","page_number":23,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"6331e580-4ea8-4b57-8ee0-ecce60edf324","block_type":"box","text":"April 2006 and prior to joining the European business was Head of Product and Marketing for Vanguard","page_number":23,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"6b3f194f-1b13-4e43-a703-d470ad5ed8b9","block_type":"box","text":"Australia, where she was primarily responsible for the development and management of Vanguard's","page_number":23,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"5c23b7b8-573c-4678-ab62-ecd2da09d6e2","block_type":"box","text":"range of managed and exchange traded funds and for marketing. Robyn has experience in the funds","page_number":23,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"64537f83-1f6e-4b6e-96ef-0ab806818e4e","block_type":"box","text":"management industry in the UK, New Zealand and Australia. She received a Master of Applied Finance","page_number":23,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"5a256909-2321-4a4b-8950-ea3ec66e23fb","block_type":"box","text":"from Macquarie University.","page_number":23,"box":{"x":119,"y":251,"width":211,"height":12}},{"id":"cdeab06c-134d-44e6-9de9-5e536d2dd750","block_type":"box","text":"Tom Challenor","page_number":23,"box":{"x":119,"y":281,"width":121,"height":9}},{"id":"a508d319-7ca6-455a-82aa-60794fac12d0","block_type":"box","text":"(British) is a qualified chartered accountant, and worked with PWC in London, Hong","page_number":23,"box":{"x":240,"y":280,"width":645,"height":12}},{"id":"2592486d-39fc-4705-874d-070f0d13d927","block_type":"box","text":"Kong and Luxembourg. He was Director of Strategy and Risk, and before that Chief Financial Officer,","page_number":23,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"0827732b-a1f4-48cc-a86f-255ec222e173","block_type":"box","text":"at Threadneedle Investments. Prior to joining Threadneedle he held a senior financial position with BAT","page_number":23,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"7cd4218a-6445-4d38-b867-4723eb84b23d","block_type":"box","text":"Industries plc. Tom Challenor has wide Board experience at both Executive Director and Independent","page_number":23,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"061909d9-91b8-480f-9380-48a3160d3eb1","block_type":"box","text":"Non-Executive Directorship levels. He is currently an INED with Aberdeen Diversified Income and","page_number":23,"box":{"x":118,"y":340,"width":767,"height":13}},{"id":"856df855-483b-43de-a704-5afd40453149","block_type":"box","text":"Growth Trust plc, and recently retired from Euroclear UK & International Limited, being Senior","page_number":23,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"8c1ee7d0-231f-41eb-8aea-0769542a112c","block_type":"box","text":"Independent Director and Chair of Audit Committee in both companies.","page_number":23,"box":{"x":119,"y":371,"width":537,"height":12}},{"id":"0837f19c-71ce-4fd1-ae0e-9da6e101f08c","block_type":"box","text":"Raj Singh","page_number":23,"box":{"x":119,"y":400,"width":77,"height":12}},{"id":"0941b050-5d56-4fe6-b862-0762c90efafa","block_type":"box","text":"(American) is an international business and risk leader and board director with over 20 years","page_number":23,"box":{"x":197,"y":400,"width":688,"height":12}},{"id":"b8f150e6-1e06-41fb-beac-53eada3eee6f","block_type":"box","text":"of large-scale C-Suite leadership experience in banking, insurance, and asset management. 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Additionally, he served on the board of The Co","page_number":23,"box":{"x":119,"y":624,"width":761,"height":12}},{"id":"58be0a47-b58d-4a4b-b274-51159536d868","block_type":"box","text":"operative Bank PLC (a UK-listed entity) in the United Kingdom, where he was an Independent Non","page_number":23,"box":{"x":119,"y":639,"width":761,"height":12}},{"id":"4983001e-4cc4-44f0-8422-a56fb420dc5b","block_type":"box","text":"Executive Director, Chair of the risk committee, and served on the Audit, Ethics, and Nomination","page_number":23,"box":{"x":119,"y":654,"width":766,"height":12}},{"id":"3be02918-d644-4f38-986e-0cb25abb768b","block_type":"box","text":"committees. Mr. Singh is currently an Independent Non-Executive Director of Allied Irish Banks PLC","page_number":23,"box":{"x":119,"y":669,"width":766,"height":12}},{"id":"00345037-3ae4-4255-9530-787c0abb0826","block_type":"box","text":"(listed on LSE and Euronext Dublin) in Ireland, where he is a member of the Risk and Sustainability","page_number":23,"box":{"x":119,"y":685,"width":766,"height":12}},{"id":"abb4f8be-61a8-467e-a6f0-9cd5325f256b","block_type":"box","text":"committees. He is also an Independent Non-Executive Director at AXA UK PLC, where he chairs the","page_number":23,"box":{"x":119,"y":700,"width":766,"height":12}},{"id":"814f52fc-e63a-4e13-89be-831b1e108b6b","block_type":"box","text":"risk committee and is a member of the Audit, Investment, and Nomination committees.","page_number":23,"box":{"x":119,"y":715,"width":649,"height":11}},{"id":"e3526665-e83e-4d5f-ad63-4bc589e45a8e","block_type":"box","text":"Lisa Harlow","page_number":23,"box":{"x":119,"y":744,"width":98,"height":9}},{"id":"bc2c34f7-9eaa-4da7-9a18-04aa8a37e9c9","block_type":"box","text":"(British) is CEO for Vanguard Group (Ireland) Limited. Ms. Harlow joined Vanguard in","page_number":23,"box":{"x":217,"y":744,"width":668,"height":12}},{"id":"19ff4166-83ea-4aa3-ad1f-cc4490099dab","block_type":"box","text":"2010 and has held the role of head of Investment Stewardship for EMEA and APAC based in London,","page_number":23,"box":{"x":119,"y":759,"width":766,"height":12}},{"id":"0b2f59d9-5f9f-4fc5-ab1e-68df29217220","block_type":"box","text":"with such team being responsible for direct engagement with boards and executives, and proxy voting","page_number":23,"box":{"x":119,"y":774,"width":766,"height":12}},{"id":"d5fe2a88-6905-4840-a1a9-4bec9c3f23b3","block_type":"box","text":"for portfolio companies in those regions on behalf of Vanguard’s global fund lineup. The team also","page_number":23,"box":{"x":119,"y":789,"width":766,"height":12}},{"id":"5a214279-b366-4819-8efb-6a94f3dcfb71","block_type":"box","text":"works with a range of market participants to communicate Vanguard’s global principles, understand","page_number":23,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"ab6f5552-1a76-4759-9f5a-e29458f2a2f4","block_type":"box","text":"regional topics and to advocate for better governance standards.","page_number":23,"box":{"x":119,"y":819,"width":476,"height":12}},{"id":"287764b3-532b-40bd-95e1-9c20a80ccedc","block_type":"box","text":"Prior to this role, Ms. Harlow was head of distributor and client services for Vanguard Europe. She has","page_number":23,"box":{"x":119,"y":849,"width":766,"height":12}},{"id":"225ca1ec-6a8e-4a88-96c8-22272588c8e8","block_type":"box","text":"more than 25 years financial services experience including 12 years with Fidelity International where","page_number":23,"box":{"x":119,"y":864,"width":766,"height":12}},{"id":"14d4a16f-90f2-48ac-a1ba-6b13862aeab0","block_type":"box","text":"she held a number of client focused roles covering Institutional, Adviser and Direct channels including","page_number":23,"box":{"x":120,"y":879,"width":765,"height":12}},{"id":"9d5297ff-41c1-4064-9a7f-c22cd574c806","block_type":"box","text":"Key Account Management for the FundsNetwork platform and head of client services India (Delhi).","page_number":23,"box":{"x":119,"y":894,"width":745,"height":12}},{"id":"a4694896-a285-4042-a848-ec403200b533","block_type":"box","text":"24","page_number":24,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"cf642737-7692-42c5-91f0-8d6ac4e3334f","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":24,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"fb258948-5e6e-438e-8dd7-e7c02316cade","block_type":"box","text":"Ms. Harlow has a B.A. Honours in humanities from Manchester Metropolitan University and holds the","page_number":24,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"3acf1614-30ea-4f81-bdc7-f5452e38292f","block_type":"box","text":"IMC and CFA ESG.","page_number":24,"box":{"x":119,"y":117,"width":155,"height":9}},{"id":"434dff7f-e652-47b9-9545-f63383a4c632","block_type":"box","text":"Kaitlyn Caughlin","page_number":24,"box":{"x":119,"y":147,"width":142,"height":12}},{"id":"f5c36299-f47d-4b90-a465-88aea7f7d52e","block_type":"box","text":"(American) is a Principal at Vanguard, serving as Head of the Enterprise Strategy &","page_number":24,"box":{"x":261,"y":147,"width":624,"height":12}},{"id":"ff384e75-ed5e-4a08-9404-e2b95e0cd70a","block_type":"box","text":"Transformation Office and Chief of Staff to the CEO. In this role, she is responsible for driving","page_number":24,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"a975d767-4f08-4691-bd58-1e566b4e2b7e","block_type":"box","text":"alignment and execution of Vanguard’s most critical near- and long-term priorities. Kaitlyn leads a","page_number":24,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"efb506b1-09f6-4eee-b724-754de931c006","block_type":"box","text":"unified office that integrates strategy development and implementation across the firm’s highest-impact","page_number":24,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"2e65843f-447d-40b7-b351-4f32c91d2091","block_type":"box","text":"initiatives, overseeing the Corporate Strategy, Business Transformation, and Enterprise Growth Strategy","page_number":24,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"85e219fd-cb8c-4e4d-a8b7-6ac74e2a5f79","block_type":"box","text":"teams. Prior to her current role, Kaitlyn served as Head of Strategic Risk Initiatives within Vanguard’s","page_number":24,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"3cdfaa85-33dc-43cb-88d7-bc6130267881","block_type":"box","text":"Global Risk & Security division. In this role, she managed Vanguard’s enterprise growth priorities and","page_number":24,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"0a11b2fd-882f-44ad-a9dc-536d1a654b81","block_type":"box","text":"led the effort to mitigate the risk associated with the firm’s size. Previously, Kaitlyn was the chief risk","page_number":24,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"8b0be1e9-8b77-4ade-8478-8507acfe0465","block_type":"box","text":"officer for investment management, where she was responsible for providing risk oversight and","page_number":24,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"70d7953b-fb03-4f7c-ac37-92ff050d03b5","block_type":"box","text":"consultation for over $6.5 trillion in assets across all global markets. Kaitlyn, who joined Vanguard in","page_number":24,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"a4318005-0fa1-4c20-940f-31c6c2356564","block_type":"box","text":"2007, has held several senior positions, including global head of Vanguard’s Portfolio Review","page_number":24,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"07c37411-20c0-452b-b506-2574b526d4ac","block_type":"box","text":"Department, which is responsible for overseeing Vanguard's mutual funds, ETFs, and their advisors.","page_number":24,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"81761669-6788-4fbf-8d1f-d35820da6972","block_type":"box","text":"She has also held roles in the firm’s Personal Investor and Corporate Strategy groups. Kaitlyn currently","page_number":24,"box":{"x":120,"y":327,"width":765,"height":12}},{"id":"22852981-0c61-4025-9b95-b244d93879e8","block_type":"box","text":"serves on the board of directors for the Vanguard Committee for Responsible Government and is a Non","page_number":24,"box":{"x":120,"y":342,"width":760,"height":12}},{"id":"dcd6b7da-326e-4d08-bcef-e5c924487d85","block_type":"box","text":"Executive Director on the boards of the Vanguard Irish funds. Previously, she served as a member of","page_number":24,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"3606a0e8-c91f-4617-af88-e361728c30c4","block_type":"box","text":"the Vanguard Global Advisors board and chaired Vanguard’s Securities Lending Oversight Committee.","page_number":24,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"392cfe14-9811-40f8-a0f4-e86a86e5625d","block_type":"box","text":"Kaitlyn earned a B.A. in mathematics and mathematical economics from Pomona College and an","page_number":24,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"2d109741-ac3b-4430-b929-c6f0ee397a73","block_type":"box","text":"M.B.A. from the MIT Sloan School of Management. She is a CFA® charter holder and holds the","page_number":24,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"2fb05f77-fb48-473d-b223-b99d0ca97d7b","block_type":"box","text":"Certified Financial Planner™ designation.","page_number":24,"box":{"x":119,"y":417,"width":317,"height":12}},{"id":"94ecc10a-bda5-46ed-9c83-b40fdc7ffd9a","block_type":"box","text":"Carin Bryans","page_number":24,"box":{"x":119,"y":447,"width":106,"height":12}},{"id":"d3c69ad4-a74b-4c74-900a-5eeda1188601","block_type":"box","text":"(Irish) has extensive experience in financial services at both executive and non-executive","page_number":24,"box":{"x":225,"y":447,"width":660,"height":12}},{"id":"6a03e1d9-ffc0-4e49-844b-3b9e7d8590a4","block_type":"box","text":"level. She spent 32 years working at J.P. Morgan and served as CEO of J.P. Morgan Bank Ireland and","page_number":24,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"db3c8fb9-d733-4a85-b9fc-64a137de83c3","block_type":"box","text":"Country Head, driving significant growth across all business lines and shared functions. Beyond her","page_number":24,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"210536b4-2c77-49cb-8aab-31add1b4ef76","block_type":"box","text":"corporate leadership, Ms. Bryans actively contributed to industry and public/private sector initiatives,","page_number":24,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"1f5df2ca-eb06-4758-be62-eef932fe631d","block_type":"box","text":"chairing the IFSC Funds Group, sitting on the IFS2020 Advisory Board, serving as a Council Member","page_number":24,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"825cd708-06cc-4952-bf45-fa6cb2de8e32","block_type":"box","text":"and Chair of Irish Funds, and sitting on the Board of the American Chamber of Commerce, including a","page_number":24,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"fb2a3547-5b8a-4a75-9ee9-948890764990","block_type":"box","text":"term as President.","page_number":24,"box":{"x":119,"y":537,"width":136,"height":10}},{"id":"dfd6dece-5572-494f-bc26-52115e44a603","block_type":"box","text":"In addition to her independent directorships in the financial services sector, Ms. Bryans dedicates","page_number":24,"box":{"x":119,"y":567,"width":766,"height":12}},{"id":"0899dd11-6994-4447-9c09-be2a077152d3","block_type":"box","text":"significant time to voluntary and not-for-profit initiatives, reflecting her deep commitment to public","page_number":24,"box":{"x":120,"y":582,"width":765,"height":12}},{"id":"a0a8ecad-6530-4850-a2d5-2d67cde8affc","block_type":"box","text":"service and social impact.","page_number":24,"box":{"x":120,"y":597,"width":194,"height":12}},{"id":"3ce2e690-d3de-477c-a6b8-75a2c55b7117","block_type":"box","text":"Company Secretary","page_number":24,"box":{"x":119,"y":628,"width":162,"height":12}},{"id":"794050b8-77b3-489f-8c4e-128e7b748c89","block_type":"box","text":"The Company Secretary is Matsack Trust Limited.","page_number":24,"box":{"x":119,"y":657,"width":379,"height":12}},{"id":"2ec4b7c0-f3a5-41b6-b01f-529812c2a507","block_type":"box","text":"Base Currency","page_number":24,"box":{"x":119,"y":686,"width":122,"height":12}},{"id":"71073070-de74-48c6-b743-c15a833203ca","block_type":"box","text":"The Base Currency for each Fund is shown either in","page_number":24,"box":{"x":119,"y":715,"width":391,"height":12}},{"id":"87491c7b-f6c9-43c3-b5ec-c8038ff4f35c","block_type":"box","text":"Appendix 1","page_number":24,"box":{"x":510,"y":716,"width":90,"height":11}},{"id":"20692ae1-8ce9-441d-a09e-fe1e2ace8fa7","block_type":"box","text":"of this Prospectus or otherwise in the","page_number":24,"box":{"x":601,"y":715,"width":284,"height":12}},{"id":"35f8a45d-28f3-4565-af98-35eb41b9fa9a","block_type":"box","text":"Supplement for the relevant Fund.","page_number":24,"box":{"x":120,"y":730,"width":256,"height":12}},{"id":"7d2965a7-3d15-4d51-96f1-fda90e7e0b25","block_type":"box","text":"Category of scheme","page_number":24,"box":{"x":119,"y":760,"width":159,"height":12}},{"id":"00fa24e9-38fc-46d8-a010-54fbf9a40f29","block_type":"box","text":"The Company is a UCITS.","page_number":24,"box":{"x":119,"y":789,"width":202,"height":12}},{"id":"0d022c76-bef4-4462-ab0d-d60ec0b0008d","block_type":"box","text":"Further information","page_number":24,"box":{"x":119,"y":818,"width":166,"height":10}},{"id":"5d0030ae-f942-4bdd-91d7-70162edb5cfc","block_type":"box","text":"Further general information concerning the Company, Shareholder meetings and voting rights,","page_number":24,"box":{"x":119,"y":847,"width":766,"height":13}},{"id":"b928e04f-d579-47b2-b940-e767e86ad487","block_type":"box","text":"provisions relating to the winding up of the Company and other matters are contained in","page_number":24,"box":{"x":119,"y":863,"width":656,"height":12}},{"id":"ac1bc560-3869-44ca-9a4a-185f8a9b17b9","block_type":"box","text":"Appendix 6","page_number":24,"box":{"x":775,"y":863,"width":90,"height":12}},{"id":"2cca3cde-a438-4917-bdcb-83210164e740","block_type":"box","text":".","page_number":24,"box":{"x":867,"y":871,"width":8,"height":1}},{"id":"86b357d1-d16f-468f-a375-3938b0fe2bfe","block_type":"box","text":"25","page_number":25,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"b8b8964e-79bd-4cca-9ebb-04df01d7fb5c","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":25,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"c1a97868-48d5-41d2-a400-e9901fc0b480","block_type":"box","text":"MANAGEMENT AND ADMINISTRATION","page_number":25,"box":{"x":321,"y":95,"width":362,"height":9}},{"id":"375e8db1-97c2-46f9-a369-db9a30f96d82","block_type":"box","text":"The Manager","page_number":25,"box":{"x":119,"y":132,"width":111,"height":12}},{"id":"483672a3-9dad-4e44-86a6-80079ad1f14f","block_type":"box","text":"The Manager of the Company is Vanguard Group (Ireland) Limited which was incorporated in Ireland","page_number":25,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"3ebe2851-36fe-4068-9b96-cfe34ff5032c","block_type":"box","text":"as a private limited liability company on 22 May 1997 under registration number 266761. The secretary","page_number":25,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"415d41b7-4f70-436e-b5e3-9fa260dbf111","block_type":"box","text":"of the Manager is Matsack Trust Limited.","page_number":25,"box":{"x":119,"y":191,"width":313,"height":12}},{"id":"4fed132c-67e9-4036-b2b2-25695fd2f3ed","block_type":"box","text":"The Manager and the Investment Managers are ultimately wholly owned subsidiaries of The Vanguard","page_number":25,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"3c2c04d1-04f6-44e9-b88c-94e7229b7fd2","block_type":"box","text":"Group, Inc. 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The Remuneration Policy summary will be made available for inspection and may be","page_number":26,"box":{"x":196,"y":710,"width":689,"height":12}},{"id":"ffbaf16c-0d1b-44cf-967e-b24b70e8b239","block_type":"box","text":"obtained, free of charge, at the registered office of the Manager.","page_number":26,"box":{"x":119,"y":725,"width":471,"height":12}},{"id":"0cc54d05-a2c7-4d3c-b92a-0c55e6da2990","block_type":"box","text":"The Investment Managers and Promoter","page_number":26,"box":{"x":119,"y":756,"width":327,"height":11}},{"id":"8c20aaad-5c87-4d32-9fd9-25788d07307d","block_type":"box","text":"The Manager has appointed (i) Vanguard Asset Management, Limited (“","page_number":26,"box":{"x":119,"y":784,"width":559,"height":12}},{"id":"160f0a10-34e0-4115-8b8a-0295a69d8d78","block_type":"box","text":"VAM","page_number":26,"box":{"x":678,"y":784,"width":44,"height":10}},{"id":"6990e3a5-2f1e-44b7-a359-dc3bb1931f50","block_type":"box","text":"”), based in London,","page_number":26,"box":{"x":723,"y":784,"width":162,"height":12}},{"id":"804d8a1d-db8b-4ce1-b390-ec7f7d1c22e7","block_type":"box","text":"United Kingdom; and (ii) Vanguard Global Advisers, LLC (“","page_number":26,"box":{"x":119,"y":799,"width":455,"height":12}},{"id":"1f8cafe4-88cd-4c15-9fff-a136f7947707","block_type":"box","text":"VGA","page_number":26,"box":{"x":575,"y":799,"width":41,"height":10}},{"id":"4e8235d8-63ee-4149-a67b-101039ebba40","block_type":"box","text":"”), based in Malvern, Pennsylvania,","page_number":26,"box":{"x":616,"y":799,"width":269,"height":12}},{"id":"1ebdd104-13b0-472b-86f3-57519c323cea","block_type":"box","text":"USA as investment managers to provide discretionary investment management and advisory services to","page_number":26,"box":{"x":119,"y":814,"width":766,"height":12}},{"id":"6258d771-6567-4cae-b926-fdb0ee0a69da","block_type":"box","text":"the Company, in respect of the relevant Funds to which each of VAM and VGA has been appointed.","page_number":26,"box":{"x":119,"y":829,"width":766,"height":12}},{"id":"360442ab-6d01-4dd9-84ee-6cdb92dfb5b0","block_type":"box","text":"Please see the sections headed “","page_number":26,"box":{"x":119,"y":844,"width":233,"height":10}},{"id":"a285e116-169a-4fba-b3db-562fe0dfa342","block_type":"box","text":"Fund Details","page_number":26,"box":{"x":353,"y":845,"width":99,"height":9}},{"id":"c1de78cc-9726-496e-af46-0ab281e584e2","block_type":"box","text":"”","page_number":26,"box":{"x":453,"y":845,"width":7,"height":3}},{"id":"393f3f58-443e-4a3c-8cd3-a4fb6d8379bf","block_type":"box","text":"in A","page_number":26,"box":{"x":465,"y":844,"width":19,"height":10}},{"id":"14b043ab-a511-4711-ae14-61335c3a7f99","block_type":"box","text":"Appendix 1","page_number":26,"box":{"x":483,"y":845,"width":95,"height":11}},{"id":"66b0b362-249c-49aa-a019-9c1033925946","block_type":"box","text":"or the relevant Supplement for each Fund","page_number":26,"box":{"x":578,"y":844,"width":307,"height":12}},{"id":"dc89f6be-debf-4336-95db-a52ec2bc2fcf","block_type":"box","text":"for further details on the relevant Investment Manager that has been appointed in respect of such Fund.","page_number":26,"box":{"x":119,"y":859,"width":766,"height":12}},{"id":"9f6c5c87-2359-41d3-9b3a-1585273bb725","block_type":"box","text":"VGA is also the promoter of the Company and each of VAM and VGA are part of the Vanguard Group","page_number":26,"box":{"x":119,"y":874,"width":766,"height":12}},{"id":"ae18218a-b3f5-49f7-bb69-067d4d873167","block_type":"box","text":"of Companies.","page_number":26,"box":{"x":119,"y":889,"width":112,"height":13}},{"id":"f57fc360-fc16-4909-9467-288a7e088b75","block_type":"box","text":"27","page_number":27,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"76820cd9-1513-4d9f-8156-eadfd677bee1","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":27,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"46418c51-dcb8-48d4-b2b5-2b36a053987a","block_type":"box","text":"Terms of Appointment","page_number":27,"box":{"x":120,"y":87,"width":163,"height":12}},{"id":"271258ea-42b7-48c9-ae46-db644680a2e3","block_type":"box","text":"The Manager has entered into a separate investment management agreement as with each Investment","page_number":27,"box":{"x":119,"y":116,"width":766,"height":12}},{"id":"182a67c6-cbf5-41d4-8a68-798f49e1daeb","block_type":"box","text":"Manager. 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The Distributor is ultimately a wholly owned subsidiary of","page_number":27,"box":{"x":119,"y":741,"width":766,"height":12}},{"id":"2522b3ff-516a-4cf2-9561-d8a66f93ea55","block_type":"box","text":"The Vanguard Group, Inc. The Distribution Agreement provides that the Distributor is appointed to","page_number":27,"box":{"x":119,"y":756,"width":766,"height":12}},{"id":"db93752f-8064-4a66-8ed5-29721a749346","block_type":"box","text":"promote and sell Shares and to procure subscribers for Shares and ensure that all subscription","page_number":27,"box":{"x":119,"y":771,"width":766,"height":12}},{"id":"a585a0d2-6343-48ab-becf-820c51b61f37","block_type":"box","text":"applications and redemption requests it receives are in proper form and are forwarded to the","page_number":27,"box":{"x":119,"y":786,"width":766,"height":12}},{"id":"06295f76-107d-41a1-8ce4-800b5d450010","block_type":"box","text":"Administrator. 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The Manager has agreed to indemnify","page_number":28,"box":{"x":119,"y":520,"width":766,"height":12}},{"id":"1305334c-0b47-4663-b313-bc0dfede0369","block_type":"box","text":"the Administrator against and hold it harmless from any and all losses, damages, liabilities or expenses","page_number":28,"box":{"x":119,"y":535,"width":766,"height":12}},{"id":"54d59944-cab8-459f-9f79-52914a2c4afc","block_type":"box","text":"the Administrator may suffer resulting from any claim, demand, action or suit in connection with or","page_number":28,"box":{"x":119,"y":550,"width":766,"height":12}},{"id":"73d0e98a-0c8b-4c14-b45b-67dcc0840e1a","block_type":"box","text":"arising out of the performance of its obligations and duties under the Administration Agreement not","page_number":28,"box":{"x":119,"y":565,"width":766,"height":12}},{"id":"89f9d89e-edfd-44f0-bc68-68109601bf66","block_type":"box","text":"resulting from a breach by the Administrator of the Administration Agreement or the wilful default,","page_number":28,"box":{"x":119,"y":580,"width":766,"height":12}},{"id":"10f37376-0b4d-46a4-a8b6-f8ab2ada4d46","block_type":"box","text":"wilful malfeasance, bad faith, fraud, recklessness or negligence of the Administrator in the performance","page_number":28,"box":{"x":119,"y":595,"width":766,"height":12}},{"id":"9cfe8a0f-82c2-42e2-8728-436b70f5b89c","block_type":"box","text":"of such obligations and duties.","page_number":28,"box":{"x":119,"y":610,"width":230,"height":12}},{"id":"98ae76cb-79a7-4264-aaf2-6f62bd3119bf","block_type":"box","text":"The Administration Agreement may be terminated by either party on 90 days’ written notice to the other","page_number":28,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"60486641-7332-4852-bb0f-01de0a149933","block_type":"box","text":"party or immediately by written notice to the other party in circumstances including if the other party (i)","page_number":28,"box":{"x":119,"y":654,"width":766,"height":13}},{"id":"574e91c7-c010-4937-8f2c-e4e801d8026a","block_type":"box","text":"goes into liquidation (except for a voluntary liquidation for the purposes of reconstruction or","page_number":28,"box":{"x":119,"y":669,"width":766,"height":12}},{"id":"3f0b6947-fc8a-44b1-b4f0-057dd7b273df","block_type":"box","text":"amalgamation upon terms previously approved in writing by the other party) or a receiver or examiner","page_number":28,"box":{"x":119,"y":685,"width":766,"height":12}},{"id":"b4a37a28-3645-4c90-85cc-3c759d972dd7","block_type":"box","text":"is appointed to such party or upon the happening of a like event whether at the direction of an appropriate","page_number":28,"box":{"x":119,"y":700,"width":766,"height":12}},{"id":"e02276d7-9c21-4a99-a9c4-79667d40b1e9","block_type":"box","text":"regulatory agency or court of competent jurisdiction or otherwise; or (ii) commits any material breach","page_number":28,"box":{"x":119,"y":714,"width":766,"height":13}},{"id":"8b16adee-fc33-49a6-b6fd-8c5dbc138355","block_type":"box","text":"of the Administration Agreement that is either incapable of remedy or has not been remedied within","page_number":28,"box":{"x":119,"y":730,"width":766,"height":12}},{"id":"8b1e90df-0f86-4618-be91-1d02e0b8572f","block_type":"box","text":"thirty days of the non-defaulting party serving notice requiring the defaulting party to remedy the","page_number":28,"box":{"x":119,"y":745,"width":766,"height":12}},{"id":"dc7d769d-e1b2-4365-a259-d5392cd10c01","block_type":"box","text":"default; or (iii) ceases to be permitted to act in its current capacity under any applicable laws. 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The","page_number":29,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"50c11a4b-5bfb-481c-b845-231ad719ae9a","block_type":"box","text":"principal activity of the Depositary is to act as depositary and trustee of the assets of collective","page_number":29,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"f3da812d-073e-4b39-a3a9-73767c51b3b0","block_type":"box","text":"investment schemes. The Depositary’s capital is US$1,500,000.","page_number":29,"box":{"x":119,"y":191,"width":481,"height":12}},{"id":"a1afb1d1-5a65-49bf-8c3c-b9363e3199f3","block_type":"box","text":"Pursuant to the Depositary Agreement, the Depositary will provide safekeeping for the Company’s","page_number":29,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"87c8e997-9a12-4bf8-9f13-da81cd6019f3","block_type":"box","text":"assets in accordance with the UCITS Regulations and will collect any income arising on such assets on","page_number":29,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"eb027e56-0f3c-4ecf-a0ea-8724809873cb","block_type":"box","text":"the Company’s behalf. In addition, the Depositary has the following main duties, which may not be","page_number":29,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"ae851d3b-8676-4eeb-bb09-c8e3a6eea8d6","block_type":"box","text":"delegated:","page_number":29,"box":{"x":119,"y":265,"width":80,"height":13}},{"id":"315f4637-f446-4925-a76f-6a178cef1121","block_type":"box","text":"-","page_number":29,"box":{"x":119,"y":300,"width":5,"height":1}},{"id":"ea8aeab4-34fb-41f4-90fa-c7b375bd1d1b","block_type":"box","text":"it must ensure that the sale, issue, repurchase, redemption and cancellation of Shares is carried","page_number":29,"box":{"x":180,"y":295,"width":705,"height":12}},{"id":"21a3871b-a47f-44df-acb4-344a45982393","block_type":"box","text":"out in accordance with the UCITS Regulations and the Constitution;","page_number":29,"box":{"x":180,"y":310,"width":509,"height":12}},{"id":"46687f02-13a7-4a38-9fd9-397ad0814624","block_type":"box","text":"-","page_number":29,"box":{"x":119,"y":345,"width":5,"height":1}},{"id":"af86e995-6c99-48bf-8813-223a2a51ac6a","block_type":"box","text":"it must ensure that the value of the Shares is calculated in accordance with the UCITS","page_number":29,"box":{"x":180,"y":339,"width":705,"height":9}},{"id":"5716a2fd-0cb2-4a16-a84a-76d928738e55","block_type":"box","text":"Regulations and the Constitution;","page_number":29,"box":{"x":179,"y":354,"width":253,"height":12}},{"id":"b8f9db6d-4c25-43d1-9f46-427a1869a46d","block_type":"box","text":"-","page_number":29,"box":{"x":119,"y":389,"width":5,"height":1}},{"id":"03c53f82-a764-47b7-89bf-266ffe5fd32a","block_type":"box","text":"it must carry out the instructions of the Manager unless such instructions conflict with the","page_number":29,"box":{"x":180,"y":383,"width":705,"height":12}},{"id":"71b8bd42-4af4-44f8-9ff8-c59e1136632f","block_type":"box","text":"UCITS Regulations or the Constitution;","page_number":29,"box":{"x":179,"y":398,"width":299,"height":12}},{"id":"ef42ed83-50e7-4c06-b7bb-b384dcb37e9b","block_type":"box","text":"-","page_number":29,"box":{"x":119,"y":433,"width":5,"height":1}},{"id":"8e320cda-f422-471f-9bb1-fea1ff6b7ec3","block_type":"box","text":"it must ensure that in transactions involving the Company’s assets or the assets of any Fund that","page_number":29,"box":{"x":180,"y":428,"width":705,"height":12}},{"id":"6819dbec-0039-4d0b-99a1-f1825e3fbe24","block_type":"box","text":"any payment in respect of same is remitted to the relevant Fund(s) within the usual time limits;","page_number":29,"box":{"x":180,"y":443,"width":705,"height":12}},{"id":"b96114cc-1d64-4fe8-93fc-f1b097ffe440","block_type":"box","text":"-","page_number":29,"box":{"x":119,"y":478,"width":5,"height":1}},{"id":"2a663229-298a-4753-9ec4-e3ef7ec2ad22","block_type":"box","text":"it must ensure that the income of the Company or of any Fund(s) is applied in accordance with","page_number":29,"box":{"x":180,"y":472,"width":705,"height":12}},{"id":"fa5b0c81-bcca-48e4-9d60-5664a005974e","block_type":"box","text":"the UCITS Regulations and the Constitution;","page_number":29,"box":{"x":179,"y":487,"width":338,"height":12}},{"id":"d9253712-dac8-48b7-a2b9-8a9946b5b824","block_type":"box","text":"-","page_number":29,"box":{"x":119,"y":522,"width":5,"height":1}},{"id":"299bacc1-ad35-411c-b530-22c17c9ca1f8","block_type":"box","text":"it must enquire into the conduct of the Company in each accounting period and report thereon","page_number":29,"box":{"x":180,"y":516,"width":705,"height":12}},{"id":"d2a2073e-0e4a-4ada-b895-cd4e39a1677f","block_type":"box","text":"to Shareholders; and","page_number":29,"box":{"x":179,"y":531,"width":157,"height":12}},{"id":"2368af12-5294-405d-bd77-74ff74fcdc5f","block_type":"box","text":"-","page_number":29,"box":{"x":119,"y":566,"width":5,"height":1}},{"id":"8bc7175f-ad23-49a4-911d-8fb410078557","block_type":"box","text":"it must ensure that the Company’s cash flows are properly monitored in accordance with the","page_number":29,"box":{"x":180,"y":560,"width":705,"height":12}},{"id":"b8a996e7-adde-43e6-9cdd-fa8cac18b71d","block_type":"box","text":"UCITS Regulations.","page_number":29,"box":{"x":179,"y":576,"width":156,"height":12}},{"id":"f53828bd-2c85-434e-a216-2147987a0321","block_type":"box","text":"The Depositary Agreement provides that the Depositary shall be liable to the Company and the","page_number":29,"box":{"x":119,"y":605,"width":766,"height":12}},{"id":"c79e437c-4ba6-4b4c-8f38-f5e6779e41f9","block_type":"box","text":"Shareholders (i) in respect of a loss of a financial instrument held in its custody (or in the custody of any","page_number":29,"box":{"x":120,"y":620,"width":765,"height":12}},{"id":"13b26da0-d7ed-4e53-a486-efc9f8c93a7f","block_type":"box","text":"third party to whom the Depositary’s safekeeping functions have been delegated in accordance with the","page_number":29,"box":{"x":119,"y":635,"width":766,"height":12}},{"id":"cd7c0e2a-b0f1-49b4-af1f-bb2ebc808583","block_type":"box","text":"UCITS Regulations) unless the Depositary can prove that the loss has arisen as a result of an external","page_number":29,"box":{"x":119,"y":650,"width":766,"height":12}},{"id":"163aaa00-cfc5-453b-99c7-6f5847f3a374","block_type":"box","text":"event beyond its reasonable control, the consequences of which would have been unavoidable despite","page_number":29,"box":{"x":119,"y":665,"width":766,"height":12}},{"id":"465228f7-95e8-46b9-a60c-06c58fb196ac","block_type":"box","text":"all reasonable efforts to the contrary and (ii) in respect of all other losses arising as a result of the","page_number":29,"box":{"x":119,"y":680,"width":766,"height":12}},{"id":"596f2228-7545-451c-84ad-546f2be3f163","block_type":"box","text":"Depositary’s negligent or intentional failure to properly fulfil its obligations pursuant to the UCITS","page_number":29,"box":{"x":119,"y":695,"width":766,"height":12}},{"id":"5124630e-6d11-41c2-962f-8d2b99f320e8","block_type":"box","text":"Regulations. In addition, the Depositary Agreement also provides that the Depositary shall be liable,","page_number":29,"box":{"x":119,"y":710,"width":766,"height":12}},{"id":"752b1dd0-5999-4509-aee0-b03c9d2d8f3e","block_type":"box","text":"subject and without prejudice to the foregoing, for its negligence, fraud, bad faith, wilful default, wilful","page_number":29,"box":{"x":120,"y":725,"width":765,"height":12}},{"id":"774c60a6-9639-48e3-a651-3600318e816d","block_type":"box","text":"malfeasance, breach of contract and recklessness in carrying out its functions under the Depositary","page_number":29,"box":{"x":119,"y":740,"width":766,"height":12}},{"id":"954d85c2-dabe-4a01-85ad-7169310861f0","block_type":"box","text":"Agreement.","page_number":29,"box":{"x":119,"y":755,"width":91,"height":12}},{"id":"2929dbac-722f-49ff-9046-736a30462a73","block_type":"box","text":"The Company has agreed to indemnify the Depositary against any losses (as defined in the Depositary","page_number":29,"box":{"x":119,"y":784,"width":766,"height":12}},{"id":"56c33175-3432-4739-a69f-55d97f0aa43f","block_type":"box","text":"Agreement) suffered by it in acting as the Company’s depositary other than losses (as defined therein)","page_number":29,"box":{"x":119,"y":799,"width":766,"height":12}},{"id":"9f65b972-6dab-4512-80cd-83c375bb5c83","block_type":"box","text":"in respect of which the Depositary is found to be liable to the Company and/or the Shareholders in","page_number":29,"box":{"x":119,"y":814,"width":766,"height":12}},{"id":"95feea09-c8fa-4e47-a0dd-7b1e235c44fd","block_type":"box","text":"accordance with the terms of the Depositary Agreement or applicable law.","page_number":29,"box":{"x":119,"y":829,"width":553,"height":13}},{"id":"3bb61b31-6b42-48ce-a4b9-dc77fd2a4bb3","block_type":"box","text":"The Depositary Agreement shall continue in force until terminated by any party thereto on 90 calendar","page_number":29,"box":{"x":119,"y":859,"width":766,"height":12}},{"id":"9f11ac2c-546f-4747-985a-319e2104fdbd","block_type":"box","text":"days’ advance written notice to the other party or immediately by written notice to the other party if the","page_number":29,"box":{"x":119,"y":874,"width":766,"height":12}},{"id":"cb6ac239-485c-4bb2-826b-e4168eaebb46","block_type":"box","text":"other party; (i) commits any material breach of the Depositary Agreement which if capable of remedy","page_number":29,"box":{"x":119,"y":889,"width":766,"height":12}},{"id":"622c3861-1b09-401a-9314-ec250888c602","block_type":"box","text":"30","page_number":30,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"a60efb27-4415-4553-8c04-5f8db9ffde29","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":30,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"d0ff5966-7abc-4c57-810b-fbb461467d8a","block_type":"box","text":"has not been remedied within thirty days of the non-defaulting party serving notice requiring the","page_number":30,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"a5fbdb92-2f11-4de9-9540-dde3a6cee864","block_type":"box","text":"defaulting party to remedy the default; or (ii) the Depositary ceases to be permitted to act as a depositary","page_number":30,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"534cfccf-c2dc-4823-8ab8-5139319e47f8","block_type":"box","text":"of collective investment schemes authorised by the Central Bank. The Company may terminate the","page_number":30,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"aad9cf3f-05eb-430e-a181-6c21d19b298e","block_type":"box","text":"Depositary Agreement forthwith on notice in writing to the Depositary on a number of additional","page_number":30,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"f25ee26e-a0e3-4979-aea3-7c91d76c278d","block_type":"box","text":"grounds as specified in the Depositary Agreement.","page_number":30,"box":{"x":119,"y":147,"width":378,"height":12}},{"id":"cc62fcf8-b20f-4df6-a8b2-71482412479e","block_type":"box","text":"If within 90 days from the date of the Depositary serving a termination notice, a replacement depositary","page_number":30,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"5aa05fe6-d6a8-4897-a4d6-a34a03b4b671","block_type":"box","text":"acceptable to the Company and the Central Bank has not been appointed to act as Depositary, the","page_number":30,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"79f7b49f-3b3f-49a4-91a6-b3023f0ffc5f","block_type":"box","text":"Company shall serve notice on all Shareholders of its intention to dispose of its assets and redeem all","page_number":30,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"6a12536d-61ab-4997-bca8-652e116cb701","block_type":"box","text":"outstanding Shares on the date specified in such notice, which shall not be less than one month nor more","page_number":30,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"d0028ea9-0a64-4d70-b38a-b3328b26dd87","block_type":"box","text":"than three months after the date of service of such notice and shall procure that, following redemption","page_number":30,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"7a11d1cb-4bef-4079-b9d7-8b64a1570b2f","block_type":"box","text":"of all but the required minimum number of Shares, a liquidator be appointed so that the Company shall","page_number":30,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"ab48be63-a74a-4c5e-ac3e-9c098fbe0190","block_type":"box","text":"be wound up. On completion of such process, the Company shall apply to the Central Bank for","page_number":30,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"f1542390-e3a3-41b3-a4c0-b6a34ca3e085","block_type":"box","text":"revocation of its authorisation of the Company under the UCITS Regulations.","page_number":30,"box":{"x":119,"y":281,"width":579,"height":12}},{"id":"0a3540fb-95c5-4e06-a342-dd4daac18e49","block_type":"box","text":"The Depositary may delegate its safekeeping duties only in accordance with the UCITS Regulations and","page_number":30,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"0dbcb679-abf9-47a7-b014-8fb55423104e","block_type":"box","text":"provided that: (i) the tasks are not delegated with the intention of avoiding the requirements of the","page_number":30,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"2b208fa7-bcff-44ad-a7dd-8d48b3777988","block_type":"box","text":"UCITS Regulations; (ii) the Depositary can demonstrate that there is an objective reason for the","page_number":30,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"e16e29f5-a95e-4809-b147-3ede8d2cd9f1","block_type":"box","text":"delegation; and (iii) the Depositary has exercised all due, skill, care and diligence in the selection and","page_number":30,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"23360fa2-2fe1-4b5e-8d56-09d731c93094","block_type":"box","text":"appointment of any third party to whom it has delegated its safekeeping duties either wholly or in part","page_number":30,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"d3ce75ab-86a8-4258-bd1c-1b673e5d4e16","block_type":"box","text":"and continues to exercise all due skill, care and diligence in the periodic review and ongoing monitoring","page_number":30,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"71c5fed9-b133-4935-8820-4dbf833089f7","block_type":"box","text":"of any such third party and of the arrangements of such third party in respect of the matters delegated to","page_number":30,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"ebb3060b-3c8f-48a3-b943-985330ae72f0","block_type":"box","text":"it. Any third party to whom the Depositary delegates its safekeeping functions in accordance with the","page_number":30,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"462df017-4941-41bf-9030-b05ac0851b36","block_type":"box","text":"UCITS Regulations may, in turn, sub-delegate those functions subject to the same requirements as apply","page_number":30,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"eccf1a39-1d16-43c8-b9e5-7ad5ba039c22","block_type":"box","text":"to any delegation effected directly by the Depositary. The liability of the Depositary under the UCITS","page_number":30,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"c01705a8-004f-4428-8d91-399161eda34d","block_type":"box","text":"Regulations will not be affected by any delegation of its safekeeping functions.","page_number":30,"box":{"x":119,"y":461,"width":589,"height":12}},{"id":"3dcbf1cb-4746-4374-ae52-ccf701687f95","block_type":"box","text":"The Depositary has delegated safekeeping of the Company’s assets to Brown Brothers Harriman & Co.","page_number":30,"box":{"x":119,"y":490,"width":766,"height":12}},{"id":"39bf1bef-e42e-4175-b1da-2f5e3e14b48b","block_type":"box","text":"(“","page_number":30,"box":{"x":119,"y":505,"width":14,"height":12}},{"id":"b51391a5-13e2-4065-a714-2b48936a0769","block_type":"box","text":"BBH&Co","page_number":30,"box":{"x":134,"y":505,"width":76,"height":9}},{"id":"d2c4bc34-ea85-47cb-8d3a-774a953f9da1","block_type":"box","text":".”), its global sub-custodian, through which it has access to BBH&Co.’s global network of","page_number":30,"box":{"x":211,"y":505,"width":674,"height":12}},{"id":"71678887-015a-471c-ad0c-eca47716b7c5","block_type":"box","text":"sub-custodians (the “","page_number":30,"box":{"x":120,"y":520,"width":156,"height":12}},{"id":"5812ad97-c0a3-4673-b921-d7c63f86132d","block_type":"box","text":"Global Custody Network","page_number":30,"box":{"x":277,"y":520,"width":198,"height":12}},{"id":"148453ae-2868-491b-ba4c-ced392e18f89","block_type":"box","text":"”). BBH&Co.’s Global Custody Network covers more","page_number":30,"box":{"x":476,"y":520,"width":409,"height":12}},{"id":"b6af3c8a-3794-43f7-ab39-eb443b1c2b69","block_type":"box","text":"than 100 markets worldwide. The entities to whom safekeeping of the Company’s assets have been sub","page_number":30,"box":{"x":119,"y":535,"width":761,"height":12}},{"id":"56dc796f-2682-4788-b477-ca4becb63463","block_type":"box","text":"delegated as at the date of this Prospectus are set out at","page_number":30,"box":{"x":119,"y":550,"width":410,"height":12}},{"id":"7d7025c3-06a5-43c6-b360-d21ec623c164","block_type":"box","text":"Appendix 8","page_number":30,"box":{"x":529,"y":550,"width":91,"height":12}},{"id":"6931e4ba-fbd6-4ffa-b601-75c172a29ef8","block_type":"box","text":".","page_number":30,"box":{"x":622,"y":558,"width":7,"height":2}},{"id":"2b308aac-6b58-4450-8640-4cd2fea5ff50","block_type":"box","text":"In accordance with the UCITS Regulations, the Depositary must not carry out activities with regard to","page_number":30,"box":{"x":119,"y":579,"width":766,"height":12}},{"id":"f65665fc-d198-424a-8c6f-26846b5b024c","block_type":"box","text":"the Company or with regard to the Manager acting on behalf of the Company that may create conflicts","page_number":30,"box":{"x":119,"y":594,"width":766,"height":12}},{"id":"8bcc8aaa-f13d-4169-8985-f5cb24a2537f","block_type":"box","text":"of interest between itself and (i) the Company, (ii) the Shareholders and/or (iii) the Manager unless it","page_number":30,"box":{"x":119,"y":609,"width":766,"height":12}},{"id":"6691fcf5-1d0b-439f-a890-215088f7b9ff","block_type":"box","text":"has separated the performance of its depositary tasks from its other potentially conflicting tasks in","page_number":30,"box":{"x":119,"y":624,"width":766,"height":12}},{"id":"bf2f0ae0-11a4-4df4-b016-7301ed307f06","block_type":"box","text":"accordance with the UCITS Regulations and the potential conflicts are identified, managed, monitored","page_number":30,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"021f5e23-341a-43b4-83bd-962669b1d482","block_type":"box","text":"and disclosed to Shareholders. Please refer to the section of this Prospectus entitled “","page_number":30,"box":{"x":119,"y":654,"width":667,"height":12}},{"id":"44212d44-8eb3-479a-b80f-974ee979d77f","block_type":"box","text":"Conflicts of","page_number":30,"box":{"x":787,"y":655,"width":98,"height":9}},{"id":"df681ae7-78c0-4c3d-9bd8-6e8244bc2441","block_type":"box","text":"Interest","page_number":30,"box":{"x":119,"y":670,"width":61,"height":9}},{"id":"ef92981d-8eb1-4fe5-a902-8d4e689866a2","block_type":"box","text":"” for details of potential conflicts that may arise involving the Depositary.","page_number":30,"box":{"x":181,"y":670,"width":550,"height":12}},{"id":"e27cd191-3dab-4028-9036-3dcd57506436","block_type":"box","text":"Up-to-date information in relation to the Depositary, its duties, the safe-keeping functions delegated by","page_number":30,"box":{"x":119,"y":699,"width":766,"height":12}},{"id":"0594c15e-f93a-4650-af36-af2a19e631e4","block_type":"box","text":"the Depositary, the list of delegates and sub-delegates to whom safe-keeping functions have been","page_number":30,"box":{"x":119,"y":714,"width":766,"height":12}},{"id":"eadc3511-1cd4-4f7c-ac58-ead4fb45b1a2","block_type":"box","text":"delegated and any relevant conflicts of interest that may arise will be made available to Shareholders","page_number":30,"box":{"x":119,"y":729,"width":766,"height":12}},{"id":"24e2dd96-d803-4d52-adc0-bee6179ef049","block_type":"box","text":"upon request to the Manager.","page_number":30,"box":{"x":119,"y":744,"width":220,"height":12}},{"id":"7783394c-9307-451a-b5e7-9afdaf25b8c4","block_type":"box","text":"The Depositary’s fees will be paid by the Manager.","page_number":30,"box":{"x":119,"y":773,"width":383,"height":12}},{"id":"f259eebc-5853-4cf6-9b3b-e92759b19988","block_type":"box","text":"Paying Agents, Local Representatives and Distributors","page_number":30,"box":{"x":119,"y":803,"width":436,"height":12}},{"id":"fe708ba4-e7f0-49cb-952b-3f2f3e1e60b4","block_type":"box","text":"The Directors, the Manager or their duly authorised delegates may appoint such paying agents, local","page_number":30,"box":{"x":119,"y":832,"width":766,"height":12}},{"id":"c7845eb6-60be-47ce-9fc1-b88552f28371","block_type":"box","text":"representatives and distributors as may be required to facilitate the authorisation or registration of the","page_number":30,"box":{"x":119,"y":847,"width":766,"height":12}},{"id":"db265a91-c5a7-4e2d-bb71-bbca0be392b0","block_type":"box","text":"Company and/or the marketing of any of its Shares in any jurisdiction. Such appointments will be made","page_number":30,"box":{"x":119,"y":862,"width":766,"height":12}},{"id":"392e3149-e3dd-4ab0-a1f0-4c3c567b33ea","block_type":"box","text":"in accordance with Central Bank Requirements.","page_number":30,"box":{"x":119,"y":877,"width":358,"height":12}},{"id":"57d38874-7589-48d0-926a-4d89f89d1fc8","block_type":"box","text":"31","page_number":31,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"ab8d0fe9-c8e3-4a68-9479-e160bfec27bb","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":31,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"4113fac4-38eb-4987-abc2-117e5975e1d7","block_type":"box","text":"The Manager has appointed The Bank of New York Mellon, London Branch, as paying agent (the","page_number":31,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"54f501b4-0c49-4a37-bc0f-f5fa1c5b0963","block_type":"box","text":"“","page_number":31,"box":{"x":119,"y":102,"width":7,"height":3}},{"id":"1177fe27-de86-4acc-a952-80850fce9d9b","block_type":"box","text":"Paying Agent","page_number":31,"box":{"x":127,"y":102,"width":110,"height":12}},{"id":"86cc2c36-3e06-4af2-beb4-d2f8966f196f","block_type":"box","text":"”) for the ETF Shares in the Funds. In such capacity, the Paying Agent will be","page_number":31,"box":{"x":238,"y":102,"width":647,"height":12}},{"id":"1588e53a-8f3c-4c1b-8696-f5d3eb3bc3d4","block_type":"box","text":"responsible for, among other things, ensuring that payments received by the Paying Agent from the","page_number":31,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"999c3475-4c02-4871-bef6-12a1ba4423be","block_type":"box","text":"Company are duly paid; maintaining independent records of securities and dividend payment amounts;","page_number":31,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"1ebe325e-1137-4701-9f23-0739b85e16db","block_type":"box","text":"and communicating information to the relevant International Central Securities Depositary. Payment in","page_number":31,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"6d33f28b-d15f-45ce-a88e-2c4a96fd98eb","block_type":"box","text":"respect of the ETF Shares will be made through the relevant International Central Securities Depositary","page_number":31,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"4d102c4b-30a5-4895-b23c-f1099a1aaaa4","block_type":"box","text":"in accordance with the standard practices of the applicable International Central Securities Depositary.","page_number":31,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"94c1bad4-12ee-459d-9aa9-361834d8ae15","block_type":"box","text":"The Manager may vary or terminate the appointment of the Paying Agent or appoint additional or other","page_number":31,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"bfc502a8-f311-4274-aa45-b357c05816a1","block_type":"box","text":"registrars or paying agents or approve any change in the office through which any registrar or paying","page_number":31,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"b77c2f30-1693-49a2-850d-240cd85faa01","block_type":"box","text":"agent acts.","page_number":31,"box":{"x":119,"y":223,"width":83,"height":11}},{"id":"e65d8d2c-9221-48ef-95dc-e98629b9386d","block_type":"box","text":"Index Providers","page_number":31,"box":{"x":119,"y":251,"width":131,"height":10}},{"id":"0d511b12-1b36-49ae-a640-4d7569841b7b","block_type":"box","text":"The Investment Manager or other members of the Vanguard Group of Companies may enter into a","page_number":31,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"c168c7e9-dc2a-4a1f-8f61-17c0ed7bb3a2","block_type":"box","text":"licensing agreement with an Index Provider in relation to any Fund, under which an Index Provider will","page_number":31,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"4fc0c56a-1290-4ab8-83db-2ba0978d87d6","block_type":"box","text":"grant to the Investment Manager or a member of the Vanguard Group of Companies, a licence to use","page_number":31,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"793e0112-9052-4129-ba12-fe43cb93822c","block_type":"box","text":"the relevant Index as the basis for managing the Fund.","page_number":31,"box":{"x":119,"y":326,"width":405,"height":12}},{"id":"4bfbdd72-cd25-431a-8b38-b98c22ad4dd9","block_type":"box","text":"The Auditors","page_number":31,"box":{"x":119,"y":355,"width":110,"height":9}},{"id":"018e4007-6c8e-4b81-80df-49d985dfaade","block_type":"box","text":"The auditors of the Company are KPMG.","page_number":31,"box":{"x":119,"y":384,"width":311,"height":12}},{"id":"81f4b7b0-b050-48df-8938-23825767ab39","block_type":"box","text":"General","page_number":31,"box":{"x":119,"y":414,"width":68,"height":9}},{"id":"e98ea920-f828-41f7-ab3c-b3d452044a57","block_type":"box","text":"Conflicts of Interest","page_number":31,"box":{"x":120,"y":443,"width":155,"height":12}},{"id":"a186d017-9b7a-4142-a04c-f2537e64c241","block_type":"box","text":"The Directors, Manager, the Depositary, the Administrator, the Investment Managers and the Distributor","page_number":31,"box":{"x":119,"y":472,"width":766,"height":12}},{"id":"ac86014e-fee0-4d14-bf52-07145245eb94","block_type":"box","text":"may from time to time act as manager, registrar, administrator, trustee, depositary, investment manager,","page_number":31,"box":{"x":119,"y":487,"width":766,"height":12}},{"id":"595014c5-2060-4fe7-aba3-278092d27230","block_type":"box","text":"advisor or distributor or in relation to serving as directors, officers, advisers or agents or be otherwise","page_number":31,"box":{"x":119,"y":502,"width":766,"height":12}},{"id":"4499c80c-6771-4219-9107-d2c821504043","block_type":"box","text":"involved in, other funds or collective investment schemes that have similar investment objectives to","page_number":31,"box":{"x":119,"y":517,"width":766,"height":12}},{"id":"902a2691-1567-4e76-bb3f-9ccd0a5149a6","block_type":"box","text":"those of the Company or any Fund. It is therefore possible that any of them may, in the due course of","page_number":31,"box":{"x":119,"y":532,"width":766,"height":12}},{"id":"24a5a2ce-3a7d-4df9-a86d-596b15134305","block_type":"box","text":"their business, have potential conflicts of interests with the Company or any Fund. Each will at all times","page_number":31,"box":{"x":119,"y":547,"width":766,"height":12}},{"id":"987722a0-ad97-41ff-94fd-99b3e275611f","block_type":"box","text":"have regard in such event to its obligations under the Constitution and/or any agreements to which it is","page_number":31,"box":{"x":119,"y":562,"width":766,"height":12}},{"id":"6645f57e-647b-4868-ac18-0c722bf8f9ee","block_type":"box","text":"party or by which it is bound in relation to the Company or any Fund and, in particular, but without","page_number":31,"box":{"x":119,"y":577,"width":766,"height":12}},{"id":"fa1e5921-eef6-4b45-aa80-fad6876c4b01","block_type":"box","text":"limitation to its obligations to act in the best interests of Shareholders when undertaking any investments","page_number":31,"box":{"x":119,"y":592,"width":766,"height":12}},{"id":"17ed15ee-f2a4-443e-86e9-82d78871af82","block_type":"box","text":"where conflicts of interest may arise and will endeavour to ensure that such conflicts are resolved fairly.","page_number":31,"box":{"x":119,"y":607,"width":766,"height":12}},{"id":"37503e31-8931-4708-90fe-c15f533ea46b","block_type":"box","text":"In particular, each Investment Manager has agreed to act in a manner that the Investment Manager in","page_number":31,"box":{"x":119,"y":622,"width":766,"height":12}},{"id":"e66c8666-02cc-40da-9a29-1c51949eed97","block_type":"box","text":"good faith considers fair and equitable in allocating investment opportunities to the Company. The","page_number":31,"box":{"x":119,"y":637,"width":766,"height":12}},{"id":"153f0ba1-5df1-4102-882a-4767e1545ce2","block_type":"box","text":"Investment Manager will not, as principal, engage in any transactions with the Company, for the account","page_number":31,"box":{"x":119,"y":652,"width":766,"height":12}},{"id":"30c2980b-cb55-4e4f-b017-e043e3666e42","block_type":"box","text":"of any Fund, which are inconsistent with the proper management of the assets of the Fund.","page_number":31,"box":{"x":119,"y":667,"width":674,"height":12}},{"id":"99d1b67d-6475-4a85-8383-9a1158a671f0","block_type":"box","text":"The Manager, the Depositary, any delegates or sub-delegates of the Manager or of the Depositary","page_number":31,"box":{"x":119,"y":696,"width":766,"height":12}},{"id":"7fa4d771-e260-44cc-811a-76418f25cca2","block_type":"box","text":"(excluding any non-group company sub-custodians appointed by the Depositary) and any associated or","page_number":31,"box":{"x":119,"y":711,"width":766,"height":13}},{"id":"2629acae-be81-4638-90a0-4e59d8f739f4","block_type":"box","text":"group company of the foregoing (each a “","page_number":31,"box":{"x":119,"y":726,"width":320,"height":12}},{"id":"37284a66-f87c-42af-ae3f-d248e85b1550","block_type":"box","text":"Connected Person","page_number":31,"box":{"x":440,"y":727,"width":144,"height":9}},{"id":"10687cce-c46e-4d12-a94a-9709bff9b285","block_type":"box","text":"”) may each from time to time deal, as","page_number":31,"box":{"x":585,"y":726,"width":300,"height":12}},{"id":"77abbed8-7ac8-4778-bd66-84a8aef3b6c0","block_type":"box","text":"principal or agent, with the Company provided that such dealings are conducted as if at arm’s length","page_number":31,"box":{"x":119,"y":742,"width":766,"height":12}},{"id":"2843c801-b5da-4c89-82e1-c730cd04b2c4","block_type":"box","text":"and in the best interests of Shareholders. Transactions entered into with a Connected Person for or on","page_number":31,"box":{"x":119,"y":757,"width":766,"height":9}},{"id":"f25ef64b-9589-48fb-8879-61a3e908f9f8","block_type":"box","text":"behalf of the Company are permitted only in circumstances where at least one of the following","page_number":31,"box":{"x":119,"y":771,"width":766,"height":13}},{"id":"488cc9e0-1650-41b8-8b5d-d149c23315a7","block_type":"box","text":"conditions is satisfied: (i) the value of the transaction is certified by a person approved by the Depositary","page_number":31,"box":{"x":119,"y":787,"width":766,"height":12}},{"id":"14126328-bce3-4a80-bcd6-01bcf44e5e2d","block_type":"box","text":"(or by the Directors in the case of a transaction involving the Depositary or an affiliate of the Depositary)","page_number":31,"box":{"x":119,"y":802,"width":766,"height":12}},{"id":"55446e27-9b9c-45f3-8a5e-773f28b4cdfd","block_type":"box","text":"as being independent and competent; or (ii) execution is on best terms on an organised investment","page_number":31,"box":{"x":119,"y":817,"width":766,"height":12}},{"id":"06f05e42-49f0-49d2-8d66-13ca6bb28f44","block_type":"box","text":"exchange under the rules of the relevant exchange; or (iii) where (i) or (ii) are not practical, execution","page_number":31,"box":{"x":119,"y":832,"width":766,"height":12}},{"id":"4869a81b-dcde-421e-b3d6-9661596283ea","block_type":"box","text":"is on terms which the Depositary (or the Directors in the case of a transaction involving the Depositary","page_number":31,"box":{"x":119,"y":847,"width":766,"height":12}},{"id":"4ddd8ac0-ef99-4fe6-9039-6e2c39b0cd7b","block_type":"box","text":"or an affiliate of the Depositary), is satisfied conforms to the requirement that such transactions be","page_number":31,"box":{"x":119,"y":862,"width":766,"height":12}},{"id":"34e155ef-51de-4718-b71c-4cfc9017af83","block_type":"box","text":"conducted as if at arm’s length and in the best interests of Shareholders at the date of the transaction. In","page_number":31,"box":{"x":119,"y":877,"width":766,"height":12}},{"id":"0c066c3d-84dc-4b75-977c-914aa34dc3ef","block_type":"box","text":"the case of each transaction entered into with a Connected Person for or on behalf of the Company, the","page_number":31,"box":{"x":119,"y":892,"width":766,"height":12}},{"id":"b2c56fe3-4cb2-40f6-ae4a-0101f437fd5f","block_type":"box","text":"32","page_number":32,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"90df71f5-7396-4d14-a228-d61756176fbc","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":32,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"a57eeec6-0679-42f5-a1d6-14b6bfab2c36","block_type":"box","text":"Depositary (or the Company in the case of a transaction involving the Depositary or an affiliate of the","page_number":32,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"45591759-e43c-4d54-9863-631fa76b3c4d","block_type":"box","text":"Depositary), shall document the manner in which it has complied with the principles set out at (i) to (iii)","page_number":32,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"50d81a70-bc7b-4b0f-bcf5-4c3305805833","block_type":"box","text":"above and where a transaction with a Connected Person is conducted in accordance with (iii) above, the","page_number":32,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"73362246-fd93-4a5b-b8aa-e717c27971af","block_type":"box","text":"Depositary (or the Company in the case of a transaction involving the Depositary or an affiliate of the","page_number":32,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"3ddd47b1-7af9-49d7-bc9e-6adebe014300","block_type":"box","text":"Depositary) shall document its rationale for being satisfied that the transaction conformed to the","page_number":32,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"36352359-512d-47a1-81ed-4277797b323d","block_type":"box","text":"requirement that such transactions be conducted as if at arm’s length and in the best interests of","page_number":32,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"6c11d5b9-cae5-402a-85ff-99dcefe4cef0","block_type":"box","text":"Shareholders at the date of the transaction.","page_number":32,"box":{"x":120,"y":177,"width":318,"height":9}},{"id":"2f99fdd5-04ac-45cc-9f67-f45bb47f9342","block_type":"box","text":"In addition, a report in respect of related-party transactions (within the meaning of Financial Reporting","page_number":32,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"1b18b293-9029-419b-be64-ad998999966b","block_type":"box","text":"Standard 8) entered into during a reporting period shall be provided in the annual and semi-annual","page_number":32,"box":{"x":120,"y":222,"width":765,"height":12}},{"id":"2177244b-12aa-4a85-863b-7b0ce77b2336","block_type":"box","text":"reports, and will list all such transactions, by type, name of the related party and, where relevant, fees","page_number":32,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"e4ef753e-0d1d-4bba-bc97-404e8dd9b854","block_type":"box","text":"paid to that party in connection with the transaction.","page_number":32,"box":{"x":119,"y":252,"width":390,"height":12}},{"id":"5f7bea7b-ed2f-4cbe-86c1-022715f4f7f8","block_type":"box","text":"The Directors shall endeavour to ensure that any conflicts of interest are resolved fairly and in the best","page_number":32,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"f96677f0-61c8-4d65-a628-bf8cb8116418","block_type":"box","text":"interests of Shareholders.","page_number":32,"box":{"x":119,"y":296,"width":192,"height":10}},{"id":"f1422896-106b-401d-863c-f1b64fc55fc8","block_type":"box","text":"The Depositary may hold funds for the Company subject to the provisions of the Central Bank Acts","page_number":32,"box":{"x":119,"y":325,"width":766,"height":13}},{"id":"2cd0aed9-b13d-4739-b692-b9e5faf68463","block_type":"box","text":"1942 to 1998 of Ireland, as amended, and in accordance with the UCITS Regulations and Central Bank","page_number":32,"box":{"x":121,"y":340,"width":764,"height":13}},{"id":"b7032d37-2fab-445f-9bb9-55399ba14f41","block_type":"box","text":"Requirements.","page_number":32,"box":{"x":119,"y":356,"width":112,"height":12}},{"id":"9c3faef1-bc2a-4b7f-ad00-ba40be6c8a45","block_type":"box","text":"A Director may be a party to, or otherwise interested in, any transaction or arrangement with the","page_number":32,"box":{"x":119,"y":385,"width":766,"height":12}},{"id":"6043714d-0682-4c51-a468-c623ac51c951","block_type":"box","text":"Company or in which the Company is interested, provided that he has disclosed to the Directors prior","page_number":32,"box":{"x":119,"y":400,"width":766,"height":12}},{"id":"0cd4f71d-27d1-415e-8baa-b23f926887d8","block_type":"box","text":"to the conclusion of any such transaction or arrangement the nature and extent of any material interest","page_number":32,"box":{"x":119,"y":415,"width":766,"height":12}},{"id":"7ee39fe9-62f4-4269-a85d-4d0f23cfd43c","block_type":"box","text":"of his therein. Unless the Directors determine otherwise, a Director may vote in respect of any contract","page_number":32,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"080b983c-90b8-4ecd-8e7e-da692ba371ce","block_type":"box","text":"or arrangement or any proposal whatsoever in which he has a material interest, having first disclosed","page_number":32,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"db9e3b3e-c3d9-4b50-a7b4-871127d8ffde","block_type":"box","text":"such interest.","page_number":32,"box":{"x":120,"y":460,"width":101,"height":9}},{"id":"e046249c-e63d-4463-bd7a-00b61816834a","block_type":"box","text":"Each Director is also a director of the Manager. Mr. Jonathan Cleborne is a director of Vanguard Asset","page_number":32,"box":{"x":119,"y":489,"width":766,"height":12}},{"id":"78a39064-1b80-4d1f-bf23-20fd5257c971","block_type":"box","text":"Management Limited, and a director on the supervisory board of Vanguard Group Europe GmbH,","page_number":32,"box":{"x":119,"y":504,"width":766,"height":12}},{"id":"998cc53d-28d5-448a-b97d-c69a91cb5d2a","block_type":"box","text":"ultimate subsidiaries of The Vanguard Group, Inc. Ms. Robyn Laidlaw is the Head of Distribution,","page_number":32,"box":{"x":119,"y":519,"width":766,"height":12}},{"id":"6f4f1780-dcc1-4c0d-aacf-d0725c099988","block_type":"box","text":"Europe for Vanguard Asset Management, Limited, a director for Vanguard Investments UK Limited,","page_number":32,"box":{"x":119,"y":534,"width":766,"height":12}},{"id":"066ef0b9-d76a-4941-845a-414d6edaadbd","block_type":"box","text":"and a director on the supervisory board of Vanguard Group Europe GmbH, ultimate subsidiaries of","page_number":32,"box":{"x":119,"y":549,"width":766,"height":12}},{"id":"bd237a1e-f26d-499d-9dec-788346a3f4a1","block_type":"box","text":"Vanguard Group Inc. Ms. Lisa Harlow is the CEO of Vanguard Group (Ireland) Limited. Ms. Kaitlyn","page_number":32,"box":{"x":119,"y":564,"width":766,"height":12}},{"id":"cf910e9c-0bed-48d7-b5b0-1c00c395f1a5","block_type":"box","text":"Caughlin is Head of the Enterprise Strategy & Transformation Office and Chief of Staff to the CEO at","page_number":32,"box":{"x":119,"y":579,"width":766,"height":12}},{"id":"dc17910d-c75d-4b8f-9a75-3436b229a91b","block_type":"box","text":"Vanguard Group, Inc.","page_number":32,"box":{"x":119,"y":594,"width":166,"height":13}},{"id":"a6e556c3-266b-4dc9-b2ca-f7dd02d0be46","block_type":"box","text":"In selecting brokers to make purchases and sales for the Company, each Investment Manager or Sub","page_number":32,"box":{"x":119,"y":624,"width":761,"height":12}},{"id":"e1530bf0-6e0e-4761-9751-7e4be8434bfc","block_type":"box","text":"Investment Manager (where appointed) will choose those brokers who provide best execution to the","page_number":32,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"9e8ff0e1-a9c3-4b10-ba6c-603ef4bcad71","block_type":"box","text":"Company. In determining what constitutes best execution, the Investment Manager or any Sub","page_number":32,"box":{"x":119,"y":654,"width":761,"height":12}},{"id":"193cee45-518f-43fa-ae20-ddf5847e9edb","block_type":"box","text":"Investment Manager will consider the overall economic result for the Company (including the price of","page_number":32,"box":{"x":119,"y":669,"width":766,"height":12}},{"id":"361e68ea-86bf-4a24-8cf4-7e93dfc364d2","block_type":"box","text":"commission), the efficiency of the transaction, the broker’s ability to effect the transaction if a large","page_number":32,"box":{"x":119,"y":684,"width":766,"height":12}},{"id":"0956552c-c42c-4dfb-982c-48be707e651d","block_type":"box","text":"block is involved, the availability of the broker for difficult transactions in the future, and the financial","page_number":32,"box":{"x":119,"y":699,"width":766,"height":12}},{"id":"04914577-86fe-4464-912d-323c7ca68521","block_type":"box","text":"strength and stability of the broker. The brokers selected to make purchases and sales of investments","page_number":32,"box":{"x":120,"y":714,"width":765,"height":12}},{"id":"5492018d-f34c-4dcb-9ca6-8d6517280e66","block_type":"box","text":"for the Company will be required to comply with the Investment Manager’s execution policy. A copy","page_number":32,"box":{"x":119,"y":729,"width":766,"height":12}},{"id":"54d5c458-10da-4d03-b4bc-3f6d3867dd2e","block_type":"box","text":"of each Investment Manager’s execution policy is available on request. 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Please see the section entitled “","page_number":36,"box":{"x":119,"y":250,"width":395,"height":12}},{"id":"3ebc4cd2-e7d0-45a2-8a39-e094222c3903","block_type":"box","text":"Notices of Meetings and the Exercise of Voting","page_number":36,"box":{"x":514,"y":251,"width":371,"height":11}},{"id":"7551d442-bd7c-4317-8fe7-e1029ba4725f","block_type":"box","text":"Rights through the International Central Securities Depositaries","page_number":36,"box":{"x":119,"y":266,"width":521,"height":11}},{"id":"0f11ceb2-9275-4e88-9c08-545448451644","block_type":"box","text":"” for information on exercising","page_number":36,"box":{"x":641,"y":265,"width":244,"height":12}},{"id":"0c71dd80-3e6c-4421-abf9-36e6cff2bfa1","block_type":"box","text":"voting rights by investors in the Funds. 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Please see the Supplement for the","page_number":36,"box":{"x":609,"y":355,"width":276,"height":12}},{"id":"1d109467-c29c-4495-bbc5-cf20f4cd3edd","block_type":"box","text":"Vanguard EUR Cash UCITS ETF, including Appendix 2 thereof, to review a summary of the investment","page_number":36,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"2b207997-ace8-49ad-b42a-536bd60b590f","block_type":"box","text":"powers and restrictions applicable to the Vanguard EUR Cash UCITS ETF.","page_number":36,"box":{"x":119,"y":386,"width":563,"height":12}},{"id":"14f897d9-8cb2-4135-85e8-dfc97b9bfc71","block_type":"box","text":"Details of the Regulated Markets in which the Funds may invest are set out in","page_number":36,"box":{"x":119,"y":416,"width":579,"height":12}},{"id":"f2ca748f-722c-4b18-88d0-96a98b53de59","block_type":"box","text":"Appendix 5","page_number":36,"box":{"x":698,"y":416,"width":91,"height":12}},{"id":"33c66a84-0e67-419b-ba55-25e35b56ffee","block_type":"box","text":".","page_number":36,"box":{"x":791,"y":424,"width":7,"height":1}},{"id":"359728f8-3488-452d-8363-a8edbab238a2","block_type":"box","text":"Indices","page_number":36,"box":{"x":119,"y":446,"width":61,"height":9}},{"id":"0240c272-74a6-4767-8716-dc996bc471c6","block_type":"box","text":"Where set out in the investment objective of a Fund, the performance of a Fund will normally be","page_number":36,"box":{"x":119,"y":475,"width":766,"height":12}},{"id":"f8eda19d-3c0b-4d7c-93b4-db70e9631413","block_type":"box","text":"measured against an Index, which Index may be tracked or replicated as disclosed in A","page_number":36,"box":{"x":119,"y":490,"width":622,"height":12}},{"id":"ce9209ee-06dd-424b-ad12-c312489db211","block_type":"box","text":"Appendix 1","page_number":36,"box":{"x":740,"y":490,"width":89,"height":12}},{"id":"dd680671-4c5f-436f-98e0-cdb3b4378825","block_type":"box","text":"of this","page_number":36,"box":{"x":830,"y":490,"width":55,"height":9}},{"id":"146d174b-058c-46d8-b90c-8baf4589b6d0","block_type":"box","text":"Prospectus or in a relevant Supplement. 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In","page_number":36,"box":{"x":566,"y":802,"width":319,"height":12}},{"id":"751ae34c-bd6d-4eb2-9f1d-d7e9c7bac98e","block_type":"box","text":"respect of the Funds, the Benchmarks Regulation prohibits the use of indices provided by benchmark","page_number":36,"box":{"x":119,"y":817,"width":766,"height":12}},{"id":"00df7f82-7ef7-4154-92c2-afa9747c830a","block_type":"box","text":"administrators, other than in accordance with the Benchmarks Regulation. 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The","page_number":36,"box":{"x":119,"y":878,"width":766,"height":12}},{"id":"13423073-1530-4ed6-8418-62e31c87057a","block_type":"box","text":"37","page_number":37,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"3b86fc27-1048-437d-9a82-66bab9278d58","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":37,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"2aa2e0d8-6f80-446d-93c6-def39808678e","block_type":"box","text":"Manager maintains a robust written plan setting out the actions that it would take in the event that a","page_number":37,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"5b8c7941-39e4-4cda-a16f-0e87ba078c80","block_type":"box","text":"benchmark materially changes or ceases to be provided.","page_number":37,"box":{"x":119,"y":102,"width":418,"height":12}},{"id":"a8354841-6ac9-4e94-b618-bd07a921ff9b","block_type":"box","text":"Index rebalancing and costs","page_number":37,"box":{"x":119,"y":131,"width":225,"height":12}},{"id":"1d61ea2a-8ec3-4dec-8556-4845639d950e","block_type":"box","text":"Index Providers periodically publish new constituents, reflecting changes in the securities that are","page_number":37,"box":{"x":119,"y":160,"width":766,"height":12}},{"id":"16b390a4-255c-4fb8-afff-ac3d9ca9760a","block_type":"box","text":"included in or excluded from an Index depending on the relevant Index rules – which process is called","page_number":37,"box":{"x":119,"y":175,"width":766,"height":12}},{"id":"7f133d7b-75c0-4de1-9341-184ef12683a0","block_type":"box","text":"“rebalancing”. 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For full details on how we collect, use, and","page_number":37,"box":{"x":119,"y":458,"width":766,"height":12}},{"id":"eb299206-67aa-4e6f-addc-4ba4530e7caa","block_type":"box","text":"share personal data in the course of our business activities, what legal rights you have to help manage","page_number":37,"box":{"x":120,"y":473,"width":765,"height":12}},{"id":"19cc5802-8846-4ee2-94bd-5a5b5de5ddef","block_type":"box","text":"your privacy, and how you can contact us for support, please click here to see our privacy policy","page_number":37,"box":{"x":119,"y":488,"width":766,"height":12}},{"id":"5b62e87d-d9ee-4ade-a1de-edba821365d3","block_type":"box","text":"https://fund-docs.vanguard.com/irish-limited-privacy-policy.pdf.","page_number":37,"box":{"x":119,"y":503,"width":476,"height":12}},{"id":"b6e8e2a1-0bf4-422c-bf7f-de7a13fd8553","block_type":"box","text":"f.","page_number":37,"box":{"x":595,"y":511,"width":8,"height":1}},{"id":"fd39ab9d-2f9d-46dd-a6bc-06f1e9dfee1c","block_type":"box","text":"38","page_number":38,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"1b1c5675-8b4b-40ef-8e22-e9c65c86a58f","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":38,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"9bbd4d6d-ab21-452c-a4e2-04cd8fb424d7","block_type":"box","text":"Plain Talk about Excess Return and Tracking Error","page_number":38,"box":{"x":119,"y":87,"width":418,"height":12}},{"id":"c65deaa7-c4b9-42a4-a325-63f2cb30b2e0","block_type":"box","text":"What is Excess Return?","page_number":38,"box":{"x":130,"y":132,"width":185,"height":9}},{"id":"7c06328f-ecfe-4f7c-a584-e813d5ab6a5d","block_type":"box","text":"Excess return is the difference between the performance of an index tracking Fund and the","page_number":38,"box":{"x":128,"y":162,"width":748,"height":12}},{"id":"c1028fd6-8f07-4433-aa24-c4e9f87a5f06","block_type":"box","text":"performance of the Index itself over a stated period of time. 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Because a Fund’s total","page_number":38,"box":{"x":129,"y":207,"width":747,"height":12}},{"id":"a0ae693c-5f8a-4e63-8561-8cb06d74abec","block_type":"box","text":"return includes Fund expenses, excess return is usually negative for index tracking Funds.","page_number":38,"box":{"x":128,"y":222,"width":669,"height":12}},{"id":"683caecc-0935-4694-a31f-a8d2860a82ec","block_type":"box","text":"What causes excess return?","page_number":38,"box":{"x":130,"y":252,"width":208,"height":9}},{"id":"4f45f821-7ef7-4aa7-9a42-7b4aae91ee9b","block_type":"box","text":"An Index’s performance is theoretical – it is reflective of the increase or decrease in the value of the","page_number":38,"box":{"x":128,"y":282,"width":748,"height":12}},{"id":"2a28376b-62ea-4475-a29e-bd4f6279fe0f","block_type":"box","text":"securities within the index. However, the Index Provider does not actually buy and sell these","page_number":38,"box":{"x":129,"y":297,"width":747,"height":12}},{"id":"1d0c3778-fa76-4a28-90a9-ea28775f87ae","block_type":"box","text":"securities when calculating the Index’s performance. This means that the Index’s performance does","page_number":38,"box":{"x":129,"y":312,"width":747,"height":12}},{"id":"ff65f126-422e-45de-a44a-77f5eafd070e","block_type":"box","text":"not take into account the costs of buying and selling securities such as brokerage fees, commissions,","page_number":38,"box":{"x":128,"y":327,"width":748,"height":12}},{"id":"c8b038b1-c3b2-4890-8c6f-afa349031bb0","block_type":"box","text":"stamp duty, custody fees, regulatory fees, exchange fees and spreads. An index tracking Fund incurs","page_number":38,"box":{"x":129,"y":342,"width":747,"height":12}},{"id":"bf395fef-0e8f-46cd-9e2f-394a69157ea0","block_type":"box","text":"all of these expenses in tracking an Index. These expenses will have a negative impact on the Fund’s","page_number":38,"box":{"x":129,"y":357,"width":747,"height":12}},{"id":"cbe9edaa-2591-4e8a-922e-3bfee1a13114","block_type":"box","text":"performance, relative to the Index.","page_number":38,"box":{"x":128,"y":372,"width":260,"height":12}},{"id":"e83db680-d7f1-4098-b6d5-6ed812851f09","block_type":"box","text":"In addition, an Index’s performance will not always take into account the exact same tax costs related","page_number":38,"box":{"x":129,"y":402,"width":747,"height":12}},{"id":"1aae9ae2-d0b8-41fc-8de3-5285d2adea0a","block_type":"box","text":"to (i) withholding tax payable on income derived from the securities (i.e. dividends or coupon","page_number":38,"box":{"x":128,"y":417,"width":748,"height":12}},{"id":"b630ffa1-4925-4825-b353-4288062206ba","block_type":"box","text":"payments). This can either have a positive or negative impact on the performance of an index tracking","page_number":38,"box":{"x":128,"y":432,"width":748,"height":12}},{"id":"31dcd301-8a7f-4b45-b109-393b11c84ae6","block_type":"box","text":"Fund against the Index. Index performance also does not take into account (ii) capital gains tax arising","page_number":38,"box":{"x":128,"y":447,"width":748,"height":12}},{"id":"3f943770-7602-4edb-b895-9c5add008f6c","block_type":"box","text":"from selling securities, which will have a negative impact on the performance of an index tracking","page_number":38,"box":{"x":129,"y":462,"width":747,"height":12}},{"id":"7329bf09-5a1c-4b6a-9383-a7c3aa5a735a","block_type":"box","text":"Fund against the Index.","page_number":38,"box":{"x":128,"y":477,"width":178,"height":12}},{"id":"65ec3d4a-cc54-44a0-8fee-376c7c2ed013","block_type":"box","text":"A Fund may also engage in securities lending. The net income from this lending is paid back into the","page_number":38,"box":{"x":128,"y":507,"width":748,"height":12}},{"id":"09071586-1cd3-42ad-bdd9-aa332dc4530f","block_type":"box","text":"relevant Fund and will have a positive impact on the Fund’s performance relative to the Index.","page_number":38,"box":{"x":128,"y":522,"width":704,"height":12}},{"id":"701f6f34-1067-4118-84fa-7573dd10ff96","block_type":"box","text":"Excess return can also occur where a Fund samples an Index rather than fully replicates it. For more","page_number":38,"box":{"x":128,"y":552,"width":748,"height":12}},{"id":"562c0b28-3f95-46d7-abd1-73500514b45a","block_type":"box","text":"information on this topic and other causes of excess return please refer to the section headed “","page_number":38,"box":{"x":129,"y":567,"width":697,"height":12}},{"id":"e94c43d4-741a-4ada-9036-4ad667d938e7","block_type":"box","text":"Index","page_number":38,"box":{"x":826,"y":568,"width":49,"height":9}},{"id":"7cfa11b9-bbfb-4236-95f4-625298fa1467","block_type":"box","text":"Sampling Risks","page_number":38,"box":{"x":129,"y":582,"width":121,"height":12}},{"id":"d28c9f47-3405-465b-b652-cb65660ceba0","block_type":"box","text":"”.","page_number":38,"box":{"x":252,"y":582,"width":16,"height":10}},{"id":"4b323e30-1102-46d9-b3ae-b2ede305098f","block_type":"box","text":"What is tracking error?","page_number":38,"box":{"x":130,"y":644,"width":182,"height":12}},{"id":"222f78b7-4bd7-4b4e-8691-e1cc13329c6c","block_type":"box","text":"Tracking Error is the volatility of the difference between the return of an index tracking Fund and the","page_number":38,"box":{"x":129,"y":674,"width":747,"height":12}},{"id":"8c83a929-834d-45f3-a798-6a92dff0c9da","block_type":"box","text":"return of the Index tracked by that Fund. Tracking Error indicates the consistency of a Fund’s excess","page_number":38,"box":{"x":128,"y":689,"width":748,"height":12}},{"id":"4636b32a-8cde-46cc-8e1f-3e7bf5dafee4","block_type":"box","text":"return over a given period of time. It is the annualised standard deviation of excess return data points","page_number":38,"box":{"x":128,"y":704,"width":747,"height":12}},{"id":"fbf59af0-b2c8-458c-bca4-2f284e9530f3","block_type":"box","text":"for the given time period.","page_number":38,"box":{"x":129,"y":719,"width":192,"height":12}},{"id":"0c65b34f-d275-42e7-9a0a-db59af496429","block_type":"box","text":"Tracking Error can be expressed two ways:","page_number":38,"box":{"x":129,"y":749,"width":324,"height":12}},{"id":"5ef8a5c8-a590-42b3-9b6d-ae1da1c2ef03","block_type":"box","text":"1. Ex-post (or realised/actual) Tracking Error - the Tracking Error of the Fund calculated using","page_number":38,"box":{"x":130,"y":779,"width":746,"height":12}},{"id":"e8ada83b-5275-404b-a249-4b6477404d5a","block_type":"box","text":"historical data; or","page_number":38,"box":{"x":128,"y":794,"width":134,"height":11}},{"id":"9fddf6b2-00ce-42d1-aef9-e328a0a72cb1","block_type":"box","text":"2. Ex-ante (or anticipated) Tracking Error - the anticipated or expected tracking error of the Fund","page_number":38,"box":{"x":128,"y":824,"width":748,"height":12}},{"id":"6ce286ba-ce18-41da-bdb8-bf83b206c378","block_type":"box","text":"looking forward into the future.","page_number":38,"box":{"x":129,"y":839,"width":237,"height":12}},{"id":"2cd0a8da-0079-458e-836b-1fe28e60599c","block_type":"box","text":"Details of the estimated Tracking Error in respect of each Fund, and of ex-post Tracking Error where","page_number":38,"box":{"x":128,"y":869,"width":748,"height":12}},{"id":"e692e001-294c-44bc-86d0-27538686604d","block_type":"box","text":"available, are set out either in","page_number":38,"box":{"x":129,"y":884,"width":223,"height":11}},{"id":"3a557d65-c9ed-4d69-a19f-ddab6df369f9","block_type":"box","text":"Appendix 1","page_number":38,"box":{"x":352,"y":884,"width":90,"height":12}},{"id":"df8be130-3735-4953-9239-e4a02630a483","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the","page_number":38,"box":{"x":443,"y":884,"width":432,"height":12}},{"id":"2e3acc2f-668f-4caf-a227-6b331356780d","block_type":"box","text":"relevant Fund.","page_number":38,"box":{"x":128,"y":899,"width":112,"height":9}},{"id":"bd846ab5-4c85-4be8-8b41-b4d6149c3c3c","block_type":"box","text":"39","page_number":39,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"251094bf-4aef-4ffa-a2a8-aeea18e76fbb","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":39,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"cb606e8a-d869-4d7a-bca4-1ee565138e51","block_type":"box","text":"Sustainable Finance","page_number":39,"box":{"x":120,"y":87,"width":162,"height":9}},{"id":"3069f84f-79a2-462b-a212-277e5551fdd1","block_type":"box","text":"Sustainability Risk","page_number":39,"box":{"x":119,"y":116,"width":143,"height":12}},{"id":"4d234910-e217-4df9-bde9-e027ca4f75b3","block_type":"box","text":"Sustainability risks are environmental, social, or governance events or conditions that, if they occur,","page_number":39,"box":{"x":120,"y":131,"width":765,"height":12}},{"id":"43074cbb-9135-45e1-8d61-45f0efa72f8f","block_type":"box","text":"could cause actual or potential material negative impacts on the value of a Fund’s assets. For further","page_number":39,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"24ee2aa3-8bf4-4b39-8f0f-d764f3afc2d4","block_type":"box","text":"details in respect of sustainability risks and the impact of same on the returns of the Funds, please see","page_number":39,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"649e0496-6b00-46bf-8c2a-1bb0889e667f","block_type":"box","text":"“Sustainability Risk” in the “Risk Factors” section.","page_number":39,"box":{"x":119,"y":176,"width":383,"height":12}},{"id":"2dd0b5f5-a221-48f5-b9a4-47f056afd0f7","block_type":"box","text":"A policy and guidelines on the consideration and integration of sustainability risk into the investment","page_number":39,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"b2ac65b6-ff51-4511-9005-008de7b8aeb4","block_type":"box","text":"management process of the Funds’ assets has been established.","page_number":39,"box":{"x":119,"y":220,"width":470,"height":13}},{"id":"048209fd-52bc-44f1-ab34-0b3427aeb03f","block_type":"box","text":"Sustainability risk is considered as a component part of the overall investment risk management","page_number":39,"box":{"x":120,"y":250,"width":765,"height":12}},{"id":"40d60db6-50b6-4420-851f-c93da563e7aa","block_type":"box","text":"processes for each category of financial product, and is one of many risks which will be assessed so as","page_number":39,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"daf50c5a-384b-45ed-8328-e1c93152481c","block_type":"box","text":"to determine whether it is material, depending on the specific investment opportunity.","page_number":39,"box":{"x":119,"y":280,"width":638,"height":12}},{"id":"45cb4fa1-f44d-489a-85ed-6d3f54b2d9cb","block_type":"box","text":"The Investment Manager utilises a common framework for considering sustainability risk. This","page_number":39,"box":{"x":119,"y":309,"width":766,"height":12}},{"id":"9ea61c3f-4d68-4013-a23d-45c4551d1ceb","block_type":"box","text":"consideration framework is summarised in three stages:","page_number":39,"box":{"x":119,"y":324,"width":416,"height":12}},{"id":"aa921a6b-84d3-4067-83b6-959b2eaa32db","block_type":"box","text":"","page_number":39,"box":{"x":120,"y":357,"width":6,"height":5}},{"id":"16f09663-9186-40d9-b724-37c0b3db1731","block_type":"box","text":"identifying sustainability risk factors that are pertinent to the Funds and investment styles that it","page_number":39,"box":{"x":137,"y":354,"width":748,"height":12}},{"id":"35a7ddb2-1403-4410-b056-93328bcbaeaa","block_type":"box","text":"manages;","page_number":39,"box":{"x":137,"y":372,"width":74,"height":9}},{"id":"7ddc93ae-95cc-4169-8629-93e1bde76450","block_type":"box","text":"","page_number":39,"box":{"x":120,"y":403,"width":6,"height":4}},{"id":"79ec2edf-3ec3-4cd2-ae04-52fd34bfea27","block_type":"box","text":"establishing processes to quantify and measure these risk factors utilising available data; and","page_number":39,"box":{"x":137,"y":399,"width":689,"height":13}},{"id":"f6a7c395-e5b1-4661-a43b-1eca731df47f","block_type":"box","text":"","page_number":39,"box":{"x":120,"y":433,"width":6,"height":5}},{"id":"85e8258f-e8d7-486a-931d-a3a82fdc41e8","block_type":"box","text":"regularly monitoring established sustainability metrics against relevant benchmarks.","page_number":39,"box":{"x":137,"y":430,"width":626,"height":12}},{"id":"815da23a-6b34-4398-947f-56b72b5c2af1","block_type":"box","text":"Inputs from third-party data providers, where available, may be considered as part of the investment","page_number":39,"box":{"x":119,"y":459,"width":766,"height":12}},{"id":"87587820-8a02-4ae6-a8fe-a93cae601865","block_type":"box","text":"process to help inform decisions about sustainability factors.","page_number":39,"box":{"x":119,"y":474,"width":452,"height":12}},{"id":"ee81c873-9226-4bfc-ab26-369b4e64119e","block_type":"box","text":"This consideration framework informs the materiality the Investment Manager then places on","page_number":39,"box":{"x":119,"y":503,"width":766,"height":12}},{"id":"2d76ad67-eedb-43ab-9cb4-3e6461548239","block_type":"box","text":"sustainability risk as a component of investment decision making and management. Whilst sustainability","page_number":39,"box":{"x":120,"y":518,"width":765,"height":12}},{"id":"73155e21-e2de-4d77-955c-f59e2c7a5824","block_type":"box","text":"risk factors are considered across all the Funds, the management of these sustainability risks differs","page_number":39,"box":{"x":119,"y":533,"width":766,"height":12}},{"id":"af1db742-ee3e-42b8-97d6-7023063cd311","block_type":"box","text":"across investment styles: (i) active (sub-advised, fixed income, environmental, social, or governance","page_number":39,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"815b3b94-e202-47df-9755-b8c7e68a2dd6","block_type":"box","text":"(“","page_number":39,"box":{"x":119,"y":563,"width":14,"height":12}},{"id":"0e0404f9-e7d3-4e57-a4a2-54032c2c2f39","block_type":"box","text":"ESG","page_number":39,"box":{"x":134,"y":563,"width":36,"height":10}},{"id":"6eb7e9e2-d661-4ba8-a2da-2ee6aa12d721","block_type":"box","text":"”) equity and multi-asset); and (ii) index (equity, fixed income, ESG and model portfolio","page_number":39,"box":{"x":171,"y":563,"width":714,"height":12}},{"id":"e75cae5d-3b88-4af1-bc09-47009f6f5161","block_type":"box","text":"strategies). Factors considered in the management of sustainability risk include but are not limited to the","page_number":39,"box":{"x":120,"y":578,"width":765,"height":12}},{"id":"1aa52cdf-08e1-484e-9e1a-acf6e8458896","block_type":"box","text":"time horizon, type of assets and investment strategy of each Fund.","page_number":39,"box":{"x":119,"y":593,"width":493,"height":13}},{"id":"efade98d-9a27-4cee-b328-fca7d0675c35","block_type":"box","text":"Consequently, unless specifically stated or referenced within a particular Funds’ investment objective","page_number":39,"box":{"x":119,"y":623,"width":766,"height":12}},{"id":"73e4aa45-0a72-4911-9939-c870531758bf","block_type":"box","text":"or policy, sustainability risks (whether considered by the above framework to be material or otherwise)","page_number":39,"box":{"x":119,"y":638,"width":766,"height":12}},{"id":"09c738ab-331d-424e-829a-b34354b7df5f","block_type":"box","text":"are not a determinant part of the security selection and or ongoing investment management process","page_number":39,"box":{"x":119,"y":653,"width":735,"height":12}},{"id":"4c3dad7d-8037-4117-990b-20e976ae91c7","block_type":"box","text":"for","page_number":39,"box":{"x":860,"y":653,"width":25,"height":9}},{"id":"2597b0cd-edff-456e-9b67-cd5a86d89d8b","block_type":"box","text":"the Funds. See table below for further details.","page_number":39,"box":{"x":119,"y":668,"width":346,"height":9}},{"id":"f5801704-5026-4e4a-b17a-54d8bc20179f","block_type":"box","text":"Table summarising how sustainability risks are integrated by investment style:","page_number":39,"box":{"x":119,"y":697,"width":625,"height":12}},{"id":"55f594ca-fba6-418b-a943-c7232ba6d61e","block_type":"box","text":"Investment","page_number":39,"box":{"x":128,"y":727,"width":93,"height":9}},{"id":"7d5e269e-ebdb-4d79-b926-9114155397c0","block_type":"box","text":"Style","page_number":39,"box":{"x":129,"y":742,"width":43,"height":12}},{"id":"1f5cd841-db3e-4559-abc0-66ec75cc37ad","block_type":"box","text":"Asset Type","page_number":39,"box":{"x":270,"y":727,"width":92,"height":12}},{"id":"03538206-fc18-40da-b242-a03ecd9328a8","block_type":"box","text":"Integration of sustainability risk into security selection and","page_number":39,"box":{"x":378,"y":727,"width":498,"height":12}},{"id":"0f382ea8-2bca-4afb-8d05-8f7c0a6af30c","block_type":"box","text":"ongoing management of portfolio holdings","page_number":39,"box":{"x":378,"y":742,"width":338,"height":12}},{"id":"fcb0698c-fef4-4c94-9397-75d3b53afd33","block_type":"box","text":"Index Equity","page_number":39,"box":{"x":128,"y":772,"width":196,"height":12}},{"id":"07ac5faa-1d7a-4d62-93dc-1137d0816d73","block_type":"box","text":"These Funds have a primary investment objective to track the","page_number":39,"box":{"x":378,"y":772,"width":498,"height":12}},{"id":"6cd3f0b8-2ddc-46ee-aa1e-1d21dcd3fa57","block_type":"box","text":"performance of their relevant Index and do not factor any explicit","page_number":39,"box":{"x":377,"y":787,"width":499,"height":12}},{"id":"42d345ee-af25-4d89-8f30-bc2992424e47","block_type":"box","text":"sustainability characteristics (including sustainability risks) into the","page_number":39,"box":{"x":378,"y":802,"width":498,"height":12}},{"id":"8335fef5-cc87-4d8c-bc07-8487d4afe8ec","block_type":"box","text":"selection and ongoing management of portfolio holdings.","page_number":39,"box":{"x":378,"y":817,"width":427,"height":12}},{"id":"ad443e6e-9032-4061-b8e3-eb3d51751b9a","block_type":"box","text":"Fixed","page_number":39,"box":{"x":271,"y":847,"width":46,"height":9}},{"id":"f82d0d84-dc5c-4613-8849-1b041539ebf6","block_type":"box","text":"Income","page_number":39,"box":{"x":271,"y":862,"width":59,"height":9}},{"id":"004ff8b5-04ff-49d3-8949-62f31ad394ff","block_type":"box","text":"These Funds have a primary investment objective to track the","page_number":39,"box":{"x":378,"y":847,"width":498,"height":12}},{"id":"6cf46e19-72c2-416e-9c83-3740c0dabb95","block_type":"box","text":"performance of their relevant Index and do not factor any explicit","page_number":39,"box":{"x":377,"y":862,"width":499,"height":12}},{"id":"514f5968-606f-481b-a5d5-d12d9e7f921a","block_type":"box","text":"40","page_number":40,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"ff2e0b98-9ead-4e21-812e-77e70e59ed5b","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":40,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"ac646bb7-62f6-44dd-9a6e-3ce6490e6c8e","block_type":"box","text":"Investment","page_number":40,"box":{"x":128,"y":88,"width":93,"height":9}},{"id":"6a47bcfc-e6cf-4889-a4ce-09bb92ad404d","block_type":"box","text":"Style","page_number":40,"box":{"x":129,"y":103,"width":43,"height":11}},{"id":"300d1324-b826-4f80-9890-d5e3b8f8c53d","block_type":"box","text":"Asset Type","page_number":40,"box":{"x":270,"y":88,"width":92,"height":11}},{"id":"427b965d-0789-4333-8858-096a5af4723e","block_type":"box","text":"Integration of sustainability risk into security selection and","page_number":40,"box":{"x":378,"y":87,"width":498,"height":12}},{"id":"65a0f956-1cd3-4949-ad9e-107c7856403e","block_type":"box","text":"ongoing management of portfolio holdings","page_number":40,"box":{"x":378,"y":103,"width":338,"height":11}},{"id":"67c053b4-9cb5-4168-9d02-bcbb7ad5a20a","block_type":"box","text":"sustainability characteristics (including sustainability risks) into the","page_number":40,"box":{"x":378,"y":132,"width":498,"height":12}},{"id":"3fc137b7-de8b-45d7-a73b-336559b5b428","block_type":"box","text":"selection and ongoing management of portfolio holdings.","page_number":40,"box":{"x":378,"y":147,"width":427,"height":12}},{"id":"275a6561-27a3-4fc6-a2a5-bee5e36ccf19","block_type":"box","text":"ESG","page_number":40,"box":{"x":271,"y":177,"width":39,"height":10}},{"id":"a76550d4-8d63-4c8d-a3fb-65b6319a1327","block_type":"box","text":"These Funds screen out certain ESG factors and/or companies that","page_number":40,"box":{"x":378,"y":177,"width":498,"height":12}},{"id":"44298495-aad2-4a42-be8d-e568c52482b1","block_type":"box","text":"conflict with pre-set rules by limiting exposure to certain industries","page_number":40,"box":{"x":378,"y":192,"width":498,"height":12}},{"id":"2d432664-a003-4e6f-86f7-8014a863a2a7","block_type":"box","text":"or business activities, and thereby reducing the Fund’s exposure to","page_number":40,"box":{"x":378,"y":207,"width":498,"height":12}},{"id":"36542702-dac1-44cf-98a6-efcddcc3b9f5","block_type":"box","text":"certain industries/sectors as reflected in the relevant Index","page_number":40,"box":{"x":378,"y":222,"width":498,"height":9}},{"id":"c365474e-e0bc-45b3-8f74-a7a32a5a2e70","block_type":"box","text":"methodology and the investment objective of the Fund. 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These Funds are categorised as falling within","page_number":40,"box":{"x":378,"y":267,"width":498,"height":12}},{"id":"a20d3778-60e9-4073-a32d-445252e0eca2","block_type":"box","text":"the scope of Article 8 of the Sustainable Finance Disclosure","page_number":40,"box":{"x":378,"y":282,"width":498,"height":12}},{"id":"37f4ad1b-3508-4255-a4b2-092813f0fb76","block_type":"box","text":"Regulation (\"","page_number":40,"box":{"x":378,"y":297,"width":101,"height":12}},{"id":"c35917b8-a27e-4ca4-a459-6bd194b9c64e","block_type":"box","text":"Article 8 Funds","page_number":40,"box":{"x":481,"y":297,"width":129,"height":10}},{"id":"a91d4616-75c4-4ab3-af19-efab544938fa","block_type":"box","text":"\"). 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Vanguard believes there are fundamental","page_number":41,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"989a4586-bf54-4c55-8122-44c22e0f7f00","block_type":"box","text":"corporate governance principles which all companies should consider in the context of their regulatory","page_number":41,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"c88a5945-9548-4b59-9016-fe2afe93a833","block_type":"box","text":"and listing requirements. Vanguard’s investment stewardship approach is framed by four pillars of good","page_number":41,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"40ff9a8e-ac93-4e50-9825-b94bb4876daa","block_type":"box","text":"governance: board composition and effectiveness, executive compensation, board oversight of strategy","page_number":41,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"fca2ce58-52c4-4453-9705-7e954ad28674","block_type":"box","text":"and risk, and shareholder rights. The Vanguard Group of Companies’ Investment Stewardship team (the","page_number":41,"box":{"x":119,"y":325,"width":766,"height":12}},{"id":"285cca7e-0e81-402b-a98b-bd15b8112a5e","block_type":"box","text":"“","page_number":41,"box":{"x":119,"y":340,"width":7,"height":3}},{"id":"44b6f9de-7c9f-42e3-9af5-f5bcb04265ec","block_type":"box","text":"Stewardship Team","page_number":41,"box":{"x":128,"y":340,"width":148,"height":12}},{"id":"268edebc-66ab-4cae-b771-b210d635a3a9","block_type":"box","text":"”) believes good management of each of these pillars supports sustainable, long","page_number":41,"box":{"x":277,"y":340,"width":603,"height":12}},{"id":"24d5ea9e-97e9-4a4c-82df-eece407da7af","block_type":"box","text":"term value creation. 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The Stewardship Team encourages companies","page_number":41,"box":{"x":119,"y":385,"width":766,"height":12}},{"id":"5717c723-32bb-4649-95e1-623ff79e0272","block_type":"box","text":"to disclose material risks to investors, explain why those risks are considered material to their business","page_number":41,"box":{"x":119,"y":400,"width":766,"height":12}},{"id":"5fe61f0b-5670-44d1-bb48-c4a42bae541d","block_type":"box","text":"and outline their approach to risk oversight and mitigation. 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The Stewardship Team's analysis is supported by proprietary data sets as well as data and","page_number":41,"box":{"x":119,"y":489,"width":766,"height":12}},{"id":"ef9e0d30-6222-4dd2-9c53-a14d33108498","block_type":"box","text":"research from a variety of third-party providers.","page_number":41,"box":{"x":119,"y":504,"width":358,"height":12}},{"id":"3e370619-6b46-4d55-8d14-925e659cc7cd","block_type":"box","text":"Consideration of Principal Adverse Impacts on Sustainability Factors","page_number":41,"box":{"x":120,"y":534,"width":521,"height":12}},{"id":"b77268d8-945d-4bc9-b9b6-4d0efd106275","block_type":"box","text":"In accordance with the discretion granted pursuant to Article 4 of the Sustainable Finance Disclosure","page_number":41,"box":{"x":119,"y":563,"width":766,"height":12}},{"id":"1fb03065-9401-494e-8272-e53287b56164","block_type":"box","text":"Regulation, the Manager does not currently consider the adverse impacts of investment decisions on","page_number":41,"box":{"x":119,"y":578,"width":766,"height":12}},{"id":"73ae4b76-f00f-4224-95de-1fbd63b8b43e","block_type":"box","text":"sustainability factors or issue a website statement in relation to the due diligence policies with respect","page_number":41,"box":{"x":120,"y":593,"width":765,"height":12}},{"id":"817d4260-b1b6-4f78-8112-57be104a4f77","block_type":"box","text":"to those impacts, however, as outlined in the annexes set out in each relevant Supplement, principal","page_number":41,"box":{"x":119,"y":608,"width":766,"height":12}},{"id":"6c6b9172-5064-49ef-8376-cc695ed3f7df","block_type":"box","text":"adverse impacts are considered for certain Funds, as further described in each annex.","page_number":41,"box":{"x":119,"y":623,"width":631,"height":12}},{"id":"12d5ec16-d3d3-4207-8b5c-cd23f4045f38","block_type":"box","text":"Investment Techniques","page_number":41,"box":{"x":119,"y":652,"width":188,"height":12}},{"id":"8c5ac751-45dd-49b1-bf3a-0e1a02e3701b","block_type":"box","text":"Investment Techniques – General","page_number":41,"box":{"x":118,"y":681,"width":253,"height":12}},{"id":"5fbb3636-1bc3-4530-8448-10fc98d2a6d6","block_type":"box","text":"Each Fund may, for cash management purposes, hold ancillary liquid assets such as cash, commercial","page_number":41,"box":{"x":119,"y":711,"width":766,"height":13}},{"id":"90d918e2-5ef8-4f77-b08e-d82bf1b54cea","block_type":"box","text":"paper (i.e. short term paper issued by credit institutions) and money market obligations such as short","page_number":41,"box":{"x":119,"y":726,"width":766,"height":12}},{"id":"b7498489-5563-4dbb-a9e8-d0fc2a16eb8a","block_type":"box","text":"and medium-term treasury bills and treasury notes (both fixed and floating rate), certificates of deposit,","page_number":41,"box":{"x":119,"y":742,"width":766,"height":12}},{"id":"acd48db5-b320-478a-adad-22ba81b8c8b6","block_type":"box","text":"bankers’ acceptances, and variable and floating rate instruments (being debt instruments the interest","page_number":41,"box":{"x":119,"y":757,"width":766,"height":12}},{"id":"ee27b172-cf5f-4ecd-ae94-305097df7b98","block_type":"box","text":"return on which is variable) which are investment grade and may be issued or guaranteed by a national","page_number":41,"box":{"x":119,"y":771,"width":766,"height":13}},{"id":"c7cab0cb-0ed3-49ec-8fff-1364fe1413f0","block_type":"box","text":"government or its agencies or corporate variable floating rate instruments.","page_number":41,"box":{"x":119,"y":787,"width":551,"height":12}},{"id":"f49f2e61-ec9b-4c20-af64-cb5b0d2eda97","block_type":"box","text":"A Fund may also, in pursuit of its investment strategies, in accordance with Central Bank Requirements","page_number":41,"box":{"x":119,"y":817,"width":766,"height":12}},{"id":"0520a276-60f7-4fe2-b483-3d7f8677be65","block_type":"box","text":"and where set out in the investment strategies of the relevant Fund, invest in other Funds of the Company","page_number":41,"box":{"x":119,"y":832,"width":766,"height":12}},{"id":"3c0c4a2c-f6a1-4e59-860d-e9b727466c81","block_type":"box","text":"and other collective investment undertakings including exchange traded funds and undertakings linked","page_number":41,"box":{"x":119,"y":847,"width":766,"height":12}},{"id":"d8087a41-7582-4fae-9468-77d9066bd5e1","block_type":"box","text":"by common management or control to each other or to the Company, and hold ancillary liquid assets, in","page_number":41,"box":{"x":119,"y":862,"width":766,"height":12}},{"id":"b8ae29b7-6cda-440a-9670-ec4b28825c52","block_type":"box","text":"each case subject to the restrictions set out in A","page_number":41,"box":{"x":119,"y":877,"width":333,"height":12}},{"id":"3462993b-0b04-43d1-b142-a8f3f52a4909","block_type":"box","text":"Appendix 3","page_number":41,"box":{"x":452,"y":877,"width":89,"height":12}},{"id":"ef1a80d9-994d-462f-bf71-93a57209ddd8","block_type":"box","text":"hereto. As set out in the relevant Supplement,","page_number":41,"box":{"x":543,"y":877,"width":342,"height":12}},{"id":"43de0e28-797b-42a2-b303-3b3e71e4638a","block_type":"box","text":"the Vanguard EUR Cash UCITS ETF (and any other Fund which is authorised as an EU MMF) may,","page_number":41,"box":{"x":119,"y":892,"width":766,"height":12}},{"id":"486be217-1689-4f7f-bdc9-fcdc92cd23fa","block_type":"box","text":"42","page_number":42,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"06e77960-c9fb-4f3d-9cd6-6d96026a17a5","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":42,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"bf7ec672-bc1b-4866-8e97-b0d9bd2d6c40","block_type":"box","text":"subject to the requirements of the EU MMFR, only invest in other investment funds which are","page_number":42,"box":{"x":120,"y":87,"width":765,"height":12}},{"id":"008dd019-ec43-45ec-9f5b-e4242cc9f1e3","block_type":"box","text":"themselves EU MMFs.","page_number":42,"box":{"x":119,"y":102,"width":175,"height":9}},{"id":"1bb1b4d4-bd35-4f3f-a932-e3cc54a738a2","block_type":"box","text":"The Investment Manager may also, where permitted by the investment strategies of the relevant Fund,","page_number":42,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"d2123dea-ba6f-4160-a6e4-da33e089677a","block_type":"box","text":"utilise various combinations of other available investment techniques for direct investment purposes.","page_number":42,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"946e3d67-7b7c-43e0-8b32-f241e7950251","block_type":"box","text":"FDI including, but not limited to, exchange traded futures and options contracts (which may be used to","page_number":42,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"4d3ea71c-a980-48cb-a854-ba44a60bfee2","block_type":"box","text":"manage cash flows on a short term basis and to achieve cost efficiencies), warrants, swap agreements","page_number":42,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"2893a266-1a09-4e5e-b72a-124ecddb61f7","block_type":"box","text":"and equity-linked notes (which may be used to gain exposure to the constituents of an index and/or the","page_number":42,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"7ab8a507-5baa-43eb-ad8f-90c2db335111","block_type":"box","text":"index itself, to reduce transaction costs or taxes or allow exposure in the case of illiquid stocks or stocks","page_number":42,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"e510c945-7fae-4599-bc91-bb2bcfda7403","block_type":"box","text":"which are unavailable for market or regulatory reasons, or to minimise tracking errors) and currency","page_number":42,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"cb000880-e342-4a45-b0e3-9b1549c87fdb","block_type":"box","text":"forwards and interest rate futures (which may be used to protect against currency fluctuations). In such","page_number":42,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"14702b5d-fcf1-4057-805d-13402265fded","block_type":"box","text":"instances, the Fund will be exposed to the risk of counterparty default. See the section of the Prospectus","page_number":42,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"0b3c576e-7730-4105-9786-221feae4eccb","block_type":"box","text":"entitled “","page_number":42,"box":{"x":119,"y":267,"width":71,"height":9}},{"id":"62f1ab9b-5825-40aa-b485-6fc9b9a79da2","block_type":"box","text":"Risk Factors","page_number":42,"box":{"x":191,"y":267,"width":102,"height":9}},{"id":"944cf37d-30fa-47a8-93d1-84d15175bb08","block_type":"box","text":"” for a description of the risks involved in the use of such techniques and","page_number":42,"box":{"x":295,"y":267,"width":590,"height":12}},{"id":"fb4359eb-a45b-45c6-a99a-91283d0a64ac","block_type":"box","text":"instruments.","page_number":42,"box":{"x":119,"y":282,"width":95,"height":9}},{"id":"d7f845c3-33ef-4dad-b7c8-7f581c2acb9d","block_type":"box","text":"With the exception of the Vanguard EUR Cash UCITS ETF, the investment policy and restrictions for","page_number":42,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"a6a5c086-7f68-494a-829a-36cc4a47205d","block_type":"box","text":"which are set out in its Supplement, in accordance with the limitations set down in","page_number":42,"box":{"x":119,"y":327,"width":623,"height":12}},{"id":"8f76cac2-f934-4082-bb22-a40ad6d4ab02","block_type":"box","text":"Appendix 3","page_number":42,"box":{"x":743,"y":327,"width":96,"height":12}},{"id":"bc695299-f96c-43c4-9fc7-4517cb42397a","block_type":"box","text":"and","page_number":42,"box":{"x":840,"y":327,"width":26,"height":9}},{"id":"52be764f-1ab7-4a1e-b45d-7577e2b33a7c","block_type":"box","text":"d 4","page_number":42,"box":{"x":866,"y":327,"width":14,"height":9}},{"id":"b8b1292e-b5b0-4fb2-91f4-be586b8b9a87","block_type":"box","text":"hereto, a Fund may use FDI for direct investment (where permitted by the investment strategies of the","page_number":42,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"75f1f768-6657-4cdc-a265-b0572d690ae7","block_type":"box","text":"relevant Fund), efficient portfolio management purposes and/or for such other reasons as the Directors","page_number":42,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"ceb34271-c871-4b81-b567-6e33df545158","block_type":"box","text":"deem of benefit to the relevant Fund. A Fund may also utilise new techniques and instruments as","page_number":42,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"6c57beaf-d65d-42ee-ad6a-9a19883c6a88","block_type":"box","text":"developed from time to time provided that they are in accordance with Central Bank Requirements and","page_number":42,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"1e58b975-3ffe-406f-978c-45f0e63c23d4","block_type":"box","text":"used in conjunction with an RMP that has been cleared by the Central Bank. See","page_number":42,"box":{"x":119,"y":402,"width":616,"height":12}},{"id":"d996ec71-1f55-4439-a3c9-8e6731ead1a8","block_type":"box","text":"Appendix 4","page_number":42,"box":{"x":736,"y":402,"width":91,"height":12}},{"id":"6c2492d9-4001-46af-8732-d030e73ce18d","block_type":"box","text":"of this","page_number":42,"box":{"x":828,"y":402,"width":57,"height":9}},{"id":"d46d014d-1ee4-483f-a53b-b95ce28f9531","block_type":"box","text":"Prospectus for information on the use of Portfolio Investment Techniques, including FDI and for","page_number":42,"box":{"x":119,"y":417,"width":766,"height":12}},{"id":"dee0ac3f-1ed3-4251-a09f-170904ce4bb0","block_type":"box","text":"information on leverage and the calculation of global exposure.","page_number":42,"box":{"x":119,"y":432,"width":473,"height":12}},{"id":"538e3042-6524-4535-a957-f9f024e76140","block_type":"box","text":"Investment Techniques – Index Tracking Funds","page_number":42,"box":{"x":118,"y":462,"width":356,"height":12}},{"id":"fb805f43-c3f3-405d-87fd-2b6edee953e5","block_type":"box","text":"As further set out in the Supplement for the relevant Fund, certain Funds seek to replicate as closely as","page_number":42,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"54e988d3-65e6-4bea-91b9-2abf2b2c33d5","block_type":"box","text":"possible the constituents of the relevant Index by holding all the securities comprising the Index in","page_number":42,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"1b8da18d-af1b-4ede-ae19-801e22772287","block_type":"box","text":"similar proportion to their weightings in the Index. In doing so, where permitted by their investment","page_number":42,"box":{"x":120,"y":522,"width":765,"height":12}},{"id":"03fefa77-0e76-4be0-a9ae-6c67bb55af91","block_type":"box","text":"policy, such Funds may avail of higher investment limits set out in","page_number":42,"box":{"x":119,"y":537,"width":501,"height":12}},{"id":"c0b185e3-2f39-4538-baf9-26f7daee3751","block_type":"box","text":"Appendix 3","page_number":42,"box":{"x":620,"y":538,"width":90,"height":11}},{"id":"91623537-9c91-4f60-896c-7d5ba249aa35","block_type":"box","text":",","page_number":42,"box":{"x":712,"y":545,"width":9,"height":4}},{"id":"852bde93-3a3b-4acf-8992-c3ff37faeabc","block_type":"box","text":"“Investment Powers","page_number":42,"box":{"x":722,"y":538,"width":163,"height":9}},{"id":"c025b7d8-a3b0-4c2c-adb1-c54d9b602429","block_type":"box","text":"and Restrictions”, section (iv), ‘Index Tracking UCITS’","page_number":42,"box":{"x":119,"y":552,"width":435,"height":12}},{"id":"c147a6ef-8622-4241-866f-74d5fbe571c7","block_type":"box","text":". However, Investors should note that it may","page_number":42,"box":{"x":556,"y":552,"width":329,"height":12}},{"id":"a4262cae-57ea-418b-8344-29187793581a","block_type":"box","text":"not be possible or practicable for an index tracking Fund to purchase or gain exposure to all of the","page_number":42,"box":{"x":119,"y":567,"width":766,"height":12}},{"id":"b96cedf4-5eb1-4305-a770-343a21d27f96","block_type":"box","text":"constituent securities of its Index in their proportionate weightings or to purchase them at all due to","page_number":42,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"e8944de4-f795-4bc2-b7f0-adcfb920ebd5","block_type":"box","text":"various factors, including the costs and expenses involved and the concentration limits described in","page_number":42,"box":{"x":119,"y":597,"width":766,"height":13}},{"id":"c26d3baa-f4cf-497d-85ef-787ebcbd07ba","block_type":"box","text":"Appendix 3 t","page_number":42,"box":{"x":119,"y":613,"width":95,"height":11}},{"id":"197957f1-7894-4bf6-99e2-ec4e9aedf26a","block_type":"box","text":"to the Prospectus. In these circumstances, the Investment Manager of such a Fund may, in","page_number":42,"box":{"x":214,"y":612,"width":671,"height":12}},{"id":"3acc7e1e-fb5d-4900-b4d1-b067866b40b4","block_type":"box","text":"tracking the Fund’s Index, decide to hold a representative sample of the securities contained in the Index.","page_number":42,"box":{"x":119,"y":628,"width":766,"height":12}},{"id":"3c6d6d27-3ebc-437a-9566-0e08bf174ebb","block_type":"box","text":"The Investment Manager may employ a range of techniques designed to select those securities which","page_number":42,"box":{"x":119,"y":657,"width":766,"height":13}},{"id":"5d1f9151-f770-44a9-8d29-ceef4aac8256","block_type":"box","text":"will create the representative sample that tracks the performance of the Index as closely as possible.","page_number":42,"box":{"x":119,"y":673,"width":741,"height":12}},{"id":"e2fc2c6e-d982-4b89-9149-b9aef00a683b","block_type":"box","text":"To create the sample either optimisation and/or stratified sampling techniques are used. Optimisation","page_number":42,"box":{"x":119,"y":703,"width":766,"height":12}},{"id":"2805ec13-5e10-4656-8c4c-ec5605ff3327","block_type":"box","text":"is a sampling technique that seeks to minimize tracking error through proprietary quantitative portfolio","page_number":42,"box":{"x":119,"y":718,"width":766,"height":12}},{"id":"9e1697ab-43a5-465a-8fc4-47b853512b4b","block_type":"box","text":"analysis. This analysis may include consideration of matters such as: how a security’s price changes in","page_number":42,"box":{"x":119,"y":733,"width":766,"height":12}},{"id":"32c7e15e-bc74-461a-85b0-0179a940ab58","block_type":"box","text":"relation to another over time, scenario analysis (which involves estimating the change in a portfolio’s","page_number":42,"box":{"x":119,"y":748,"width":766,"height":12}},{"id":"b5578f85-894c-44ee-b7b7-bdf1051a4bf5","block_type":"box","text":"value given a change in key risk factors) and stress testing.","page_number":42,"box":{"x":119,"y":763,"width":439,"height":12}},{"id":"bab32bfc-b790-4008-9e94-c666fb1dcf3e","block_type":"box","text":"Stratified sampling is a technique that divides the constituents of the relevant Index into distinct, non","page_number":42,"box":{"x":120,"y":793,"width":760,"height":12}},{"id":"0d84d1fb-a5be-4376-8ca6-7ef4ebace6ca","block_type":"box","text":"overlapping risk groups called strata and selects those securities in the Index which match the risk","page_number":42,"box":{"x":119,"y":808,"width":766,"height":12}},{"id":"5f2d64cf-f920-4b20-900e-0d176e3fe60b","block_type":"box","text":"characteristic of these groups.","page_number":42,"box":{"x":119,"y":823,"width":225,"height":12}},{"id":"f6e7f387-74e6-48e2-ab6f-e96ad564d7d3","block_type":"box","text":"","page_number":42,"box":{"x":150,"y":857,"width":6,"height":5}},{"id":"07e25c09-32c3-45ea-bfd3-40f0dcb651aa","block_type":"box","text":"Some of the strata could include, but are not limited to, the market capitalisation of the","page_number":42,"box":{"x":180,"y":854,"width":705,"height":12}},{"id":"16f97568-b8bc-43af-88fb-d95600641930","block_type":"box","text":"companies, currency, country, industry sectors, and credit quality.","page_number":42,"box":{"x":180,"y":869,"width":491,"height":12}},{"id":"bdda3b1a-c0cc-4b80-8eda-40ef1d835d5c","block_type":"box","text":"43","page_number":43,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"8dbd54ef-51f5-4b0f-b400-a8aa2b18b7b0","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":43,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"83256e50-08b4-45a8-817b-37052eaf5746","block_type":"box","text":"","page_number":43,"box":{"x":150,"y":91,"width":6,"height":4}},{"id":"9066ce59-cd45-49ec-9b3b-04e09b7ceed3","block_type":"box","text":"In the case of fixed income securities, strata may also include key rate duration, convexity","page_number":43,"box":{"x":180,"y":88,"width":705,"height":12}},{"id":"158fd145-65ba-4b1e-ae52-34a3b5faa40b","block_type":"box","text":"(which is measure of how a change in interest rates affects the duration of a bond), capital","page_number":43,"box":{"x":180,"y":103,"width":705,"height":12}},{"id":"a29f52f8-7a69-452d-8a7f-6bee85d9938a","block_type":"box","text":"structure, and bond specific covenants.","page_number":43,"box":{"x":180,"y":118,"width":291,"height":12}},{"id":"f3009588-1ecc-442a-9ef6-f9025618a278","block_type":"box","text":"The level of sampling used by any index tracking Fund will be determined by the nature of the Index","page_number":43,"box":{"x":119,"y":148,"width":766,"height":12}},{"id":"3d901c22-1803-4888-8332-b672b5214ab8","block_type":"box","text":"components – some such Funds may use sampling extensively whilst others may only use it infrequently.","page_number":43,"box":{"x":119,"y":163,"width":766,"height":12}},{"id":"28670d05-cd07-4a75-9094-72e0b5009556","block_type":"box","text":"Investors in such Funds will be exposed to the performance of the underlying securities comprised in","page_number":43,"box":{"x":119,"y":178,"width":766,"height":12}},{"id":"bbb4bab8-b516-4e53-a0bb-fd7649b93d96","block_type":"box","text":"the relevant Fund’s Index.","page_number":43,"box":{"x":119,"y":193,"width":198,"height":9}},{"id":"8e6f1136-f3f3-4452-a714-767019783de9","block_type":"box","text":"There may also be instances where an index tracking Fund holds securities which are not component","page_number":43,"box":{"x":119,"y":223,"width":766,"height":12}},{"id":"c6382c27-42ad-4319-a7c4-9730e04f76c4","block_type":"box","text":"securities in the Index, if the Investment Manager believes this to be appropriate. Funds availing of the","page_number":43,"box":{"x":120,"y":238,"width":765,"height":12}},{"id":"839049b5-0688-4bf8-9f72-930d37f3aa24","block_type":"box","text":"increased concentration limits of Regulation 71 of the UCITS Regulations (as disclosed in their","page_number":43,"box":{"x":119,"y":253,"width":766,"height":12}},{"id":"1e4aa7a1-a238-44a0-8e4c-ed2f56d8131b","block_type":"box","text":"investment strategies) will not avail of these techniques.","page_number":43,"box":{"x":119,"y":268,"width":419,"height":12}},{"id":"0a1541c1-9008-4057-8023-43cc898ada76","block_type":"box","text":"Changes to the composition and/or weighting of the securities constituting the Index which is tracked","page_number":43,"box":{"x":119,"y":298,"width":766,"height":12}},{"id":"04792d50-8928-4a1b-ab77-27084edc1434","block_type":"box","text":"or replicated by a Fund will ordinarily require that Fund to make corresponding adjustments or","page_number":43,"box":{"x":119,"y":313,"width":766,"height":12}},{"id":"75bbe94f-07ad-402a-85b2-a1212c718f83","block_type":"box","text":"rebalancings to its holdings in order to seek to track or replicate the Index. The Investment Manager","page_number":43,"box":{"x":119,"y":328,"width":766,"height":12}},{"id":"ab0aadd0-1296-40e6-95cf-258b96ae0d19","block_type":"box","text":"will in a timely manner and as efficiently as possible, but subject to its overall discretion in accordance","page_number":43,"box":{"x":119,"y":343,"width":766,"height":12}},{"id":"25e0dbe7-875d-4ece-bfe2-c6ddb745eb4e","block_type":"box","text":"with the investment strategies of the relevant Fund, seek to rebalance the composition and/or weighting","page_number":43,"box":{"x":119,"y":358,"width":766,"height":12}},{"id":"215f19d7-41e2-4281-a3b8-1c52ba102e97","block_type":"box","text":"of the investments held by a Fund from time to time and, to the extent practicable and possible, to","page_number":43,"box":{"x":119,"y":373,"width":766,"height":12}},{"id":"03601be3-2752-499e-8d30-4169086fb2cb","block_type":"box","text":"conform its exposure to the changes in the composition and/or weighting of securities constituting the","page_number":43,"box":{"x":119,"y":388,"width":766,"height":12}},{"id":"1eff1358-c175-47c3-8a15-445a8420fc89","block_type":"box","text":"relevant Index. Other rebalancing measures may be taken from time to time to seek to maintain the","page_number":43,"box":{"x":119,"y":403,"width":766,"height":12}},{"id":"dff9cb75-6601-44ea-a5e9-3ffeb5d987ea","block_type":"box","text":"correspondence between the performance of a Fund and the performance of the Index.","page_number":43,"box":{"x":119,"y":418,"width":642,"height":12}},{"id":"c832e5e7-784a-4320-80c3-5a4b94f82307","block_type":"box","text":"Where set out in the investment strategies of an index tracking Fund, the Investment Manager may seek","page_number":43,"box":{"x":119,"y":448,"width":766,"height":12}},{"id":"629f73e2-8b44-491b-9479-e7923b58aa0f","block_type":"box","text":"to gain exposure to the component securities of the Index primarily through the use of FDI, principally","page_number":43,"box":{"x":119,"y":463,"width":766,"height":12}},{"id":"39a5486b-a6ac-4d72-8dcb-7bc41adb3d33","block_type":"box","text":"OTC swaps, which will enable the relevant Fund to receive, from a counterparty, the return of the","page_number":43,"box":{"x":119,"y":478,"width":766,"height":12}},{"id":"f975334a-6c47-4e9c-93a8-ba22ad7269bd","block_type":"box","text":"particular Index in exchange for periodic cash payments.","page_number":43,"box":{"x":119,"y":493,"width":424,"height":12}},{"id":"07faf0e1-3803-4d17-ad55-4d1c2fbf7d06","block_type":"box","text":"There may be a number of circumstances where holding the component securities of an index may be","page_number":43,"box":{"x":119,"y":523,"width":766,"height":12}},{"id":"43fe9d55-7f2e-452d-ae11-9106b5470d2d","block_type":"box","text":"prohibited by regulation, or may not otherwise be in the interests of investors. These include, but are","page_number":43,"box":{"x":119,"y":538,"width":766,"height":12}},{"id":"e1a99a5a-e4c8-478e-9857-5b0d60f4f04f","block_type":"box","text":"not limited to, the following:","page_number":43,"box":{"x":119,"y":553,"width":217,"height":12}},{"id":"0c777c37-c8dd-45e0-a1e2-b1a1d6978ffe","block_type":"box","text":"(i)","page_number":43,"box":{"x":119,"y":583,"width":17,"height":12}},{"id":"6e180446-8f6b-4a74-85e6-f338a656380b","block_type":"box","text":"restrictions on the proportion of each Fund’s value which may be held in individual securities","page_number":43,"box":{"x":178,"y":583,"width":707,"height":12}},{"id":"31a3497a-799f-4a17-bf6e-ca99727f0118","block_type":"box","text":"arising from compliance with the UCITS Regulations and Central Bank Requirements;","page_number":43,"box":{"x":179,"y":598,"width":646,"height":13}},{"id":"b6e43a28-1237-4b46-9d58-111e3bd2be38","block_type":"box","text":"(ii)","page_number":43,"box":{"x":119,"y":628,"width":22,"height":12}},{"id":"0a44a045-a4e3-49c3-8c05-108f433054ba","block_type":"box","text":"the constituent securities of the index change from time to time. The Investment Manager may","page_number":43,"box":{"x":178,"y":628,"width":707,"height":12}},{"id":"311426b3-8cf0-43c2-8bb0-542c90bd9e48","block_type":"box","text":"adopt a variety of strategies when trading a Fund to bring it in line with the changed benchmark.","page_number":43,"box":{"x":179,"y":643,"width":706,"height":12}},{"id":"41b92f40-91d5-4fbe-b023-95a5994c0625","block_type":"box","text":"For example where a security which forms part of the index is not available or a market for such","page_number":43,"box":{"x":178,"y":658,"width":707,"height":12}},{"id":"08213308-0d8a-4c7e-ba8a-2ada1afbd8fa","block_type":"box","text":"security does not exist, a Fund may instead hold depository receipts relating to such securities","page_number":43,"box":{"x":179,"y":673,"width":706,"height":12}},{"id":"14ad6412-797b-47a3-aff5-9afa034e33fa","block_type":"box","text":"(e.g. ADRs and GDRs) or may hold FDI;","page_number":43,"box":{"x":179,"y":688,"width":309,"height":12}},{"id":"97cc16d0-7034-4586-915b-398e6a08b8fb","block_type":"box","text":"(iii)","page_number":43,"box":{"x":119,"y":717,"width":27,"height":12}},{"id":"ad997175-1378-43af-8166-5fd8ceff2f1d","block_type":"box","text":"from time to time, securities in an index may be subject to corporate actions. The Investment","page_number":43,"box":{"x":179,"y":717,"width":706,"height":12}},{"id":"71deb30d-99fd-4cd0-8af5-f63a366b7cd3","block_type":"box","text":"Manager has discretion to manage these events in the most efficient manner;","page_number":43,"box":{"x":178,"y":732,"width":571,"height":12}},{"id":"d6118269-69de-4dfa-8110-02758f4dc2c0","block_type":"box","text":"(iv)","page_number":43,"box":{"x":119,"y":761,"width":26,"height":12}},{"id":"69770406-eeb8-4344-8878-8d701215b74f","block_type":"box","text":"a Fund may hold ancillary liquid assets and will normally have dividends receivable. The","page_number":43,"box":{"x":179,"y":761,"width":706,"height":12}},{"id":"7de3cd17-69c0-49c8-a1d2-1a9a0fb88c95","block_type":"box","text":"Investment Manager may purchase FDI, for direct investment purposes, to produce a return","page_number":43,"box":{"x":179,"y":776,"width":706,"height":12}},{"id":"f6ed2043-31df-47ab-b198-698ae0e19fc8","block_type":"box","text":"similar to the return on an index;","page_number":43,"box":{"x":179,"y":791,"width":246,"height":12}},{"id":"e59fca77-ffc9-4420-b201-d0ce42033d6a","block_type":"box","text":"(v)","page_number":43,"box":{"x":119,"y":821,"width":21,"height":12}},{"id":"3f8d991d-a7ab-4014-b754-311e16ae6bd2","block_type":"box","text":"securities held by a Fund and included in an index may, from time to time, become illiquid or","page_number":43,"box":{"x":179,"y":821,"width":706,"height":12}},{"id":"50c34e4c-8002-4abb-bb60-bf9e14b7a8de","block_type":"box","text":"otherwise unobtainable at fair value. In these circumstances, the Investment Manager may use","page_number":43,"box":{"x":179,"y":836,"width":706,"height":12}},{"id":"d605de78-3b19-4fb9-baec-7fbf92be31c0","block_type":"box","text":"a number of techniques, including purchasing securities whose returns, individually or","page_number":43,"box":{"x":179,"y":851,"width":706,"height":12}},{"id":"841af654-6bf4-4d49-808f-6799053e9124","block_type":"box","text":"collectively, are seen to be well-correlated to desired constituents of the index or purchasing a","page_number":43,"box":{"x":179,"y":866,"width":706,"height":12}},{"id":"590a8775-3185-4ef4-babc-79dc2cfa67be","block_type":"box","text":"sample of stocks in the index;","page_number":43,"box":{"x":179,"y":881,"width":224,"height":12}},{"id":"4348cb86-67e9-482e-93a6-0a206ba5e5f2","block_type":"box","text":"44","page_number":44,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"84306069-ed30-4b40-9a84-c9c8864cc422","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":44,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"59c49cb3-3c0f-453d-b0bc-a34ae4beac51","block_type":"box","text":"(vi)","page_number":44,"box":{"x":119,"y":87,"width":26,"height":12}},{"id":"42213c9b-bea1-4ccd-837d-e658522e70b9","block_type":"box","text":"the Investment Manager will have regard to the costs of any proposed portfolio transaction. It","page_number":44,"box":{"x":178,"y":87,"width":707,"height":12}},{"id":"29cd24ee-789c-4e69-9899-6c555d475bbc","block_type":"box","text":"may not necessarily be efficient to execute transactions which bring the Fund perfectly in line","page_number":44,"box":{"x":178,"y":102,"width":707,"height":12}},{"id":"211c244d-c4fb-4f69-a6a8-b13e86a8714b","block_type":"box","text":"with the Index at all times; and","page_number":44,"box":{"x":178,"y":117,"width":234,"height":11}},{"id":"5cee1592-0bb1-48d4-9322-10f65a9da0f3","block_type":"box","text":"(vii)","page_number":44,"box":{"x":119,"y":146,"width":31,"height":12}},{"id":"dea6196a-7f97-4ab7-9ed8-e6a39ef1c79c","block_type":"box","text":"a Fund may sell securities that are represented in the index in anticipation of their removal from","page_number":44,"box":{"x":179,"y":146,"width":706,"height":12}},{"id":"c378e2cb-0aef-4717-bf23-4c5329eb60a3","block_type":"box","text":"the index, or purchase securities not represented in the index in anticipation of their addition to","page_number":44,"box":{"x":178,"y":161,"width":707,"height":12}},{"id":"15b0b675-92ed-4a04-acb0-77e8827dc0c9","block_type":"box","text":"the index.","page_number":44,"box":{"x":178,"y":176,"width":78,"height":10}},{"id":"c1e39804-138c-487d-8a1d-92b48569fb25","block_type":"box","text":"Portfolio Management Techniques","page_number":44,"box":{"x":119,"y":206,"width":277,"height":11}},{"id":"42f770ce-1274-4206-933a-a69245a9b93a","block_type":"box","text":"With the exception of the Vanguard EUR Cash UCITS ETF which shall invest in accordance with the","page_number":44,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"5bf6088b-029a-4455-b5b8-5382a8fe9c7f","block_type":"box","text":"investment policy and restrictions set out in its Supplement, the Company may, on behalf of each Fund,","page_number":44,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"8c3349d8-2aa0-43e3-9523-3cfd29547af6","block_type":"box","text":"subject to the conditions and within the limits laid down by the Central Bank, employ techniques and","page_number":44,"box":{"x":120,"y":265,"width":765,"height":12}},{"id":"0d598f98-eb8b-4641-9817-87e520bac686","block_type":"box","text":"instruments relating to Transferable Securities. Such techniques and instruments may be used for","page_number":44,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"27bfcb3f-8a40-40e4-b349-2ca90af00d3d","block_type":"box","text":"efficient portfolio management purposes (with a view to achieving a reduction in risk, a reduction in","page_number":44,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"dd3e8f5a-ddfe-413c-86f7-f94ecc54e433","block_type":"box","text":"costs or an increase in capital or income returns to a Fund) or, where disclosed in a Fund’s investment","page_number":44,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"1e7dd9d4-a688-4cb9-8e93-3a599c6fd6ba","block_type":"box","text":"strategies, for direct investment purposes. Such techniques and instruments may include investment in","page_number":44,"box":{"x":120,"y":325,"width":765,"height":12}},{"id":"331a15b4-209d-49f2-83fb-c9af1834c134","block_type":"box","text":"Money Market Instruments and/or money market funds and investments in FDI such as exchange traded","page_number":44,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"aee1fc91-8089-4cd5-b8ca-9a7bc318b2f8","block_type":"box","text":"futures and options contracts (which may be used to manage cash flows on a short term basis and to","page_number":44,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"f18041aa-21ad-41dc-869b-7c5b6108b6f6","block_type":"box","text":"achieve cost efficiencies), warrants, swap agreements and equity-linked notes (which may be used to","page_number":44,"box":{"x":119,"y":370,"width":766,"height":12}},{"id":"311d9e13-b46a-4c61-b3c1-cfaa960b50da","block_type":"box","text":"gain market exposure or exposure to a particular asset class) and currency forwards and interest rate","page_number":44,"box":{"x":119,"y":385,"width":766,"height":12}},{"id":"619fb133-bf96-4328-9567-974ae2478f0a","block_type":"box","text":"futures (which may be used to protect against currency fluctuations). Such techniques and instruments","page_number":44,"box":{"x":119,"y":400,"width":766,"height":12}},{"id":"2b330845-4797-44c7-b0bb-9697c0a9a0d4","block_type":"box","text":"are set out in","page_number":44,"box":{"x":119,"y":415,"width":101,"height":9}},{"id":"dbbf0a48-1b00-4533-9c3e-f6f99691640b","block_type":"box","text":"Appendix 4","page_number":44,"box":{"x":220,"y":415,"width":91,"height":12}},{"id":"a37e7e48-8bdd-4710-9233-00fd896bbfa1","block_type":"box","text":". See the section of the Prospectus entitled “","page_number":44,"box":{"x":313,"y":415,"width":331,"height":12}},{"id":"410ff04f-2197-4fb9-aaa7-cf322fda05da","block_type":"box","text":"Risk Factors","page_number":44,"box":{"x":645,"y":415,"width":100,"height":9}},{"id":"cfa4b30b-5dbe-4906-b176-0b86cf2fbc51","block_type":"box","text":"” for a description","page_number":44,"box":{"x":746,"y":415,"width":139,"height":12}},{"id":"c2df8d6b-9b33-46cd-8e7f-caf814f99d47","block_type":"box","text":"of the risks involved in the use of such techniques and instruments. New techniques and instruments","page_number":44,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"74964b06-823f-4acc-851b-95f69ad6954d","block_type":"box","text":"may be developed which may be suitable for use by the Company and the Company (subject to the","page_number":44,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"20608179-b7c6-4e46-9a1e-5405fc3867b3","block_type":"box","text":"Central Bank’s requirements) may employ such techniques and instruments.","page_number":44,"box":{"x":119,"y":460,"width":569,"height":12}},{"id":"ae5705f7-3a65-4206-ba65-0739b76c53ef","block_type":"box","text":"With the exception of the Vanguard EUR Cash UCITS ETF, each Fund may enter into securities lending,","page_number":44,"box":{"x":119,"y":489,"width":766,"height":12}},{"id":"b1792ef1-10f1-409b-8236-bb26fb4bc606","block_type":"box","text":"repurchase and/or reverse repurchase agreements for the purposes of efficient portfolio management in","page_number":44,"box":{"x":119,"y":504,"width":766,"height":12}},{"id":"1e82b0ee-b857-4362-a7ab-f8550b845aff","block_type":"box","text":"accordance with the provisions of","page_number":44,"box":{"x":119,"y":519,"width":257,"height":12}},{"id":"34bf61f4-a611-4180-9c9e-45702224f771","block_type":"box","text":"Appendix 4","page_number":44,"box":{"x":377,"y":519,"width":91,"height":12}},{"id":"260fd1d0-7cf5-4a4e-a91d-b7c2e70281b1","block_type":"box","text":". The Vanguard EUR Cash UCITS ETF may enter into","page_number":44,"box":{"x":470,"y":519,"width":415,"height":12}},{"id":"2d21e664-2d79-4dd5-a665-9c92800804b2","block_type":"box","text":"repurchase and/or reverse repurchase agreements in accordance with the investment policy and","page_number":44,"box":{"x":119,"y":534,"width":766,"height":12}},{"id":"2c164e44-9c60-4764-9717-477c454d75e1","block_type":"box","text":"restrictions set out in its Supplement.","page_number":44,"box":{"x":119,"y":549,"width":278,"height":12}},{"id":"85e6bfd5-cfba-400b-8638-11616448984d","block_type":"box","text":"Profile of a typical investor in the Funds","page_number":44,"box":{"x":119,"y":579,"width":321,"height":12}},{"id":"81a3aab8-8495-4cab-ae57-21a4b3c20274","block_type":"box","text":"Each Fund is available to a wide range of investors seeking access to a portfolio managed in accordance","page_number":44,"box":{"x":119,"y":608,"width":766,"height":12}},{"id":"2af3da58-2859-461d-ae60-02e7c26f23c5","block_type":"box","text":"with a specific investment objective and policy. Investors should in particular read the “","page_number":44,"box":{"x":119,"y":623,"width":652,"height":12}},{"id":"447b2c23-d829-4f76-a14d-80f22197e380","block_type":"box","text":"Risk Factors","page_number":44,"box":{"x":772,"y":623,"width":100,"height":9}},{"id":"01485ee7-36f1-4819-a12b-70091a48f87e","block_type":"box","text":"”","page_number":44,"box":{"x":873,"y":623,"width":12,"height":9}},{"id":"82fe04c0-0e7a-4ebe-90a6-7812f5bae972","block_type":"box","text":"as set out in this Prospectus and, if they are in any doubt about making an investment, should consult","page_number":44,"box":{"x":119,"y":638,"width":766,"height":12}},{"id":"6c1513e2-c159-4222-9047-0bcae2a83dd3","block_type":"box","text":"their professional adviser concerning the acquisition, holding or disposal of any Shares.","page_number":44,"box":{"x":119,"y":653,"width":645,"height":12}},{"id":"cc5cc1cd-fe22-4650-850b-aedd679e9153","block_type":"box","text":"45","page_number":45,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"b64d2de4-c7f8-4db0-9626-3a02ff00f295","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":45,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"b89f4b59-54ae-4fa2-bb19-4d2fafcb0248","block_type":"box","text":"SHARES","page_number":45,"box":{"x":463,"y":95,"width":78,"height":9}},{"id":"8189604f-083e-4573-8902-6e3835ab16a2","block_type":"box","text":"Classes of Shares","page_number":45,"box":{"x":119,"y":132,"width":140,"height":9}},{"id":"4707229f-0f55-48bd-b23b-b29cd98ee83b","block_type":"box","text":"Different classes of Shares may be issued in respect of each Fund. Classes may be distinguished by their","page_number":45,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"05d20f57-9bad-4c4e-9d2e-bb43664a1af1","block_type":"box","text":"different characteristics, including, without limitation, criteria for subscription and redemption (such as","page_number":45,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"daec9c56-7f3a-4c6c-9ad9-0eb8b626d193","block_type":"box","text":"cash or in-kind dealing), currency of denomination, currency hedging, dividend provisions, charges and","page_number":45,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"e6432d61-059a-43be-bd54-8a967098cee7","block_type":"box","text":"fee arrangements, including ongoing charges figures, allocation of costs, liabilities, gains and losses and","page_number":45,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"cc7db227-9c6a-4f76-9cbc-982fef79db63","block_type":"box","text":"charges. The classes currently available in each Fund and their characteristics are set out either in","page_number":45,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"303baa95-ef27-4dc0-a534-a077907a31d6","block_type":"box","text":"Appendix 1","page_number":45,"box":{"x":119,"y":236,"width":89,"height":12}},{"id":"01647af7-5453-427d-933a-76c33d652f0b","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the relevant Fund.","page_number":45,"box":{"x":210,"y":236,"width":541,"height":12}},{"id":"e20bd63c-2d7f-42ff-b519-3fbba4dae59e","block_type":"box","text":"The Directors may issue Shares of any class, and create new classes of Shares, on such terms as they","page_number":45,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"e1b2b8b7-da2b-4ba1-a7ca-c841d101a7fb","block_type":"box","text":"may from time to time determine in relation to any Fund and in accordance with Central Bank","page_number":45,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"10336fb8-7867-4d60-8fa1-9f88895d2023","block_type":"box","text":"Requirements. On the introduction of any new Fund or class of Shares, either a revised Prospectus or a","page_number":45,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"9c23b7bd-78f3-4a33-b05d-57a86e77dfed","block_type":"box","text":"separate Supplement will be prepared, setting out the details.","page_number":45,"box":{"x":120,"y":310,"width":453,"height":12}},{"id":"1b2e7111-1f46-4aa8-b553-1388f3730a33","block_type":"box","text":"Currency Hedging at Fund Level","page_number":45,"box":{"x":119,"y":340,"width":266,"height":12}},{"id":"a4282ca4-9a7a-4fe7-b1b6-e47bdc3776a6","block_type":"box","text":"A Fund may enter into FDI for the purposes of hedging the currency exposure of the underlying","page_number":45,"box":{"x":119,"y":369,"width":766,"height":12}},{"id":"346df364-2d1b-48d3-9797-352a22a9d769","block_type":"box","text":"securities into the relevant Fund’s Base Currency. If undertaken, the aim of this hedging will be to","page_number":45,"box":{"x":120,"y":384,"width":765,"height":12}},{"id":"7bb04892-231e-4b26-98bf-4d1ebf1d9d14","block_type":"box","text":"control the Fund’s level of currency risk. However, complete mitigation of currency risk for a Fund’s","page_number":45,"box":{"x":119,"y":399,"width":766,"height":12}},{"id":"64d9f958-9baf-4764-a067-cc06f9b4f7a6","block_type":"box","text":"portfolio or specific assets held by a Fund may be impractical or impossible. See the “","page_number":45,"box":{"x":119,"y":414,"width":636,"height":12}},{"id":"9f66b693-c5e1-44c3-879b-92189a25346f","block_type":"box","text":"Currency Risk","page_number":45,"box":{"x":756,"y":414,"width":116,"height":12}},{"id":"d69f9e67-155c-4c7e-af83-739e662a253a","block_type":"box","text":"”","page_number":45,"box":{"x":873,"y":414,"width":12,"height":9}},{"id":"16a6c47d-b5ad-4051-92e1-63daac9215e1","block_type":"box","text":"section of the Prospectus for more information. FDI such as currency forwards, currency swaps, foreign","page_number":45,"box":{"x":120,"y":429,"width":765,"height":12}},{"id":"ff51ea74-bec9-4e3b-83df-71c8d8a170a5","block_type":"box","text":"currency or currency index futures contracts, or put and call options on such contracts or on currencies","page_number":45,"box":{"x":119,"y":444,"width":766,"height":12}},{"id":"fc027e21-1e86-44a3-a028-e9d842208bcf","block_type":"box","text":"may be utilised if the Fund engages in such hedging.","page_number":45,"box":{"x":119,"y":459,"width":393,"height":12}},{"id":"5ae17642-71ec-4f76-a8f6-400b3f306bfc","block_type":"box","text":"Currency Hedging at Share Class Level","page_number":45,"box":{"x":119,"y":489,"width":317,"height":12}},{"id":"00692694-3222-40f9-a65e-a7e266525bbf","block_type":"box","text":"Where disclosed in","page_number":45,"box":{"x":119,"y":518,"width":149,"height":9}},{"id":"6e66369f-7a05-45da-83db-5da653196cb4","block_type":"box","text":"Appendix 1","page_number":45,"box":{"x":270,"y":518,"width":91,"height":12}},{"id":"fa3b34cd-8e97-4a90-9644-3bc5eaa8cf83","block_type":"box","text":"of this Prospectus or in a separate Supplement to this Prospectus, a","page_number":45,"box":{"x":362,"y":518,"width":523,"height":12}},{"id":"92402917-a7e8-4c4a-8231-6309d1a45169","block_type":"box","text":"Fund may offer Share classes which are denominated in currencies other than the Fund’s Base Currency,","page_number":45,"box":{"x":119,"y":533,"width":766,"height":12}},{"id":"1e986b1c-6325-42eb-8402-4c6f41fed980","block_type":"box","text":"and will use FDI on behalf of specific classes for currency hedging purposes (“","page_number":45,"box":{"x":119,"y":548,"width":570,"height":12}},{"id":"c6fe6c4e-cffe-480a-9069-b85bb1c887f3","block_type":"box","text":"Hedged Share Classes","page_number":45,"box":{"x":690,"y":548,"width":171,"height":12}},{"id":"d9b9c022-1cec-47f8-9912-6559d1838b7c","block_type":"box","text":"”).","page_number":45,"box":{"x":862,"y":548,"width":23,"height":12}},{"id":"413aed84-d5b9-4546-8ca2-44f194a12724","block_type":"box","text":"While not the intention, nonetheless, over-hedged or under-hedged positions may arise due to factors","page_number":45,"box":{"x":119,"y":578,"width":766,"height":12}},{"id":"be305982-8843-4213-821f-5c3eb1711fb7","block_type":"box","text":"outside the control of the relevant Fund. However, hedged positions will be kept under review to ensure","page_number":45,"box":{"x":119,"y":593,"width":766,"height":12}},{"id":"e9558a92-f45b-4d3f-bd9a-c20ebeb05b94","block_type":"box","text":"that: (i) the over-hedged positions do not exceed 105% of the Net Asset Value of the Hedged Share","page_number":45,"box":{"x":119,"y":608,"width":766,"height":12}},{"id":"5ba6a6ea-9192-47e3-bf43-e4bb527a944f","block_type":"box","text":"Class; and (ii) the under-hedged positions do not fall short of 95% of the portion of the Net Asset Value","page_number":45,"box":{"x":119,"y":623,"width":766,"height":12}},{"id":"b6f220b3-48e6-4d60-98e6-b0d4da6b79f7","block_type":"box","text":"of the relevant Share class (together the “","page_number":45,"box":{"x":119,"y":638,"width":319,"height":12}},{"id":"1422531b-9991-41dd-94b1-e74fc96d326c","block_type":"box","text":"UCITS Hedging Limits","page_number":45,"box":{"x":439,"y":638,"width":187,"height":12}},{"id":"86466f00-2c3f-43b5-be8a-b8f6989a5892","block_type":"box","text":"”), which is to be hedged against","page_number":45,"box":{"x":627,"y":638,"width":258,"height":12}},{"id":"e0b41032-580b-4c41-8727-bd8d14fffcd6","block_type":"box","text":"currency risk. The hedged positions will be kept under daily review to ensure that over-hedged positions","page_number":45,"box":{"x":119,"y":653,"width":766,"height":12}},{"id":"0c3ab98b-4cb1-4fd4-817f-f081c0068a9e","block_type":"box","text":"do not exceed, and under-hedged positions do not fall below, the UCITS Hedging Limits. Such review","page_number":45,"box":{"x":119,"y":668,"width":766,"height":12}},{"id":"fdacf0eb-8bc1-435c-80f7-d86c34bc98de","block_type":"box","text":"will incorporate a procedure to ensure that (i) positions materially in excess of 100% will not be carried","page_number":45,"box":{"x":119,"y":683,"width":766,"height":12}},{"id":"fd7ca0d9-caa4-4fd2-b70a-d28c332af9b5","block_type":"box","text":"forward from month to month; and (ii) positions outside the UCITS Hedging Limits are adjusted back","page_number":45,"box":{"x":119,"y":698,"width":766,"height":12}},{"id":"8221d52b-2b1c-4d8c-bdda-c8ed0dee3f0e","block_type":"box","text":"to permitted levels.","page_number":45,"box":{"x":119,"y":713,"width":147,"height":12}},{"id":"b5e4ebd2-bfd1-4421-9b02-07e2b6f2fdac","block_type":"box","text":"A Fund that hedges foreign exchange risk for any Share class may enter into forward foreign exchange","page_number":45,"box":{"x":119,"y":743,"width":766,"height":12}},{"id":"ed91dd48-bce3-4d8d-866b-f7eab1cb7e5e","block_type":"box","text":"contracts with any single counterparty to hedge some or all of the foreign exchange risk for the relevant","page_number":45,"box":{"x":119,"y":759,"width":766,"height":12}},{"id":"fbdf280e-6ae5-40fa-b175-e3b2c88e6f42","block_type":"box","text":"Share class. To the extent that hedging is successful, the performance of the relevant Share class is","page_number":45,"box":{"x":120,"y":773,"width":765,"height":13}},{"id":"6fd5fb55-fad5-4b2d-8ebb-434685cbcc70","block_type":"box","text":"likely to move in line with the performance of a version of the relevant Index for a Fund which is hedged","page_number":45,"box":{"x":119,"y":788,"width":766,"height":12}},{"id":"56b6614a-92b7-4b65-950a-494f8e424f5e","block_type":"box","text":"to the relevant class currency (if available) (the “","page_number":45,"box":{"x":119,"y":804,"width":368,"height":12}},{"id":"63b7e59e-fabc-480a-8688-a8765d2831ec","block_type":"box","text":"Hedged Index","page_number":45,"box":{"x":488,"y":804,"width":110,"height":12}},{"id":"9d0f4137-5682-48e4-af70-8afc4edb85c1","block_type":"box","text":"”). The use of Hedged Share Classes","page_number":45,"box":{"x":599,"y":804,"width":286,"height":12}},{"id":"e4d46bcc-74d6-465f-b6ac-e4120e1c91a1","block_type":"box","text":"may substantially limit holders of the class from benefiting if the class currency falls against the base","page_number":45,"box":{"x":119,"y":819,"width":766,"height":12}},{"id":"08682887-6b03-49fd-b306-a73d2801f9e4","block_type":"box","text":"currency and/or the currency in which the assets of the Fund are denominated.","page_number":45,"box":{"x":119,"y":834,"width":583,"height":12}},{"id":"4dc83120-16b1-4a82-83d6-e4b5cea4d853","block_type":"box","text":"Investors should note that, as a result of the currency hedging referred to above, it is expected that the","page_number":45,"box":{"x":119,"y":864,"width":766,"height":12}},{"id":"362c1e8f-dad3-4f90-a6bc-1a1a427228f7","block_type":"box","text":"performance of Hedged Share Classes in an index tracking Fund will move in line with the performance","page_number":45,"box":{"x":119,"y":879,"width":766,"height":12}},{"id":"a86d64fc-ea03-4720-a267-67e12ecc340e","block_type":"box","text":"of a Hedged Index more closely than the relevant Index itself in the Base Currency of the Share class.","page_number":45,"box":{"x":119,"y":894,"width":766,"height":12}},{"id":"413358dd-461b-4cce-bbe9-ff02af9833ee","block_type":"box","text":"46","page_number":46,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"15f34aa0-5777-40be-b9c3-ef1a6124ad1b","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":46,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"6bd4bf19-9ded-4d36-a7e4-ae14fd9efe6d","block_type":"box","text":"Further details on any such Hedged Indices, including their performance, are available at the address","page_number":46,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"6687e57f-5ce5-47d6-8478-a87005c65907","block_type":"box","text":"specified in respect of the relevant Index for a Fund in either A","page_number":46,"box":{"x":120,"y":102,"width":443,"height":12}},{"id":"f5845b52-2535-4090-9597-288c7b0b0cab","block_type":"box","text":"Appendix 1 o","page_number":46,"box":{"x":562,"y":102,"width":94,"height":12}},{"id":"267571ce-b180-4cec-96b4-9a5c968e9861","block_type":"box","text":"of this Prospectus or otherwise","page_number":46,"box":{"x":656,"y":102,"width":229,"height":12}},{"id":"723028cc-d01f-43ee-b364-bfad0cbb87ca","block_type":"box","text":"in the Supplement for the relevant Fund.","page_number":46,"box":{"x":119,"y":117,"width":303,"height":12}},{"id":"8cba73e3-c1fb-44e0-a254-314be247eb03","block_type":"box","text":"Hedging the currency exposure of the Hedged Share Classes is typically achieved by entering into a","page_number":46,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"2d4e6d9b-0c22-4266-93d1-c59441981fd4","block_type":"box","text":"forward currency exchange contract to manage the relevant currency exposures, at all times subject to","page_number":46,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"7d47e224-4a7a-445e-86e7-b4757f947113","block_type":"box","text":"the UCITS Hedging Limits. The Hedged Share Classes’ foreign currency hedged position will also","page_number":46,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"48acb966-41db-40e2-bfd0-2ca2450f5430","block_type":"box","text":"typically be re-set at the end of each month. Upon receipt of a subscription/redemption in a particular","page_number":46,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"d9dadc84-ea8d-4507-959d-cdee8cbefadf","block_type":"box","text":"Hedged Share Class, the Investment Manager will ensure the ratio remains within the UCITS Hedging","page_number":46,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"529a2ec5-0d16-401e-9f7f-657a7420d9f5","block_type":"box","text":"Limits. Intra month, the notional amount of the hedge position may not exactly offset the foreign","page_number":46,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"d01141b3-ee9d-4c13-a816-f9c9b3e6fee1","block_type":"box","text":"currency exposure of a Hedged Share Class. Depending on whether the Index has appreciated or","page_number":46,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"970c43a2-5d30-4751-aa79-4d51c677b29e","block_type":"box","text":"depreciated between each hedge re-set, a Hedged Share Class’s foreign currency exposure may therefore","page_number":46,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"c3615999-30c1-491c-9f31-a893ee6069c5","block_type":"box","text":"be under-hedged or over-hedged respectively during the period between adjustments.","page_number":46,"box":{"x":119,"y":267,"width":635,"height":12}},{"id":"28a60edf-cb2a-4119-8b79-7a8fdc7d761b","block_type":"box","text":"Any gains or losses resulting from a Hedged Share Class’s hedge position shall be reflected in the Net","page_number":46,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"08dae927-ee7c-45f3-a4bb-a6aff627ddc7","block_type":"box","text":"Asset Value of the class and the hedged amount will typically be re-set at month end. Other than as","page_number":46,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"366a286f-8c31-4929-8d7c-f5a26867e2ca","block_type":"box","text":"specified above, in the absence of cash flows, the hedged position will generally only be adjusted during","page_number":46,"box":{"x":120,"y":327,"width":765,"height":12}},{"id":"3ed94e31-42c6-47b7-b8e7-cdaaba7f048a","block_type":"box","text":"the month should the over- or under-hedged positions exceed or, at the Investment Manager’s discretion,","page_number":46,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"2a22a71d-5c0d-4479-bbcd-95643ac6cf9b","block_type":"box","text":"approach the UCITS Hedging Limits, where to do so is required by applicable Central Bank","page_number":46,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"7fe9d010-f437-4e28-a9f3-07ac29e98e47","block_type":"box","text":"requirements or is otherwise in the best interests of Shareholders.","page_number":46,"box":{"x":119,"y":372,"width":487,"height":12}},{"id":"dc9ab6b4-5565-4062-a404-9205f6973c86","block_type":"box","text":"Where classes denominated in different currencies are created within a Fund and currency hedging","page_number":46,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"5c64937c-c868-41ae-b8d0-1a6bde635eec","block_type":"box","text":"transactions are entered into to hedge any relevant currency exposure, in each such case such","page_number":46,"box":{"x":119,"y":417,"width":766,"height":12}},{"id":"fbb34e76-f8f0-4e74-964d-31ddb3132a43","block_type":"box","text":"transactions directly related to currency hedging will be clearly attributable to the specific Hedged Share","page_number":46,"box":{"x":119,"y":432,"width":766,"height":12}},{"id":"1ca97fd3-7dbd-4ab9-8c89-26a96359af40","block_type":"box","text":"Class. Further, any costs and related liabilities and/or benefits shall be for the account of that Hedged","page_number":46,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"56dcd017-08f9-4b25-84bd-9e925a2a1ab8","block_type":"box","text":"Share Class only. Accordingly, all such costs and related liabilities and/or benefits will be reflected in","page_number":46,"box":{"x":120,"y":462,"width":765,"height":12}},{"id":"73bfa427-39ac-4796-befd-754ad7f6d384","block_type":"box","text":"the Net Asset Value per Share for the Shares of any such Hedged Share Class. However, there are certain","page_number":46,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"00cc05cb-dc7c-4196-bb08-d4fd5f81e6d8","block_type":"box","text":"additional costs which may be caused as a result of currency hedging transactions (for example,","page_number":46,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"c82d8ce3-70b1-4aec-8af6-da2fdbc8334a","block_type":"box","text":"transaction costs arising from additional trading activity that may take place as a result of the share class","page_number":46,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"36377fe6-8c09-4c8e-91eb-005acb56305f","block_type":"box","text":"hedging operations, such as re-investing gains) that may be borne at Fund level and accordingly impact","page_number":46,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"dbbedb58-93d7-4e4c-bb7d-7479c66a641c","block_type":"box","text":"the Net Asset Value of all Shares Classes in the Fund.","page_number":46,"box":{"x":119,"y":537,"width":403,"height":10}},{"id":"d8018637-686e-44e3-8ec3-70e2d0634b8d","block_type":"box","text":"ETF Shares","page_number":46,"box":{"x":119,"y":568,"width":98,"height":9}},{"id":"eda45719-73be-476f-a8e8-4ad22c357d6a","block_type":"box","text":"ETF Shares that are available for subscription and redemption in relation to a particular Fund are detailed","page_number":46,"box":{"x":119,"y":597,"width":766,"height":12}},{"id":"3cf18384-88ee-4a34-8ffb-591197f45199","block_type":"box","text":"either in","page_number":46,"box":{"x":119,"y":612,"width":66,"height":9}},{"id":"e4f11616-7d82-4dca-9a36-92c90d11eebd","block_type":"box","text":"Appendix 1","page_number":46,"box":{"x":185,"y":612,"width":90,"height":12}},{"id":"bf7e3a51-e379-4ef2-8c67-7ffffc8d67a2","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the relevant Fund. See the","page_number":46,"box":{"x":276,"y":612,"width":609,"height":12}},{"id":"fe7d645a-8ebe-493d-9107-196f56f6656c","block_type":"box","text":"“","page_number":46,"box":{"x":119,"y":627,"width":7,"height":3}},{"id":"4a876c6d-7239-4703-82eb-db423ec1cfcf","block_type":"box","text":"Dealing","page_number":46,"box":{"x":127,"y":627,"width":60,"height":12}},{"id":"bd5f3412-8047-439b-a9b4-6a044af41097","block_type":"box","text":"”, “","page_number":46,"box":{"x":188,"y":627,"width":31,"height":11}},{"id":"9132c53b-9790-4321-aba3-fe9920bb1fb2","block_type":"box","text":"Buying Shares","page_number":46,"box":{"x":220,"y":627,"width":119,"height":12}},{"id":"58b51057-1483-4e93-93e0-a08dd05eddbd","block_type":"box","text":"” and “","page_number":46,"box":{"x":340,"y":627,"width":63,"height":9}},{"id":"6bb60bc3-c7d8-4db5-a178-949a549b21a3","block_type":"box","text":"Redeeming Shares","page_number":46,"box":{"x":404,"y":627,"width":151,"height":12}},{"id":"acbe12e1-cbaa-4285-b3b0-4627252617d5","block_type":"box","text":"” sections of this Prospectus for further","page_number":46,"box":{"x":557,"y":627,"width":328,"height":12}},{"id":"4032c3ca-e19e-4da1-82da-392c7cd7479d","block_type":"box","text":"information.","page_number":46,"box":{"x":119,"y":642,"width":96,"height":9}},{"id":"0f73ae26-bb75-4ef2-8cbf-174ca9e979ff","block_type":"box","text":"Distributing and Accumulating","page_number":46,"box":{"x":119,"y":671,"width":246,"height":12}},{"id":"82984c63-2684-4c7b-bfe5-7db10ce17c34","block_type":"box","text":"“","page_number":46,"box":{"x":119,"y":700,"width":7,"height":4}},{"id":"ceed3a22-4c7b-4b47-b9ce-c428c99af324","block_type":"box","text":"Distributing","page_number":46,"box":{"x":127,"y":700,"width":96,"height":12}},{"id":"0eddf0de-a11e-4fc2-a773-a6f451f7401c","block_type":"box","text":"” Shares are Shares upon which the Directors intend to declare a dividend and to distribute","page_number":46,"box":{"x":224,"y":700,"width":661,"height":12}},{"id":"ee14c32c-f15d-4701-8d06-06194873dec0","block_type":"box","text":"all or substantially all of the net income (interest and dividends less expenses) of a Fund attributable to","page_number":46,"box":{"x":119,"y":715,"width":766,"height":12}},{"id":"2a7ba2e2-50dd-4de2-bc09-5f788531b856","block_type":"box","text":"such Share classes.","page_number":46,"box":{"x":120,"y":730,"width":145,"height":10}},{"id":"21a9fe58-b83c-47f1-b4f8-4fa8819f45ba","block_type":"box","text":"The Directors do not intend to declare a dividend on other, “","page_number":46,"box":{"x":119,"y":760,"width":465,"height":11}},{"id":"e76a1257-7b48-4974-96cc-e2ddad9918f4","block_type":"box","text":"Accumulating","page_number":46,"box":{"x":585,"y":760,"width":110,"height":12}},{"id":"34f7ae01-d9f3-4ef4-b6de-f6c04984478f","block_type":"box","text":"”, Share classes where a","page_number":46,"box":{"x":696,"y":760,"width":189,"height":11}},{"id":"65b72910-edbd-420a-ac97-100dd1a26bc1","block_type":"box","text":"Fund’s income and capital gains attributable to such Share classes are reflected in the Net Asset Value","page_number":46,"box":{"x":119,"y":775,"width":766,"height":12}},{"id":"e36f8308-e11c-46ba-9d5b-2d9292e87e5c","block_type":"box","text":"per Share.","page_number":46,"box":{"x":119,"y":790,"width":79,"height":12}},{"id":"71452162-458d-4876-925d-e89cd38e3a17","block_type":"box","text":"See the “","page_number":46,"box":{"x":120,"y":819,"width":65,"height":10}},{"id":"62b3ce07-108a-4899-b5c1-283b1f0c4c6c","block_type":"box","text":"Dividend Distribution Policy","page_number":46,"box":{"x":186,"y":819,"width":225,"height":12}},{"id":"65884d35-0bb5-4e19-bc8b-0babbfcb97ea","block_type":"box","text":"” section of this Prospectus for further information.","page_number":46,"box":{"x":412,"y":819,"width":382,"height":12}},{"id":"777f513c-9c83-419d-a950-b9683efb75aa","block_type":"box","text":"Switching","page_number":46,"box":{"x":120,"y":849,"width":76,"height":11}},{"id":"5f824c2d-7b43-48be-938f-153024b5d11b","block_type":"box","text":"ETF Shares of one Fund cannot be exchanged for ETF Shares of another Fund.","page_number":46,"box":{"x":119,"y":878,"width":589,"height":12}},{"id":"a12cf2de-0b28-4628-883b-f248254437d8","block_type":"box","text":"47","page_number":47,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"997de192-1540-4762-9576-952f2117769d","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":47,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"05857dc0-15a0-4f71-849e-db3cd11f441d","block_type":"box","text":"Shareholders of a class within a Fund may switch some or all of their shares of a class of a Fund (the","page_number":47,"box":{"x":120,"y":87,"width":765,"height":12}},{"id":"fbd3a895-e22d-4e48-b8c0-25fdfe287503","block_type":"box","text":"“","page_number":47,"box":{"x":119,"y":102,"width":7,"height":3}},{"id":"ce0437fe-32f0-4e9d-817f-75b4fd6d9f0e","block_type":"box","text":"Original Shares","page_number":47,"box":{"x":128,"y":102,"width":123,"height":12}},{"id":"b74e08ed-131b-4df5-8fc9-cd388bb1a0f5","block_type":"box","text":"”) to other classes within the same Fund (the “","page_number":47,"box":{"x":253,"y":102,"width":344,"height":12}},{"id":"6c31546e-42b5-4751-896f-8db54fe21786","block_type":"box","text":"New Shares","page_number":47,"box":{"x":598,"y":102,"width":92,"height":9}},{"id":"470269ae-2cb2-4d64-bfa2-c74e478a2da0","block_type":"box","text":"”) with the prior approval","page_number":47,"box":{"x":691,"y":102,"width":194,"height":12}},{"id":"8253ebd6-09a0-4b8f-a91b-bd66e7c8eccd","block_type":"box","text":"of the Manager. Switching requests may be submitted by Authorised Participants through the Portal.","page_number":47,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"9fbed692-d090-4781-bbde-ca8a17182b50","block_type":"box","text":"Investors which are not Authorised Participants may only submit switching requests via Authorised","page_number":47,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"a2cc3d0d-f342-4ad3-9e3d-c14ae6e2732b","block_type":"box","text":"Participants.","page_number":47,"box":{"x":119,"y":147,"width":96,"height":12}},{"id":"9a091080-2aa1-4297-9c07-f2d27ada38c1","block_type":"box","text":"The number of New Shares issued will be determined by reference to the respective prices of New","page_number":47,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"e01f9313-76c1-4791-afdd-7ef875077371","block_type":"box","text":"Shares and Original Shares at the Valuation Points applicable at the time the Original Shares are","page_number":47,"box":{"x":120,"y":192,"width":765,"height":12}},{"id":"b42912d0-cac0-41ac-8425-2d0fc188a6e4","block_type":"box","text":"repurchased and the New Shares are issued, after deducting the costs, if any, of undertaking the switch.","page_number":47,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"255bfa99-ec18-4430-8f34-db724d73d395","block_type":"box","text":"The maximum fee which may be charged by the Manager for switching is 0.05% of the gross switching","page_number":47,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"735b5bff-e550-4370-b082-e02e8d13bd9e","block_type":"box","text":"amount.","page_number":47,"box":{"x":119,"y":238,"width":64,"height":8}},{"id":"bed59b41-d3e1-4a0f-b74c-7103e419b2bd","block_type":"box","text":"No switches will be made during any period in which the rights of Shareholders to deal in the Shares of","page_number":47,"box":{"x":118,"y":267,"width":767,"height":12}},{"id":"c4d02785-2273-4bc5-b5cd-a68dcaceef13","block_type":"box","text":"the relevant Fund are suspended. Switching requests may be submitted by Authorised Participants","page_number":47,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"770fe686-e1bd-4f01-9cd2-4f53722331c0","block_type":"box","text":"through the Portal before the cut off time for the Original Shares and the New Shares. Any applications","page_number":47,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"e1cd6218-3cfe-4d0a-845c-7580b5f42684","block_type":"box","text":"received after the applicable time will normally be held over until the next Dealing Day but may be","page_number":47,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"1d8c73d5-3f09-436d-8ba2-cd2bdc22eeb4","block_type":"box","text":"accepted in exceptional circumstances for dealing on the relevant Dealing Day at the discretion of the","page_number":47,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"921accc1-e487-42f6-8f71-336bb7e0a40f","block_type":"box","text":"Manager provided they are received prior to the Valuation Point. Switching requests may be declined","page_number":47,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"dd935a25-aea6-4a7f-befb-2f3ee6eac206","block_type":"box","text":"by the Manager if they are submitted on a Fund Holiday or if the request is received after the applicable","page_number":47,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"236d5723-8398-41d1-b3d8-7623f057680e","block_type":"box","text":"cut off time for the Original Shares and the New Shares.","page_number":47,"box":{"x":119,"y":372,"width":421,"height":12}},{"id":"2e7972f0-6eed-40f0-b708-82a558da9bc7","block_type":"box","text":"The number of New Shares to be issued will be calculated in accordance with the following formula:","page_number":47,"box":{"x":119,"y":402,"width":751,"height":12}},{"id":"9369877d-d921-435b-ab37-a51b1d3b55b8","block_type":"box","text":"A + B = C x (D-E)","page_number":47,"box":{"x":128,"y":433,"width":144,"height":12}},{"id":"097a246f-1c86-47e9-8511-e7e83ede8665","block_type":"box","text":"F","page_number":47,"box":{"x":128,"y":448,"width":103,"height":9}},{"id":"621adcb8-39cf-4006-bb9d-a260e26feccf","block_type":"box","text":"Where:","page_number":47,"box":{"x":128,"y":478,"width":59,"height":9}},{"id":"11df891c-7475-43aa-970b-4fc801f09ff6","block_type":"box","text":"A = number of New Shares to be allocated","page_number":47,"box":{"x":128,"y":508,"width":320,"height":9}},{"id":"2c4825d3-9d41-4f4a-82ef-a863c75d2ea6","block_type":"box","text":"B = balancing cash amount","page_number":47,"box":{"x":128,"y":538,"width":206,"height":12}},{"id":"55d7856d-13c2-49f1-877a-21abad3fe238","block_type":"box","text":"C = number of Original Shares switched","page_number":47,"box":{"x":129,"y":568,"width":302,"height":12}},{"id":"6bc73938-6bf0-4974-ab58-05404cacac24","block_type":"box","text":"D = redemption price per Original Share on the relevant Dealing Day","page_number":47,"box":{"x":128,"y":598,"width":517,"height":12}},{"id":"9adeae6d-dc4b-486e-98a9-08558f42f1a7","block_type":"box","text":"E = the transaction costs incurred as a result of the switching trade, as calculated at the Manager’s","page_number":47,"box":{"x":128,"y":628,"width":748,"height":12}},{"id":"fcac5959-9236-463a-a4dc-7ee417d9bf37","block_type":"box","text":"absolute discretion","page_number":47,"box":{"x":129,"y":643,"width":143,"height":9}},{"id":"5bae3f85-2354-4672-b5cd-8cab36b32173","block_type":"box","text":"F = subscription price per New Share on the relevant Dealing Day.","page_number":47,"box":{"x":128,"y":673,"width":499,"height":12}},{"id":"da19fda1-fa8a-405f-826c-36a2a25475c0","block_type":"box","text":"As a result of a switch, an Authorised Participant will in almost all circumstances be entitled to a fraction","page_number":47,"box":{"x":119,"y":719,"width":766,"height":12}},{"id":"e5523b07-0120-409c-88a8-d17e3dc5cd69","block_type":"box","text":"of a New Share. As Shares cannot be issued in fractional amounts, the value of the fraction of the New","page_number":47,"box":{"x":119,"y":734,"width":766,"height":11}},{"id":"f7fddb30-fc52-4d17-af82-e506f78a5bca","block_type":"box","text":"Share will be paid to / received from (as appropriate) the Authorised Participant by the Company. The","page_number":47,"box":{"x":120,"y":749,"width":765,"height":12}},{"id":"2b038007-2b7f-4b89-9d7f-df7188fa3d89","block_type":"box","text":"balancing cash amount is the cash amount due in lieu of any fractional shares arising from the application","page_number":47,"box":{"x":119,"y":764,"width":766,"height":12}},{"id":"bc13a550-2e59-492f-b834-146a775a1b15","block_type":"box","text":"of the formula and is calculated by multiplying any resulting fractional share amount by the subscription","page_number":47,"box":{"x":119,"y":779,"width":766,"height":12}},{"id":"1edda849-374d-4571-8643-63730b9f4c68","block_type":"box","text":"price per New Share on the relevant Dealing Day.","page_number":47,"box":{"x":119,"y":794,"width":373,"height":12}},{"id":"f3dcb0ae-f96d-4440-b7a9-04db9919326b","block_type":"box","text":"Each investor should consider the tax consequences of any such transaction in accordance with local","page_number":47,"box":{"x":119,"y":824,"width":766,"height":12}},{"id":"60f12cb7-281b-4772-9abd-cc5c617e61e3","block_type":"box","text":"laws in their home jurisdiction","page_number":47,"box":{"x":119,"y":839,"width":230,"height":12}},{"id":"4c7e5f42-8b87-4121-8f01-7fcc8801752a","block_type":"box","text":"Register","page_number":47,"box":{"x":119,"y":867,"width":70,"height":12}},{"id":"eaec7f5e-e47b-4d46-aef8-d41843259136","block_type":"box","text":"48","page_number":48,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"4ac22480-7642-47a8-9e5d-fad02b01c0c8","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":48,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"063d9ee1-3662-4d07-89ac-2b2b85553953","block_type":"box","text":"Investors that buy ETF Shares on the secondary market are not reflected in the Register. See the","page_number":48,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"65c3f940-a5dd-4c9f-90d9-edece604653b","block_type":"box","text":"“","page_number":48,"box":{"x":119,"y":102,"width":7,"height":3}},{"id":"d68b46c2-0a74-467a-b56d-239427e4fcd1","block_type":"box","text":"Dealing in the Secondary Market","page_number":48,"box":{"x":127,"y":102,"width":261,"height":12}},{"id":"dee054cc-61ac-4a8d-bf0a-b927e90f79d9","block_type":"box","text":"” section of this Prospectus for further information.","page_number":48,"box":{"x":389,"y":102,"width":383,"height":12}},{"id":"872090dd-549f-45fb-a580-9faa9a4e6e46","block_type":"box","text":"Clearing and Settlement","page_number":48,"box":{"x":119,"y":117,"width":196,"height":12}},{"id":"94068d38-dca2-49e3-8c51-96f6cf6b1ffe","block_type":"box","text":"Authorised Participants’ title and rights relating to ETF Shares in a Fund will be determined by the","page_number":48,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"0dbb7668-b975-4972-ac3b-3eba81e4ddc6","block_type":"box","text":"clearance system through which they settle and/or clear their holdings. The Funds will settle through","page_number":48,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"da1d2ce0-7ba0-415b-b815-9abc6b117517","block_type":"box","text":"the relevant International Central Securities Depositary and the Common Depositary’s Nominee will act","page_number":48,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"fd0c17fc-4633-4980-8397-679b78141c36","block_type":"box","text":"as the registered holder of all such ETF Shares. For further details, see the section “","page_number":48,"box":{"x":119,"y":191,"width":633,"height":12}},{"id":"02b1ae45-5dc5-4ed2-8d8e-0b4071e845c7","block_type":"box","text":"Global Clearing","page_number":48,"box":{"x":754,"y":191,"width":131,"height":12}},{"id":"11bf91b7-8709-420d-bc9a-710c4a3f540e","block_type":"box","text":"and Settlement","page_number":48,"box":{"x":119,"y":206,"width":118,"height":9}},{"id":"1316e74a-08bf-4883-b379-ee6330a88f01","block_type":"box","text":"” below.","page_number":48,"box":{"x":238,"y":206,"width":66,"height":9}},{"id":"dd3a9c26-44ff-42f4-ade2-3d2ee9833e1c","block_type":"box","text":"Global Clearing and Settlement","page_number":48,"box":{"x":119,"y":236,"width":254,"height":12}},{"id":"630b000b-3b60-4b47-a5cd-07561c602e59","block_type":"box","text":"The Directors have resolved that ETF Shares in a Fund will not currently be issued in Dematerialised","page_number":48,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"29f51d72-481b-4d66-8cf3-cfd2ef165108","block_type":"box","text":"(or uncertificated) Form and no temporary documents of title or share certificates will be issued, other","page_number":48,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"9e66c0d1-def9-418b-bc28-9eb95ec19c33","block_type":"box","text":"than the Global Share Certificate required for the International Central Securities Depositaries (being","page_number":48,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"f0256896-9cb5-40aa-8a6d-cb2e0962f356","block_type":"box","text":"the Recognised Clearing and Settlement Systems through which the ETF Shares will be settled). The","page_number":48,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"d09772b1-86e5-4b7d-b476-71fce0d524f4","block_type":"box","text":"Company will apply for admission for clearing and settlement through the applicable International","page_number":48,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"30be86f8-5a53-4cfe-8e04-0c9da0053e84","block_type":"box","text":"Central Securities Depositary. The International Central Securities Depositaries for the Company","page_number":48,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"7c6653c7-f365-4f11-b122-4020eacdcc44","block_type":"box","text":"currently are Euroclear and Clearstream and the applicable International Central Securities Depositary","page_number":48,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"7616f573-e8c6-4437-b2ac-8fcd569b46cd","block_type":"box","text":"for an investor is dependent on the market in which the ETF Shares are traded. All investors in the","page_number":48,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"fd21e3ca-3369-4c87-acca-674838b0b3c2","block_type":"box","text":"Company will ultimately settle in an International Central Securities Depositary but may have their","page_number":48,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"74a8d8fc-25da-4319-b0fa-ed0329e1e65a","block_type":"box","text":"holdings within Central Securities Depositaries. A Global Share Certificate will be deposited with the","page_number":48,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"7e64a1e2-05b2-49a8-818a-98876688bb45","block_type":"box","text":"Common Depositary (being the entity nominated by the International Central Securities Depositaries to","page_number":48,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"7a8cee75-04c7-4493-a758-ca1e81bf4195","block_type":"box","text":"hold the Global Share Certificate) and registered in the name of the Common Depositary’s Nominee","page_number":48,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"74ebb41f-79bc-4f6d-a53f-ed31f8446a02","block_type":"box","text":"(being the registered holder of the ETF Shares of the relevant Fund, as nominated by the Common","page_number":48,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"9f5c063c-1501-40b0-a464-52ed4de1c36e","block_type":"box","text":"Depositary) on behalf of Euroclear and Clearstream and accepted for clearing through Euroclear and","page_number":48,"box":{"x":119,"y":461,"width":766,"height":12}},{"id":"90cfee0f-0ff6-430e-afd5-74f4caaec47a","block_type":"box","text":"Clearstream. Interests in the Shares represented by the Global Share Certificate will be transferable in","page_number":48,"box":{"x":119,"y":476,"width":766,"height":12}},{"id":"9214c354-c963-4a9b-944a-acab99bc3178","block_type":"box","text":"accordance with applicable laws and any rules and procedures issued by the International Central","page_number":48,"box":{"x":119,"y":491,"width":766,"height":12}},{"id":"43830aaa-7f01-421a-b8d7-4fff95c0c01f","block_type":"box","text":"Securities Depositaries. Legal title to the ETF Shares of the relevant Fund will be held by the Common","page_number":48,"box":{"x":120,"y":506,"width":765,"height":12}},{"id":"4e049b99-94f9-4ae1-86fe-8e9f92a5d5bb","block_type":"box","text":"Depositary’s Nominee.","page_number":48,"box":{"x":119,"y":521,"width":176,"height":12}},{"id":"cab02565-aa01-4623-a995-0ea93d8943b3","block_type":"box","text":"A purchaser of interests in Shares will not be a registered Shareholder in the Company, but will hold an","page_number":48,"box":{"x":119,"y":551,"width":766,"height":12}},{"id":"abf5af09-d7fb-418c-9258-680d88d21d9e","block_type":"box","text":"indirect beneficial interest in such Shares and the rights of such investors, where Participants, shall be","page_number":48,"box":{"x":119,"y":566,"width":766,"height":12}},{"id":"f2854e84-ab46-4b63-b3fa-9a997a1fe650","block_type":"box","text":"governed by their agreement with their International Central Securities Depositaries and otherwise by","page_number":48,"box":{"x":119,"y":581,"width":766,"height":12}},{"id":"48a0fc4c-168d-4775-84f1-8dcf83e85029","block_type":"box","text":"the arrangement with their nominee, broker or Central Securities Depositary, as appropriate. 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All","page_number":48,"box":{"x":119,"y":641,"width":766,"height":12}},{"id":"2f9bafd1-d9a4-484d-a7a8-59a635d60d4f","block_type":"box","text":"references herein to distributions, notices, reports, and statements to such Shareholder, shall be","page_number":48,"box":{"x":119,"y":656,"width":766,"height":12}},{"id":"c5d03666-7b59-4a78-869c-887c74cc0503","block_type":"box","text":"distributed to the Participants in accordance with such applicable International Central Securities","page_number":48,"box":{"x":119,"y":671,"width":766,"height":12}},{"id":"994bcb5d-fca1-4ba5-970d-e06056b655ae","block_type":"box","text":"Depositaries’ procedures.","page_number":48,"box":{"x":119,"y":686,"width":193,"height":12}},{"id":"056bcf10-8798-4cce-9537-735e5f63ef4e","block_type":"box","text":"International Central Securities Depositaries","page_number":48,"box":{"x":119,"y":716,"width":358,"height":12}},{"id":"beb44728-cbad-40bc-b39c-fc27540cf6b6","block_type":"box","text":"All Shares in issue are represented by a Global Share Certificate and the Global Share Certificate is held","page_number":48,"box":{"x":119,"y":745,"width":766,"height":12}},{"id":"37b592ab-7188-4162-aac2-c2b4bf2e862e","block_type":"box","text":"by the Common Depositary and registered in the name of the Common Depositary’s Nominee on behalf","page_number":48,"box":{"x":119,"y":760,"width":766,"height":12}},{"id":"bea9a06f-f850-4a8a-946d-07ed6309722b","block_type":"box","text":"of an International Central Securities Depositary, beneficial interests in such Shares will only be","page_number":48,"box":{"x":119,"y":775,"width":766,"height":12}},{"id":"47269092-8dd2-4f5c-b443-e267d0766217","block_type":"box","text":"transferable in accordance with the rules and procedures for the time being of the relevant International","page_number":48,"box":{"x":119,"y":790,"width":766,"height":12}},{"id":"4e9b26dc-eb18-4d59-811b-0ad270a3d2a9","block_type":"box","text":"Central Securities Depositary.","page_number":48,"box":{"x":119,"y":805,"width":227,"height":12}},{"id":"19de8066-ba31-4f8b-b920-d469a8ebb538","block_type":"box","text":"Each Participant must look solely to its International Central Securities Depositary for documentary","page_number":48,"box":{"x":119,"y":835,"width":766,"height":13}},{"id":"c676306d-5e3d-48b5-b217-071fe49f06d8","block_type":"box","text":"evidence as to the amount of its interests in any Shares. Any certificate or other document issued by the","page_number":48,"box":{"x":119,"y":850,"width":766,"height":12}},{"id":"494e7b03-a299-410f-b27a-513c9847d02d","block_type":"box","text":"relevant International Central Securities Depositary, as to the amount of interests in such Shares standing","page_number":48,"box":{"x":119,"y":866,"width":766,"height":12}},{"id":"87837088-5f67-41c2-a42d-a58d2231560a","block_type":"box","text":"to the account of any person shall be conclusive and binding as accurately representing such records.","page_number":48,"box":{"x":119,"y":881,"width":750,"height":12}},{"id":"e3fcc327-285a-4202-b1a0-b78c13f5d225","block_type":"box","text":"49","page_number":49,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"775662a8-8858-4191-b93a-8a9c3464037b","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":49,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"03c9d9bd-26b8-452a-9ab5-9dbff0e7cde8","block_type":"box","text":"Each Participant must look solely to its International Central Securities Depositary for such Participant’s","page_number":49,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"d7dc8463-8d1c-4397-b6ad-40a4ae882066","block_type":"box","text":"share of each payment or distribution made by the Company to or on the instructions of the Common","page_number":49,"box":{"x":120,"y":102,"width":765,"height":12}},{"id":"b454b9bd-0d8c-4c4e-87d1-6aeefbcc6f8b","block_type":"box","text":"Depositary’s Nominee and in relation to all other rights arising under the Global Share Certificate. The","page_number":49,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"50518cd7-c348-42f7-9b87-1c9c7fe9f6bd","block_type":"box","text":"extent to which, and the manner in which, Participants may exercise any rights arising under the Global","page_number":49,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"0d795987-74a7-4b7d-b3f0-a813a07555f5","block_type":"box","text":"Share Certificate will be determined by the respective rules and procedures of their International Central","page_number":49,"box":{"x":120,"y":147,"width":765,"height":12}},{"id":"6b771388-98e0-49be-9198-214633ecc9ef","block_type":"box","text":"Securities Depositary. Participants shall have no claim directly against the Company, the Paying Agent","page_number":49,"box":{"x":120,"y":162,"width":765,"height":12}},{"id":"3a0366ed-cead-48a3-b00a-f794d50ebc46","block_type":"box","text":"or any other person (other than their International Central Securities Depositary) in respect of payments","page_number":49,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"4426554b-f140-4f24-8265-abe080f92d2d","block_type":"box","text":"or distributions due under the Global Share Certificate which are made by the Company to or on the","page_number":49,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"0c8cb748-7bef-476e-8c9c-914cf87c8aa3","block_type":"box","text":"instructions of the Common Depositary’s Nominee and such obligations of the Company shall be","page_number":49,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"6e1e5ac2-6d09-47eb-b248-a188cf803ea4","block_type":"box","text":"discharged thereby. The International Central Securities Depositary shall have no claim directly against","page_number":49,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"cbabf1cd-a39f-4a70-84bc-0e09cba13418","block_type":"box","text":"the Company, Paying Agent or any other person (other than the Common Depositary).","page_number":49,"box":{"x":119,"y":237,"width":644,"height":12}},{"id":"e69becc9-1f0a-4cde-b4de-8a899fc7f874","block_type":"box","text":"The Company or its duly authorised agent may from time to time require investors to provide them with","page_number":49,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"dd275f3a-8481-4afd-b024-0e2903aa1bac","block_type":"box","text":"information relating to: (a) the capacity in which they hold an interest in Shares; (b) the identity of any","page_number":49,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"449415bc-530c-41af-b554-6875659c2dcc","block_type":"box","text":"other person or persons then or previously interested in such Shares; (c) the nature of any such interests;","page_number":49,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"ef2ab724-00d3-4557-8c4a-c0fc5f8fa65f","block_type":"box","text":"and (d) any other matter where disclosure of such matter is required to enable compliance by the","page_number":49,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"c054e5e2-9eed-47b2-a424-4e423fc6f66e","block_type":"box","text":"Company with applicable laws or the constitutional documents of the Company.","page_number":49,"box":{"x":119,"y":327,"width":598,"height":12}},{"id":"019ed739-c767-4efd-b261-1cdb06a68cfe","block_type":"box","text":"The Company or its duly authorised agent may from time to time request the applicable International","page_number":49,"box":{"x":119,"y":356,"width":766,"height":12}},{"id":"e9f08e81-78ca-41ec-9c1b-13ffb2e3ae74","block_type":"box","text":"Central Securities Depositary to provide the Company with the following details: ISIN, International","page_number":49,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"bf3def0f-8a7b-4474-b31c-a59b5e06b934","block_type":"box","text":"Central Securities Depositary participant name, International Central Securities Depositary participant","page_number":49,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"d01d5890-d297-4dd6-a23c-3d1d49968edb","block_type":"box","text":"type, residence of Participant, number of ETF Shares of the Participant within Euroclear and","page_number":49,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"5ac43ec9-9931-4a76-889d-ae2215abfc83","block_type":"box","text":"Clearstream, as appropriate, that hold an interest in Shares and the number of such interests in Shares","page_number":49,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"7887b60d-d98a-4e1b-9746-7c0abc3c3e89","block_type":"box","text":"held by each such Participant. Euroclear and Clearstream Participants which are holders of interests in","page_number":49,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"4ba71fbf-0c78-4c04-9496-0b86802059f5","block_type":"box","text":"Shares or intermediaries acting on behalf of such account holders will provide such information upon","page_number":49,"box":{"x":120,"y":446,"width":765,"height":12}},{"id":"a792e574-e27d-4093-a73b-a09090dbf248","block_type":"box","text":"request of the International Central Securities Depositary or its duly authorized agent and have","page_number":49,"box":{"x":119,"y":461,"width":766,"height":13}},{"id":"405a8148-def6-4e26-86fb-7cf0e4defc28","block_type":"box","text":"authorised pursuant to the respective rules and procedures of Euroclear and Clearstream to disclose such","page_number":49,"box":{"x":119,"y":476,"width":766,"height":12}},{"id":"108bf0f2-6550-49f4-93d1-945bcc09a34b","block_type":"box","text":"information to the Company of the interest in Shares or to its duly authorised agent.","page_number":49,"box":{"x":119,"y":492,"width":623,"height":12}},{"id":"1d7a65a0-8e05-43e5-b74d-e7f70176723c","block_type":"box","text":"Investors may be required to provide promptly any information as required and requested by the","page_number":49,"box":{"x":119,"y":521,"width":766,"height":12}},{"id":"09bd30a2-acf0-4784-982a-e3f082793f35","block_type":"box","text":"Company or its duly authorised agent, and agree to the applicable International Central Securities","page_number":49,"box":{"x":119,"y":536,"width":766,"height":12}},{"id":"c2a1a61c-f267-48e4-b362-206942f8a858","block_type":"box","text":"Depositary providing the identity of such Participant or investor to the Company upon their request.","page_number":49,"box":{"x":119,"y":551,"width":743,"height":12}},{"id":"459ba232-0968-4d15-b501-42a68db6d87d","block_type":"box","text":"Notices of Meetings and the Exercise of Voting Rights through the International Central Securities","page_number":49,"box":{"x":119,"y":580,"width":766,"height":12}},{"id":"e2c15562-41db-4f9e-bdc9-76a0bd64b464","block_type":"box","text":"Depositaries","page_number":49,"box":{"x":119,"y":595,"width":102,"height":12}},{"id":"33b45402-fc46-4492-aac2-04832d346514","block_type":"box","text":"Notices of general meetings and associated documentation will be issued by the Company to the","page_number":49,"box":{"x":118,"y":624,"width":767,"height":12}},{"id":"845a762f-1662-43db-84e4-594194fa8dcc","block_type":"box","text":"registered holder of the Shares i.e. the Common Depositary’s Nominee. Each Participant must look","page_number":49,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"0112d90a-a6a5-460d-b5b5-b8c98d64f28b","block_type":"box","text":"solely to its International Central Securities Depositary and the rules and procedures for the time being","page_number":49,"box":{"x":120,"y":654,"width":765,"height":13}},{"id":"2766c920-2ae8-4cdd-a105-6374f5667f88","block_type":"box","text":"of the relevant International Central Securities Depositary governing onward delivery of such notices to","page_number":49,"box":{"x":119,"y":669,"width":766,"height":12}},{"id":"1716b104-895c-450b-b00b-f442f17a76de","block_type":"box","text":"the Participants and the Participant’s right to exercise voting rights. Investors who are not Participants","page_number":49,"box":{"x":119,"y":685,"width":766,"height":12}},{"id":"48119a9b-fb0e-42fa-adf1-1a7bdabb4637","block_type":"box","text":"in the relevant International Central Securities Depositary would need to rely on their broker, nominee,","page_number":49,"box":{"x":119,"y":700,"width":766,"height":12}},{"id":"706d8e20-ceb3-433a-8e0e-6a7bccd049c5","block_type":"box","text":"custodian bank or other intermediary which is a Participant, or which has an arrangement with a","page_number":49,"box":{"x":119,"y":714,"width":766,"height":13}},{"id":"b6d5ed1f-64da-42b5-a1a7-3ce8c2902af7","block_type":"box","text":"Participant, in the relevant International Central Securities Depositary to receive any notices of","page_number":49,"box":{"x":119,"y":730,"width":766,"height":12}},{"id":"63f7450c-1eca-42b3-9f8c-75070e86f961","block_type":"box","text":"Shareholder meetings of the Company and to relay their voting instructions to the relevant International","page_number":49,"box":{"x":120,"y":745,"width":765,"height":12}},{"id":"718741df-4ed5-4f5b-ad76-8c06bccdb530","block_type":"box","text":"Central Securities Depositary.","page_number":49,"box":{"x":119,"y":760,"width":227,"height":12}},{"id":"151db2aa-23fb-443d-84cb-6fafc10fae3f","block_type":"box","text":"The Common Depositary’s Nominee has a contractual obligation to promptly notify the Common","page_number":49,"box":{"x":119,"y":789,"width":766,"height":12}},{"id":"752f3314-d652-4003-aa41-1c1ca5e5ec30","block_type":"box","text":"Depositary of Shareholder meetings of the Company and to relay any associated documentation issued","page_number":49,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"b76591b6-7f09-4220-853c-49eb40cccb08","block_type":"box","text":"by the Company to the Common Depositary, which, in turn, has a contractual obligation to relay any","page_number":49,"box":{"x":119,"y":819,"width":766,"height":12}},{"id":"d51badfb-93b5-4363-a7f0-bb6d3ca212a9","block_type":"box","text":"such notices and documentation to the relevant International Central Securities Depositary. Each","page_number":49,"box":{"x":120,"y":834,"width":765,"height":12}},{"id":"c53f1afd-c71c-48e9-af99-5da83fe5c3c9","block_type":"box","text":"International Central Securities Depositary will, in turn, relay notices received from the Common","page_number":49,"box":{"x":119,"y":849,"width":766,"height":12}},{"id":"6d16a4b3-1433-4fe9-b645-68240a0e2098","block_type":"box","text":"Depositary to its Participants in accordance with its rules and procedures. In accordance with their","page_number":49,"box":{"x":119,"y":864,"width":766,"height":12}},{"id":"b9b2cfc2-9e61-469d-910c-d9b44e98c1b5","block_type":"box","text":"respective rules and procedures, the Directors understand that each International Central Securities","page_number":49,"box":{"x":119,"y":879,"width":766,"height":12}},{"id":"154c1ddf-9bb5-4cd6-85a0-c25ba11fb27b","block_type":"box","text":"Depositary is contractually bound to collate and transfer all votes received from its Participants to the","page_number":49,"box":{"x":119,"y":894,"width":766,"height":12}},{"id":"31af2b7e-1e61-4fa9-9244-5052e518ead8","block_type":"box","text":"50","page_number":50,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"9f966454-f31d-4339-b6d1-7845910084b9","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":50,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"36ed34fb-16ae-41ea-b1d3-65f36318e5da","block_type":"box","text":"Common Depositary and the Common Depositary is, in turn, contractually bound to collate and transfer","page_number":50,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"c6975d12-5872-49f6-800f-35394320a826","block_type":"box","text":"all votes received from each its International Central Securities Depositary to the Common Depositary’s","page_number":50,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"c5a66e32-77c8-4def-b6bf-b674649f42d4","block_type":"box","text":"Nominee, which is obligated to vote in accordance with the Common Depositary’s voting instructions.","page_number":50,"box":{"x":118,"y":117,"width":767,"height":12}},{"id":"ac0ce29d-42c8-427d-9eb6-35bdc0338704","block_type":"box","text":"Directors’ Discretion","page_number":50,"box":{"x":119,"y":154,"width":165,"height":9}},{"id":"aae582b1-a8a9-4b98-af71-a97b13a11afe","block_type":"box","text":"The Directors reserve the right in their sole discretion and with respect to any Fund to reject any purchase","page_number":50,"box":{"x":119,"y":183,"width":766,"height":12}},{"id":"33496574-b42a-4424-8392-6f65e6d3cb00","block_type":"box","text":"request, including exchanges from other Funds. The Directors may at any time require a prospective","page_number":50,"box":{"x":119,"y":198,"width":766,"height":12}},{"id":"d8aa1ce3-2ad3-4ada-86ed-56224d6f3a6d","block_type":"box","text":"investor or the Shareholder to furnish such information as they may consider necessary for the purpose","page_number":50,"box":{"x":119,"y":213,"width":766,"height":12}},{"id":"e88f2d1d-bd33-4c52-8f08-d7e808604535","block_type":"box","text":"of determining whether or not the beneficial owner of such Shares is, or will be, a Qualified Holder.","page_number":50,"box":{"x":119,"y":228,"width":766,"height":12}},{"id":"a9fb6af8-4be6-4186-b3e1-8b80de2257c7","block_type":"box","text":"See also the “","page_number":50,"box":{"x":120,"y":243,"width":118,"height":10}},{"id":"34848b31-4067-47d4-bead-05cbf664d074","block_type":"box","text":"Market-Timing and Frequent Trading","page_number":50,"box":{"x":239,"y":243,"width":322,"height":12}},{"id":"2119dcc5-cc2f-4e0e-a45b-aa16f3bce395","block_type":"box","text":"” section of this Prospectus for further","page_number":50,"box":{"x":562,"y":243,"width":323,"height":12}},{"id":"dba92ff3-4a9e-46a9-ada2-1adcae49e6f6","block_type":"box","text":"information.","page_number":50,"box":{"x":119,"y":258,"width":96,"height":10}},{"id":"89bb6cb5-ee5c-4c2a-a0cd-aa762eca4fd1","block_type":"box","text":"51","page_number":51,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"6f3c73b5-28a2-4f35-858c-53c5acad4bf0","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":51,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"2b99e884-10c6-49c4-a73a-b43f8c5b2833","block_type":"box","text":"DEALING","page_number":51,"box":{"x":457,"y":95,"width":90,"height":9}},{"id":"ece3dce1-3ee4-404a-8360-66c19e53037c","block_type":"box","text":"General","page_number":51,"box":{"x":119,"y":132,"width":68,"height":9}},{"id":"658f0e43-d435-4044-bb86-96bb435c1c30","block_type":"box","text":"Requests to deal in Shares of a Fund must be received through the Portal, for onward transmission to","page_number":51,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"d3221c6c-786e-4797-83fc-ca8c719abdac","block_type":"box","text":"the Administrator, in advance of the Cut-Off Time for the relevant Dealing Day for the Fund.","page_number":51,"box":{"x":119,"y":176,"width":694,"height":12}},{"id":"e322b445-cd92-4c8f-bc70-eb8842ac3aee","block_type":"box","text":"Requests to deal in Shares may also be made by mail or telephone (telephone: +44 203 753 6989; or","page_number":51,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"56fd106a-7579-4c30-ae45-dee1662759da","block_type":"box","text":"such other numbers of the Portal Operator as may be published on h","page_number":51,"box":{"x":120,"y":220,"width":489,"height":12}},{"id":"684920b3-4713-4d8b-b8b4-720b9df41be9","block_type":"box","text":"https://globaletf.vanguard.com/","page_number":51,"box":{"x":609,"y":220,"width":232,"height":12}},{"id":"f714a441-c1c4-41dc-8ee5-be900c24f4e0","block_type":"box","text":"from","page_number":51,"box":{"x":841,"y":220,"width":44,"height":9}},{"id":"3cda076e-f651-49f5-a423-68fb111f1e12","block_type":"box","text":"time to time; for the postal address see the Directory section of this Prospectus. 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See","page_number":51,"box":{"x":119,"y":698,"width":766,"height":12}},{"id":"3cf79a20-f6f3-40bf-80fe-b14e749cffec","block_type":"box","text":"the section of the Prospectus entitled “","page_number":51,"box":{"x":119,"y":713,"width":284,"height":12}},{"id":"d2e23b77-7013-499b-90e2-478bec21d568","block_type":"box","text":"The Secondary Market","page_number":51,"box":{"x":404,"y":714,"width":182,"height":11}},{"id":"5edd0a26-4a20-4199-9895-01dd5aee7939","block_type":"box","text":"” for further information.","page_number":51,"box":{"x":586,"y":713,"width":190,"height":10}},{"id":"e9c10408-5431-464a-81e7-939277453bda","block_type":"box","text":"ETF Shares may be issued in-kind, at the Investment Manager’s discretion, in exchange for the Deposit","page_number":51,"box":{"x":119,"y":743,"width":766,"height":12}},{"id":"acdfee6a-079d-469f-af3d-1ec3b49755a0","block_type":"box","text":"Securities that are generally part of (or soon to be part of) the Fund’s target index. 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The securities transferred to the Fund in settlement of an in-kind subscription must be in a","page_number":52,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"c1f23dc3-88c2-4606-848e-0a170c6b4e3d","block_type":"box","text":"form in which the relevant Fund may invest in accordance with: (a) the UCITS Regulations, the Central","page_number":52,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"2aab9f8e-1d6a-4df9-bff6-528cf8c931c2","block_type":"box","text":"Bank Requirements and, where applicable, the EU MMFR; and (b) the particular investment objective","page_number":52,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"e434edcd-3da9-4e97-842e-dae5d303a29f","block_type":"box","text":"and policies of the relevant Fund.","page_number":52,"box":{"x":119,"y":221,"width":252,"height":12}},{"id":"72556bd8-5a89-4724-a4f9-cac4ea345063","block_type":"box","text":"No Shares may be issued for an in-kind subscription unless the Directors are satisfied that:","page_number":52,"box":{"x":118,"y":251,"width":674,"height":12}},{"id":"3268a942-bdf9-45e6-8525-add8623fc108","block_type":"box","text":"(i)","page_number":52,"box":{"x":119,"y":281,"width":17,"height":12}},{"id":"5b3af3f2-bfb9-4596-a9ab-e22803a3b5f7","block_type":"box","text":"the number of Shares issued in the relevant Fund will not be more than the number that would","page_number":52,"box":{"x":178,"y":281,"width":707,"height":10}},{"id":"47f7a8b7-200b-4193-9324-4199c03256b7","block_type":"box","text":"have been issued for a subscription settled in cash, having valued the securities to be transferred","page_number":52,"box":{"x":178,"y":296,"width":707,"height":12}},{"id":"06e0ac42-39b6-4755-b545-3cf93f2c3606","block_type":"box","text":"to the Fund by the investor in accordance with the valuation provisions set out in the Constitution","page_number":52,"box":{"x":178,"y":311,"width":707,"height":12}},{"id":"284d9047-3e09-4019-960a-a3ee5c19e73b","block_type":"box","text":"and summarised herein;","page_number":52,"box":{"x":179,"y":326,"width":180,"height":12}},{"id":"69a488f8-186b-4855-899d-ad47b1c7572a","block_type":"box","text":"(ii)","page_number":52,"box":{"x":119,"y":356,"width":22,"height":12}},{"id":"3f11977c-5c8c-4ab6-9ade-d86c9ab278ae","block_type":"box","text":"such duties and charges as set out in the sections entitled “","page_number":52,"box":{"x":179,"y":356,"width":443,"height":12}},{"id":"9e8d09de-8237-4cfe-aba6-b5ee6b17ded9","block_type":"box","text":"Buying Shares","page_number":52,"box":{"x":623,"y":356,"width":114,"height":12}},{"id":"fd10991f-d9bd-48c5-abce-998605d71202","block_type":"box","text":"” and “","page_number":52,"box":{"x":738,"y":356,"width":54,"height":10}},{"id":"73a09989-2df0-43aa-982d-ca776cfae805","block_type":"box","text":"Redeeming","page_number":52,"box":{"x":793,"y":356,"width":92,"height":12}},{"id":"c68f09c7-bfce-4761-930c-c21d6e3619c6","block_type":"box","text":"Shares","page_number":52,"box":{"x":179,"y":371,"width":52,"height":10}},{"id":"d5a69059-2943-4f03-9ac1-a29eb731101f","block_type":"box","text":"” of this Prospectus, arising in connection with the vesting of such securities in the","page_number":52,"box":{"x":232,"y":371,"width":653,"height":12}},{"id":"1da74712-ed4b-41b9-b027-85eb3a36e9c0","block_type":"box","text":"Depositary for the account of the relevant Fund are generally paid by the person subscribing for","page_number":52,"box":{"x":178,"y":386,"width":707,"height":12}},{"id":"2d3b6d9e-030a-4520-adda-7e792cc31d5e","block_type":"box","text":"Shares in the Fund or, at the discretion of the Directors, partly by such person and partly, or all,","page_number":52,"box":{"x":179,"y":401,"width":706,"height":12}},{"id":"248c443a-0ea3-4f3c-8e20-962a65035a74","block_type":"box","text":"by the Manager out of its assets;","page_number":52,"box":{"x":178,"y":416,"width":244,"height":12}},{"id":"21e9672c-7cf1-4e03-8b65-9f7aec3d85b7","block_type":"box","text":"(iii)","page_number":52,"box":{"x":119,"y":446,"width":27,"height":12}},{"id":"9ef58ea6-e94e-4008-84f6-cdfc6ba30219","block_type":"box","text":"the terms of such in-kind subscription shall not materially prejudice the Shareholders in the","page_number":52,"box":{"x":178,"y":446,"width":707,"height":12}},{"id":"c5c2db51-c872-4728-8ec9-0dfe81efe8c9","block_type":"box","text":"relevant Fund; and","page_number":52,"box":{"x":178,"y":461,"width":143,"height":12}},{"id":"20c3c43e-ba8a-4f07-b45f-803847893d39","block_type":"box","text":"(iv)","page_number":52,"box":{"x":119,"y":491,"width":26,"height":12}},{"id":"8f6b0996-6267-4970-84e6-f8ede5fd7823","block_type":"box","text":"the securities are vested in the Depositary. Shares may not be issued in exchange for such","page_number":52,"box":{"x":178,"y":491,"width":707,"height":12}},{"id":"44d5870c-d3dc-4bf1-b340-4d4b74ee26ed","block_type":"box","text":"securities unless title to the securities has been delivered.","page_number":52,"box":{"x":179,"y":507,"width":425,"height":9}},{"id":"05fcd25a-a231-42a4-8fda-a23bd1c84dfc","block_type":"box","text":"Applicants who subscribe for ETF Shares in-kind will for settlement purposes have access to an account","page_number":52,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"a0feb494-956b-42ec-a75c-7a258ca53eb7","block_type":"box","text":"in one or more Recognised Clearing and Settlement Systems. Investors who purchase ETF Shares and","page_number":52,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"ccf10588-7338-4d9a-b46b-f5ca55d0c7ca","block_type":"box","text":"who are not participants in Recognised Clearing and Settlement Systems will have indirect access to","page_number":52,"box":{"x":119,"y":567,"width":766,"height":12}},{"id":"510064d8-0aa5-4591-ad3f-a4895174fafd","block_type":"box","text":"such settlement systems through professional financial intermediaries, such as banks, depositaries,","page_number":52,"box":{"x":120,"y":582,"width":765,"height":12}},{"id":"37df2c39-1138-4904-9dcc-a0ea0ea11a03","block_type":"box","text":"brokers, dealers, and trust companies which clear through or maintain a custodial relationship with","page_number":52,"box":{"x":119,"y":597,"width":766,"height":12}},{"id":"952e44db-efd8-4b4a-975f-c587d23f46b0","block_type":"box","text":"participants in such settlement systems.","page_number":52,"box":{"x":119,"y":612,"width":296,"height":12}},{"id":"0cb02350-6255-435f-a249-d0fef44aca79","block_type":"box","text":"Money Laundering Prevention","page_number":52,"box":{"x":119,"y":642,"width":248,"height":12}},{"id":"15afc62e-5d14-40f1-89ad-858a1b1ee1d7","block_type":"box","text":"The Company is subject to obligations under the Criminal Justice (Money Laundering and Terrorist","page_number":52,"box":{"x":119,"y":671,"width":766,"height":12}},{"id":"68a972eb-96ad-497d-a246-9fdb79757f29","block_type":"box","text":"Financing) Acts 2010 to 2021 of Ireland and regulations thereunder (as same may be amended,","page_number":52,"box":{"x":119,"y":686,"width":766,"height":12}},{"id":"ec34230b-f928-4396-93bf-83090fd2ab50","block_type":"box","text":"supplemented and/or replaced from time to time) (the “","page_number":52,"box":{"x":120,"y":701,"width":414,"height":12}},{"id":"8cfc90fe-1fb1-4fb3-925d-8252bbcd4d95","block_type":"box","text":"Criminal Justice Acts","page_number":52,"box":{"x":536,"y":701,"width":171,"height":9}},{"id":"745fea7a-6676-4d52-bdc6-6cbc3bfc2ce0","block_type":"box","text":"”), aimed at preventing","page_number":52,"box":{"x":708,"y":701,"width":177,"height":12}},{"id":"2e9df635-2fca-40da-adb6-5ad60a32687c","block_type":"box","text":"money laundering, terrorist financing and indirect and direct tax crimes. 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To meet these obligations, the Company is","page_number":52,"box":{"x":119,"y":746,"width":766,"height":12}},{"id":"a5cc82a3-7cec-4d56-b7c8-29e8e1dd011d","block_type":"box","text":"required to apply customer due diligence measures to investors including but not limited to identifying","page_number":52,"box":{"x":119,"y":761,"width":766,"height":12}},{"id":"d5ccfb4b-4b6d-4edc-ac55-ed69de18275d","block_type":"box","text":"and verifying an applicant’s identity, address, source of wealth and/or source of funds, identifying any","page_number":52,"box":{"x":119,"y":776,"width":766,"height":12}},{"id":"88031ea3-451b-4ff1-88b1-5e962ec13e04","block_type":"box","text":"beneficial owner connected with an applicant and conducting ongoing due diligence during the course","page_number":52,"box":{"x":119,"y":791,"width":766,"height":12}},{"id":"9f15ec73-82ec-4d6f-8e35-ff4e5878fd3c","block_type":"box","text":"of the business relationship.","page_number":52,"box":{"x":119,"y":806,"width":211,"height":12}},{"id":"a6d9e360-155c-4006-bff3-388ff8a82aee","block_type":"box","text":"The Administrator reserves the right to request such information as is necessary to verify the identity,","page_number":52,"box":{"x":119,"y":836,"width":766,"height":12}},{"id":"30ad8770-945d-4719-945a-b38f342793b1","block_type":"box","text":"address and the source of wealth and/or source of funds of an applicant. In the event of delay or failure","page_number":52,"box":{"x":119,"y":851,"width":766,"height":12}},{"id":"bf22acb5-cca5-46ae-902f-ab77fe802ba9","block_type":"box","text":"by the applicant to produce any information required for verification purposes, the Administrator may","page_number":52,"box":{"x":119,"y":866,"width":766,"height":12}},{"id":"5b6b1fff-40da-4b39-9965-97f7011cb9ea","block_type":"box","text":"refuse to accept the application and subscription monies and return all subscription monies or","page_number":52,"box":{"x":119,"y":881,"width":766,"height":12}},{"id":"82f67713-daf0-4679-a528-7b4b2a707bf0","block_type":"box","text":"compulsorily repurchase such Shareholder’s Shares and/or payment of repurchase proceeds may be","page_number":52,"box":{"x":119,"y":896,"width":766,"height":12}},{"id":"f88a474a-eede-4125-b467-fa167e6d3aec","block_type":"box","text":"53","page_number":53,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"38685d8c-99f1-4a6c-8cd6-ab175e07a720","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":53,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"e41effa2-1456-4278-8b5c-a14366196a55","block_type":"box","text":"delayed (no repurchase proceeds will be paid nor will any interest accrue thereto if the Shareholder fails","page_number":53,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"1bac0562-8b2e-4be9-aa94-4997dea3d489","block_type":"box","text":"to produce such information) and none of the Company, the Directors, the Investment Manager or the","page_number":53,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"a4e111a7-179c-4b23-838c-f7be333c61f9","block_type":"box","text":"Administrator shall be liable to the subscriber or Shareholder where an application for Shares is not","page_number":53,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"a28f8add-0515-4689-8eca-ae40a5671147","block_type":"box","text":"processed or Shares are compulsorily repurchased in such circumstances. If an application is rejected,","page_number":53,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"630a677c-c758-4e59-a08b-7185eeadc62d","block_type":"box","text":"the Administrator will return application monies or the balance thereof by telegraphic transfer in","page_number":53,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"ce7ea275-5eb1-440e-93cf-db9d57566466","block_type":"box","text":"accordance with any applicable laws to the account from which it was paid at the cost and risk of the","page_number":53,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"a8fdbf1d-2396-466c-a330-f647637d7c99","block_type":"box","text":"applicant. The Administrator shall not pay repurchase proceeds or dividend payments where the","page_number":53,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"27d76047-55a2-4028-b002-7c0bf16227dd","block_type":"box","text":"requisite documentation and/or information for verification purposes has not been produced by the","page_number":53,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"5682ce8f-2758-4c65-a311-40dfb892276a","block_type":"box","text":"entitled Shareholder. Any such blocked payments may be held in a Collection Account pending receipt,","page_number":53,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"613df021-5067-4013-bbc1-0abe0b00ef89","block_type":"box","text":"to the satisfaction of the Administrator, of the requisite documentation and/or information. Investors","page_number":53,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"cefc8909-38b0-4c83-925a-05e8fdc415d1","block_type":"box","text":"should refer to the risk statement “","page_number":53,"box":{"x":120,"y":237,"width":295,"height":9}},{"id":"dc81ec62-3131-4f88-a2e0-6155b0b384c9","block_type":"box","text":"Umbrella Cash Subscription and Redemption Account","page_number":53,"box":{"x":416,"y":237,"width":469,"height":12}},{"id":"8b69fbcf-a10e-41d1-8026-8b08c97ad912","block_type":"box","text":"(“Collection Account”) Risk","page_number":53,"box":{"x":119,"y":252,"width":231,"height":12}},{"id":"20ab81a3-9a01-4fd2-96e3-c50a3cbdefc4","block_type":"box","text":"” in the Section of this Prospectus entitled “","page_number":53,"box":{"x":350,"y":252,"width":360,"height":12}},{"id":"4497681d-fa50-4a7e-ac58-17ed8ef5f765","block_type":"box","text":"Risk Factors","page_number":53,"box":{"x":711,"y":252,"width":104,"height":9}},{"id":"b3190a87-32d5-4ce3-a06a-500e6b47d49f","block_type":"box","text":"” for an","page_number":53,"box":{"x":816,"y":252,"width":69,"height":9}},{"id":"4657214b-5aba-4892-b2a4-5f29219722a5","block_type":"box","text":"understanding of their position vis-a-vis monies held in a Collection Account.","page_number":53,"box":{"x":119,"y":267,"width":580,"height":12}},{"id":"eb76a8ae-da8d-48e0-828b-b02eef83d366","block_type":"box","text":"The Company, and the Administrator may take such other steps as each considers appropriate or","page_number":53,"box":{"x":119,"y":289,"width":766,"height":12}},{"id":"afb0dafb-a012-44e0-8f39-9ff08c3cb3aa","block_type":"box","text":"necessary to discontinue the relationship with an investor where required to do so under applicable law","page_number":53,"box":{"x":119,"y":304,"width":766,"height":12}},{"id":"2c095432-fe08-4e3a-b3eb-3909fe6ab81c","block_type":"box","text":"and regulation.","page_number":53,"box":{"x":119,"y":319,"width":115,"height":12}},{"id":"aab1085e-e42f-483f-bd76-5d7b0e3ea423","block_type":"box","text":"Minimum Holdings","page_number":53,"box":{"x":119,"y":349,"width":159,"height":12}},{"id":"b05a1bdf-147b-4621-aedf-40195c14e91e","block_type":"box","text":"The minimum holdings for each class of each Fund are set out either in","page_number":53,"box":{"x":119,"y":378,"width":533,"height":12}},{"id":"f418e3f3-1dc6-46d2-990f-c3f7789108de","block_type":"box","text":"Appendix 1","page_number":53,"box":{"x":653,"y":378,"width":89,"height":12}},{"id":"fc18be82-fcaa-4458-8a50-ef8d4d323b2d","block_type":"box","text":"of this Prospectus","page_number":53,"box":{"x":744,"y":378,"width":141,"height":12}},{"id":"22ccafb9-ef18-4fb0-be30-abc30afde82d","block_type":"box","text":"or otherwise in the Supplement for the relevant Fund. If the minimum holdings are not maintained, the","page_number":53,"box":{"x":119,"y":393,"width":766,"height":12}},{"id":"a5d2ab43-0944-4522-813d-9e15e899de7f","block_type":"box","text":"Directors reserve the further right to redeem the relevant shareholding in the relevant class of Shares.","page_number":53,"box":{"x":119,"y":408,"width":752,"height":12}},{"id":"021012da-a3ee-44f3-8aa8-12e1b40ec1d7","block_type":"box","text":"Further, if following a redemption, switch or transfer, a holding in any class of Shares should fall below","page_number":53,"box":{"x":119,"y":437,"width":766,"height":12}},{"id":"e8978cda-9819-43a0-b380-f1b33c82db80","block_type":"box","text":"the minimum holding for that class, as set out either in","page_number":53,"box":{"x":119,"y":452,"width":414,"height":12}},{"id":"ec5dccbc-6784-4b9a-9243-d78d58e7a6f1","block_type":"box","text":"Appendix 1","page_number":53,"box":{"x":534,"y":452,"width":90,"height":12}},{"id":"d39aadd1-aff8-44de-b01c-31a8c4457cea","block_type":"box","text":"of this Prospectus or otherwise in","page_number":53,"box":{"x":625,"y":452,"width":260,"height":12}},{"id":"b7ff3e0b-0a13-40e0-a68a-f9e4684951b0","block_type":"box","text":"the Supplement for the relevant Fund, the Directors may effect a mandatory redemption of that","page_number":53,"box":{"x":119,"y":467,"width":766,"height":12}},{"id":"60356912-a4cd-4248-98f5-5a2cd096335d","block_type":"box","text":"Shareholder's entire holding in that class of Shares. Failure of the Directors to do so immediately after","page_number":53,"box":{"x":120,"y":482,"width":765,"height":12}},{"id":"1cfd8f6f-6766-4341-b0ad-6ff39623f0a9","block_type":"box","text":"such redemption, switch or transfer does not remove this right.","page_number":53,"box":{"x":120,"y":497,"width":467,"height":12}},{"id":"5fb43d93-2a10-4573-afad-c53d727e64e9","block_type":"box","text":"The Secondary Market","page_number":53,"box":{"x":119,"y":527,"width":187,"height":12}},{"id":"66a197f7-f0a8-44fd-bb9e-4712fe473025","block_type":"box","text":"The ETF Shares may be purchased through the secondary market. It is expected that the ETF Shares","page_number":53,"box":{"x":119,"y":556,"width":766,"height":12}},{"id":"ccaabb11-72ff-4a17-a5e8-fe48c3e65dcc","block_type":"box","text":"will be listed on one or more relevant stock exchanges to facilitate the secondary market trading in the","page_number":53,"box":{"x":119,"y":571,"width":766,"height":12}},{"id":"27f64798-5817-438d-a5ff-72982b92c8e0","block_type":"box","text":"ETF Shares. Secondary market sales of ETF Shares or purchases of ETF Shares will be conducted in","page_number":53,"box":{"x":119,"y":586,"width":766,"height":12}},{"id":"9cc5c1c4-71cb-47be-9091-29c8a626e349","block_type":"box","text":"accordance with the normal rules and operating procedures of the relevant stock exchange(s) and","page_number":53,"box":{"x":119,"y":601,"width":766,"height":12}},{"id":"3a2de654-6a72-4b5d-919c-ba62ad6f9bb7","block_type":"box","text":"Recognised Clearing and Settlement Systems and will be settled using the normal procedures applicable","page_number":53,"box":{"x":119,"y":616,"width":766,"height":12}},{"id":"a152e514-d749-41f9-8fa9-ef6b29ec7a46","block_type":"box","text":"to trading securities. The listing of the ETF Shares on the secondary market (1) provides intraday","page_number":53,"box":{"x":119,"y":631,"width":766,"height":12}},{"id":"2ac90860-664b-4c0b-85e3-e965c11038d6","block_type":"box","text":"liquidity; (2) allows investors to trade ETF Shares in quantities smaller than a Creation Unit; and (3)","page_number":53,"box":{"x":119,"y":646,"width":766,"height":12}},{"id":"960c8af6-f3d2-4624-b80a-eb5f278f1853","block_type":"box","text":"facilitates distribution of, and access to, the ETF Shares for retail investors.","page_number":53,"box":{"x":119,"y":661,"width":561,"height":11}},{"id":"661ea88b-8b8c-4d9d-8e0b-ae161bd4ba9a","block_type":"box","text":"Upon such listings there is an expectation that at least one member of the relevant stock exchange(s)","page_number":53,"box":{"x":119,"y":690,"width":766,"height":12}},{"id":"29284c83-3f0f-4e5a-9444-e87daf4a6469","block_type":"box","text":"will act as market maker and provide offer and bid prices at which the ETF Shares can be purchased or","page_number":53,"box":{"x":119,"y":705,"width":766,"height":12}},{"id":"ec364026-413e-4dd6-836e-707a8a383f6e","block_type":"box","text":"sold, respectively, by investors. The bid/offer spread is typically monitored by the relevant stock","page_number":53,"box":{"x":120,"y":720,"width":765,"height":12}},{"id":"1fca4854-45e6-48e1-8989-2260168d2580","block_type":"box","text":"exchange(s). Certain Authorised Participants who subscribe for Creation Units may act as market","page_number":53,"box":{"x":119,"y":735,"width":766,"height":12}},{"id":"fd3727c7-2084-4d86-86e4-bb90d82ae5a6","block_type":"box","text":"makers; other Authorised Participants are expected to subscribe for Creation Units in order to be able to","page_number":53,"box":{"x":119,"y":750,"width":766,"height":12}},{"id":"4bd22a77-b849-4dbf-b0b9-608dbde1c8c9","block_type":"box","text":"offer to buy Shares from or sell ETF Shares to secondary market investors as part of their broker/dealer","page_number":53,"box":{"x":119,"y":765,"width":766,"height":12}},{"id":"b889461c-5a69-4d11-8571-a296bc521e51","block_type":"box","text":"business. Through the operation of such a secondary market, persons who are not Authorised","page_number":53,"box":{"x":119,"y":780,"width":766,"height":12}},{"id":"76671f30-c96f-438a-aac4-94860beb881b","block_type":"box","text":"Participants or not able or willing to subscribe for and redeem Creation Units will be able to buy ETF","page_number":53,"box":{"x":119,"y":795,"width":766,"height":12}},{"id":"fb670389-0efa-45b3-a972-9fa6634b8c19","block_type":"box","text":"Shares from or sell ETF Shares to other retail investors or market makers, broker/dealers, or other","page_number":53,"box":{"x":120,"y":810,"width":765,"height":12}},{"id":"ea7612ff-cb36-434c-890c-3e6264f24473","block_type":"box","text":"Authorised Participants at prices which should approximate, after currency conversion, the Net Asset","page_number":53,"box":{"x":119,"y":825,"width":766,"height":12}},{"id":"0a465c7c-5a3c-40bb-9474-510337d51d58","block_type":"box","text":"Value of the ETF Shares.","page_number":53,"box":{"x":119,"y":840,"width":186,"height":10}},{"id":"60873b5f-dfb6-4220-8a19-2c259b015485","block_type":"box","text":"As the purchase and sale of ETF Shares on the secondary market takes place through the relevant stock","page_number":53,"box":{"x":119,"y":870,"width":766,"height":12}},{"id":"3a49a2ae-e4b6-4a3f-8762-2f519668b9e3","block_type":"box","text":"exchange via a member firm or stockbroker and is not a subscription or redemption of ETF Shares with","page_number":53,"box":{"x":119,"y":885,"width":766,"height":12}},{"id":"514bae12-3483-4abf-ba31-2d3294518df7","block_type":"box","text":"a Fund, investors should note that such orders: (a) are governed by the rules of the relevant stock","page_number":53,"box":{"x":119,"y":900,"width":766,"height":12}},{"id":"19f2d19d-a30e-4e65-bcce-f052a7a93569","block_type":"box","text":"54","page_number":54,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"464ce207-4d10-4e2f-a1bc-4b19768123d3","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":54,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"10868f47-b7e0-4915-bf21-58960babc851","block_type":"box","text":"exchange; and (b) may incur costs over which the Company has no control. In addition, information will","page_number":54,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"114c0397-4de9-4851-9d3f-f0577ebdd93d","block_type":"box","text":"be sent by the Company to the settlement system for transmission to the member firm or stockbroker","page_number":54,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"6bb43a75-13fb-445d-a9f4-de04d2ba4609","block_type":"box","text":"and onward to investors but the Company has no obligations other than the delivery of the information","page_number":54,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"c721d3d8-8e72-4391-a9e0-8fced7871386","block_type":"box","text":"to the settlement system and cannot control the onward dissemination of any such information.","page_number":54,"box":{"x":119,"y":132,"width":706,"height":12}},{"id":"b33923c7-5119-4064-9f0b-b0fb96c0e001","block_type":"box","text":"The price of any ETF Shares traded on the secondary market will depend on market supply and demand,","page_number":54,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"13b156dc-308f-43c3-8112-116f1a992f61","block_type":"box","text":"movements in the value of the Fund’s portfolio holdings as well as other factors such as prevailing","page_number":54,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"f9f7c9fc-5ad6-4560-a7cf-4d955fa7ab83","block_type":"box","text":"financial markets, corporate, economic and political conditions. In accordance with the requirements of","page_number":54,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"1648d240-cea9-4128-95cb-97ee79c21bb4","block_type":"box","text":"the relevant stock exchanges, market makers are expected to provide liquidity and two way prices to","page_number":54,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"ce7400a4-94cf-4a02-b550-f99e3fc3d4d8","block_type":"box","text":"facilitate the secondary market trading of the ETF Shares. See the “","page_number":54,"box":{"x":119,"y":222,"width":532,"height":12}},{"id":"6db986b0-f6ad-46c4-bbed-eb9c9e14c11e","block_type":"box","text":"Risk Factors","page_number":54,"box":{"x":652,"y":222,"width":102,"height":9}},{"id":"20467885-82ef-4cfe-ab1a-e33336166551","block_type":"box","text":"” section of this","page_number":54,"box":{"x":756,"y":222,"width":129,"height":9}},{"id":"7792692f-0c2b-433f-9cd5-3790fe1bca68","block_type":"box","text":"Prospectus for further information on the risk factors associated with secondary market trading.","page_number":54,"box":{"x":119,"y":237,"width":710,"height":12}},{"id":"6e0cf4b9-2cfb-485a-b42b-a2b2234720df","block_type":"box","text":"The Indicative Net Asset Value (“","page_number":54,"box":{"x":119,"y":267,"width":270,"height":12}},{"id":"464cf6d2-c32a-4d1a-95d9-64eaa172b483","block_type":"box","text":"iNAV","page_number":54,"box":{"x":390,"y":267,"width":44,"height":9}},{"id":"121e4a13-0fc3-48dd-8376-59db08dd81d9","block_type":"box","text":"”) for each Fund is calculated at fifteen second intervals","page_number":54,"box":{"x":435,"y":267,"width":450,"height":12}},{"id":"52e6d1eb-3b38-4a7f-a1d9-7012af156f93","block_type":"box","text":"throughout the trading day and is published on Bloomberg or Reuters. The iNAV is based on quotes and","page_number":54,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"ff878de0-57bb-478e-a6c6-2950afa7b6c8","block_type":"box","text":"last sale prices from the securities’ local market and may not reflect events that occur subsequent to the","page_number":54,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"597d3a51-73c1-4231-85fc-0e3ee0137365","block_type":"box","text":"local market’s close.","page_number":54,"box":{"x":119,"y":312,"width":157,"height":9}},{"id":"fcecf813-29b5-4b38-82fb-57c049c78111","block_type":"box","text":"Premiums and discounts between the iNAV and the market price may occur and the iNAV should not","page_number":54,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"dd4c73fd-1740-4a6b-b5b3-cef99679f78f","block_type":"box","text":"be viewed as a “real-time” update of the Net Asset Value per Share, which is calculated only once a day.","page_number":54,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"5db9c4ab-54e8-4137-84dd-f5b3d8a320a3","block_type":"box","text":"The iNAV should not be taken or relied on as the price at which Shares are subscribed or redeemed.","page_number":54,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"877896ff-438e-4480-ac45-7e5ef14ca986","block_type":"box","text":"None of the Company, the Manager, or the Investment Manager or any of their affiliates, or any third","page_number":54,"box":{"x":118,"y":387,"width":767,"height":12}},{"id":"5641babf-70f7-4719-a860-2249de4a4f28","block_type":"box","text":"party calculation agents involved in, or responsible for, the calculation or publication of such iNAVs","page_number":54,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"b4b333bc-5de4-477a-be73-c1ee4d2e5835","block_type":"box","text":"makes any warranty as to their accuracy or shall be liable to any person who relies on the iNAV.","page_number":54,"box":{"x":119,"y":417,"width":712,"height":12}},{"id":"64287547-4460-45b2-bf74-b7e939fea99b","block_type":"box","text":"As a purchase or sale of ETF Shares on the secondary market is not a subscription for or redemption of","page_number":54,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"448a11fc-bb0b-4006-9df4-d86a1668ee2c","block_type":"box","text":"ETF Shares directly with a Fund, the Company does not charge any subscription or redemption fees for","page_number":54,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"978f06e6-30fc-45aa-a212-fb6cb47bece7","block_type":"box","text":"purchases or sales of ETF Shares on the secondary market. Investors that buy ETF Shares on the","page_number":54,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"3b33d5e7-f026-4977-b114-d20bcfbe11ae","block_type":"box","text":"secondary market (with the exception of certain secondary market investors purchasing shares on the","page_number":54,"box":{"x":120,"y":492,"width":765,"height":12}},{"id":"96af3625-38bb-491d-b123-89d9decec530","block_type":"box","text":"London Stock Exchange) are not reflected in the Register.","page_number":54,"box":{"x":119,"y":507,"width":434,"height":12}},{"id":"59b0db40-a522-4368-8978-3cfcbc157686","block_type":"box","text":"ETF Shares purchased on the secondary market cannot usually be sold directly back to the","page_number":54,"box":{"x":119,"y":538,"width":766,"height":11}},{"id":"705536ba-a6f3-4e30-a029-e2912fa46f5c","block_type":"box","text":"Company. Investors must buy and sell ETF Shares on a secondary market with the assistance of","page_number":54,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"52a679b1-1fb7-4c85-86ac-12495847a870","block_type":"box","text":"an intermediary (e.g. a stockbroker) and may incur fees for doing so. In addition, investors may","page_number":54,"box":{"x":119,"y":568,"width":766,"height":11}},{"id":"b21f56f2-75d5-48dd-9a5a-8368cac622c2","block_type":"box","text":"pay more than the current Net Asset Value when buying ETF Shares on the secondary market","page_number":54,"box":{"x":119,"y":583,"width":766,"height":11}},{"id":"9a155790-10f7-471b-bf04-90cd7cab2332","block_type":"box","text":"and may receive less than the current Net Asset Value when selling them.","page_number":54,"box":{"x":119,"y":598,"width":580,"height":12}},{"id":"ff49d83b-304b-48f0-a855-ea67228f885d","block_type":"box","text":"If the stock exchange value of ETF Shares significantly varies from their Net Asset Value, investors","page_number":54,"box":{"x":119,"y":627,"width":766,"height":12}},{"id":"7b72ce4d-f365-4a0b-acc5-d133aad5e4a1","block_type":"box","text":"who have acquired their ETF Shares on the secondary market may redeem their ETF Shares directly to","page_number":54,"box":{"x":119,"y":642,"width":766,"height":12}},{"id":"aa52ba8b-9e6f-4867-b0a8-a99e8806d9af","block_type":"box","text":"the Company, and such redemption will be subject to the provisions of this Prospectus. If a significant","page_number":54,"box":{"x":119,"y":657,"width":766,"height":12}},{"id":"d523d206-0a96-4e5d-a71c-b58576c43d69","block_type":"box","text":"variance in value arises, a stock exchange announcement will be made to Euronext Dublin, the London","page_number":54,"box":{"x":119,"y":672,"width":766,"height":12}},{"id":"38be0a47-5dac-4e14-b337-20adf8436166","block_type":"box","text":"Stock Exchange and such other exchange(s) on which the ETF Shares are traded, advising the","page_number":54,"box":{"x":120,"y":687,"width":765,"height":12}},{"id":"73fdcf8b-e761-4942-932f-5bcc510d14c6","block_type":"box","text":"Shareholder of this right. Authorised Participants wishing to redeem their ETF Shares in these","page_number":54,"box":{"x":120,"y":702,"width":765,"height":12}},{"id":"b8918c9a-0287-4e1b-9658-d50ba3c2c47c","block_type":"box","text":"circumstances should contact the Portal Operator for details of the process and relevant forms. Please","page_number":54,"box":{"x":119,"y":717,"width":766,"height":12}},{"id":"d2d2cd2e-278f-43f1-9cc5-f3fd4e0066b7","block_type":"box","text":"see the section of the Prospectus entitled “","page_number":54,"box":{"x":120,"y":732,"width":316,"height":12}},{"id":"c096c9f1-7396-4ba9-8701-af2091c27860","block_type":"box","text":"Redeeming Shares","page_number":54,"box":{"x":437,"y":732,"width":146,"height":12}},{"id":"62b175c7-3f63-4612-93c6-2b7fa2958a32","block_type":"box","text":"” for fees payable. In addition, account","page_number":54,"box":{"x":584,"y":732,"width":301,"height":12}},{"id":"9b885bfb-d6a9-4c3c-966b-5ad01fbaded3","block_type":"box","text":"opening and administration fees which shall not be excessive, reflecting the costs incurred by the","page_number":54,"box":{"x":119,"y":747,"width":766,"height":12}},{"id":"f48ed58e-b2d4-470b-8b98-f6d1ca879510","block_type":"box","text":"Company in the processing of such redemptions, may also be charged.","page_number":54,"box":{"x":119,"y":762,"width":526,"height":12}},{"id":"fb4aaa50-fa95-4c3e-b168-bd5af3f9e879","block_type":"box","text":"Key Information Document","page_number":54,"box":{"x":118,"y":791,"width":207,"height":12}},{"id":"9cbf4879-ab91-4edd-af67-4777db35b4e5","block_type":"box","text":"The Company provides a Key Information Document to applicants dealing directly with it. This","page_number":54,"box":{"x":119,"y":821,"width":766,"height":12}},{"id":"bdd6dce1-38a2-4d3e-a80c-bacfbce1400f","block_type":"box","text":"document contains a summary of key features relating to a Fund. The Company makes a Key","page_number":54,"box":{"x":119,"y":836,"width":766,"height":12}},{"id":"01bcf052-1a6b-48a1-964e-abbd1aff2e5d","block_type":"box","text":"Information Document for each Fund available at","page_number":54,"box":{"x":119,"y":851,"width":491,"height":10}},{"id":"d81b9122-56ef-4930-8639-d1bbc3ad76ff","block_type":"box","text":"https://www.ie.vanguard/product","page_number":54,"box":{"x":630,"y":851,"width":250,"height":12}},{"id":"f1678dca-109e-48ac-abac-d4da42f27030","block_type":"box","text":"documentation/ucits-kiids-priips-kids","page_number":54,"box":{"x":119,"y":866,"width":276,"height":12}},{"id":"2cc3ef47-3d82-4ca0-8a8c-3a7396083de0","block_type":"box","text":".","page_number":54,"box":{"x":397,"y":874,"width":2,"height":2}},{"id":"f38e97d2-4639-4628-bb08-31626087b017","block_type":"box","text":"55","page_number":55,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"2c94fe63-cbe0-4941-a3a4-7358b6850b12","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":55,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"41401d8e-a7fe-4c7a-a77a-cf9a315ecfcd","block_type":"box","text":"BUYING SHARES","page_number":55,"box":{"x":424,"y":95,"width":156,"height":9}},{"id":"f3d695a9-a3a8-4da7-86c2-6c9311115167","block_type":"box","text":"Procedure","page_number":55,"box":{"x":119,"y":132,"width":87,"height":9}},{"id":"254401ff-98ec-4a4a-a30b-0c54c43f22a4","block_type":"box","text":"The purchase of Shares may be initiated directly by Authorised Participants through the Portal or by","page_number":55,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"9367eff7-16c4-4d50-ae5a-9eb5f67778d0","block_type":"box","text":"other investors through a professional adviser or other Intermediary. Authorised Participants must","page_number":55,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"344e4b7a-be6e-4c0e-9848-8142006bec3e","block_type":"box","text":"submit orders pursuant to procedures set forth in the Application Form and in the Prospectus. Shares","page_number":55,"box":{"x":120,"y":191,"width":765,"height":12}},{"id":"5ce01b89-a3b3-45d9-905f-a48d9edd901a","block_type":"box","text":"will not be issued or allotted in cases where dealing in a Fund has been suspended as set out under the","page_number":55,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"3946c229-159c-40c6-a763-846349fab13d","block_type":"box","text":"“","page_number":55,"box":{"x":119,"y":221,"width":7,"height":3}},{"id":"70fbae9a-79d2-49ea-9bc0-569c7021d9af","block_type":"box","text":"Suspension of Dealings","page_number":55,"box":{"x":128,"y":221,"width":185,"height":12}},{"id":"8549e3d9-a5f9-4f39-b0ea-94da86d0d5c1","block_type":"box","text":"”","page_number":55,"box":{"x":315,"y":221,"width":7,"height":3}},{"id":"7ac405f7-4b75-46b7-ad98-0f337111a687","block_type":"box","text":"section of this Prospectus. For the avoidance of doubt, all subscription","page_number":55,"box":{"x":331,"y":221,"width":554,"height":12}},{"id":"711ce2ea-ac2c-4aeb-9483-0b15c0776b5e","block_type":"box","text":"requests received before a Fund’s Cut-Off Time for a Dealing Day will receive that Dealing Day’s","page_number":55,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"7393d23b-cad6-4bf5-8601-3427cd7205ee","block_type":"box","text":"Valuation Point. Subscription requests received after a Fund’s Cut-Off Time for a Dealing Day will","page_number":55,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"cf18d8d0-3db2-4534-8d52-5b9ad9a97fcb","block_type":"box","text":"normally receive the next Dealing Day’s Valuation Point. However, subscription requests received after","page_number":55,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"3648770e-d45f-4aee-aae6-6e7ea1b78d8b","block_type":"box","text":"the Cut-Off Time for a Dealing Day but before the Valuation Point for that Dealing Day may be accepted","page_number":55,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"29c3a510-df6d-420e-ba28-7f2d1301774c","block_type":"box","text":"for dealing on that day in exceptional circumstances at the Directors’ sole discretion.","page_number":55,"box":{"x":119,"y":296,"width":631,"height":12}},{"id":"cfef8f97-45bb-43d0-ba85-9644fe5b429c","block_type":"box","text":"To open an account, mail or fax the signed Application Form to the Administrator (with the original","page_number":55,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"a45cae8d-2eed-466e-9817-759302fe069a","block_type":"box","text":"executed and completed Application Form and all documentation required for anti-money laundering","page_number":55,"box":{"x":119,"y":341,"width":766,"height":12}},{"id":"c760f94b-893b-48a6-8909-3b71e639d60e","block_type":"box","text":"procedures to be mailed immediately thereafter). The Company will send a trade confirmation by the","page_number":55,"box":{"x":119,"y":356,"width":766,"height":12}},{"id":"f7b86136-d0df-4e94-b453-469529e5e261","block_type":"box","text":"close of the third Business Day after the relevant Dealing Day.","page_number":55,"box":{"x":119,"y":371,"width":468,"height":12}},{"id":"a3d10c34-627d-445e-bbfb-ecbd2cfea6ee","block_type":"box","text":"To add to an existing account, mail, telephone or, where applicable, send the dealing request through","page_number":55,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"15199147-1778-49f4-9c74-ed792c532bef","block_type":"box","text":"the Portal, for onward transmission to the Administrator.","page_number":55,"box":{"x":119,"y":416,"width":424,"height":11}},{"id":"51a26ceb-ff13-46f0-b045-5e40561e3c0f","block_type":"box","text":"Purchase of ETF Shares","page_number":55,"box":{"x":119,"y":446,"width":196,"height":10}},{"id":"172b069b-7d6e-4d13-92bc-1a4ecb0d2f57","block_type":"box","text":"To purchase ETF Shares, an Authorised Participant must submit an order in proper form through the","page_number":55,"box":{"x":119,"y":475,"width":766,"height":12}},{"id":"5433418d-2eaa-4d19-95ba-1ff6d07c4428","block_type":"box","text":"Portal to the Portal Operator and such order must be received by the Portal Operator by the Cut-Off","page_number":55,"box":{"x":119,"y":490,"width":766,"height":12}},{"id":"2b2d3355-a0c1-4246-9425-7a88c2ab1c40","block_type":"box","text":"Time. Authorised Participants must submit orders pursuant to procedures set forth in the relevant","page_number":55,"box":{"x":119,"y":505,"width":766,"height":12}},{"id":"19309e3b-448a-4b9e-acab-1c164b0a4667","block_type":"box","text":"Authorised Participant Agreement and in the Prospectus.","page_number":55,"box":{"x":119,"y":520,"width":425,"height":12}},{"id":"7618f854-5427-4769-9c06-229b57536915","block_type":"box","text":"Minimum Subscriptions","page_number":55,"box":{"x":118,"y":550,"width":181,"height":12}},{"id":"e76fc625-5145-455a-accf-1cc38b6b6709","block_type":"box","text":"ETF Shares may only be purchased in Creation Units. The size of a Creation Unit for each Fund is set","page_number":55,"box":{"x":119,"y":580,"width":766,"height":13}},{"id":"aa735a78-dd2d-4989-aa6a-d29a59982eb7","block_type":"box","text":"out either in","page_number":55,"box":{"x":119,"y":595,"width":94,"height":10}},{"id":"b3546a99-3722-4d22-afb4-c1a515c1a1ea","block_type":"box","text":"Appendix 1","page_number":55,"box":{"x":213,"y":596,"width":90,"height":11}},{"id":"19ba6801-c19f-47da-9a20-6b0929428fd4","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the relevant Fund. The","page_number":55,"box":{"x":304,"y":595,"width":581,"height":12}},{"id":"2b36d532-8cd7-4a97-aaa4-2d9a1a1e184a","block_type":"box","text":"minimum subscription levels for the ETF Shares in a Fund are set out either in","page_number":55,"box":{"x":119,"y":611,"width":612,"height":12}},{"id":"f3dfb486-a220-4ba9-95df-17f4a42a9847","block_type":"box","text":"Appendix 1","page_number":55,"box":{"x":733,"y":611,"width":91,"height":12}},{"id":"e53737a3-f7b4-4577-aec2-0cf36d76023d","block_type":"box","text":"of this","page_number":55,"box":{"x":826,"y":611,"width":59,"height":9}},{"id":"6a33b7c7-db1c-4442-b640-d5412f5cdc1b","block_type":"box","text":"Prospectus or otherwise in the Supplement for the relevant Fund. The Directors may, at their sole","page_number":55,"box":{"x":119,"y":626,"width":766,"height":12}},{"id":"48a6b0a2-5f16-41b3-9030-8be1e2bbc310","block_type":"box","text":"discretion: (a) accept cash subscription orders below the minimum amount; and (b) reduce the size of a","page_number":55,"box":{"x":119,"y":641,"width":766,"height":12}},{"id":"f3dbe88d-aff9-45a9-b698-343fe354691a","block_type":"box","text":"Creation Unit. Any change to the minimum subscription levels will be disclosed to investors in an","page_number":55,"box":{"x":119,"y":656,"width":766,"height":12}},{"id":"e849315f-8ac8-4ff2-b84c-400835a12002","block_type":"box","text":"updated Prospectus.","page_number":55,"box":{"x":119,"y":671,"width":152,"height":12}},{"id":"305dcda6-8750-4829-87ae-ad021c70f68b","block_type":"box","text":"Subscription Price","page_number":55,"box":{"x":119,"y":701,"width":142,"height":12}},{"id":"7b24d2ac-230b-4f3d-89f7-054dc8d2e7d1","block_type":"box","text":"The subscription price for a Share will be the Net Asset Value per Share on the relevant Dealing Day.","page_number":55,"box":{"x":119,"y":731,"width":766,"height":12}},{"id":"a02f47b5-6d1f-42d6-87cf-cba05ee29654","block_type":"box","text":"Subscriptions will be completed in the base currency of the relevant Share class.","page_number":55,"box":{"x":120,"y":746,"width":597,"height":12}},{"id":"346ef8c9-99ab-4855-9e23-3a93c403e449","block_type":"box","text":"Settlement – In-kind","page_number":55,"box":{"x":119,"y":776,"width":153,"height":9}},{"id":"2021ac1a-20ae-4ac0-9270-44e152e1999f","block_type":"box","text":"The consideration for the purchase of a Creation Unit for a Fund generally consists of: (i) the in-kind","page_number":55,"box":{"x":119,"y":806,"width":766,"height":12}},{"id":"3af70a4b-06ed-4465-94a7-b7eb6eb48b4b","block_type":"box","text":"deposit of a designated portfolio of (as relevant) fixed income or equity securities (“","page_number":55,"box":{"x":119,"y":821,"width":702,"height":12}},{"id":"70b1b24c-88f2-4d16-98ff-dc024371817e","block_type":"box","text":"Deposit","page_number":55,"box":{"x":821,"y":821,"width":64,"height":12}},{"id":"3a2d56b7-64b8-4620-b788-d75c03fbbae3","block_type":"box","text":"Securities","page_number":55,"box":{"x":120,"y":836,"width":75,"height":9}},{"id":"c12b869d-6c6c-42d1-8942-b777b31dca36","block_type":"box","text":"”); and (ii) an amount of cash (“","page_number":55,"box":{"x":196,"y":836,"width":237,"height":12}},{"id":"7a8ad5aa-d03f-426c-bc00-456b1b3710ab","block_type":"box","text":"Cash Component","page_number":55,"box":{"x":434,"y":836,"width":137,"height":12}},{"id":"2e24db89-488f-4704-8bf6-4d2217af1b6a","block_type":"box","text":"”) consisting of: (1) a Purchase Balancing","page_number":55,"box":{"x":572,"y":836,"width":313,"height":12}},{"id":"1543faeb-b692-417a-a586-92fa5f496d29","block_type":"box","text":"Amount (described below); and (2) a Custody Transaction Fee as may be charged. In addition,","page_number":55,"box":{"x":119,"y":851,"width":766,"height":12}},{"id":"9bb0e807-6b88-4d10-a8af-6c01120f46ff","block_type":"box","text":"applicable trading charges related to stamp duty, United Kingdom stamp duty reserve tax (“","page_number":55,"box":{"x":119,"y":866,"width":698,"height":12}},{"id":"849b8b5a-8cd1-43f2-be71-1256af8b93b0","block_type":"box","text":"SDRT","page_number":55,"box":{"x":818,"y":866,"width":48,"height":9}},{"id":"fcbf40e2-222d-462a-9c6d-36eddf64cad5","block_type":"box","text":"”)","page_number":55,"box":{"x":867,"y":866,"width":18,"height":12}},{"id":"6eaee636-bdaa-49b7-ab25-8bbe83c25830","block_type":"box","text":"and other similar transfer taxes, and other duties as detailed either in","page_number":55,"box":{"x":119,"y":881,"width":513,"height":11}},{"id":"938bd0ba-b5bc-4acd-9b55-b3e75408aec8","block_type":"box","text":"Appendix 1","page_number":55,"box":{"x":632,"y":881,"width":90,"height":12}},{"id":"8943af5c-4e83-46aa-a7ec-9ed3ffbf3894","block_type":"box","text":"of this Prospectus or","page_number":55,"box":{"x":723,"y":881,"width":162,"height":12}},{"id":"d35aec1f-2e88-4914-9cb0-15a1830c1b9b","block_type":"box","text":"otherwise in the Supplement for the relevant Fund will also apply.","page_number":55,"box":{"x":119,"y":896,"width":493,"height":12}},{"id":"961d7089-3ece-4070-b429-58c9b0720654","block_type":"box","text":"56","page_number":56,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"8e37ef44-d44a-4ab3-beda-4f66e113266c","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":56,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"f63147de-0005-4591-96ae-9e657823541c","block_type":"box","text":"The Custody Transaction Fee will be an estimate calculated by and paid to the Manager who will in turn","page_number":56,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"955a44fe-ccb2-4ebf-ab5e-0194d84f9120","block_type":"box","text":"pay the Custody Transaction Fee as invoiced by the Depositary. In the event that there is any excess of","page_number":56,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"6e97ce0d-a5c0-4355-8fa2-732d485402ae","block_type":"box","text":"the amount paid by the Authorised Participant to the Manager over the amount invoiced by the","page_number":56,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"a2ba93a1-ee7b-484c-9863-886b15518dc7","block_type":"box","text":"Depositary, such excess will be used in satisfaction of the total custody charges payable to the","page_number":56,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"252bc0b5-fda4-40b2-b8c0-9cce870d9195","block_type":"box","text":"Depositary. This may result in the portion of the OCF payable by the Manager to the Depositary, in","page_number":56,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"fbe05435-5f75-4516-b5d5-63f1327e76c6","block_type":"box","text":"respect of aggregate custody transaction fees, being reduced and accordingly the amount retained by the","page_number":56,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"233a82c9-ccd9-4e5f-9dfd-efb2658c948a","block_type":"box","text":"Manager may be increased. Should this occur, any such reduction will be negligible. The Custody","page_number":56,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"1806f995-511f-46ac-9cc6-3008abca2a46","block_type":"box","text":"Transaction Fee may be waived by the Manager and, in such instances, the Custody Transaction Fee","page_number":56,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"b415c63b-7152-4aae-a887-42eededb02c4","block_type":"box","text":"will be paid by the Manager out of its fee. Any such waiver will be notified to the Shareholder.","page_number":56,"box":{"x":119,"y":222,"width":711,"height":12}},{"id":"9b8fabe9-0c5b-4fff-ab5e-7db9ef270285","block_type":"box","text":"The Fund Deposit is the Deposit Securities and the Cash Component together (the “","page_number":56,"box":{"x":119,"y":252,"width":635,"height":12}},{"id":"9987426f-471a-4352-9826-6b6231c0ecb7","block_type":"box","text":"Fund Deposit","page_number":56,"box":{"x":755,"y":252,"width":106,"height":12}},{"id":"4c759c68-47bf-49c2-9584-1cc885e96890","block_type":"box","text":"”).","page_number":56,"box":{"x":862,"y":252,"width":23,"height":12}},{"id":"722510cd-bf8a-4896-8526-37621408bed2","block_type":"box","text":"The “","page_number":56,"box":{"x":119,"y":267,"width":41,"height":9}},{"id":"a797d70d-ef64-4a80-b156-9faeaa9d56c2","block_type":"box","text":"Purchase Balancing Amount","page_number":56,"box":{"x":161,"y":267,"width":226,"height":12}},{"id":"3f6d2cfd-3ef4-4339-bd90-e84d98a9db03","block_type":"box","text":"” is an amount of cash equal to the difference between: (a) the Net","page_number":56,"box":{"x":388,"y":267,"width":497,"height":12}},{"id":"875a462c-6d0c-4494-8de1-fa65517d3ca7","block_type":"box","text":"Asset Value of a Creation Unit; and (b) the market value of the Deposit Securities. It ensures that the","page_number":56,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"6d58d87f-a569-4362-814b-b68ac6f35ad8","block_type":"box","text":"Fund Deposit (not including the Custody Transaction Fee) is identical to the Net Asset Value of the","page_number":56,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"6931bf55-3c98-4a96-8690-dcc1fb3070df","block_type":"box","text":"Creation Unit it is used to purchase. If the Purchase Balancing Amount is a positive number (i.e. the Net","page_number":56,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"7179b6ef-a600-456b-a40b-f54c4fb16037","block_type":"box","text":"Asset Value per Creation Unit exceeds the market value of the Deposit Securities), then that amount","page_number":56,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"023efedf-896b-4e4d-89f4-fa27fa986091","block_type":"box","text":"will be paid by the applicant to the Fund in cash. If the Purchase Balancing Amount is a negative number","page_number":56,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"4e907bcd-ac44-4b46-a757-8a6481be1e48","block_type":"box","text":"(i.e. the Net Asset Value per Creation Unit is less than the market value of the Deposit Securities), then","page_number":56,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"a6363ed7-0b92-4a57-8298-14cdfdf31deb","block_type":"box","text":"that amount will be paid by the Fund to the applicant in cash (except as offset by the Custody Transaction","page_number":56,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"f956b764-9f86-4d46-bc3f-f17002a41552","block_type":"box","text":"Fee).","page_number":56,"box":{"x":119,"y":387,"width":42,"height":12}},{"id":"17a4fd7f-13e4-41eb-9372-12c24ad199b7","block_type":"box","text":"A list of the names and the number of shares of each Deposit Security to be included in the next Dealing","page_number":56,"box":{"x":119,"y":417,"width":766,"height":12}},{"id":"2f376fe2-4024-4fca-b807-5be1893e9a5c","block_type":"box","text":"Day’s","page_number":56,"box":{"x":119,"y":432,"width":43,"height":12}},{"id":"54a9e2f5-bde1-4343-aa5d-cda78a8bd56a","block_type":"box","text":"Fund Deposit for each Fund (subject to possible amendment or correction) is made available from","page_number":56,"box":{"x":168,"y":432,"width":717,"height":12}},{"id":"4e4a12f3-50fc-4d19-9843-4ba991d56b6a","block_type":"box","text":"the Portal Operator via the Portal prior to the opening of the relevant markets on each trading day. The","page_number":56,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"e2309fd4-4184-4e90-a41e-e60f78975455","block_type":"box","text":"identity and number of shares of the Deposit Securities required for a Fund Deposit may change from","page_number":56,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"fe918192-da1a-4dfa-a36d-123ad000c2e0","block_type":"box","text":"one day to another to reflect rebalancing adjustments and corporate actions, or to respond to adjustments","page_number":56,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"9eb8c28a-7652-4cc9-b13d-4b7087020455","block_type":"box","text":"to the weighting or composition of the component stocks of a relevant target index.","page_number":56,"box":{"x":119,"y":492,"width":619,"height":12}},{"id":"fd16beef-a655-4c1e-b52a-4d1724543ada","block_type":"box","text":"The Company reserves the right to permit or require the substitution of an amount of cash - referred to","page_number":56,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"e23058af-2d70-401c-87dc-a6a5b5a02457","block_type":"box","text":"as “cash-in-lieu” - to be added to the Cash Component to replace any Deposit Security that may not be","page_number":56,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"823cd879-fb9d-4920-aa09-53ff9eeaba23","block_type":"box","text":"available in sufficient quantity for delivery; may not be eligible for transfer; may not be eligible for","page_number":56,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"ae82808f-53d7-4146-97e6-0195bd40ea88","block_type":"box","text":"trading by an Authorised Participant; or in the event that in-kind trading is not permissible in particular","page_number":56,"box":{"x":119,"y":567,"width":766,"height":12}},{"id":"c77ca1c7-0bb0-43c7-befb-cd3cdb0934fa","block_type":"box","text":"countries or markets. Trading costs incurred by the Company in connection with the purchase of Deposit","page_number":56,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"9107132b-ce4b-47ad-8c8d-73241f2a4566","block_type":"box","text":"Securities with cash-in-lieu amounts will be borne by the relevant investor, through the application of a","page_number":56,"box":{"x":120,"y":597,"width":765,"height":13}},{"id":"5df12d78-fd89-4d19-b098-9423c8e68e4e","block_type":"box","text":"“","page_number":56,"box":{"x":119,"y":613,"width":7,"height":3}},{"id":"26a2ded1-2304-4165-9723-1c76c6b1c1c5","block_type":"box","text":"Basket Customisation Fee","page_number":56,"box":{"x":127,"y":613,"width":208,"height":9}},{"id":"6a1b7dfd-92e5-4057-b857-8a68af66d21c","block_type":"box","text":"” (representing the estimated cost of acquisition of the relevant Deposit","page_number":56,"box":{"x":336,"y":612,"width":549,"height":12}},{"id":"54ac32c0-4163-42a7-92f5-df4c1bf259d7","block_type":"box","text":"Security to the Fund using the cash-in-lieu amount, otherwise than in respect of “","page_number":56,"box":{"x":120,"y":628,"width":615,"height":12}},{"id":"57c99378-9a1b-4ed0-b3a2-76d7634554b7","block_type":"box","text":"Settlement – Cash","page_number":56,"box":{"x":736,"y":628,"width":149,"height":9}},{"id":"b7662c2e-8a41-4851-ad8c-821bbd01cb3d","block_type":"box","text":"(Directed)","page_number":56,"box":{"x":119,"y":643,"width":79,"height":11}},{"id":"7461ac24-9578-4a36-8340-5f4d11baa5fd","block_type":"box","text":"” as described below), to protect existing investors from this expense. See the “","page_number":56,"box":{"x":199,"y":642,"width":581,"height":13}},{"id":"5d5612a5-4c63-409c-b1be-7d35a7fe1f9c","block_type":"box","text":"Risk Factor","page_number":56,"box":{"x":781,"y":643,"width":91,"height":9}},{"id":"faaf20f8-ac9c-4e49-a0d8-ebde31572d4c","block_type":"box","text":"”","page_number":56,"box":{"x":873,"y":643,"width":12,"height":9}},{"id":"c0f6f289-5c3a-4ddf-875c-6c89e2d86bd7","block_type":"box","text":"section of this Prospectus for further information on the Basket Customisation Fee.","page_number":56,"box":{"x":120,"y":657,"width":617,"height":12}},{"id":"1c195f27-f89b-43db-88b8-1a82f5981185","block_type":"box","text":"All questions as to the number of shares of each security in the Deposit Securities and the validity, form,","page_number":56,"box":{"x":119,"y":688,"width":766,"height":12}},{"id":"c55f961e-32cc-41fb-976c-c74f523566bd","block_type":"box","text":"eligibility, and acceptance for deposit of any securities to be delivered shall be determined by the","page_number":56,"box":{"x":119,"y":703,"width":766,"height":12}},{"id":"61124291-bb16-4ae0-a4f8-2e18fdcdaf2a","block_type":"box","text":"Company and the Company’s determination shall be final and binding.","page_number":56,"box":{"x":119,"y":718,"width":529,"height":12}},{"id":"e6605fb8-f53d-497d-ac68-09f21a21fd64","block_type":"box","text":"The Administrator shall inform the Depositary of the subscription. The Depositary will then inform the","page_number":56,"box":{"x":119,"y":748,"width":766,"height":12}},{"id":"4edbd341-9a2d-4cdb-9300-15ba9b7838bf","block_type":"box","text":"appropriate sub-custodians. Each sub-custodian shall maintain an account into which the Authorised","page_number":56,"box":{"x":119,"y":763,"width":766,"height":12}},{"id":"18b248d6-070b-43de-93ba-647165fffb06","block_type":"box","text":"Participant shall be instructed to deliver, on behalf of itself or the party on whose behalf it is acting, the","page_number":56,"box":{"x":119,"y":778,"width":766,"height":12}},{"id":"21f0f7d7-b7dc-4dac-a0fd-2f013a6afe6e","block_type":"box","text":"relevant Deposit Securities (or the cash value of all or part of such securities, in the case of a permitted","page_number":56,"box":{"x":119,"y":793,"width":766,"height":12}},{"id":"e93835d1-7c35-4cab-a702-48922354bbd7","block_type":"box","text":"or required cash purchase or cash-in-lieu amount) including all applicable fees. Deposit Securities must","page_number":56,"box":{"x":119,"y":808,"width":766,"height":12}},{"id":"5088c868-8568-40e9-8d6e-5531ad6f1b07","block_type":"box","text":"be delivered to an account maintained at the applicable local sub-custodians as instructed by the","page_number":56,"box":{"x":119,"y":823,"width":766,"height":12}},{"id":"ba68b9a6-1bba-4bf3-b09c-a5f1946eb456","block_type":"box","text":"Depositary. The Authorised Participant must also make available on the settlement date, by means","page_number":56,"box":{"x":119,"y":838,"width":766,"height":12}},{"id":"ab948a29-619b-4bfb-a7ea-ba24d6eb6707","block_type":"box","text":"satisfactory to the Company, immediately available or same day funds sufficient to pay the Cash","page_number":56,"box":{"x":120,"y":853,"width":765,"height":12}},{"id":"21aaeeac-f868-435a-8ba2-a2180c19e3a4","block_type":"box","text":"Component and any applicable fees next determined after acceptance of the purchase order.","page_number":56,"box":{"x":119,"y":868,"width":682,"height":12}},{"id":"1d9cf10b-2e59-4847-820f-845e7e8b3307","block_type":"box","text":"57","page_number":57,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"222fcc50-1a04-43aa-a1a3-884e0e24f4e1","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":57,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"6bfcac44-9553-41ee-bec0-e99355a9953b","block_type":"box","text":"The normal settlement period for Creation Unit subscriptions is set out in A","page_number":57,"box":{"x":119,"y":87,"width":539,"height":12}},{"id":"5345cbff-570b-424b-8523-c333f33ffa4a","block_type":"box","text":"Appendix 1","page_number":57,"box":{"x":658,"y":87,"width":88,"height":12}},{"id":"0e4dc646-662c-489e-a044-ce069dec6dda","block_type":"box","text":"to this Prospectus","page_number":57,"box":{"x":748,"y":87,"width":137,"height":12}},{"id":"1ad8c7ce-e49f-42c8-944e-2e3c4c08a798","block_type":"box","text":"or otherwise in the Supplement for the relevant Fund. The settlement period may vary depending upon","page_number":57,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"0797d9b4-82e5-4e92-bcc4-d032334ad046","block_type":"box","text":"the standard settlement periods of the different stock exchanges on which the Shares are traded and the","page_number":57,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"1981b3d7-dc91-45e6-a20b-a20ac5cdbc61","block_type":"box","text":"nature of the Deposit Securities. The Directors retain the discretion to accept settlements for Creation","page_number":57,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"746fe07f-e273-4af1-b875-95d872257509","block_type":"box","text":"Unit subscriptions outside of the normal settlement periods. However, the settlement period for Creation","page_number":57,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"c58ffddc-ee55-4da7-898c-deea1ef47eb8","block_type":"box","text":"Unit subscriptions shall not in any event exceed ten Business Days from the relevant Dealing Day. No","page_number":57,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"493edff6-3920-4371-aa01-21523b06c0bf","block_type":"box","text":"Shares of a Creation Unit will be issued to the applicant until all the Deposit Securities (or relevant cash","page_number":57,"box":{"x":120,"y":177,"width":765,"height":12}},{"id":"2f64dd44-de39-46fc-b46b-5a5f9a28c9ca","block_type":"box","text":"collateral as detailed below) has been received by the Depositary and the requisite Cash Component,","page_number":57,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"7f491385-def4-4678-a309-bd84581e1e88","block_type":"box","text":"Custody Transaction Fee and, if applicable, transfer taxes have been received by the Depositary.","page_number":57,"box":{"x":119,"y":207,"width":717,"height":12}},{"id":"6a7c1583-dbb2-4199-af13-8f3402080b6a","block_type":"box","text":"If an applicant fails to deliver to the Depositary one or more of the Deposit Securities by the designated","page_number":57,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"9f668138-8e1e-4f77-a75d-50281423b723","block_type":"box","text":"time, the Company may: (a) reject the application for subscription; or (b) may require the applicant to","page_number":57,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"8517a093-9662-4169-a1ec-61585a21cf65","block_type":"box","text":"pay to it, in cash, a collateral sum at least equal to 103% of the closing value of such undelivered Deposit","page_number":57,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"3e95ede4-86dc-4d05-9ef4-17d77fd1dfe6","block_type":"box","text":"Securities on the relevant Dealing Day, until the date of delivery of all such undelivered securities (or","page_number":57,"box":{"x":120,"y":282,"width":765,"height":12}},{"id":"3e0ba141-2ed6-4ca4-96b2-32cfc22bf8f4","block_type":"box","text":"the date on which the Company acquires all such Deposit Securities in the open market), plus any","page_number":57,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"afd8c282-34a2-4297-a631-f58ee13d23b4","block_type":"box","text":"transfer taxes associated with the purchase by the Company of those Deposit Securities; or (c) require a","page_number":57,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"71acd083-e3d1-4682-93f8-3450913bc3e2","block_type":"box","text":"letter of credit acceptable to it for such purpose. Cash collateral will be used following the default on","page_number":57,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"2c9c2e95-5586-45e3-b723-9ab8a4808828","block_type":"box","text":"the delivery of a Deposit Security. Securities that have a standard market settlement date past the","page_number":57,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"f0077bd5-98e2-4f96-b974-9637e3cdb5f6","block_type":"box","text":"settlement period provided for above are deemed “non delivered Deposit Securities” and therefore cash","page_number":57,"box":{"x":120,"y":357,"width":765,"height":12}},{"id":"ac6fb2b8-4acb-47dd-ad63-4d4cabe64bee","block_type":"box","text":"collateral will be required until the Deposit Securities are delivered. The cash collateral will be marked","page_number":57,"box":{"x":119,"y":372,"width":761,"height":12}},{"id":"81b00a9f-5171-4fdf-9a94-109afaf543d1","block_type":"box","text":"to-market on a daily basis and additional collateral will be requested if the value of the security exceeds","page_number":57,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"c73a2376-aceb-4dde-b4d5-b3a3810ddddd","block_type":"box","text":"the value of the cash initially received. Once the security in question has been delivered, the cash","page_number":57,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"89563d4f-6cba-4dc3-9e90-fba383faf7bf","block_type":"box","text":"collateral will be returned to the Authorised Participant. If the applicant fails to deliver to the Depositary","page_number":57,"box":{"x":119,"y":417,"width":766,"height":12}},{"id":"145452fe-61d0-4d75-b09d-bb1c8375001e","block_type":"box","text":"the Deposit Securities by the designated time, the Company reserves the right to utilise the relevant cash","page_number":57,"box":{"x":119,"y":432,"width":766,"height":12}},{"id":"33604414-0e38-46c7-8f78-c567e9d2b0cd","block_type":"box","text":"collateral to acquire the Deposit Securities. In the event that any cash collateral is used to purchase the","page_number":57,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"8211cade-fb0d-4607-b513-ac0374ae2220","block_type":"box","text":"security omitted from the Deposit Securities, any excess cash will be returned once the security has","page_number":57,"box":{"x":120,"y":462,"width":765,"height":12}},{"id":"3dc9d233-5226-4a0a-94f5-19dff0b69996","block_type":"box","text":"settled. The Company will notify the Authorised Participant in advance of taking action to purchase the","page_number":57,"box":{"x":120,"y":477,"width":765,"height":12}},{"id":"dc773c0b-ffd6-4e01-a131-f769f9131fed","block_type":"box","text":"Deposit Securities with cash collateral. No Creation Unit will be issued and settlement will not occur","page_number":57,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"81db00ac-8e21-4319-9b99-6aafbb049d9d","block_type":"box","text":"until such time as the Deposit Securities are received by the Depositary, either through delivery by the","page_number":57,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"21a143cf-9acf-449c-a1a5-5fb0215fecde","block_type":"box","text":"applicant or acquisition by the Company utilising the relevant cash collateral or through receipt by the","page_number":57,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"88568964-d868-4c27-8a67-a5947ccd27e3","block_type":"box","text":"Company of the cash collateral. If the actual cost to the Company of acquiring the Deposit Securities","page_number":57,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"6b36983c-c7a7-4d7d-a9b3-c1232f9a5a80","block_type":"box","text":"(including any trading fees and stamp duty taxes) and the Custody Transaction Fee payable to the","page_number":57,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"021cb92c-370c-4370-b7fa-75c2d3139f13","block_type":"box","text":"Depositary exceed the value of such cash collateral held the applicant will be required to promptly","page_number":57,"box":{"x":119,"y":567,"width":766,"height":12}},{"id":"f242c07d-5ab9-4055-baf2-aece75f61a8d","block_type":"box","text":"reimburse the Company the difference on demand. No interest will be paid on any collateral held in","page_number":57,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"7f04b532-ee7d-419a-9ea4-fef09b557b56","block_type":"box","text":"these circumstances.","page_number":57,"box":{"x":119,"y":597,"width":156,"height":10}},{"id":"37487b48-43e6-4fe5-813e-c850f9dd15dd","block_type":"box","text":"Settlement - Cash (Non-Directed)","page_number":57,"box":{"x":119,"y":628,"width":253,"height":12}},{"id":"86c30155-a597-4a2a-81cd-52373303fbe8","block_type":"box","text":"Subscriptions for ETF Shares may be settled in cash. The Company will publish a “","page_number":57,"box":{"x":120,"y":657,"width":690,"height":13}},{"id":"61925091-1235-48be-8b95-5688232111ec","block_type":"box","text":"Portfolio","page_number":57,"box":{"x":811,"y":658,"width":74,"height":9}},{"id":"3915728f-931e-450e-b1dd-f9540adb163c","block_type":"box","text":"Composition File","page_number":57,"box":{"x":119,"y":673,"width":134,"height":12}},{"id":"1694dee9-73c1-41c8-94eb-063ce6d7b57d","block_type":"box","text":"” for each Fund dealing in cash. Trading costs incurred by the trading of cash will be","page_number":57,"box":{"x":254,"y":673,"width":631,"height":12}},{"id":"0b5f84df-9189-4b9b-8785-d29513f463a0","block_type":"box","text":"an expense of the Authorised Participant and a basis point transaction fee or, if the Investment Manager","page_number":57,"box":{"x":119,"y":688,"width":766,"height":12}},{"id":"b975c807-c89f-4395-85f9-61f66aca18a9","block_type":"box","text":"deems it appropriate, the actual trading cost, the level and basis of which will be determined by the","page_number":57,"box":{"x":119,"y":703,"width":766,"height":12}},{"id":"bcef82da-1445-4a19-9b2a-8c755015f3a1","block_type":"box","text":"Investment Manager (the Cash Creation Fee as detailed below) will be applied to the gross subscription","page_number":57,"box":{"x":119,"y":718,"width":766,"height":12}},{"id":"abe6ce4d-ddc5-442e-b67b-a0d26c45f82c","block_type":"box","text":"amount. In addition, Custody Transaction Fees (as detailed above), if any, outlined in","page_number":57,"box":{"x":119,"y":733,"width":649,"height":12}},{"id":"fc8b347a-5543-470a-840e-52c9c78ccc84","block_type":"box","text":"Appendix 1","page_number":57,"box":{"x":768,"y":733,"width":91,"height":12}},{"id":"28fdf958-5d46-492f-a33c-08ea09456f38","block_type":"box","text":"of","page_number":57,"box":{"x":860,"y":733,"width":25,"height":9}},{"id":"02b98ef0-4519-4f8d-b3b9-8d42d3f32c97","block_type":"box","text":"this Prospectus or in a relevant Supplement will apply.","page_number":57,"box":{"x":119,"y":748,"width":408,"height":12}},{"id":"fa60b58b-48b5-448c-a38b-209163838efa","block_type":"box","text":"The normal settlement period for Creation Unit subscriptions for each Fund is set out either in A","page_number":57,"box":{"x":119,"y":778,"width":686,"height":12}},{"id":"5aa82ee8-36f3-45c7-b4e5-79de3aab29ef","block_type":"box","text":"Appendix","page_number":57,"box":{"x":804,"y":778,"width":81,"height":12}},{"id":"3d1e2a43-f4d1-4406-b204-54edcb219b7a","block_type":"box","text":"1","page_number":57,"box":{"x":120,"y":793,"width":6,"height":9}},{"id":"bef74cbe-c108-4656-877b-f2a1386e906d","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the relevant Fund. The Directors retain the","page_number":57,"box":{"x":128,"y":793,"width":757,"height":12}},{"id":"86645d63-d251-4325-84ae-1a05f7df204a","block_type":"box","text":"discretion to accept settlements for Creation Unit subscriptions outside of the normal settlement periods.","page_number":57,"box":{"x":119,"y":808,"width":766,"height":12}},{"id":"e9b9a14f-d7ba-483c-b0b8-1e56ecc5ac6c","block_type":"box","text":"However, the settlement period for Creation Unit subscriptions shall not in any event exceed ten","page_number":57,"box":{"x":119,"y":823,"width":766,"height":12}},{"id":"c9c54bf5-af29-478a-b6e2-cf8d207d44bb","block_type":"box","text":"Business Days from the relevant Dealing Day.","page_number":57,"box":{"x":119,"y":838,"width":348,"height":12}},{"id":"c3d47b86-a655-4356-8ef0-1a0097d79fb0","block_type":"box","text":"Investors should note that subscriptions for ETF Shares in the LifeStrategy® ETFs may not generally","page_number":57,"box":{"x":119,"y":868,"width":766,"height":12}},{"id":"88fc7477-8876-44bd-a3a2-446b69aae41e","block_type":"box","text":"be settled in cash (non-directed).","page_number":57,"box":{"x":119,"y":883,"width":246,"height":12}},{"id":"98476d53-bb1c-469b-9371-01c00f78e25a","block_type":"box","text":"58","page_number":58,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"97737615-3f84-4fb8-84a4-3718311e5642","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":58,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"5307741d-100f-4127-b7d1-7720812bff13","block_type":"box","text":"Settlement - Cash (Directed)","page_number":58,"box":{"x":119,"y":87,"width":216,"height":12}},{"id":"1a786c46-6c16-4dc2-9fbe-9671eeae68ac","block_type":"box","text":"An Authorised Participant settling a subscription order for ETF Shares in cash may request that the","page_number":58,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"a83d914d-88c0-496c-8196-1ac12d68b05b","block_type":"box","text":"Investment Manager (or the Sub-Investment Manager) trade the underlying securities with a particular","page_number":58,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"5d9c66a2-93c6-4d20-8dc2-5ab0c878fcc1","block_type":"box","text":"broker (selected from a list authorised by the Investment Manager which may include other Authorised","page_number":58,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"1d24d9af-a657-46cd-aab2-166db3182103","block_type":"box","text":"Participants or parties related to Authorised Participants), who may, at its discretion, transact","page_number":58,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"b3368a2a-ab0c-4b3d-ae12-bc4e97c1a09c","block_type":"box","text":"accordingly. Alternatively, Authorised Participants may elect to have a broker appointed on their behalf","page_number":58,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"951bc6f7-ec69-4d71-a722-41257f93c577","block_type":"box","text":"and should contact the Investment Manager to arrange for this.","page_number":58,"box":{"x":119,"y":192,"width":468,"height":12}},{"id":"7f1ae24a-ffcb-4aaf-a28b-363858d747f7","block_type":"box","text":"Authorised Participants should contact the designated broker to inform them of the trade, prior to the","page_number":58,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"4c5c9946-0b57-419e-9080-fdb4982c31ab","block_type":"box","text":"Investment Manager (or its delegate) transacting for the underlying securities with the specified broker.","page_number":58,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"c313c2ae-f4b7-4c70-97c7-f8dd8377f1f3","block_type":"box","text":"No liability will attach to the Investment Manager (or the Sub-Investment Manager) in the event that","page_number":58,"box":{"x":118,"y":251,"width":767,"height":12}},{"id":"d42666bf-84e0-4466-821b-6d511bd4580a","block_type":"box","text":"the trade, or a portion thereof, is not effected due to a failed trade, delayed settlement, market closure or","page_number":58,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"8b02fe73-b607-49d5-aefa-00584cd337f8","block_type":"box","text":"market disruption, omission or error or similar by either the investor or the designated broker. An","page_number":58,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"dc43ecd3-a115-43b4-ae43-300e76e59545","block_type":"box","text":"Authorised Participant or designated broker defaulting on or changing the terms of any part of the","page_number":58,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"7108c0d9-f0f8-44fa-a406-d6b25e484bd3","block_type":"box","text":"transaction will bear all risks and costs in connection therewith and the Investment Manager (or the Sub","page_number":58,"box":{"x":119,"y":311,"width":761,"height":12}},{"id":"288c241c-3533-46f1-a853-78d9f89cf3e4","block_type":"box","text":"Investment Manager) may transact with another broker and amend the terms of the Authorised","page_number":58,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"6137a9ee-c8d6-4b21-986f-0e0730a31088","block_type":"box","text":"Participant’s subscription or redemption to take account of the default and the changes to the terms. Fees","page_number":58,"box":{"x":119,"y":341,"width":766,"height":12}},{"id":"ebfa6764-8fb2-4623-8224-9d15cec75250","block_type":"box","text":"for directed cash creations and redemptions will vary.","page_number":58,"box":{"x":119,"y":356,"width":402,"height":12}},{"id":"41d5936b-677f-4e04-8104-5005b5b8562c","block_type":"box","text":"Any Authorised Participant requesting a cash (directed) settlement for a subscription order will be","page_number":58,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"2d4e601d-812e-43dc-99d6-2a3b42c45d50","block_type":"box","text":"responsible for the total cost of purchasing the underlying securities which will comprise: (a) the full","page_number":58,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"94982d15-49d0-4acf-bcd9-61236814c328","block_type":"box","text":"price of the securities purchased; and (b) any fees or costs incurred, including Custody Transaction Fees","page_number":58,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"e4f47e71-c1a7-41d6-aade-abd7dd92f2ac","block_type":"box","text":"(as detailed above), the Cash Creation Fee (as detailed below) and brokerage fees and this total may","page_number":58,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"93af3564-6556-41f6-af1f-e90b9f5d600a","block_type":"box","text":"exceed the Net Asset Value per Share applicable to the relevant subscription order.","page_number":58,"box":{"x":119,"y":446,"width":618,"height":12}},{"id":"b130f551-66d4-4b20-8c5f-681ac6beea69","block_type":"box","text":"The normal settlement period for Creation Unit subscriptions for each Fund is set out either in A","page_number":58,"box":{"x":119,"y":476,"width":686,"height":12}},{"id":"df0ab562-a271-4d72-823d-860bea39deac","block_type":"box","text":"Appendix","page_number":58,"box":{"x":804,"y":476,"width":81,"height":12}},{"id":"9099dbe4-0e04-4bd7-bde1-149f2eaee917","block_type":"box","text":"1","page_number":58,"box":{"x":120,"y":491,"width":6,"height":9}},{"id":"d4cbf146-bfd8-4908-8c40-2c4cebdf688f","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the relevant Fund. The Directors retain the","page_number":58,"box":{"x":128,"y":491,"width":757,"height":12}},{"id":"3d928863-b2cf-49eb-b12f-174bd5cb8a9b","block_type":"box","text":"discretion to accept settlements for Creation Unit subscriptions outside of the normal settlement periods.","page_number":58,"box":{"x":119,"y":506,"width":766,"height":12}},{"id":"07b48bb8-c638-4ff7-89d5-eda39877f49a","block_type":"box","text":"However, the settlement period for Creation Unit subscriptions shall not in any event exceed ten","page_number":58,"box":{"x":119,"y":521,"width":766,"height":12}},{"id":"03f2e98a-d500-4c73-bdfe-ae5e1d496058","block_type":"box","text":"Business Days from the relevant Dealing Day.","page_number":58,"box":{"x":119,"y":536,"width":348,"height":12}},{"id":"66a4fb84-7f9c-4e99-aecd-b7428a54c76f","block_type":"box","text":"Collection Account","page_number":58,"box":{"x":120,"y":566,"width":145,"height":9}},{"id":"aa2ea551-6a02-4dfd-9c46-fce7de47a5cd","block_type":"box","text":"Subscriptions monies received in respect of a Fund in advance of the issue of Shares may be held in a","page_number":58,"box":{"x":120,"y":596,"width":765,"height":12}},{"id":"f8051a09-cc42-4e9e-87c8-a84bda8f06ab","block_type":"box","text":"Collection Account in the name of the Company. Investors should refer to the risk statement ‘","page_number":58,"box":{"x":119,"y":611,"width":685,"height":12}},{"id":"3676c1eb-98a6-4e43-abcd-938d053466d1","block_type":"box","text":"Umbrella","page_number":58,"box":{"x":806,"y":611,"width":79,"height":9}},{"id":"15cd296d-a603-45fb-bbb8-b6a8fae3f353","block_type":"box","text":"Cash Subscription and Redemption Account (“Collection Account”) Risk","page_number":58,"box":{"x":119,"y":626,"width":589,"height":12}},{"id":"ccb8a7a0-409c-4e8b-bed5-f866475a86e7","block_type":"box","text":"’ in the Section of this","page_number":58,"box":{"x":710,"y":626,"width":175,"height":9}},{"id":"0c84d5bf-46a2-4336-b7a1-021c9c0e2411","block_type":"box","text":"Prospectus entitled ‘","page_number":58,"box":{"x":119,"y":641,"width":153,"height":12}},{"id":"1238dce9-d342-4691-98cf-a5abf0ba86e3","block_type":"box","text":"Risk Factors","page_number":58,"box":{"x":274,"y":641,"width":101,"height":9}},{"id":"5795d130-37c0-4bb9-9f71-72d320d78a98","block_type":"box","text":"’ for an understanding of their position vis-a-vis monies held in a","page_number":58,"box":{"x":378,"y":641,"width":507,"height":12}},{"id":"99864f9a-6201-40d6-a6eb-3621c7fe7c36","block_type":"box","text":"Collection Account.","page_number":58,"box":{"x":119,"y":656,"width":147,"height":9}},{"id":"be12df13-32da-48ef-bef7-65f7f231564c","block_type":"box","text":"Cash Creation Fee","page_number":58,"box":{"x":119,"y":686,"width":151,"height":10}},{"id":"b6a060a1-85c0-4fde-8669-4bac5f9ce84b","block_type":"box","text":"A Fund may charge a Cash Creation Fee to cover the trading costs incurred by the trading of cash on","page_number":58,"box":{"x":119,"y":715,"width":766,"height":12}},{"id":"246bf8b5-12be-4a85-8627-e7de1ac8e8a4","block_type":"box","text":"cash subscriptions for ETF Shares being a basis point transaction fee or, if the Investment Manager","page_number":58,"box":{"x":119,"y":730,"width":766,"height":12}},{"id":"5c5629a6-17a0-4dd1-bd2e-669ee0dc511d","block_type":"box","text":"deems it appropriate, the actual trading cost, the level and basis of which will be determined by the","page_number":58,"box":{"x":119,"y":745,"width":766,"height":12}},{"id":"e88626fc-fec3-4480-a1db-907e08de9ffb","block_type":"box","text":"Investment Manager, up to such amount as specified in either in","page_number":58,"box":{"x":119,"y":760,"width":501,"height":12}},{"id":"85b5a944-8892-48e3-8540-6c1d287fbfb9","block_type":"box","text":"Appendix 1","page_number":58,"box":{"x":623,"y":761,"width":97,"height":11}},{"id":"fdf96edc-8180-48dc-bb22-d98cd161bea8","block_type":"box","text":"of this Prospectus or","page_number":58,"box":{"x":723,"y":760,"width":162,"height":12}},{"id":"4aaaf843-ac39-4127-ba77-8aa8adcf4a2b","block_type":"box","text":"otherwise in the Supplement for the relevant Fund. The fee is paid directly into the assets of the relevant","page_number":58,"box":{"x":119,"y":775,"width":766,"height":12}},{"id":"64356d10-5901-463e-b900-0bf9e8a251d4","block_type":"box","text":"Fund to offset the cost of buying and selling securities and is not a subscription fee payable to the","page_number":58,"box":{"x":119,"y":790,"width":766,"height":12}},{"id":"aba0c13d-5312-42dc-a22c-5ea8e1f4b27f","block_type":"box","text":"Manager or to any other person. The maximum of any such fee is 2% of the gross subscription amount","page_number":58,"box":{"x":119,"y":805,"width":766,"height":12}},{"id":"0faee83e-0453-48a5-a4c4-a28ee03278cb","block_type":"box","text":"as detailed in either in","page_number":58,"box":{"x":119,"y":821,"width":171,"height":9}},{"id":"4e711e0b-bc9a-43bd-b252-be9feef098d5","block_type":"box","text":"Appendix 1","page_number":58,"box":{"x":291,"y":821,"width":90,"height":12}},{"id":"ebf6bf9f-524e-4bcb-bbbb-9bb44031079e","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the relevant","page_number":58,"box":{"x":382,"y":821,"width":503,"height":12}},{"id":"44b39628-3521-4721-b7b0-09e219facfaa","block_type":"box","text":"Fund.","page_number":58,"box":{"x":119,"y":835,"width":47,"height":10}},{"id":"62823d21-d113-4af9-8c47-7168145a4829","block_type":"box","text":"Anti-Dilution Levy","page_number":58,"box":{"x":119,"y":866,"width":154,"height":12}},{"id":"915b1d6d-c429-4289-80b7-66531dbbb54e","block_type":"box","text":"59","page_number":59,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"f4a48138-3732-4ee5-a910-70e9d6775bf9","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":59,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"11fc8c3a-367d-45b9-a0f0-db396ddf4374","block_type":"box","text":"See the “","page_number":59,"box":{"x":120,"y":87,"width":66,"height":9}},{"id":"67c65681-43a0-49c4-ae9f-2d6473b0448e","block_type":"box","text":"Anti-Dilution Levy","page_number":59,"box":{"x":187,"y":87,"width":149,"height":12}},{"id":"d7d251e9-70f0-4855-9a6d-c72f32be27c1","block_type":"box","text":"” section of this Prospectus for details of the anti-dilution fee which may","page_number":59,"box":{"x":337,"y":87,"width":548,"height":12}},{"id":"dc3e0146-63fa-461e-88b2-d1eb2cd30a8a","block_type":"box","text":"be charged.","page_number":59,"box":{"x":119,"y":102,"width":90,"height":12}},{"id":"a4ac7b0c-eb18-4ea4-b644-be6594ba5743","block_type":"box","text":"Settlement","page_number":59,"box":{"x":120,"y":132,"width":87,"height":9}},{"id":"bba2c92d-f25e-433b-b085-d906bc0945e8","block_type":"box","text":"The normal period within which cash settlement of purchase monies for each Fund falls due is set out","page_number":59,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"f83fe7b1-b0e3-4da1-935c-6377c27ceb57","block_type":"box","text":"either in","page_number":59,"box":{"x":119,"y":176,"width":68,"height":9}},{"id":"78e53b49-eb46-4d13-a256-789676c6aa7e","block_type":"box","text":"Appendix 1","page_number":59,"box":{"x":189,"y":176,"width":92,"height":12}},{"id":"55d6aa5a-9ce2-4697-b913-612a7d5e62bd","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the relevant Fund. The","page_number":59,"box":{"x":282,"y":176,"width":603,"height":12}},{"id":"c43bf1be-c712-4609-ab48-bd1bec5c268f","block_type":"box","text":"Directors retain the discretion to accept cash settlements for purchase monies outside of the normal","page_number":59,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"7a113f35-c829-48ea-9754-b2f1c47f933b","block_type":"box","text":"settlement periods. However, the settlement period for cash settlement of purchase monies shall not in","page_number":59,"box":{"x":120,"y":206,"width":765,"height":12}},{"id":"8e5f09ef-1332-4d5d-9594-1ab8d6e63abb","block_type":"box","text":"any event exceed ten Business Days from the relevant Dealing Day. The Portal Operator will send a","page_number":59,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"d7b1bda9-3530-438d-80bb-f143a02ab300","block_type":"box","text":"contract note by the close of the Business Day after the relevant Dealing Day. If full settlement of","page_number":59,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"446fdc73-d492-4ae5-8a38-3024b061dee9","block_type":"box","text":"purchase monies is not made within the required time, then the Company reserves the right to make an","page_number":59,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"b7d8fec0-0486-4a52-81e7-2b4eb3d16823","block_type":"box","text":"administration charge and recover any shortfall. Purchase monies must be received by telegraphic","page_number":59,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"a5b3d7a0-46c0-4fe6-8c3a-d8cd1c655c9c","block_type":"box","text":"transfer. The applicant shall bear all bank costs or other associated costs which are levied on such","page_number":59,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"af36d466-6a02-46c3-9c9b-067455683dc3","block_type":"box","text":"transfer. The Company reserves the right to accept other forms of payment in its discretion; however,","page_number":59,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"2650f3fc-3226-4e97-8295-af6c871ce452","block_type":"box","text":"no cheques will be accepted, subject to the ultimate discretion of the Company.","page_number":59,"box":{"x":119,"y":311,"width":590,"height":12}},{"id":"51ce6bd0-47b1-4681-9e99-dcf8351f6451","block_type":"box","text":"Shares held through Recognised Clearing and Settlement Systems","page_number":59,"box":{"x":120,"y":342,"width":523,"height":11}},{"id":"4a1c51a8-625b-48e6-b3e1-bcfd6ca246ff","block_type":"box","text":"Distributions of dividends and other payments with respect to Shares in the Company held through","page_number":59,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"7fd1a8ea-d01d-4457-908a-9171672926b5","block_type":"box","text":"Recognised Clearing and Settlement Systems will be credited to the cash accounts of such Recognised","page_number":59,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"a902fa60-de50-42b5-bb88-0ae178dbac2e","block_type":"box","text":"Clearing and Settlement Systems’ participants in accordance with the relevant system’s rules and","page_number":59,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"4c7d89f8-3188-4794-a778-06551abd6e7d","block_type":"box","text":"procedures. Any information or Company communications to a Shareholder holding Shares in a","page_number":59,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"3f607edb-02b3-4bed-a768-05060c345217","block_type":"box","text":"settlement system, including voting or proxy materials, annual reports etc., will be transmitted to those","page_number":59,"box":{"x":120,"y":431,"width":765,"height":12}},{"id":"9870c5be-3c28-4794-9f6f-8d5c7e68c654","block_type":"box","text":"settlement systems capable of receiving and processing such information for transmission to investors.","page_number":59,"box":{"x":120,"y":446,"width":761,"height":12}},{"id":"d6ede43e-bdd9-4f31-b8d4-216b7131fdb1","block_type":"box","text":"Secondary market sales of Shares or purchases of Shares will be conducted in accordance with the","page_number":59,"box":{"x":120,"y":476,"width":765,"height":12}},{"id":"a3252c57-dbc4-4ddc-ad31-39aab27a7a3f","block_type":"box","text":"normal rules and operating procedures of the relevant stock exchange(s) and settlement systems and will","page_number":59,"box":{"x":119,"y":491,"width":766,"height":12}},{"id":"4a401b96-e0b2-4c42-bb26-bf06cf0c9fbc","block_type":"box","text":"be settled using the normal procedures applicable to trading securities and the rights of secondary market","page_number":59,"box":{"x":119,"y":506,"width":766,"height":12}},{"id":"82490037-436d-41ed-8fdb-75198609600b","block_type":"box","text":"purchasers will be governed accordingly. See the section of the Prospectus entitled “","page_number":59,"box":{"x":119,"y":521,"width":642,"height":12}},{"id":"295fffcd-d453-4b18-8285-81a43fa9e7ac","block_type":"box","text":"The Secondary","page_number":59,"box":{"x":762,"y":521,"width":123,"height":12}},{"id":"b4c4c65e-05e7-4804-9eeb-bebcccd5ab65","block_type":"box","text":"Market","page_number":59,"box":{"x":119,"y":536,"width":59,"height":9}},{"id":"6db7556c-d025-4dfc-88d4-124584e276dd","block_type":"box","text":"” for further information.","page_number":59,"box":{"x":179,"y":536,"width":190,"height":9}},{"id":"1b2e50b9-4473-4e0f-87aa-92d411e7dd8a","block_type":"box","text":"Currency of Subscription","page_number":59,"box":{"x":119,"y":566,"width":205,"height":12}},{"id":"dcdcb3be-c130-4a89-92b6-bccfd545b475","block_type":"box","text":"Subscriptions for Shares must be in the currency of denomination of the relevant Share class.","page_number":59,"box":{"x":120,"y":595,"width":692,"height":12}},{"id":"510c6591-9d14-44ed-9c3f-e13ccbbb5385","block_type":"box","text":"General","page_number":59,"box":{"x":119,"y":625,"width":68,"height":10}},{"id":"44020c7c-878e-41d6-98da-de6ab0e8d318","block_type":"box","text":"Acceptance of Orders","page_number":59,"box":{"x":119,"y":656,"width":170,"height":11}},{"id":"81d5581e-349c-4236-85c2-45592404396f","block_type":"box","text":"The Company reserves the right not to accept any subscriptions for Shares until the Administrator","page_number":59,"box":{"x":119,"y":685,"width":766,"height":12}},{"id":"46f3a920-2d30-4cab-9e4d-02a1b452a3b6","block_type":"box","text":"receives the original signed Application Form and all of the necessary anti-money-laundering","page_number":59,"box":{"x":119,"y":700,"width":766,"height":12}},{"id":"b90918eb-3ca0-4020-b6f7-1a5e250ce62c","block_type":"box","text":"documentation and all anti-money-laundering requirements are satisfied. The Company reserves the","page_number":59,"box":{"x":119,"y":714,"width":766,"height":13}},{"id":"0b75a48d-508b-4b09-a7af-68ac007e5068","block_type":"box","text":"absolute right to reject a subscription order for any reason. By way of example, and without in any way","page_number":59,"box":{"x":119,"y":730,"width":766,"height":12}},{"id":"185ca1b2-092e-488b-871e-03168123fdf2","block_type":"box","text":"limiting that right, a subscription request could be rejected if: (i) the Deposit Securities delivered in","page_number":59,"box":{"x":119,"y":745,"width":766,"height":12}},{"id":"1731c4d6-6276-4dad-95db-b46e37da4649","block_type":"box","text":"payment for the Creation Unit are not as specified by the Portal Operator via the Portal; (ii) acceptance","page_number":59,"box":{"x":119,"y":760,"width":766,"height":12}},{"id":"bcad4244-15de-4569-8f6f-e77c82ee5e8e","block_type":"box","text":"of the Fund Deposit (securities or cash) would have certain adverse tax consequences to the Fund; (iii)","page_number":59,"box":{"x":119,"y":775,"width":766,"height":12}},{"id":"b7106eb9-3b02-4913-8023-28e28dc914a3","block_type":"box","text":"the acceptance of the Fund Deposit would, in the opinion of the Company’s counsel, be unlawful; (iv)","page_number":59,"box":{"x":119,"y":790,"width":766,"height":12}},{"id":"edbcf15a-e605-43c9-9c40-fda551b0381d","block_type":"box","text":"circumstances outside the control of the Fund, the Portal Operator or the Administrator make it","page_number":59,"box":{"x":119,"y":805,"width":766,"height":12}},{"id":"827a4982-a533-4a1d-9399-d6b8f5aecd7c","block_type":"box","text":"impractical to process a subscription request; or (v) the acceptance of the Fund Deposit would otherwise,","page_number":59,"box":{"x":119,"y":820,"width":766,"height":12}},{"id":"09ac0e7f-9026-4e99-bce9-15d747f67e63","block_type":"box","text":"in the discretion of the Company, have an adverse effect on the Fund or its Shareholders. On any Dealing","page_number":59,"box":{"x":119,"y":835,"width":766,"height":12}},{"id":"7f47c149-7002-4102-ab92-b3fcf955df9b","block_type":"box","text":"Day, in respect of which one or more Directors or their delegates determine that the acceptance of a cash","page_number":59,"box":{"x":119,"y":850,"width":766,"height":12}},{"id":"5c42eb3f-eb00-4b2c-a310-a649b2c7b4b1","block_type":"box","text":"subscription may have an adverse effect on a Fund or its Shareholders, the Company may only accept","page_number":59,"box":{"x":120,"y":865,"width":765,"height":12}},{"id":"d5d7d6d5-b234-44f0-8e3c-06dda96a4958","block_type":"box","text":"in-kind subscriptions for such Fund on that Dealing Day and may reject any cash subscription received","page_number":59,"box":{"x":119,"y":880,"width":766,"height":12}},{"id":"73050ddc-ca71-444e-9e79-effbfc9d27a6","block_type":"box","text":"in respect of that Fund. The Company will notify the Authorised Participant if it rejects the Authorised","page_number":59,"box":{"x":119,"y":895,"width":766,"height":12}},{"id":"a2d61774-6d77-4d49-82fb-fd63c78a006f","block_type":"box","text":"60","page_number":60,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"1ce312e1-ea28-4a1b-bfd0-9c2a3fe3e085","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":60,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"0bbd5b75-e374-4841-89fc-c226b2d4ed80","block_type":"box","text":"Participant’s subscription request. The Company, the Portal Operator and the Administrator are under","page_number":60,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"b1497689-4713-4cdf-81de-827574de3600","block_type":"box","text":"no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits,","page_number":60,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"7b175017-f363-4930-a2d6-f6fe61a67852","block_type":"box","text":"nor shall either of them incur any liability for the failure to give any such notification, however the Fund,","page_number":60,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"e05dd0c8-3c14-4c01-8dab-b545014a1561","block_type":"box","text":"the Portal Operator and the Administrator will endeavour to contact the Authorised Participant in the","page_number":60,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"960ed587-a59c-445d-8577-ac5b61e5b65c","block_type":"box","text":"event of defects or irregularities in the delivery of Fund Deposits.","page_number":60,"box":{"x":119,"y":147,"width":488,"height":12}},{"id":"337a6789-1b97-486b-bd2c-cebc2d30aae5","block_type":"box","text":"The Company also reserves the general right to reject any subscription request, including switches from","page_number":60,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"a99d1197-b3dd-4ede-a7ce-87aee9ce8a26","block_type":"box","text":"other Funds for example in the case of significantly large switching requests which would impact other","page_number":60,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"05f11ec9-444b-4dbb-b3eb-1b3e7e48fcb7","block_type":"box","text":"Shareholders. In addition, see section entitled “","page_number":60,"box":{"x":120,"y":206,"width":355,"height":11}},{"id":"0b50447b-ab5e-4a65-9888-74dc9dc3c54d","block_type":"box","text":"Market Timing and Frequent Trading","page_number":60,"box":{"x":476,"y":206,"width":304,"height":12}},{"id":"ea14a20e-0a20-43e1-94d6-41f7f5174066","block_type":"box","text":"” below. Any","page_number":60,"box":{"x":781,"y":206,"width":104,"height":12}},{"id":"6f0d5cd0-7bb7-4c60-886b-dba40fca64be","block_type":"box","text":"subscription for Shares received or deemed to be received by the Company may be withdrawn or","page_number":60,"box":{"x":120,"y":221,"width":765,"height":12}},{"id":"c9f4d86f-ced9-4e3a-aaca-b765d4907232","block_type":"box","text":"amended only with the consent of the Directors or, where such request to withdraw or amend a","page_number":60,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"8ab5c283-0eb0-4ea3-b7ca-e748ec7b0804","block_type":"box","text":"subscription request is received prior to the Cut-Off Time for the relevant Dealing Day, with the consent","page_number":60,"box":{"x":120,"y":251,"width":765,"height":12}},{"id":"02adf665-f669-4a7a-93bc-df8809d982fe","block_type":"box","text":"of their duly appointed delegate(s).","page_number":60,"box":{"x":119,"y":266,"width":263,"height":12}},{"id":"8368a37d-059a-4780-9617-f1ef53dbf9bd","block_type":"box","text":"The Company reserves the right to limit the issue of Shares in any Fund or class of Shares where the","page_number":60,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"e6ff3b6d-25cc-44ba-a06f-005c911a85a7","block_type":"box","text":"liquidity within the Fund or class is deemed to be detrimental to its performance by closing the Fund or","page_number":60,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"622b473c-205f-4625-a94e-d2fc86ab6a7d","block_type":"box","text":"class to new subscriptions or switches into it, either from existing Shareholders or new applicants or","page_number":60,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"7c256a19-e716-47f2-b7ae-3b49b99a588e","block_type":"box","text":"both. An example of the circumstances in which this may occur could be where the Company determines","page_number":60,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"33a47e0c-c487-4ac1-bc14-ca1b4b571b5a","block_type":"box","text":"that it would be prudent to limit the capacity or the size of a Fund, the investment objective of which is","page_number":60,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"5ea51986-a80b-49b4-93aa-8eaa81e8d10a","block_type":"box","text":"aimed at a particular market or sector.","page_number":60,"box":{"x":119,"y":371,"width":285,"height":12}},{"id":"b2385625-29d7-47a3-90ab-58a8a3fb2c69","block_type":"box","text":"Amendments to Shareholder Details","page_number":60,"box":{"x":119,"y":400,"width":285,"height":9}},{"id":"b4a5ce06-5b47-4ba9-8122-2d4869c7e9f1","block_type":"box","text":"Any amendments to a Shareholder’s registration details and payment instructions will only be effective","page_number":60,"box":{"x":119,"y":429,"width":766,"height":12}},{"id":"b2febdde-5308-4c33-ba9a-fc6289702e8b","block_type":"box","text":"upon receipt of a duly authorised written instruction from the relevant Shareholder. Pursuant to the","page_number":60,"box":{"x":119,"y":444,"width":766,"height":12}},{"id":"23926e50-7b17-4fa4-8435-4ba09d11dfc5","block_type":"box","text":"Administrator’s standards, an original wet ink instruction may be required.","page_number":60,"box":{"x":119,"y":459,"width":557,"height":12}},{"id":"ebeb2ef1-5990-453d-a810-5ed2f1df07e7","block_type":"box","text":"Failure to Settle","page_number":60,"box":{"x":119,"y":489,"width":131,"height":10}},{"id":"ad3ad20f-f660-4ef6-a47d-b42149163789","block_type":"box","text":"Under the terms of the Application Form, investors accept responsibility and liability for any failure by","page_number":60,"box":{"x":119,"y":518,"width":766,"height":13}},{"id":"38092334-9219-4b79-8f33-18debc959ce4","block_type":"box","text":"them to settle subscription orders in accordance with the procedures and deadlines set out above. Each","page_number":60,"box":{"x":119,"y":533,"width":766,"height":12}},{"id":"e5617fc6-8d36-44da-8cad-7cc3599de34e","block_type":"box","text":"investor agrees that any costs for which such investor becomes liable as a result of his or her failure to","page_number":60,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"4e6402cc-2d69-416f-b1ea-5f5047a58e5f","block_type":"box","text":"provide subscription monies in accordance with the procedures and deadlines set out above shall be","page_number":60,"box":{"x":119,"y":564,"width":766,"height":12}},{"id":"1ea7f56d-1d4a-4200-90ee-d4b052c6f579","block_type":"box","text":"recoverable by the Company and authorises the Manager to redeem such number of Shares held by a","page_number":60,"box":{"x":119,"y":578,"width":766,"height":13}},{"id":"c4430f1e-e783-4729-b61c-f00430dc1237","block_type":"box","text":"Shareholder in the Company in order to satisfy any such liability to the Company and to pay the proceeds","page_number":60,"box":{"x":120,"y":594,"width":765,"height":12}},{"id":"4e7c5f34-1a24-4c98-b6cc-0462e088248f","block_type":"box","text":"of any such redemption into the assets of the relevant Fund. In the event that there is a failure to provide","page_number":60,"box":{"x":119,"y":609,"width":766,"height":12}},{"id":"aa539293-d92c-497d-94ea-10ea20aa23d4","block_type":"box","text":"subscription monies, any provisional allotment of Shares will be cancelled.","page_number":60,"box":{"x":120,"y":624,"width":558,"height":12}},{"id":"b0feccc6-6116-49fd-86ff-2d8d580e12db","block_type":"box","text":"Timing of Orders","page_number":60,"box":{"x":119,"y":654,"width":143,"height":12}},{"id":"e4e76e56-d2c0-461d-b5f6-b6ee72302d76","block_type":"box","text":"Orders received after the Cut-Off Time for a Dealing Day will generally be held over until the next","page_number":60,"box":{"x":119,"y":683,"width":766,"height":12}},{"id":"a8a46e83-c039-4be3-9b65-2ee036b9908d","block_type":"box","text":"Dealing Day. The Directors may, however, at their sole discretion in exceptional circumstances, accept","page_number":60,"box":{"x":119,"y":698,"width":766,"height":12}},{"id":"90eb1045-06db-4fde-b113-a564ff39326b","block_type":"box","text":"subscription requests or permit an applicant to withdraw or amend any subscription request after the","page_number":60,"box":{"x":120,"y":713,"width":765,"height":12}},{"id":"7a57bbf1-90eb-4872-ab65-f0e8c11dc5fd","block_type":"box","text":"Cut-Off Time for the relevant Dealing Day, provided that the request to subscribe or to amend or","page_number":60,"box":{"x":119,"y":728,"width":766,"height":12}},{"id":"b5bd6bb4-16df-418e-98b1-6c2af584e937","block_type":"box","text":"withdraw a subscription order is received before the Valuation Point for the Dealing Day to which the","page_number":60,"box":{"x":119,"y":743,"width":766,"height":12}},{"id":"7e5cfe30-bf6c-4f9c-adf2-8ba4fd37002f","block_type":"box","text":"subscription relates.","page_number":60,"box":{"x":120,"y":758,"width":151,"height":12}},{"id":"a6c7a292-2ee2-490c-a014-516697af4dee","block_type":"box","text":"Documents the Investor will receive","page_number":60,"box":{"x":119,"y":789,"width":285,"height":9}},{"id":"c40f6a9f-2dd3-427c-a5ee-f5242dab8365","block_type":"box","text":"ETF Shares in a Fund will not be issued in Dematerialised (or uncertificated) Form and no temporary","page_number":60,"box":{"x":119,"y":817,"width":766,"height":12}},{"id":"c6581ec9-0259-491f-b532-933652e8fec5","block_type":"box","text":"documents of title or share certificates will be issued, other than the Global Share Certificate required","page_number":60,"box":{"x":119,"y":832,"width":766,"height":12}},{"id":"f4673de4-7068-4b0d-b466-1c61ac39fd75","block_type":"box","text":"for the International Central Securities Depositaries (being the Recognised Clearing and Settlement","page_number":60,"box":{"x":119,"y":847,"width":766,"height":13}},{"id":"100b79e6-0b50-4422-8775-194ac4878701","block_type":"box","text":"Systems through which the ETF Shares will be settled).","page_number":60,"box":{"x":120,"y":863,"width":414,"height":12}},{"id":"b42b5ff9-724c-4b6e-82e3-e1863e568291","block_type":"box","text":"Market timing and frequent trading","page_number":60,"box":{"x":119,"y":892,"width":290,"height":12}},{"id":"e2706101-c766-4007-97e3-d65db3266276","block_type":"box","text":"61","page_number":61,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"fc8e19d8-5bd1-44a1-b2eb-fb6c8d3c90ae","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":61,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"3eba5a00-ba5c-417b-9578-05e47d86ce01","block_type":"box","text":"Each of the Funds of the Company is designed and managed to support longer-term investment and","page_number":61,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"e2e6977a-ec28-4f53-a6c2-221741e67620","block_type":"box","text":"active trading in Shares is discouraged.","page_number":61,"box":{"x":119,"y":102,"width":293,"height":12}},{"id":"dde09f4f-f45e-4b7e-bf54-63f037363922","block_type":"box","text":"Short-term or frequent trading into and out of a Fund as well as","page_number":61,"box":{"x":417,"y":102,"width":468,"height":12}},{"id":"d26c3c1a-718f-452b-b3cf-5b4f32334de0","block_type":"box","text":"market timing may harm performance by disrupting fund management and by increasing expenses. The","page_number":61,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"09d1b62e-1600-40fa-86f4-12e9a81895e0","block_type":"box","text":"Directors may, at their discretion, refuse to accept requests for purchase of, or requests for switching of,","page_number":61,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"f5ade02f-aa94-45ab-a038-aa3f721e3b7f","block_type":"box","text":"Shares, especially where transactions are deemed disruptive, particularly from possible frequent traders","page_number":61,"box":{"x":120,"y":147,"width":765,"height":12}},{"id":"650eb194-b662-4efc-8343-f133deb652f4","block_type":"box","text":"or market timers.","page_number":61,"box":{"x":119,"y":162,"width":131,"height":9}},{"id":"84a93e35-9ba5-490a-8553-15691a31c897","block_type":"box","text":"Some investors try to profit from a strategy called market-timing – switching money","page_number":61,"box":{"x":256,"y":162,"width":629,"height":12}},{"id":"b04cdc64-a770-4d50-87f0-44d6047a2499","block_type":"box","text":"into funds when they expect prices to rise and taking money out when they expect prices to fall within","page_number":61,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"6e2ab0ac-1edd-471c-840e-1713d968ed6d","block_type":"box","text":"a short period of time.","page_number":61,"box":{"x":119,"y":192,"width":168,"height":12}},{"id":"678fa449-bb5a-44b0-95a9-fc5184135f6c","block_type":"box","text":"In general, market timing refers to the investment behaviour of a person (or group of persons) buying,","page_number":61,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"4fda0e93-f6bd-4bf0-9523-e3131e8ace42","block_type":"box","text":"selling or switching investments in anticipation of making a profit on the basis of predetermined market","page_number":61,"box":{"x":120,"y":237,"width":765,"height":12}},{"id":"7b0b30fc-9f10-499a-98c5-c6fc2e56c44e","block_type":"box","text":"indicators. Market timing can include elements of frequent trading and vice-versa. Both behaviours","page_number":61,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"2b177e83-f495-463b-a524-b0d7d2eb3ba0","block_type":"box","text":"will tend to include frequent purchases and redemptions of Shares with a view to profiting from","page_number":61,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"b8983d34-e600-4c89-9793-a2cd342397f3","block_type":"box","text":"anticipated changes in market prices between Valuation Points or arbitraging on the basis of market","page_number":61,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"71c34e70-55a8-41a7-95bf-fe8deadb8da8","block_type":"box","text":"price changes subsequent to those that are used in a Fund’s valuation. Such market timing and frequent","page_number":61,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"3eecb800-7e85-4f98-bae4-addd717204ba","block_type":"box","text":"trading activities are disruptive to fund management, may lead to additional dealing charges - which","page_number":61,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"85812b8f-24e3-43db-9d81-66d8d34e8475","block_type":"box","text":"cause losses/dilution to a Fund - and may be detrimental to performance and long term interests.","page_number":61,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"d1812576-68a9-4962-b212-2028837f9d09","block_type":"box","text":"Accordingly, the Company has adopted special policies to discourage this type of short-term trading.","page_number":61,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"7d417170-db6b-4c89-82f6-bf2b7e9c67c1","block_type":"box","text":"Specifically, the Directors have discretion to refuse to accept a subscription request in respect of any","page_number":61,"box":{"x":120,"y":357,"width":765,"height":12}},{"id":"a9f7cffb-bcde-415b-883b-2e50814662c7","block_type":"box","text":"Fund at any time without notice and regardless of size. In particular, the Directors reserve the right to","page_number":61,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"e99254b0-8bd9-47ad-92ba-9e8751929df7","block_type":"box","text":"reject any purchase request, including exchanges from other Funds that they regard as disruptive to the","page_number":61,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"1e921e9c-87be-4a27-b6c6-361827b7bd1c","block_type":"box","text":"efficient management of the portfolio. A purchase request may be rejected because of timing of the","page_number":61,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"ea63ff34-4c38-4f4e-89f8-0f2cdfcfe321","block_type":"box","text":"investment or because of the history of excessive trading by the investor. The Company may in its","page_number":61,"box":{"x":119,"y":417,"width":766,"height":12}},{"id":"370d4ed9-459b-46d0-b2e8-34d7d74f6110","block_type":"box","text":"absolute discretion and without providing any reason, notice and regardless of size, reject any","page_number":61,"box":{"x":119,"y":432,"width":766,"height":12}},{"id":"b7318caf-91fc-40cf-b235-2c5cbbb38a6e","block_type":"box","text":"application for subscription or switching of Shares from applicants that it considers to be associated with","page_number":61,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"54649b5b-8f19-4f3c-b18c-8dd7ef7be6d7","block_type":"box","text":"market timing activities. The Company may also combine Shares which are under common ownership","page_number":61,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"f3f1caf7-f9b8-4fea-8649-b0bc81762386","block_type":"box","text":"or control for the purposes of determining whether the activities of investors can be deemed to involve","page_number":61,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"272aab8c-2df9-4d59-b0e2-b7cca1330fc8","block_type":"box","text":"market timing or frequent trading.","page_number":61,"box":{"x":119,"y":492,"width":250,"height":12}},{"id":"7c8a9b08-2d74-42df-89ae-de677ce677c8","block_type":"box","text":"62","page_number":62,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"8ab3a0d6-f80f-4230-bfb5-6dec8b7f6d0d","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":62,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"358b75a0-79a4-4ba7-88d0-5ba7aa3cb515","block_type":"box","text":"REDEEMING SHARES","page_number":62,"box":{"x":403,"y":95,"width":198,"height":9}},{"id":"7cb4beff-6e93-4d23-ba26-f86e8702a84e","block_type":"box","text":"Procedure","page_number":62,"box":{"x":119,"y":132,"width":86,"height":9}},{"id":"41e21ae9-26eb-4a5a-8299-bace616aa5c2","block_type":"box","text":"Every Shareholder is entitled on any Dealing Day to redeem its Shares. Valid instructions by Authorised","page_number":62,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"27bbed49-a2e8-4ab6-a56a-6b2b41c51dec","block_type":"box","text":"Participants to the Portal Operator through the Portal to redeem Shares in a Fund will be processed at a","page_number":62,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"a2f8ad95-b1a6-4385-8d00-17afa84587bf","block_type":"box","text":"redemption price calculated with reference to the next Valuation Point for that Fund following receipt","page_number":62,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"20a366e2-3e58-4fe0-9c53-ddeda8194737","block_type":"box","text":"of the instruction, except in the case where dealing in a Fund has been suspended as set out under the","page_number":62,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"65580557-7915-4187-aa79-62fb22e95af3","block_type":"box","text":"“","page_number":62,"box":{"x":119,"y":221,"width":7,"height":3}},{"id":"9a6a0635-dcfd-4863-9b8c-a510290fccb5","block_type":"box","text":"Suspension of Dealings","page_number":62,"box":{"x":128,"y":221,"width":186,"height":12}},{"id":"2e317dc1-0a3b-4335-86a7-0be1a98fbc09","block_type":"box","text":"” section of this Prospectus. For the avoidance of doubt, all redemption","page_number":62,"box":{"x":316,"y":221,"width":569,"height":12}},{"id":"99013c24-87e7-45fa-8cff-18ab9aaabdf1","block_type":"box","text":"instructions received before a Fund’s Cut-Off Time for a Dealing Day will receive that Dealing Day’s","page_number":62,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"66cb56dd-fc7b-44c8-a606-6511ef73c47c","block_type":"box","text":"Valuation Point. All redemption instructions received after a Fund’s Cut-Off Time for a Dealing Day","page_number":62,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"36c4f4bb-84a8-450a-830d-aaa1906222bf","block_type":"box","text":"will receive the next Dealing Day’s Valuation Point.","page_number":62,"box":{"x":119,"y":266,"width":392,"height":12}},{"id":"34cc4303-6e1c-469f-8e84-98a92d5ce7ec","block_type":"box","text":"To redeem Shares, send the dealing request by approved electronic transmission to the Portal Operator","page_number":62,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"670a9991-e74a-4bf9-b40a-58272e510fe3","block_type":"box","text":"through the Portal. Requests to redeem Shares may also be made by mail or telephone (telephone: +44","page_number":62,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"aa72d1f5-b899-47f5-8a2c-1db123047bf1","block_type":"box","text":"203 753 6989 or such other numbers of the Portal Operator as may be published on","page_number":62,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"b0737bbe-6c75-4fe5-8450-c4859dd8449f","block_type":"box","text":"https://globaletf.vanguard.com","page_number":62,"box":{"x":119,"y":341,"width":226,"height":12}},{"id":"2dafe620-0e01-43b6-a07e-cf8711d35d0d","block_type":"box","text":"from time to time; for the postal address see the Directory section of this","page_number":62,"box":{"x":346,"y":341,"width":539,"height":12}},{"id":"f8f37541-7268-4dc0-a32d-9c66860d9390","block_type":"box","text":"Prospectus.","page_number":62,"box":{"x":119,"y":356,"width":89,"height":12}},{"id":"133454a8-e922-432e-98c6-addf741a5724","block_type":"box","text":"Redemption orders are irrevocable and may not be withdrawn without the Company’s consent except","page_number":62,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"50cdbf6a-fec2-4c06-98af-f83a732a7345","block_type":"box","text":"when the redemption of Shares has been temporarily suspended.","page_number":62,"box":{"x":119,"y":401,"width":481,"height":12}},{"id":"049fc43c-a52a-449f-9aae-4037da8fc4f1","block_type":"box","text":"The Directors or their duly appointed","page_number":62,"box":{"x":605,"y":401,"width":280,"height":12}},{"id":"c0f4ff04-1e1f-4ac8-ba7d-602c12c08149","block_type":"box","text":"delegate(s) have complete discretion to permit an applicant to withdraw or amend any redemption","page_number":62,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"e902af50-1ab9-4a8a-a591-746c8dff2888","block_type":"box","text":"request after it has been submitted provided that the application to withdraw or amend is received before","page_number":62,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"face257f-8806-4c54-8b82-9d9874fc53e2","block_type":"box","text":"the Cut-Off Time for the relevant Dealing Day. In exceptional circumstances, the Directors, in their sole","page_number":62,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"c4850a09-3aa3-4f68-b61a-2b4c337ac124","block_type":"box","text":"discretion, may accept a redemption request or may permit an applicant to withdraw or amend a","page_number":62,"box":{"x":119,"y":461,"width":766,"height":12}},{"id":"75349e4a-dad7-45a2-a4f6-0c488c5c5481","block_type":"box","text":"redemption request after the Cut-Off Time for the relevant Dealing Day, provided that the request to","page_number":62,"box":{"x":119,"y":476,"width":766,"height":12}},{"id":"606a8941-23e4-4c64-90b7-f442e8a6af3e","block_type":"box","text":"redeem or to amend or withdraw a redemption request is received before the calculation of the Net Asset","page_number":62,"box":{"x":119,"y":491,"width":766,"height":12}},{"id":"b7612040-b21e-42e0-b5bb-6b25b4bb17d9","block_type":"box","text":"Value per Share for the Dealing Day to which the application relates. An instruction to the Portal","page_number":62,"box":{"x":119,"y":506,"width":766,"height":12}},{"id":"136c6ad6-0070-487e-b295-7b1358175bf1","block_type":"box","text":"Operator via the Portal to redeem Shares, although irrevocable, will not be settled by either the Company","page_number":62,"box":{"x":119,"y":521,"width":766,"height":12}},{"id":"c1eec7d9-3b32-4c6a-893f-8074cc96822c","block_type":"box","text":"or the Administrator if the redemption represents Shares where settlement on the earlier purchase of","page_number":62,"box":{"x":119,"y":536,"width":766,"height":12}},{"id":"14fec443-8ab9-4ba1-99a1-bc748a65ef80","block_type":"box","text":"those Shares has not yet been made in full or if insufficient documentation (including the original","page_number":62,"box":{"x":119,"y":551,"width":766,"height":12}},{"id":"ad403b75-b0ca-4a24-ba74-c047423a9bb4","block_type":"box","text":"Application Form) or anti-money laundering information has not been received by the Administrator.","page_number":62,"box":{"x":119,"y":566,"width":766,"height":12}},{"id":"b748a459-334c-48e5-9897-0ac0f7199e8c","block_type":"box","text":"Redemption orders will be processed only where payment is made to the account of record.","page_number":62,"box":{"x":119,"y":581,"width":680,"height":12}},{"id":"7ddcef1e-e8aa-4657-b7c6-dcdd98f4e76a","block_type":"box","text":"Redemption of ETF Shares","page_number":62,"box":{"x":119,"y":612,"width":219,"height":11}},{"id":"c38d8f30-1b27-4eb8-a8fb-c009b069984f","block_type":"box","text":"To be eligible to place a redemption order for ETF Shares with the Company, the investor must be an","page_number":62,"box":{"x":119,"y":641,"width":766,"height":12}},{"id":"ab034efa-f18b-468e-a56b-32168d821d64","block_type":"box","text":"Authorised Participant. Investors that are not Authorised Participants must make appropriate","page_number":62,"box":{"x":119,"y":656,"width":766,"height":12}},{"id":"fffa5832-62a1-4e41-a101-bfe2762a5c7d","block_type":"box","text":"arrangements with an Authorised Participant in order to redeem. For a current list of Authorised","page_number":62,"box":{"x":119,"y":671,"width":766,"height":12}},{"id":"c3a99a15-865e-4678-ac36-3d2979c3ed88","block_type":"box","text":"Participants, contact the Administrator. ETF Shares may be redeemed only in Creation Units (and/or the","page_number":62,"box":{"x":119,"y":686,"width":766,"height":12}},{"id":"977eb635-bd67-44fc-9188-970499969485","block_type":"box","text":"cash equivalent). The Directors may, at their sole discretion accept cash redemption orders in less than","page_number":62,"box":{"x":119,"y":701,"width":766,"height":12}},{"id":"25070b09-75a6-478d-ba7c-5a06a686cbf4","block_type":"box","text":"Creation Units.","page_number":62,"box":{"x":119,"y":716,"width":117,"height":9}},{"id":"80ad21f7-a266-4c42-855c-4bd98fcbff0d","block_type":"box","text":"Settlement - In-kind","page_number":62,"box":{"x":119,"y":746,"width":150,"height":9}},{"id":"02d3a7fe-1964-4e01-8b42-4be12f5a67ce","block_type":"box","text":"An Authorised Participant tendering a Creation Unit generally will receive redemption proceeds","page_number":62,"box":{"x":119,"y":776,"width":766,"height":12}},{"id":"99a07372-a782-47ad-aafa-3b4c5e55a7fa","block_type":"box","text":"consisting of:","page_number":62,"box":{"x":119,"y":791,"width":104,"height":12}},{"id":"992a2272-7c25-4dc7-96de-6e2058f0cd34","block_type":"box","text":"(1) a basket of Redemption Securities; plus","page_number":62,"box":{"x":119,"y":821,"width":357,"height":12}},{"id":"0a0153c2-dc75-479c-ad23-3738d69e04a6","block_type":"box","text":"(2) a Redemption Balancing Amount in cash equal to the difference between (i) the Net Asset Value","page_number":62,"box":{"x":119,"y":836,"width":766,"height":12}},{"id":"e3455615-2603-4393-974b-ddceb3b68aff","block_type":"box","text":"of the Creation Unit being redeemed, as next determined after receipt of a request in proper","page_number":62,"box":{"x":179,"y":851,"width":706,"height":12}},{"id":"5d25f7fe-ac17-4672-b154-8ccabb72375d","block_type":"box","text":"form, and (ii) the value of the Redemption Securities; less","page_number":62,"box":{"x":179,"y":866,"width":432,"height":12}},{"id":"c4c59996-28df-470d-a2e4-243c48c34777","block_type":"box","text":"(3) a Custody Transaction Fee (as described below);","page_number":62,"box":{"x":119,"y":881,"width":424,"height":12}},{"id":"2227a718-7578-4f00-a2d1-a59924d9d78b","block_type":"box","text":"63","page_number":63,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"18c83549-cabc-41eb-a41c-013f7469f010","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":63,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"ae74f761-1665-4eec-bbd8-7d0075bd35e9","block_type":"box","text":"(4) applicable trading charges related to stamp duty, SDRT and other similar transfer taxes, and","page_number":63,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"8ab74744-bd68-4ad5-96e1-99fcd330474a","block_type":"box","text":"other duties (as detailed in either in","page_number":63,"box":{"x":179,"y":102,"width":292,"height":12}},{"id":"f4cd4ce8-bbd3-4775-add5-94d0e3d221a5","block_type":"box","text":"Appendix 1","page_number":63,"box":{"x":475,"y":102,"width":94,"height":12}},{"id":"8f46e55b-f6b8-4322-936c-d728f84cd2aa","block_type":"box","text":"of this Prospectus or otherwise in the","page_number":63,"box":{"x":571,"y":102,"width":314,"height":12}},{"id":"48fa2599-e1c0-4373-bf7c-3a9e29f1038e","block_type":"box","text":"Supplement for the relevant Fund); and","page_number":63,"box":{"x":179,"y":117,"width":295,"height":12}},{"id":"92c0bf87-d26d-4293-a5a3-1ad03890b468","block_type":"box","text":"(5) a Basket Customisation Fee (if any).","page_number":63,"box":{"x":119,"y":132,"width":334,"height":12}},{"id":"ea7daa6b-04ea-4d83-8b6c-c817f8b13093","block_type":"box","text":"See the “","page_number":63,"box":{"x":120,"y":162,"width":67,"height":9}},{"id":"398429de-c139-43e3-b2f5-dbb491a27b69","block_type":"box","text":"Risk Factor","page_number":63,"box":{"x":188,"y":162,"width":93,"height":9}},{"id":"fccebfad-9c29-4f7b-b17a-779197567759","block_type":"box","text":"” section of this Prospectus for further information on the Basket Customisation","page_number":63,"box":{"x":282,"y":162,"width":603,"height":12}},{"id":"9d992097-471f-45d0-9415-3c544983fc1b","block_type":"box","text":"Fee.","page_number":63,"box":{"x":119,"y":177,"width":35,"height":9}},{"id":"a1e72d19-92f1-406a-87e2-221167e80611","block_type":"box","text":"If the Redemption Securities have a value greater than the Net Asset Value of a Creation Unit, the","page_number":63,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"4a03845f-e3c3-477b-9172-7bcb9fc95c9c","block_type":"box","text":"redeeming Authorised Participant will be required to pay the Redemption Balancing Amount in cash to","page_number":63,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"a32ac7c0-3477-4d2d-aed0-859038d70f99","block_type":"box","text":"the Fund, rather than receiving such amount from the Fund.","page_number":63,"box":{"x":119,"y":237,"width":445,"height":12}},{"id":"a7073c70-918c-4006-b0d1-ab015d42e128","block_type":"box","text":"Settlement - Cash (Non-Directed)","page_number":63,"box":{"x":119,"y":267,"width":253,"height":12}},{"id":"297539f0-362d-4009-bd1e-9678c35e9ec4","block_type":"box","text":"For cash redemptions of Creation Units, an Authorised Participant will receive redemption proceeds","page_number":63,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"2d605a26-6e88-4b4f-b207-136602d0dbaf","block_type":"box","text":"consisting of:","page_number":63,"box":{"x":119,"y":312,"width":104,"height":12}},{"id":"6bb70ea7-ddc3-44d3-9042-36b83b751d23","block_type":"box","text":"(1) the redemption proceeds; less","page_number":63,"box":{"x":119,"y":342,"width":271,"height":12}},{"id":"42152b96-1886-4a19-a71b-4db2a7d4e288","block_type":"box","text":"(2) a Custody Transaction Fee (as described below); and","page_number":63,"box":{"x":119,"y":357,"width":443,"height":12}},{"id":"003b4be3-55a6-4834-a6f7-d0eebac6854b","block_type":"box","text":"(3) a Cash Redemption Fee (as described below).","page_number":63,"box":{"x":119,"y":372,"width":390,"height":12}},{"id":"c46819c9-d86e-44ab-b71f-beedb06ef103","block_type":"box","text":"Subject to the requirements of the Central Bank, investors should note that ETF Shares in the","page_number":63,"box":{"x":120,"y":402,"width":765,"height":12}},{"id":"b6964482-9dc7-41ab-814b-59b9c449818f","block_type":"box","text":"LifeStrategy","page_number":63,"box":{"x":119,"y":417,"width":92,"height":12}},{"id":"09f6f114-da0c-4673-9a4d-179bb0223391","block_type":"box","text":"®","page_number":63,"box":{"x":212,"y":419,"width":10,"height":8}},{"id":"9c44dad0-7de2-4507-9828-9d8d92b19563","block_type":"box","text":"ETFs will not generally be redeemed in cash (non-directed).","page_number":63,"box":{"x":222,"y":417,"width":454,"height":12}},{"id":"816f71a3-8cc9-4dd0-94f2-6bdac3351866","block_type":"box","text":"Settlement - Cash (Directed)","page_number":63,"box":{"x":119,"y":447,"width":216,"height":12}},{"id":"b07ad543-5a70-4c2c-b827-d29338a3f1f9","block_type":"box","text":"An Authorised Participant settling a redemption order for ETF Shares in cash may request that the","page_number":63,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"18f653bb-3441-4ff9-9497-61f7ed86713b","block_type":"box","text":"Investment Manager trade the underlying securities with a particular broker (selected from a list","page_number":63,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"d3eb71e9-23ae-46cf-ba69-7470d5f01cd8","block_type":"box","text":"authorised by the Investment Manager which may include other Authorised Participants or parties","page_number":63,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"7e426a77-9c81-4460-b079-fd2656348276","block_type":"box","text":"related to Authorised Participants), who may, at its discretion, transact accordingly. Alternatively,","page_number":63,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"1cf4bbb7-c383-4ca7-b150-ad0929259343","block_type":"box","text":"Authorised Participants may elect to have a broker appointed on their behalf. For more detail, please","page_number":63,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"30646bb4-228d-401f-855f-2dc2d4dab31e","block_type":"box","text":"refer to the section entitled “","page_number":63,"box":{"x":119,"y":552,"width":210,"height":10}},{"id":"13f3fb22-1168-44bf-a488-5bfe24296a18","block_type":"box","text":"Buying Shares – Settlement –Cash (Directed","page_number":63,"box":{"x":330,"y":553,"width":349,"height":11}},{"id":"849a2789-f3ab-43ca-9083-88231895f8d4","block_type":"box","text":")”.","page_number":63,"box":{"x":680,"y":552,"width":23,"height":12}},{"id":"6d4e714d-3095-4d6c-9065-fed475b2a24e","block_type":"box","text":"Any Authorised Participant requesting a cash (directed) settlement for a redemption order will receive","page_number":63,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"65d02823-9d1b-4eb5-bacc-a00c537f0827","block_type":"box","text":"the total value realised from the sale of the underlying securities less any fees (including the Custody","page_number":63,"box":{"x":119,"y":597,"width":766,"height":12}},{"id":"9b2ac9a4-eaaf-4279-b74b-7dd9653d04ed","block_type":"box","text":"Transaction Fee (as described above) and the Cash Redemption Fee (described below)) or costs incurred.","page_number":63,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"d51d815e-c969-4750-9e22-59a35c98ddcb","block_type":"box","text":"Collection Account","page_number":63,"box":{"x":120,"y":642,"width":145,"height":9}},{"id":"a2915156-4e31-47b7-8866-34ee6141829d","block_type":"box","text":"Cash redemption proceeds may, pending payment to the relevant Shareholder, be held in a Collection","page_number":63,"box":{"x":119,"y":672,"width":766,"height":12}},{"id":"fac48e9d-4015-446c-86e3-1e8f2bce9ea8","block_type":"box","text":"Account, including a Held Redemption Account, in the name of the Company. Investors should refer to","page_number":63,"box":{"x":119,"y":687,"width":766,"height":12}},{"id":"091b71b0-e7aa-4457-a50a-c0cb56f2004e","block_type":"box","text":"the risk statement “","page_number":63,"box":{"x":119,"y":702,"width":143,"height":9}},{"id":"952ab68b-6d59-428c-9e4b-3f4c3f69c677","block_type":"box","text":"Umbrella Cash Subscription and Redemption Account (“Collection Account”)","page_number":63,"box":{"x":263,"y":702,"width":622,"height":12}},{"id":"1323b730-49e5-46ea-a0a4-c8238e3f8c54","block_type":"box","text":"Risk","page_number":63,"box":{"x":119,"y":717,"width":36,"height":9}},{"id":"91c5f002-0cf0-4047-92ae-9fc5ebc6a00b","block_type":"box","text":"” in the Section of this Prospectus entitled “","page_number":63,"box":{"x":155,"y":717,"width":330,"height":12}},{"id":"559f3c5e-26b0-4b8b-abf5-d2e00a058f6b","block_type":"box","text":"Risk Factors","page_number":63,"box":{"x":486,"y":717,"width":100,"height":9}},{"id":"d7351c37-27f2-481b-a72e-93fabf5e1994","block_type":"box","text":"” for an understanding of their position","page_number":63,"box":{"x":587,"y":717,"width":298,"height":12}},{"id":"49959aef-4474-4fa1-a5a3-b6a388f6f021","block_type":"box","text":"vis-a-vis monies held in any such account.","page_number":63,"box":{"x":119,"y":732,"width":312,"height":12}},{"id":"9c85d08d-1094-492c-b74f-fbea5745c9f2","block_type":"box","text":"General","page_number":63,"box":{"x":119,"y":762,"width":68,"height":10}},{"id":"344126c0-4eae-4bb9-9ed0-1f1c0d95d6c0","block_type":"box","text":"The Company makes available after the close of each Business Day, a list of the names and the number","page_number":63,"box":{"x":119,"y":791,"width":766,"height":12}},{"id":"7182bcff-e2e4-42e3-bb46-c51130a6ba12","block_type":"box","text":"of shares of each “","page_number":63,"box":{"x":119,"y":806,"width":136,"height":10}},{"id":"1b5035ac-1a79-429e-9e0a-c59814252f09","block_type":"box","text":"Redemption Security","page_number":63,"box":{"x":255,"y":806,"width":166,"height":12}},{"id":"7f0443a7-16e7-4d78-b224-beb53068fe16","block_type":"box","text":"” to be included in the next Dealing Day’s Redemption Basket","page_number":63,"box":{"x":422,"y":806,"width":463,"height":12}},{"id":"62d5d489-e568-4852-9915-3d26aad68bb7","block_type":"box","text":"(subject to possible amendment or correction). The Redemption Basket provided to an Authorised","page_number":63,"box":{"x":119,"y":821,"width":766,"height":12}},{"id":"63edb2a9-16b4-419b-b216-3610deda99bf","block_type":"box","text":"Participant redeeming a Creation Unit may not be identical to the basket of Deposit Securities required","page_number":63,"box":{"x":119,"y":836,"width":766,"height":12}},{"id":"5aacecb7-33e8-41e1-85f5-8c752e650f47","block_type":"box","text":"of an Authorised Participant purchasing a Creation Unit. If a Fund and a redeeming Authorised","page_number":63,"box":{"x":119,"y":851,"width":766,"height":12}},{"id":"c982c029-f061-4880-9609-dabc18dc58f3","block_type":"box","text":"Participant mutually agree, the Company may provide the Authorised Participant with a basket of","page_number":63,"box":{"x":119,"y":866,"width":766,"height":12}},{"id":"4d657622-6bdc-4f51-a466-85db814cb99c","block_type":"box","text":"Redemption Securities that differs from the composition of the Redemption Basket published by the","page_number":63,"box":{"x":119,"y":881,"width":766,"height":12}},{"id":"f4edf7f8-8b7c-4725-937f-68066cc35741","block_type":"box","text":"Portal Operator through the Portal. The Company reserves the right to deliver cash-in-lieu of any","page_number":63,"box":{"x":119,"y":896,"width":766,"height":12}},{"id":"311d6909-3104-47c0-be0f-6fe6cc3976a3","block_type":"box","text":"64","page_number":64,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"ff24f5b0-5e72-4ea3-be08-9e6ff06c90b9","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":64,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"d153f254-3667-4598-a44d-13d05175ef97","block_type":"box","text":"Redemption Security for the same reason it might accept cash-in-lieu of a Deposit Security, as discussed","page_number":64,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"3256261e-7d1f-4307-9426-bc6619d090bd","block_type":"box","text":"in the “","page_number":64,"box":{"x":119,"y":102,"width":54,"height":9}},{"id":"03f02bcf-b7a7-4ddb-ad20-b6851c910f4a","block_type":"box","text":"Buying Shares","page_number":64,"box":{"x":174,"y":102,"width":113,"height":12}},{"id":"eec08931-df9e-419d-a14c-5a532795f00d","block_type":"box","text":"” section of this Prospectus.","page_number":64,"box":{"x":288,"y":102,"width":210,"height":12}},{"id":"f1be77a2-239a-4655-b2d0-c0e86088f3d0","block_type":"box","text":"The Company imposes a Custody Transaction Fee on redemptions to compensate the relevant Fund for","page_number":64,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"01fef251-c5c4-4371-a0a5-abcae8f3bc6c","block_type":"box","text":"the custody transaction costs associated with the redemption of Creation Units. The Custody Transaction","page_number":64,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"b8335338-5a52-4995-b36e-bf896d551cbc","block_type":"box","text":"Fee will be an estimate calculated by and paid to the Manager who will in turn pay the Custody","page_number":64,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"a08db929-15c1-4e71-bf2c-c7ed4320b491","block_type":"box","text":"Transaction Fee as invoiced by the Depositary. In the event that there is any excess of the amount paid","page_number":64,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"afbf0124-7878-4a35-808c-6e75b3eb0d8f","block_type":"box","text":"by the Authorised Participant to the Manager over the amount invoiced by the Depositary, such excess","page_number":64,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"73e62989-804b-47aa-a5fc-b455aee43010","block_type":"box","text":"will be used in satisfaction of the total custody charges payable to the Depositary. This may result in the","page_number":64,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"096793ca-219c-4f4c-8c39-27bdd08ad273","block_type":"box","text":"portion of the OCF payable by the Manager to the Depositary, in respect of aggregate custody","page_number":64,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"b4f14d16-8d93-447f-8099-829576deac89","block_type":"box","text":"transaction fees, being reduced and accordingly the amount retained by the Manager may be increased.","page_number":64,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"7ec43ed7-557f-4d40-a4d8-4b4f00647bfc","block_type":"box","text":"Should this occur, any such reduction will be negligible. The Custody Transaction Fee may be waived","page_number":64,"box":{"x":120,"y":252,"width":765,"height":12}},{"id":"2d31e9db-2366-40bf-ba52-116e1e2cd9d6","block_type":"box","text":"by the Manager and, in such instances, the Custody Transaction Fee will be paid by the Manager out of","page_number":64,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"9c8ed1ea-c965-4c34-b45a-4f2ee8983194","block_type":"box","text":"its fee. Any such waiver will be notified to Shareholders. The Custody Transaction Fee for redemptions","page_number":64,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"aa400ad9-ac8c-47da-bb94-be49d6307a8e","block_type":"box","text":"for each Fund is set out either in","page_number":64,"box":{"x":119,"y":297,"width":244,"height":9}},{"id":"b3434016-f42f-40dc-8410-b2cd3b9d5fc9","block_type":"box","text":"Appendix 1","page_number":64,"box":{"x":363,"y":297,"width":96,"height":12}},{"id":"ab253abd-1c22-4ca0-8107-fcb8f26701e1","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the","page_number":64,"box":{"x":460,"y":297,"width":425,"height":12}},{"id":"e7a84dd7-b592-4808-917a-609584efdaaf","block_type":"box","text":"relevant Fund.","page_number":64,"box":{"x":119,"y":312,"width":111,"height":9}},{"id":"7a5d8275-974e-417f-8eb9-168b1adb9623","block_type":"box","text":"In addition, when the Company permits or requires (for example, where the specified Redemption","page_number":64,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"9871ad4d-9c38-4c54-881e-4b864610a7be","block_type":"box","text":"Securities are not eligible for transfer, or not eligible for trading by an Authorised Participant or in the","page_number":64,"box":{"x":120,"y":357,"width":765,"height":12}},{"id":"0b5d3e8c-9985-4e3f-b0c1-8d2eb5ffaf34","block_type":"box","text":"event that in-kind trading is not permissible in particular countries or markets) a redeeming Authorised","page_number":64,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"5e8d4d33-e853-4e58-b92b-25ba9644799c","block_type":"box","text":"Participant to receive cash-in-lieu of one or more Redemption Securities, the Authorised Participant will","page_number":64,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"33b06dd1-5349-4b1a-b98c-dc1a88a0820d","block_type":"box","text":"be charged an additional amount on the cash-in-lieu portion of its redemption (the “","page_number":64,"box":{"x":119,"y":402,"width":708,"height":12}},{"id":"ddd885a7-19ef-46e1-9f18-ee773a09dd02","block_type":"box","text":"Basket","page_number":64,"box":{"x":828,"y":402,"width":57,"height":9}},{"id":"45a2f370-1b4d-46e6-b8a0-2ea162d16887","block_type":"box","text":"Customisation Fee","page_number":64,"box":{"x":119,"y":417,"width":147,"height":10}},{"id":"a73f39f0-f803-46a5-a040-4caf5e229329","block_type":"box","text":"”). The amount of this charge will vary as determined by the Company at its sole","page_number":64,"box":{"x":267,"y":417,"width":618,"height":12}},{"id":"c00575c0-00f8-4213-9646-987ffe97c24f","block_type":"box","text":"discretion, but will not be more than is reasonably needed to compensate the Fund for the transaction","page_number":64,"box":{"x":119,"y":432,"width":766,"height":12}},{"id":"d6f6942f-706d-49e8-864b-4f7afbce195b","block_type":"box","text":"costs including, if applicable, the estimated market costs of selling portfolio securities to raise the","page_number":64,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"3166ca5b-52b3-4275-8edb-a287653ee2ad","block_type":"box","text":"necessary cash. See the “","page_number":64,"box":{"x":119,"y":462,"width":189,"height":12}},{"id":"7a5bed8c-361c-4f31-9944-f097fe07ae7d","block_type":"box","text":"Risk Factor","page_number":64,"box":{"x":309,"y":462,"width":92,"height":10}},{"id":"2eac859d-b68b-4dc0-9f86-255bf7e16e9f","block_type":"box","text":"” section of this Prospectus for further information on the Basket","page_number":64,"box":{"x":402,"y":462,"width":483,"height":12}},{"id":"4c857780-7b42-4996-982e-7195236988df","block_type":"box","text":"Customisation Fee.","page_number":64,"box":{"x":119,"y":477,"width":147,"height":10}},{"id":"7ff1e86e-78dc-4860-b6fc-a4d7fcc05c38","block_type":"box","text":"Redemption requests for Creation Units must be submitted to the Portal Operator through the Portal by","page_number":64,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"0ce56b06-758b-4d9f-a0b4-63bae94513b1","block_type":"box","text":"an Authorised Participant before the Cut-Off Time for the relevant Dealing Day. An order to redeem a","page_number":64,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"6e6b8f7d-e370-4c64-8430-3ff2e0574404","block_type":"box","text":"Creation Unit is deemed received for a Dealing Day if (1) such order is received by the Portal prior to","page_number":64,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"7004dea9-fac6-4c91-a7ff-0d91dcc28aee","block_type":"box","text":"the Cut-Off Time for such Dealing Day; and (2) all other procedures set forth in the Application Form","page_number":64,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"8e803a1a-2cab-4a49-8142-6ed41bad1d05","block_type":"box","text":"are properly followed. If a redemption order in proper form is submitted to the Portal Operator through","page_number":64,"box":{"x":119,"y":567,"width":766,"height":12}},{"id":"006ef6fe-40c4-4efe-85a4-aaf72e38d7b3","block_type":"box","text":"the Portal by an Authorised Participant prior to the Cut-Off Time for the relevant Dealing Day, then the","page_number":64,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"f89226a3-e961-4fe3-a559-a4cf3fc0358a","block_type":"box","text":"value of the Redemption Securities and the Redemption Balancing Amount will be determined by the","page_number":64,"box":{"x":119,"y":597,"width":766,"height":13}},{"id":"5dbfb102-a340-4816-bd77-d3140294766e","block_type":"box","text":"Fund on such Dealing Day. A redemption request is considered to be in “proper form” if: (1) an","page_number":64,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"c99b9504-5b47-43f3-8080-7bfb544fca38","block_type":"box","text":"Authorised Participant has transferred or caused to be transferred to the Administrator the Creation Unit","page_number":64,"box":{"x":119,"y":628,"width":766,"height":12}},{"id":"8fe7c187-243a-4f39-871e-903297ae735b","block_type":"box","text":"being redeemed through the book-entry system of the Recognised Clearing and Settlement System so","page_number":64,"box":{"x":119,"y":642,"width":766,"height":13}},{"id":"88143d20-6088-420b-a6e3-5a3ed7b5ae97","block_type":"box","text":"as to be effective by the deadline for settlement of redemptions as specified for the relevant Fund either","page_number":64,"box":{"x":119,"y":657,"width":766,"height":13}},{"id":"d7561db2-4668-4a73-af96-b16461681355","block_type":"box","text":"in A","page_number":64,"box":{"x":119,"y":673,"width":19,"height":9}},{"id":"eec4b7d4-5a82-410f-8a6e-c630c837f009","block_type":"box","text":"Appendix 1","page_number":64,"box":{"x":138,"y":673,"width":88,"height":12}},{"id":"7c6b3e90-ad0b-46a4-b520-a18109817cc5","block_type":"box","text":"to this Prospectus or otherwise in the relevant Supplement; and (2) a request satisfactory","page_number":64,"box":{"x":228,"y":673,"width":657,"height":12}},{"id":"e8726175-cce4-4fc9-8240-568b568d19e1","block_type":"box","text":"to the Company is received by the Portal Operator through the Portal from the Authorised Participant","page_number":64,"box":{"x":119,"y":688,"width":766,"height":12}},{"id":"eca1e848-ab4f-4151-90c8-db34f4176050","block_type":"box","text":"within the time periods specified herein.","page_number":64,"box":{"x":119,"y":703,"width":302,"height":12}},{"id":"220924a6-50ce-4a1f-bb7c-69b9705fd634","block_type":"box","text":"An Authorised Participant must deliver to the Fund, the ETF Shares it is seeking to redeem by the","page_number":64,"box":{"x":119,"y":733,"width":766,"height":12}},{"id":"5fa7ba7c-e071-43e6-a2a3-e458007c57cc","block_type":"box","text":"relevant deadline for settlement of redemptions. If an Authorised Participant has failed to deliver all of","page_number":64,"box":{"x":119,"y":748,"width":766,"height":12}},{"id":"bfa059e8-d87a-4a5c-a88c-02352f66c792","block_type":"box","text":"the ETF Shares it is seeking to redeem by the relevant time, the Fund shall be entitled to cancel the","page_number":64,"box":{"x":119,"y":763,"width":766,"height":12}},{"id":"7c0d2860-fd2b-4904-9735-3cf4bf79d807","block_type":"box","text":"redemption order or may require the Authorised Participant to pay to it, in cash, a collateral sum at least","page_number":64,"box":{"x":119,"y":778,"width":766,"height":12}},{"id":"a6067fce-0388-404a-9e9c-57fb1ce74332","block_type":"box","text":"equal to 103% of the closing value of such undelivered ETF Shares on the relevant Dealing Day, until","page_number":64,"box":{"x":119,"y":793,"width":766,"height":12}},{"id":"b8909667-5e6a-4e1a-93af-a636c3b07354","block_type":"box","text":"the date of delivery of all such undelivered ETF Shares. The receipt of this will be deemed to have","page_number":64,"box":{"x":119,"y":808,"width":766,"height":12}},{"id":"68eb85e7-85de-40b0-9bcb-2dceb94f1c1d","block_type":"box","text":"settled the redemption in full. Cash collateral will be used following the default on the delivery of the","page_number":64,"box":{"x":120,"y":823,"width":765,"height":12}},{"id":"96565329-30ac-49ea-b5d9-258bd5137c51","block_type":"box","text":"ETF Shares. In all cases the Company shall be entitled to charge the redeeming investor for any costs","page_number":64,"box":{"x":119,"y":838,"width":766,"height":12}},{"id":"7d426074-ed30-4c87-beba-14fb3faff302","block_type":"box","text":"sustained by the Fund as a result of the late delivery or failure to deliver. The cash collateral will be","page_number":64,"box":{"x":120,"y":853,"width":765,"height":12}},{"id":"0d46022a-03f9-41e4-bd84-81db5fd951bc","block_type":"box","text":"marked-to-market on a daily basis and additional collateral will be requested if the value of the ETF","page_number":64,"box":{"x":119,"y":868,"width":766,"height":12}},{"id":"6475ece9-2167-4396-b0bf-62701cae0ddf","block_type":"box","text":"Shares exceeds the value of the cash initially received. Once the ETF Shares in question have been","page_number":64,"box":{"x":120,"y":883,"width":765,"height":12}},{"id":"ea8d7976-085a-40c0-bddc-07923e98a776","block_type":"box","text":"delivered, the cash collateral will be returned to the Authorised Participant. Redemption proceeds will","page_number":64,"box":{"x":119,"y":898,"width":766,"height":12}},{"id":"36ff123b-b55e-4834-b631-541d6a90ded8","block_type":"box","text":"65","page_number":65,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"5ae9386e-886a-40a3-86d0-85a97a2928c8","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":65,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"2b1f80c9-6758-49b9-bdbe-1ea2cb0b145f","block_type":"box","text":"not be paid until such time as the relevant ETF Shares are received by the Fund, either through delivery","page_number":65,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"228cb534-8cd2-475e-80c3-9e7ea7de5046","block_type":"box","text":"by the applicant or the receipt of the relevant collateral. No interest will be paid on any collateral held","page_number":65,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"9c4724cd-6c49-4a8d-ada5-e9bee6a7c379","block_type":"box","text":"in these circumstances.","page_number":65,"box":{"x":119,"y":117,"width":175,"height":9}},{"id":"a30d8df1-f234-4894-9ca0-9c8d524f7f11","block_type":"box","text":"The Company reserves the right, at its sole discretion, to permit a redeeming Authorised Participant to","page_number":65,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"740f8616-7811-4109-aa41-246d7f1f6ebd","block_type":"box","text":"receive its redemption proceeds in cash, where requested by the redeeming Authorised Participant in","page_number":65,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"380354db-6f54-4706-8614-dc71a0254f4b","block_type":"box","text":"situations where the original subscription was made in-kind. In such cases, the Authorised Participant","page_number":65,"box":{"x":120,"y":177,"width":765,"height":12}},{"id":"9a74cf93-870b-453d-be58-c31bd63a324d","block_type":"box","text":"will receive a cash payment equal to the Net Asset Value of its ETF Shares based on the Net Asset Value","page_number":65,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"78c5177c-8caf-497c-90e4-9867c6085a3c","block_type":"box","text":"of those ETF shares as at the relevant Dealing Day in respect of which a request received in proper form","page_number":65,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"c9cd8493-91fc-44c8-a1cd-e02f7c44d4ad","block_type":"box","text":"relates (minus a Cash Redemption Fee as described below).","page_number":65,"box":{"x":119,"y":222,"width":445,"height":12}},{"id":"511646af-0090-4ee4-bb0b-888c2416e4b4","block_type":"box","text":"The Company reserves the right, at its sole discretion, to permit a redeeming investor to receive its","page_number":65,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"3131c2b9-6053-400c-ad59-0bec5c3bc37c","block_type":"box","text":"redemption proceeds in-kind, where requested by the redeeming investor in situations where the original","page_number":65,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"1b53afb1-6a5a-474a-b1ef-c17c2749e424","block_type":"box","text":"subscription was made in cash. In such cases, the investor would receive securities equal to the Net","page_number":65,"box":{"x":120,"y":282,"width":765,"height":12}},{"id":"6ca2d6f2-0a29-4e8b-939b-25c2b12be162","block_type":"box","text":"Asset Value of its ETF Shares based on the Net Asset Value of those ETF shares as at the relevant","page_number":65,"box":{"x":119,"y":297,"width":766,"height":9}},{"id":"ac3d0274-7ddf-4b58-b77d-1c1ed920fe2a","block_type":"box","text":"Dealing Day in respect of which a request received in proper form relates (minus a Custody Transaction","page_number":65,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"a329dee6-bac5-433e-85e1-b566078780e0","block_type":"box","text":"Fee and a Basket Customisation Fee, if any).","page_number":65,"box":{"x":119,"y":327,"width":335,"height":12}},{"id":"9e5b5534-a60f-4c26-96bb-6c51b1b8707c","block_type":"box","text":"Where an investor who has subscribed for ETF Shares in cash subsequently submits a redemption","page_number":65,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"6b3b27c6-a163-4c2a-b114-67b87afd4288","block_type":"box","text":"request, the Company and the investor may agree that such redemption will be paid in-kind provided","page_number":65,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"1a48e0ea-2b8c-4a04-a88c-7ab61d8afb86","block_type":"box","text":"the asset allocation for the redemption in-kind is approved by the Depositary. If a redeeming Shareholder","page_number":65,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"1f45f67c-3eb4-4a46-9f59-37f43fa22917","block_type":"box","text":"requests redemption of a number of shares representing 5% or more of the Net Asset Value of a Fund","page_number":65,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"4c3d83ba-4438-46e6-b018-7c1070161ee9","block_type":"box","text":"as at the Dealing Day in respect of which a request in proper form relates, the Directors may, in their","page_number":65,"box":{"x":119,"y":417,"width":766,"height":12}},{"id":"002f2e5c-bd40-4d44-86f0-3ebef34cf594","block_type":"box","text":"sole discretion redeem the shares by way of a redemption in-kind. In such cases, the investor would","page_number":65,"box":{"x":120,"y":432,"width":765,"height":12}},{"id":"d8285499-eb58-4a4c-a537-ab87303a8839","block_type":"box","text":"receive securities equal to the Net Asset Value of its ETF Shares based on the Net Asset Value of those","page_number":65,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"21136c9a-2597-4919-9571-639d9b5ee861","block_type":"box","text":"ETF Shares as at the relevant Dealing Day in respect of which a request received in proper form relates","page_number":65,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"0797d2fb-b0a7-4e94-a0fe-d8620c34b705","block_type":"box","text":"(minus a Custody Transaction Fee and a Basket Customisation Fee, if any). In addition, the Directors","page_number":65,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"db577563-371f-4e89-9d8c-34f549e46887","block_type":"box","text":"will, if requested by the redeeming Shareholder, sell the securities, the subject of the redemption, on","page_number":65,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"7966fa85-bbee-4d5d-9b27-04b4f8f34323","block_type":"box","text":"behalf of the Shareholder. The cost of the sale can be charged to the Shareholder. Redemption in kind","page_number":65,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"ee18fcfd-76f6-4c36-951a-2b0d7bfc1bf1","block_type":"box","text":"is a mechanism that can be used for liquidity management and can be employed by the Manager but it","page_number":65,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"71bb8a6f-1eed-4f58-9ef2-7d35d3114523","block_type":"box","text":"has not been selected by the Manager as an LMT (as defined below) for the purpose of compliance with","page_number":65,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"fee63e7c-74e0-45ce-9f1b-d59a3a29af25","block_type":"box","text":"the UCITS Regulations. The ability to use this redemption in kind mechanism is without prejudice to","page_number":65,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"94424fe5-a940-41be-8474-03af3602c45e","block_type":"box","text":"the Company’s ability to deliver, during the course of regular ETF dealing activities, in whole or in part,","page_number":65,"box":{"x":119,"y":567,"width":766,"height":12}},{"id":"7b398f6d-4e48-46d8-a0ba-0daada6900b6","block_type":"box","text":"underlying securities held by, or on behalf of, the Company to an Authorised Participant or market","page_number":65,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"bceb895a-48b1-4344-875e-a071df864895","block_type":"box","text":"maker to satisfy redemption orders, which shall not be considered an activation of an LMT (as defined","page_number":65,"box":{"x":119,"y":597,"width":766,"height":13}},{"id":"03fa453d-fa67-4923-bea2-36c720fa50aa","block_type":"box","text":"below).","page_number":65,"box":{"x":119,"y":613,"width":54,"height":12}},{"id":"3e3b32d9-bcaf-476c-884c-5a5d71a50144","block_type":"box","text":"If a redeeming investor (or an Authorised Participant through which it is acting) is subject to a legal","page_number":65,"box":{"x":119,"y":642,"width":766,"height":12}},{"id":"c057a104-fb42-4ba8-b180-d84a3b40086d","block_type":"box","text":"restriction with respect to a particular security included in the basket of Redemption Securities, such","page_number":65,"box":{"x":119,"y":657,"width":766,"height":12}},{"id":"ce167e91-86db-453b-ae86-538a3831c00a","block_type":"box","text":"investor may be paid an equivalent amount of cash-in-lieu of the security.","page_number":65,"box":{"x":119,"y":672,"width":549,"height":12}},{"id":"95267c3d-778b-4e00-b4c6-355dbf09fcba","block_type":"box","text":"Deliveries of redemption proceeds by the Funds will normally be made within the time periods specified","page_number":65,"box":{"x":119,"y":702,"width":766,"height":12}},{"id":"ad900852-b5a6-4c65-8df7-a7c80795ea1e","block_type":"box","text":"for each Fund either in","page_number":65,"box":{"x":119,"y":717,"width":175,"height":9}},{"id":"21ba8a88-0272-4d07-ba41-9a55771d598a","block_type":"box","text":"Appendix 1","page_number":65,"box":{"x":295,"y":717,"width":90,"height":12}},{"id":"af3a692b-5dc5-4c19-a6f3-925d7dab8552","block_type":"box","text":"to this Prospectus or otherwise in the Supplement for the relevant","page_number":65,"box":{"x":386,"y":717,"width":499,"height":12}},{"id":"cee254c8-46b4-499f-9280-534894c559d4","block_type":"box","text":"Fund. In certain situations, including where settlement in any market requires the delivery of in-kind","page_number":65,"box":{"x":119,"y":732,"width":766,"height":12}},{"id":"92de91e4-7b4d-42bb-b97b-b2eb381cc2ef","block_type":"box","text":"redemption proceeds or due to the schedule of holidays in certain countries, deliveries of redemption","page_number":65,"box":{"x":119,"y":747,"width":766,"height":12}},{"id":"81a2c326-6c81-4087-a6df-b4bba3c721ec","block_type":"box","text":"proceeds may take place outside of the normal settlement periods. The settlement period for redemption","page_number":65,"box":{"x":119,"y":762,"width":766,"height":12}},{"id":"60a5721c-e683-4100-8f54-6a89b44655fa","block_type":"box","text":"proceeds shall not in any event exceed ten Business Days from the day on which the redemption request","page_number":65,"box":{"x":119,"y":777,"width":766,"height":12}},{"id":"4eadcc0e-ff88-4d61-8926-f5f92db67eb2","block_type":"box","text":"is received in proper form.","page_number":65,"box":{"x":119,"y":792,"width":201,"height":12}},{"id":"9a874b25-5188-402f-8f51-27855914916c","block_type":"box","text":"In the event that cash redemptions of ETF Shares are permitted or required in respect of a Fund, proceeds","page_number":65,"box":{"x":119,"y":822,"width":766,"height":12}},{"id":"e6d943da-1134-4387-882a-2bdc991425ef","block_type":"box","text":"will be paid to the Authorised Participant redeeming shares as soon as practicable after the date of","page_number":65,"box":{"x":119,"y":837,"width":766,"height":12}},{"id":"bb6e470b-c6ed-4c8b-8396-456650240aef","block_type":"box","text":"redemption, normally within T+1 or T+2 as specified for the relevant Fund either in","page_number":65,"box":{"x":119,"y":852,"width":621,"height":12}},{"id":"5867ae47-2285-472a-be86-66f3e717aba4","block_type":"box","text":"Appendix 1","page_number":65,"box":{"x":740,"y":852,"width":89,"height":12}},{"id":"fe2894ab-ee59-4ea6-a12c-f19cee0eb994","block_type":"box","text":"to this","page_number":65,"box":{"x":831,"y":852,"width":54,"height":9}},{"id":"94f53f30-291b-49ba-8b4b-5a7f49b91aee","block_type":"box","text":"Prospectus or otherwise in the relevant Supplement, but in any event no later than T+10.","page_number":65,"box":{"x":119,"y":867,"width":658,"height":12}},{"id":"2dd5588d-e133-44fd-8bc5-d42293d6ca20","block_type":"box","text":"66","page_number":66,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"fe805041-beec-442d-8c54-a307edfcca76","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":66,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"78c6101e-edf0-4002-9509-caf71e3cbb8f","block_type":"box","text":"Liquidity Management Tools","page_number":66,"box":{"x":119,"y":87,"width":234,"height":12}},{"id":"d55c85d9-876a-4cfa-9e47-fa4a1f54b6af","block_type":"box","text":"The Manager employs an appropriate liquidity management system and has adopted procedures to","page_number":66,"box":{"x":119,"y":116,"width":766,"height":12}},{"id":"fa3b99a2-b475-4134-9357-744323391cce","block_type":"box","text":"monitor the liquidity risk of the Funds and to ensure that the liquidity profile of each Fund’s investments","page_number":66,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"30a44c55-eda8-4b83-b6a1-b6d0934644cd","block_type":"box","text":"complies with its underlying obligations. The Manager regularly conducts stress tests under normal and","page_number":66,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"a90fd7d8-c063-46ae-ba61-7fc288a3a8b7","block_type":"box","text":"exceptional liquidity conditions to assess and monitor the liquidity risk of the Funds.","page_number":66,"box":{"x":119,"y":161,"width":630,"height":12}},{"id":"6a6114db-e5ef-45f3-a774-d30c06741d3a","block_type":"box","text":"The liquidity management system employed by the Manager includes the selection, calibration,","page_number":66,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"f9f489be-f042-4aa5-b005-4956604aa75b","block_type":"box","text":"activation and deactivation of liquidity management tools (“","page_number":66,"box":{"x":119,"y":206,"width":451,"height":12}},{"id":"70d82c85-8617-4d0c-bd8a-382e5c7b396b","block_type":"box","text":"LMTs","page_number":66,"box":{"x":571,"y":206,"width":48,"height":9}},{"id":"3662ffc7-8283-4bcb-b8b3-e09a35b16def","block_type":"box","text":"”) as referred to in Schedule 2A of","page_number":66,"box":{"x":620,"y":206,"width":265,"height":12}},{"id":"eb9543d4-7f9f-40b8-bac4-d3336d83a837","block_type":"box","text":"the UCITS Regulations.","page_number":66,"box":{"x":119,"y":221,"width":182,"height":12}},{"id":"de80dce4-f1b9-47a0-8ff8-510034d781f3","block_type":"box","text":"The Manager has selected the LMTs set out below to manage each Fund’s liquidity risk under different","page_number":66,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"7f8b80f2-bca9-4b3d-ac42-612652b86c2d","block_type":"box","text":"market conditions, taking into consideration, among other things: the liquidity profile, investment","page_number":66,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"e206e0f5-d997-46b2-83b9-8882fdd5b255","block_type":"box","text":"strategy and investor base, of the Fund, as well as the results of liquidity stress testing.","page_number":66,"box":{"x":120,"y":281,"width":642,"height":12}},{"id":"4734067e-2f5d-4767-9232-ec7e3d3f0ad9","block_type":"box","text":"The LMTs will be applied at the level of each Fund and will, therefore, be applicable for all Share","page_number":66,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"2a85ef5b-1d53-45e5-83d7-0535d7e2bdad","block_type":"box","text":"Classes of the relevant Fund.","page_number":66,"box":{"x":119,"y":326,"width":218,"height":10}},{"id":"eeaa3a21-4996-4cac-9dbc-34aca7444748","block_type":"box","text":"(i)","page_number":66,"box":{"x":167,"y":371,"width":16,"height":12}},{"id":"fcb457fd-b1c2-424a-85cf-8aabb3db9376","block_type":"box","text":"Cash redemption fee – please refer to the section of this Prospectus entitled “","page_number":66,"box":{"x":214,"y":371,"width":578,"height":12}},{"id":"58b2060b-29d3-4205-8a0c-58028c37e11f","block_type":"box","text":"Redeeming","page_number":66,"box":{"x":793,"y":371,"width":92,"height":12}},{"id":"844c8843-5b65-405e-b00e-590c0545c6af","block_type":"box","text":"Shares","page_number":66,"box":{"x":215,"y":387,"width":52,"height":9}},{"id":"2cfba708-f9d8-4efc-92ec-b98354895aba","block_type":"box","text":"” – “","page_number":66,"box":{"x":268,"y":387,"width":38,"height":9}},{"id":"1fe8931c-4c10-42ba-b850-aa06c003265a","block_type":"box","text":"Cash Redemption Fee","page_number":66,"box":{"x":307,"y":387,"width":176,"height":11}},{"id":"0cb5effe-3399-4474-b485-5a4fa824c4ce","block_type":"box","text":"” for information on the conditions under which the","page_number":66,"box":{"x":484,"y":386,"width":401,"height":10}},{"id":"1aa75e7e-fb51-41db-95d9-524b9d723503","block_type":"box","text":"Manager may activate this LMT.","page_number":66,"box":{"x":214,"y":401,"width":248,"height":12}},{"id":"160255b9-c0cc-4191-817e-5208c01fb8a3","block_type":"box","text":"(ii)","page_number":66,"box":{"x":167,"y":431,"width":21,"height":12}},{"id":"9990b0d0-e3d9-4d98-8cb9-c5a00ccced34","block_type":"box","text":"Anti-dilution levy – please refer to the section of this Prospectus entitled “","page_number":66,"box":{"x":214,"y":431,"width":560,"height":12}},{"id":"eacd9c80-b085-4398-8714-5dfd135b6111","block_type":"box","text":"Anti-Dilution","page_number":66,"box":{"x":775,"y":432,"width":110,"height":9}},{"id":"9137b033-5fbc-407e-bd3f-587d5d1bc774","block_type":"box","text":"Levy","page_number":66,"box":{"x":214,"y":447,"width":39,"height":11}},{"id":"eb02bfe7-5ee6-4612-b055-f66d70d8cd94","block_type":"box","text":"” for information on the conditions under which the Manager may activate this LMT.","page_number":66,"box":{"x":253,"y":446,"width":632,"height":12}},{"id":"c9c225b7-b79f-430b-96bc-b5e173d2df1d","block_type":"box","text":"(iii)","page_number":66,"box":{"x":167,"y":476,"width":26,"height":12}},{"id":"07ee7103-ad50-41b3-a2a7-4eebacc99e49","block_type":"box","text":"Redemption gate – please refer to the section of this Prospectus entitled “","page_number":66,"box":{"x":214,"y":476,"width":578,"height":12}},{"id":"f8d8a92e-a9eb-47ef-a633-64eb2c14f3bd","block_type":"box","text":"Redeeming","page_number":66,"box":{"x":793,"y":477,"width":92,"height":11}},{"id":"d09b1eae-8b2d-4c87-94f7-382015e5d7a8","block_type":"box","text":"Shares","page_number":66,"box":{"x":215,"y":492,"width":52,"height":9}},{"id":"f50862b3-3184-4951-98ac-c43453ffd59d","block_type":"box","text":"” – “","page_number":66,"box":{"x":268,"y":492,"width":38,"height":9}},{"id":"67f6ba6b-7db8-42dc-af84-d0aed00f186d","block_type":"box","text":"General","page_number":66,"box":{"x":307,"y":492,"width":63,"height":9}},{"id":"3e092cdc-2f2b-4d9e-93ff-e3ddcc1bbe02","block_type":"box","text":"” for information on the conditions under which the Manager may","page_number":66,"box":{"x":371,"y":491,"width":514,"height":12}},{"id":"1de12fb4-88b7-46f6-84d7-efba4474d457","block_type":"box","text":"activate this LMT.","page_number":66,"box":{"x":214,"y":507,"width":142,"height":9}},{"id":"a9bcdefa-9a31-4e1e-861a-9f148e28aae2","block_type":"box","text":"(iv)","page_number":66,"box":{"x":167,"y":537,"width":25,"height":12}},{"id":"c5cb70c1-0478-451a-b6c5-b206db547911","block_type":"box","text":"Suspension of subscriptions, redemptions and conversions– please refer to the section of","page_number":66,"box":{"x":215,"y":537,"width":670,"height":12}},{"id":"205e9b47-6459-4e23-9371-8e92864ffa81","block_type":"box","text":"this Prospectus entitled “","page_number":66,"box":{"x":214,"y":552,"width":186,"height":12}},{"id":"574c6f98-5060-48f1-a49e-eff4bd2ea3c0","block_type":"box","text":"Temporary Suspension of Dealing in Shares","page_number":66,"box":{"x":402,"y":552,"width":350,"height":12}},{"id":"356afdea-45cd-4179-8142-8099d8f4b4b1","block_type":"box","text":"” for information","page_number":66,"box":{"x":753,"y":552,"width":132,"height":9}},{"id":"ef9acba8-74a6-4211-891f-1bf2718c6d5d","block_type":"box","text":"on the conditions under which the Manager may activate this LMT.","page_number":66,"box":{"x":214,"y":567,"width":504,"height":12}},{"id":"7140f447-461a-4d47-8f68-c20e4507650a","block_type":"box","text":"The Company will without delay notify the Central Bank where any of the LMTs listed in (i) to (iv)","page_number":66,"box":{"x":119,"y":597,"width":766,"height":12}},{"id":"3cebd060-5308-42e6-8306-3b90f24f2078","block_type":"box","text":"above are activated or deactivated in a manner that is not in the ordinary course of business. Please see","page_number":66,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"465559bf-9c7e-44ef-a810-50be56ea9b4e","block_type":"box","text":"the section of this Prospectus entitled “","page_number":66,"box":{"x":119,"y":627,"width":281,"height":12}},{"id":"7587b6c2-ea15-460c-922c-a40008827a3e","block_type":"box","text":"Temporary Suspension of Dealing in Shares","page_number":66,"box":{"x":401,"y":627,"width":340,"height":12}},{"id":"e70573d5-13f7-496f-b4f5-f144d7fddfe6","block_type":"box","text":"” for further details","page_number":66,"box":{"x":743,"y":627,"width":142,"height":9}},{"id":"94b78e90-b41b-49ee-b8ae-b7b651b8c75d","block_type":"box","text":"on the notification requirements applicable to the activation or deactiviation of the suspension of","page_number":66,"box":{"x":119,"y":642,"width":766,"height":12}},{"id":"625859d2-27a7-4013-81be-35e08b2ee0bf","block_type":"box","text":"subscriptions, redemptions and conversions.","page_number":66,"box":{"x":120,"y":657,"width":330,"height":12}},{"id":"5671ca4c-a1f6-443d-8000-2a93a2b208fa","block_type":"box","text":"Mandatory Redemption","page_number":66,"box":{"x":119,"y":687,"width":195,"height":12}},{"id":"44e03156-38c1-4c78-b5a7-d60ceaf456a2","block_type":"box","text":"If any redemption order reduces the Shareholding to below any minimum holding required in respect of","page_number":66,"box":{"x":119,"y":716,"width":766,"height":12}},{"id":"164811df-7d18-429b-a394-8707bd1bee44","block_type":"box","text":"a Fund, such order may be treated as an order to redeem the entire Shareholding.","page_number":66,"box":{"x":119,"y":731,"width":601,"height":12}},{"id":"52303e91-97a8-4294-af13-c7198279b3bc","block_type":"box","text":"Cash Redemption Fee","page_number":66,"box":{"x":119,"y":761,"width":178,"height":12}},{"id":"b3b72f78-151c-4a93-bbf3-610bf1bda95a","block_type":"box","text":"The Company may charge a redemption transaction fee on Share redemption orders in cash of any Share","page_number":66,"box":{"x":119,"y":790,"width":766,"height":12}},{"id":"9011bc54-e7be-4c9f-8d4b-4260efa6bc3d","block_type":"box","text":"class being a basis point transaction fee or, if the Investment Manager deems it appropriate, the actual","page_number":66,"box":{"x":119,"y":805,"width":766,"height":12}},{"id":"bd4bc812-fa39-448f-8892-8ba4bc071094","block_type":"box","text":"trading cost, the level and basis of which will be determined by the Investment Manager, up to such","page_number":66,"box":{"x":119,"y":821,"width":766,"height":12}},{"id":"352eda80-23fb-4f7b-b5d4-24be679edefc","block_type":"box","text":"amount as specified either in","page_number":66,"box":{"x":119,"y":835,"width":224,"height":13}},{"id":"5b5f9f01-d83e-4c3b-899a-795fb4234cab","block_type":"box","text":"Appendix 1","page_number":66,"box":{"x":345,"y":836,"width":91,"height":12}},{"id":"4e840cf4-7027-4968-9ab6-2374b7baabe8","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the","page_number":66,"box":{"x":438,"y":835,"width":447,"height":13}},{"id":"7952d919-5636-41ae-94ff-54c3c6b304dd","block_type":"box","text":"relevant Fund. The fee is paid directly into the assets of the relevant Fund to offset the cost of buying","page_number":66,"box":{"x":119,"y":850,"width":766,"height":12}},{"id":"edb2d0c0-6a58-4e36-878e-33e36680cd59","block_type":"box","text":"and selling securities and is not a redemption fee payable to the Manager or to any other person. The","page_number":66,"box":{"x":119,"y":866,"width":766,"height":12}},{"id":"f5661c91-c264-4988-a02c-62ffc282cc38","block_type":"box","text":"maximum of any such fee is 2% of the gross redemption proceeds (i.e. the NAV per Share multiplied","page_number":66,"box":{"x":119,"y":881,"width":766,"height":12}},{"id":"8535d9fd-ea0c-4d90-9158-9b308f5826ce","block_type":"box","text":"67","page_number":67,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"34c97c11-d76d-4ca5-b260-c39ac9c99215","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":67,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"bed9b062-42b1-4d15-979a-92d1b19fda13","block_type":"box","text":"by the number of Shares being redeemed) as detailed either in","page_number":67,"box":{"x":119,"y":87,"width":495,"height":12}},{"id":"afa26fa4-a4b1-4c71-9120-cdaae17cffe0","block_type":"box","text":"Appendix 1","page_number":67,"box":{"x":617,"y":87,"width":93,"height":12}},{"id":"01ce92c1-a0d5-4469-9032-9c36be19ed96","block_type":"box","text":"of this Prospectus or","page_number":67,"box":{"x":711,"y":87,"width":174,"height":12}},{"id":"9ba59cb9-0f3d-4bb2-8347-0ac23b859360","block_type":"box","text":"otherwise in the Supplement for the relevant Fund.","page_number":67,"box":{"x":119,"y":102,"width":380,"height":12}},{"id":"8006150d-b302-4757-9c09-8ab49ef2f48f","block_type":"box","text":"Anti-Dilution Levy","page_number":67,"box":{"x":119,"y":132,"width":154,"height":12}},{"id":"7a2b6613-8113-4325-9d16-d6b4086bbd02","block_type":"box","text":"See the “","page_number":67,"box":{"x":120,"y":161,"width":66,"height":9}},{"id":"dbecc49c-ec4b-4e39-a148-bff9dc1d7592","block_type":"box","text":"Anti-Dilution Levy","page_number":67,"box":{"x":187,"y":161,"width":149,"height":12}},{"id":"22a0cf27-3490-4903-ac7e-ec98433ea60e","block_type":"box","text":"” section of this Prospectus for details of the anti-dilution fee which may","page_number":67,"box":{"x":337,"y":161,"width":548,"height":12}},{"id":"a023a623-2119-4bae-bb0d-f4513fb06619","block_type":"box","text":"be charged.","page_number":67,"box":{"x":119,"y":176,"width":90,"height":12}},{"id":"f318fafa-ddae-4701-8871-9cbd610703b3","block_type":"box","text":"Holding Over","page_number":67,"box":{"x":119,"y":206,"width":113,"height":12}},{"id":"47826c01-ac27-471a-a106-0b020c0ad6b1","block_type":"box","text":"If total redemption requests received in respect of Shares of a particular Fund on any Dealing Day","page_number":67,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"784d589a-b203-4f01-aa9a-37842ea249fd","block_type":"box","text":"represent in aggregate 10% or more of the relevant Fund’s Net Asset Value or 10% or more of the Net","page_number":67,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"ce0a4f6b-8e44-405b-9962-661d5173afdb","block_type":"box","text":"Asset Value of that Fund, the Manager shall be entitled at its discretion to reduce each such request for","page_number":67,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"6f348917-6529-47c9-8c1f-b339fe93a314","block_type":"box","text":"redemption pro rata so that the total number of Shares of such Fund to be redeemed on that Dealing Day","page_number":67,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"0a03defd-08ae-429d-bbaa-58837d7397ec","block_type":"box","text":"represent no more than 10% of the relevant Fund’s Net Asset Value or no more than 10% of the total","page_number":67,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"dd80809e-0f36-419e-9964-bfe0e5e70a19","block_type":"box","text":"number of Shares of that Fund in issue on that Dealing Day or such higher percentage as the Manager","page_number":67,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"e08e35ce-6e0b-4f2e-bfa2-8507bd595602","block_type":"box","text":"in its sole discretion may determine. Any part of a redemption request to which effect is not given by","page_number":67,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"3efe1ef1-5085-466e-a383-d1034395c7b7","block_type":"box","text":"reason of the exercise of this power shall be carried forward to the next (and, if necessary, subsequent)","page_number":67,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"4b96dbf1-180b-4635-90b2-9004c95d15aa","block_type":"box","text":"Dealing Day(s) (in relation to which the Manager shall have the same power) and redeemed in","page_number":67,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"b9a9cbf9-6e39-45bb-8386-d90edd81082c","block_type":"box","text":"accordance with the Constitution until all the Shares of the Fund to which the original redemption","page_number":67,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"69c93bf8-dfa6-4f3d-a79d-29167430551e","block_type":"box","text":"request related have been redeemed. A Shareholder may, by notice in writing to the Distributor,","page_number":67,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"ab998309-2023-429a-9a88-69a69efa55c2","block_type":"box","text":"withdraw any part of a redemption request to which effect is not given on the Dealing Day in respect of","page_number":67,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"72cb91ec-894d-47ef-8627-5335474175f0","block_type":"box","text":"which the request was originally made as a result of the Manager’s exercise of this discretion.","page_number":67,"box":{"x":119,"y":416,"width":697,"height":12}},{"id":"c04b4c60-bace-43dc-876f-8d06f5efffe7","block_type":"box","text":"Mandatory Redemption","page_number":67,"box":{"x":119,"y":446,"width":195,"height":12}},{"id":"652f8345-ee4d-41f2-855b-56f34f49b530","block_type":"box","text":"The Company may upon such notice as may be required by law or regulation redeem all of the issued","page_number":67,"box":{"x":119,"y":475,"width":766,"height":12}},{"id":"82f48868-dbcf-4e4c-bddd-b28058f21d3d","block_type":"box","text":"Shares of any class if a Special Resolution of that class is passed providing for such redemption at a","page_number":67,"box":{"x":120,"y":490,"width":765,"height":12}},{"id":"37197524-490c-4d9a-8467-b7da74498261","block_type":"box","text":"general shareholder meeting of the holders of the Shares of that class, or if the redemption of the Shares","page_number":67,"box":{"x":119,"y":505,"width":766,"height":12}},{"id":"3f64823f-7ddb-486e-b27a-19508a806dfc","block_type":"box","text":"in that class is approved by a resolution in writing signed by all of the holders of the Shares in that class,","page_number":67,"box":{"x":119,"y":520,"width":766,"height":12}},{"id":"c7df67ee-30ee-49f7-84e4-a22d8946e6b5","block_type":"box","text":"or if the Net Asset Value of the relevant Fund falls below such amount as shall be specified for the","page_number":67,"box":{"x":119,"y":535,"width":766,"height":12}},{"id":"f46a1a93-bc4e-4301-9a8a-46be38bb6e87","block_type":"box","text":"relevant Fund either in","page_number":67,"box":{"x":119,"y":550,"width":174,"height":9}},{"id":"35092c99-6e93-443d-9537-1cfa535dbfab","block_type":"box","text":"Appendix 1","page_number":67,"box":{"x":294,"y":550,"width":90,"height":12}},{"id":"db9a8ef1-a997-4f97-9c8f-cdc834a25171","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the relevant","page_number":67,"box":{"x":385,"y":550,"width":500,"height":12}},{"id":"a2cbc370-a9fd-41a2-84ff-28d9c091c436","block_type":"box","text":"Fund, or if the relevant Shares cease to be listed on a stock exchange, or if the Directors in their sole","page_number":67,"box":{"x":119,"y":565,"width":766,"height":12}},{"id":"029a434a-16d5-406d-9982-927a04e01126","block_type":"box","text":"discretion deem it appropriate because of material administrative disadvantage or adverse political,","page_number":67,"box":{"x":119,"y":580,"width":766,"height":12}},{"id":"5d6931bf-8ec7-43ee-8096-b9dccd67a342","block_type":"box","text":"economic, fiscal, regulatory or other changes or circumstances affecting the relevant class.","page_number":67,"box":{"x":119,"y":595,"width":673,"height":12}},{"id":"ea76fc36-348b-4a4c-b1ab-ec9342cf8c7a","block_type":"box","text":"68","page_number":68,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"3648c7f2-d5ac-48d5-b742-c0c05df29154","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":68,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"a9003bb0-21a0-4b94-97f7-4c4e30183fca","block_type":"box","text":"ANTI-DILUTION LEVY","page_number":68,"box":{"x":399,"y":95,"width":206,"height":9}},{"id":"d1f4680f-74b2-41d4-8189-d9ac7237f7cf","block_type":"box","text":"The actual cost of purchasing Shares in a Fund may be higher or lower than the value used in calculating","page_number":68,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"8833ce10-01ea-4776-9538-10101e45343c","block_type":"box","text":"the Share price. These costs may include dealing charges, commissions, transaction charges and the","page_number":68,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"fee02ea1-8eda-46c1-b2f3-30b10e643653","block_type":"box","text":"dealing spread may have a materially disadvantageous effect on a Shareholder's interest in a Fund.","page_number":68,"box":{"x":119,"y":161,"width":732,"height":12}},{"id":"2a11e4d7-ffd8-4a26-be57-a9eb8c50e092","block_type":"box","text":"To prevent this effect, known as “dilution”, the Company may charge an anti-dilution levy when","page_number":68,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"0b6f87a6-991d-4a1e-bbd5-0d01efeabf06","block_type":"box","text":"Creation Units of ETF Shares are purchased or redeemed for cash. The purpose of the anti-dilution levy","page_number":68,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"5b35c065-3f28-4c63-864a-a906a7316b61","block_type":"box","text":"is to compensate the Fund for (a) the cost of investing money received through subscriptions, or (b)","page_number":68,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"dd4bf14f-f344-4b56-b771-51ab3ba2d4f9","block_type":"box","text":"selling investments to fund a redemption request. In calculating the subscription/redemption price for","page_number":68,"box":{"x":120,"y":236,"width":765,"height":12}},{"id":"fb3e0e37-4f02-425f-b6a9-0e9f29983bbe","block_type":"box","text":"ETF Shares which are purchased/redeemed in cash, the Company may, on any Dealing Day when there","page_number":68,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"2a489ec8-938a-4fdb-990c-0cd536ba64ba","block_type":"box","text":"are net subscriptions/redemptions, adjust the consideration for ETF Shares which are","page_number":68,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"283f0228-b01b-4051-b94d-4454f6057082","block_type":"box","text":"purchased/redeemed in cash, by adding/deducting an anti-dilution levy to cover dealing costs and to","page_number":68,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"94fb44f4-aff5-4326-bcff-e835771003cc","block_type":"box","text":"preserve the value of the underlying assets of the relevant Fund. The anti-dilution levy is applied to","page_number":68,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"2495a091-5981-43fe-8514-f8f8f72726c0","block_type":"box","text":"recover expenses not fully offset by the (a) Cash Creation Fee, or (b) Cash Redemption Fee and will be","page_number":68,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"d7d55d5f-ca0a-405a-838d-4012ee203eeb","block_type":"box","text":"payable in addition to these fees. Such charge by a Fund must be fair and in the interests of all","page_number":68,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"13875b1e-af15-4926-9592-f52150192319","block_type":"box","text":"Shareholders. It is not, however, possible to predict accurately whether dilution will occur at any point","page_number":68,"box":{"x":120,"y":341,"width":765,"height":12}},{"id":"365cd27e-503b-488e-9219-68abca4d870f","block_type":"box","text":"in time. The charging of an anti-dilution levy will effectively increase the purchase price of Shares or","page_number":68,"box":{"x":119,"y":356,"width":766,"height":12}},{"id":"e5239097-4c6f-4772-bf11-c7f12b5bdd5b","block_type":"box","text":"reduce the proceeds received from a redemption of Shares. The anti-dilution levy will be paid into the","page_number":68,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"82518f40-edd2-43b3-a226-a3279038cc23","block_type":"box","text":"Fund and become part of the property of the Fund, thus protecting the value of the existing or remaining","page_number":68,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"1e7f49c4-745a-47e8-8967-f8e2757715f0","block_type":"box","text":"Shareholder’s interests, as relevant.","page_number":68,"box":{"x":120,"y":401,"width":266,"height":12}},{"id":"0cb5f9b1-b051-4a92-8f9b-f636ef75613b","block_type":"box","text":"69","page_number":69,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"15510dc9-6b6e-4eb3-9726-e7f1c2dbc59b","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":69,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"acc53331-8fa1-44d4-8a88-c5963b4dc65b","block_type":"box","text":"TEMPORARY SUSPENSION OF DEALING IN SHARES","page_number":69,"box":{"x":267,"y":95,"width":470,"height":9}},{"id":"300ab4ee-57ac-4dc2-b089-cce3a8b1c8f1","block_type":"box","text":"The Directors may at any time, with prior notification to the Depositary, temporarily suspend the","page_number":69,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"13dde697-d5f4-43e2-86a9-044806e6d39f","block_type":"box","text":"valuation, or the issue, redemption and conversion of Shares during:","page_number":69,"box":{"x":119,"y":146,"width":509,"height":13}},{"id":"64270d8c-d194-4601-b920-3d50940cfa42","block_type":"box","text":"(i)","page_number":69,"box":{"x":119,"y":176,"width":17,"height":12}},{"id":"e1267cbb-c2c7-45e2-833c-7720137d09c7","block_type":"box","text":"the whole or part of any period when any Regulated Market on which a substantial portion of","page_number":69,"box":{"x":178,"y":176,"width":707,"height":12}},{"id":"94d56b9e-1e9c-44ca-bfa0-9c88cd8a7d38","block_type":"box","text":"the investments for the time being comprised in the relevant Fund are quoted, listed or dealt in","page_number":69,"box":{"x":178,"y":191,"width":707,"height":12}},{"id":"b36dbc8b-fb70-43e1-b33c-f012f3f02353","block_type":"box","text":"is closed otherwise than for ordinary holidays, or during which dealings on any such Regulated","page_number":69,"box":{"x":179,"y":206,"width":706,"height":12}},{"id":"bc8377d1-e4fe-4ba6-88d9-9ad8a72a87f4","block_type":"box","text":"Market are restricted or suspended; or","page_number":69,"box":{"x":178,"y":221,"width":285,"height":12}},{"id":"8b2c725f-a6f3-4249-9e1e-1bf3b13c0995","block_type":"box","text":"(ii)","page_number":69,"box":{"x":119,"y":250,"width":22,"height":12}},{"id":"551e5646-63ea-48d6-9037-170eb9bf5cec","block_type":"box","text":"the whole or part of any period when, as a result of political, military, economic or monetary","page_number":69,"box":{"x":178,"y":250,"width":707,"height":12}},{"id":"6ea9a55e-778e-4119-ac74-959c3ed0ff27","block_type":"box","text":"events or other circumstances beyond the control, responsibility and power of the Directors, the","page_number":69,"box":{"x":179,"y":265,"width":706,"height":12}},{"id":"64da614c-fed8-4de0-b2d1-ee816380a8a3","block_type":"box","text":"disposal or valuation of investments for the time being comprised in the relevant Fund is not, in","page_number":69,"box":{"x":179,"y":280,"width":706,"height":12}},{"id":"9f504b64-8eb8-4076-a505-1e78d0f9a475","block_type":"box","text":"the opinion of the Directors, reasonably practicable or cannot be effected or completed normally","page_number":69,"box":{"x":178,"y":295,"width":707,"height":12}},{"id":"9e843137-c5a5-455c-8be5-0818baa12c60","block_type":"box","text":"or without prejudicing the interests of Shareholders; or","page_number":69,"box":{"x":179,"y":310,"width":409,"height":12}},{"id":"ee6b307d-7770-4b03-a229-60f4febf055e","block_type":"box","text":"(iii)","page_number":69,"box":{"x":119,"y":339,"width":27,"height":12}},{"id":"4e5bba0e-49c8-4712-a9d2-ba3ca9d5e802","block_type":"box","text":"any breakdown in the means of communication normally employed in determining the value of","page_number":69,"box":{"x":179,"y":339,"width":706,"height":12}},{"id":"2b9b82d8-1b33-4613-98c1-ab236efdcb24","block_type":"box","text":"any investments for the time being comprised in the relevant Fund or during any period when","page_number":69,"box":{"x":179,"y":354,"width":706,"height":12}},{"id":"f87956a3-020a-4529-8ef8-a42eb1fcfbb5","block_type":"box","text":"for any other reason the value of investments for the time being comprised in the relevant Fund","page_number":69,"box":{"x":179,"y":369,"width":706,"height":12}},{"id":"04fe5f8c-62ba-4585-b4e2-e1c2b8f130de","block_type":"box","text":"cannot, in the opinion of the Directors, be promptly or accurately ascertained; or","page_number":69,"box":{"x":179,"y":385,"width":598,"height":12}},{"id":"11fa9ca4-1d9e-4a51-8e3a-ded60c86c2c2","block_type":"box","text":"(iv)","page_number":69,"box":{"x":119,"y":414,"width":26,"height":12}},{"id":"e4677d5f-db90-4f90-b7ae-3aa8e6544b0f","block_type":"box","text":"the whole or any part of any period when the Company is unable to repatriate funds for the","page_number":69,"box":{"x":178,"y":414,"width":707,"height":12}},{"id":"9711717c-a5ee-4b59-829d-9d53e05307dd","block_type":"box","text":"purposes of making redemption payments or during which the realisation of investments for the","page_number":69,"box":{"x":178,"y":429,"width":707,"height":12}},{"id":"33ebf6bc-c2d3-4ad7-8b93-dbadf8eefd72","block_type":"box","text":"time being comprised in the relevant Fund, or the transfer or payment of funds involved in","page_number":69,"box":{"x":178,"y":444,"width":707,"height":12}},{"id":"0213c8a5-3355-4a12-adfb-c2376e13293b","block_type":"box","text":"connection therewith cannot, in the opinion of the Directors, be effected at normal prices or","page_number":69,"box":{"x":179,"y":459,"width":706,"height":12}},{"id":"413ae41c-34f7-4047-8b4f-dd251a7b0d7d","block_type":"box","text":"normal rates of exchange or during which there are difficulties or it is envisaged that there will","page_number":69,"box":{"x":178,"y":474,"width":707,"height":12}},{"id":"e2f12585-349c-4ee7-9def-b346dc002bc9","block_type":"box","text":"be difficulties, in the transfer of monies or assets required for subscriptions, redemptions or","page_number":69,"box":{"x":178,"y":489,"width":707,"height":12}},{"id":"6b312f4c-6e5d-4635-9c1a-d0a1e6722e86","block_type":"box","text":"trading; or","page_number":69,"box":{"x":178,"y":504,"width":82,"height":12}},{"id":"891fba2d-6cab-40e4-9744-aa913f094c32","block_type":"box","text":"(v)","page_number":69,"box":{"x":119,"y":533,"width":21,"height":12}},{"id":"12fdf89d-1cd3-4ac7-984b-ff6e4d518495","block_type":"box","text":"the whole or any part of any period when, as a result of adverse market conditions, the payment","page_number":69,"box":{"x":178,"y":533,"width":707,"height":12}},{"id":"6c13b93a-b4f3-48b1-be35-b057d57b6cf0","block_type":"box","text":"of redemption proceeds may, in the sole opinion of the Directors, have an adverse impact on the","page_number":69,"box":{"x":179,"y":548,"width":706,"height":12}},{"id":"2d264ee5-89fc-4f26-a5f6-d2b98f59b559","block_type":"box","text":"relevant Fund or the remaining Shareholders in such Fund; or","page_number":69,"box":{"x":178,"y":563,"width":460,"height":12}},{"id":"9ddac343-4ab8-4aa9-b740-6d7c87095334","block_type":"box","text":"(vi)","page_number":69,"box":{"x":119,"y":592,"width":26,"height":12}},{"id":"017a0339-04d6-4f64-a016-7755067c6c21","block_type":"box","text":"the whole or any part of any period after a notice of the total redemption of the Shares of any","page_number":69,"box":{"x":178,"y":592,"width":707,"height":13}},{"id":"29de25c8-3a9e-40c7-86dd-c0728f7e8b9e","block_type":"box","text":"class has been given, or after a notice convening a meeting of Members for the purpose of","page_number":69,"box":{"x":179,"y":607,"width":706,"height":12}},{"id":"c6584286-9c3d-45ef-b035-a14f18537dbc","block_type":"box","text":"dissolving the Company or terminating a Fund has been issued, up to and including the date of","page_number":69,"box":{"x":179,"y":623,"width":706,"height":12}},{"id":"e4bb5aa1-3415-4b61-918e-f7cae2bd8058","block_type":"box","text":"such meeting or adjourned meeting of Members; or","page_number":69,"box":{"x":179,"y":638,"width":384,"height":12}},{"id":"86c5b3af-cfc8-4ddb-bb91-3d047b83e968","block_type":"box","text":"(vii)","page_number":69,"box":{"x":119,"y":667,"width":31,"height":12}},{"id":"7077cac7-4446-46cf-9129-cebdeb8b2250","block_type":"box","text":"the whole or any part of any period during which dealings in a collective investment scheme in","page_number":69,"box":{"x":178,"y":667,"width":707,"height":12}},{"id":"fdbfef5d-8857-4d00-829c-8b025ced6829","block_type":"box","text":"which the relevant Fund has invested a significant portion of its assets, as determined by the","page_number":69,"box":{"x":178,"y":682,"width":707,"height":12}},{"id":"91d160fa-09b0-4bb2-bbe3-d63be90f1555","block_type":"box","text":"Directors, are suspended; or","page_number":69,"box":{"x":178,"y":697,"width":212,"height":12}},{"id":"c4b060d8-1e0c-43ec-a25e-50fccb880463","block_type":"box","text":"(viii)","page_number":69,"box":{"x":119,"y":726,"width":36,"height":12}},{"id":"7f861fc9-51fe-47df-b1f1-ca31ae2e4c32","block_type":"box","text":"the whole or any part of any period in which the repurchase of the Shares would, in the opinion","page_number":69,"box":{"x":178,"y":726,"width":707,"height":12}},{"id":"d1e4e03e-2e6b-4fbd-861a-a5bd8c616e51","block_type":"box","text":"of the Directors, result in a violation of applicable laws; or","page_number":69,"box":{"x":179,"y":741,"width":437,"height":12}},{"id":"7097e025-e716-42fc-a3fd-8645d2a95de0","block_type":"box","text":"(ix)","page_number":69,"box":{"x":119,"y":770,"width":26,"height":12}},{"id":"6ce552a9-3e92-4c46-86a4-01bb5e586da8","block_type":"box","text":"upon mutual agreement between the Company and the Depositary for the purpose of the merger","page_number":69,"box":{"x":178,"y":770,"width":707,"height":12}},{"id":"9b8539ee-be9c-4ff4-8db5-f131c99aff31","block_type":"box","text":"of the Company or any Fund with another collective investment scheme or sub-fund thereof; or","page_number":69,"box":{"x":179,"y":786,"width":706,"height":12}},{"id":"77db0b6d-ae8a-4d90-8a47-03e0d8e9c844","block_type":"box","text":"(x)","page_number":69,"box":{"x":119,"y":815,"width":21,"height":12}},{"id":"8f98a75b-cdb6-4994-a467-5c62a0ac6496","block_type":"box","text":"any period when the Directors determine that it is in the best interests of the Shareholders to do","page_number":69,"box":{"x":179,"y":815,"width":706,"height":12}},{"id":"679789cb-2787-4899-a872-cc6c5c3fb3ae","block_type":"box","text":"so.","page_number":69,"box":{"x":179,"y":833,"width":25,"height":6}},{"id":"4104fd90-5856-4b91-b1a1-d8dc07c30deb","block_type":"box","text":"Any such suspension of the valuation, or issue, redemption and conversion of Shares shall apply equally","page_number":69,"box":{"x":119,"y":860,"width":766,"height":12}},{"id":"28c9ea3f-f3f7-40f5-b813-96c40a82a00a","block_type":"box","text":"to all Classes of the relevant Fund. Notice of any such suspension shall be published by the Company","page_number":69,"box":{"x":119,"y":875,"width":766,"height":12}},{"id":"dd6c72a5-2cb7-46f7-b34e-80425ab86419","block_type":"box","text":"in the","page_number":69,"box":{"x":119,"y":890,"width":47,"height":9}},{"id":"b5571eb2-f43d-49b4-bd1c-67200650992c","block_type":"box","text":"Financial Times","page_number":69,"box":{"x":166,"y":890,"width":121,"height":9}},{"id":"97be2742-6a25-446b-a2a6-d7a9a12ae0ba","block_type":"box","text":"and/or","page_number":69,"box":{"x":287,"y":890,"width":57,"height":9}},{"id":"d088ae01-a67f-4806-80cb-260928494adb","block_type":"box","text":"The Wall Street Journal","page_number":69,"box":{"x":346,"y":890,"width":178,"height":9}},{"id":"fefd33df-22d1-40dc-a109-7d3708bfb5bf","block_type":"box","text":"l and/or through","page_number":69,"box":{"x":524,"y":890,"width":120,"height":12}},{"id":"3e3e719a-974a-4312-bca2-e7c041560d51","block_type":"box","text":"Bloomberg","page_number":69,"box":{"x":644,"y":890,"width":83,"height":12}},{"id":"50dc699c-5018-4431-bbfc-ff6efc502dd6","block_type":"box","text":"g and/or in such other","page_number":69,"box":{"x":726,"y":890,"width":159,"height":9}},{"id":"ba66f381-461d-46e5-8a74-5a8f9d171e3f","block_type":"box","text":"70","page_number":70,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"e7287edb-3e96-4e10-8fb0-d7527189cfd4","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":70,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"14fcef21-6f8c-4264-8ae8-c239728661f0","block_type":"box","text":"newspapers and/or on or through such other media as the Directors may from time to time determine if,","page_number":70,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"0453c765-5948-461b-8f95-bbd15b6ba464","block_type":"box","text":"in the opinion of the Directors, it is likely to exceed 30 days, and shall be notified immediately to the","page_number":70,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"40ae1d31-7357-4064-8246-cc742cbab214","block_type":"box","text":"Central Bank, Euronext Dublin and the Shareholder. A Shareholder who has requested the issue,","page_number":70,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"95d1da13-1f8b-463c-9eb2-d74743ffa4aa","block_type":"box","text":"conversion or redemption of Shares of any class will have their subscription or redemption request dealt","page_number":70,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"7012b14a-3f8b-41ae-b166-41ac104771bc","block_type":"box","text":"with on the first Business Day after the suspension has been lifted unless applications or redemption","page_number":70,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"8519e5c8-4907-4e72-b3e9-3e8632f697e9","block_type":"box","text":"requests have been withdrawn prior to the lifting of the suspension. Where possible, all reasonable steps","page_number":70,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"6d0e87fd-c83a-49b8-85a4-eb357256bf8c","block_type":"box","text":"will be taken to bring any period of suspension to an end as soon as possible.","page_number":70,"box":{"x":119,"y":177,"width":573,"height":12}},{"id":"72df88f4-4d14-48a7-89c3-5371fe0c5ea1","block_type":"box","text":"The Manager shall notify the Central Bank immediately upon the lifting of any such temporary","page_number":70,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"71659a04-b33f-4232-9a24-74ce66bc5aa7","block_type":"box","text":"suspension and in circumstances where the temporary suspension has not been lifted within 21 working","page_number":70,"box":{"x":120,"y":221,"width":765,"height":12}},{"id":"36584489-bf5c-4ece-be8a-dfd17f568997","block_type":"box","text":"days of application, the Manager shall provide the Central Bank with an update on the temporary","page_number":70,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"76397dbb-34d7-463f-bce1-5380f13d2373","block_type":"box","text":"suspension at the expiration of the 21 working day period and each subsequent period of 21 working","page_number":70,"box":{"x":120,"y":251,"width":765,"height":12}},{"id":"3cab7adb-4f7e-4113-aa8a-e3f539d4375d","block_type":"box","text":"days where the temporary suspension continues to apply.","page_number":70,"box":{"x":119,"y":266,"width":426,"height":12}},{"id":"35b7dfdb-20ec-4fbb-bde6-2961d8f7e812","block_type":"box","text":"71","page_number":71,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"1e0be824-1a28-4cba-ab99-d0dbc0f63d80","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":71,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"09ec506f-fbde-4af8-a018-4cf9ca11f8a9","block_type":"box","text":"RESTRICTIONS AND COMPULSORY TRANSFER AND REDEMPTION OF SHARES","page_number":71,"box":{"x":144,"y":95,"width":716,"height":9}},{"id":"35a84cf4-1409-412b-8ae5-64f8e97c9cc9","block_type":"box","text":"General","page_number":71,"box":{"x":119,"y":132,"width":68,"height":9}},{"id":"c1f5c920-208a-475f-a421-3b44ce0592de","block_type":"box","text":"Shareholders are required to notify the Company immediately in the event that: (a) they cease to be","page_number":71,"box":{"x":120,"y":161,"width":765,"height":12}},{"id":"17ced93d-7a37-432a-a0c3-e63c649558a0","block_type":"box","text":"Qualified Holders; (b) they become Irish Residents (see the “","page_number":71,"box":{"x":119,"y":176,"width":452,"height":12}},{"id":"97c4c258-745e-4ca7-81e6-402abfac9b21","block_type":"box","text":"Taxation","page_number":71,"box":{"x":572,"y":176,"width":70,"height":9}},{"id":"ee3c097e-fd45-489b-8515-46b9e2893b91","block_type":"box","text":"” section of this Prospectus); (c)","page_number":71,"box":{"x":643,"y":176,"width":242,"height":12}},{"id":"3c9f2858-8c07-4136-badf-dc9b21b77ca5","block_type":"box","text":"they cease to be Exempt Investors; (d) where applicable, the Declaration made by or on their behalf is","page_number":71,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"75c6e8d6-c260-4205-bc47-2d7269cc12b6","block_type":"box","text":"no longer valid; (e) they hold Shares for the account or benefit of (i) a person who is not a Qualified","page_number":71,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"c1ebe71b-3656-4c49-bdc7-201a6a26e4f1","block_type":"box","text":"Holder; (ii) Irish Residents; or (iii) Irish Residents who cease to be Exempt Investors and in respect of","page_number":71,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"08184161-4af5-4bae-aa2e-26489c887e29","block_type":"box","text":"which the Declaration made on their behalf is no longer valid; or (f) they otherwise hold Shares in breach","page_number":71,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"496b54bc-e361-4c44-b28e-b1682cf4228a","block_type":"box","text":"of any law or regulation or otherwise in circumstances having or which may have adverse regulatory,","page_number":71,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"82b6807f-ff97-4af2-ac55-6fca05b43c78","block_type":"box","text":"tax, pecuniary or fiscal consequences or material administrative disadvantage for the Company or the","page_number":71,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"4d271674-24c7-47e3-bf75-1edcdc312b1a","block_type":"box","text":"Shareholders.","page_number":71,"box":{"x":120,"y":281,"width":104,"height":9}},{"id":"635ee353-bb81-4ca1-945a-e36cad669460","block_type":"box","text":"No person may offer or sell any Shares to any person who would not be a Qualified Holder. No person","page_number":71,"box":{"x":118,"y":310,"width":767,"height":12}},{"id":"c21fc9e3-dfd3-4310-b963-2c431d4bf672","block_type":"box","text":"other than a Qualified Holder shall be entitled to be registered or remain registered as a holder of Shares","page_number":71,"box":{"x":119,"y":325,"width":766,"height":12}},{"id":"488f4d47-3c41-4784-915a-191ba803607a","block_type":"box","text":"and the Directors may upon an application for any class of Shares or on a transfer of any class of Shares","page_number":71,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"6036ffbf-e301-4326-a422-af6ae874269e","block_type":"box","text":"or at any other time and from time to time require such evidence to be furnished to them in this","page_number":71,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"107da87b-04d4-41b5-93be-1f58205d2501","block_type":"box","text":"connection as they shall in their discretion deem sufficient and in default of such evidence being","page_number":71,"box":{"x":119,"y":370,"width":766,"height":12}},{"id":"6b6e97d1-cb74-45ad-9b59-593de509b728","block_type":"box","text":"furnished to the satisfaction of the Directors, the Directors may require the redemption or transfer of","page_number":71,"box":{"x":119,"y":385,"width":766,"height":12}},{"id":"ab6f2920-f388-4aeb-95d9-462a24b17ef6","block_type":"box","text":"such Shares pursuant to the Constitution.","page_number":71,"box":{"x":120,"y":400,"width":306,"height":12}},{"id":"96ebec45-f2dc-4e4c-8687-307fb63c6bd2","block_type":"box","text":"Where the Directors become aware that a Shareholder (a) is not a Qualified Holder or is holding Shares","page_number":71,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"3583b1b0-dea9-4b72-a10e-f507c8c5d497","block_type":"box","text":"for the account of a person who is not a Qualified Holder; (b) is holding Shares in breach of any laws or","page_number":71,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"56420fb2-0ca5-47f0-98f2-a009f011fc4a","block_type":"box","text":"requirements of any country or government authority or otherwise in circumstances (whether directly","page_number":71,"box":{"x":119,"y":460,"width":766,"height":12}},{"id":"04347e9d-13de-4387-9095-245667630083","block_type":"box","text":"or indirectly) affecting such person or persons, and whether taken alone or in conjunction with any other","page_number":71,"box":{"x":119,"y":475,"width":766,"height":12}},{"id":"9267698c-f3c3-4dfd-8771-4a84d952eedd","block_type":"box","text":"persons connected or not, or any other circumstances appearing to the Directors to be relevant) which,","page_number":71,"box":{"x":119,"y":490,"width":766,"height":12}},{"id":"ecb97604-84d9-4d5b-bfcb-5583729bdc01","block_type":"box","text":"in the opinion of the Directors, might result in the Company or any Shareholder incurring liability to","page_number":71,"box":{"x":119,"y":505,"width":766,"height":12}},{"id":"c9f849df-72ed-49e5-9381-e4ab1cd65463","block_type":"box","text":"taxation or suffering any other adverse regulatory, pecuniary or fiscal consequences or material","page_number":71,"box":{"x":119,"y":520,"width":766,"height":12}},{"id":"a75899ab-597a-4908-b840-33355e340c79","block_type":"box","text":"administrative disadvantage which the Company or Shareholder might not otherwise have incurred or","page_number":71,"box":{"x":119,"y":535,"width":766,"height":13}},{"id":"12e98529-872a-4454-a321-7602fd728000","block_type":"box","text":"suffered; or (c) is holding Shares in any Fund that the Directors have determined shall be closed to","page_number":71,"box":{"x":120,"y":550,"width":765,"height":12}},{"id":"af6f20ad-d489-43cb-a7e3-7149813da620","block_type":"box","text":"subsequent subscription and conversions on such basis and for such period as the Directors may","page_number":71,"box":{"x":120,"y":566,"width":765,"height":12}},{"id":"35e9d013-acad-4043-a1a8-019e7b70c80f","block_type":"box","text":"determine, and the relevant Shares were acquired after the date on which the Directors determined that","page_number":71,"box":{"x":119,"y":580,"width":766,"height":13}},{"id":"971ba682-7df0-4cf5-9af3-15704367bafe","block_type":"box","text":"the relevant Fund should be closed as aforesaid: the Directors may (i) direct the Shareholder to dispose","page_number":71,"box":{"x":119,"y":595,"width":766,"height":13}},{"id":"5fc92760-46ad-4caf-855e-359c0f5430dd","block_type":"box","text":"of those Shares to a person who is qualified or entitled to own or hold the Shares within such time period","page_number":71,"box":{"x":119,"y":611,"width":766,"height":12}},{"id":"7a2b8c8a-ed2a-436a-8e89-0e385f6496e1","block_type":"box","text":"as the Directors stipulate or (ii) redeem the Shares at the Net Asset Value of the Shares as at the Dealing","page_number":71,"box":{"x":119,"y":626,"width":766,"height":12}},{"id":"44125719-f6db-4b07-bf57-c6412789123c","block_type":"box","text":"Day after the date of such direction to the Shareholder or following the end of the period specified for","page_number":71,"box":{"x":119,"y":641,"width":766,"height":12}},{"id":"2369932f-a0fa-44d5-83a9-34329c919706","block_type":"box","text":"disposal pursuant to (i) above.","page_number":71,"box":{"x":119,"y":656,"width":227,"height":12}},{"id":"9e68d618-77ca-4f5e-8b49-ca95ff064fb8","block_type":"box","text":"Under the Constitution, any person who becomes aware that he or she is holding Shares in contravention","page_number":71,"box":{"x":119,"y":686,"width":766,"height":12}},{"id":"aefd0cc3-7909-48fa-b7d9-a6a92b52a181","block_type":"box","text":"of any of the above provisions and who fails to transfer, or deliver for redemption, his or her Shares","page_number":71,"box":{"x":119,"y":701,"width":766,"height":12}},{"id":"19848b4f-96ae-40fe-8c45-6ccc9479872b","block_type":"box","text":"pursuant to the above provisions or who fails to make the appropriate notification to the Company, shall","page_number":71,"box":{"x":119,"y":716,"width":766,"height":12}},{"id":"bf5d5b14-a4de-4172-a235-307da5adac54","block_type":"box","text":"indemnify and hold harmless each of the Directors, the Company, the Manager, the Administrator, the","page_number":71,"box":{"x":119,"y":731,"width":766,"height":12}},{"id":"6ae99108-dc9b-435d-9c5b-1ed2200c4adb","block_type":"box","text":"Depositary, the Investment Manager and the Shareholder (each an “","page_number":71,"box":{"x":119,"y":746,"width":523,"height":12}},{"id":"651fd153-261f-4e31-b260-0f1d9fd0cc1c","block_type":"box","text":"Indemnified Party","page_number":71,"box":{"x":642,"y":746,"width":148,"height":12}},{"id":"fd7b42b7-d03c-4227-9e1d-fbdafb56308f","block_type":"box","text":"”) from 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Subject to certain","page_number":72,"box":{"x":119,"y":116,"width":766,"height":12}},{"id":"d0a7ae02-1c40-41f3-ad37-5f13a9ad31e6","block_type":"box","text":"exceptions, the Shares may not be offered or sold in the US or offered or sold to US Persons. 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Every form of transfer must state the full name and address","page_number":73,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"97f7be8b-3cec-4570-a015-91a78ea8d005","block_type":"box","text":"of each of the transferors and the transferees and must be signed by or on behalf of the transferors. The","page_number":73,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"5eae45e6-ace7-447e-8d55-2d6b92e2b17f","block_type":"box","text":"Directors or their delegate may decline to register any transfer of Shares unless the transfer form is","page_number":73,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"076e96eb-dd65-4f03-bfa7-ecab95d8ad21","block_type":"box","text":"deposited at the office of the Administrator or such other place as the Directors may reasonably require,","page_number":73,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"3254ffd5-33d4-4827-899e-0b96a6131eaf","block_type":"box","text":"accompanied by such other evidence as the Directors may reasonably require to show the right of the","page_number":73,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"6c5abdf4-7ad2-46e8-80e8-1edf580db17b","block_type":"box","text":"transferor to make the transfer and to determine the identity of the transferee. 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A","page_number":73,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"aceff9b7-7af3-4ffb-81e7-cf60d4f15077","block_type":"box","text":"transfer of Shares will not be registered unless the transferee, if not an existing Shareholder, has","page_number":73,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"520db00e-1a8f-4b15-86c1-fbf78ec4cc44","block_type":"box","text":"completed an Application Form to the satisfaction of the Directors.","page_number":73,"box":{"x":119,"y":296,"width":500,"height":12}},{"id":"254b72fe-0293-423a-80b0-1f574514caf6","block_type":"box","text":"Restrictions on Transfer","page_number":73,"box":{"x":119,"y":325,"width":197,"height":10}},{"id":"79ca2c6e-f30d-4bb0-99b5-c401119bfee7","block_type":"box","text":"Shares are freely transferable except that the Directors may decline to register a transfer of Shares: (i)","page_number":73,"box":{"x":120,"y":354,"width":765,"height":12}},{"id":"b00221d2-37b3-4c75-9b38-0f07d06ee0d8","block_type":"box","text":"in the absence of satisfactory evidence that the proposed transferee is a Qualified Holder; (ii) if in the","page_number":73,"box":{"x":119,"y":369,"width":766,"height":12}},{"id":"8c24a498-bcfc-4bb8-9e16-cddb62c735af","block_type":"box","text":"opinion of the Directors the transfer would be unlawful or result or be likely to result in any regulatory,","page_number":73,"box":{"x":119,"y":384,"width":766,"height":12}},{"id":"f3650ba1-19d3-43f5-aa11-a390bc761c8a","block_type":"box","text":"tax, pecuniary, legal or material administrative disadvantage to the Company or any Fund or the","page_number":73,"box":{"x":119,"y":399,"width":766,"height":13}},{"id":"ae42a3c2-32ea-4521-8be6-989a2528b945","block_type":"box","text":"Shareholders as a whole; (iii) in the absence of satisfactory evidence of the transferee’s identity; (iv)","page_number":73,"box":{"x":120,"y":414,"width":765,"height":12}},{"id":"0ec542c5-37c7-46a3-a794-f8d3d9707542","block_type":"box","text":"where the Company is required to redeem, appropriate or cancel such number of Shares as are required","page_number":73,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"28d9f335-84bb-4fab-b196-341669e2f73c","block_type":"box","text":"to meet the appropriate tax of the Shareholder on such transfer; (v) if, as a result of such transfer, the","page_number":73,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"13600041-ffc6-4202-98e7-88cf2a32eab1","block_type":"box","text":"transferor’s holding would drop below the Minimum Holding; (vi) to a person who is not already a","page_number":73,"box":{"x":119,"y":459,"width":766,"height":13}},{"id":"4cba5172-3674-4deb-a82a-b31b894ec671","block_type":"box","text":"holder of or entitled to become a holder of Shares of that class or (vii) to a person who is not already a","page_number":73,"box":{"x":119,"y":475,"width":766,"height":12}},{"id":"d5927091-df51-49a8-bcc5-d969bd01c20f","block_type":"box","text":"Shareholder if, as a result of such transfer, the proposed transferee would not be the holder of a Minimum","page_number":73,"box":{"x":120,"y":490,"width":765,"height":12}},{"id":"8af3d62f-cfd9-4f4f-8ccd-cf2b06e8bc0f","block_type":"box","text":"Holding. The Company may impose such restrictions as it believes necessary to ensure that no Shares","page_number":73,"box":{"x":119,"y":505,"width":766,"height":12}},{"id":"84542d23-c4ed-41f6-a437-c163a39728b9","block_type":"box","text":"are acquired by persons who are not Qualified Holders. A proposed transferee may be required to","page_number":73,"box":{"x":119,"y":520,"width":766,"height":12}},{"id":"006982d2-f44e-451b-a64b-76de10b3a01b","block_type":"box","text":"provide such representations, warranties or documentation as the Directors may require in relation to","page_number":73,"box":{"x":119,"y":535,"width":766,"height":12}},{"id":"c3e864d7-0d0a-4cc5-b6e9-9636388ec708","block_type":"box","text":"the above matters. In the event that the Company does not receive a Declaration in respect of the","page_number":73,"box":{"x":119,"y":550,"width":766,"height":12}},{"id":"f9748f87-cc65-4428-96f0-a0278261fcb5","block_type":"box","text":"transferee where such a Declaration is required, the Company will be required to deduct appropriate tax","page_number":73,"box":{"x":119,"y":565,"width":766,"height":12}},{"id":"78b58bca-c2b8-4a5a-b4b1-41004833ea70","block_type":"box","text":"in respect of any payment to the transferee or any sale, transfer, cancellation, redemption, repurchase or","page_number":73,"box":{"x":119,"y":580,"width":766,"height":12}},{"id":"eed692d7-9732-4b9c-a523-223fb4ee4750","block_type":"box","text":"other payment in respect of the Shares as described in the section headed “","page_number":73,"box":{"x":119,"y":595,"width":544,"height":12}},{"id":"18e8d68e-bb04-4905-a06d-538dfad25a21","block_type":"box","text":"Taxation","page_number":73,"box":{"x":664,"y":595,"width":70,"height":9}},{"id":"a7d83f0c-6f9a-44f0-9e6b-4b298090ebe0","block_type":"box","text":"” in this 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and","page_number":74,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"5fb2d849-e03b-4428-b1e4-91ae752d5371","block_type":"box","text":"the basis of calculation of Net Asset Value is summarised in","page_number":74,"box":{"x":119,"y":176,"width":450,"height":9}},{"id":"98054a83-8387-4e0a-8cd0-6a9bb6cc5670","block_type":"box","text":"Appendix 2","page_number":74,"box":{"x":569,"y":176,"width":90,"height":12}},{"id":"8b742d28-9300-4f9a-b630-16744536a9c9","block_type":"box","text":".","page_number":74,"box":{"x":661,"y":184,"width":8,"height":1}},{"id":"f603e421-60f7-4aaf-a06c-12b093ac6f47","block_type":"box","text":"75","page_number":75,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"1513b8c1-e1b3-4f49-923b-49626562009b","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":75,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"551ac80f-50e8-4d68-93c5-e39daac8ea30","block_type":"box","text":"SHARE 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calculated with reference to the","page_number":75,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"dc8aa3e2-b00b-4a89-9ed5-3027427b1756","block_type":"box","text":"next Valuation Point determined for investments for the purchase, redemption or switch of Shares.","page_number":75,"box":{"x":119,"y":206,"width":733,"height":12}},{"id":"ca7529b9-247d-4705-9f77-203af0e0ac26","block_type":"box","text":"There may also be, for both purchases and redemptions by investors, an anti-dilution levy, as more","page_number":75,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"12b69d8b-30bf-45d2-ad99-cf371e8625af","block_type":"box","text":"particularly referred to under the “","page_number":75,"box":{"x":119,"y":251,"width":269,"height":12}},{"id":"52ff7ccd-7fbd-4438-847e-990063b35f9d","block_type":"box","text":"Buying Shares”","page_number":75,"box":{"x":389,"y":251,"width":126,"height":12}},{"id":"bc5c8488-54eb-452f-98ec-87093ac4d43b","block_type":"box","text":"and 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Administrator.","page_number":75,"box":{"x":119,"y":369,"width":590,"height":12}},{"id":"94df4198-b1f1-4fd3-922e-b3a1780bb505","block_type":"box","text":"Up-to-date daily prices","page_number":75,"box":{"x":712,"y":369,"width":173,"height":12}},{"id":"2849b765-26c8-491d-88fd-caf570f05d7e","block_type":"box","text":"for each Fund of the Company may be published on","page_number":75,"box":{"x":119,"y":384,"width":463,"height":12}},{"id":"5ce99740-df31-4316-97a7-bb7bcaf0230b","block_type":"box","text":"https://www.ie.vanguard/products","page_number":75,"box":{"x":590,"y":384,"width":251,"height":12}},{"id":"9578e9ce-0d70-4c59-a1c8-d40679f9dc0a","block_type":"box","text":"and","page_number":75,"box":{"x":841,"y":384,"width":44,"height":10}},{"id":"541b5a2b-9ed5-4b70-ba94-42c7550db2c8","block_type":"box","text":"https://www.vanguard.co.uk/uk-fund-directory/product","page_number":75,"box":{"x":119,"y":399,"width":408,"height":13}},{"id":"350d0592-a63c-438d-ba8d-dbd46709ed5c","block_type":"box","text":", or on such website as set out in A","page_number":75,"box":{"x":528,"y":399,"width":242,"height":12}},{"id":"1ff5c4b7-e9cd-4eb2-99ab-8782ce33a7fc","block_type":"box","text":"Appendix 1","page_number":75,"box":{"x":770,"y":400,"width":89,"height":12}},{"id":"e5eac047-6da4-4a94-bcc2-d60ee8b25603","block_type":"box","text":"of","page_number":75,"box":{"x":861,"y":399,"width":24,"height":10}},{"id":"bafd5e93-a5a9-4f2e-b13f-c2e32326e288","block_type":"box","text":"this Prospectus or the Supplement for the relevant Fund,","page_number":75,"box":{"x":119,"y":414,"width":418,"height":12}},{"id":"5ccb7730-0598-4b51-bf80-9a3f84383e5b","block_type":"box","text":"and/or on such other websites and publications","page_number":75,"box":{"x":537,"y":414,"width":348,"height":12}},{"id":"8e0669ea-9ea6-4cda-801d-4a11507ad10a","block_type":"box","text":"as may be determined by the Company from time to time and notified to the Shareholder. In the event","page_number":75,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"4c4480bd-f4c6-4a8f-b1a3-d4870132d989","block_type":"box","text":"that the publication sources change, the Shareholder will be notified in advance and the Prospectus","page_number":75,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"c56930e5-c6ad-4400-9451-e41e56c69eeb","block_type":"box","text":"updated. The Shareholder can obtain up-to-date Fund prices free of charge by telephoning the","page_number":75,"box":{"x":119,"y":459,"width":766,"height":13}},{"id":"97c532da-c10e-46cf-8731-a85932d2a110","block_type":"box","text":"Administrator at +353-1-2417105 or by fax on +353-1-2417104.","page_number":75,"box":{"x":119,"y":475,"width":473,"height":12}},{"id":"b9b76424-c728-48ef-99e0-7437cea08bc1","block_type":"box","text":"The Net Asset Value per Share of each","page_number":75,"box":{"x":593,"y":475,"width":292,"height":12}},{"id":"e8ada14b-9d45-4c34-abcc-ba0f2d5b1a20","block_type":"box","text":"Fund will be notified by the Administrator, without delay, to Euronext Dublin following its calculation.","page_number":75,"box":{"x":119,"y":490,"width":766,"height":12}},{"id":"abfe908d-75ed-4084-993b-ef9dbe1c1aa0","block_type":"box","text":"As the Company deals on a forward-pricing basis, the price that appears in these sources will not","page_number":75,"box":{"x":119,"y":519,"width":766,"height":12}},{"id":"2f773051-747c-4bf5-8e2c-b0c54e5550cc","block_type":"box","text":"necessarily be the same as the one at which investors can currently deal. The Company may also, at its","page_number":75,"box":{"x":119,"y":534,"width":766,"height":12}},{"id":"3e56816b-1d5f-4a7f-a2e3-7dcd217394dd","block_type":"box","text":"sole discretion, decide to publish certain Share prices on other third party websites or publications but","page_number":75,"box":{"x":120,"y":549,"width":765,"height":12}},{"id":"8ae5a341-8c8e-475f-9819-f1697e6f5a1a","block_type":"box","text":"the Company does not accept responsibility for the accuracy of the prices published in or for the non","page_number":75,"box":{"x":119,"y":564,"width":761,"height":12}},{"id":"0b458641-423d-48d1-a217-4de02ef96d9a","block_type":"box","text":"publication of prices by, these sources for reasons beyond the control of the Company.","page_number":75,"box":{"x":119,"y":579,"width":644,"height":12}},{"id":"64a847ed-f846-48c0-a310-f8cfdd535f6e","block_type":"box","text":"76","page_number":76,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"359ae47f-5a8c-473a-b77b-04f87764cef7","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":76,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"790b8ec5-484e-4911-96bf-d1451b179397","block_type":"box","text":"RISK FACTORS","page_number":76,"box":{"x":431,"y":95,"width":142,"height":9}},{"id":"319e0c9d-f39b-49b6-b279-e3fd809fe687","block_type":"box","text":"Investment in any Fund entails a degree of risk. While there are some risks that may be common to a","page_number":76,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"04f623d8-3f5c-4961-a2f7-4227d95a5ca5","block_type":"box","text":"number or all of the Funds, there may also be specific risk considerations that apply to particular Funds.","page_number":76,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"a2e7042c-ee99-40f5-9320-f24507a6358e","block_type":"box","text":"It is important to keep in mind one of the main axioms of investing: the higher the risk of losing money,","page_number":76,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"4aef126f-ea5d-42fc-bbe3-ce0efbac89cd","block_type":"box","text":"the higher the potential reward. The reverse, also, is generally true: the lower the risk, the lower the","page_number":76,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"d87c8512-5458-4e07-ba75-50886089cf64","block_type":"box","text":"potential reward. As you consider an investment in one or more of the Funds, you should take into","page_number":76,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"b48d7523-a501-422f-ba12-6855ae0c44a7","block_type":"box","text":"account your personal risk tolerance. There can be no assurance that any Fund will achieve its","page_number":76,"box":{"x":119,"y":206,"width":766,"height":13}},{"id":"39c9f1a9-f104-44e9-b7e0-06973b3dd7b8","block_type":"box","text":"investment objective. The Net Asset Value of Shares may go down as well as up, and you may not get","page_number":76,"box":{"x":119,"y":221,"width":766,"height":13}},{"id":"efe5a9ab-abc3-4eb7-928a-b697967696e4","block_type":"box","text":"back the amount invested or any return on your investment. Upon request by a Shareholder, information","page_number":76,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"2405d471-d384-43ea-a166-a30e666f7705","block_type":"box","text":"relating to risk management methods employed, including the quantitative limits that are applied and","page_number":76,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"7d43db14-750d-4b78-b5d7-93cc791b1325","block_type":"box","text":"any recent developments in the risk and yield characteristics of the main categories of investments for","page_number":76,"box":{"x":119,"y":266,"width":766,"height":13}},{"id":"591e364e-d2c1-40a4-a547-b94e6f3d7573","block_type":"box","text":"any Fund will be provided to such Shareholder.","page_number":76,"box":{"x":119,"y":282,"width":355,"height":12}},{"id":"674ae078-1616-4cbb-9b1d-08158b66ae2c","block_type":"box","text":"Investors’ attention is drawn to the following risk factors in relation to the Company and its Funds.","page_number":76,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"9ba8c7c0-bf6d-4668-beff-8b233ba5907e","block_type":"box","text":"Additional risk factors may also be set out in","page_number":76,"box":{"x":119,"y":327,"width":362,"height":12}},{"id":"5ae98e1b-00c4-4c2a-9b78-f660bd302a55","block_type":"box","text":"Appendix 1","page_number":76,"box":{"x":485,"y":327,"width":92,"height":12}},{"id":"94fe50f8-0b18-4ea8-b57f-690b95669e50","block_type":"box","text":"of this Prospectus or otherwise in the","page_number":76,"box":{"x":579,"y":327,"width":306,"height":12}},{"id":"a77c7af0-c3b0-4336-8cac-08cd44a76d77","block_type":"box","text":"Supplement for the relevant Fund, depending on the investment strategy of the relevant Fund. This does","page_number":76,"box":{"x":120,"y":342,"width":765,"height":12}},{"id":"3df517db-1844-4e91-8a54-bb1d4bc9ddfb","block_type":"box","text":"not purport to be an exhaustive list of the risk factors relating to investing in the Company or its Funds.","page_number":76,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"08108745-6257-4bb9-9795-b31dc5221d9b","block_type":"box","text":"Management Risk","page_number":76,"box":{"x":119,"y":387,"width":149,"height":12}},{"id":"041461b1-ff34-4c02-9676-ca1f7e164c9a","block_type":"box","text":"Each index tracking Fund may not fully track its Index and may hold securities not included in its Index.","page_number":76,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"c718f197-4deb-4cc9-9263-672f5d07c0a9","block_type":"box","text":"As a result, each Fund is subject to the risk that the Investment Manager’s strategy and the","page_number":76,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"df6bab28-e2e9-4fed-96c8-da49af5d9c64","block_type":"box","text":"implementation thereof, which may be subject to a number of constraints, may not produce the intended","page_number":76,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"6ad74183-ae24-4fa5-b7fa-ab7aa3f8ef75","block_type":"box","text":"results.","page_number":76,"box":{"x":119,"y":461,"width":57,"height":9}},{"id":"36fa995c-8804-4579-8272-84bac2f49778","block_type":"box","text":"Index Risks","page_number":76,"box":{"x":119,"y":491,"width":97,"height":10}},{"id":"c27b9d32-67c4-4f41-8661-75306a712028","block_type":"box","text":"The performance of an index tracking Fund may be negatively affected by a general decline of the","page_number":76,"box":{"x":119,"y":520,"width":766,"height":12}},{"id":"a24028ff-041d-4aee-8af5-78e83b277d33","block_type":"box","text":"securities or the market segment relating to its Index. Each index tracking Fund, invests in securities","page_number":76,"box":{"x":120,"y":535,"width":765,"height":13}},{"id":"da122a30-8d35-45e2-96be-b383838e2dea","block_type":"box","text":"included in, or representative of, the Index regardless of their investment merit.","page_number":76,"box":{"x":119,"y":550,"width":590,"height":12}},{"id":"16a3ec38-da91-4bc8-9b65-4070c0ad3994","block_type":"box","text":"There can be no assurance that an Index will continue to be calculated and published on the basis","page_number":76,"box":{"x":119,"y":580,"width":766,"height":13}},{"id":"c02c8470-8ce0-4a05-b539-8687f6f4fe82","block_type":"box","text":"described in this Prospectus or that it will not be amended significantly. The past performance of an","page_number":76,"box":{"x":119,"y":595,"width":766,"height":13}},{"id":"8deae287-3e9c-47df-8ec9-3f5db4a437fd","block_type":"box","text":"Index is not necessarily a guide to its future performance.","page_number":76,"box":{"x":119,"y":611,"width":429,"height":12}},{"id":"1c3027d4-1582-4483-ac2f-11df66dd496e","block_type":"box","text":"A Fund whose respective Index is oriented to a specific economic sector, country or region will (subject","page_number":76,"box":{"x":119,"y":641,"width":766,"height":12}},{"id":"50023935-4e18-4bb0-b4ca-31a014dde146","block_type":"box","text":"to the diversification requirements set out in the “","page_number":76,"box":{"x":119,"y":656,"width":383,"height":12}},{"id":"1fa64b97-f013-4ecb-b4e1-89cfad7fcf5d","block_type":"box","text":"Investment and Borrowing Restrictions","page_number":76,"box":{"x":503,"y":656,"width":317,"height":12}},{"id":"9c599da0-f96a-4f76-b5b1-f0261395a184","block_type":"box","text":"” of the","page_number":76,"box":{"x":822,"y":656,"width":63,"height":9}},{"id":"d73099bb-cf0c-4c88-8ccd-20f7a540652e","block_type":"box","text":"Prospectus at","page_number":76,"box":{"x":119,"y":671,"width":105,"height":12}},{"id":"dd61481a-cf9a-4ad9-b063-8729c2d03ef1","block_type":"box","text":"Appendix 3","page_number":76,"box":{"x":227,"y":671,"width":92,"height":12}},{"id":"10694ec7-159c-4e87-a8f9-bc6f7421d545","block_type":"box","text":") concentrate in the securities of issuers relating to that economic sector,","page_number":76,"box":{"x":320,"y":671,"width":565,"height":12}},{"id":"6835603a-ef90-4a4b-bf8d-9ad279bc401b","block_type":"box","text":"country or region, and will be particularly subject to the risks of adverse political, industrial, social,","page_number":76,"box":{"x":119,"y":686,"width":766,"height":12}},{"id":"bc34159a-dd5e-43cd-8836-4e1a1fd9f152","block_type":"box","text":"regulatory, technological and economic events affecting such sector, country or region.","page_number":76,"box":{"x":119,"y":701,"width":648,"height":12}},{"id":"2660649e-4881-4adf-a2ee-26ddd74f246c","block_type":"box","text":"No Index Provider has any obligation to take the needs of the Company or the Shareholder into","page_number":76,"box":{"x":118,"y":731,"width":767,"height":12}},{"id":"379c8687-9f01-4f6b-902f-d104a55b6a0a","block_type":"box","text":"consideration in determining, composing or calculating any Index. The Company has neither control","page_number":76,"box":{"x":119,"y":746,"width":766,"height":12}},{"id":"53f28806-5b94-4373-becf-3fb60269a963","block_type":"box","text":"nor input into the determination of the composition or calculation of any Index.","page_number":76,"box":{"x":119,"y":761,"width":591,"height":12}},{"id":"1b514261-a864-405d-ae08-3d71ac095863","block_type":"box","text":"Counterparty Risk to the Depositary","page_number":76,"box":{"x":119,"y":791,"width":294,"height":12}},{"id":"ecf35a7f-2035-492a-a1cd-4e673acf9710","block_type":"box","text":"The Company will be exposed to the credit risk of the Depositary as a counterparty or to the credit risk","page_number":76,"box":{"x":119,"y":820,"width":766,"height":12}},{"id":"61e2085c-3a58-48a8-ad33-767c71d11261","block_type":"box","text":"of any depository used by the Depositary where cash is held by the Depositary or such other depositaries.","page_number":76,"box":{"x":119,"y":835,"width":766,"height":12}},{"id":"038cca18-43da-49ba-9bb5-e0dac31fb841","block_type":"box","text":"In the event of the insolvency of the Depositary or any such other depositary, the Company will be","page_number":76,"box":{"x":119,"y":850,"width":766,"height":12}},{"id":"1649e9fc-3d07-4af3-8bbf-10d9fad31f7d","block_type":"box","text":"treated as a general creditor of the Depositary or of such other depositary in relation to cash holdings of","page_number":76,"box":{"x":119,"y":865,"width":766,"height":12}},{"id":"4af0e87f-91c6-4df3-88fa-d9ce9897765b","block_type":"box","text":"the Funds. The Funds’ securities will however normally be maintained by the Depositary or any other","page_number":76,"box":{"x":119,"y":880,"width":766,"height":12}},{"id":"3f61fbd6-279b-46a0-818f-73c78d727962","block_type":"box","text":"depositaries in segregated accounts and should be protected in the event of the insolvency of the","page_number":76,"box":{"x":119,"y":895,"width":766,"height":12}},{"id":"377c66ef-27a4-484a-91de-832cc838c1e6","block_type":"box","text":"77","page_number":77,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"088a5a21-debf-4229-b9f7-19ef9007fdbb","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":77,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"d4149fcd-2e06-4e6c-95cf-b2273ba75291","block_type":"box","text":"Depositary or of any such other depositary. When such a counterparty is in financial difficulties, even","page_number":77,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"517c3d61-4060-459e-8243-04386317dc1e","block_type":"box","text":"if a Fund is able to recover all of its capital intact, its trading could be materially disrupted in the interim,","page_number":77,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"9cba2efb-39ea-4ed9-a106-9efb0dc4d2c5","block_type":"box","text":"potentially resulting in material losses.","page_number":77,"box":{"x":119,"y":117,"width":290,"height":12}},{"id":"9f1cd169-482b-4f60-9ab3-25945c8bdd0e","block_type":"box","text":"Inaction by the Common Depositary and/or an International Central Securities Depositary","page_number":77,"box":{"x":119,"y":147,"width":715,"height":12}},{"id":"9f5b12b0-32f6-488a-b619-e85af50a6de0","block_type":"box","text":"Investors that settle or clear through an International Central Securities Depositary will not be a","page_number":77,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"dffe9b6c-cfae-44eb-a22e-d066d102c546","block_type":"box","text":"registered Shareholder in the Company, they will hold an indirect beneficial interest in such Shares and","page_number":77,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"2e2f32d2-e31e-444d-ba98-7d167ef9396d","block_type":"box","text":"the rights of such investors, where Participants, shall be governed by their agreement with the applicable","page_number":77,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"108c8dd7-17e7-49de-bb58-472685039b92","block_type":"box","text":"International Central Securities Depositary and otherwise by the arrangement with a Participant of the","page_number":77,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"77026794-c001-42f4-aebf-cd94442db8b0","block_type":"box","text":"International Central Securities Depositary (for example, their nominee, broker or Central Securities","page_number":77,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"fb4a83da-77a1-49cc-8e26-2bfe961c7d34","block_type":"box","text":"Depositaries, as appropriate). The Company will issue any notices and associated documentation to the","page_number":77,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"1bd50724-fe48-496e-9f49-648dd8b373ad","block_type":"box","text":"registered holder of the Global Share Certificate, the Common Depositary’s Nominee, with such notice","page_number":77,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"5e883a35-c217-40e2-994d-0af5ddcdfe5e","block_type":"box","text":"as is given by the Company in the ordinary course when convening general meetings. The Directors","page_number":77,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"2a97ec7c-0c7d-454a-900e-80c12039e40f","block_type":"box","text":"understand that the Common Depositary’s Nominee has a contractual obligation to relay any such","page_number":77,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"df952248-c9e6-4dd9-a109-6a0654810b1c","block_type":"box","text":"notices received by the Common Depositary’s Nominee to the applicable International Central","page_number":77,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"d0e81056-ea38-4667-a32d-1623655662bf","block_type":"box","text":"Securities Depositary, pursuant to the terms of its appointment by the relevant International Central","page_number":77,"box":{"x":120,"y":326,"width":765,"height":12}},{"id":"b41ca860-2617-4c6d-95c0-155529a3f4a5","block_type":"box","text":"Securities Depositary. The applicable International Central Securities Depositary will in turn relay","page_number":77,"box":{"x":120,"y":341,"width":765,"height":12}},{"id":"06e7d495-e7ca-4926-8237-47cbfbef693e","block_type":"box","text":"notices received from the Common Depositary to its Participants in accordance with its rules and","page_number":77,"box":{"x":119,"y":356,"width":766,"height":12}},{"id":"cd6c96ef-4def-4f5a-872c-ff9bb0a74ff0","block_type":"box","text":"procedures. The Directors understand that the Common Depositary is contractually bound to collate all","page_number":77,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"95c2fbd4-ab29-40b2-8eb6-dfa5a6ff2d03","block_type":"box","text":"votes received from the applicable International Central Securities Depositary (which reflects votes","page_number":77,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"0a929992-3f8b-45c2-9a1c-4faf23e1b4dd","block_type":"box","text":"received by the applicable International Central Securities Depositary from Participants) and that the","page_number":77,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"4f205e11-4a1f-4260-8225-79d2744b4ae4","block_type":"box","text":"Common Depositary’s Nominee should vote in accordance with such instructions. The Company has","page_number":77,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"73680c94-a229-4199-8e45-f5b4f36f8e3e","block_type":"box","text":"no power to ensure the Common Depositary relays notices of votes in accordance with their instructions.","page_number":77,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"fb9059c9-b7e8-488f-aad8-5e07f0f2fb58","block_type":"box","text":"The Company cannot accept voting instructions from any persons, other than the Common Depositary’s","page_number":77,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"d6250ed2-a76a-481c-ab2f-b7cc7de2e379","block_type":"box","text":"Nominee.","page_number":77,"box":{"x":118,"y":461,"width":78,"height":10}},{"id":"1506f9a5-e083-4598-9539-49d4151fa09d","block_type":"box","text":"Risks Associated with delays in providing complete customer due diligence","page_number":77,"box":{"x":119,"y":492,"width":592,"height":12}},{"id":"99d4023a-8634-46fa-800d-b73d2e3d34d6","block_type":"box","text":"Investors should note that there is a risk that any delay in providing the Administrator with all documents","page_number":77,"box":{"x":119,"y":521,"width":766,"height":12}},{"id":"3618359b-17be-4dc7-b195-65cffaa00aac","block_type":"box","text":"required in connection with the Company’s obligations to prevent money laundering and terrorist","page_number":77,"box":{"x":119,"y":536,"width":766,"height":12}},{"id":"46f1f869-0572-4a3f-b115-0d30f55b3a44","block_type":"box","text":"financing may result in Shares not being issued on a particular Dealing Day.","page_number":77,"box":{"x":119,"y":551,"width":568,"height":12}},{"id":"f4fa33a7-f5dc-4ea8-84ae-31c2d763320e","block_type":"box","text":"Payments","page_number":77,"box":{"x":119,"y":581,"width":81,"height":12}},{"id":"14996412-0fdd-4f5d-8baf-8bb3bb119ddf","block_type":"box","text":"Upon instruction of the Common Depositary’s Nominee, redemption proceeds and any dividends","page_number":77,"box":{"x":119,"y":610,"width":766,"height":12}},{"id":"b1740060-de08-4d30-9f7d-0f5759ea94fa","block_type":"box","text":"declared are paid by the Company or its authorised agent to the applicable International Central","page_number":77,"box":{"x":119,"y":625,"width":766,"height":12}},{"id":"e793dae1-c068-4a5c-bb93-a500a1b8bac0","block_type":"box","text":"Securities Depositary. Investors, where Participants, must look solely to the applicable International","page_number":77,"box":{"x":120,"y":640,"width":765,"height":12}},{"id":"d4998880-7584-49cd-afc0-e696015aa36b","block_type":"box","text":"Central Securities Depositary for their redemption proceeds or their share of each dividend payment","page_number":77,"box":{"x":119,"y":655,"width":766,"height":12}},{"id":"6e004d26-5688-4d4e-aaa8-f45656e9ff13","block_type":"box","text":"made by the Company or otherwise to the relevant Participant of the International Central Securities","page_number":77,"box":{"x":119,"y":670,"width":766,"height":12}},{"id":"78de512e-eda6-4362-9d55-440b64629626","block_type":"box","text":"Depositary (including, without limitation, their nominee, broker or Central Securities Depositary, as","page_number":77,"box":{"x":119,"y":685,"width":766,"height":12}},{"id":"ad4af1ed-7c39-48c4-9a50-53701adf0717","block_type":"box","text":"appropriate) for any redemption proceeds or any share of each dividend payment made by the Company","page_number":77,"box":{"x":119,"y":700,"width":766,"height":12}},{"id":"c17003ef-74e8-4d59-9fe9-4443b6b3007c","block_type":"box","text":"that relates to their investment.","page_number":77,"box":{"x":119,"y":715,"width":233,"height":10}},{"id":"7c5bc3f8-1480-4e33-9bbf-f64057a0a684","block_type":"box","text":"Investors shall have no claim directly against the Company in respect of redemption proceeds or","page_number":77,"box":{"x":119,"y":745,"width":766,"height":12}},{"id":"3bbe2695-1de9-4091-b575-ee96c27756a9","block_type":"box","text":"dividend payments due on Shares represented by the Global Share Certificate and the obligations of the","page_number":77,"box":{"x":119,"y":760,"width":766,"height":12}},{"id":"90deb9fc-0e6a-4b73-b097-64135936a630","block_type":"box","text":"Company will be discharged by payment to the applicable International Central Securities Depositary","page_number":77,"box":{"x":119,"y":775,"width":766,"height":12}},{"id":"e499c120-8fe1-4ddf-9d1d-5c44c55b4217","block_type":"box","text":"upon the instruction of the Common Depositary’s Nominee.","page_number":77,"box":{"x":119,"y":790,"width":449,"height":12}},{"id":"c4d93288-c100-437a-941d-75f35f2d9f9d","block_type":"box","text":"Failure to Settle","page_number":77,"box":{"x":119,"y":821,"width":131,"height":9}},{"id":"75aef5b4-ce2f-4179-acf2-fb8d14aacffa","block_type":"box","text":"If an Authorised Participant submits a dealing request and subsequently fails or is unable to settle and","page_number":77,"box":{"x":119,"y":850,"width":766,"height":12}},{"id":"b4044fed-56f4-43c9-84e5-30c5fa3d5554","block_type":"box","text":"complete the dealing request, as the Authorised Participant is not a registered Shareholder of the","page_number":77,"box":{"x":119,"y":865,"width":766,"height":12}},{"id":"2c1d3f5a-f9bd-4737-b5ae-08d406df9044","block_type":"box","text":"Company, the Company will have no recourse to the Authorised Participant other than its contractual","page_number":77,"box":{"x":119,"y":880,"width":766,"height":12}},{"id":"5ec42cb7-2a31-4359-924b-06fa617124d6","block_type":"box","text":"78","page_number":78,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"1d9d29b9-0184-4ccf-a052-53f02d26d6ab","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":78,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"d0349fa8-12c6-4e76-a0f0-da05ee292b43","block_type":"box","text":"right to recover such costs. In the event that no recovery can be made from the Authorised Participant,","page_number":78,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"b0e4aea2-b275-4493-95ff-2c0dfbbd9224","block_type":"box","text":"any costs incurred as a result of the failure to settle will be borne by the relevant Fund and its investors.","page_number":78,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"db94cf00-92e6-4f27-ba6f-760740574010","block_type":"box","text":"Umbrella Cash Subscription and Redemption Account (“Collection Account”) Risk","page_number":78,"box":{"x":119,"y":132,"width":662,"height":12}},{"id":"f2abce4f-745d-4fb5-a8dd-db2bec1f0cac","block_type":"box","text":"The Company operates a single subscription and redemption account at umbrella level in the name of","page_number":78,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"c6390675-b677-4fdb-b0fd-ae60e8b4c78b","block_type":"box","text":"the Company (the “","page_number":78,"box":{"x":119,"y":176,"width":161,"height":12}},{"id":"6306e1fd-3b4b-4264-90f1-c39086f06985","block_type":"box","text":"Collection Account","page_number":78,"box":{"x":282,"y":176,"width":155,"height":9}},{"id":"be3a78b4-cef9-4ee9-ad08-e9642c588b7a","block_type":"box","text":"”). Subscriptions and redemptions accounts will not be","page_number":78,"box":{"x":438,"y":176,"width":447,"height":12}},{"id":"628490cb-e43f-4642-9148-df30a06f1db2","block_type":"box","text":"established at Fund level. All subscription and redemption monies and dividends or cash distributions","page_number":78,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"0d2048da-23c1-40c5-ac9f-c18421f7651a","block_type":"box","text":"payable to or from the Funds will be channelled and managed through the Collection Account.","page_number":78,"box":{"x":119,"y":206,"width":704,"height":12}},{"id":"be4d231a-af95-432f-8b11-012af1bb59aa","block_type":"box","text":"Subscriptions monies received in respect of a Fund in advance of the issue of Shares will be held in the","page_number":78,"box":{"x":120,"y":235,"width":765,"height":12}},{"id":"5748a208-3644-4f03-996a-c772ee1d2b58","block_type":"box","text":"Collection Account in the name of the Company and will be treated as a general asset of the Company.","page_number":78,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"c7b84352-1407-43fa-91f0-70761b55c657","block_type":"box","text":"Investors will be unsecured creditors of the Company with respect to any cash amount subscribed and","page_number":78,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"03892135-7313-427e-b9fe-c365c8e16302","block_type":"box","text":"held by the Company in the Collection Account until such time as the Shares subscribed are issued, and","page_number":78,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"68ef849f-b310-45d5-a9f7-097ca86cf4d9","block_type":"box","text":"will not benefit from any appreciation in the Net Asset Value of the relevant Fund in respect of which","page_number":78,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"80ffd070-6d8d-43b7-b088-bb6293b3f37b","block_type":"box","text":"the subscription request was made or any other shareholder rights (including dividend entitlement) until","page_number":78,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"07c820c8-7f90-4ec9-9f50-9ba998f78008","block_type":"box","text":"such time as the relevant Shares are issued. In the event of the insolvency of that Fund or the Company,","page_number":78,"box":{"x":120,"y":326,"width":765,"height":12}},{"id":"aaace499-deae-4d51-8c04-084ce0b2aa64","block_type":"box","text":"there is no guarantee that the Fund or Company will have sufficient funds to pay unsecured creditors in","page_number":78,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"80573f24-0b0a-4a5f-bdcf-96690f2ca551","block_type":"box","text":"full.","page_number":78,"box":{"x":119,"y":355,"width":35,"height":10}},{"id":"50d09eb3-0fca-4b9a-a246-063379160316","block_type":"box","text":"Payment by a Fund of redemption proceeds and dividends is subject to receipt by the Company or its","page_number":78,"box":{"x":119,"y":385,"width":766,"height":13}},{"id":"c1fca28b-a6e5-4e79-821f-daf0c788ad5e","block_type":"box","text":"delegate, the Administrator of original subscription documents and compliance with all anti-money","page_number":78,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"851f79ff-55dc-4190-ab28-5fbeb55d8e92","block_type":"box","text":"laundering procedures. Payment of redemption proceeds or dividends to the Shareholder entitled to","page_number":78,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"67617f43-8a57-40d5-86e6-0bfb7181feee","block_type":"box","text":"such amounts may accordingly be blocked pending compliance with the foregoing requirements to the","page_number":78,"box":{"x":120,"y":431,"width":765,"height":12}},{"id":"332f14d9-5cc2-41a3-8169-46d462a45961","block_type":"box","text":"satisfaction of the Company or its delegate, the Administrator. Redemption and distribution amounts,","page_number":78,"box":{"x":120,"y":446,"width":765,"height":12}},{"id":"7d848164-9665-4bea-92fd-a5ee4b8511f2","block_type":"box","text":"including blocked redemption or distribution amounts, will, pending payment to the relevant investor or","page_number":78,"box":{"x":119,"y":461,"width":766,"height":12}},{"id":"a15be36e-10c8-42b4-b025-e948785d3d90","block_type":"box","text":"Shareholder, be held in the Collection Account,","page_number":78,"box":{"x":120,"y":476,"width":369,"height":11}},{"id":"3d6921fa-0a76-4cdb-b09d-cb642843dc32","block_type":"box","text":"or such Held Redemptions Account(s) as may be","page_number":78,"box":{"x":498,"y":476,"width":387,"height":12}},{"id":"eb19c43e-732a-4c74-8ac5-7bd7cae679c9","block_type":"box","text":"deemed appropriate, in the name of the Company. For as long as such amounts are held in the Collection","page_number":78,"box":{"x":119,"y":491,"width":766,"height":12}},{"id":"9873a009-780f-4491-b2f2-c1961c878ab3","block_type":"box","text":"Account or in a Held Redemption Account, the investors/Shareholder entitled to such payments from a","page_number":78,"box":{"x":119,"y":506,"width":766,"height":12}},{"id":"01480bba-b912-4cf0-b421-483aba3f150a","block_type":"box","text":"Fund will be unsecured creditors of the Company with respect to those amounts and, with respect to and","page_number":78,"box":{"x":119,"y":521,"width":766,"height":12}},{"id":"1934b9e3-3714-4f97-858f-a7959efd7d84","block_type":"box","text":"to the extent of their interest in such amounts, will not benefit from any appreciation in the Net Asset","page_number":78,"box":{"x":119,"y":536,"width":766,"height":12}},{"id":"60d0c194-c2ea-47d8-8289-94672e8d7fc2","block_type":"box","text":"Value of the relevant Fund or any other shareholder rights (including further dividend entitlement). A","page_number":78,"box":{"x":119,"y":551,"width":766,"height":12}},{"id":"3f99e529-d380-46ba-9068-3b7964fdabdf","block_type":"box","text":"redeeming Shareholder will cease to be a Shareholder with regard to the redeemed Shares as and from","page_number":78,"box":{"x":119,"y":566,"width":766,"height":12}},{"id":"97162ed3-8d07-4020-8f82-0daea3794347","block_type":"box","text":"the relevant redemption date. In the event of the insolvency of that Fund or the Company, there is no","page_number":78,"box":{"x":119,"y":581,"width":766,"height":12}},{"id":"d6dae91b-9846-4cbb-9501-9b1e09bbde3a","block_type":"box","text":"guarantee that the Fund or the Company will have sufficient funds to pay unsecured creditors in full. A","page_number":78,"box":{"x":119,"y":596,"width":766,"height":12}},{"id":"00c6493c-6e34-4063-95ef-d8b5fbd1de97","block_type":"box","text":"redeeming Shareholder and a Shareholder entitled to distributions should therefore ensure that any","page_number":78,"box":{"x":119,"y":611,"width":766,"height":12}},{"id":"9da5dd04-e0d8-45cd-80f9-f611f58e3cef","block_type":"box","text":"outstanding documentation and/or information required in order for them to receive such payments to","page_number":78,"box":{"x":119,"y":626,"width":766,"height":12}},{"id":"a90903bb-fd0b-43aa-bd4b-7c593d53776d","block_type":"box","text":"their own account is provided to the Company or its delegate, the Administrator promptly. Failure to","page_number":78,"box":{"x":119,"y":641,"width":766,"height":12}},{"id":"a3fd1f2e-0a11-4e3a-af2e-f11a85859f1e","block_type":"box","text":"do so is at such Shareholder’s own risk.","page_number":78,"box":{"x":119,"y":656,"width":298,"height":9}},{"id":"0705ed8f-fb7e-402c-93fd-413a0f5bc60c","block_type":"box","text":"In the event of the insolvency of a Fund, recovery of any amounts to which other Funds are entitled, but","page_number":78,"box":{"x":119,"y":686,"width":766,"height":12}},{"id":"75cc02d7-7c17-4ef9-b236-0314d85675d2","block_type":"box","text":"which may have transferred to the insolvent Fund as a result of the operation of the Collection Account,","page_number":78,"box":{"x":119,"y":701,"width":766,"height":12}},{"id":"f9b5d99c-f7d9-44e6-b042-55582ad10075","block_type":"box","text":"will be subject to the principles of Companies Act 2014 and the terms of the operational procedures for","page_number":78,"box":{"x":119,"y":716,"width":766,"height":12}},{"id":"c20e4a1f-1fac-4a68-86c3-346e1a0e603a","block_type":"box","text":"the Collection Account. There may be delays in effecting and / or disputes as to the recovery of such","page_number":78,"box":{"x":119,"y":731,"width":766,"height":12}},{"id":"f838e6fb-85d3-4a44-8996-ecc055669a96","block_type":"box","text":"amounts, and the insolvent Fund may have insufficient funds to repay amounts due to other Funds.","page_number":78,"box":{"x":119,"y":746,"width":735,"height":12}},{"id":"0155faa5-d051-4dcd-a96d-3a25b456a71c","block_type":"box","text":"The Company will operate the Collection Account in accordance with the provisions of the Constitution.","page_number":78,"box":{"x":119,"y":775,"width":766,"height":13}},{"id":"43fade49-c100-4104-9ae6-9694ce8e9a50","block_type":"box","text":"Broker Risk and Sub-Custody Risk","page_number":78,"box":{"x":119,"y":805,"width":284,"height":12}},{"id":"824ade3a-388b-47f0-99b4-a0d857455a55","block_type":"box","text":"A Fund will be exposed to the credit risk of the counterparties or the brokers and dealers and exchanges","page_number":78,"box":{"x":119,"y":834,"width":766,"height":12}},{"id":"268107a3-d7f6-49ee-9f04-57acd06f6363","block_type":"box","text":"through which, it deals, whether it engages in exchange or off-exchange traded transactions. A Fund","page_number":78,"box":{"x":119,"y":849,"width":766,"height":12}},{"id":"1182e308-8ab0-4a70-aab4-67a0b23df932","block_type":"box","text":"may be subject to risk of loss of its assets held by a broker in the event of the broker’s bankruptcy or","page_number":78,"box":{"x":119,"y":864,"width":766,"height":12}},{"id":"7cb70c66-9936-48bf-a283-b958497a03e9","block_type":"box","text":"fraud, the bankruptcy or fraud of any clearing broker through which the broker executes and clears","page_number":78,"box":{"x":119,"y":879,"width":766,"height":12}},{"id":"1505fbdb-4ef2-4c04-b80f-abe264827507","block_type":"box","text":"transactions on behalf of a Fund, or the bankruptcy or fraud of an exchange clearing house. A Fund’s","page_number":78,"box":{"x":119,"y":894,"width":766,"height":12}},{"id":"16a7753d-f6c6-4a99-9a40-d7fc46c19282","block_type":"box","text":"79","page_number":79,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"ad74cbff-4c2f-42f2-8f4f-bf65f91f44d8","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":79,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"f4645728-25fc-4b59-9083-73657a5edd76","block_type":"box","text":"Investments may be registered in the name of a sub-custodian or broker where, due to the nature of the","page_number":79,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"e6fe6414-1935-41c9-9e3a-a5ec8fae0f79","block_type":"box","text":"law or market practice of jurisdictions, it is common market practice. Such Investments may not be","page_number":79,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"06f86ca4-f924-4f73-aa57-e0e13c0cdd83","block_type":"box","text":"segregated from the sub-custodian’s or the broker’s own investments and in the event of default of such","page_number":79,"box":{"x":120,"y":117,"width":765,"height":12}},{"id":"badd1db8-f9f3-44fd-8833-e1c4a51c5f68","block_type":"box","text":"sub-custodian or broker may not be protected and may be irrecoverable by the Fund.","page_number":79,"box":{"x":120,"y":132,"width":628,"height":12}},{"id":"54632408-09f4-492d-8d64-11141363a1c2","block_type":"box","text":"Concentration Risk","page_number":79,"box":{"x":119,"y":162,"width":159,"height":9}},{"id":"3488b865-b8af-4993-aefc-ac05a3556e93","block_type":"box","text":"To the extent that each Fund’s portfolio reflects the Index concentration in the securities in a particular","page_number":79,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"e12f7414-985c-42c4-8376-dafd07b28755","block_type":"box","text":"market, industry, group of industries, sectors, countries or asset classes, each Fund may be adversely","page_number":79,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"7832c470-564b-4c3a-a938-22e67f7ab7f3","block_type":"box","text":"affected by the performance of those securities, and may be subject to increased price volatility and","page_number":79,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"db1d73f5-4637-4347-b527-e0c54163a460","block_type":"box","text":"other risks.","page_number":79,"box":{"x":119,"y":236,"width":86,"height":10}},{"id":"56642296-814b-40b1-b47f-60115ed45d82","block_type":"box","text":"Subject to the limits set out in Appendix 3, a Fund may concentrate its investments in a limited number","page_number":79,"box":{"x":120,"y":266,"width":765,"height":12}},{"id":"4e81cfcb-9d00-4e4d-a73f-31022509294b","block_type":"box","text":"of issuers. This may cause proportionately greater losses than if its investments had been spread over a","page_number":79,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"e84b1174-4818-47d9-a5a4-32e895d9e227","block_type":"box","text":"larger number of investments. For example, where set out either in Appendix 1 of this Prospectus or","page_number":79,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"1d080dae-8206-4413-bae6-847ae7dbcc5d","block_type":"box","text":"otherwise in the Supplement for the relevant Fund, a Fund's investment in a single issuer's stock may","page_number":79,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"be352700-c73e-49f6-89ca-5bfcf8312ab0","block_type":"box","text":"increase due to exceptional market conditions, such as the dominance of that particular issuer in the","page_number":79,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"a186060c-8087-4466-92f9-91901358b71e","block_type":"box","text":"relevant market. In particular, certain funds replicating an index may invest more than 10% and up to","page_number":79,"box":{"x":119,"y":341,"width":766,"height":12}},{"id":"b3e174f6-b6ea-4192-8b29-8374f7a5d3e0","block_type":"box","text":"20% of NAV in shares issued by the same issuer/body in order to replicate the respective index. This","page_number":79,"box":{"x":119,"y":356,"width":766,"height":12}},{"id":"4cefa4ff-4baf-4992-b3e7-a5af5ac39a5b","block_type":"box","text":"may be raised to 35% for a single issuer in exceptional market conditions.","page_number":79,"box":{"x":119,"y":371,"width":551,"height":12}},{"id":"85019921-9ec3-49df-938d-84997a996165","block_type":"box","text":"Asset Class Risk","page_number":79,"box":{"x":119,"y":402,"width":134,"height":9}},{"id":"32cfdc5f-a658-468a-bb92-ba3e3a96744c","block_type":"box","text":"The securities in the Index or each Fund’s portfolio may underperform the returns of other securities or","page_number":79,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"927cdbeb-b3fe-4ed9-952d-aace0f2c589b","block_type":"box","text":"indexes that track other industries, groups of industries, markets, asset classes or sectors. Various types","page_number":79,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"ba898461-f9da-47d4-948b-54ba167157ab","block_type":"box","text":"of securities or indices tend to experience cycles of outperformance and underperformance in","page_number":79,"box":{"x":119,"y":461,"width":766,"height":12}},{"id":"a1b07a3e-63fc-455a-92c4-eca959f7b0b3","block_type":"box","text":"comparison to general securities markets.","page_number":79,"box":{"x":119,"y":476,"width":311,"height":12}},{"id":"e5dc3abb-7c08-4344-bd6a-1c115cf2840e","block_type":"box","text":"Absence of Active Market Risk","page_number":79,"box":{"x":119,"y":506,"width":250,"height":9}},{"id":"d22df85f-7112-44f2-83ba-332c84c47804","block_type":"box","text":"Although the ETF Shares of a Fund are traded on more than one stock exchange, there can no assurance","page_number":79,"box":{"x":119,"y":535,"width":766,"height":12}},{"id":"51548069-ac40-483b-afcd-8a27984cfc4e","block_type":"box","text":"that an active trading market for such shares will develop or be maintained.","page_number":79,"box":{"x":119,"y":550,"width":561,"height":12}},{"id":"e54782bd-6912-4ce6-8482-9d088d6c0e08","block_type":"box","text":"Index Accuracy Risk","page_number":79,"box":{"x":119,"y":580,"width":170,"height":12}},{"id":"a88186c5-7d22-420f-8128-3be12077d80b","block_type":"box","text":"Where a Fund, in order to meet its investment objective, seeks to achieve a return which corresponds","page_number":79,"box":{"x":119,"y":609,"width":766,"height":12}},{"id":"f84e1d67-e335-4b89-b0de-0309d77f46c1","block_type":"box","text":"generally to the price and yield performance, before fees and expenses, of the relevant Index as published","page_number":79,"box":{"x":119,"y":624,"width":766,"height":12}},{"id":"566a404f-6679-4d3a-b8e2-88f6a600503c","block_type":"box","text":"by the relevant Index Provider, there is no assurance that the Index Provider will compile the Index","page_number":79,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"16a15a26-a8d0-4ac3-9f38-87c202f33f02","block_type":"box","text":"accurately, or that the Index will be determined, composed or calculated accurately. While the Index","page_number":79,"box":{"x":119,"y":654,"width":766,"height":13}},{"id":"71be3bb5-efa4-4b25-b668-d22918e902cf","block_type":"box","text":"Provider does provide descriptions of what the Index is designed to achieve, the Index Provider does","page_number":79,"box":{"x":119,"y":669,"width":766,"height":12}},{"id":"d1829bc5-62d3-415c-bc7a-c803aee1affe","block_type":"box","text":"not provide any warranty or accept any liability in relation to the quality, accuracy or completeness of","page_number":79,"box":{"x":119,"y":685,"width":766,"height":12}},{"id":"4ba5e8c6-86ac-4110-a4cb-92db056c5d45","block_type":"box","text":"data in respect of the Index and does not guarantee that the Index will be in line with the described index","page_number":79,"box":{"x":119,"y":700,"width":766,"height":12}},{"id":"a957a000-051b-4961-99f1-b905252c5a11","block_type":"box","text":"methodology.","page_number":79,"box":{"x":119,"y":715,"width":107,"height":12}},{"id":"6b43c481-7d89-48f8-82cc-8cdda5254458","block_type":"box","text":"The Manager, the Investment Manager, the Company and affiliates do not provide any warranty or","page_number":79,"box":{"x":119,"y":744,"width":766,"height":12}},{"id":"6bbae6fb-f5ef-411a-8f60-cb36c8298339","block_type":"box","text":"guarantee for Index Provider errors. Errors in respect of the quality, accuracy and completeness of the","page_number":79,"box":{"x":119,"y":759,"width":766,"height":12}},{"id":"ac5728f1-26b9-4181-9fab-d585267e776e","block_type":"box","text":"data may occur from time to time and may not be identified and corrected for a period of time,","page_number":79,"box":{"x":119,"y":774,"width":766,"height":12}},{"id":"94b26f94-ea14-4d15-83ee-43c5635b47ba","block_type":"box","text":"particularly where the indices are less commonly used. Therefore gains, losses or costs associated with","page_number":79,"box":{"x":119,"y":789,"width":766,"height":12}},{"id":"5d081a28-d330-483f-a23a-e8594af806ee","block_type":"box","text":"Index Provider errors will be borne by the Funds and their investors. For example, during a period where","page_number":79,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"42cd0ccf-f484-4ce8-acf4-ad937a9c2f8d","block_type":"box","text":"the Index contains incorrect constituents, a Fund tracking such published Index would have market","page_number":79,"box":{"x":119,"y":819,"width":766,"height":12}},{"id":"04d8721b-aec9-461e-bad4-fe1fde9881f1","block_type":"box","text":"exposure to such constituents and would be underexposed to the constituents that should have been","page_number":79,"box":{"x":119,"y":834,"width":766,"height":12}},{"id":"393c7fcb-5b0f-4516-a15f-62f4b60cf67a","block_type":"box","text":"included in the Index. As such, errors may result in a negative or positive performance impact to the","page_number":79,"box":{"x":119,"y":849,"width":766,"height":12}},{"id":"d76a0720-cc7d-4207-ac05-6b0253ebb4db","block_type":"box","text":"Funds and their investors. Investors should understand that any gains from Index Provider errors will","page_number":79,"box":{"x":119,"y":864,"width":766,"height":12}},{"id":"c1137502-fb20-4281-91fb-a6e6faf7a355","block_type":"box","text":"be kept by the Funds and their investors and any losses resulting from Index Provider errors will be","page_number":79,"box":{"x":119,"y":879,"width":766,"height":12}},{"id":"dfae75b2-2c3c-4dd2-9230-fe2f686723fc","block_type":"box","text":"borne by the Funds and their investors.","page_number":79,"box":{"x":119,"y":894,"width":292,"height":12}},{"id":"40506da2-8bff-497e-a676-ce0cb3e6f92e","block_type":"box","text":"80","page_number":80,"box":{"x":494,"y":937,"width":12,"height":7}},{"id":"218e3e1e-00e2-4d96-aea4-a1a01dbd5a1b","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":80,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"26f206ea-4d7d-46a9-b6cb-871dfecd74d0","block_type":"box","text":"Index Sampling Risks","page_number":80,"box":{"x":119,"y":109,"width":177,"height":12}},{"id":"9eef482f-a0a6-413d-b234-c0022e23e0a9","block_type":"box","text":"As it would be expensive and inefficient to buy and sell all securities held in the applicable Index —","page_number":80,"box":{"x":119,"y":138,"width":762,"height":12}},{"id":"f07e1fc9-1110-41f4-b5fc-88f487485610","block_type":"box","text":"which is an indexing strategy called “replication”— certain index tracking Funds use index “sampling”","page_number":80,"box":{"x":119,"y":153,"width":766,"height":12}},{"id":"eb25d58e-3ab2-4df9-944b-04507dc6799d","block_type":"box","text":"techniques to select securities whereby such Funds select a representative sample of securities that","page_number":80,"box":{"x":119,"y":168,"width":766,"height":12}},{"id":"6156a752-3ad4-4e91-bc6b-7bd09cb4a5db","block_type":"box","text":"approximates the full Index in terms of key risk factors and other characteristics. These factors include","page_number":80,"box":{"x":119,"y":183,"width":766,"height":12}},{"id":"aa1aa970-0a8a-46c2-b226-44dc25058c31","block_type":"box","text":"price/earnings ratio, industry weights, country weights, market capitalization, dividend yield, and other","page_number":80,"box":{"x":119,"y":198,"width":766,"height":12}},{"id":"aa8970ed-426c-4994-b794-b65cb2f6b146","block_type":"box","text":"financial characteristics of stocks. While such a Fund keeps currency, country, industry sector and","page_number":80,"box":{"x":119,"y":213,"width":766,"height":12}},{"id":"3bc74d4b-469d-4bd7-a949-2688fb8f6dc7","block_type":"box","text":"subsector exposure within tight boundaries compared with that of its Index, there is the risk that the","page_number":80,"box":{"x":120,"y":228,"width":765,"height":12}},{"id":"f1b1b0b7-fbd1-4310-be61-d3e72a1a4313","block_type":"box","text":"securities selected for the Fund, in the aggregate, will not provide investment performance matching","page_number":80,"box":{"x":120,"y":243,"width":765,"height":12}},{"id":"3b76e003-4c38-4f83-8470-ab4761b37cc2","block_type":"box","text":"that of the relevant Index.","page_number":80,"box":{"x":119,"y":258,"width":189,"height":10}},{"id":"43a0720b-0c1f-4700-8233-f3dd7ccebfb8","block_type":"box","text":"Index Tracking Risk","page_number":80,"box":{"x":119,"y":289,"width":168,"height":11}},{"id":"93f6ff29-4667-49c0-901f-aaa5943c353e","block_type":"box","text":"Unless otherwise stated, an index tracking Fund is not expected to track or replicate the performance of","page_number":80,"box":{"x":119,"y":318,"width":766,"height":12}},{"id":"c991d0e9-9a63-41e1-a60f-6539210d5658","block_type":"box","text":"its respective Index at all times with perfect accuracy. Each such Fund is, however, expected to provide","page_number":80,"box":{"x":119,"y":333,"width":766,"height":12}},{"id":"1636f81f-bb6e-4869-a6ab-5095e8aa8924","block_type":"box","text":"investment results that, before expenses, generally correspond to the price and yield performance of its","page_number":80,"box":{"x":119,"y":348,"width":766,"height":12}},{"id":"9e5d3764-1f3d-4eb6-a601-87ec34f224e6","block_type":"box","text":"respective Index. Although the Investment Manager will regularly monitor the level of correspondence","page_number":80,"box":{"x":119,"y":363,"width":766,"height":12}},{"id":"e659fe87-b82e-4156-aac0-72e8a62172ad","block_type":"box","text":"of the performance of an index tracking Fund with the performance of the relevant Index (i.e. the","page_number":80,"box":{"x":119,"y":378,"width":766,"height":12}},{"id":"bbc8ad0f-f495-4b0e-aa55-0b8c606114b1","block_type":"box","text":"“tracking accuracy”), there can be no assurance that any such Fund will achieve any particular level of","page_number":80,"box":{"x":119,"y":393,"width":766,"height":12}},{"id":"23678b1b-0489-454f-9b03-bb34a988798c","block_type":"box","text":"tracking accuracy. The annual and semi-annual reports of the Company, together with the factsheet in","page_number":80,"box":{"x":119,"y":408,"width":766,"height":12}},{"id":"f4bc5bce-af91-477e-8945-374604346490","block_type":"box","text":"respect of an index tracking Fund published by the Investment Manager, will disclose the level of","page_number":80,"box":{"x":119,"y":423,"width":766,"height":12}},{"id":"e902e371-3d65-44a2-917a-fc151b7899d1","block_type":"box","text":"tracking accuracy for each such Fund over the relevant periods.","page_number":80,"box":{"x":119,"y":438,"width":473,"height":12}},{"id":"8a613a00-9674-40c4-8ee7-85a6f25288ca","block_type":"box","text":"The following factors may adversely affect the tracking by any such Fund of its respective Index:","page_number":80,"box":{"x":119,"y":468,"width":724,"height":12}},{"id":"41d28273-66df-4528-848c-87c733e62fb0","block_type":"box","text":"(a)","page_number":80,"box":{"x":119,"y":498,"width":20,"height":12}},{"id":"07cf83c8-a685-4eb8-80bf-e3d9903603b9","block_type":"box","text":"a Fund must pay various expenses, while its Index does not reflect any expenses;","page_number":80,"box":{"x":179,"y":498,"width":602,"height":12}},{"id":"06e9340c-7eae-45e0-9af2-11eefe179bf1","block_type":"box","text":"(b)","page_number":80,"box":{"x":119,"y":528,"width":21,"height":12}},{"id":"f950da4a-32f5-4a28-8162-6ceaef0237fe","block_type":"box","text":"a Fund must comply with regulatory constraints, such as the Investment and Borrowing","page_number":80,"box":{"x":179,"y":528,"width":706,"height":12}},{"id":"1b5429bb-b09c-4c46-a914-6f44651fd1c6","block_type":"box","text":"Restrictions (as set out in A","page_number":80,"box":{"x":178,"y":543,"width":190,"height":12}},{"id":"921939fb-2a0c-42b8-a72e-6c7d10f54833","block_type":"box","text":"Appendix 3","page_number":80,"box":{"x":368,"y":543,"width":89,"height":12}},{"id":"e589f5e0-e4ad-4c0d-9f4c-daf65ec5c4eb","block_type":"box","text":"), that do not affect the calculation of its respective Index;","page_number":80,"box":{"x":458,"y":543,"width":427,"height":12}},{"id":"05cc9add-add1-401e-98ea-1239277d9ca8","block_type":"box","text":"(c)","page_number":80,"box":{"x":119,"y":573,"width":20,"height":12}},{"id":"62ed6b5e-a581-4d39-a999-5bece6972317","block_type":"box","text":"the existence of uninvested assets in the Fund (including cash and deferred expenses);","page_number":80,"box":{"x":178,"y":573,"width":640,"height":12}},{"id":"b8289953-0c40-4653-9d45-2d5d8bcc67cd","block_type":"box","text":"(d)","page_number":80,"box":{"x":119,"y":603,"width":21,"height":12}},{"id":"d29e34b9-8bdd-4108-92bd-c951821bf45d","block_type":"box","text":"the timing difference between when the Index reflects the event of dividends and when a Fund","page_number":80,"box":{"x":178,"y":603,"width":707,"height":12}},{"id":"c2e3c399-7d0d-4d2c-9915-627d5b4d99eb","block_type":"box","text":"reflects the event of dividends;","page_number":80,"box":{"x":178,"y":618,"width":232,"height":11}},{"id":"dee78dbc-a90b-4ac1-8d38-70ca6eeee051","block_type":"box","text":"(e)","page_number":80,"box":{"x":119,"y":648,"width":20,"height":12}},{"id":"7bbaa73e-3300-4f97-8172-b6635231b35a","block_type":"box","text":"the temporary unavailability of certain securities comprising the Index;","page_number":80,"box":{"x":178,"y":648,"width":531,"height":12}},{"id":"ce8abc8d-6cbf-4b84-ac67-f9768ce3b1cd","block_type":"box","text":"(f)","page_number":80,"box":{"x":119,"y":678,"width":18,"height":12}},{"id":"096bb7de-327b-40f7-b09f-2df1043f010c","block_type":"box","text":"the presence of small, illiquid components in the Index which the Fund may not be able to, or","page_number":80,"box":{"x":178,"y":678,"width":707,"height":12}},{"id":"c8e8b9cd-636c-4c3c-a3c9-2473dbd651be","block_type":"box","text":"may choose not to, acquire; and","page_number":80,"box":{"x":178,"y":693,"width":240,"height":12}},{"id":"d009ee32-2e91-4468-814b-192e984d94ca","block_type":"box","text":"(g)","page_number":80,"box":{"x":119,"y":723,"width":21,"height":12}},{"id":"a43219d7-2095-40aa-91c4-b5c5c5ae777e","block_type":"box","text":"the extent that a Fund is not invested identically in respect of the composition and/or weighting","page_number":80,"box":{"x":178,"y":723,"width":707,"height":12}},{"id":"5ba012a2-f032-4fa3-8137-fa1b45090356","block_type":"box","text":"of the constituent securities of its respective Index, and securities in which it is underweighted","page_number":80,"box":{"x":179,"y":738,"width":706,"height":12}},{"id":"21ba2f18-4ab8-4113-a612-b92e15b64f81","block_type":"box","text":"or overweighted in relation to its respective Index perform differently from its respective Index","page_number":80,"box":{"x":179,"y":753,"width":706,"height":12}},{"id":"4957d22e-4c0b-4c70-8233-155d4eca0c67","block_type":"box","text":"as a whole.","page_number":80,"box":{"x":179,"y":768,"width":86,"height":10}},{"id":"e24138f5-9c18-4121-a84e-a3ef0df67ca5","block_type":"box","text":"Screening Risk","page_number":80,"box":{"x":119,"y":798,"width":114,"height":12}},{"id":"04065426-eb84-4668-99c3-830fac749b5f","block_type":"box","text":"Where specified in the relevant Supplement, a Fund may track an ESG index which screens out possible","page_number":80,"box":{"x":119,"y":828,"width":766,"height":12}},{"id":"1caab1bd-a1a5-41de-92a0-2f2f05e11906","block_type":"box","text":"investments if such investments do not meet certain ESG criteria or may apply a separate screen to","page_number":80,"box":{"x":119,"y":843,"width":766,"height":12}},{"id":"d5264e47-bec2-43c5-8ab7-f507bfb5383e","block_type":"box","text":"exclude securities from investment by the relevant Fund that would otherwise be part of the non","page_number":80,"box":{"x":119,"y":858,"width":761,"height":12}},{"id":"dd91f645-fdde-4ba5-bf10-ad0a1b0f7505","block_type":"box","text":"screened parent index. This may affect the Fund’s exposure to certain issuers and cause the Fund to","page_number":80,"box":{"x":120,"y":873,"width":765,"height":12}},{"id":"fb2af24e-1407-41f6-924e-66a9919bab59","block_type":"box","text":"forego certain investment opportunities relative to the non-screened parent index or non-ESG indices","page_number":80,"box":{"x":119,"y":889,"width":766,"height":12}},{"id":"5f8867b2-e62c-493c-b558-407b67789ef1","block_type":"box","text":"81","page_number":81,"box":{"x":494,"y":937,"width":11,"height":7}},{"id":"c520c23e-7c28-42d0-a64e-e3737a2b0d21","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":81,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"7356bfda-449e-4593-9eaf-addf819c9261","block_type":"box","text":"which cover the same broad universes but which do not apply such screens. Therefore, the relevant Fund","page_number":81,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"51b4c51c-1413-4926-85d3-08eb23e19df9","block_type":"box","text":"may: (a) perform differently to other funds, including underperforming funds that track non- ESG","page_number":81,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"d5156c1a-0130-44c5-8135-ef1f050b581f","block_type":"box","text":"indices which do not seek to screen investments in this way, or (b) experience a higher degree of","page_number":81,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"6ffb0478-af09-4178-91bd-53c51444babc","block_type":"box","text":"Tracking Error from the non-screened parent index as a result of the application of the screen as excluded","page_number":81,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"50082570-a37e-445a-ac94-6ada21cbaab2","block_type":"box","text":"companies may, or may not contribute significantly to the non-screened parent index’s overall","page_number":81,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"836abaca-6dcf-4dbe-b01e-cc8a6975c506","block_type":"box","text":"performance. Details of the screening process for the relevant Funds can be found in the relevant","page_number":81,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"ded98ab3-4692-4c2a-834d-dea53d22242b","block_type":"box","text":"Supplement.","page_number":81,"box":{"x":120,"y":177,"width":96,"height":12}},{"id":"1e8a141d-1946-4f13-8240-75eddc008778","block_type":"box","text":"Investors should also note that where a Fund uses FDI, such FDI on an index (e.g. swaps, futures) may","page_number":81,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"052c41a0-43e2-4022-94d8-2de4f8a94c92","block_type":"box","text":"provide indirect exposure to some underlying constituents which may not meet the relevant ESG criteria","page_number":81,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"aab09d5f-7367-4e6d-9f09-a0ec8e23fcfc","block_type":"box","text":"applied by the relevant index tracked by the Fund or which would otherwise be excluded through a","page_number":81,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"cb608faf-85bf-450e-b448-acf7642d74ba","block_type":"box","text":"Fund’s screening process on the constituents of the relevant index. Similarly, where a Fund engages in","page_number":81,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"048a6d93-efcb-4e50-a796-8fc50e4d658a","block_type":"box","text":"securities lending transactions for efficient portfolio management purposes, the Fund may receive","page_number":81,"box":{"x":120,"y":267,"width":765,"height":12}},{"id":"aa430574-df84-4292-9ef8-71e73ac7289c","block_type":"box","text":"collateral which may not meet the relevant ESG criteria applied by the relevant index tracked by the","page_number":81,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"d7bcd7f9-35b2-4ac7-b99d-c0b0458f0a92","block_type":"box","text":"Fund or which would otherwise be excluded through a Fund’s screening process on the constituents of","page_number":81,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"bde5e904-1331-4d1f-a78c-e90ae46557b4","block_type":"box","text":"the relevant index.","page_number":81,"box":{"x":119,"y":312,"width":141,"height":9}},{"id":"15e11259-a85c-462b-8bea-f8e00d32e3c7","block_type":"box","text":"In seeking to track an Index, the Investment Manager will not normally reduce or increase a Fund’s","page_number":81,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"a690e469-fe17-417e-a64f-1e8f9717aa27","block_type":"box","text":"holdings in or exposure to any constituent security of an Index when to do so would reduce the tracking","page_number":81,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"95f81e43-90be-4f53-8763-b76b344a345e","block_type":"box","text":"accuracy.","page_number":81,"box":{"x":119,"y":375,"width":69,"height":9}},{"id":"6fd6c679-e9c6-4359-941b-0af682a3e843","block_type":"box","text":"Therefore, if a constituent security of an Index is decreasing in value, the relevant Fund will","page_number":81,"box":{"x":199,"y":372,"width":686,"height":12}},{"id":"0a3c05ae-867d-4ddb-9d43-bb7ad97c2e15","block_type":"box","text":"generally continue to hold such security (or any other securities which give exposure or equivalent price","page_number":81,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"ce52b46c-8133-44e3-9c08-c83b738f2a53","block_type":"box","text":"performance to such an constituent security’s price performance) until the weight of the constituent","page_number":81,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"be6ba6d3-e0ff-4b67-a0ce-7dc8e2fed2a6","block_type":"box","text":"security is reduced in the Index, or the constituent security is removed from the Index, by the Index","page_number":81,"box":{"x":120,"y":417,"width":765,"height":12}},{"id":"c4fe0d2c-8027-4ddc-b06c-8803bd93104c","block_type":"box","text":"Provider. For avoidance of any doubt, it is at the discretion of the Investment Manager as to when to","page_number":81,"box":{"x":119,"y":432,"width":766,"height":12}},{"id":"0482149a-2a8e-4dc3-8d6b-84ca59ab4236","block_type":"box","text":"dispose of the constituent security after it ceases to form part of that Index","page_number":81,"box":{"x":119,"y":447,"width":548,"height":12}},{"id":"27237c85-af98-409b-b148-e952219caef6","block_type":"box","text":".","page_number":81,"box":{"x":668,"y":455,"width":9,"height":2}},{"id":"129d2e14-0d31-4d38-835f-85ba29ef2155","block_type":"box","text":"Index Unscheduled Rebalancing Risk","page_number":81,"box":{"x":119,"y":478,"width":295,"height":11}},{"id":"c4c2cd9a-bcfd-421d-ab58-8626390763ed","block_type":"box","text":"Apart from scheduled rebalances, the relevant Index Provider may carry out additional ad hoc rebalances","page_number":81,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"391faf49-3270-49db-a034-94ab83d0fa9b","block_type":"box","text":"to the Index in order, for example, to correct an error in the selection of Index constituents. Where the","page_number":81,"box":{"x":119,"y":521,"width":766,"height":13}},{"id":"104beaa4-be2d-4b4f-94f5-f640f7d17be7","block_type":"box","text":"Index of a Fund is rebalanced and the Fund in turn rebalances its portfolio to bring it in line with its","page_number":81,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"add9711f-6571-4f7b-b15e-81f56d6f9082","block_type":"box","text":"Index, any transaction costs (including any capital gains tax and/or transaction taxes) and market","page_number":81,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"cdf4366a-26e7-41a5-8f17-42a9870ee3a2","block_type":"box","text":"exposure arising from such portfolio rebalancing will be borne directly by the Fund and its investors.","page_number":81,"box":{"x":119,"y":567,"width":751,"height":12}},{"id":"ca43200e-a0bf-4fcf-9484-5f6dd69a4d25","block_type":"box","text":"Unscheduled rebalances to the Index may also expose the Funds to tracking error risk, which is the risk","page_number":81,"box":{"x":119,"y":597,"width":766,"height":12}},{"id":"482992cf-5d40-4217-a7fc-1574bb4c615f","block_type":"box","text":"that its returns may not track exactly those of the Index (see “","page_number":81,"box":{"x":119,"y":612,"width":461,"height":12}},{"id":"97559363-1ef9-4111-ae42-e7238b8b99cb","block_type":"box","text":"Index Tracking Risk","page_number":81,"box":{"x":581,"y":612,"width":164,"height":12}},{"id":"9277a6f9-b33f-4419-a9fb-6dd64a03560a","block_type":"box","text":"” for more detail).","page_number":81,"box":{"x":746,"y":612,"width":139,"height":12}},{"id":"f6579a5c-cc10-4f17-a56e-79a386a214e1","block_type":"box","text":"Therefore, errors and additional ad hoc rebalances carried out by the Index Provider to an Index may","page_number":81,"box":{"x":119,"y":627,"width":766,"height":12}},{"id":"287d90cf-22bb-4383-943a-1f3d59abeab6","block_type":"box","text":"increase the costs and market exposure risk of the relevant Fund.","page_number":81,"box":{"x":119,"y":642,"width":483,"height":12}},{"id":"dab442d6-7a89-4ba8-b3b4-3ae6655f5170","block_type":"box","text":"Investment in Subordinate and Callable Bonds Risk","page_number":81,"box":{"x":119,"y":672,"width":414,"height":9}},{"id":"ac39cacb-b005-483b-9303-35456594613a","block_type":"box","text":"Where specified either in A","page_number":81,"box":{"x":119,"y":701,"width":189,"height":12}},{"id":"cc7778d8-b0f7-48f8-842e-1056f0d3c2b1","block_type":"box","text":"Appendix 1","page_number":81,"box":{"x":308,"y":701,"width":88,"height":12}},{"id":"f745e3d1-15dc-44f3-a385-f97bba4059f0","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the relevant","page_number":81,"box":{"x":398,"y":701,"width":487,"height":12}},{"id":"b170a314-4e5e-4cff-a295-9c33b1f61c66","block_type":"box","text":"Fund, a Fund may invest in callable bonds. A callable bond is a bond that may be redeemed or ‘called’","page_number":81,"box":{"x":119,"y":716,"width":766,"height":12}},{"id":"4646a9d3-7304-4c2f-870b-1e8cd6d9ff09","block_type":"box","text":"by its issuer (i.e. by returning the principal to the investor and ceasing coupon payments) before it","page_number":81,"box":{"x":119,"y":731,"width":766,"height":12}},{"id":"cc50f454-94d8-47fc-acbb-f78615fa75ce","block_type":"box","text":"matures, usually subject to certain conditions or limits. Callable bonds are typically used as a hedge","page_number":81,"box":{"x":119,"y":746,"width":766,"height":12}},{"id":"783ac2b3-10bd-410b-81a9-0713dad3f962","block_type":"box","text":"against interest rate risk since issuers can reduce their liabilities by paying off existing debt (i.e. by","page_number":81,"box":{"x":119,"y":761,"width":766,"height":12}},{"id":"0acdf8fa-f44d-4949-8781-ef742c7cb55e","block_type":"box","text":"calling the bond) when interest rates fall and offering new bonds at lower interest rates. Such investments","page_number":81,"box":{"x":119,"y":776,"width":766,"height":12}},{"id":"8512c296-029b-4803-9b6e-375be45c8f38","block_type":"box","text":"expose a Fund to the risk that, in falling interest rate markets, it may be forced to reinvest recouped","page_number":81,"box":{"x":119,"y":791,"width":766,"height":12}},{"id":"ad995a38-4b5a-4326-b85e-d03e24c9367d","block_type":"box","text":"principal (i.e. from bonds that have been called) at lower interest rates, with the result that the Fund’s","page_number":81,"box":{"x":119,"y":806,"width":766,"height":12}},{"id":"64b543ae-63d5-48d5-93a4-4cfdcba7f405","block_type":"box","text":"income is reduced.","page_number":81,"box":{"x":119,"y":821,"width":138,"height":10}},{"id":"e3f85613-444c-4224-aa0d-b398b8c3549b","block_type":"box","text":"A Fund may also invest in subordinate bonds, which are a class of bond that rank lower than other types","page_number":81,"box":{"x":119,"y":851,"width":766,"height":12}},{"id":"ecf76ef0-628c-4ca2-824c-c60f0893264a","block_type":"box","text":"of bond in terms of the priority accorded to their repayment where the issuer of the bond is liquidated.","page_number":81,"box":{"x":119,"y":866,"width":766,"height":12}},{"id":"134acfc9-55ff-4ee3-a917-add8dad20b03","block_type":"box","text":"A subordinate bond therefore carries a higher risk of default on repayment, but also pays higher returns","page_number":81,"box":{"x":119,"y":881,"width":766,"height":12}},{"id":"639b908e-864a-4c42-ab1b-9003028e5705","block_type":"box","text":"than other classes of bond.","page_number":81,"box":{"x":119,"y":896,"width":201,"height":10}},{"id":"87241082-3229-4059-ac5f-46053aa24553","block_type":"box","text":"82","page_number":82,"box":{"x":494,"y":937,"width":12,"height":7}},{"id":"ccdec190-b45d-40d4-8695-74826e167dab","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":82,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"1a01b6d0-6583-4314-bef5-b5468c891afd","block_type":"box","text":"Please also refer to the risk factor “","page_number":82,"box":{"x":119,"y":87,"width":259,"height":9}},{"id":"af6882e1-d014-48fe-bd95-839b311020a3","block_type":"box","text":"Credit and Fixed Interest Securities","page_number":82,"box":{"x":380,"y":87,"width":281,"height":9}},{"id":"005bfd96-c3cd-4198-b163-8738d0d38b19","block_type":"box","text":"”.","page_number":82,"box":{"x":662,"y":87,"width":17,"height":9}},{"id":"0626728b-9036-4f63-89ed-95ba5824c77b","block_type":"box","text":"Investment Manager Risk","page_number":82,"box":{"x":119,"y":117,"width":210,"height":12}},{"id":"5798e6c1-f5ac-4034-a73b-da662c09ab55","block_type":"box","text":"A Fund may be subject to the risk that the Investment Manager or Sub-Investment Manager selects","page_number":82,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"640f769c-2831-4400-9c60-bff722a499a6","block_type":"box","text":"investments that are detrimental to the performance of the Fund. The investment strategy used by an","page_number":82,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"1b8f795f-8063-4693-98c2-4312538de61b","block_type":"box","text":"Investment Manager or Sub-Investment Manager for a Fund may not achieve the desired results under","page_number":82,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"8d86545b-8cfb-4a26-bfb6-c93e8a2376a3","block_type":"box","text":"all circumstances and market conditions.","page_number":82,"box":{"x":119,"y":191,"width":305,"height":9}},{"id":"88397334-8b4b-407d-8af5-f3311da88624","block_type":"box","text":"Portfolio Turnover Risk","page_number":82,"box":{"x":119,"y":221,"width":195,"height":10}},{"id":"98bf5c17-1ad2-426a-a475-02f39ba08b55","block_type":"box","text":"A Fund will purchase and sell securities having regard to the effect on portfolio turnover. Higher","page_number":82,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"5a43a683-d68a-487b-9439-7d269ae9e4ca","block_type":"box","text":"portfolio turnover will cause a Fund to incur additional transaction costs.","page_number":82,"box":{"x":119,"y":265,"width":543,"height":12}},{"id":"34dd18db-0fd8-4f6c-a464-f0d95de9e700","block_type":"box","text":"Market Risk","page_number":82,"box":{"x":119,"y":296,"width":104,"height":9}},{"id":"18d87c25-ce48-48c2-9cb7-7cf7f38c2450","block_type":"box","text":"The investments of a Fund are subject to normal market fluctuations and the risks inherent in investment","page_number":82,"box":{"x":119,"y":325,"width":766,"height":12}},{"id":"5e482760-1306-44c0-bd78-0200e3a46170","block_type":"box","text":"in international securities markets, and there can be no assurances that capital will not be lost and that","page_number":82,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"01f73481-482d-4400-8e03-f15aa2c69158","block_type":"box","text":"appreciation will occur.","page_number":82,"box":{"x":119,"y":355,"width":179,"height":12}},{"id":"0b2e87e8-25e0-4555-aca2-6b1af47a2f5e","block_type":"box","text":"Liquidity consideration","page_number":82,"box":{"x":119,"y":384,"width":189,"height":12}},{"id":"6e5943c1-11cc-4f72-aa03-5c71180bf913","block_type":"box","text":"Liquidity represents the ease with which an investment can be converted into cash without materially","page_number":82,"box":{"x":119,"y":413,"width":766,"height":12}},{"id":"6ebd975c-c1d1-4510-802c-e997ed7f4f70","block_type":"box","text":"affecting its value. Investments may be less liquid where they are not widely traded, or where trading is","page_number":82,"box":{"x":119,"y":428,"width":766,"height":12}},{"id":"e81b7c9e-df54-419b-82c9-0c35c6915eaa","block_type":"box","text":"subject to restrictions imposed by an exchange, market rules or the issuer.","page_number":82,"box":{"x":120,"y":444,"width":549,"height":12}},{"id":"e4c20350-5f22-4ede-ac7e-150cc382e52f","block_type":"box","text":"Certain Funds may invest in instruments whose trading volumes fluctuate significantly with market","page_number":82,"box":{"x":119,"y":473,"width":766,"height":12}},{"id":"05f40c0e-7d86-4dab-a33b-68438e2d4999","block_type":"box","text":"conditions and investor sentiment, creating a risk that such investments become less liquid over time.","page_number":82,"box":{"x":119,"y":488,"width":766,"height":12}},{"id":"fbe60830-ec9d-4efd-8d55-bb54c16d05fb","block_type":"box","text":"During periods of stress or adverse sentiment, these investments may become difficult to sell, potentially","page_number":82,"box":{"x":119,"y":503,"width":766,"height":12}},{"id":"c46f0047-d265-4415-bb5b-7c6f74cd5bfa","block_type":"box","text":"forcing a sale at a reduced value (or discount) or preventing timely sale altogether. This liquidity risk is","page_number":82,"box":{"x":119,"y":518,"width":766,"height":12}},{"id":"1e1abfe0-dfea-444c-9959-40e483c168b0","block_type":"box","text":"especially pronounced in debt securities, small- and mid-cap equities, and securities issued by emerging","page_number":82,"box":{"x":119,"y":533,"width":766,"height":12}},{"id":"1efeba60-a37d-4321-8c28-4b865c667348","block_type":"box","text":"market issuers, where liquidity may deteriorate rapidly and without warning due to economic, market,","page_number":82,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"dd7c930a-ee16-4288-a1dc-b9787de15a7c","block_type":"box","text":"or political developments, changes in investor sentiment (whether justified or not), or credit rating","page_number":82,"box":{"x":119,"y":563,"width":766,"height":12}},{"id":"7b20069c-371d-4117-8928-890000e36713","block_type":"box","text":"downgrades. Market stress may also trigger increased selling pressure, further depressing prices and","page_number":82,"box":{"x":119,"y":578,"width":766,"height":12}},{"id":"ea370a12-6d85-49af-981e-66438b8d5a8d","block_type":"box","text":"exacerbating illiquidity.","page_number":82,"box":{"x":119,"y":593,"width":181,"height":12}},{"id":"fdb64f16-555d-4a97-9ed6-cb51f4cf75cd","block_type":"box","text":"Liquidity risk may also arise in relation to FDI. Certain derivative positions, particularly those that are","page_number":82,"box":{"x":119,"y":622,"width":766,"height":12}},{"id":"09c06bc7-82ad-482b-beb2-7d0b6015ec8e","block_type":"box","text":"large or traded OTC, may be difficult to enter into or unwind at an advantageous time or price. Illiquidity","page_number":82,"box":{"x":119,"y":637,"width":766,"height":12}},{"id":"85ffa59f-0a4f-41ea-bf56-cb4d2ee7c2c4","block_type":"box","text":"in the underlying market or in the derivative itself may prevent a Fund from achieving its investment","page_number":82,"box":{"x":119,"y":652,"width":766,"height":12}},{"id":"4bb7707f-4e9d-4d4c-b4e1-40582b985178","block_type":"box","text":"objectives or from efficiently managing its exposure.","page_number":82,"box":{"x":119,"y":667,"width":396,"height":12}},{"id":"8f1c6f2f-e76b-48ac-a1e2-0480fffc397e","block_type":"box","text":"Trading in certain securities or instruments may also be suspended or restricted by exchanges, regulators","page_number":82,"box":{"x":119,"y":696,"width":766,"height":12}},{"id":"466e2975-74c8-45fb-ab9a-bb6e5a9d6669","block_type":"box","text":"or other competent authorities. Such actions may impair a Fund’s ability to realise affected positions","page_number":82,"box":{"x":119,"y":711,"width":766,"height":13}},{"id":"5b58aff1-5a8d-4ac4-b195-0ecb5415e948","block_type":"box","text":"and may result in losses or delays in meeting redemption requests. An inability to liquidate portfolio","page_number":82,"box":{"x":119,"y":726,"width":766,"height":12}},{"id":"595de609-046e-4a97-bb20-04b3e35e6fd4","block_type":"box","text":"positions may adversely affect a Fund’s net asset value and may limit its ability to take advantage of","page_number":82,"box":{"x":119,"y":742,"width":766,"height":12}},{"id":"a93982f1-7b3d-4fe8-bc7a-00853f2f09b7","block_type":"box","text":"other investment opportunities.","page_number":82,"box":{"x":119,"y":757,"width":235,"height":12}},{"id":"afdd3eab-b122-478f-b985-67727e02c126","block_type":"box","text":"Counterparty Risk","page_number":82,"box":{"x":119,"y":786,"width":154,"height":12}},{"id":"eef5aac1-8d55-4f2d-9c89-1bfd5e8d6c0e","block_type":"box","text":"A Fund will be exposed to credit risk on the counterparties with which it trades in relation to futures and","page_number":82,"box":{"x":119,"y":815,"width":766,"height":12}},{"id":"bc013bfd-0d3b-4062-9644-829abbc86e77","block_type":"box","text":"option contracts and other derivative financial instruments that are not traded on a recognised exchange.","page_number":82,"box":{"x":119,"y":830,"width":766,"height":12}},{"id":"657ec8c0-cc3c-4426-ba99-3a809adcd21a","block_type":"box","text":"Such instruments are not afforded the same protections as may apply to participants trading futures or","page_number":82,"box":{"x":120,"y":845,"width":765,"height":12}},{"id":"b9fc5eec-fa17-4780-a89b-8d8e2f63a3e9","block_type":"box","text":"options on organised exchanges, such as the performance guarantee of an exchange clearing house. A","page_number":82,"box":{"x":119,"y":860,"width":766,"height":12}},{"id":"8c73d6c1-2af0-45aa-82cf-842a70f5c2fd","block_type":"box","text":"Fund will be subject to the possibility of the insolvency, bankruptcy or default of a counterparty with","page_number":82,"box":{"x":119,"y":875,"width":766,"height":12}},{"id":"c7a9f56e-f745-4c4f-83ff-2dd6ce39af2f","block_type":"box","text":"which it trades such instruments, which could result in substantial losses to the Fund. 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During such suspension it may be difficult for an investor to buy or sell Shares, and","page_number":83,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"eda0ece5-7684-4e73-8ccd-1b31a85b8ddb","block_type":"box","text":"the market price may not reflect the Net Asset Value per Share. In the event that the Company has to","page_number":83,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"5e04c04a-44d5-47f1-ad69-570bcc5a2691","block_type":"box","text":"suspend the subscription and redemption of Shares of a Fund, or if a stock exchange on which a Fund’s","page_number":83,"box":{"x":120,"y":310,"width":765,"height":12}},{"id":"8406ed0c-adfc-47b0-9bc8-2a8231586a97","block_type":"box","text":"underlying investments are traded is closed, it is expected that larger discounts or premiums could arise.","page_number":83,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"0d61cd72-f405-4071-89b4-6ed604b3770c","block_type":"box","text":"Emerging Markets Risks","page_number":83,"box":{"x":119,"y":356,"width":201,"height":12}},{"id":"bf2f11ea-d764-4fbb-8819-5631948b4a93","block_type":"box","text":"There are certain risks involved in investing in securities of companies and governments of emerging","page_number":83,"box":{"x":119,"y":385,"width":766,"height":12}},{"id":"339e4277-7c99-47cf-9573-c8d5fba4d895","block_type":"box","text":"market countries that are in addition to the usual risks inherent in investment in securities of more","page_number":83,"box":{"x":119,"y":400,"width":766,"height":9}},{"id":"f56af82f-7e55-43b0-b1ab-5173b9ee344f","block_type":"box","text":"developed countries. These risks include:","page_number":83,"box":{"x":119,"y":415,"width":310,"height":12}},{"id":"e54ffc2e-27fd-4d38-9ad9-a5d3beefaaf9","block_type":"box","text":"Currency risk.","page_number":83,"box":{"x":120,"y":444,"width":115,"height":12}},{"id":"0bd3f1a0-e45b-42f5-9317-0dd608f3a257","block_type":"box","text":"Currency risk arises from fluctuations in currency exchange rates; revaluation of","page_number":83,"box":{"x":240,"y":444,"width":645,"height":12}},{"id":"138cc18f-d44d-4d2b-8589-8825007b4fa8","block_type":"box","text":"currencies; future adverse political and economic developments and the possible imposition of currency","page_number":83,"box":{"x":119,"y":459,"width":766,"height":12}},{"id":"f66b91da-aada-433e-8714-6467e8bca48a","block_type":"box","text":"exchange blockages or other foreign governmental laws or restrictions.","page_number":83,"box":{"x":119,"y":474,"width":529,"height":12}},{"id":"518144b6-e3b0-4fe5-9e85-cf58f6b945c3","block_type":"box","text":"Liquidity risk","page_number":83,"box":{"x":118,"y":503,"width":101,"height":12}},{"id":"d4f3a33e-0ed9-48c3-b552-7496ec8ea182","block_type":"box","text":". Securities of many companies of emerging market countries may be less liquid and the","page_number":83,"box":{"x":220,"y":503,"width":665,"height":12}},{"id":"26edb268-03eb-4b66-87e2-e00c2731d065","block_type":"box","text":"prices more volatile than the securities of comparable companies in developing markets countries.","page_number":83,"box":{"x":119,"y":518,"width":766,"height":13}},{"id":"05cf25ce-e4c4-4b64-8324-537561a5d65f","block_type":"box","text":"Investment in foreign securities may also result in higher operating expenses due to the cost of","page_number":83,"box":{"x":119,"y":533,"width":766,"height":13}},{"id":"3862cb2d-a74c-45ad-a81d-966dce54711c","block_type":"box","text":"converting foreign currency into the base currency of a Fund, higher valuation and communications","page_number":83,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"a7b57a7a-3fde-4744-a062-e6d5628632dc","block_type":"box","text":"costs and the expense of maintaining securities with foreign depositaries/custodians.","page_number":83,"box":{"x":119,"y":564,"width":627,"height":12}},{"id":"5d29ebdd-df5e-417f-a630-dcd305b03bb7","block_type":"box","text":"Market risk","page_number":83,"box":{"x":118,"y":593,"width":87,"height":9}},{"id":"74bc3c3f-f59a-4b88-889d-940fab8bc357","block_type":"box","text":". Individual economies of emerging market countries may differ favourably or unfavourably","page_number":83,"box":{"x":205,"y":593,"width":680,"height":12}},{"id":"2d2e77c4-2006-487e-be43-ee66fd85c12f","block_type":"box","text":"from the economies of non-emerging market countries in such respects as growth of gross national","page_number":83,"box":{"x":119,"y":608,"width":766,"height":12}},{"id":"55cc7d5b-233c-48b3-bb93-a1ac63c9789f","block_type":"box","text":"product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments","page_number":83,"box":{"x":119,"y":623,"width":766,"height":12}},{"id":"467b7758-b53a-4470-8abf-ba572d0ceba6","block_type":"box","text":"position.","page_number":83,"box":{"x":119,"y":638,"width":68,"height":12}},{"id":"ba9f1809-e368-476a-b3fc-bd31556c04c2","block_type":"box","text":"Political risk.","page_number":83,"box":{"x":118,"y":667,"width":99,"height":10}},{"id":"c0747851-1cb2-4f48-b998-ba3340952974","block_type":"box","text":"Emerging market countries may also be subject to higher than usual risks of political","page_number":83,"box":{"x":219,"y":667,"width":666,"height":12}},{"id":"a30117db-204d-435c-953e-89ab16ff392d","block_type":"box","text":"changes, government regulation, social instability or diplomatic developments (including war) which","page_number":83,"box":{"x":119,"y":682,"width":766,"height":12}},{"id":"fe73efa9-e968-42dd-82e3-df80d25682d8","block_type":"box","text":"could adversely affect the economies of the relevant countries and thus the value of investments in those","page_number":83,"box":{"x":119,"y":697,"width":766,"height":12}},{"id":"941b74b7-5fc7-4d47-b91b-d8d3cb0e09ae","block_type":"box","text":"countries. Governments of many emerging market countries have exercised and continue to exercise","page_number":83,"box":{"x":119,"y":712,"width":766,"height":12}},{"id":"8b9d7178-28f8-4d61-98c4-e09658813743","block_type":"box","text":"substantial influence over many aspects of the private sector through ownership or control of many","page_number":83,"box":{"x":120,"y":727,"width":765,"height":12}},{"id":"1a7ceb12-3eda-464f-a3ea-dfba1e73e8ae","block_type":"box","text":"companies. The future actions of those governments could have a significant effect on economic","page_number":83,"box":{"x":119,"y":742,"width":766,"height":12}},{"id":"69be1bd0-8365-4dd4-a032-3c7c8bc4f0c6","block_type":"box","text":"conditions in emerging markets, which in turn, may adversely affect companies in the private sector,","page_number":83,"box":{"x":119,"y":757,"width":766,"height":12}},{"id":"08f2eabe-6b10-45aa-8d25-f07add8d4669","block_type":"box","text":"general market conditions and prices and yields of certain of the securities in the Funds' portfolios.","page_number":83,"box":{"x":119,"y":772,"width":733,"height":12}},{"id":"46abae38-708e-4680-b5ba-ce5bd3745b01","block_type":"box","text":"Settlement risk.","page_number":83,"box":{"x":119,"y":802,"width":113,"height":10}},{"id":"87e4a2b6-ab97-441f-8a55-37d386b9117e","block_type":"box","text":"Certain emerging market countries are known to experience long delays between the","page_number":83,"box":{"x":234,"y":802,"width":651,"height":12}},{"id":"308d7bb0-e804-41dd-a40f-c169ab088e8c","block_type":"box","text":"trade and settlement dates of securities purchased or sold.","page_number":83,"box":{"x":119,"y":818,"width":430,"height":12}},{"id":"3094336a-4f25-436e-ad3e-38b304e7fd69","block_type":"box","text":"Expropriation risk","page_number":83,"box":{"x":118,"y":847,"width":143,"height":12}},{"id":"f0307ed5-ab8b-4b21-9233-91df7d6cf26d","block_type":"box","text":". With respect to certain emerging market countries, there is a possibility of","page_number":83,"box":{"x":262,"y":847,"width":623,"height":12}},{"id":"0bbd4f07-afb4-4665-8fe6-9314727c697f","block_type":"box","text":"expropriation, nationalisation, confiscatory taxation and limitations on the use or removal of funds or","page_number":83,"box":{"x":119,"y":862,"width":766,"height":12}},{"id":"1e8ab8a3-8d86-41bf-ab08-2978286a59c5","block_type":"box","text":"other assets of a Fund, including the withholding of dividends.","page_number":83,"box":{"x":119,"y":877,"width":467,"height":12}},{"id":"cae49f28-ad4f-4766-90c9-65c6d863afbc","block_type":"box","text":"84","page_number":84,"box":{"x":494,"y":937,"width":12,"height":7}},{"id":"745034dd-308c-4b1c-9d33-a286b522bad6","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":84,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"ced4ba2c-ca49-404f-8a0b-37a9f2909855","block_type":"box","text":"Regulatory risk","page_number":84,"box":{"x":118,"y":87,"width":115,"height":12}},{"id":"8d455e5b-519d-4f31-b75c-c00c09eb3eb3","block_type":"box","text":". Certain emerging market countries may have reduced availability of public information","page_number":84,"box":{"x":234,"y":87,"width":651,"height":12}},{"id":"32d6c890-24a5-4e31-a921-c01af5c16cd0","block_type":"box","text":"concerning issuers, may lack uniform accounting, auditing and financial reporting standards and the","page_number":84,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"4717852d-8147-4481-8d3f-86074da76851","block_type":"box","text":"regulatory practices and requirements of such countries are often less rigorous than those applied in","page_number":84,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"1c9d95e4-4d26-4faf-a615-7d22f553a806","block_type":"box","text":"more-developed countries.","page_number":84,"box":{"x":119,"y":132,"width":201,"height":12}},{"id":"60db44b2-a0d0-4730-9efb-e48935ca1283","block_type":"box","text":"Custody risk.","page_number":84,"box":{"x":120,"y":161,"width":94,"height":12}},{"id":"a6a9434b-fc3c-4a9f-bf13-3cd54c02e6a6","block_type":"box","text":"Custody risk refers to the risks inherent in the process of clearing and settling trades and","page_number":84,"box":{"x":216,"y":161,"width":669,"height":12}},{"id":"9c24d5b6-e198-44c6-97a9-fa76045dfa75","block_type":"box","text":"to the holding of securities by local banks, agents and depositories. Local agents are held to local","page_number":84,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"192ce79f-4dba-4660-a793-3c5a3216b7f2","block_type":"box","text":"standards of care and in general, the less developed a country’s securities market is, the greater the","page_number":84,"box":{"x":120,"y":191,"width":765,"height":12}},{"id":"14882365-185b-4c71-848d-5936da6a6165","block_type":"box","text":"likelihood of custody problems. A Fund’s investments may be registered in the name of a sub-custodian","page_number":84,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"0864e3fd-4327-41be-8165-f776dae2351c","block_type":"box","text":"where, due to the nature of the laws or market practice of jurisdictions, it is common market practice or","page_number":84,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"bddd6cfe-a9cb-4a06-a041-309e1482a4ef","block_type":"box","text":"not feasible to do otherwise and may be exposed to risk in circumstances whereby the Depositary may","page_number":84,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"e83d20ce-1d8e-43ea-9871-84d567d57756","block_type":"box","text":"have no liability. Such investments may not be segregated from the sub-custodian’s own investments","page_number":84,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"527bd7fd-930a-4aa1-9d26-f76b4b6258ba","block_type":"box","text":"and in the event of default or fraud of such sub-custodian may not be protected and may be irrecoverable","page_number":84,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"eb9b5b9e-3746-407f-9e6d-cc8450b6e501","block_type":"box","text":"by the Fund.","page_number":84,"box":{"x":119,"y":281,"width":97,"height":12}},{"id":"3069c102-9ee0-4427-b7ee-d8046e79468f","block_type":"box","text":"For example, in Russia, registrars are not subject to effective government supervisions, nor are they","page_number":84,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"0f64cd41-0ab9-4016-bf3d-963cc90ee100","block_type":"box","text":"always independent from issuers. The possibility of fraud, negligence, undue influence being exerted","page_number":84,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"e624cc05-e0e0-4ddd-b5f0-a804df94e7a3","block_type":"box","text":"by the issuer or refusal to recognise ownership exists, which, along with other factors, could result in","page_number":84,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"a1e7513e-a1f5-45e9-af9c-7aa7755a49ba","block_type":"box","text":"the registration of a shareholding being completely lost with the possibility of no successful claim for","page_number":84,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"9d8a1ad0-2986-4745-a6c3-38ac26a9f218","block_type":"box","text":"compensation.","page_number":84,"box":{"x":119,"y":371,"width":112,"height":12}},{"id":"dc7c38d7-81b8-4f0c-b1b4-3c9fe1d25985","block_type":"box","text":"Investing in Other Collective Investment Schemes","page_number":84,"box":{"x":119,"y":400,"width":397,"height":12}},{"id":"21e26699-3150-42f2-8dac-830415662c7a","block_type":"box","text":"Where provided for in the relevant Supplement, a Fund may purchase shares of other collective","page_number":84,"box":{"x":119,"y":429,"width":766,"height":12}},{"id":"7d20dd96-3333-46a6-b3c5-9fdead4ed0f9","block_type":"box","text":"investment schemes to the extent that such investment is consistent with its investment objective,","page_number":84,"box":{"x":119,"y":444,"width":766,"height":12}},{"id":"a83d3a7e-1745-4433-821a-9b131f8745b4","block_type":"box","text":"policies and restrictions, and in the case of a Fund which is an EU MMF, the requirements of the EU","page_number":84,"box":{"x":119,"y":459,"width":766,"height":12}},{"id":"ddff5182-f496-4bd5-a894-71265fe18114","block_type":"box","text":"MMFR. The collective investment schemes invested in by such a Fund may be UCITS and/or","page_number":84,"box":{"x":119,"y":474,"width":766,"height":12}},{"id":"c2641be1-ef59-4542-bfa2-1127ba3503a8","block_type":"box","text":"Alternative Investment Funds which are eligible for investment by a UCITS (“","page_number":84,"box":{"x":119,"y":489,"width":576,"height":12}},{"id":"7a698a01-05b5-4736-a261-35d8e9c70ffa","block_type":"box","text":"Regulated Funds","page_number":84,"box":{"x":696,"y":490,"width":132,"height":11}},{"id":"836cf758-5065-49ad-aef7-108fcc80dd15","block_type":"box","text":"”). The","page_number":84,"box":{"x":830,"y":489,"width":55,"height":12}},{"id":"b94a7e5d-2af3-4d42-a318-eb076b891f8a","block_type":"box","text":"cost of investing in a Fund which purchases shares of other collective investment schemes will generally","page_number":84,"box":{"x":119,"y":504,"width":766,"height":12}},{"id":"49eec497-4d38-4290-96e6-4d102c9cdfad","block_type":"box","text":"be higher than the cost of investing in an investment fund that invests directly in individual stocks and","page_number":84,"box":{"x":119,"y":519,"width":766,"height":12}},{"id":"8dc2faba-577c-45cd-b8b1-dc6df2c8e5ce","block_type":"box","text":"bonds because, by investing in such a Fund, an investor will indirectly bear fees and expenses charged","page_number":84,"box":{"x":119,"y":534,"width":766,"height":12}},{"id":"98f6cf55-399d-4673-b403-813bb5b9aa9e","block_type":"box","text":"by the underlying funds in addition to the Fund’s direct fees and expenses. Where a Fund invests","page_number":84,"box":{"x":119,"y":549,"width":766,"height":12}},{"id":"0ce3c803-1b46-47fc-9a4c-210bbf892363","block_type":"box","text":"substantially in other collective investment schemes, the risks associated with investing in that Fund","page_number":84,"box":{"x":120,"y":564,"width":765,"height":12}},{"id":"e621ee80-f36d-495f-992d-f01e29b11a79","block_type":"box","text":"may be closely related to the risks associated with the securities and other investments held by the other","page_number":84,"box":{"x":119,"y":579,"width":766,"height":12}},{"id":"98ee38f7-5ded-4e32-bb70-365487812fb2","block_type":"box","text":"collective investment schemes. The Fund will rely on the calculation and publication of the net asset","page_number":84,"box":{"x":119,"y":594,"width":766,"height":12}},{"id":"4728bdf8-82a0-4ab3-8da0-c37a9ed83464","block_type":"box","text":"values of the underlying Regulated Funds in the calculation of its Net Asset Value. Accordingly, any","page_number":84,"box":{"x":119,"y":609,"width":766,"height":12}},{"id":"9e2498d1-f91b-4189-abfc-e7f835355e41","block_type":"box","text":"delay, suspension or inaccuracy in the calculation of the net asset value of an underlying Regulated Fund","page_number":84,"box":{"x":119,"y":624,"width":766,"height":12}},{"id":"f66268b0-7be4-4cd2-b04c-d63a26bb20bf","block_type":"box","text":"will directly impact on the calculation of the Net Asset Value of the Fund.","page_number":84,"box":{"x":119,"y":639,"width":552,"height":12}},{"id":"8ebe3d57-94de-43b5-97ca-4408b636c213","block_type":"box","text":"Investors’ attention is also drawn to the section in the Prospectus headed “","page_number":84,"box":{"x":119,"y":669,"width":541,"height":12}},{"id":"0672375a-bd14-4688-8710-13fff16fbe0e","block_type":"box","text":"Cross Investment","page_number":84,"box":{"x":661,"y":670,"width":136,"height":9}},{"id":"14c09bc2-094e-4b6f-b7bf-b32eb2b87875","block_type":"box","text":"” in respect","page_number":84,"box":{"x":798,"y":669,"width":87,"height":12}},{"id":"551baeac-1147-44e3-8c6b-0258a4772c07","block_type":"box","text":"of investment in other Funds of the Company.","page_number":84,"box":{"x":119,"y":685,"width":345,"height":12}},{"id":"f05f53af-0e84-4775-8f62-554aeeed20de","block_type":"box","text":"Risks Associated With Investment in Russia","page_number":84,"box":{"x":119,"y":715,"width":351,"height":9}},{"id":"f529bb6c-55b8-43df-974e-25eebf1db21b","block_type":"box","text":"Funds which invest directly in, or otherwise have exposure to Russian securities, may be subject to a","page_number":84,"box":{"x":119,"y":744,"width":766,"height":12}},{"id":"48bf3fc7-5c79-411d-9778-aba401d4ae05","block_type":"box","text":"number of additional risks.","page_number":84,"box":{"x":119,"y":759,"width":203,"height":9}},{"id":"feb7b206-e34f-46ce-975d-b03fa5a4a82b","block_type":"box","text":"Where a Fund invests in Russia, investors should be aware that the laws relating to securities investment","page_number":84,"box":{"x":119,"y":789,"width":766,"height":12}},{"id":"f3e78493-5b2e-4896-876b-fae62aeff034","block_type":"box","text":"and regulation in Russia have been created on an ad-hoc basis and do not tend to keep pace with market","page_number":84,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"a65838ad-3761-4cec-ad9e-db9622685a2f","block_type":"box","text":"developments. This may lead to ambiguities in interpretation and inconsistent and arbitrary application","page_number":84,"box":{"x":119,"y":819,"width":766,"height":12}},{"id":"310955c4-0cda-4a13-8faa-87a9a3218180","block_type":"box","text":"of such regulation. In addition, investors should note that the process of monitoring and enforcement of","page_number":84,"box":{"x":119,"y":834,"width":766,"height":12}},{"id":"5f44d366-e10f-4697-8ffd-cf8452c70971","block_type":"box","text":"applicable regulations is rudimentary.","page_number":84,"box":{"x":119,"y":849,"width":283,"height":12}},{"id":"3b192bbb-d796-4c0b-ba05-abde7bc11c61","block_type":"box","text":"Equity securities in Russia are dematerialised and the only legal evidence of ownership is entry of the","page_number":84,"box":{"x":119,"y":878,"width":766,"height":12}},{"id":"0271cdb4-66e4-4e27-9ac9-f7f1139a8b3b","block_type":"box","text":"Shareholder’s name on the share register of the issuer. The concept of fiduciary duty is not well","page_number":84,"box":{"x":120,"y":893,"width":765,"height":12}},{"id":"212247d4-3736-4ed7-9f13-1e942dcbd5fd","block_type":"box","text":"85","page_number":85,"box":{"x":494,"y":937,"width":11,"height":7}},{"id":"e111f152-503f-4cc1-8dec-f11361b9d93d","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":85,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"48d3fc2f-5557-4fa6-abb0-500681abd6e2","block_type":"box","text":"established and so investors may suffer dilution or loss of investment due to the actions of management","page_number":85,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"23c94231-70d0-4b52-bb45-d94c30e11e7c","block_type":"box","text":"without satisfactory legal remedy.","page_number":85,"box":{"x":119,"y":102,"width":256,"height":12}},{"id":"c0adc7ee-498e-4090-895d-09bad66d22c0","block_type":"box","text":"Rules regulating corporate governance either do not exist or are underdeveloped and offer little","page_number":85,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"16258835-8153-4d8f-855e-946228ecd69a","block_type":"box","text":"protection to a minority shareholder.","page_number":85,"box":{"x":119,"y":146,"width":275,"height":12}},{"id":"ba75f63f-efb1-4dd4-aee2-e32c76da42be","block_type":"box","text":"The recent imposition of sanctions against Russian governmental institutions, Russian entities, and","page_number":85,"box":{"x":119,"y":175,"width":766,"height":12}},{"id":"f59c0b91-579a-4283-aa10-44d174f70ef1","block_type":"box","text":"Russian individuals may result in the devaluation of Russian currency; a downgrade in the country’s","page_number":85,"box":{"x":119,"y":190,"width":766,"height":12}},{"id":"7122bee2-bea5-4f1a-b55b-fe325d1a4563","block_type":"box","text":"credit rating; a freeze of Russian foreign assets; a decline in the value and liquidity of Russian securities,","page_number":85,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"64f2c22b-9d17-4c65-8a60-5868a9654949","block_type":"box","text":"properties, or interests; and other adverse consequences to the Russian economy and Russian assets. In","page_number":85,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"e2474d6b-2bfa-4da7-9cd1-c1309a27745f","block_type":"box","text":"addition, a Fund’s ability to price, buy, sell, receive, or deliver Russian investments has been and may","page_number":85,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"818e310a-0b54-4107-b6ea-b69924cba888","block_type":"box","text":"continue to be impaired. These sanctions, and the resulting disruption of the Russian economy, may","page_number":85,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"75ff234a-3d60-41fa-897b-f22171e4c583","block_type":"box","text":"cause volatility in other regional and global markets and may negatively impact the performance of","page_number":85,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"bd35c374-8d8b-4404-8ae1-ed68f2f97eb1","block_type":"box","text":"various sectors and industries, as well as companies in other countries, which could have a negative","page_number":85,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"4beb8f72-16d8-4bd4-9a55-03e02147c305","block_type":"box","text":"effect on the performance of a Fund, even if the Fund does not have direct exposure to securities of","page_number":85,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"589bad4c-e4f8-4faf-97df-d08cb26cd6c5","block_type":"box","text":"Russian issuers.","page_number":85,"box":{"x":119,"y":311,"width":122,"height":9}},{"id":"52ff3779-a5ab-4583-a415-8706ee06bbbb","block_type":"box","text":"Credit and Fixed Interest Securities","page_number":85,"box":{"x":119,"y":340,"width":286,"height":9}},{"id":"88d8ccbd-1584-45e7-8f03-7cf7d4917c7d","block_type":"box","text":"Funds that invest in bonds and other fixed interest securities are subject to the following risks:","page_number":85,"box":{"x":119,"y":369,"width":700,"height":12}},{"id":"90870374-d760-4a17-81d0-b4a71df751e7","block_type":"box","text":"","page_number":85,"box":{"x":120,"y":402,"width":6,"height":5}},{"id":"57826ac8-65f0-4220-bec1-e3cd17cb5003","block_type":"box","text":"Interest rate risk - the risk that the market values of securities overall will decline because of rising","page_number":85,"box":{"x":149,"y":399,"width":736,"height":12}},{"id":"ea46972e-67f7-4474-b329-609002e92ffb","block_type":"box","text":"interest rates.","page_number":85,"box":{"x":149,"y":414,"width":103,"height":10}},{"id":"0ad750cc-02bc-4369-a4e9-a7cd54926b88","block_type":"box","text":"","page_number":85,"box":{"x":120,"y":448,"width":6,"height":5}},{"id":"93b8c8ee-4278-46ce-96ef-8944c9e3dd23","block_type":"box","text":"Income risk - the risk that a Fund's income will decline because of falling interest rates.","page_number":85,"box":{"x":149,"y":445,"width":650,"height":12}},{"id":"4c5be7b4-b292-49ef-b8ec-7d19f843f485","block_type":"box","text":"","page_number":85,"box":{"x":120,"y":479,"width":6,"height":5}},{"id":"34148fea-6d64-4cec-9ccd-71a358538345","block_type":"box","text":"Reinvestment risk – the risk that it may not be possible to reinvest interest earned from a Fund’s","page_number":85,"box":{"x":149,"y":476,"width":736,"height":12}},{"id":"51a3c266-ccbb-4170-b061-fd3636ccf0fa","block_type":"box","text":"investment in a manner similar to the initial investment in order to achieve the same return.","page_number":85,"box":{"x":149,"y":491,"width":679,"height":10}},{"id":"5f56b1ba-8eb7-47eb-9059-e0a15df10c06","block_type":"box","text":"","page_number":85,"box":{"x":119,"y":525,"width":6,"height":4}},{"id":"bd0f3139-40d4-4a32-81c9-8e47d6b7ce34","block_type":"box","text":"Extension risk – the risk that during periods of rising interest rates, issuers may choose to extend the","page_number":85,"box":{"x":149,"y":521,"width":736,"height":12}},{"id":"59516cc1-7ff3-4f65-835b-556d135a6208","block_type":"box","text":"repayment of principal, thus causing the investor to be unable to reinvest at higher interest rates.","page_number":85,"box":{"x":149,"y":536,"width":709,"height":12}},{"id":"130dd778-20e1-4956-91a6-9b850b632bdf","block_type":"box","text":"","page_number":85,"box":{"x":120,"y":570,"width":6,"height":5}},{"id":"60fde405-479f-4cac-b288-41c58544f8aa","block_type":"box","text":"Credit risk – the risk that a bond issuer will fail to pay interest and principal in a timely manner, or","page_number":85,"box":{"x":150,"y":567,"width":735,"height":12}},{"id":"bbdca959-f73b-4453-bd82-30380b97b5dc","block_type":"box","text":"that negative perceptions of the issuer's ability to make such payments will cause the price of that","page_number":85,"box":{"x":149,"y":582,"width":736,"height":12}},{"id":"5a9f49bd-feb1-4a81-8e8a-15dfd90c21b5","block_type":"box","text":"bond to decline.","page_number":85,"box":{"x":149,"y":597,"width":123,"height":10}},{"id":"1e861ffb-3b26-4680-bf8b-6c811f7af0bd","block_type":"box","text":"","page_number":85,"box":{"x":120,"y":631,"width":6,"height":5}},{"id":"096623b3-369b-45e5-bfcf-8a11f5384e1c","block_type":"box","text":"Default risk – the risk that an issuer fails to meet its payment obligations with respect to coupons","page_number":85,"box":{"x":149,"y":628,"width":736,"height":12}},{"id":"5a5ada5a-c524-429c-bd85-866a91daf802","block_type":"box","text":"payments or return of principal.","page_number":85,"box":{"x":149,"y":643,"width":239,"height":12}},{"id":"4c0addff-7a43-42aa-a0ab-8bdbcb27fc70","block_type":"box","text":"","page_number":85,"box":{"x":120,"y":678,"width":6,"height":4}},{"id":"feccaabf-79ac-4299-a9a7-d9305792e001","block_type":"box","text":"Call risk/Prepayment risk – the risk that during periods of falling interest rates, issuers of callable","page_number":85,"box":{"x":150,"y":674,"width":735,"height":12}},{"id":"c3d6e31f-45ef-49cd-a935-73448170eee4","block_type":"box","text":"bonds may call (repay) securities with higher coupons or interest rates before their maturity dates.","page_number":85,"box":{"x":149,"y":689,"width":736,"height":12}},{"id":"c801b205-fe79-4c3f-9b41-6e7cff77aa4f","block_type":"box","text":"The Fund would then lose potential price appreciation and would be forced to reinvest the","page_number":85,"box":{"x":149,"y":704,"width":736,"height":12}},{"id":"349d8cab-7797-4ff0-a2b8-f24c360ccaa5","block_type":"box","text":"unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income.","page_number":85,"box":{"x":149,"y":719,"width":664,"height":12}},{"id":"c0bb39e6-d84e-4225-861c-bc9cd5af91f6","block_type":"box","text":"","page_number":85,"box":{"x":120,"y":753,"width":6,"height":5}},{"id":"805b124c-a775-439a-89db-89a74d79241e","block_type":"box","text":"Pricing risk – the risk that instruments traded on an OTC market could be valued differently by","page_number":85,"box":{"x":149,"y":750,"width":736,"height":12}},{"id":"fd82b70e-a0c8-47fa-930d-de0a249a1ef1","block_type":"box","text":"various parties due to differing pricing models and assumptions used in those models.","page_number":85,"box":{"x":149,"y":765,"width":638,"height":12}},{"id":"e11d379d-b889-43f9-830b-ed433392bc90","block_type":"box","text":"","page_number":85,"box":{"x":120,"y":800,"width":6,"height":4}},{"id":"6bc91673-e4af-4a72-bbee-ef76286c5a97","block_type":"box","text":"Short duration bond risk - where specified in the Supplement for the relevant Fund, a Fund which","page_number":85,"box":{"x":150,"y":796,"width":735,"height":12}},{"id":"b2e87a8f-6e5e-46fd-a406-a874eb6ba8b3","block_type":"box","text":"invests in short duration bonds may be subject to liquidity constraints and periods of lower liquidity","page_number":85,"box":{"x":149,"y":811,"width":736,"height":12}},{"id":"6b68579e-df71-428a-a8db-7b41230028c5","block_type":"box","text":"in stressed market conditions. As a result, it may be more difficult for a Fund to buy or sell such","page_number":85,"box":{"x":149,"y":826,"width":736,"height":12}},{"id":"920a24d1-ae93-4265-a53a-e8601772e11a","block_type":"box","text":"underlying bonds and therefore could lead to increased transactional costs.","page_number":85,"box":{"x":149,"y":841,"width":556,"height":13}},{"id":"738f128e-9b09-487b-9d91-775defe35fbf","block_type":"box","text":"High Yield Bonds Risk","page_number":85,"box":{"x":118,"y":872,"width":172,"height":12}},{"id":"3629823d-af3c-44a5-b6bf-9f93756996d5","block_type":"box","text":"86","page_number":86,"box":{"x":494,"y":937,"width":12,"height":7}},{"id":"e2b168b1-5b1e-44ed-903e-2f5a090595ee","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":86,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"16697ab4-06ea-49ed-b8fe-7d5d16d21fd0","block_type":"box","text":"Certain Funds may invest in “high yield” bonds (as defined in the relevant Supplement). Such securities","page_number":86,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"cca025cf-7d4c-4c09-a3b4-4c746aa57f4c","block_type":"box","text":"are generally considered more speculative and are subject to a higher risk of loss of income and capital,","page_number":86,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"03fb5136-c80a-4c09-89e0-9f1880a6bf03","block_type":"box","text":"compared to securities or investments that have a higher credit rating.","page_number":86,"box":{"x":119,"y":117,"width":519,"height":12}},{"id":"0d9faa9c-9aa4-41d6-924a-5e49c5cc0a8a","block_type":"box","text":"Consequently, high yield bonds are subject to increased risk that an issuer is unable to meet principal","page_number":86,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"9c7c9c5c-bfbd-49a2-8b8e-b46d28ea60df","block_type":"box","text":"and interest payments (credit risk) and are more vulnerable to adverse changes in the issuer’s financial","page_number":86,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"77cc6f4a-74e0-41a8-a3d2-e6f1a992f09b","block_type":"box","text":"condition or in general economic conditions. During periods of economic downturn or rising interest","page_number":86,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"a566b896-27bb-4404-a3cd-ce96f56bdb02","block_type":"box","text":"rates, issuers of high yield bonds may experience financial stress, which may increase the likelihood of","page_number":86,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"bd94d774-757c-4deb-981f-7de0b97695f3","block_type":"box","text":"default or restructuring.","page_number":86,"box":{"x":119,"y":206,"width":179,"height":12}},{"id":"1cdaf599-35e1-423f-aa14-7001d5591c1e","block_type":"box","text":"The market value of high yield bonds may be particularly sensitive to changes in credit spreads and","page_number":86,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"40517278-1ac1-4d38-a101-e60bdbd722ed","block_type":"box","text":"investor sentiment. Negative perceptions of the issuer’s creditworthiness, whether justified or not, may","page_number":86,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"3a19aabb-4c1e-445b-88fb-92d8cabe9f05","block_type":"box","text":"lead to sharp price declines and increased volatility. In the event of default, recovery of principal may","page_number":86,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"a136ea5c-240f-42c4-9a1a-31dda6c840c0","block_type":"box","text":"be uncertain or significantly delayed.","page_number":86,"box":{"x":119,"y":280,"width":279,"height":13}},{"id":"4dea376c-75fa-4c19-861c-70aa8b4a89d5","block_type":"box","text":"Please refer to “","page_number":86,"box":{"x":119,"y":310,"width":118,"height":9}},{"id":"a94b39cb-e2d9-4c10-8e3f-43c24d247249","block_type":"box","text":"Liquidity consideration","page_number":86,"box":{"x":238,"y":310,"width":184,"height":12}},{"id":"fb61c383-7b1f-4011-bdbd-28e3db05a278","block_type":"box","text":"” above for further information.","page_number":86,"box":{"x":423,"y":310,"width":239,"height":9}},{"id":"847f3617-245d-4900-9c4a-325f31f872b7","block_type":"box","text":"Currency Risk","page_number":86,"box":{"x":119,"y":339,"width":121,"height":12}},{"id":"c63a4896-1238-4b9c-ac51-8aad5ed3c60f","block_type":"box","text":"The Net Asset Value per Share will be computed in the base currency of the relevant Fund whereas the","page_number":86,"box":{"x":119,"y":368,"width":766,"height":12}},{"id":"cb7a7ad1-f8e6-4697-8a40-dbdc76af1f31","block_type":"box","text":"investments held for the account of that Fund may be acquired in other currencies. The base currency","page_number":86,"box":{"x":119,"y":383,"width":766,"height":12}},{"id":"01b41a0f-4be0-4671-b3a7-cf3e42e455b1","block_type":"box","text":"value of the investments of a Fund designated in another currency may rise and fall due to exchange","page_number":86,"box":{"x":119,"y":398,"width":761,"height":12}},{"id":"4b441bdd-f94f-43db-b8e9-3e760a1410f7","block_type":"box","text":"rate fluctuations in respect of the relevant currencies. Adverse movements in currency exchange rates","page_number":86,"box":{"x":119,"y":413,"width":766,"height":12}},{"id":"601344eb-84e6-4674-b301-405c584d0de7","block_type":"box","text":"can result in a decrease in return and a loss of capital. The investments of each Fund may be fully","page_number":86,"box":{"x":119,"y":428,"width":766,"height":12}},{"id":"d32d46d2-0c99-4eb0-a3a2-a91028299715","block_type":"box","text":"hedged to its base currency. In addition, currency hedging transactions, while potentially reducing the","page_number":86,"box":{"x":119,"y":443,"width":766,"height":12}},{"id":"f232dec6-01a9-4b2f-acf2-957dbbe68497","block_type":"box","text":"currency risks to which a Fund would otherwise be exposed, involve certain other risks, including the","page_number":86,"box":{"x":119,"y":458,"width":766,"height":12}},{"id":"6896b119-c89a-494a-b989-9f4b4a60a199","block_type":"box","text":"risk of a default by a counterparty.","page_number":86,"box":{"x":119,"y":473,"width":259,"height":13}},{"id":"eb4a597c-7478-4311-b962-149018ca8437","block_type":"box","text":"Where a Fund enters into “cross hedging” transactions (for example, utilising currency different from","page_number":86,"box":{"x":119,"y":503,"width":766,"height":12}},{"id":"2ce09fba-ded1-445c-b8c9-14784b9bbcee","block_type":"box","text":"the currency in which the security being hedged is denominated), the Fund will be exposed to the risk","page_number":86,"box":{"x":119,"y":518,"width":766,"height":12}},{"id":"a1b730d2-e5ab-4803-86ce-d8a145f43008","block_type":"box","text":"that changes in the value of the currency used to hedge will not correlate with changes in the value of","page_number":86,"box":{"x":119,"y":533,"width":766,"height":12}},{"id":"dd8bcfb2-1c2c-4914-9c3d-c3fb27f668c3","block_type":"box","text":"the currency in which the securities are denominated, which could result in losses for both the hedging","page_number":86,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"2e2aa50d-12a1-48d3-b585-0a742023c308","block_type":"box","text":"transaction and the Fund securities.","page_number":86,"box":{"x":119,"y":563,"width":266,"height":9}},{"id":"8fec0511-ee10-415d-8139-88bbcf89bbe6","block_type":"box","text":"Derivative Instruments Risk","page_number":86,"box":{"x":119,"y":592,"width":228,"height":10}},{"id":"076d21d9-9f96-4548-a84b-dfe8f2729631","block_type":"box","text":"Derivatives risk","page_number":86,"box":{"x":118,"y":744,"width":120,"height":10}},{"id":"5c9844d9-c394-4b50-8c19-d80ab79087ae","block_type":"box","text":". Generally, a derivative is a financial contract in which the value depends upon, or is","page_number":86,"box":{"x":238,"y":744,"width":647,"height":12}},{"id":"f1a921dd-dd0c-4753-bc40-986d447b48ef","block_type":"box","text":"derived from, the value of an underlying asset, reference rate or index, and may relate to stocks, bonds,","page_number":86,"box":{"x":119,"y":759,"width":766,"height":12}},{"id":"7423277e-cb11-4fd2-8a71-a650f556b409","block_type":"box","text":"interest rates, currencies or currency exchange rates, commodities, and related indices. There is no","page_number":86,"box":{"x":119,"y":774,"width":766,"height":12}},{"id":"f29ef63c-945c-49c0-89d8-f74de7150b2f","block_type":"box","text":"assurance that any derivative strategy used by a Fund will succeed. The risks associated with the use of","page_number":86,"box":{"x":119,"y":789,"width":766,"height":12}},{"id":"a737c4a7-996d-4c47-804d-50cbfdeb43a8","block_type":"box","text":"derivatives are different from, or possibly greater than, the risks associated with investing directly in","page_number":86,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"7854922f-c4f4-403d-9a29-866e6f6184d9","block_type":"box","text":"securities and other traditional investments. These additional risks include: the value of the derivative","page_number":86,"box":{"x":120,"y":819,"width":765,"height":10}},{"id":"61b28808-a7a9-44c1-a49e-ab2275b2f577","block_type":"box","text":"may fail to move in line with the underlying asset (a performance difference), the potential lack of","page_number":86,"box":{"x":119,"y":834,"width":766,"height":12}},{"id":"dd1d5ab1-d533-447a-b8c9-c6ff5d9780d8","block_type":"box","text":"liquidity of the derivative, the Fund may not be able to meet payment obligations as they arise, or the","page_number":86,"box":{"x":119,"y":849,"width":766,"height":12}},{"id":"515b7ae2-e2e8-4a43-99c8-6656bcf44947","block_type":"box","text":"counterparties to the derivative contract may not be able to meet their contractual obligations. A","page_number":86,"box":{"x":119,"y":864,"width":766,"height":12}},{"id":"f16d592f-1b65-46cf-8fae-164c4499e55b","block_type":"box","text":"derivative contract may also give rise to counterparty and collateral risks. Where a Fund seeks to obtain","page_number":86,"box":{"x":119,"y":879,"width":766,"height":12}},{"id":"d1c9ac09-7fb0-41e8-ae25-838d2502de5d","block_type":"box","text":"economic exposure to certain securities through derivatives, this may be more costly than owning","page_number":86,"box":{"x":119,"y":894,"width":766,"height":13}},{"id":"d38f91cd-f789-4dbf-9f7d-28db228eecdc","block_type":"box","text":"Plain Talk About Derivatives","page_number":86,"box":{"x":132,"y":632,"width":228,"height":9}},{"id":"9796e0c1-6d95-4339-b796-26b8896b728c","block_type":"box","text":". D","page_number":86,"box":{"x":361,"y":640,"width":9,"height":1}},{"id":"93b52b15-b4ae-49b4-8072-66d6a6394e3e","block_type":"box","text":"Derivatives can take many forms. Some forms of derivatives, such","page_number":86,"box":{"x":370,"y":632,"width":497,"height":12}},{"id":"8afd62a1-bd85-48c3-a15b-9918cf0c00e3","block_type":"box","text":"as exchange-traded futures and options on securities or indexes, have been trading on regulated","page_number":86,"box":{"x":132,"y":647,"width":734,"height":12}},{"id":"f62c2bdc-8d66-45aa-b4ea-c95db5e485ad","block_type":"box","text":"exchanges for decades. These types of derivatives are standardised contracts that can easily be","page_number":86,"box":{"x":132,"y":662,"width":735,"height":12}},{"id":"8ffe261d-f20e-4cbe-8031-7f19d35162db","block_type":"box","text":"bought and sold, and whose market values are determined and published daily. Non-standardised","page_number":86,"box":{"x":131,"y":677,"width":735,"height":12}},{"id":"15aeaeff-7673-45fc-8715-4d09ec450782","block_type":"box","text":"derivatives (such as swap agreements) on the other hand, tend to be more specialised or complex,","page_number":86,"box":{"x":132,"y":692,"width":734,"height":12}},{"id":"21eccb49-25ff-49f0-b024-36480895f40b","block_type":"box","text":"and may be harder to value.","page_number":86,"box":{"x":132,"y":707,"width":209,"height":12}},{"id":"56b24253-ba09-4865-bc9a-fced299c17a9","block_type":"box","text":"87","page_number":87,"box":{"x":494,"y":937,"width":12,"height":7}},{"id":"5d7b2380-9e14-4d68-9aae-2e9a8043f721","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":87,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"77d98469-b021-4a34-b2b2-fc51df68a609","block_type":"box","text":"securities of the issuer directly and / or result in unanticipated tax consequences to a Fund that may","page_number":87,"box":{"x":120,"y":87,"width":765,"height":12}},{"id":"77ab9fef-c0bc-4cd4-996b-efc01bda518e","block_type":"box","text":"affect the amount, timing and character of distributions to Shareholders. The taxation of derivatives can","page_number":87,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"83a51c48-15e1-4e32-b2f6-fef80f39181e","block_type":"box","text":"be complex and, depending upon the type and amount of derivatives employed by a Fund, the tax","page_number":87,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"c0f003d9-b0c4-4608-bdbb-156895991874","block_type":"box","text":"consequences of using derivatives could be worse than the tax consequences that result from direct","page_number":87,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"a00a7612-b76c-43e1-9304-c3e671e568a5","block_type":"box","text":"exposure to impacted securities.","page_number":87,"box":{"x":119,"y":147,"width":241,"height":12}},{"id":"0b5d011b-3878-489a-9942-a5bff58af985","block_type":"box","text":"Management risk","page_number":87,"box":{"x":118,"y":176,"width":131,"height":12}},{"id":"6a5a8a55-adf9-45d9-9289-c58511a10e80","block_type":"box","text":". FDI are highly specialised instruments that require investment techniques and risk","page_number":87,"box":{"x":250,"y":176,"width":635,"height":12}},{"id":"d5b4b67a-a863-427d-ba9d-078d6e22556e","block_type":"box","text":"analyses different from those associated with stocks and bonds. The use of FDI requires an","page_number":87,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"2e6a0903-cb8b-437a-8df9-61744635427e","block_type":"box","text":"understanding not only of the underlying instrument but also of the derivative itself, without the benefit","page_number":87,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"ca46d1de-91c3-461d-8af9-a498b63fe97b","block_type":"box","text":"of observing the performance of the derivative under all possible market conditions.","page_number":87,"box":{"x":119,"y":221,"width":625,"height":12}},{"id":"336c0628-1afb-451f-be2a-376722b733c7","block_type":"box","text":"Liquidity risk","page_number":87,"box":{"x":118,"y":250,"width":100,"height":12}},{"id":"b019f264-98cd-451c-81e3-d80af5ea0dc3","block_type":"box","text":". Liquidity risk exists when a particular FDI is difficult to purchase or sell. If a derivative","page_number":87,"box":{"x":219,"y":250,"width":666,"height":12}},{"id":"4901efb2-3349-4add-9f49-63e48172f534","block_type":"box","text":"transaction is particularly large or if the relevant market is illiquid (as in the case with many OTC","page_number":87,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"13f7ad53-2d39-4f06-9181-7ad9490e3b16","block_type":"box","text":"derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous","page_number":87,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"30c41731-8111-4a8b-a250-e827bbcfc206","block_type":"box","text":"time or price.","page_number":87,"box":{"x":119,"y":296,"width":103,"height":12}},{"id":"e66ff0a5-c6a6-42ca-805f-f76d8149b865","block_type":"box","text":"Pricing risk","page_number":87,"box":{"x":118,"y":325,"width":91,"height":12}},{"id":"f922519b-d338-405d-a119-b22fdfc06d2b","block_type":"box","text":". Pricing risk exists when a particular FDI becomes extraordinarily expensive relative to","page_number":87,"box":{"x":209,"y":325,"width":676,"height":12}},{"id":"af4fde71-92aa-43c8-9788-868a06a47ace","block_type":"box","text":"historical prices or the prices of corresponding cash market instruments. Under certain market","page_number":87,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"1212f5f7-c419-4478-9ad1-fe661e026333","block_type":"box","text":"conditions, it may not be economically feasible to initiate a transaction or liquidate a position in time to","page_number":87,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"119428a7-773f-4950-aaea-792d2c500e35","block_type":"box","text":"avoid a loss or to take advantage of an opportunity.","page_number":87,"box":{"x":119,"y":370,"width":383,"height":12}},{"id":"7d367e68-4780-4570-b87c-8ab3fcece7ea","block_type":"box","text":"Counterparty risk","page_number":87,"box":{"x":120,"y":399,"width":132,"height":12}},{"id":"c8427ac4-08c2-4721-8a26-c6615c7c3a8c","block_type":"box","text":". Counterparty risk exists when a Fund may be exposed to credit risk and settlement","page_number":87,"box":{"x":252,"y":399,"width":633,"height":12}},{"id":"ce3df5b0-8707-43c7-bea9-52d7bb29ede5","block_type":"box","text":"risk on the counterparties with which it trades in relation to options, futures, swap contracts and other","page_number":87,"box":{"x":119,"y":414,"width":766,"height":12}},{"id":"573979ee-97ba-4285-876b-f5f17c1d83dd","block_type":"box","text":"FDI that are not traded on a Regulated Market. Counterparties do not afford the same protections as","page_number":87,"box":{"x":119,"y":429,"width":766,"height":12}},{"id":"8e6e1786-507f-4506-bc15-f1608b845471","block_type":"box","text":"may apply to participants trading futures or options on recognised exchanges, such as the performance","page_number":87,"box":{"x":119,"y":444,"width":766,"height":12}},{"id":"87720837-112a-4b33-af1e-98768cf53aaf","block_type":"box","text":"guarantee of an exchange clearing house. Each Fund will be subject to the possibility of the insolvency,","page_number":87,"box":{"x":119,"y":459,"width":766,"height":12}},{"id":"7b6bada6-63bd-48f9-b295-d28b43452ece","block_type":"box","text":"bankruptcy or default of a counterparty with which the Fund trades such instruments, which could result","page_number":87,"box":{"x":119,"y":474,"width":766,"height":12}},{"id":"ed2b4539-1cf2-4241-b494-934d06c2938d","block_type":"box","text":"in substantial losses to the Company and the relevant Fund. Counterparties to these transactions are","page_number":87,"box":{"x":119,"y":489,"width":766,"height":12}},{"id":"952d0751-4148-4324-8c98-bfbea5565e0e","block_type":"box","text":"therefore required to provide collateral, in the form of cash or securities, to protect the Company and the","page_number":87,"box":{"x":119,"y":504,"width":766,"height":12}},{"id":"1ea3b0bf-9495-44ce-b617-240dac6f9168","block_type":"box","text":"relevant Fund against the risk of that counterparty’s default.","page_number":87,"box":{"x":119,"y":519,"width":447,"height":12}},{"id":"0e41bf30-51f2-4d4b-bf0b-50ece13cdd38","block_type":"box","text":"There is also the risk that, due to a significant change in the value of the FDI due to market conditions,","page_number":87,"box":{"x":119,"y":551,"width":766,"height":12}},{"id":"4c030cc4-c935-43c4-a6e5-f8deac20ba52","block_type":"box","text":"the collateral posted by the counterparty would not be sufficient to cover the counterparty’s obligations","page_number":87,"box":{"x":119,"y":566,"width":766,"height":12}},{"id":"5f33dcb9-30d7-4833-b008-b7e0e3c74ce2","block_type":"box","text":"under the FDI transactions, should the counterparty become insolvent, bankrupt or default prior to the","page_number":87,"box":{"x":119,"y":581,"width":766,"height":12}},{"id":"4bef24fb-5138-4468-8b21-42b55b6e3284","block_type":"box","text":"receipt of additional collateral. This may result in substantial losses to the Company and the relevant","page_number":87,"box":{"x":119,"y":596,"width":766,"height":12}},{"id":"2ad146c7-58e7-4295-a99e-353f114bb037","block_type":"box","text":"Fund. The Company maintains collateralisation policies to mitigate counterparty risk, including:","page_number":87,"box":{"x":119,"y":611,"width":715,"height":12}},{"id":"c7b112a2-f998-4996-a4c4-d0e32ef586cb","block_type":"box","text":"-","page_number":87,"box":{"x":149,"y":648,"width":5,"height":1}},{"id":"019e312f-8db6-4dcb-a90c-391dc67e8cc0","block_type":"box","text":"cash or securities held by the relevant Fund or by the counterparty, as applicable, are posted as","page_number":87,"box":{"x":180,"y":642,"width":705,"height":12}},{"id":"e39d722f-42f6-46f7-b3c6-181dc910b9ef","block_type":"box","text":"collateral to cover daily mark-to-market changes to the value of the FDI. Specific haircut","page_number":87,"box":{"x":180,"y":657,"width":705,"height":12}},{"id":"db1c01f2-9397-4d62-a141-41cbdd7dfb83","block_type":"box","text":"policies will apply depending on collateral type and risk associated with the underlying security;","page_number":87,"box":{"x":179,"y":672,"width":706,"height":12}},{"id":"f10f8b69-b449-4079-a675-5dfd32525eda","block_type":"box","text":"-","page_number":87,"box":{"x":149,"y":708,"width":5,"height":1}},{"id":"ed551417-7280-4bce-ac37-71aa648e4be2","block_type":"box","text":"based on changes in the market value of each FDI transaction, collateral is posted, or received,","page_number":87,"box":{"x":179,"y":702,"width":706,"height":12}},{"id":"832ff159-0cf4-46ec-8e7b-b247ab159141","block_type":"box","text":"daily on a net basis, to ensure that the value of the collateral covers the relevant Fund's mark","page_number":87,"box":{"x":180,"y":717,"width":700,"height":12}},{"id":"d86f5fb1-3182-45df-ac55-8a36667822c9","block_type":"box","text":"to-market exposure to the counterparty; and","page_number":87,"box":{"x":179,"y":732,"width":328,"height":12}},{"id":"e2b5e8dc-0556-4b17-9141-383ff06c4abd","block_type":"box","text":"-","page_number":87,"box":{"x":149,"y":768,"width":5,"height":1}},{"id":"8cf27c44-b95f-4ea0-9b66-4f0f231d6059","block_type":"box","text":"in the event of a counterparty default, collateral held is immediately available (without recourse)","page_number":87,"box":{"x":180,"y":762,"width":705,"height":12}},{"id":"e71839cd-acb8-4bc7-b5df-39044223fe12","block_type":"box","text":"to cover the relevant Fund's current mark-to-market exposure to a counterparty.","page_number":87,"box":{"x":179,"y":777,"width":592,"height":12}},{"id":"f5fa584d-1bb1-442f-87f8-78316814f5f0","block_type":"box","text":"Collateral Reinvestment Risk","page_number":87,"box":{"x":120,"y":809,"width":216,"height":9}},{"id":"d1abdfdb-bde6-46a7-84f6-644ac5b94050","block_type":"box","text":". The risk that cash collateral reinvestment could result in a reduction of","page_number":87,"box":{"x":337,"y":809,"width":548,"height":9}},{"id":"8faec54e-7d3e-40f4-98a7-06a1a662d94e","block_type":"box","text":"the value of the collateral capital (because the investment declines in value). This, in turn may cause","page_number":87,"box":{"x":119,"y":824,"width":766,"height":12}},{"id":"b59edb0d-84d7-44fd-85f7-cd5e9243c712","block_type":"box","text":"losses to the Company and the relevant Fund because it is obliged to return collateral to the counterparty.","page_number":87,"box":{"x":119,"y":839,"width":766,"height":12}},{"id":"c5f82010-a63a-44b8-a2b8-0c1fb9be89d8","block_type":"box","text":"In order to manage this risk, the Company reinvests cash collateral in accordance with the guidelines set","page_number":87,"box":{"x":119,"y":854,"width":766,"height":12}},{"id":"b2377335-0087-4f60-83bd-5e2fe43fbd03","block_type":"box","text":"out in","page_number":87,"box":{"x":119,"y":869,"width":47,"height":9}},{"id":"3fa05b9a-563f-4a88-8afb-2eff963e6ba9","block_type":"box","text":"Appendix 4.","page_number":87,"box":{"x":166,"y":869,"width":95,"height":12}},{"id":"6858790a-3ae5-4220-8842-941094065247","block_type":"box","text":"88","page_number":88,"box":{"x":494,"y":937,"width":12,"height":7}},{"id":"faff4e98-3d69-46ae-9ad9-8f2b6533c0ac","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":88,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"eabd916d-57c3-404d-967c-0edbe3b63867","block_type":"box","text":"Correlation risk.","page_number":88,"box":{"x":120,"y":87,"width":129,"height":9}},{"id":"141738cb-f669-4467-9f39-12d8d00880da","block_type":"box","text":"Correlation risk exists when there is a lack of correlation between the change in the","page_number":88,"box":{"x":255,"y":87,"width":630,"height":12}},{"id":"07074cd2-34c7-4062-99cd-092603a71ce2","block_type":"box","text":"value of the underlying asset and that of the value of the derivative instruments used by a Fund.","page_number":88,"box":{"x":119,"y":102,"width":711,"height":12}},{"id":"b01fd5e9-a3f5-412c-bd4e-57e3fbb48964","block_type":"box","text":"Funding risk.","page_number":88,"box":{"x":118,"y":133,"width":99,"height":12}},{"id":"dd6b2b4f-d2a0-4c2a-b181-a36b68fe1f67","block_type":"box","text":"Funding risk exists when the capacity of a Fund to fund the payment under an FDI is at","page_number":88,"box":{"x":219,"y":133,"width":666,"height":12}},{"id":"1993625b-dced-4aef-ba22-32307c83c22e","block_type":"box","text":"risk due to higher funding costs or lack of cash flow.","page_number":88,"box":{"x":119,"y":148,"width":394,"height":12}},{"id":"0136d3c6-77de-4db4-b6ef-cd46d115830b","block_type":"box","text":"Leverage risk","page_number":88,"box":{"x":118,"y":177,"width":103,"height":12}},{"id":"4ce903b2-e846-4e7b-b148-705a43bd1651","block_type":"box","text":". Because many FDI have a leveraged component, adverse changes in the value or level","page_number":88,"box":{"x":222,"y":177,"width":663,"height":12}},{"id":"c64633ba-1830-4853-87b7-e5fb2ebda222","block_type":"box","text":"of the underlying asset, reference rate or index can result in a loss substantially greater than the amount","page_number":88,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"37831d41-9c1c-4cd7-a7c2-34186a7470e9","block_type":"box","text":"invested in the derivative itself.","page_number":88,"box":{"x":119,"y":207,"width":237,"height":10}},{"id":"526c7d9c-15b9-43b5-a255-c6db45132090","block_type":"box","text":"Market risk","page_number":88,"box":{"x":118,"y":237,"width":90,"height":9}},{"id":"b518469d-b9d6-40a0-a904-12450e7085bf","block_type":"box","text":". Like most other investments, FDI are subject to the risk that the market value of the","page_number":88,"box":{"x":208,"y":237,"width":677,"height":12}},{"id":"930f5d27-b388-45a2-abeb-b5e3230a2984","block_type":"box","text":"instrument will change in a way detrimental to a Fund’s interests. While hedging strategies involving","page_number":88,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"74d802fa-b8c6-44e9-a96d-60c6bc76eb11","block_type":"box","text":"FDI can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by","page_number":88,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"e6f63489-5868-48f1-804b-2b2d14022c56","block_type":"box","text":"offsetting favourable price movements in other portfolio investments. A Fund may also have to buy or","page_number":88,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"431a8e22-d6e8-4af5-b159-34c445fa4420","block_type":"box","text":"sell a security at a disadvantageous time or price because it is legally required to maintain offsetting","page_number":88,"box":{"x":120,"y":297,"width":765,"height":12}},{"id":"b00a1cb4-78a7-448a-8982-01d0bcb42537","block_type":"box","text":"positions or asset coverage in connection with certain FDI transactions.","page_number":88,"box":{"x":119,"y":312,"width":532,"height":12}},{"id":"9ac2023e-8f7a-47df-bf77-8de2e0638e5c","block_type":"box","text":"Settlement risk","page_number":88,"box":{"x":119,"y":341,"width":112,"height":9}},{"id":"5b426027-58bb-4077-9a0c-cee2a2683c6d","block_type":"box","text":". Derivative markets will have different clearance and settlement procedures and in","page_number":88,"box":{"x":232,"y":341,"width":653,"height":12}},{"id":"28374a5e-1122-474c-b226-6dafd8d44c19","block_type":"box","text":"certain markets there have been times when settlements have been unable to keep pace with the volume","page_number":88,"box":{"x":119,"y":356,"width":766,"height":12}},{"id":"466bee41-b5e9-49f3-919c-6effda8a4f37","block_type":"box","text":"of transactions, thereby making it difficult to conduct such transactions. Delays in settlement could","page_number":88,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"df2a7849-1f51-4fef-9446-e389e5e95210","block_type":"box","text":"result in temporary periods when assets of a Fund are uninvested and no return is earned thereon. A","page_number":88,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"60176f8a-7b0d-4b5b-919f-4714535068ba","block_type":"box","text":"Fund’s inability to make intended purchases due to settlement problems could cause it to miss attractive","page_number":88,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"c4beb9e9-76e4-4c13-812f-80c519a4be00","block_type":"box","text":"investment opportunities. Inability to dispose of portfolio securities due to settlement problems could","page_number":88,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"6f7f326c-8193-4a02-81e7-482698cd1ab7","block_type":"box","text":"result either in losses to a Fund due to subsequent declines in value of the security or, if it has entered","page_number":88,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"5b443824-9211-4fb2-9aab-8da8076feecf","block_type":"box","text":"into a contract to sell the security it could result in a possible liability of it to the purchaser.","page_number":88,"box":{"x":119,"y":446,"width":677,"height":12}},{"id":"d6d6f5ef-46cf-401a-8a56-ff1ff5f095b7","block_type":"box","text":"Legal risk","page_number":88,"box":{"x":118,"y":475,"width":77,"height":12}},{"id":"b0963fbc-14ae-4216-a051-9615df41663c","block_type":"box","text":". The terms of OTC FDI are generally established through negotiation between the parties","page_number":88,"box":{"x":196,"y":475,"width":689,"height":12}},{"id":"ba0e8632-afe3-452c-843a-c8785e29bf9d","block_type":"box","text":"thereto. While therefore more flexible, OTC FDI may involve greater legal risk than exchange-traded","page_number":88,"box":{"x":119,"y":491,"width":766,"height":12}},{"id":"2f0acd11-adfb-4044-b96a-04a3de5518f9","block_type":"box","text":"instruments, which are standardised as to the underlying instrument, expiration date, contract size and","page_number":88,"box":{"x":119,"y":506,"width":766,"height":12}},{"id":"ef1ffaaf-969a-4f85-9dd3-22e0d39bfcaf","block_type":"box","text":"strike price, as there may be a risk of loss if the OTC FDI are deemed not to be legally enforceable or","page_number":88,"box":{"x":120,"y":521,"width":765,"height":12}},{"id":"7d0fe296-e0a8-46a6-9ff2-50c3c63724bb","block_type":"box","text":"are not documented correctly. There may also be a legal or documentation risk that the parties to the","page_number":88,"box":{"x":119,"y":536,"width":766,"height":12}},{"id":"3ee2ffca-45af-49b4-80a5-383801c4feae","block_type":"box","text":"OTC FDI may disagree as to the proper interpretation of its terms. If such a dispute occurs, the cost and","page_number":88,"box":{"x":119,"y":551,"width":766,"height":12}},{"id":"08443d6c-1dd0-45f3-88f7-e1a66c071b12","block_type":"box","text":"unpredictability of the legal proceedings required for a Fund to enforce its contractual rights may lead","page_number":88,"box":{"x":119,"y":566,"width":766,"height":12}},{"id":"00f51ce6-b5a3-4137-94bd-6670dd805073","block_type":"box","text":"the Fund to decide not to pursue its claims under the OTC FDI. A Fund thus assumes the risk that it","page_number":88,"box":{"x":119,"y":581,"width":766,"height":12}},{"id":"d4d3efbc-dee0-4734-afa7-08a17dc6fa9b","block_type":"box","text":"may be unable to obtain payments owed to it under OTC arrangements, and that those payments may","page_number":88,"box":{"x":119,"y":596,"width":766,"height":12}},{"id":"80ba71de-47b9-4627-891e-180157af720c","block_type":"box","text":"be delayed or made only after the Fund has incurred the costs of litigation. Further, legal, tax and","page_number":88,"box":{"x":119,"y":611,"width":766,"height":12}},{"id":"365408a8-9172-4f0e-a557-bf68ce044ded","block_type":"box","text":"regulatory changes could occur which may adversely affect a Fund. The regulatory and tax environment","page_number":88,"box":{"x":119,"y":626,"width":766,"height":12}},{"id":"37c9fa23-0594-49ff-bb49-9624bf1e181d","block_type":"box","text":"for FDI is evolving, and changes in the regulation or taxation of FDI may adversely affect the value of","page_number":88,"box":{"x":119,"y":641,"width":766,"height":12}},{"id":"918c366f-5e65-43cc-a567-eb8173e6e749","block_type":"box","text":"such instruments held by a Fund and its ability to pursue its trading strategies.","page_number":88,"box":{"x":120,"y":656,"width":579,"height":12}},{"id":"52a78d36-3926-4779-8fcb-dc7d299db7bf","block_type":"box","text":"Valuation risk.","page_number":88,"box":{"x":121,"y":685,"width":113,"height":10}},{"id":"7447b3cb-a6da-4516-a6b8-b048dcdcfb48","block_type":"box","text":"There may be complexities inherent in the nature of a Fund’s investments, the manner","page_number":88,"box":{"x":240,"y":685,"width":645,"height":12}},{"id":"8c1247e8-72a1-4b1a-9721-d4054a0f922b","block_type":"box","text":"in which an index tracking Fund tracks or replicates an Index or the FDI used by a Fund. There may,","page_number":88,"box":{"x":119,"y":700,"width":766,"height":12}},{"id":"5c5377d7-436a-4f82-a8e2-f78965b2aca9","block_type":"box","text":"therefore, be a limited number of market participants who are able to provide valuation for these","page_number":88,"box":{"x":119,"y":715,"width":766,"height":12}},{"id":"bbf28a16-de0a-4152-a30e-929276b6d1e0","block_type":"box","text":"instruments or indices and these market participants may also act as counterparties to these transactions.","page_number":88,"box":{"x":119,"y":730,"width":766,"height":12}},{"id":"fd811a29-d2eb-42c3-9497-9c91c1f0f075","block_type":"box","text":"Valuations received from such market participants may therefore be subjective and there may be","page_number":88,"box":{"x":119,"y":745,"width":766,"height":12}},{"id":"dac908bd-4eb4-4357-ac45-12755b502044","block_type":"box","text":"substantial differences between any available valuations.","page_number":88,"box":{"x":120,"y":760,"width":423,"height":12}},{"id":"1777693a-55a9-4b2f-a6f6-804d1040658a","block_type":"box","text":"Conflict of interest risk","page_number":88,"box":{"x":120,"y":790,"width":176,"height":12}},{"id":"51dd05ef-6f0a-4d45-84cf-9e8da6eca309","block_type":"box","text":". The Company does not enter into financial derivative transactions with any","page_number":88,"box":{"x":297,"y":790,"width":588,"height":12}},{"id":"c4d81412-d505-4231-ac30-b1d7ee8a0724","block_type":"box","text":"entities within the Vanguard Group of Companies.","page_number":88,"box":{"x":119,"y":805,"width":378,"height":12}},{"id":"f9c569fb-cb3a-48f4-ab24-e5e21ac0a437","block_type":"box","text":"Risk Management Process","page_number":88,"box":{"x":119,"y":836,"width":207,"height":12}},{"id":"305f45b4-196d-4b2f-8167-3514a41ad862","block_type":"box","text":"The Company employs an RMP which enables it to accurately measure, monitor and manage the various","page_number":88,"box":{"x":119,"y":865,"width":766,"height":12}},{"id":"cbb69cd6-0e3b-4c6f-8761-e2c36a82de74","block_type":"box","text":"risks associated with the use of FDI. The Company will only use FDI which are specified in the RMP","page_number":88,"box":{"x":119,"y":880,"width":766,"height":12}},{"id":"06b40f02-d5dd-429c-ada7-787cf5627dc2","block_type":"box","text":"cleared by the Central Bank.","page_number":88,"box":{"x":119,"y":895,"width":215,"height":12}},{"id":"a08465d8-dfad-4b6a-bf91-250a41a81080","block_type":"box","text":"89","page_number":89,"box":{"x":494,"y":937,"width":12,"height":7}},{"id":"32adc58c-6add-43b5-bfb5-887addb54624","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":89,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"7a0e8960-dc08-4c1a-9c19-34fc422b5974","block_type":"box","text":"Swaption Risk","page_number":89,"box":{"x":120,"y":87,"width":118,"height":12}},{"id":"3cf98455-935a-44a0-a74a-1305f976fc35","block_type":"box","text":"A swap agreement may be combined with an option to give a swaption. Swaptions are helpful in","page_number":89,"box":{"x":119,"y":116,"width":766,"height":12}},{"id":"9cd2eb4f-b865-4fdd-a722-d8d2cb9a2deb","block_type":"box","text":"managing possible interest rate risk occurring at some time in the future. Such an option may be","page_number":89,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"bf2ea6b8-4dfd-4940-9efc-bb97addccf99","block_type":"box","text":"structured in two different ways. On the one hand, “swaptions” are transactions that give the purchaser","page_number":89,"box":{"x":120,"y":146,"width":765,"height":12}},{"id":"95261ec2-6787-4d2c-960f-0ecd7cead433","block_type":"box","text":"of the swaption the right, against payment of a premium, to exercise or not to exercise, until the agreed","page_number":89,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"8851b86a-3336-46cc-ae6f-8909c548e05a","block_type":"box","text":"maturity date, its right to enter into a pre-agreed swap agreement. On the other hand, “caps”, “floors”","page_number":89,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"7df0f965-c519-4e45-bc63-a6b9d6024e8d","block_type":"box","text":"and “collars” enable a party, against payment or receipt of a premium, to protect itself against, or to take","page_number":89,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"5b61d908-b1fe-492e-bec9-2f132e788cc1","block_type":"box","text":"an exposure on, the variation on the value or level of an underlying.","page_number":89,"box":{"x":119,"y":206,"width":505,"height":12}},{"id":"f87dd23a-37a6-485c-b5c3-2d1d1bc8c019","block_type":"box","text":"A major risk of off-exchange derivatives, (including swaps) is credit risk, whereby a party is exposed to","page_number":89,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"42862cf4-fe3a-4ef4-84c8-8290c5ecccd9","block_type":"box","text":"the inability of its counterparty to perform its obligations under the relevant financial instrument. Please","page_number":89,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"a661dbc3-475f-4d7e-92ea-1d40d3ca8f9f","block_type":"box","text":"refer to the section headed “","page_number":89,"box":{"x":119,"y":266,"width":209,"height":9}},{"id":"0be345a7-eb79-411f-8419-41aab3c02514","block_type":"box","text":"Derivative Instruments Risk","page_number":89,"box":{"x":328,"y":266,"width":225,"height":9}},{"id":"3d8319bc-cca7-4176-9074-8c5372c5987d","block_type":"box","text":"” and in particular the “","page_number":89,"box":{"x":553,"y":266,"width":174,"height":12}},{"id":"8075f284-7598-49f0-a809-a3600b1a7a92","block_type":"box","text":"Counterparty risk","page_number":89,"box":{"x":729,"y":266,"width":144,"height":12}},{"id":"3ff470b1-b49a-47bf-86e7-50a7470def48","block_type":"box","text":"”","page_number":89,"box":{"x":873,"y":266,"width":12,"height":9}},{"id":"6c93a788-1e57-4a1b-8806-79ad5387d6b9","block_type":"box","text":"sub-section of same for further reference.","page_number":89,"box":{"x":120,"y":281,"width":309,"height":10}},{"id":"3c77eef2-39de-4915-bcca-038b5ab56f73","block_type":"box","text":"Foreign Securities – China A-shares Risk","page_number":89,"box":{"x":119,"y":312,"width":329,"height":11}},{"id":"54d8847a-5b65-4a1c-b10e-6f373ca470ba","block_type":"box","text":"China A-shares (A-shares) are shares of mainland Chinese companies that are traded locally on the","page_number":89,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"d2e3655b-d84b-4c6d-90fc-2afdcbc7a057","block_type":"box","text":"Shanghai and Shenzhen stock exchanges. A-shares access will be available through the China Stock","page_number":89,"box":{"x":120,"y":355,"width":765,"height":12}},{"id":"bd39e97f-c4a0-4f2a-bdd9-4b81b80c653f","block_type":"box","text":"Connect Program, subject to separate quota limitations. The developing state of the investment and","page_number":89,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"1caab51c-6a3c-46c8-8e01-f3f2a3b2695f","block_type":"box","text":"banking systems of the People’s Republic of China (China, or the PRC) subjects the settlement, clearing,","page_number":89,"box":{"x":119,"y":385,"width":766,"height":13}},{"id":"f9262ecb-ad5d-4fd4-9c43-71a877555ba8","block_type":"box","text":"and registration of securities transactions to heightened risks. Additionally, there are foreign ownership","page_number":89,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"ae1b1a7f-cee4-45ee-8118-9ea4d06a9bbb","block_type":"box","text":"limitations that may result in limitations on investment or the return of profits if a Fund purchases and","page_number":89,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"2d349f2e-d851-4665-9eea-bdef570b5f09","block_type":"box","text":"sells shares of an issuer in which it owns 5% or more of the shares issued within a six-month period. It","page_number":89,"box":{"x":120,"y":431,"width":765,"height":12}},{"id":"bf57b350-e417-4cd7-932a-8ab0bb4f8925","block_type":"box","text":"is unclear if the 5% ownership will be determined by aggregating the holdings of a Fund with affiliated","page_number":89,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"8faec6b8-e528-4b4b-8540-667da545a420","block_type":"box","text":"funds.","page_number":89,"box":{"x":119,"y":461,"width":50,"height":9}},{"id":"37377781-97f6-42e2-b2e7-82c914e23d77","block_type":"box","text":"Due to these restrictions, it is possible that the A-shares quota available to a Fund as a foreign investor","page_number":89,"box":{"x":119,"y":490,"width":766,"height":12}},{"id":"b8f1d849-d25b-4d37-a12c-3761be2250b4","block_type":"box","text":"may not be sufficient to meet the Fund’s investment needs. In this situation, a Fund may seek an","page_number":89,"box":{"x":119,"y":505,"width":766,"height":12}},{"id":"fc6a89f1-abd1-42ca-9980-328e1e28846d","block_type":"box","text":"alternative method of economic exposure, such as by purchasing other classes of securities or depositary","page_number":89,"box":{"x":119,"y":520,"width":766,"height":12}},{"id":"c97c1454-2ec5-44d8-b394-0ee6278836a6","block_type":"box","text":"receipts or by utilising derivatives. Any of these options could increase a Fund’s index sampling risk","page_number":89,"box":{"x":119,"y":535,"width":766,"height":12}},{"id":"d5801e02-ffc8-414e-8ef1-16b97b0ee6ea","block_type":"box","text":"(for index funds) or investment cost. Additionally, investing in A-shares generally increases emerging","page_number":89,"box":{"x":119,"y":550,"width":766,"height":12}},{"id":"adafd5e6-2082-4bdc-81ad-ca1b7c636504","block_type":"box","text":"markets risk due in part to government and issuer market controls and the developing settlement and","page_number":89,"box":{"x":119,"y":565,"width":766,"height":12}},{"id":"5ee31c83-41bb-402f-85b1-54ff95542b53","block_type":"box","text":"legal systems.","page_number":89,"box":{"x":119,"y":580,"width":108,"height":12}},{"id":"e9e53e21-26af-4855-b209-0ce4e094b3ae","block_type":"box","text":"Investing in China A-shares through Stock Connect. The China Stock Connect Program (Stock Connect)","page_number":89,"box":{"x":119,"y":609,"width":766,"height":12}},{"id":"4ee9d51b-14be-4c17-9ca6-b23a7d600155","block_type":"box","text":"is a mutual market access programme designed to, among other things, enable foreign investment in the","page_number":89,"box":{"x":119,"y":624,"width":766,"height":12}},{"id":"414db78c-6578-433d-a3bb-b84406ea3f4f","block_type":"box","text":"PRC via brokers in Hong Kong. A Qualified Foreign Institutional Investor (QFII) or a Renminbi QFII","page_number":89,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"25f9f65f-19c8-458a-8a51-9698e3c55995","block_type":"box","text":"license is not required to trade via Stock Connect. There are significant risks inherent in investing in A","page_number":89,"box":{"x":119,"y":654,"width":761,"height":13}},{"id":"764bc47b-2bc6-4e31-af3d-73b1cd9283ac","block_type":"box","text":"shares through Stock Connect. Specifically, trading can be affected by a number of issues. Stock","page_number":89,"box":{"x":120,"y":669,"width":765,"height":12}},{"id":"16e03658-e4b1-4f98-b608-31cd6a12a7b1","block_type":"box","text":"Connect can only operate when both PRC and Hong Kong markets are open for trading and when","page_number":89,"box":{"x":119,"y":685,"width":766,"height":12}},{"id":"7f45eaf5-c946-4536-9061-d896164c754d","block_type":"box","text":"banking services are available in both markets on the corresponding settlement days. As such, if one or","page_number":89,"box":{"x":119,"y":700,"width":766,"height":12}},{"id":"c296ba90-258e-44d6-ac1a-0093eebb1a8c","block_type":"box","text":"both markets are closed on a Dealing Day, a Fund may not be able to dispose of its shares in a timely","page_number":89,"box":{"x":119,"y":714,"width":766,"height":13}},{"id":"bebb6b00-fdc3-4a5d-a5c5-58b2b86bee94","block_type":"box","text":"manner, which could adversely affect the Fund’s performance. Trading through Stock Connect may","page_number":89,"box":{"x":119,"y":730,"width":766,"height":12}},{"id":"44879a83-0e18-4393-804b-e874c9bb1c52","block_type":"box","text":"require pre-delivery or pre-validation of cash or securities to or by a broker. If the cash or securities are","page_number":89,"box":{"x":119,"y":745,"width":766,"height":12}},{"id":"9a5aee28-f53d-4f7b-a2a3-e5f5d81a1d01","block_type":"box","text":"not in the broker’s possession before the market opens on the day of selling, the sell order will be","page_number":89,"box":{"x":119,"y":760,"width":766,"height":12}},{"id":"9b336123-7e2c-400b-9b7e-209b1828ac97","block_type":"box","text":"rejected. This requirement may limit a Fund’s ability to dispose of its A-shares purchased through Stock","page_number":89,"box":{"x":119,"y":775,"width":766,"height":12}},{"id":"9013add4-8862-4a41-9952-68d8119ff47d","block_type":"box","text":"Connect in a timely manner. Additionally, Stock Connect is subject to daily quota limitations on","page_number":89,"box":{"x":119,"y":790,"width":766,"height":12}},{"id":"c33b3e1a-b927-4384-ac00-ef673d670352","block_type":"box","text":"purchases into the PRC. Once the daily quota is reached, orders to purchase additional A-shares through","page_number":89,"box":{"x":119,"y":805,"width":766,"height":12}},{"id":"2f6c7a83-ffaf-4afa-b4f0-3be579e78f88","block_type":"box","text":"Stock Connect will be rejected. In addition, a Fund’s purchase of A-shares through Stock Connect may","page_number":89,"box":{"x":120,"y":820,"width":765,"height":12}},{"id":"cb20d498-cf8c-4e76-9b31-aa7efd0dbaf0","block_type":"box","text":"only be subsequently sold through Stock Connect and is not otherwise transferable. Stock Connect","page_number":89,"box":{"x":119,"y":835,"width":766,"height":12}},{"id":"ad8c0518-860f-4ace-9db4-c834ae48b695","block_type":"box","text":"utilizes an omnibus clearing structure, and the Fund’s shares will be registered in its custodian’s name","page_number":89,"box":{"x":119,"y":850,"width":766,"height":12}},{"id":"de99e204-8a72-49a9-a7dd-533745ae4436","block_type":"box","text":"on the Hong Kong Central Clearing and Settlement System. This may limit an advisor’s ability to","page_number":89,"box":{"x":119,"y":865,"width":766,"height":12}},{"id":"c2ba42ac-b28b-4dcb-83e0-93ef7dcdfee5","block_type":"box","text":"effectively manage a Fund’s holdings, including the potential enforcement of equity owner rights.","page_number":89,"box":{"x":119,"y":880,"width":728,"height":12}},{"id":"2e82fadb-7eac-44c9-9003-afb4853283a5","block_type":"box","text":"90","page_number":90,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"df05f499-32eb-4b18-9404-ede5fb6046bb","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":90,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"40cdab47-eecf-4e3b-8f00-07cf0fa405f9","block_type":"box","text":"Investment in China Bonds","page_number":90,"box":{"x":119,"y":87,"width":219,"height":9}},{"id":"77fe909c-fc0f-469e-9699-2ccc1512b684","block_type":"box","text":"Chinese Renminbi-denominated government and policy bank bonds (collectively referred to as “","page_number":90,"box":{"x":119,"y":116,"width":713,"height":12}},{"id":"4f240751-9182-4e27-b2c5-7edbcbb519ab","block_type":"box","text":"China","page_number":90,"box":{"x":833,"y":116,"width":52,"height":9}},{"id":"6e4f9763-af62-433b-a549-7468fd57182e","block_type":"box","text":"Bonds","page_number":90,"box":{"x":119,"y":131,"width":48,"height":9}},{"id":"44e9f158-916f-4b80-bf84-b94f6f7c3006","block_type":"box","text":"”) are predominately traded on the inter-bank bond market which is regulated by the People’s","page_number":90,"box":{"x":169,"y":131,"width":716,"height":12}},{"id":"b6e66577-6b0b-498d-9a73-b6c9fc7187bc","block_type":"box","text":"Bank of China (the “","page_number":90,"box":{"x":119,"y":146,"width":153,"height":12}},{"id":"1ba345ad-e07a-475a-b18b-41b570a937b2","block_type":"box","text":"PBoC","page_number":90,"box":{"x":273,"y":146,"width":45,"height":9}},{"id":"69af923e-615b-49c6-ba29-5c6228e6e9ff","block_type":"box","text":"”).","page_number":90,"box":{"x":319,"y":146,"width":24,"height":12}},{"id":"8a416684-4adc-4ee9-8447-2fe461484cb2","block_type":"box","text":"Bond Connect is a mutual market access scheme that allows investors from the mainland of the PRC","page_number":90,"box":{"x":119,"y":175,"width":766,"height":10}},{"id":"7c817487-9601-4aac-bdc9-c286e6bba71d","block_type":"box","text":"and overseas to trade in each other’s respective markets. It is to be one of the primary mechanisms for","page_number":90,"box":{"x":119,"y":190,"width":766,"height":12}},{"id":"70491faa-1c4e-41e8-8f5a-481d78df166c","block_type":"box","text":"overseas investors to access China’s large domestic bond market alongside the China Interbank Bond","page_number":90,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"94f5c72f-3368-4ced-b08e-58952b7a0712","block_type":"box","text":"Market (CIBM) Direct scheme. Bond Connect infrastructure contemplates two-way access between","page_number":90,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"94ab7e52-4b98-4226-b878-f18a45872cef","block_type":"box","text":"Hong Kong and China; however, it is currently only operational in respect of investment through Hong","page_number":90,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"e119f821-fda4-4dcd-9acc-64b2c3409f37","block_type":"box","text":"Kong into the CIBM (“","page_number":90,"box":{"x":119,"y":251,"width":172,"height":12}},{"id":"7ccd8e23-f223-4a7e-861d-27d361aedbeb","block_type":"box","text":"Northbound","page_number":90,"box":{"x":292,"y":251,"width":96,"height":9}},{"id":"e9a4bbbd-9511-4321-896e-766b4d10b6d7","block_type":"box","text":"” access).","page_number":90,"box":{"x":389,"y":251,"width":75,"height":12}},{"id":"8488eae1-100c-4f42-b1f9-b41b51db3831","block_type":"box","text":"Bond Connect was set up by the PBoC and the Hong Kong Monetary Authority, establishing a","page_number":90,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"6bf1f666-a230-4a05-b356-8342e50dbb35","block_type":"box","text":"connection between mainland China and Hong Kong based financial institutions. The creation of Bond","page_number":90,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"3786132b-841c-4c59-ad4c-3069160f213f","block_type":"box","text":"Connect allows investors to trade between the mainland China and Hong Kong markets electronically","page_number":90,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"34d90cf8-35ad-4cd5-97b2-816d57ce91bd","block_type":"box","text":"which eradicates the need for investor status and quotas that were required under previous access","page_number":90,"box":{"x":119,"y":325,"width":766,"height":12}},{"id":"8ac094e8-196c-40b3-9ac4-6407ea822038","block_type":"box","text":"models.","page_number":90,"box":{"x":119,"y":340,"width":62,"height":9}},{"id":"93a2d79c-f114-45d8-8175-4e65e423f1d6","block_type":"box","text":"Chinese Interbank Bond Market Risk","page_number":90,"box":{"x":120,"y":369,"width":277,"height":10}},{"id":"57c22a44-c3e3-4e2b-a111-1fc4ceb58d55","block_type":"box","text":"Investing in the PRC inter-bank bond market via Bond Connect is subject to regulatory risk. The","page_number":90,"box":{"x":119,"y":398,"width":766,"height":12}},{"id":"04c19343-066c-4100-b443-b61beb46d33f","block_type":"box","text":"governing rules and regulations under this regime may be subject to change with minimal notice and","page_number":90,"box":{"x":119,"y":413,"width":766,"height":12}},{"id":"06d5f851-381a-41ca-9fe5-17c9960b9585","block_type":"box","text":"have the potential to be applied retrospectively. Any suspension imposed by the Chinese authorities on","page_number":90,"box":{"x":119,"y":428,"width":766,"height":12}},{"id":"779b0f59-d528-44d5-828f-61922b85e357","block_type":"box","text":"the PRC inter-bank bond market or in relation to the Bond Connect scheme would adversely impact the","page_number":90,"box":{"x":119,"y":443,"width":766,"height":12}},{"id":"52929bd9-3d16-4c54-adc2-c3afe97feb73","block_type":"box","text":"fund’s ability to acquire or dispose of assets.","page_number":90,"box":{"x":119,"y":458,"width":334,"height":13}},{"id":"1c88e984-d395-4f9a-ad27-c48330632404","block_type":"box","text":"Currency Risk (Renminbi “RMB” Specific)","page_number":90,"box":{"x":120,"y":488,"width":324,"height":12}},{"id":"941abe36-9b1f-4f47-9ba2-59af6a559f95","block_type":"box","text":"RMB is the only currency of the PRC. Whilst both the onshore RMB (“","page_number":90,"box":{"x":119,"y":517,"width":557,"height":12}},{"id":"e8b11ff5-ae3d-4fc3-af16-2f8aaa0c17b4","block_type":"box","text":"CNY","page_number":90,"box":{"x":677,"y":517,"width":39,"height":9}},{"id":"427cbbaf-6f19-4cf6-9c7a-307790e858a3","block_type":"box","text":"”) and offshore RMB","page_number":90,"box":{"x":717,"y":517,"width":168,"height":12}},{"id":"938fb602-210f-4dfb-91fc-1db917a6fb9d","block_type":"box","text":"(“","page_number":90,"box":{"x":119,"y":532,"width":14,"height":12}},{"id":"4af9c38e-3fb0-4990-b630-667a4556abc1","block_type":"box","text":"CNH","page_number":90,"box":{"x":134,"y":532,"width":40,"height":9}},{"id":"3eabbf94-5306-4c97-8a29-5d0a6cce254b","block_type":"box","text":"”) are the same currency, they are traded in different and separate markets. These markets","page_number":90,"box":{"x":175,"y":532,"width":710,"height":12}},{"id":"0cf114a3-2aa3-4007-a5b9-b786c29db09b","block_type":"box","text":"operate separately and can be subject to different liquidity constraints and market forces meaning their","page_number":90,"box":{"x":119,"y":547,"width":766,"height":12}},{"id":"a08f361f-3eca-46c5-9cce-1039a220808f","block_type":"box","text":"valuations can vary.","page_number":90,"box":{"x":119,"y":562,"width":153,"height":12}},{"id":"6d567a42-4485-48fa-8d76-647cc920b78f","block_type":"box","text":"The Bloomberg Global Aggregate Float-Adjusted and Scaled Index is valued with CNY as the base","page_number":90,"box":{"x":119,"y":591,"width":766,"height":12}},{"id":"e684a6a9-493a-46eb-bb92-8002ea322868","block_type":"box","text":"currency. As part of the standard fund management practices, it will be necessary to hedge the foreign","page_number":90,"box":{"x":119,"y":606,"width":766,"height":12}},{"id":"d00ea166-c5cd-4238-825a-9354b473c8ab","block_type":"box","text":"exchange (“","page_number":90,"box":{"x":119,"y":621,"width":90,"height":12}},{"id":"6fdfa558-ef1a-4a5e-8fc0-f51f06806c0f","block_type":"box","text":"FX","page_number":90,"box":{"x":210,"y":622,"width":24,"height":8}},{"id":"726ead4e-9893-4b9d-8dec-b6788d6a0fc7","block_type":"box","text":"”) exposure arising from the inclusion of China Bonds into the base currency of the","page_number":90,"box":{"x":235,"y":621,"width":650,"height":12}},{"id":"f3c54228-677b-4f77-8bb8-0d10b2c4a7f1","block_type":"box","text":"relevant Fund. FX hedging utilising CNY would match the index currency. Conversely, FX hedging in","page_number":90,"box":{"x":119,"y":636,"width":766,"height":12}},{"id":"847f70c3-6ff2-455e-afaa-a6686912c1de","block_type":"box","text":"CNH would introduce incremental FX risk arising from any divergence between CHN and CNY.","page_number":90,"box":{"x":119,"y":651,"width":723,"height":13}},{"id":"786e4b92-e484-40bf-9127-9b0eef9cba8a","block_type":"box","text":"Taxation Risk","page_number":90,"box":{"x":120,"y":681,"width":105,"height":9}},{"id":"08008cce-410d-43b1-bbd7-4e6acc6f44ed","block_type":"box","text":"There are risks and uncertainties associated with the current China tax laws, regulations and practice in","page_number":90,"box":{"x":119,"y":710,"width":766,"height":12}},{"id":"040acc58-9cad-4996-a423-a86f64f3ad5f","block_type":"box","text":"respect of capital gains realised on its investments in China via Bond Connect. The Chinese government","page_number":90,"box":{"x":119,"y":725,"width":766,"height":12}},{"id":"1f109cb2-508a-4ddd-a098-264cd141c531","block_type":"box","text":"has issued guidance exempting foreign institutional investors from China’s withholding income tax","page_number":90,"box":{"x":119,"y":740,"width":766,"height":12}},{"id":"8a51a553-a27a-4faa-9d6d-e8c28bc6dcf3","block_type":"box","text":"regulations and value added tax in respect of bond interest income paid until December 31, 2025.","page_number":90,"box":{"x":119,"y":755,"width":766,"height":12}},{"id":"1ebb8b86-b6eb-440e-bb42-bba675081805","block_type":"box","text":"However, uncertainties remain with respect to China’s tax laws, including the full scope of the","page_number":90,"box":{"x":119,"y":770,"width":766,"height":12}},{"id":"828ea9bd-559a-43e8-acfe-69641113bfc8","block_type":"box","text":"exemption as well as whether investors are subject to tax on realised capital gains. It should also be","page_number":90,"box":{"x":119,"y":785,"width":766,"height":12}},{"id":"90dbeaa8-e14f-4b00-add8-6e8ca5643145","block_type":"box","text":"noted that there is a possibility of the China tax rules being changed and taxes being applied","page_number":90,"box":{"x":119,"y":800,"width":766,"height":12}},{"id":"650b31d9-60d8-4612-8607-4fd353691708","block_type":"box","text":"retrospectively. There is a risk that taxes may be levied in the future for which no provision is made,","page_number":90,"box":{"x":119,"y":815,"width":766,"height":12}},{"id":"6c9d9512-a0bd-4efa-85e8-072978119f0b","block_type":"box","text":"which may potentially cause substantial losses. The Net Asset Value of a Fund may require further","page_number":90,"box":{"x":119,"y":830,"width":766,"height":12}},{"id":"35deae24-6438-48fc-ba90-ca07e4359e5f","block_type":"box","text":"adjustment to take into account any retrospective application of new tax regulations and development,","page_number":90,"box":{"x":119,"y":845,"width":766,"height":12}},{"id":"c412f315-58e7-4ec6-8a50-04415a942d07","block_type":"box","text":"including change in interpretation of the relevant regulations by the Chinese tax authorities.","page_number":90,"box":{"x":119,"y":860,"width":681,"height":12}},{"id":"4304a120-7bd9-4248-8f9f-f423fe38f337","block_type":"box","text":"Issuer Risk","page_number":90,"box":{"x":118,"y":889,"width":87,"height":10}},{"id":"c216ceac-15be-4ee3-8359-fe494670ed53","block_type":"box","text":"91","page_number":91,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"e591f468-928b-4c90-b7ed-522f12998551","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":91,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"96138836-35d3-49e2-809e-acff011eaa4b","block_type":"box","text":"In the event of a default or credit rating downgrade of the issuers of the debt, the bonds’ value will be","page_number":91,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"c943a3af-862d-43d6-9810-db86eb18bdf7","block_type":"box","text":"adversely affected and investors may suffer a substantial loss as a result. A Fund may also encounter","page_number":91,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"ab6c9489-145c-4887-9f28-00a481fbf804","block_type":"box","text":"difficulties or delays in enforcing their rights against the issuer in relation to these bonds as the issuer is","page_number":91,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"42dfca4a-7d39-44d4-b0cb-9d4b57fd507d","block_type":"box","text":"outside Hong Kong and subject to mainland Chinese laws.","page_number":91,"box":{"x":119,"y":132,"width":437,"height":12}},{"id":"e86914da-d5b2-4f31-b214-2754411a7545","block_type":"box","text":"Chinese treasury bonds and policy bank bonds are offered on an unsecured basis without collateral, and","page_number":91,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"75ec455e-59f6-4c8c-aa9a-35b02b02c1ca","block_type":"box","text":"will rank equally with other unsecured debts of the relevant issuer (the Ministry of Finance of the PRC","page_number":91,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"fb5aea33-6d89-4486-a966-d47c662bffc4","block_type":"box","text":"and the policy banks). As a result, if the issuer becomes bankrupt, proceeds from the liquidation of the","page_number":91,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"e540f3b5-9682-491c-9ff6-8b399a6db49d","block_type":"box","text":"issuer’s assets will be paid to holders of treasury bonds and policy bank bonds only after all secured","page_number":91,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"bc899848-7edf-40f6-b234-266b7280d763","block_type":"box","text":"claims have been satisfied in full. A Fund will be fully exposed to the credit/insolvency risk of its","page_number":91,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"0c0094e5-87e1-414f-aaf6-a39a15eed0e9","block_type":"box","text":"treasury bonds and policy bank bonds issuer counterparties as an unsecured creditor.","page_number":91,"box":{"x":119,"y":236,"width":629,"height":12}},{"id":"2afe44dc-bd0d-42a2-8f8f-d1fb45b71eba","block_type":"box","text":"Foreign Taxes Risk","page_number":91,"box":{"x":119,"y":266,"width":157,"height":12}},{"id":"83651bb4-b30a-4f11-a7e9-df70445c39dc","block_type":"box","text":"Dividends, interest and capital gains (if any) which the Company receives with respect to its investments","page_number":91,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"7db930e7-5e0f-4e82-832a-a27c277b090e","block_type":"box","text":"(other than securities of Irish issuers) may be subject to taxes, including withholding taxes, in the","page_number":91,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"760b18c9-cea3-473e-a706-7601185c478a","block_type":"box","text":"countries in which the issuers of investments are located. It is anticipated that the Company may not be","page_number":91,"box":{"x":119,"y":325,"width":766,"height":12}},{"id":"27a68231-392c-4650-9d5e-7a419e584c21","block_type":"box","text":"able to benefit from reduced rates of withholding tax in double taxation agreements between Ireland and","page_number":91,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"f5d0b51b-4857-4ef8-94a5-b59f115d6a8d","block_type":"box","text":"such countries. If this position changes in the future and the application of a lower rate results in a","page_number":91,"box":{"x":120,"y":355,"width":765,"height":12}},{"id":"31177972-83ca-42a0-bcf2-f8368a5ca1f0","block_type":"box","text":"repayment to the Company the Net Asset Value will not be re-stated and the benefit will be allocated to","page_number":91,"box":{"x":119,"y":370,"width":766,"height":12}},{"id":"2f87f5a9-1d38-4368-9c21-51ac0017e34e","block_type":"box","text":"the existing Shareholders rateably at the time of repayment.","page_number":91,"box":{"x":119,"y":385,"width":445,"height":12}},{"id":"2761e099-86c7-4877-babb-850172a95524","block_type":"box","text":"Portfolio Transaction Charges","page_number":91,"box":{"x":119,"y":415,"width":245,"height":12}},{"id":"e7f9ea82-ad3c-41d7-9790-9e23ef9d90ff","block_type":"box","text":"The difference at any one time between the sale and redemption price of Shares (taking into account any","page_number":91,"box":{"x":119,"y":444,"width":766,"height":12}},{"id":"3261ac04-ee96-403a-a4c3-ba5659e763ad","block_type":"box","text":"portfolio transaction charges payable) in any Fund means that an investor should view his or her","page_number":91,"box":{"x":119,"y":459,"width":766,"height":12}},{"id":"41099018-35eb-42d5-8cc4-6c0352a47d69","block_type":"box","text":"investment as for the medium to long term.","page_number":91,"box":{"x":119,"y":474,"width":323,"height":12}},{"id":"20ca4e93-06e9-47ff-bf5c-e1c665e93f4c","block_type":"box","text":"Basket Customisation Fee","page_number":91,"box":{"x":119,"y":504,"width":209,"height":9}},{"id":"b61ddd8c-5875-475a-b10f-b420796130fb","block_type":"box","text":"On a redemption, when a Fund permits or requires a redeeming Authorised Participant to receive cash","page_number":91,"box":{"x":119,"y":533,"width":761,"height":12}},{"id":"d79a1254-fc71-4878-8893-b3bbf38b518e","block_type":"box","text":"in-lieu of one or more Redemption Securities (for example, where the specified Redemption Securities","page_number":91,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"54acda00-a4cc-4bda-be8a-1dc1640a185b","block_type":"box","text":"are not eligible for transfer, or not eligible for trading by an Authorised Participant or in the event that","page_number":91,"box":{"x":119,"y":563,"width":766,"height":12}},{"id":"b611b7a6-8141-4cf6-b3fc-05368fd31c4d","block_type":"box","text":"in-kind trading is not permissible in particular countries or markets), the Authorised Participant will be","page_number":91,"box":{"x":119,"y":578,"width":766,"height":12}},{"id":"685084c5-23bf-4cc3-9b17-ed50fa3736db","block_type":"box","text":"charged a Basket Customisation Fee on the cash-in-lieu portion of its redemption. The amount of this","page_number":91,"box":{"x":119,"y":593,"width":766,"height":12}},{"id":"489b94a7-c384-4a61-96ce-b17f510a78ee","block_type":"box","text":"charge will vary as determined by the Fund at its sole discretion, but will not be more than is reasonably","page_number":91,"box":{"x":119,"y":608,"width":766,"height":12}},{"id":"fd01b099-4432-4507-a777-87373b568129","block_type":"box","text":"needed to compensate the Fund for the transaction costs including, if applicable, the estimated market","page_number":91,"box":{"x":119,"y":623,"width":766,"height":12}},{"id":"9dae96bc-d485-446d-90d1-60f85d499354","block_type":"box","text":"costs of selling portfolio securities to raise the necessary cash. Investors should be aware that, as a result","page_number":91,"box":{"x":119,"y":638,"width":766,"height":12}},{"id":"5fd9dac0-6869-4254-9fa9-92819bc5ee86","block_type":"box","text":"of the imposition of the cash-in-lieu amount and the corresponding Basket Customisation Fee, investors","page_number":91,"box":{"x":119,"y":653,"width":766,"height":12}},{"id":"9909784e-ffc9-4d01-bf20-9102f14fba4a","block_type":"box","text":"may receive a basket of securities on a redemption in-kind, which differs from the Redemption Securities","page_number":91,"box":{"x":119,"y":668,"width":766,"height":12}},{"id":"53c8c8fe-1064-4619-be1c-3aec00026c53","block_type":"box","text":"and/or the Portfolio Composition File (see the section headed “","page_number":91,"box":{"x":119,"y":683,"width":466,"height":12}},{"id":"ebb64343-cc53-48be-b837-6e53abf69b60","block_type":"box","text":"Redeeming Shares","page_number":91,"box":{"x":586,"y":683,"width":145,"height":12}},{"id":"6b3fb409-7670-4fea-866b-9318d7cb5996","block_type":"box","text":"”).","page_number":91,"box":{"x":732,"y":683,"width":23,"height":12}},{"id":"51f6b8a7-f71d-44ef-8054-1123845ad2c5","block_type":"box","text":"Political and/or Regulatory Risks","page_number":91,"box":{"x":119,"y":713,"width":266,"height":11}},{"id":"eb4f6563-a066-44b8-b5ca-b77c6dd2608a","block_type":"box","text":"The value of the assets of a Fund may be affected by uncertainties such as international political","page_number":91,"box":{"x":119,"y":742,"width":766,"height":12}},{"id":"416ec239-d6b9-4e9d-98c5-a5dec27f17d8","block_type":"box","text":"developments, changes in government policies, taxation, restrictions on foreign investment and currency","page_number":91,"box":{"x":119,"y":757,"width":766,"height":12}},{"id":"e766943e-8ccc-40c2-a295-fdf4daf83767","block_type":"box","text":"repatriation, currency fluctuations and other developments in applicable laws and regulations.","page_number":91,"box":{"x":119,"y":772,"width":697,"height":12}},{"id":"e8d02315-53e6-418b-982a-e3f359f32ff8","block_type":"box","text":"Auditing and Accounting Standards Risk","page_number":91,"box":{"x":119,"y":801,"width":330,"height":12}},{"id":"149af871-f9d1-4056-a773-791a2db0f48c","block_type":"box","text":"The legal infrastructure and accounting, auditing and reporting standards in some countries, particularly","page_number":91,"box":{"x":119,"y":830,"width":766,"height":12}},{"id":"7b40cb81-9d26-410b-8a68-9b0a495a0297","block_type":"box","text":"emerging markets, in which some Funds will invest may not provide the same degree of information to","page_number":91,"box":{"x":119,"y":845,"width":766,"height":12}},{"id":"b4b35fb6-384a-48f2-af16-c05dea330583","block_type":"box","text":"investors as would generally apply internationally. In particular, valuation of assets, depreciation,","page_number":91,"box":{"x":119,"y":860,"width":766,"height":12}},{"id":"a451089a-b12c-41b1-8e26-e28f1dd37a11","block_type":"box","text":"exchange differences, deferred taxation, contingent liabilities and consolidation may be treated","page_number":91,"box":{"x":119,"y":875,"width":766,"height":12}},{"id":"78e3fa40-4f2b-441f-a060-1214d70da7d0","block_type":"box","text":"differently from international accounting standards.","page_number":91,"box":{"x":119,"y":890,"width":386,"height":12}},{"id":"07eb855f-8fd0-45c8-9f0e-8ce6b294e773","block_type":"box","text":"92","page_number":92,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"f15e59f6-1997-480c-9472-e3c3a4cd2f3d","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":92,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"1d11e5cb-0748-4897-9190-8a9e6935c6b6","block_type":"box","text":"The Umbrella Structure of the Company and Segregated Liability between Funds","page_number":92,"box":{"x":119,"y":87,"width":648,"height":12}},{"id":"7f4e015c-8a71-42be-9fc6-ab73ecab111b","block_type":"box","text":"Pursuant to Irish law, there shall be segregated liability between the Funds and the Company should not","page_number":92,"box":{"x":119,"y":116,"width":766,"height":12}},{"id":"90fd903d-2140-4d80-a61d-cfc6e5279989","block_type":"box","text":"be liable as a whole to third parties. There should not be the potential for cross contamination of","page_number":92,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"e7eaada0-2b4b-41a1-87ed-9d432e3b7bba","block_type":"box","text":"liabilities between Funds. There can, however, be no categorical assurance that, should an action be","page_number":92,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"0c69cde3-4aaa-41a3-b151-e024ca2733af","block_type":"box","text":"brought against the Company in the courts of another jurisdiction, the segregated nature of the Funds","page_number":92,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"32709c50-6e28-4349-8343-81d0238c4997","block_type":"box","text":"will be upheld.","page_number":92,"box":{"x":119,"y":176,"width":115,"height":12}},{"id":"fddcc410-5f85-43f6-a9e8-a00fd0e30c95","block_type":"box","text":"Paying Agents","page_number":92,"box":{"x":119,"y":206,"width":118,"height":11}},{"id":"085c7770-2f36-4929-9311-fe10bf124f9b","block_type":"box","text":"Local regulations in EEA States may require the appointment of paying agents and the maintenance of","page_number":92,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"eab14695-20ad-4e28-94ab-5d4df1a4569b","block_type":"box","text":"accounts by such agents through which subscriptions and redemption monies may be paid, and investors","page_number":92,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"44b63e12-942e-4a61-bf65-0284f5ac156a","block_type":"box","text":"who choose or are obliged under local regulations to pay subscriptions to and/or receive redemption","page_number":92,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"70a2d126-362e-49d1-8761-3e8b799b9f27","block_type":"box","text":"monies via an intermediary entity, bear a credit risk against that intermediate entity with respect to: (a)","page_number":92,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"51e745cb-52b7-4c96-a731-5503a008a99f","block_type":"box","text":"subscription monies prior to the transmission of such monies to the Depositary for the account of the","page_number":92,"box":{"x":120,"y":295,"width":765,"height":12}},{"id":"0b457ad3-52ba-491b-8088-f2f8dd1ae1c5","block_type":"box","text":"Company; and (b) redemption monies payable by such intermediate entity to the relevant investor.","page_number":92,"box":{"x":119,"y":310,"width":732,"height":12}},{"id":"baefd706-7222-46f0-b041-1f8902b73d9f","block_type":"box","text":"Investment Techniques","page_number":92,"box":{"x":119,"y":339,"width":188,"height":12}},{"id":"5a88df08-5370-4e91-be3a-3346ec875c46","block_type":"box","text":"There are certain investment risks that apply in relation to techniques and instruments that the","page_number":92,"box":{"x":119,"y":368,"width":766,"height":12}},{"id":"5cd38a7f-aa48-42a7-9524-7d9189f8dc9c","block_type":"box","text":"Investment Manager may employ for efficient portfolio management purposes. To the extent that the","page_number":92,"box":{"x":119,"y":383,"width":766,"height":12}},{"id":"c6d0e2ff-239c-430f-8433-6d1770a1a618","block_type":"box","text":"Investment Manager’s expectations in employing such techniques and instruments are incorrect, a Fund","page_number":92,"box":{"x":119,"y":398,"width":766,"height":12}},{"id":"21eb2278-587a-40b0-98ed-cda7d29c3a31","block_type":"box","text":"may suffer a substantial loss having an adverse effect on the Net Asset Value per Share.","page_number":92,"box":{"x":119,"y":413,"width":654,"height":12}},{"id":"a5a6f9fa-61df-4545-9500-20ea14f59115","block_type":"box","text":"A Fund’s ability to use these techniques and instruments may be limited by market conditions, regulatory","page_number":92,"box":{"x":119,"y":443,"width":766,"height":12}},{"id":"5bcbc5ba-1672-41cd-baf7-bdeb8b4f3e8a","block_type":"box","text":"limits and tax considerations.","page_number":92,"box":{"x":119,"y":458,"width":221,"height":9}},{"id":"c483a456-4c50-49b4-8eb0-bcefa6dff938","block_type":"box","text":"Ownership Limit Risk","page_number":92,"box":{"x":119,"y":488,"width":181,"height":12}},{"id":"c90ef4e5-78be-4e7a-9fd3-d7f09b3558a4","block_type":"box","text":"As the Vanguard funds globally continue to grow, they are or may be negatively impacted by ownership","page_number":92,"box":{"x":119,"y":517,"width":766,"height":12}},{"id":"6627827b-ea5e-402f-8d57-3bf2910ae72a","block_type":"box","text":"restrictions and limitations imposed by law, by regulation or regulators, or by issuers. Ownership","page_number":92,"box":{"x":119,"y":532,"width":766,"height":12}},{"id":"0c5ad841-12fd-4a96-9fe7-2f1615401004","block_type":"box","text":"restrictions and limitations can apply to certain industries (for example, banking, insurance, and","page_number":92,"box":{"x":119,"y":547,"width":766,"height":12}},{"id":"0ca0abc4-e277-4fa6-8b3d-8cbd6fd278a6","block_type":"box","text":"utilities), certain issuers (who may, for example, have mechanisms in place to prevent takeovers), or","page_number":92,"box":{"x":119,"y":562,"width":766,"height":12}},{"id":"7c7a81f8-9cee-4b84-95f5-6fbf172f7ee9","block_type":"box","text":"certain transactions, and will also vary significantly in different contexts.","page_number":92,"box":{"x":119,"y":577,"width":544,"height":12}},{"id":"0a1fb202-10ba-4185-ad68-959018e742e1","block_type":"box","text":"Ownership limitations may impact a Fund’s investment activities. For example, the Fund’s Investment","page_number":92,"box":{"x":119,"y":606,"width":766,"height":12}},{"id":"fedc41ae-3f54-4b03-97dd-07ccd6c28168","block_type":"box","text":"Manager or Sub-Investment Manager (where appointed) may be unable to purchase, or the Fund may","page_number":92,"box":{"x":119,"y":621,"width":766,"height":12}},{"id":"495ec8c3-76b5-4d7c-820e-c1adbee528b6","block_type":"box","text":"be unable to directly hold, a security which would otherwise be purchased or held if the limitation did","page_number":92,"box":{"x":119,"y":636,"width":766,"height":12}},{"id":"e977ee1e-9152-4ed5-9ad9-6e0f3c6eef5a","block_type":"box","text":"not apply.","page_number":92,"box":{"x":119,"y":651,"width":78,"height":13}},{"id":"debba2d5-78b5-4e1b-a105-73bb866aaf28","block_type":"box","text":"For index funds, this means a Fund may not be able to track its index as closely as it would if it was not","page_number":92,"box":{"x":119,"y":681,"width":766,"height":12}},{"id":"a04bb96a-6704-4517-9fbc-543c2602703b","block_type":"box","text":"impacted by an ownership limitation. For actively managed Funds, this means a Fund may miss an","page_number":92,"box":{"x":119,"y":696,"width":766,"height":12}},{"id":"bce0519e-9f0e-40ac-a67f-09a45929886f","block_type":"box","text":"opportunity to invest in a security that the Fund’s Investment Manager or Sub-Investment Manager","page_number":92,"box":{"x":119,"y":711,"width":766,"height":12}},{"id":"0d45aadb-4b56-4a4e-b3c9-cb064e68a7ee","block_type":"box","text":"(where appointed) would otherwise invest in if the Fund was not impacted by any ownership restrictions","page_number":92,"box":{"x":119,"y":726,"width":766,"height":12}},{"id":"116e36b1-6822-4643-9226-ecc9938a4856","block_type":"box","text":"and / or limitation(s). These types of restrictions could impact a Fund’s performance.","page_number":92,"box":{"x":119,"y":741,"width":627,"height":12}},{"id":"5be3e57e-c449-46aa-ab90-feb383fc1644","block_type":"box","text":"When a Vanguard fund is impacted by an ownership limitation, the Vanguard Group of Companies will","page_number":92,"box":{"x":119,"y":770,"width":766,"height":12}},{"id":"a668c72d-f027-4951-804d-309ec37b6161","block_type":"box","text":"typically seek permission to exceed the limitation. Such permission may come with conditions such as","page_number":92,"box":{"x":119,"y":785,"width":766,"height":12}},{"id":"a105cc6c-310d-4a4d-b25d-e77d849f8cad","block_type":"box","text":"limiting or altering the exercise of rights on behalf of a Fund, including voting rights. There is no","page_number":92,"box":{"x":119,"y":800,"width":766,"height":12}},{"id":"78176660-e658-4118-b637-1dee20ff9e8f","block_type":"box","text":"guarantee that such permission will be granted or maintained. In such circumstances, the Investment","page_number":92,"box":{"x":119,"y":815,"width":766,"height":12}},{"id":"49a07097-db3a-45a5-b052-8a4b800f056d","block_type":"box","text":"Manager or Sub-Investment Manager (where appointed) on behalf of the Fund could be required to sell","page_number":92,"box":{"x":119,"y":830,"width":766,"height":12}},{"id":"4a256752-5ac3-4b39-9d2d-2e219adf5f53","block_type":"box","text":"or otherwise dispose of holdings in one or more issuers to comply with limitations.","page_number":92,"box":{"x":119,"y":845,"width":617,"height":12}},{"id":"5d52d35f-1b80-4d0c-9174-c6775e298f67","block_type":"box","text":"If the Fund’s Investment Manager or Sub-Investment Manager (where appointed) is unable to purchase,","page_number":92,"box":{"x":119,"y":874,"width":766,"height":12}},{"id":"94a47f38-3423-4870-ae50-77544dc85b87","block_type":"box","text":"or if a Fund is unable to directly hold, a particular security due to an ownership limitation, it may seek","page_number":92,"box":{"x":119,"y":889,"width":766,"height":12}},{"id":"ceb1dbe0-e2af-439b-9700-267e904bb4f7","block_type":"box","text":"93","page_number":93,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"fdfe3ddb-0b8c-4ded-873d-323690953fb0","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":93,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"0c6b5223-96e4-461f-ba4c-75dfd660aee5","block_type":"box","text":"to obtain economic exposure to that security through alternative means such as through total return","page_number":93,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"3e98a66e-5798-477b-8272-863892ffbea8","block_type":"box","text":"swaps or other similar derivatives. Such exposure may be more costly than owning securities of the","page_number":93,"box":{"x":120,"y":102,"width":765,"height":12}},{"id":"6e33e74a-b670-491e-97b4-3b3c85a34c9a","block_type":"box","text":"issuer directly or have tax consequences. See “Derivative Instruments Risk” section for more","page_number":93,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"4ef1fc50-ae0f-443f-8be9-83d7c3e0be85","block_type":"box","text":"information.","page_number":93,"box":{"x":119,"y":132,"width":96,"height":9}},{"id":"eadd0bed-42fa-49a6-8583-74465f844f75","block_type":"box","text":"Futures Contracts","page_number":93,"box":{"x":119,"y":161,"width":148,"height":9}},{"id":"1fb042ca-1aa1-4440-a82b-30200953cccc","block_type":"box","text":"Positions in futures contracts may be closed out only on an exchange that provides a secondary market","page_number":93,"box":{"x":119,"y":190,"width":766,"height":12}},{"id":"d6bf5500-0e83-4711-8337-e9e05d1f44a0","block_type":"box","text":"for such futures. However, there can be no assurance that a liquid secondary market will exist for any","page_number":93,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"d483ce04-f69c-4b82-b858-2b145378da81","block_type":"box","text":"particular futures contract at any specific time. Thus, it may not be possible to close a futures position.","page_number":93,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"0bc91c91-295b-4148-b228-279d1c4bf90e","block_type":"box","text":"In the event of adverse price movements, a Fund would continue to be required to make daily cash","page_number":93,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"ed161643-a6d8-493e-a2a1-b96e7a1ee52d","block_type":"box","text":"payments to maintain its required margin. In such situations, if a Fund has insufficient cash, it may have","page_number":93,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"ce7397ea-08d4-4e61-9019-ee44534d9549","block_type":"box","text":"to sell portfolio securities to meet daily margin requirements at a time when it may be disadvantageous","page_number":93,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"651f5e43-7a3b-452d-953f-6d7455da4a9b","block_type":"box","text":"to do so. In addition, a Fund may be required to make delivery of the instruments underlying futures","page_number":93,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"5bd2d0b0-fdbf-4cdb-a104-c62b43a3cb8d","block_type":"box","text":"contracts it holds. The inability to close options and futures positions also could have an adverse impact","page_number":93,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"ebbb6897-1ef3-42fb-a9a4-686b50392179","block_type":"box","text":"on the ability to effectively hedge the Fund.","page_number":93,"box":{"x":119,"y":311,"width":328,"height":12}},{"id":"9e3671c2-4f84-40a5-bd17-2ff74f5eb4bd","block_type":"box","text":"A Fund will minimise the risk that it will be unable to close out a futures contract by only entering into","page_number":93,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"e476bb40-27c1-4af0-8aab-d826d228e015","block_type":"box","text":"futures that are traded on national futures exchanges and for which there appears to be a liquid secondary","page_number":93,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"a30285f4-cb21-446e-84b8-c9e48021a332","block_type":"box","text":"market.","page_number":93,"box":{"x":119,"y":370,"width":60,"height":9}},{"id":"4d02d733-bf28-4866-bf1b-d33ff3e6ba74","block_type":"box","text":"The risk of loss in trading futures contracts in some strategies can be substantial, due both to the low","page_number":93,"box":{"x":119,"y":399,"width":766,"height":12}},{"id":"c678dd16-1ad1-4a7c-bf39-bb2952dce007","block_type":"box","text":"margin deposits required and the extremely high degree of leverage involved in futures pricing. As a","page_number":93,"box":{"x":119,"y":414,"width":766,"height":12}},{"id":"414a2c3e-5b7e-4737-9e1a-eb2391340a9b","block_type":"box","text":"result, a relatively small price movement in a futures contract may result in immediate and substantial","page_number":93,"box":{"x":119,"y":429,"width":766,"height":12}},{"id":"78ac4869-c344-4b72-8108-ab6c0976d9a2","block_type":"box","text":"loss (as well as gain) to the investor. Thus, a purchase or sale of a futures contract may result in losses","page_number":93,"box":{"x":119,"y":444,"width":766,"height":12}},{"id":"6b827b19-fcca-4dd3-87fd-2be2f4146f8f","block_type":"box","text":"in excess of the amount of investment in the contract. The relevant Fund also incurs the risk that the","page_number":93,"box":{"x":119,"y":459,"width":766,"height":9}},{"id":"6cf830e9-8b35-4131-ae44-c51455b17340","block_type":"box","text":"Investment Manager will incorrectly predict future stock market trends. However, because the futures","page_number":93,"box":{"x":119,"y":474,"width":766,"height":12}},{"id":"f40ff4fe-8cbb-43fc-b95d-8fb1c3638c89","block_type":"box","text":"strategies of each Fund are engaged in only for hedging purposes, the Company does not believe that","page_number":93,"box":{"x":120,"y":489,"width":765,"height":12}},{"id":"a36caf3f-ff3f-49b4-b3eb-7688ca2087c9","block_type":"box","text":"the Funds are subject to the risks of loss frequently associated with futures transactions. A Fund would","page_number":93,"box":{"x":119,"y":504,"width":766,"height":12}},{"id":"170bff59-3a05-45c4-b8d5-f02faa5a31c3","block_type":"box","text":"generally have sustained comparable losses if, instead of the futures contract, it had invested in the","page_number":93,"box":{"x":119,"y":519,"width":766,"height":12}},{"id":"af08886b-e797-4c80-a760-c79ad8b6befd","block_type":"box","text":"underlying financial instrument and sold it after the decline.","page_number":93,"box":{"x":119,"y":534,"width":447,"height":12}},{"id":"023c3fc1-f86c-4b1a-8a93-8a9c94f30142","block_type":"box","text":"Utilisation of futures transactions by a Fund does involve the risk of imperfect or no correlation where","page_number":93,"box":{"x":119,"y":564,"width":766,"height":12}},{"id":"87357d5d-41e1-4f6b-be93-9b272bbbbc1a","block_type":"box","text":"the securities underlying the futures contracts have different maturities than the Fund securities being","page_number":93,"box":{"x":119,"y":578,"width":766,"height":13}},{"id":"cf63cc55-319e-42b0-99b6-4b32385a09ab","block_type":"box","text":"hedged. It is also possible that a Fund could both lose money on futures contracts and also experience a","page_number":93,"box":{"x":119,"y":594,"width":766,"height":12}},{"id":"521e23ac-2fc2-48d1-9710-b34f84878784","block_type":"box","text":"decline in the value of its Fund securities. There is also a risk of loss by a Fund of margin deposits in","page_number":93,"box":{"x":119,"y":609,"width":766,"height":12}},{"id":"c7059efc-c326-4a83-b81b-daaa4481377f","block_type":"box","text":"the event of the bankruptcy of a broker with whom a Fund has an open position in a futures contract or","page_number":93,"box":{"x":119,"y":624,"width":766,"height":12}},{"id":"b25b7ba7-b468-452c-9808-41c6bac95856","block_type":"box","text":"related option.","page_number":93,"box":{"x":119,"y":639,"width":111,"height":12}},{"id":"924752c2-7b8c-49c2-9395-796e152bab17","block_type":"box","text":"Repurchase and Reverse Repurchase Agreements","page_number":93,"box":{"x":119,"y":668,"width":396,"height":12}},{"id":"1c794514-5675-451f-a679-8328372c96a9","block_type":"box","text":"Repurchase agreements involve the risk that the market value of the securities sold by the Fund may","page_number":93,"box":{"x":119,"y":697,"width":766,"height":12}},{"id":"83047e8d-10c5-4ac8-82cd-ebe6087301ff","block_type":"box","text":"decline below the prices at which the Fund is obliged to repurchase such securities under the agreement.","page_number":93,"box":{"x":119,"y":712,"width":766,"height":12}},{"id":"b490eb4c-13b9-4972-a85c-7aa8eeac3e77","block_type":"box","text":"In the event that the buyer of securities under a repurchase agreement files for bankruptcy or proves","page_number":93,"box":{"x":119,"y":727,"width":766,"height":12}},{"id":"78cce44e-e98d-40f9-9f64-62952668452c","block_type":"box","text":"insolvent, the Fund’s use of proceeds from the agreement may be restricted pending the determination","page_number":93,"box":{"x":119,"y":742,"width":766,"height":12}},{"id":"f199ce3a-fea7-4562-a1fb-61d3e6bfb8fa","block_type":"box","text":"by the other party or its trustee or receiver whether to enforce the obligation to repurchase the securities.","page_number":93,"box":{"x":119,"y":757,"width":766,"height":12}},{"id":"976affb5-c848-46db-9a17-6edf3faaab96","block_type":"box","text":"If the seller of a reverse repurchase agreement fails to fulfil its commitment to repurchase the security","page_number":93,"box":{"x":119,"y":787,"width":766,"height":12}},{"id":"81640251-280a-4206-a363-7866c53182cb","block_type":"box","text":"in accordance with the terms of the agreement, the relevant Fund may incur a loss to the extent that the","page_number":93,"box":{"x":119,"y":802,"width":766,"height":12}},{"id":"62662713-2b4f-4c9e-8aab-432d2b54a1a2","block_type":"box","text":"proceeds realised on the sale of the securities are less than the repurchase price. If the seller becomes","page_number":93,"box":{"x":119,"y":817,"width":766,"height":12}},{"id":"de10df09-09d0-4b05-9aee-62a146d35bf2","block_type":"box","text":"insolvent, a bankruptcy court may determine that the securities do not belong to the Fund and order that","page_number":93,"box":{"x":119,"y":832,"width":766,"height":12}},{"id":"33f45670-8c56-45b4-90b1-8a45ada1acd5","block_type":"box","text":"the securities be sold to pay off the seller’s debts. The relevant Fund may experience both delays in","page_number":93,"box":{"x":119,"y":847,"width":766,"height":12}},{"id":"dbb9cd4d-c7e1-4738-880d-f4ab76ad99c4","block_type":"box","text":"liquidating the underlying securities and losses during the period while it seeks to enforce its rights","page_number":93,"box":{"x":119,"y":862,"width":766,"height":12}},{"id":"e754ef11-7cc1-4cd6-8f1d-5f447dd9ce2f","block_type":"box","text":"thereto, including possible sub-normal levels of income and lack of access to income during the period","page_number":93,"box":{"x":119,"y":877,"width":766,"height":12}},{"id":"3350fe47-d125-44a8-96d7-8a6a2310f72f","block_type":"box","text":"and expenses in enforcing its rights.","page_number":93,"box":{"x":119,"y":892,"width":270,"height":12}},{"id":"71933c73-3068-4c25-a86c-28e1e8beeee5","block_type":"box","text":"94","page_number":94,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"f0df8838-61bd-4b85-adfd-6eea1373bcc6","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":94,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"7ce1a287-3589-4d8f-89b7-7039b7898d70","block_type":"box","text":"See the section entitled “","page_number":94,"box":{"x":120,"y":87,"width":202,"height":9}},{"id":"0b2f261a-bad2-4a62-a7f7-e6c8ba61ff21","block_type":"box","text":"Use of Repurchase/Reverse Repurchase Agreements and Securities","page_number":94,"box":{"x":323,"y":87,"width":562,"height":12}},{"id":"01bd15e6-8394-4d61-ab31-73307f04b912","block_type":"box","text":"Lending Arrangements","page_number":94,"box":{"x":119,"y":102,"width":184,"height":12}},{"id":"26d084c2-3a75-4ebc-b9cf-9b8cc98db9d2","block_type":"box","text":"” as set out in","page_number":94,"box":{"x":304,"y":102,"width":104,"height":9}},{"id":"6aeda5b7-9bb1-4e1b-9cc7-b108e4a0f079","block_type":"box","text":"Appendix 4","page_number":94,"box":{"x":408,"y":102,"width":91,"height":12}},{"id":"42f64afe-4002-460e-814c-3dbc3a924c33","block_type":"box","text":"of this Prospectus for further information.","page_number":94,"box":{"x":499,"y":102,"width":318,"height":12}},{"id":"d4290bbe-2e32-4d9d-a342-601c68375601","block_type":"box","text":"Securities Lending Arrangements","page_number":94,"box":{"x":120,"y":131,"width":269,"height":12}},{"id":"df8b17bc-b19e-438a-8eda-7ef87c4814eb","block_type":"box","text":"Counterparty Risk","page_number":94,"box":{"x":120,"y":160,"width":140,"height":12}},{"id":"fd24c64a-df87-4539-bd46-7be151e9b251","block_type":"box","text":". Counterparty risk exists when a Fund may be exposed to credit risk on the","page_number":94,"box":{"x":261,"y":160,"width":624,"height":12}},{"id":"faac0f1f-c8fd-45c2-9bd7-1b932fc0b33f","block_type":"box","text":"counterparties with which it lends securities. The risk is that the borrower of a security will default on","page_number":94,"box":{"x":119,"y":175,"width":766,"height":12}},{"id":"38123274-88a1-4bd8-ac76-7bff869ee37a","block_type":"box","text":"its obligation to return the securities, which could result in losses to the Company and the relevant Fund.","page_number":94,"box":{"x":119,"y":190,"width":766,"height":12}},{"id":"01a74aeb-c558-4fd2-9108-21783884af45","block_type":"box","text":"Borrowers are therefore required to provide collateral, in the form of cash or securities, to protect the","page_number":94,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"be32af2b-4bc3-45c8-8d56-5dc93426c292","block_type":"box","text":"Company against the risk of default.","page_number":94,"box":{"x":119,"y":220,"width":273,"height":13}},{"id":"21817143-d649-4327-9c5c-a0f3577d464c","block_type":"box","text":"The Company maintains collateralisation policies to mitigate counterparty risk, including:","page_number":94,"box":{"x":119,"y":250,"width":669,"height":12}},{"id":"75753cc9-4747-4253-a55b-ba76b1870e32","block_type":"box","text":"","page_number":94,"box":{"x":120,"y":283,"width":6,"height":5}},{"id":"255d465e-cfcf-4eae-8684-63398eeab412","block_type":"box","text":"ensuring that the value of the collateral required exceeds the market value of securities on loan for","page_number":94,"box":{"x":150,"y":280,"width":735,"height":12}},{"id":"e9d55bb0-fa0b-4de4-9bd5-1acc2ad2c9b1","block_type":"box","text":"each security loan entered into by the Company. Specific haircut policies will apply depending on","page_number":94,"box":{"x":150,"y":295,"width":735,"height":12}},{"id":"d3113a33-7834-43f5-ac50-ed1151b12f3c","block_type":"box","text":"collateral type and type of security lent;","page_number":94,"box":{"x":149,"y":310,"width":298,"height":12}},{"id":"d6d7f5ad-718f-4eb2-a6c6-d04754baa5bf","block_type":"box","text":"","page_number":94,"box":{"x":120,"y":344,"width":6,"height":5}},{"id":"a1f55f36-ace5-49b0-adf3-3344dd111755","block_type":"box","text":"based on changes in the market value of each security loan, collateral is posted, or received, on a","page_number":94,"box":{"x":149,"y":341,"width":736,"height":12}},{"id":"68976784-e3b8-423b-97fd-e536bfd64a4e","block_type":"box","text":"daily basis, to ensure that the value of the collateral held exceeds the market value of the securities","page_number":94,"box":{"x":149,"y":356,"width":736,"height":12}},{"id":"8c95e150-4020-4ba1-827a-d98506f3d441","block_type":"box","text":"on loan; and","page_number":94,"box":{"x":149,"y":371,"width":96,"height":11}},{"id":"249570f4-34b1-47e6-a322-b484203b38a2","block_type":"box","text":"","page_number":94,"box":{"x":120,"y":405,"width":6,"height":5}},{"id":"5d3a0952-4843-40b3-bedc-dd8a3f622ba6","block_type":"box","text":"in the event of counterparty default, the collateral held is immediately available to the Company","page_number":94,"box":{"x":149,"y":402,"width":736,"height":12}},{"id":"fd63436a-b621-4e47-9532-8bd5937b1b3e","block_type":"box","text":"(without recourse) to purchase securities lent but not returned.","page_number":94,"box":{"x":150,"y":417,"width":463,"height":12}},{"id":"98ce5b97-44ca-4f64-84bd-168595c7da08","block_type":"box","text":"While the Fund engages in conservative collateralisation policies intended to ensure that all securities","page_number":94,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"6d2a00c8-9521-4b96-b243-5bf2ff778c69","block_type":"box","text":"lending is fully collateralised, to the extent that any securities lending is not fully collateralised (for","page_number":94,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"2e8bb78e-d8c6-4011-a19a-7ed98b00c5fb","block_type":"box","text":"example, due to timing lags associated with the posting of cash collateral), the Fund will have a credit","page_number":94,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"5378005d-6230-42f8-b20b-c9175cf90bfe","block_type":"box","text":"risk exposure to the counterparty of a securities lending contract.","page_number":94,"box":{"x":119,"y":492,"width":478,"height":12}},{"id":"e867880e-0c44-4601-84e5-0d1593b9e915","block_type":"box","text":"Additional risk mitigation against counterparty default is provided through: (i) contractual protections","page_number":94,"box":{"x":119,"y":521,"width":766,"height":12}},{"id":"b9c40207-c368-41c6-b318-f2c88c48adc2","block_type":"box","text":"in the event of default by a counterparty; and (ii) ongoing monitoring of creditworthiness of","page_number":94,"box":{"x":119,"y":536,"width":766,"height":12}},{"id":"352718ec-8faa-4bfa-b54c-fde702362864","block_type":"box","text":"counterparties.","page_number":94,"box":{"x":119,"y":551,"width":114,"height":12}},{"id":"8a729295-a8f4-4efe-8896-9b9b663503a5","block_type":"box","text":"Collateral Reinvestment Risk","page_number":94,"box":{"x":120,"y":581,"width":217,"height":9}},{"id":"0d1df300-7f4b-4d43-973a-e73a4fa0553f","block_type":"box","text":". The risk that cash collateral reinvestment could result in a reduction of","page_number":94,"box":{"x":338,"y":581,"width":547,"height":9}},{"id":"ae7565a5-767b-4f90-9f24-c560e5ff7b2c","block_type":"box","text":"the value of the collateral capital (because the investment declines in value). This, in turn may cause","page_number":94,"box":{"x":119,"y":596,"width":766,"height":12}},{"id":"8e32af62-8fd4-47aa-9b9c-e5525ed7fadd","block_type":"box","text":"losses to the Company and the relevant Fund because it is obliged to return collateral equivalent to the","page_number":94,"box":{"x":119,"y":611,"width":766,"height":12}},{"id":"6c9354e5-9244-4ecf-a631-c3a1eaaf17d7","block_type":"box","text":"value of the returned security. In order to manage this risk, the Company reinvests cash collateral in","page_number":94,"box":{"x":119,"y":626,"width":766,"height":12}},{"id":"b78cf0df-3220-44e3-b3c1-b104b27763e9","block_type":"box","text":"accordance with the guidelines set out in","page_number":94,"box":{"x":119,"y":641,"width":305,"height":12}},{"id":"6c09b9f7-0077-4044-93c5-caadda3f029d","block_type":"box","text":"Appendix 4.","page_number":94,"box":{"x":424,"y":641,"width":95,"height":12}},{"id":"7bc12f90-35e3-4570-a3e3-b2c7d2def07e","block_type":"box","text":"It is important to understand that when a securities lending contract is entered into, the lender has the","page_number":94,"box":{"x":119,"y":670,"width":766,"height":12}},{"id":"a13c642d-cf8c-4502-95a5-fae8ba165911","block_type":"box","text":"ability to recall the loan at any time, and the borrower has the ability to return the security to the lender","page_number":94,"box":{"x":119,"y":685,"width":766,"height":12}},{"id":"2dfdc8eb-0cba-494f-8fee-4c1ec734003b","block_type":"box","text":"at any time. To the extent that collateral may need to be returned at any time, it is important that the","page_number":94,"box":{"x":119,"y":700,"width":766,"height":12}},{"id":"a53181e0-8283-430a-b83b-0a09467d60a5","block_type":"box","text":"collateral be available to return to securities borrowers. The Company maintains collateral reinvestment","page_number":94,"box":{"x":119,"y":715,"width":766,"height":12}},{"id":"0a176fe5-be73-46c6-856a-ba2c5156d68e","block_type":"box","text":"policies to mitigate this risk. These policies aim to preserve collateral capital and provide sufficient","page_number":94,"box":{"x":119,"y":730,"width":766,"height":12}},{"id":"9cc38327-b589-4276-aa91-9daf6f2b9407","block_type":"box","text":"liquidity for the Company to: (i) fund redemption orders and (ii) return collateral to borrowers who","page_number":94,"box":{"x":119,"y":745,"width":766,"height":12}},{"id":"c984967c-77df-4b55-bae5-2768882288bf","block_type":"box","text":"return the loaned securities.","page_number":94,"box":{"x":119,"y":760,"width":208,"height":10}},{"id":"1517e4ee-b976-4d2d-8ede-c295d34cb0cc","block_type":"box","text":"Conflict of interest risk","page_number":94,"box":{"x":120,"y":789,"width":179,"height":12}},{"id":"7d7762bf-e17a-4dce-8c63-6427485a3551","block_type":"box","text":". The Company does not enter into securities lending transactions with any","page_number":94,"box":{"x":299,"y":789,"width":586,"height":12}},{"id":"883f4414-9698-450f-8eb1-1850f405c42f","block_type":"box","text":"entities within the Vanguard Group of Companies.","page_number":94,"box":{"x":119,"y":804,"width":378,"height":12}},{"id":"ad95eea7-1eda-4f0b-a252-4efd320c3ec1","block_type":"box","text":"A Fund will have a credit risk on a counterparty to any securities-lending contract. The risks associated","page_number":94,"box":{"x":119,"y":834,"width":766,"height":13}},{"id":"ccff54c9-4387-4a37-8a98-0df972644fbc","block_type":"box","text":"with lending Fund securities include the possible loss of rights against the securities should the borrower","page_number":94,"box":{"x":119,"y":849,"width":766,"height":12}},{"id":"e4770d90-5214-4f6f-8a26-5b01222b0199","block_type":"box","text":"fail financially. Collateral is obtained from the counterparties to minimise this risk. Collateral is","page_number":94,"box":{"x":119,"y":865,"width":766,"height":12}},{"id":"b018efcd-8ddf-4e3e-b8db-26824b8c4747","block_type":"box","text":"marked-to-market daily, and is immediately available (without recourse) to purchase securities in the","page_number":94,"box":{"x":119,"y":880,"width":766,"height":12}},{"id":"df68f5f5-b937-4bb2-bbef-a340db0bf6de","block_type":"box","text":"event of counterparty default. A Fund could lose money in the event of a decline in the value of the","page_number":94,"box":{"x":119,"y":894,"width":766,"height":13}},{"id":"4176c285-296b-48ce-a93e-558aa8e07278","block_type":"box","text":"95","page_number":95,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"e47a4d75-7ebc-4290-aa82-df7ecdc12e29","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":95,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"8b77fb80-acfe-4491-bef7-83a031e57905","block_type":"box","text":"collateral provided for the loaned securities or of the investments made with cash collateral. See the","page_number":95,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"7cc9a3f9-793a-43cd-a8e2-b755adf893d5","block_type":"box","text":"section entitled","page_number":95,"box":{"x":120,"y":102,"width":120,"height":9}},{"id":"ab435ab1-fec5-49e1-b032-cf6fe361acff","block_type":"box","text":"“Use of Repurchase/Reverse Repurchase Agreements and Securities Lending","page_number":95,"box":{"x":245,"y":102,"width":640,"height":12}},{"id":"d221bba7-a60e-413a-a09c-eb018fb66154","block_type":"box","text":"Arrangements”","page_number":95,"box":{"x":119,"y":117,"width":122,"height":12}},{"id":"c789cacb-5054-4bb6-baf5-97ee938c2571","block_type":"box","text":"as set out in","page_number":95,"box":{"x":242,"y":117,"width":97,"height":9}},{"id":"57796832-be2e-4d52-93ab-90cf47b67540","block_type":"box","text":"Appendix 4","page_number":95,"box":{"x":339,"y":117,"width":90,"height":12}},{"id":"fb86b4dc-09cd-4dc0-b9e4-980602f02b61","block_type":"box","text":"of this Prospectus for further information.","page_number":95,"box":{"x":430,"y":117,"width":312,"height":12}},{"id":"d5dadbfc-88e8-4193-8ff1-4998be9739df","block_type":"box","text":"Past performance","page_number":95,"box":{"x":119,"y":147,"width":145,"height":12}},{"id":"8efece56-97f3-45a3-a8da-1de11b41fe60","block_type":"box","text":"Past performance does not necessarily indicate future performance. It can in no way provide a guarantee","page_number":95,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"bb6c818a-4ab4-49ed-8936-1d3cf7885dab","block_type":"box","text":"of future returns.","page_number":95,"box":{"x":119,"y":191,"width":129,"height":9}},{"id":"4b4762e3-9235-435e-bd4f-cfd3c6395da2","block_type":"box","text":"Stock market risk","page_number":95,"box":{"x":120,"y":221,"width":145,"height":9}},{"id":"8cd2bd34-5dcc-40e6-a11f-208e17dba713","block_type":"box","text":"Funds that invest in stocks are subject to stock market risk, which is the chance that stock prices overall,","page_number":95,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"cfdf95aa-84dc-4a21-ab71-81ee8ccc1498","block_type":"box","text":"will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling","page_number":95,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"0841327e-e8d0-4d59-a1fb-18ec0f331369","block_type":"box","text":"prices.","page_number":95,"box":{"x":119,"y":280,"width":53,"height":12}},{"id":"1d9efdad-48ae-4ae9-b608-bada1a051a75","block_type":"box","text":"Investment style risk","page_number":95,"box":{"x":119,"y":309,"width":169,"height":12}},{"id":"95f883e7-b1f8-48ea-8304-227b00e09c5d","block_type":"box","text":"Funds are also subject to investment style risk, which is the chance that returns from the types of stocks","page_number":95,"box":{"x":119,"y":338,"width":766,"height":12}},{"id":"ed53563f-7bfa-475c-b8dd-3b5797f9500e","block_type":"box","text":"in which a Fund invests will trail returns from the overall stock market. Specific types of stocks tend to","page_number":95,"box":{"x":119,"y":353,"width":766,"height":12}},{"id":"01b04a28-f192-4c01-aa02-6c18ec601f32","block_type":"box","text":"go through cycles of doing better or worse-than the stock market in general. These periods have, in the","page_number":95,"box":{"x":119,"y":368,"width":766,"height":12}},{"id":"ff192dac-206c-465c-bbb8-8470a2da1e4a","block_type":"box","text":"past, lasted for as long as several years and there can be no assurances that appreciation will occur.","page_number":95,"box":{"x":119,"y":383,"width":735,"height":12}},{"id":"53e7c448-8d0f-4b15-b947-22aa93466b1c","block_type":"box","text":"Secondary-Market Risks","page_number":95,"box":{"x":120,"y":413,"width":200,"height":12}},{"id":"501f1f0d-8b5a-4c7e-84b1-c2b6d935268e","block_type":"box","text":"The following factors may result in a fluctuation of the secondary market price of ETF Shares: (a)","page_number":95,"box":{"x":119,"y":442,"width":766,"height":12}},{"id":"a83d19f3-ade4-4e88-adcb-4fb279b5123e","block_type":"box","text":"changes in the Net Asset Value per Share, (b) changes in the exchange rate between the currency(ies)","page_number":95,"box":{"x":119,"y":457,"width":766,"height":12}},{"id":"e24e45f5-72dc-4297-b02c-cce5bdf75529","block_type":"box","text":"in which the securities held by the relevant Fund are denominated and the currency in which the ETF","page_number":95,"box":{"x":119,"y":472,"width":766,"height":12}},{"id":"010061f9-d1e7-44d5-b55b-766fb8abbd58","block_type":"box","text":"Shares are traded and (c) supply and demand factors on the stock exchange on which the ETF Shares","page_number":95,"box":{"x":120,"y":487,"width":765,"height":12}},{"id":"7655775e-c158-48f8-8070-bd5325ff204a","block_type":"box","text":"are traded. The Company cannot predict whether ETF Shares will trade below, at, or above their Net","page_number":95,"box":{"x":119,"y":502,"width":766,"height":12}},{"id":"24140915-f297-4ee5-a53c-b93089e3fea1","block_type":"box","text":"Asset Value per Share (when converted to the currency in which the Shares are traded). Price differences","page_number":95,"box":{"x":119,"y":517,"width":766,"height":12}},{"id":"d329b52b-9df9-457d-8c91-d398df2892f4","block_type":"box","text":"may be due, in large part, to the fact that supply and demand forces in the secondary market for a Fund’s","page_number":95,"box":{"x":119,"y":532,"width":766,"height":12}},{"id":"26a0b13c-51b1-45fa-bc9e-cc703cf4d3ca","block_type":"box","text":"ETF Shares will be closely related, but not identical, to the same forces influencing the prices of the","page_number":95,"box":{"x":119,"y":547,"width":766,"height":12}},{"id":"4dcc8630-2249-497f-a5dd-dbe2178a5982","block_type":"box","text":"constituent securities of that Fund’s Index trading individually or in the aggregate at any point in time.","page_number":95,"box":{"x":119,"y":562,"width":762,"height":12}},{"id":"2310e6cd-cb89-4142-b76a-3a36b9c983c4","block_type":"box","text":"The Net Asset Value per Share and the secondary market price of ETF Shares are expected to track each","page_number":95,"box":{"x":119,"y":592,"width":766,"height":12}},{"id":"f4b2bf59-fc04-47c4-8776-460ed781818c","block_type":"box","text":"other through arbitrage. An Authorised Participant or other professional investor in calculating the price","page_number":95,"box":{"x":119,"y":607,"width":766,"height":12}},{"id":"42a66208-6684-4dff-b159-4159975c59b0","block_type":"box","text":"at which it would be willing to sell the ETF Shares of an index tracking Fund on the secondary market","page_number":95,"box":{"x":119,"y":622,"width":766,"height":12}},{"id":"dd0b3913-0077-4286-8718-27f1a9c9c2a2","block_type":"box","text":"(the offer price), or to buy such Shares (the bid price), will take account of the notional price at which it","page_number":95,"box":{"x":119,"y":637,"width":766,"height":12}},{"id":"cd5bce1e-7232-431b-a9a5-4acc960cfb5e","block_type":"box","text":"could purchase (when selling Shares), or sell (when buying Shares), the requisite amounts of securities","page_number":95,"box":{"x":119,"y":652,"width":766,"height":12}},{"id":"ff2f89d0-a603-4c7f-825a-d0cb720342d9","block_type":"box","text":"of the Index in respect of one or more Creation Unit(s) including transfer taxes (if applicable). Where","page_number":95,"box":{"x":119,"y":667,"width":766,"height":12}},{"id":"bbb5576f-511b-42bc-8f0b-bb27dc6e562f","block_type":"box","text":"the notional price of purchasing the securities comprising the Index corresponding to a subscription for","page_number":95,"box":{"x":119,"y":682,"width":766,"height":12}},{"id":"fc0c86df-3588-4a05-81f5-3ed29f878299","block_type":"box","text":"a Creation Unit is less, or the notional price of selling securities comprising the Index corresponding to","page_number":95,"box":{"x":119,"y":697,"width":766,"height":12}},{"id":"0bca864a-0276-4156-93d6-60533f8b316f","block_type":"box","text":"a redemption of a Creation Unit is more, than the secondary market price of ETF Shares in a Creation","page_number":95,"box":{"x":119,"y":712,"width":766,"height":12}},{"id":"d8139c06-6c35-4887-947a-fa3678c78747","block_type":"box","text":"Unit, as the case may be, then an Authorised Participant may choose to arbitrage the relevant index","page_number":95,"box":{"x":119,"y":727,"width":766,"height":12}},{"id":"cc4b00bb-7b4c-4511-a40d-c1ffd11d2edd","block_type":"box","text":"tracking Fund by subscribing for or redeeming Creation Units. The Directors believe such arbitrage","page_number":95,"box":{"x":119,"y":742,"width":766,"height":12}},{"id":"dd1fc489-a416-4714-90f3-dcf287010350","block_type":"box","text":"will help to ensure that the deviation of the trading bid and offer price per Share from the Net Asset","page_number":95,"box":{"x":119,"y":757,"width":766,"height":12}},{"id":"d34053ce-11c1-4538-92f9-5d20b9d4b0e7","block_type":"box","text":"Value per Share (after currency conversion) is generally minimised, however this cannot be assured.","page_number":95,"box":{"x":119,"y":772,"width":747,"height":12}},{"id":"dff292dc-177c-47b6-8a22-cad1e17c5cfd","block_type":"box","text":"Nominee Arrangements Risks","page_number":95,"box":{"x":119,"y":803,"width":240,"height":12}},{"id":"b3b0df8e-613e-4483-a359-6800b97d390b","block_type":"box","text":"Investors may purchase Shares through a broker, market maker/Authorised Participant or a nominee or","page_number":95,"box":{"x":119,"y":832,"width":766,"height":12}},{"id":"113baed1-c59a-4251-b7cb-1f20a6a2cc64","block_type":"box","text":"may hold Shares in a Fund through clearing agents. In such circumstances, the investor may not be","page_number":95,"box":{"x":119,"y":847,"width":766,"height":12}},{"id":"fb63fda9-85d7-4b14-85be-ccba4d28015b","block_type":"box","text":"entered as a Shareholder or appear on the Register. Where an investor does not appear on the Register,","page_number":95,"box":{"x":119,"y":862,"width":766,"height":12}},{"id":"d02c1ebf-bae0-4005-80cc-c8c90f4dc339","block_type":"box","text":"such investor will not have rights exercisable by Members, such as voting rights or rights to participate","page_number":95,"box":{"x":120,"y":877,"width":765,"height":12}},{"id":"9b964c31-ff07-4364-8266-9a50c0764127","block_type":"box","text":"at meetings of the Company or of a Fund.","page_number":95,"box":{"x":119,"y":892,"width":313,"height":12}},{"id":"a446c3f0-2b71-4d0e-b455-0ee2f8b32303","block_type":"box","text":"96","page_number":96,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"f8fa2c92-e800-47e4-b77e-6214e462a8fe","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":96,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"45a4f034-43e9-44f0-8ecb-55ae8c91ed73","block_type":"box","text":"Eurozone Crisis Risks","page_number":96,"box":{"x":119,"y":102,"width":179,"height":9}},{"id":"72c25165-44e0-4e34-8109-840eb3ed5eb9","block_type":"box","text":"The current Eurozone crisis continues to raise uncertainty with some or no clarity on an enduring","page_number":96,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"aacaf713-8dc2-437e-9831-6e900212c9dc","block_type":"box","text":"solution. Potential scenarios could include, among others, the departure of some, or all, relevant EU","page_number":96,"box":{"x":120,"y":146,"width":765,"height":12}},{"id":"02484c5a-214f-4db2-8c8a-81e2b7c49236","block_type":"box","text":"Member States from the Euro with the result that it may no longer be a valid trading currency. The","page_number":96,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"64809201-f51c-44fa-b418-bb12fbb73942","block_type":"box","text":"transition by an EU Member State away from the Euro or the dissolution of the Euro may require the","page_number":96,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"c88e6f33-fdbd-42b1-8434-ec136652615c","block_type":"box","text":"redenomination of some, or all, Euro-denominated sovereign debt, corporate debt and securities","page_number":96,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"37e4c8b8-bf81-4dbc-9724-8efaa0f33a61","block_type":"box","text":"(including equity securities). This may have an adverse impact on the liquidity of the Company’s Euro","page_number":96,"box":{"x":119,"y":206,"width":761,"height":12}},{"id":"d83380a6-6df1-4d87-ae02-76a674b2dd3d","block_type":"box","text":"denominated assets. A Eurozone break-up or exit from the Euro might also cause uncertainty as to the","page_number":96,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"396a3782-0729-48e8-aae6-ed8c7b61a035","block_type":"box","text":"operation of certain terms of agreements that are governed by the law of an existing EU Member State.","page_number":96,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"465f8f26-9712-44f2-b7a7-02f84280500f","block_type":"box","text":"Withdrawal of the United Kingdom from the European Union","page_number":96,"box":{"x":119,"y":266,"width":489,"height":12}},{"id":"208896e5-954c-4b41-83b9-96f2b5931146","block_type":"box","text":"On 31 January 2020, the U.K. left the EU (“","page_number":96,"box":{"x":119,"y":295,"width":332,"height":12}},{"id":"da984364-00cd-4198-aaf3-90f7f3716a83","block_type":"box","text":"Brexit","page_number":96,"box":{"x":452,"y":296,"width":48,"height":9}},{"id":"8571e66a-474c-4419-9176-c0131f3d17de","block_type":"box","text":"”). The U.K. and the EU agreed a transition period","page_number":96,"box":{"x":501,"y":295,"width":384,"height":12}},{"id":"8a9b8d01-9011-43c4-898f-d9e5cba69e90","block_type":"box","text":"from 31 January 2020 to 31 December 2020 (the “","page_number":96,"box":{"x":119,"y":310,"width":367,"height":12}},{"id":"6af2fef1-6dc5-4e74-a6d2-c2b739bb5ebd","block_type":"box","text":"Transition Period","page_number":96,"box":{"x":487,"y":311,"width":138,"height":9}},{"id":"96b42343-55ed-4f47-bc9d-730116c190d5","block_type":"box","text":"”) during which the U.K. generally","page_number":96,"box":{"x":626,"y":310,"width":259,"height":12}},{"id":"b439de08-2916-4d8d-8beb-73e993775c3c","block_type":"box","text":"continued to apply EU law and the U.K. and the EU agreed a co-operation agreement in relation to","page_number":96,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"4a4fefb3-c572-4e54-a077-930dc44501d5","block_type":"box","text":"future trading arrangements prior to the end of the Transition Period. Notwithstanding the above, the","page_number":96,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"c0667b3d-38d3-4371-9daf-f4ae588ba0c5","block_type":"box","text":"U.K.’s future economic and political relationship with the EU (and with other non-EU countries by","page_number":96,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"9a4190ae-d4a5-4d36-876c-9ad5f8a14d3e","block_type":"box","text":"agreement) continues to remain uncertain. This uncertainty may generate further global currency and","page_number":96,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"4608bbef-ce91-462a-bb96-2a253bcfaa50","block_type":"box","text":"asset price volatility. This may negatively impact the returns of the Funds and their investments resulting","page_number":96,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"8d278f60-7204-4279-9db9-32acd6a3ea2f","block_type":"box","text":"in greater costs if a Fund employs currency hedging policies. Ongoing uncertainty could adversely","page_number":96,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"7d2c440a-ed8e-4e93-b466-699d0f8c4066","block_type":"box","text":"impact the general economic outlook and as such, this may impact negatively on the ability of a Fund","page_number":96,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"894ce8c5-71f4-4e98-aab2-0090a91083ba","block_type":"box","text":"and its investments to execute their strategies effectively, and may also result in increased costs to the","page_number":96,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"ba456fd2-c174-4bf9-aee7-e8c0cce52b50","block_type":"box","text":"Company.","page_number":96,"box":{"x":119,"y":446,"width":81,"height":12}},{"id":"1376784c-44d5-4fd9-b9b5-37fd2b323075","block_type":"box","text":"Given these possibilities and others that are not anticipated at this time, it is difficult to predict the impact","page_number":96,"box":{"x":119,"y":475,"width":766,"height":12}},{"id":"11990732-edbe-40a8-9ca8-732a3c1d56f4","block_type":"box","text":"that the United Kingdom’s withdrawal from the European Union will ultimately have and what the","page_number":96,"box":{"x":119,"y":490,"width":766,"height":12}},{"id":"370028f0-0aca-4ae2-a2fd-b60492f87bb6","block_type":"box","text":"economic, tax, fiscal, legal, regulatory and other implications will be for the asset management industry,","page_number":96,"box":{"x":119,"y":505,"width":766,"height":12}},{"id":"c98709e5-fdae-4e73-ba7a-a08f49598d43","block_type":"box","text":"the broader European and global financial markets generally and for collective investment schemes such","page_number":96,"box":{"x":119,"y":520,"width":766,"height":12}},{"id":"9b1c7fc4-001a-413b-8505-e6f71f219b35","block_type":"box","text":"as the Company. This uncertainty may continue to impact the global economic climate and may impact","page_number":96,"box":{"x":119,"y":535,"width":766,"height":12}},{"id":"b151e104-c1f4-4c02-8658-9c9dd700d076","block_type":"box","text":"opportunities, pricing, availability and cost of bank financing, regulation, values or exit opportunities of","page_number":96,"box":{"x":119,"y":550,"width":766,"height":12}},{"id":"fba15ee5-9f81-4f04-97fd-72bcae6123dd","block_type":"box","text":"companies or assets based, doing business, or having service or other significant relationships in the","page_number":96,"box":{"x":119,"y":565,"width":766,"height":12}},{"id":"3813733c-6008-480b-b071-e9b88f9231ae","block_type":"box","text":"United Kingdom or the European Union, including companies or assets held or considered for","page_number":96,"box":{"x":119,"y":580,"width":766,"height":12}},{"id":"4bc1909f-a374-40c0-9ace-a40d152ae8a8","block_type":"box","text":"prospective investment by a Fund.","page_number":96,"box":{"x":119,"y":595,"width":258,"height":12}},{"id":"68ab11ec-c2c4-49b8-9ea4-f36d43707ce8","block_type":"box","text":"The future application of European Union-based legislation to the investment funds industry in the","page_number":96,"box":{"x":119,"y":624,"width":766,"height":12}},{"id":"a55d80c7-7eff-4a9c-b523-4b4e5dcf4076","block_type":"box","text":"United Kingdom and the European Union will ultimately depend on how the United Kingdom continues","page_number":96,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"076aba58-c9c4-426f-b956-92d69494e4d9","block_type":"box","text":"to renegotiate its relationship with the European Union. There can be no assurance that any renegotiated","page_number":96,"box":{"x":119,"y":654,"width":766,"height":13}},{"id":"6e8cd005-0703-495f-b6ee-1881a7eaaf37","block_type":"box","text":"terms or regulations will not have an adverse impact on a Fund or its investments, including the ability","page_number":96,"box":{"x":119,"y":669,"width":766,"height":12}},{"id":"07372d84-95d9-425a-a2d4-5880b7da8dae","block_type":"box","text":"of a Fund to achieve its investment objectives. 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In particular,","page_number":96,"box":{"x":119,"y":789,"width":766,"height":12}},{"id":"58a2ef72-5938-4502-b03b-74b4588ef036","block_type":"box","text":"the European Union Directives which may result in reduced or nil withholding taxes being imposed on","page_number":96,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"9cce25c9-515e-4607-8593-0e919a8955cb","block_type":"box","text":"intra-group dividends, interest and royalties may no longer apply to payments made into and out of the","page_number":96,"box":{"x":119,"y":819,"width":766,"height":12}},{"id":"948c4490-43c4-4975-9dcf-65e348b514a7","block_type":"box","text":"United Kingdom, meaning that instead the United Kingdom’s double tax treaty network would need to","page_number":96,"box":{"x":119,"y":834,"width":766,"height":12}},{"id":"9e5bf408-dca2-4cd4-b619-dedf9ab13f35","block_type":"box","text":"be relied upon. Further, there may be changes to the operation of value-added taxes.","page_number":96,"box":{"x":119,"y":849,"width":625,"height":12}},{"id":"45e92505-c2ec-4451-a18b-bb957803b09f","block_type":"box","text":"Securitisation Regulation","page_number":96,"box":{"x":120,"y":879,"width":198,"height":11}},{"id":"a470b5f8-ce11-4bc5-aff9-5589e4a552d5","block_type":"box","text":"97","page_number":97,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"4a04e71b-f149-4ee1-824f-335cb244dd2e","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":97,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"9a8908d6-ac7a-41e6-ae98-377e52a68778","block_type":"box","text":"The Securitisation Regulation (Regulation EU 2017/2402) (the “","page_number":97,"box":{"x":119,"y":87,"width":485,"height":12}},{"id":"c57673a4-80f0-44d2-ba84-9bb16d4097aa","block_type":"box","text":"Securitisation Regulation","page_number":97,"box":{"x":606,"y":87,"width":200,"height":12}},{"id":"33b0b2b5-53c1-4686-98cb-56e57f4dba9e","block_type":"box","text":"”) applied","page_number":97,"box":{"x":807,"y":87,"width":78,"height":12}},{"id":"3668b292-ed87-4fca-a60b-963317acc8e7","block_type":"box","text":"across the EU from 1 January 2019. The Securitisation Regulation replaced the existing sector-specific","page_number":97,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"b4165530-6777-49c4-84f5-6400dd26f8d0","block_type":"box","text":"approach to securitisation regulation with a new set of rules that apply to all European securitisations.","page_number":97,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"d85ff7e2-ba15-4ca5-bcfe-eb6101c98d8a","block_type":"box","text":"UCITS such as the Company are within scope of the Securitisation Regulation. Investors should be","page_number":97,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"27ff0ed4-81c7-42fc-b96f-c0a509a3c7d3","block_type":"box","text":"aware that there are material differences between the previous EU risk retention requirements and the","page_number":97,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"01d128b6-0c25-42d5-b9d2-37283d7caa36","block_type":"box","text":"requirements which apply under the Securitisation Regulation.","page_number":97,"box":{"x":119,"y":162,"width":467,"height":12}},{"id":"3292f964-5cb6-4463-81a1-586d3beccaf6","block_type":"box","text":"The definition of “securitisation” is intended to capture any transaction or scheme where the credit risk","page_number":97,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"318f649d-11f3-4bb2-ac6e-607ccc2b3c08","block_type":"box","text":"associated with an exposure or a pool of exposures is tranched. Essentially, the definition includes any","page_number":97,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"ca4e3dca-56a8-4281-afe5-859838cb4eb2","block_type":"box","text":"investment with tranches or classes where payments in the transaction or scheme are dependent on the","page_number":97,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"7ecdc24a-7eea-4242-bd9f-ed565d68ac99","block_type":"box","text":"performance of the exposure or of the pool of exposures and the participation in losses differs between","page_number":97,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"3357554b-1f98-4f0e-bb5e-51392acd5c59","block_type":"box","text":"the tranches during the life of the transaction or scheme.","page_number":97,"box":{"x":119,"y":252,"width":420,"height":12}},{"id":"d327b115-6114-4d75-b385-f975281ca01c","block_type":"box","text":"Institutional investors such as a Fund must ensure that the originator, sponsor or original lender of a","page_number":97,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"e1d7f68f-4732-416c-9632-cccdcb296462","block_type":"box","text":"securitisation retains at least a 5% net economic interest in the securitisation. The current rules mean","page_number":97,"box":{"x":120,"y":297,"width":765,"height":10}},{"id":"fc179ef5-0351-4e06-8718-02fbbba1af8e","block_type":"box","text":"that the Investment Manager or the Sub-Investment Manager of the relevant Fund need to conduct due","page_number":97,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"26ca929b-b0ea-45c4-a818-fe97b549b575","block_type":"box","text":"diligence before an investment is made in a securitisation position and continue to perform due diligence","page_number":97,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"6b4c15b9-e390-4686-ba2c-bff0bbc42878","block_type":"box","text":"during the period the investment continues in a securitisation. This direct approach is intended to","page_number":97,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"88373ebf-9546-40e2-8057-6f5305fdd973","block_type":"box","text":"complement the existing due diligence requirements on institutional investors to verify before investing","page_number":97,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"f5823dca-4be5-4eab-8710-fba14db01b58","block_type":"box","text":"whether or not the securitising entity has retained risk. As a consequence, the direct approach requires","page_number":97,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"fe593f5c-b6f8-4bb0-9b98-67fdbcac2cf4","block_type":"box","text":"securitising entities established in the EU to retain risk even if the investors are located outside of the","page_number":97,"box":{"x":120,"y":387,"width":765,"height":12}},{"id":"aa3a7440-0214-49af-8d80-51664728188b","block_type":"box","text":"EU and are not institutional investors. The Directive was amended to include a new provision stating","page_number":97,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"3cdcd2e6-7758-4843-aaae-0265d7e552bf","block_type":"box","text":"that where UCITS are exposed to securitisation positions which do not meet the requirements of the","page_number":97,"box":{"x":119,"y":417,"width":766,"height":12}},{"id":"f4853260-57da-4750-9c9b-53d77736d6c0","block_type":"box","text":"Securitisation Regulation, the UCITS shall “in the best interests of the investors in the relevant UCITS,","page_number":97,"box":{"x":120,"y":432,"width":765,"height":12}},{"id":"40ee16ca-0314-4e65-ba2d-96ddae62da96","block_type":"box","text":"act and take corrective action”. The European Commission issued a proposal that, among other changes,","page_number":97,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"24905c03-040d-4512-be65-dc1efc95ff55","block_type":"box","text":"will see Article 5 of the Securitisation Regulation amended in order to simplify the due diligence process","page_number":97,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"07efb330-974a-402d-9351-29b4e33cfd70","block_type":"box","text":"and facilitate simpler and more streamlined investment in securitisations.","page_number":97,"box":{"x":119,"y":477,"width":545,"height":12}},{"id":"28490e4d-7848-426c-9cc9-1a94df823489","block_type":"box","text":"The Securitisation Regulation applies to securitisations the securities of which are issued on or after 1","page_number":97,"box":{"x":119,"y":507,"width":756,"height":12}},{"id":"26185fc8-7c72-4392-b05a-0499147af274","block_type":"box","text":"January 2019 or which create new securitisation positions on or after that date. Pre-existing","page_number":97,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"9e923f3e-8f3e-4a58-b3a2-8fcc64c71462","block_type":"box","text":"securitisations will be required to continue to apply the rules in place immediately prior to the effective","page_number":97,"box":{"x":120,"y":537,"width":765,"height":12}},{"id":"86fe8091-1489-4f37-a085-00b68ba0c36d","block_type":"box","text":"date of the Securitisation Regulation unless new securities are issued or new positions created. The","page_number":97,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"0b0db738-37dd-40f3-a9db-a66a9a6300c8","block_type":"box","text":"investments described herein made by a Fund may be affected by the Securitisation Regulation or any","page_number":97,"box":{"x":119,"y":567,"width":766,"height":12}},{"id":"757957d4-4623-48e8-a654-40d5f1139016","block_type":"box","text":"change thereto or review thereof.","page_number":97,"box":{"x":119,"y":582,"width":249,"height":12}},{"id":"def0841a-bbf0-43f3-834a-4bca58689fa5","block_type":"box","text":"European Market Infrastructure Regulation","page_number":97,"box":{"x":119,"y":613,"width":356,"height":12}},{"id":"9c73c052-1c27-4d10-ad19-f4df2c2217c1","block_type":"box","text":"Each Fund may enter into OTC derivative contracts. EMIR establishes certain requirements for OTC","page_number":97,"box":{"x":119,"y":642,"width":766,"height":12}},{"id":"ec67f2fd-c5bb-4f95-841b-730f02172d28","block_type":"box","text":"derivatives contracts, including mandatory clearing obligations, bilateral risk management requirements","page_number":97,"box":{"x":119,"y":657,"width":766,"height":12}},{"id":"03ca3b49-1aa4-49db-a3c3-784781bfb9e6","block_type":"box","text":"and reporting requirements. Investors should be aware that certain provisions of EMIR impose","page_number":97,"box":{"x":119,"y":672,"width":766,"height":12}},{"id":"d99aea15-dd69-4533-8bef-f25f6b42c918","block_type":"box","text":"obligations on the Funds in relation to their transactions in OTC derivative contracts. The implications","page_number":97,"box":{"x":119,"y":687,"width":766,"height":12}},{"id":"5e513d89-fed9-4c14-bd0a-30d89c4fcc1d","block_type":"box","text":"of EMIR for a Fund include, without limitation, the following:","page_number":97,"box":{"x":119,"y":702,"width":467,"height":12}},{"id":"06e4e7f7-5ce9-40cc-b241-cc53f618854c","block_type":"box","text":"","page_number":97,"box":{"x":120,"y":736,"width":6,"height":5}},{"id":"c4bb98c0-c5b1-4238-81d1-62bccb16fc12","block_type":"box","text":"clearing obligation: certain standardised OTC derivative transactions will be subject to mandatory","page_number":97,"box":{"x":149,"y":733,"width":736,"height":12}},{"id":"a7c47cb3-e900-4fec-a5f0-0e9cda89d269","block_type":"box","text":"clearing through a central counterparty (a “","page_number":97,"box":{"x":149,"y":748,"width":321,"height":12}},{"id":"df6d79e0-5fa6-44ed-b278-58201492b79a","block_type":"box","text":"CCP","page_number":97,"box":{"x":471,"y":748,"width":37,"height":9}},{"id":"94070ca7-12cf-47bc-bc04-8131b83b9ffd","block_type":"box","text":"”). Clearing derivatives through a CCP may result","page_number":97,"box":{"x":509,"y":748,"width":376,"height":12}},{"id":"9eed281b-0694-409a-9012-befa21ccfe29","block_type":"box","text":"in additional costs and may be on less favourable terms than would be the case if such derivative","page_number":97,"box":{"x":149,"y":763,"width":736,"height":12}},{"id":"31ffddac-77c6-420a-851b-f8f3475527fe","block_type":"box","text":"was not required to be centrally cleared;","page_number":97,"box":{"x":149,"y":778,"width":301,"height":12}},{"id":"54a4a8b5-6362-4863-a7e8-ed0bf2d8c2c2","block_type":"box","text":"","page_number":97,"box":{"x":120,"y":812,"width":6,"height":5}},{"id":"e362789e-aeb2-46b4-85a7-fd07a2719680","block_type":"box","text":"risk mitigation techniques: for those of its OTC derivatives which are not subject to central clearing,","page_number":97,"box":{"x":149,"y":809,"width":736,"height":12}},{"id":"6c91fccb-f3bf-4228-8988-f8ac33f98399","block_type":"box","text":"the Funds will be required to put in place risk mitigation requirements, which include the","page_number":97,"box":{"x":149,"y":824,"width":736,"height":12}},{"id":"ce67cf01-a08f-4093-a263-8faca9cdf5b9","block_type":"box","text":"collateralisation of all OTC derivatives. These risk mitigation requirements may increase the cost to","page_number":97,"box":{"x":149,"y":839,"width":736,"height":12}},{"id":"c9caafe7-e216-4616-a4af-d6a943e7248d","block_type":"box","text":"the Funds of pursuing their investment strategies (or hedging risks arising from their investment","page_number":97,"box":{"x":149,"y":854,"width":736,"height":12}},{"id":"cc3fdac3-34f0-4301-9908-c5be1b411726","block_type":"box","text":"strategies); and","page_number":97,"box":{"x":150,"y":869,"width":116,"height":12}},{"id":"242fdd37-355d-476e-895c-27c9a25955df","block_type":"box","text":"98","page_number":98,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"c6efb36c-5382-48e2-9fba-bbc4f9fe8d06","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":98,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"7aa25051-fad6-49d4-9ec8-677aefda1ecf","block_type":"box","text":"","page_number":98,"box":{"x":120,"y":91,"width":6,"height":4}},{"id":"e211070d-a4d2-4446-9487-8453c6db7265","block_type":"box","text":"reporting obligations: each of a Fund’s OTC derivative transactions must be reported to a trade","page_number":98,"box":{"x":149,"y":88,"width":736,"height":12}},{"id":"ff8c4d3b-deea-4d6f-bf7f-0f0d07e72b66","block_type":"box","text":"repository (or, where such a trade repository us not available, ESMA). This reporting obligation","page_number":98,"box":{"x":149,"y":103,"width":736,"height":12}},{"id":"10813a42-23df-4bee-b0de-59d9198e9f6e","block_type":"box","text":"may increase the costs to the Funds of utilising derivatives.","page_number":98,"box":{"x":149,"y":118,"width":442,"height":12}},{"id":"b5c2d95b-924b-49e4-86c2-5e2848a35d8a","block_type":"box","text":"Force Majeure","page_number":98,"box":{"x":119,"y":148,"width":122,"height":12}},{"id":"a815ec38-39c5-4c60-b730-677c2fc6ce59","block_type":"box","text":"Each of the Manager, Administrator, Depository, Investment Manager and other service providers to","page_number":98,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"b0b46e7c-3523-46ea-b618-1bd4f53f580a","block_type":"box","text":"the Company and their delegates may be affected by force majeure events (i.e., events beyond the control","page_number":98,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"f0d89d45-def6-4602-b61b-3949244c13a5","block_type":"box","text":"of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood,","page_number":98,"box":{"x":119,"y":207,"width":765,"height":12}},{"id":"58f61c7b-550e-40ea-a228-4786faff37cc","block_type":"box","text":"earthquakes, outbreaks of an infectious disease, pandemic or any other serious public health concern,","page_number":98,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"88b08e29-5b37-4a77-9afe-5ed890aff696","block_type":"box","text":"war, terrorism and labour strikes, major plant breakdowns, pipeline or electricity line ruptures, failure","page_number":98,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"ea3b11bf-b6c0-4927-a3b4-7cc686263589","block_type":"box","text":"of technology, defective design and construction, accidents, demographic changes, government","page_number":98,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"c259baaf-e227-4e89-b2fd-c506ad64bb17","block_type":"box","text":"macroeconomic policies and social instability). Some force majeure events may adversely affect the","page_number":98,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"6683e503-bc2b-4419-85c9-472b0172b50b","block_type":"box","text":"ability of any such parties to perform their obligations to the Company until they are able to remedy the","page_number":98,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"5756aa97-34fb-46b2-8e19-1226495f7978","block_type":"box","text":"force majeure event. While it is expected that such service providers will implement contingency plans","page_number":98,"box":{"x":119,"y":297,"width":765,"height":12}},{"id":"897165ad-35a5-4d6d-bf23-64806d4cd88b","block_type":"box","text":"for addressing force majeure events it is possible that such force majeure events exceed the assumptions","page_number":98,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"5e0c24d4-4840-432f-9b9a-ed11dbc00570","block_type":"box","text":"of such plans.","page_number":98,"box":{"x":119,"y":327,"width":106,"height":12}},{"id":"71146be2-2fd9-4aaf-bdd9-263083f4dfcf","block_type":"box","text":"Certain force majeure events (such as war or an outbreak of an infectious disease) may also have a","page_number":98,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"dd3f0196-029f-4418-83d5-0457253a9852","block_type":"box","text":"broader negative impact on the world economy and international business activity generally, or in any","page_number":98,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"635ff7aa-a05b-4f9a-a1b6-56f74bf4025b","block_type":"box","text":"of the countries in which the Funds may invest specifically. Since late 2019, several countries have","page_number":98,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"04d52aa5-3463-47d5-abb1-cd2814bfef39","block_type":"box","text":"experienced outbreaks of a novel coronavirus (nCoV) which is from a family of viruses that cause","page_number":98,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"0f951957-157e-4f2d-91ce-9b6019c4caf6","block_type":"box","text":"illnesses ranging from the common cold to more severe diseases. Any spread of an infectious illness or","page_number":98,"box":{"x":119,"y":417,"width":765,"height":12}},{"id":"b61b54a8-7dde-4068-9a8e-b74c7ae49a37","block_type":"box","text":"similar public health threat could reduce consumer demand or economic output, impact on the market","page_number":98,"box":{"x":120,"y":432,"width":765,"height":12}},{"id":"3bd0eba9-bedd-4596-8b46-e83109a7e539","block_type":"box","text":"value of investments, result in market closures, travel restrictions or quarantines, and generally have a","page_number":98,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"8db35608-895f-4842-81d6-f8371e6bc7d2","block_type":"box","text":"significant impact on the world economy and disrupt markets. The nature and extent of the impact of","page_number":98,"box":{"x":120,"y":462,"width":765,"height":12}},{"id":"0f866025-d610-4e3f-a66e-a11d20c6b8fc","block_type":"box","text":"such events is difficult to predict but they may adversely affect the return on each Fund and its","page_number":98,"box":{"x":120,"y":477,"width":765,"height":12}},{"id":"ad1c6903-f7ec-4d88-b698-052daff208a7","block_type":"box","text":"investments. Market disruptions or closures may result in the Investment Manager being unable to","page_number":98,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"e72efa5d-2c40-46d9-a7c8-ab063a197201","block_type":"box","text":"accurately value the assets of a Fund, or in the event of high levels of redemption, the Company may","page_number":98,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"939c1b17-1d9b-41e0-92e4-3040a57d9b29","block_type":"box","text":"use certain liquidity management tools permitted by the Central Bank, including deferred redemptions,","page_number":98,"box":{"x":119,"y":522,"width":766,"height":13}},{"id":"06292284-f100-49ce-9320-b02b3036df6f","block_type":"box","text":"the implementation of fair value pricing or temporary suspension of a Fund.","page_number":98,"box":{"x":119,"y":537,"width":566,"height":12}},{"id":"8ab431c5-e9f5-40ff-a248-d62f358c4eaa","block_type":"box","text":"Sustainability Risk","page_number":98,"box":{"x":120,"y":568,"width":153,"height":12}},{"id":"3416232a-e8d3-4f2b-a380-290f94e25cac","block_type":"box","text":"Sustainability risks can be singular or may combine with, exacerbate or contribute to other risks such as","page_number":98,"box":{"x":120,"y":597,"width":765,"height":12}},{"id":"65b0b53f-d42f-4e94-a2a6-d675d2603fe3","block_type":"box","text":"market risk, liquidity risk or operational risk, and, if they occur, could cause an actual or potential","page_number":98,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"c3d3072b-e282-4114-8d78-141bab77bb98","block_type":"box","text":"material negative impact on the value of a Fund. Examples of sustainability risks that could adversely","page_number":98,"box":{"x":119,"y":627,"width":766,"height":12}},{"id":"66175438-53ab-46c6-a543-612eade0e7d3","block_type":"box","text":"impact a Fund may include, but are not limited to, climate change (environmental), human rights","page_number":98,"box":{"x":119,"y":642,"width":766,"height":12}},{"id":"a986211c-fcfe-475c-9d39-6537ece01343","block_type":"box","text":"violations (social) and executive compensation (governance).","page_number":98,"box":{"x":119,"y":657,"width":458,"height":12}},{"id":"5799ad09-01ae-4cf4-a031-ed77ae33bbab","block_type":"box","text":"Assessment and Mitigation of Sustainability Risks","page_number":98,"box":{"x":118,"y":687,"width":374,"height":12}},{"id":"daf297f8-2d2b-4f3a-9af0-78a9e1a779b6","block_type":"box","text":"As outlined in the Sustainable Finance section above, only where the Fund’s investment objective","page_number":98,"box":{"x":119,"y":717,"width":766,"height":12}},{"id":"66cbe449-fa1d-4e4b-a71b-1e7b3d193a4e","block_type":"box","text":"explicitly requires, will the Investment Manager, or its delegate, take material sustainability risks) into","page_number":98,"box":{"x":119,"y":732,"width":766,"height":12}},{"id":"fd6032b3-fa51-4666-99fe-f2a6ccdbb462","block_type":"box","text":"account when assessing whether a Fund should be invested in a particular security and the Funds’","page_number":98,"box":{"x":119,"y":747,"width":766,"height":12}},{"id":"9e76969c-5b3d-4b62-818c-2dd4691e5d4b","block_type":"box","text":"investments may therefore be exposed to material sustainability risks that could potentially diminish","page_number":98,"box":{"x":119,"y":762,"width":766,"height":12}},{"id":"c74a864f-c6a8-45f4-bdaf-9a974c2d835d","block_type":"box","text":"long-term returns of the Fund. Vanguard, through its Investment Stewardship activities, scrutinises how","page_number":98,"box":{"x":119,"y":777,"width":766,"height":12}},{"id":"0d37e602-bfa4-499b-a34e-a0fd756d72df","block_type":"box","text":"portfolio companies and their boards within internally-managed equity funds, oversee, manage and","page_number":98,"box":{"x":119,"y":792,"width":766,"height":12}},{"id":"82099c51-d231-4757-816d-de798de495a0","block_type":"box","text":"disclose material sustainability risks applicable to their respective businesses, to protect clients’","page_number":98,"box":{"x":119,"y":807,"width":766,"height":12}},{"id":"a8a4e302-2ad2-4454-91b6-f0ae3609dd0a","block_type":"box","text":"investments, and to help promote long-term shareholder value. For more information, see the","page_number":98,"box":{"x":119,"y":822,"width":766,"height":12}},{"id":"95dfadf0-5638-44e8-bc3b-7077cb644159","block_type":"box","text":"Sustainable Finance section above.","page_number":98,"box":{"x":120,"y":837,"width":262,"height":10}},{"id":"7addc101-e81f-4d00-b790-bf8e4e37384b","block_type":"box","text":"Authorised Participant Concentration Risk","page_number":98,"box":{"x":119,"y":868,"width":346,"height":12}},{"id":"ce6854c6-8e13-484d-866b-a80960d9fe63","block_type":"box","text":"99","page_number":99,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"93fb8336-ef8b-4d5a-b022-91b3cd0c19a5","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":99,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"9ce491c5-a9d2-4782-a9e0-4ebe13ce3187","block_type":"box","text":"Only an Authorised Participant may engage in creation or redemption transactions directly with the","page_number":99,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"bcff4afa-ef70-42b9-8d25-3104bf2771dc","block_type":"box","text":"Funds. Certain Funds may have a limited number of institutions that act as Authorised Participants. To","page_number":99,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"69e3629e-d135-4980-a05e-a57b97838ece","block_type":"box","text":"the extent that these institutions exit the business or are unable to proceed with creation and/or","page_number":99,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"f406dcfe-2886-40fd-b083-46e0fad521a8","block_type":"box","text":"redemption orders with respect to the Funds and no other Authorised Participant is able to step forward","page_number":99,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"ac59bae4-0e50-4de7-8a6c-dffcd5d4ac94","block_type":"box","text":"to make creation and/or redemption orders, the ETF Shares may trade at a discount to the Funds’ Net","page_number":99,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"be1d85a3-90fc-4fdb-9f79-51cb0c0f561c","block_type":"box","text":"Asset Value and possibly face delisting.","page_number":99,"box":{"x":119,"y":162,"width":300,"height":12}},{"id":"58456fbd-856c-4c39-9cde-b23a6734bfb4","block_type":"box","text":"Currency Hedged Share Classes","page_number":99,"box":{"x":119,"y":192,"width":258,"height":12}},{"id":"85d8ed82-1924-4389-bb28-2ea12333981a","block_type":"box","text":"Investors should be aware that currency hedging can negatively impact investment returns of the relevant","page_number":99,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"1d44a0ae-1ac8-449a-8d14-9e9322bd447c","block_type":"box","text":"Hedged Share Class due to transaction costs, spreads, market inefficiencies, risk premia, and other","page_number":99,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"8a3d6fef-9c24-499e-b164-7ddb5865791f","block_type":"box","text":"factors, especially for certain currencies or over the long term. The use of Hedged Share Classes may","page_number":99,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"c3d0667c-8bb9-4cc3-9e1b-bd99fc5424f8","block_type":"box","text":"substantially limit holders of the class from benefitting if the class currency falls against the base","page_number":99,"box":{"x":120,"y":266,"width":765,"height":12}},{"id":"b8e16f24-9838-4202-a8d7-454b6728f963","block_type":"box","text":"currency and/or the currency in which the assets of the Fund are denominated. While currency hedging","page_number":99,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"5e38e744-35e8-4b13-992c-a8c76cfa4592","block_type":"box","text":"is likely to reduce currency risk in currency Hedged Share Classes, it is unlikely to eliminate it entirely.","page_number":99,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"ef56d670-af4c-44c2-b9ca-e7b2b205d90c","block_type":"box","text":"All gains/losses or expenses directly arising from hedging transactions are borne separately by the","page_number":99,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"4e3b697d-cd9e-4848-ac92-6b9c2582ae35","block_type":"box","text":"Shareholders of the respective Hedged Share Classes. However, there are certain additional costs which","page_number":99,"box":{"x":120,"y":341,"width":765,"height":12}},{"id":"d7887d24-771e-4485-b9da-953fc89367de","block_type":"box","text":"may be caused as a result of currency hedging transactions (for example, transaction costs arising from","page_number":99,"box":{"x":119,"y":356,"width":766,"height":12}},{"id":"05a0253f-2c24-425f-b3e4-7c0c7a6a0391","block_type":"box","text":"additional trading activity that may take place as a result of share class hedging operations, such as re","page_number":99,"box":{"x":119,"y":371,"width":761,"height":12}},{"id":"84e57716-6af4-42c6-a6d0-e77dcab99cd6","block_type":"box","text":"investing gains) that may be borne at Fund level and accordingly impact the Net Asset Value of all Share","page_number":99,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"955856bb-e72e-4b3c-9a00-64675681614a","block_type":"box","text":"Classes in the Fund.","page_number":99,"box":{"x":119,"y":401,"width":153,"height":10}},{"id":"46f45973-4996-4a2b-ba69-1eba05701465","block_type":"box","text":"Investing in Smaller Companies","page_number":99,"box":{"x":119,"y":432,"width":251,"height":12}},{"id":"d3e9949a-9f9a-4477-8eac-af6fbed47b86","block_type":"box","text":"Smaller company stocks can trade less frequently and in smaller volumes and may be subject to more","page_number":99,"box":{"x":120,"y":461,"width":765,"height":12}},{"id":"36294858-75c3-4231-a029-ff9b1c3d0a33","block_type":"box","text":"abrupt or erratic price movements than stocks of larger companies. The securities of small companies","page_number":99,"box":{"x":119,"y":476,"width":766,"height":12}},{"id":"cbed7383-0253-419c-b84d-d764a1b735e0","block_type":"box","text":"may also be more sensitive to market changes than securities in larger, more established companies as","page_number":99,"box":{"x":119,"y":491,"width":766,"height":12}},{"id":"65b54744-d922-404b-888c-63413bcab20a","block_type":"box","text":"a result of factors such as less product lines, distribution channels and less financial and managerial","page_number":99,"box":{"x":119,"y":506,"width":766,"height":12}},{"id":"634ff125-3150-443e-860c-249c6044d1ea","block_type":"box","text":"resources. As such, this may adversely impact a Fund and/or the interests of investors.","page_number":99,"box":{"x":119,"y":521,"width":641,"height":12}},{"id":"9367a858-e3d8-46b1-b2a8-3148c61f907e","block_type":"box","text":"Investment in Loans / Syndicated Loans","page_number":99,"box":{"x":119,"y":550,"width":320,"height":12}},{"id":"888b3ce4-95f2-4d04-a51c-0f45466d0963","block_type":"box","text":"Investments in loans, including syndicated loans, involve significant credit and liquidity risk. These","page_number":99,"box":{"x":119,"y":579,"width":766,"height":12}},{"id":"f8e112d2-2e3d-4c42-9b90-595e8c796357","block_type":"box","text":"loans are typically below investment grade, meaning they depend more on a borrower’s ability to repay,","page_number":99,"box":{"x":119,"y":594,"width":766,"height":12}},{"id":"a396462f-6550-43ec-8e17-2928e024e9b9","block_type":"box","text":"than on movements in interest rates.","page_number":99,"box":{"x":119,"y":609,"width":271,"height":10}},{"id":"e044afed-fff4-4a23-a842-22923bda3d82","block_type":"box","text":"Syndicated loans are extended to companies with higher levels of debt and may be more vulnerable to","page_number":99,"box":{"x":120,"y":639,"width":765,"height":12}},{"id":"43761750-2296-427b-a8e0-947347f33872","block_type":"box","text":"default and price volatility. The market for these loans can also be less liquid than more traditional fixed","page_number":99,"box":{"x":119,"y":654,"width":766,"height":12}},{"id":"17fee97a-deee-455d-8146-36777539cf5c","block_type":"box","text":"income markets, which may make it harder for a Fund to sell investments at a favourable price or","page_number":99,"box":{"x":119,"y":669,"width":766,"height":12}},{"id":"86979e94-d7e1-4205-bdda-837416ca0f84","block_type":"box","text":"time. Settlement periods may also be extended, which may adversely affect a Fund’s Net Asset Value","page_number":99,"box":{"x":119,"y":684,"width":766,"height":12}},{"id":"a2be3235-5dc1-4afa-9f9d-f1cb05752943","block_type":"box","text":"and may limit its ability to take advantage of other investment opportunities.","page_number":99,"box":{"x":119,"y":699,"width":570,"height":12}},{"id":"c026282f-8b8f-4c61-928b-c38ce56fb5cc","block_type":"box","text":"Even though these loans usually have variable interest rates, their value can still be affected by broader","page_number":99,"box":{"x":119,"y":728,"width":766,"height":12}},{"id":"8e189e14-15c5-45ca-95b5-95864f95eba6","block_type":"box","text":"market conditions, including changes in credit markets and imbalances between supply and demand.","page_number":99,"box":{"x":119,"y":743,"width":747,"height":12}},{"id":"cc642227-6d6d-42ee-b6e9-e9de8a752167","block_type":"box","text":"100","page_number":100,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"41509d77-b9e3-4d25-93ff-23d42205cb4d","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":100,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"3149d75f-a69d-4108-9cdb-f01a2b945027","block_type":"box","text":"FEES AND EXPENSES","page_number":100,"box":{"x":404,"y":95,"width":196,"height":9}},{"id":"d2dcf580-8bd5-4261-8d05-06a71650334d","block_type":"box","text":"Ongoing Charges Figure","page_number":100,"box":{"x":119,"y":132,"width":199,"height":12}},{"id":"1a1861fd-4bad-40f1-b55a-d71176b49cf3","block_type":"box","text":"The Company will pay out of the assets of each Fund a fixed single fee, the Ongoing Charges Figure","page_number":100,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"beedc6f5-3a44-4fc7-879f-2e3ecf6c4cd2","block_type":"box","text":"(“","page_number":100,"box":{"x":119,"y":176,"width":14,"height":12}},{"id":"b0780313-ba27-47ad-be31-9db8de1901e8","block_type":"box","text":"OCF","page_number":100,"box":{"x":134,"y":176,"width":38,"height":9}},{"id":"6a3e6a54-a82e-4f4f-98a2-2b297ca76561","block_type":"box","text":"”) per Share class as set out either in","page_number":100,"box":{"x":173,"y":176,"width":303,"height":12}},{"id":"4370cf68-dc7e-4747-b7db-b6ed4b1e9e7c","block_type":"box","text":"Appendix 1","page_number":100,"box":{"x":480,"y":176,"width":94,"height":12}},{"id":"cd838313-6510-4f33-a7be-01388c31f817","block_type":"box","text":"of this Prospectus or otherwise in the","page_number":100,"box":{"x":575,"y":176,"width":310,"height":12}},{"id":"92f045f9-c8ec-47e2-a43f-322f32eb3e4a","block_type":"box","text":"Supplement for the relevant Fund. The OCF is calculated in accordance with the methodology","page_number":100,"box":{"x":120,"y":191,"width":765,"height":12}},{"id":"077fd0aa-40d0-4939-9e49-c448887a4919","block_type":"box","text":"prescribed in ESMA guidelines CESR/10–674. This fee will be accrued daily and paid monthly. The","page_number":100,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"b8e9c3ca-c82f-449d-bc49-b301a99205be","block_type":"box","text":"fees and expenses paid out of the OCF include the Manager’s Fee, the Operational Fees (as disclosed","page_number":100,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"525efc7a-470c-43b0-b530-457e53b79b64","block_type":"box","text":"below) all costs and expenses connected with the management and operating activities of the relevant","page_number":100,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"111d8984-4fa3-4001-95a7-f1d90f6c64a1","block_type":"box","text":"Fund, including investment management and advisory fees, administration, registration, transfer agency,","page_number":100,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"a6d629d5-d4b5-46d9-b9f3-05d60b7feeff","block_type":"box","text":"custody and trustee fees, the Directors fees and other operating expenses. The OCF will not cover (to","page_number":100,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"117eb6d3-7c38-403d-8064-382b9b458332","block_type":"box","text":"the extent not included in the Operational Fees as detailed below) non-recurring and extraordinary or","page_number":100,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"0efabefe-3a49-4679-b734-4cffb87ae1c1","block_type":"box","text":"exceptional costs and expenses (if any) as may arise from time to time (such as, without limitation,","page_number":100,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"e5dc9cf3-9d62-4432-a9cd-95514892efbf","block_type":"box","text":"material litigation) and withholding taxes deducted from interest and dividend payments to the relevant","page_number":100,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"1969e843-d5c9-4f37-b047-17fa79c4955f","block_type":"box","text":"Fund, stamp duties or other documentary transfer taxes, or similar duties and brokerage fees (excluding","page_number":100,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"c2c9a6be-eec6-4898-b9de-b1159faff502","block_type":"box","text":"costs for research) arising on investment management activity on the purchase or sale of securities by","page_number":100,"box":{"x":119,"y":341,"width":766,"height":12}},{"id":"bea5ff43-9a4f-42ba-88b0-5ce2b678d5ea","block_type":"box","text":"the relevant Fund which, if they arise, will be paid out of the assets of the relevant Fund.","page_number":100,"box":{"x":119,"y":356,"width":658,"height":12}},{"id":"e0e393b0-5695-42c9-9ef7-d042835cfe9b","block_type":"box","text":"Manager’s Fee","page_number":100,"box":{"x":119,"y":386,"width":122,"height":11}},{"id":"b84b396b-2253-444f-8cfb-bcf66db820ed","block_type":"box","text":"The Company will pay the OCF to the Manager. The Manager will pay the fees of the Directors, each","page_number":100,"box":{"x":119,"y":414,"width":766,"height":12}},{"id":"0f64a451-9b7e-409c-b8f7-17c91f0da2ef","block_type":"box","text":"Investment Manager, the Administrator, the Distributor, the Depositary (who will pay the fees of any","page_number":100,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"f007b983-fa53-4d3a-ac4b-e5afdcf705c0","block_type":"box","text":"sub-custodian so appointed) and the Operational Fees out of the OCF and the Manager may rebate all","page_number":100,"box":{"x":120,"y":445,"width":765,"height":12}},{"id":"d100b4b4-b7c4-4ae8-881a-976039820b9c","block_type":"box","text":"or part of its fees to any party that invests in or provides services to the Company or in respect of any","page_number":100,"box":{"x":119,"y":459,"width":766,"height":13}},{"id":"8a82e967-4051-4bac-b475-13d89602f994","block_type":"box","text":"Fund. The relevant Investment Manager will pay the fees of any Sub-Investment Manager appointed by","page_number":100,"box":{"x":119,"y":475,"width":766,"height":12}},{"id":"b49e87e7-f68a-42f7-b9b5-24aa6d7b8efb","block_type":"box","text":"it out of its fees.","page_number":100,"box":{"x":119,"y":490,"width":124,"height":9}},{"id":"1f0fa397-d6fb-4a34-822d-2c725b4c98c7","block_type":"box","text":"In the event that the costs and expenses of the Company or any Fund exceed the OCF, the Manager will","page_number":100,"box":{"x":119,"y":519,"width":766,"height":12}},{"id":"c5799af1-f7e5-477b-a7d7-63fe75d14d05","block_type":"box","text":"be responsible for discharging any excess out of its own assets.","page_number":100,"box":{"x":119,"y":534,"width":471,"height":12}},{"id":"ee3a9978-21d2-41fa-9a27-18f18d97d75b","block_type":"box","text":"Operational Fees","page_number":100,"box":{"x":119,"y":563,"width":139,"height":12}},{"id":"18100133-3025-49c9-b8c5-220b835886e4","block_type":"box","text":"The Operational Fees comprise other costs, charges, fees and expenses incurred in the operation of the","page_number":100,"box":{"x":119,"y":592,"width":766,"height":13}},{"id":"c5d74972-8850-40ae-83b8-6c5f56f5a1bb","block_type":"box","text":"Company, including without limitation fees and expenses incurred in relation to banking, taxes,","page_number":100,"box":{"x":119,"y":607,"width":766,"height":12}},{"id":"2f77660b-d1cd-4704-beb3-a7f016bb4263","block_type":"box","text":"insurance, the costs and expenses of preparing, printing, publishing and distributing prospectuses,","page_number":100,"box":{"x":119,"y":623,"width":766,"height":12}},{"id":"93663b93-0775-4e9b-92fe-4cb45b295916","block_type":"box","text":"expenses relating to the preparation of the contracts to which it is a party, annual and semi-annual","page_number":100,"box":{"x":119,"y":638,"width":766,"height":12}},{"id":"da5c5b64-4bfc-40f0-b2bf-fc7fac9724b9","block_type":"box","text":"reports, and other documents to current and prospective investors, the costs and expenses of obtaining","page_number":100,"box":{"x":119,"y":652,"width":766,"height":13}},{"id":"2b4bbe29-fdc3-4291-a97d-864eee2f5e74","block_type":"box","text":"authorisations or registrations of the Company or of any Shares with the regulatory authorities in various","page_number":100,"box":{"x":119,"y":668,"width":766,"height":12}},{"id":"c8eb87a2-af04-4429-97cc-e75d971bcc57","block_type":"box","text":"jurisdictions, including the fees and expenses of any paying agent or local representative (such fees and","page_number":100,"box":{"x":117,"y":683,"width":768,"height":12}},{"id":"8724def7-13a0-4d1b-ac51-6e2692b83d29","block_type":"box","text":"expenses being at normal commercial rates), the costs of listing and maintaining a listing of Shares on","page_number":100,"box":{"x":119,"y":698,"width":766,"height":12}},{"id":"4a3a8b7a-4955-49be-abff-bf35525ada53","block_type":"box","text":"any stock exchange, the costs of convening and holding Directors’ and Shareholder meetings and","page_number":100,"box":{"x":119,"y":713,"width":766,"height":12}},{"id":"7ec71f7f-f048-417b-a069-c7c373765a26","block_type":"box","text":"professional fees and expenses for legal, auditing and other consulting services and professional","page_number":100,"box":{"x":119,"y":728,"width":766,"height":12}},{"id":"72369dee-b2cd-4609-a136-e8d811660016","block_type":"box","text":"advisers, and such other costs and expenses (including non-recurring and extraordinary costs and","page_number":100,"box":{"x":119,"y":743,"width":766,"height":12}},{"id":"e9287608-bc66-4f28-95b3-682674813689","block_type":"box","text":"expenses) as may arise from time to time and that have been approved by the Directors as necessary or","page_number":100,"box":{"x":119,"y":758,"width":766,"height":12}},{"id":"8ba6e8cc-637c-45e2-889a-034168c80ab1","block_type":"box","text":"appropriate for the continued operation of the Company or of any Fund.","page_number":100,"box":{"x":119,"y":773,"width":536,"height":12}},{"id":"c63cf188-ebd3-40ca-8025-fc0b0e24fe81","block_type":"box","text":"Establishment Fees","page_number":100,"box":{"x":119,"y":802,"width":157,"height":10}},{"id":"cbd1491a-7d9d-4172-b1f4-622180e1441d","block_type":"box","text":"The fees and expenses relating to the establishment of the Company and the Funds will be borne by the","page_number":100,"box":{"x":119,"y":831,"width":766,"height":12}},{"id":"a81edeaa-7e8b-4f17-9de2-96812a0ab2ec","block_type":"box","text":"Manager.","page_number":100,"box":{"x":119,"y":847,"width":75,"height":11}},{"id":"f155d733-c787-44bb-9ae2-dc4e3d628f64","block_type":"box","text":"101","page_number":101,"box":{"x":491,"y":937,"width":17,"height":7}},{"id":"3e7d47e5-92e0-4abf-9f7f-e68cc5d43522","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":101,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"0f40311f-729b-47f9-bb04-a77b2c39c3de","block_type":"box","text":"Directors’ Fees","page_number":101,"box":{"x":119,"y":87,"width":124,"height":9}},{"id":"c5e90376-f05f-49a0-86f3-4c3bb94c485f","block_type":"box","text":"Only the independent Directors are paid fees for their services as a Director of the Company. The","page_number":101,"box":{"x":119,"y":116,"width":766,"height":12}},{"id":"bd8f639a-3414-4552-b732-b9ee1cc68a2d","block_type":"box","text":"Manager has agreed to pay all such Directors' fees and expenses including out-of-pocket expenses and,","page_number":101,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"a33f886c-933b-459a-8d81-a3bd2dc11a9a","block_type":"box","text":"accordingly, such directorship fees are not charged back to the Funds. None of the Directors have entered","page_number":101,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"fc975339-a5c3-434e-a79d-70f7733de59d","block_type":"box","text":"into a service contract with the Company nor is any such contract proposed, and none of the Directors","page_number":101,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"6641ff57-6c0d-4c0c-b8aa-f1f1b7940a30","block_type":"box","text":"is an executive of the Company.","page_number":101,"box":{"x":119,"y":176,"width":242,"height":12}},{"id":"4b227d5e-8752-41ab-aef5-10ef375aa79a","block_type":"box","text":"Deduction and Allocation of Expenses","page_number":101,"box":{"x":119,"y":206,"width":303,"height":11}},{"id":"e79d2d72-e458-4c84-87b4-c2b5a5637022","block_type":"box","text":"The expenses of each Fund of the Company are deducted from the total income of such Fund before","page_number":101,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"32a82079-f840-4bd4-b553-52eca7e3c3d4","block_type":"box","text":"dividends are paid unless otherwise noted in A","page_number":101,"box":{"x":119,"y":250,"width":328,"height":12}},{"id":"fb963ab7-9eb9-4a67-bd24-b24063fc3126","block_type":"box","text":"Appendix 1","page_number":101,"box":{"x":446,"y":250,"width":89,"height":12}},{"id":"7ad55a95-159f-4a73-91c6-c0cba3b53c94","block_type":"box","text":"of this Prospectus or in a relevant Supplement.","page_number":101,"box":{"x":536,"y":250,"width":349,"height":12}},{"id":"4a5aa426-d274-452d-9392-3738a5ba00fb","block_type":"box","text":"Expenses of the Company that are not directly attributable to the operation of a particular Fund are","page_number":101,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"d38da24f-6074-4ef3-b503-1d445fb07a59","block_type":"box","text":"allocated among all Funds in a manner determined by the Directors. Expenses of the Company that are","page_number":101,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"e539157b-0ae2-4d6e-a713-5007da475941","block_type":"box","text":"not directly attributable to a specific class of Shares and that are directly attributable to a specific Fund","page_number":101,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"bf563e07-9342-4980-bbeb-589437df6ab5","block_type":"box","text":"are allocated among all classes of such Fund in a manner determined by the Directors. In such cases,","page_number":101,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"00fd0612-bd96-4739-8847-92e7f4051213","block_type":"box","text":"the expenses will normally be allocated among all classes of such Fund pro rata to the value of the net","page_number":101,"box":{"x":119,"y":325,"width":766,"height":12}},{"id":"3d77b54d-edec-435b-8c6d-65a64809502f","block_type":"box","text":"assets of the Fund that are attributable to those classes. Expenses of the Company that are directly","page_number":101,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"379f7095-9732-414d-88ab-2398bb6e03b9","block_type":"box","text":"attributable to a specific class of Shares shall be allocated to that class.","page_number":101,"box":{"x":119,"y":355,"width":526,"height":12}},{"id":"7a66afdb-b5c5-4376-b6a8-82c491af5ab2","block_type":"box","text":"102","page_number":102,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"4fbbbf75-cde6-4916-8d81-eea931c77868","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":102,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"db44ada1-6252-4256-8350-ea88a1c1c826","block_type":"box","text":"DIVIDEND DISTRIBUTION POLICY","page_number":102,"box":{"x":344,"y":95,"width":316,"height":9}},{"id":"0921aae4-b20b-4f06-9290-4173fd40d530","block_type":"box","text":"The Constitution empower the Directors to declare dividends in respect of any Shares out of net income","page_number":102,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"9332135b-171c-4ce0-83f3-5ad35f5957c5","block_type":"box","text":"(including dividend and interest income) less expenses, unless otherwise detailed in A","page_number":102,"box":{"x":119,"y":146,"width":620,"height":12}},{"id":"db280a5d-4921-42d6-88ad-697668413d36","block_type":"box","text":"Appendix 1","page_number":102,"box":{"x":739,"y":147,"width":89,"height":11}},{"id":"5b560986-ee30-4e51-bae4-05a3fcd1fb3a","block_type":"box","text":"of this","page_number":102,"box":{"x":830,"y":146,"width":55,"height":10}},{"id":"a2c4886b-564c-4029-8071-4e9f028da82f","block_type":"box","text":"Prospectus or in a relevant Supplement. Each Fund may have Distributing and/or Accumulating classes","page_number":102,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"0e3d9b3c-f640-4d21-bbc9-7f4b9aa4b990","block_type":"box","text":"of Shares.","page_number":102,"box":{"x":119,"y":177,"width":78,"height":9}},{"id":"03f71987-6bb4-486a-8283-d9602cd38002","block_type":"box","text":"Accumulating Shares","page_number":102,"box":{"x":119,"y":206,"width":173,"height":12}},{"id":"e9cf2cd4-6b46-4f7b-800c-8e427f94223b","block_type":"box","text":"The Directors do not intend to declare dividends on Accumulating Shares. Accordingly, a Fund’s","page_number":102,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"0b5556f6-f339-4704-bff2-b6864f4727db","block_type":"box","text":"income, attributable to any class of Accumulating Shares, is reflected in the Net Asset Value per Share","page_number":102,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"88f78daf-ff94-4de3-880d-db549e0c69c0","block_type":"box","text":"of the relevant class.","page_number":102,"box":{"x":119,"y":265,"width":156,"height":9}},{"id":"5d47f745-1b09-4f1c-ad5a-f9aba02158cd","block_type":"box","text":"Distributing Shares","page_number":102,"box":{"x":119,"y":295,"width":159,"height":11}},{"id":"b029eef6-afd9-4711-a6e6-08bdb42475e0","block_type":"box","text":"The Directors do intend to declare a dividend on the Distributing Shares. For Distributing Shares, the","page_number":102,"box":{"x":119,"y":324,"width":766,"height":12}},{"id":"f9e331e8-80b6-409f-91d8-b8121281598a","block_type":"box","text":"Directors intend to distribute all or substantially all of the net income (interest and dividends, less","page_number":102,"box":{"x":119,"y":339,"width":766,"height":12}},{"id":"97cdbda5-f83b-4095-a43c-a2340407e19d","block_type":"box","text":"expenses) of the Fund attributable to Distributing Shares. Dividends shall be payable to such","page_number":102,"box":{"x":119,"y":354,"width":766,"height":12}},{"id":"92f722b9-9f0f-4490-bc34-ecf8f02eff90","block_type":"box","text":"Shareholder of record on the date on which the dividend is declared, in accordance with the number of","page_number":102,"box":{"x":120,"y":369,"width":765,"height":11}},{"id":"c8f5ad13-b919-4513-af9f-273d2f4b51b0","block_type":"box","text":"Shares held of the particular class(es) in respect of which dividends have been declared. A Shareholder","page_number":102,"box":{"x":120,"y":384,"width":765,"height":12}},{"id":"58478492-ee78-4b30-8373-8295b587afc8","block_type":"box","text":"can choose to receive dividends to which the Shareholder is entitled to in Euro, US Dollars or Sterling.","page_number":102,"box":{"x":119,"y":399,"width":766,"height":12}},{"id":"db6c56a4-9f93-427a-a29e-f237244eeb0c","block_type":"box","text":"A Shareholder can receive distributions of income in cash, which will be wired to the bank account","page_number":102,"box":{"x":119,"y":414,"width":766,"height":11}},{"id":"5f3cdc91-b305-4b0e-8c8e-1dadd49fde56","block_type":"box","text":"designated by the Shareholder in the Application Form. Where detailed, in","page_number":102,"box":{"x":119,"y":429,"width":601,"height":12}},{"id":"235f9fc8-2ddd-4e02-9efa-1fd9eaa5b61c","block_type":"box","text":"Appendix 1","page_number":102,"box":{"x":725,"y":429,"width":94,"height":12}},{"id":"df83c995-cca3-4557-867d-fa3a38e681a8","block_type":"box","text":"of this","page_number":102,"box":{"x":820,"y":429,"width":65,"height":9}},{"id":"be8a3722-a710-46ad-a5d0-0bb0eee88082","block_type":"box","text":"Prospectus or in a relevant Supplement, in respect of a particular Fund, dividends may be reinvested.","page_number":102,"box":{"x":119,"y":444,"width":766,"height":12}},{"id":"a91bdd52-5a21-4671-bd6a-dd047560eafe","block_type":"box","text":"No transaction charges will be payable on reinvestment for Shares. Normally, dividends on equity funds","page_number":102,"box":{"x":118,"y":459,"width":767,"height":12}},{"id":"30bd5507-411a-4a45-a1a5-27ac5f2afaea","block_type":"box","text":"will be paid on a quarterly basis and dividends on fixed income funds will be paid on a monthly basis,","page_number":102,"box":{"x":119,"y":474,"width":766,"height":12}},{"id":"df98bd04-8344-46cd-b1a7-6b451972ea3d","block_type":"box","text":"unless otherwise detailed in A","page_number":102,"box":{"x":119,"y":489,"width":207,"height":9}},{"id":"e64bde28-3c5c-425b-a9d1-45267b62f1da","block_type":"box","text":"Appendix 1","page_number":102,"box":{"x":324,"y":489,"width":89,"height":12}},{"id":"8050ae2a-ee3f-4b57-97b6-ec30b3f3e0fe","block_type":"box","text":"of this Prospectus or in a relevant Supplement. Investors should","page_number":102,"box":{"x":414,"y":489,"width":471,"height":12}},{"id":"8787a7b2-38b8-4af8-a4e7-c014328f6820","block_type":"box","text":"refer to","page_number":102,"box":{"x":119,"y":504,"width":63,"height":9}},{"id":"4a7370b0-6ccd-45d4-bf3d-33deed7db344","block_type":"box","text":"https://fund-docs.vanguard.com/etf-distribution-schedule.pdf","page_number":102,"box":{"x":196,"y":504,"width":453,"height":12}},{"id":"c10dee2b-7a3b-4b98-a1f6-e62720695ec6","block_type":"box","text":"f for further information on","page_number":102,"box":{"x":647,"y":504,"width":238,"height":9}},{"id":"8b015b6d-7018-4393-9e58-f1f4d6401ce5","block_type":"box","text":"dividend payments, including dates on which dividends are scheduled to be paid. Any dividend","page_number":102,"box":{"x":119,"y":519,"width":766,"height":12}},{"id":"1f8b9eef-4e2e-4e6c-96cb-116ea57fb2b2","block_type":"box","text":"unclaimed after six years from the date when it first becomes payable shall be forfeited automatically,","page_number":102,"box":{"x":119,"y":534,"width":766,"height":12}},{"id":"46dfef6f-6151-4f16-88be-3eab3c443453","block_type":"box","text":"without the necessity for any declaration or other action by the Company.","page_number":102,"box":{"x":119,"y":549,"width":543,"height":12}},{"id":"857f3af1-076b-4a99-9770-3b988de2c26e","block_type":"box","text":"103","page_number":103,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"fe675f44-0d60-4a48-9dc0-d1c104f23f39","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":103,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"f631181b-ab3c-495e-b8c1-5463438b368c","block_type":"box","text":"TAXATION","page_number":103,"box":{"x":450,"y":95,"width":104,"height":9}},{"id":"ecc7dc4b-4424-4d6c-bb4d-c73e46fb67ee","block_type":"box","text":"The information given in this Taxation section is not exhaustive and the tax and other matters","page_number":103,"box":{"x":120,"y":132,"width":765,"height":11}},{"id":"5f4d44e8-a754-4d4d-8ebf-25e12ec11f51","block_type":"box","text":"described in this Taxation section do not constitute, and should not be considered as, tax or legal","page_number":103,"box":{"x":119,"y":147,"width":766,"height":11}},{"id":"8fa2bef5-e925-4565-b6f0-9680c18d41c9","block_type":"box","text":"advice to prospective investors. Prospective investors should consult their own professional advisers","page_number":103,"box":{"x":119,"y":162,"width":766,"height":11}},{"id":"ada78282-a153-498b-ad4a-0ded77f5d750","block_type":"box","text":"as to the implications of their subscribing for, purchasing, holding, switching or disposing of Shares","page_number":103,"box":{"x":119,"y":177,"width":766,"height":11}},{"id":"c234a327-37c8-4564-96a7-fbac21059cea","block_type":"box","text":"under the laws of the jurisdictions in which they may be subject to tax. In addition, investors should","page_number":103,"box":{"x":119,"y":192,"width":766,"height":11}},{"id":"082544fb-dc1e-4041-82ed-f54e832ef5a5","block_type":"box","text":"be aware that tax regulations and legislation and their application and interpretation by the relevant","page_number":103,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"ccfbcb2c-86e8-4869-8faf-af7ba9176250","block_type":"box","text":"taxation authorities may change from time to time, retroactively as well as prospectively. Accordingly,","page_number":103,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"876beed2-c8cc-425c-ac15-84ef980939dc","block_type":"box","text":"it is not possible to predict the precise tax treatment which will apply at any given time. Other","page_number":103,"box":{"x":119,"y":237,"width":766,"height":11}},{"id":"1262df52-d4cf-4f2a-aaeb-05a1e1dec8c7","block_type":"box","text":"legislation could be enacted that would subject the Company to additional taxes or subject","page_number":103,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"f75f2771-d431-4e2a-b153-4792e5e77195","block_type":"box","text":"Shareholders to increased taxes. Any change in the Company’s tax status or in taxation legislation","page_number":103,"box":{"x":118,"y":267,"width":767,"height":12}},{"id":"b32e248b-2055-4acd-8478-9add75b2de96","block_type":"box","text":"could affect the value of the Investments held by the Company and affect the Company’s ability to","page_number":103,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"cdeb2e06-c603-4274-bb66-8bb7d4f1050e","block_type":"box","text":"provide the investor returns.","page_number":103,"box":{"x":116,"y":297,"width":222,"height":12}},{"id":"9fc0ceae-b3ad-4506-9136-2461c2333141","block_type":"box","text":"The following summary is not a full description or analysis of the complex tax rules and","page_number":103,"box":{"x":120,"y":327,"width":765,"height":12}},{"id":"e6ff87ab-f66e-4470-98f6-57fec948672a","block_type":"box","text":"considerations affecting the Shareholders and the Company’s proposed operations and is based only","page_number":103,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"908fce30-451c-4f38-9cd6-ec0b1ad331d3","block_type":"box","text":"upon existing laws, judicial decisions and administrative regulations, rulings and practices, all of","page_number":103,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"dba7b5bf-4660-4772-8de3-d7616c105dd1","block_type":"box","text":"which are subject to change.","page_number":103,"box":{"x":119,"y":372,"width":222,"height":12}},{"id":"8dd42791-bdaf-430f-93f1-45fd1e04413a","block_type":"box","text":"Taxation of the Company in Ireland","page_number":103,"box":{"x":119,"y":402,"width":289,"height":12}},{"id":"5554b667-a074-4799-863a-946f691c977c","block_type":"box","text":"The following is a summary of certain Irish tax consequences of the purchase, ownership and","page_number":103,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"1bd1f877-12d2-44df-aa6d-bb8875acd716","block_type":"box","text":"disposal of Shares as of the date of this Prospectus. The summary does not purport to be a","page_number":103,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"e1d397f8-6095-43cc-8c13-2199410ef4df","block_type":"box","text":"comprehensive description of all of the Irish tax considerations that may be relevant to a decision","page_number":103,"box":{"x":119,"y":461,"width":766,"height":12}},{"id":"f87f790e-87e1-41d2-bd1a-fb1faf96bc5c","block_type":"box","text":"to purchase, own or dispose of Shares. The summary relates only to the position of persons who","page_number":103,"box":{"x":119,"y":476,"width":766,"height":12}},{"id":"13d3fa45-fd1c-4e05-9930-a89fdb819f62","block_type":"box","text":"are the absolute beneficial owners of Shares and may not apply to certain other classes of persons.","page_number":103,"box":{"x":119,"y":491,"width":761,"height":12}},{"id":"b32f5176-f1b9-4a66-9121-4f5ebce39329","block_type":"box","text":"It is based on the law and practice and official interpretation currently in effect, all of which are","page_number":103,"box":{"x":119,"y":506,"width":766,"height":12}},{"id":"bc5ba1af-72a1-4b17-ab74-5719a12a9cef","block_type":"box","text":"subject to change.","page_number":103,"box":{"x":119,"y":522,"width":145,"height":11}},{"id":"8cf94cb7-39fd-4045-9063-d49191a431db","block_type":"box","text":"The Company intends to conduct its affairs so that it is Irish tax resident. On that basis, the Company","page_number":103,"box":{"x":119,"y":550,"width":766,"height":12}},{"id":"6bd907c3-27c7-4bf5-8dea-7c0f256f3283","block_type":"box","text":"qualifies as an “investment undertaking” (as defined in Section 739B TCA) for Irish tax purposes and,","page_number":103,"box":{"x":119,"y":566,"width":766,"height":12}},{"id":"a598040a-93cc-4c72-8952-551ba5b10809","block_type":"box","text":"consequently, is not chargeable to Irish tax on its income and gains.","page_number":103,"box":{"x":119,"y":581,"width":505,"height":12}},{"id":"bc91455e-d9a6-4dbd-b6a2-ad44f3b908e5","block_type":"box","text":"The Company will be obliged to account for Irish tax to the Irish Revenue Commissioners if Shares are","page_number":103,"box":{"x":119,"y":610,"width":766,"height":12}},{"id":"dd0a44c4-9ab7-4c51-876f-3f275fd02570","block_type":"box","text":"held by certain Irish resident (or ordinarily resident) Shareholders (and in certain other circumstances)","page_number":103,"box":{"x":119,"y":625,"width":766,"height":12}},{"id":"e0fb1ae4-9cd5-4f5b-8799-f186afead6bc","block_type":"box","text":"as described below. Explanations of the terms “","page_number":103,"box":{"x":119,"y":640,"width":347,"height":12}},{"id":"22e6e464-5cfe-4868-9906-b4b7ddede7de","block_type":"box","text":"resident","page_number":103,"box":{"x":467,"y":640,"width":61,"height":9}},{"id":"62a7d6c4-76b8-4b07-8587-3d1547d6c197","block_type":"box","text":"” and “","page_number":103,"box":{"x":528,"y":640,"width":50,"height":9}},{"id":"d8a9fa11-90c5-4428-92a4-bc03ed52a34f","block_type":"box","text":"ordinarily resident”","page_number":103,"box":{"x":579,"y":640,"width":141,"height":12}},{"id":"9f4cf2c1-28d5-4a4b-98df-2f44cdeb8df7","block_type":"box","text":"t” are set out at the end","page_number":103,"box":{"x":720,"y":640,"width":165,"height":9}},{"id":"0eeea0f7-cddd-47da-bd63-3832260ae96f","block_type":"box","text":"of this summary.","page_number":103,"box":{"x":119,"y":655,"width":129,"height":12}},{"id":"c1019a24-5533-4140-b493-ae682a5a8cfd","block_type":"box","text":"Despite the fact the Company is exempt from Irish tax on its income and gains, tax can arise on the","page_number":103,"box":{"x":119,"y":684,"width":766,"height":12}},{"id":"f067d617-5dc3-4157-a9dd-a405b82dff25","block_type":"box","text":"happening of a “chargeable event” in the Company. A chargeable event includes any distribution","page_number":103,"box":{"x":119,"y":699,"width":766,"height":12}},{"id":"4f221b89-3b52-4baa-b02f-8075abd420d7","block_type":"box","text":"payments to Shareholders or any encashment, redemption, cancellation or transfer of Shares or","page_number":103,"box":{"x":119,"y":714,"width":766,"height":12}},{"id":"68de7767-2771-420d-882c-5d2af7c55e6b","block_type":"box","text":"appropriation or cancellation of Shares of a Shareholder by the Company for the purposes of meeting","page_number":103,"box":{"x":119,"y":729,"width":766,"height":12}},{"id":"de87de72-a18c-4139-b60f-eef14744cca8","block_type":"box","text":"the amount of tax payable on a gain arising on a transfer. No tax will arise on the Company in respect","page_number":103,"box":{"x":119,"y":744,"width":766,"height":12}},{"id":"fdace3ec-c23c-40fe-b17d-399fe539e5b3","block_type":"box","text":"of chargeable events in respect of a Shareholder who is not resident (or ordinarily resident) in Ireland at","page_number":103,"box":{"x":119,"y":759,"width":766,"height":12}},{"id":"d852af93-a576-4966-8248-5d5ef1962a94","block_type":"box","text":"the time of the chargeable event provided that a Declaration is in place and the Company is not in","page_number":103,"box":{"x":119,"y":774,"width":766,"height":12}},{"id":"b809f751-a941-4874-b451-3e45ff22cdc5","block_type":"box","text":"possession of any information which would reasonably suggest that the information contained therein","page_number":103,"box":{"x":119,"y":789,"width":766,"height":12}},{"id":"b22e00ef-63ca-48ee-8b7c-c25e35420345","block_type":"box","text":"is no longer materially correct. In the absence of a Declaration there is a presumption that the investor","page_number":103,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"2a543772-f142-4532-959c-6c7d0f5fd753","block_type":"box","text":"is resident (or ordinarily resident) in Ireland. Where a Declaration is required but is not provided to the","page_number":103,"box":{"x":119,"y":819,"width":766,"height":12}},{"id":"a4a371c1-01c9-4c8a-bc7e-5cd143cbe062","block_type":"box","text":"Company by a Shareholder and tax is subsequently deducted by the Company on the occurrence of a","page_number":103,"box":{"x":119,"y":834,"width":766,"height":12}},{"id":"43e5a713-1b0b-4909-873e-5173a2379e04","block_type":"box","text":"chargeable event, Irish legislation provides for a refund of such tax only to companies within the charge","page_number":103,"box":{"x":119,"y":849,"width":766,"height":12}},{"id":"6044d046-9499-4eb7-9e45-781cdda06349","block_type":"box","text":"to Irish tax, to certain incapacitated persons and in certain other limited circumstances. The requirement","page_number":103,"box":{"x":119,"y":864,"width":766,"height":12}},{"id":"5e93030a-fe7d-4561-b2f6-28db8fdd0b1a","block_type":"box","text":"to provide a Declaration does not arise where the Shares are held in a Recognised Clearing and","page_number":103,"box":{"x":119,"y":879,"width":766,"height":12}},{"id":"1a504a87-950f-444f-bcd8-4437c939c34b","block_type":"box","text":"Settlement System (see section below for further details).","page_number":103,"box":{"x":120,"y":895,"width":427,"height":12}},{"id":"1e121261-613c-45f3-925f-34e311a26d0f","block_type":"box","text":"104","page_number":104,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"e3116451-955b-4fd3-9b74-fce2f57df5fd","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":104,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"0e874150-8009-4cc6-97d4-aa09e896979c","block_type":"box","text":"A chargeable event does not include:","page_number":104,"box":{"x":119,"y":87,"width":278,"height":12}},{"id":"ccd09ce3-71ae-4732-a240-c92e8800b8b9","block_type":"box","text":"","page_number":104,"box":{"x":120,"y":120,"width":6,"height":5}},{"id":"704a3b16-2284-4a1c-b7ae-e7628013c571","block_type":"box","text":"an exchange by a Shareholder, effected by way of an arm’s length bargain where no payment is","page_number":104,"box":{"x":149,"y":117,"width":736,"height":12}},{"id":"78183875-f06c-4b62-8307-aaad948b170f","block_type":"box","text":"made to the Shareholder, of Shares in the Company for other Shares in the Company;","page_number":104,"box":{"x":149,"y":132,"width":639,"height":12}},{"id":"e214b0b2-762e-481d-9438-2c2f2c503868","block_type":"box","text":"","page_number":104,"box":{"x":120,"y":166,"width":6,"height":5}},{"id":"5b6fea5c-d44c-4613-befa-be19fbfa6461","block_type":"box","text":"any transactions (which might otherwise be a chargeable event) in relation to Shares held in a","page_number":104,"box":{"x":149,"y":163,"width":736,"height":12}},{"id":"f8a2ec85-c43f-4773-bb64-7ac9b80ca789","block_type":"box","text":"Recognised Clearing and Settlement System as designated by order of the Irish Revenue","page_number":104,"box":{"x":148,"y":178,"width":737,"height":12}},{"id":"eed5ca69-bce0-4302-8d13-13b6351febcf","block_type":"box","text":"Commissioners;","page_number":104,"box":{"x":150,"y":193,"width":124,"height":11}},{"id":"706a076e-71d5-43eb-ab6b-c1fafc84c661","block_type":"box","text":"","page_number":104,"box":{"x":120,"y":227,"width":6,"height":5}},{"id":"b67fe321-c291-44e4-b5ba-1c92a5195b21","block_type":"box","text":"a transfer by a Shareholder of the entitlement to a Share where the transfer is between spouses,","page_number":104,"box":{"x":149,"y":224,"width":736,"height":12}},{"id":"3dbc0fb9-3173-4077-bf30-a04e9672172d","block_type":"box","text":"former spouses, civil partners and former civil partners subject to certain conditions;","page_number":104,"box":{"x":146,"y":239,"width":640,"height":12}},{"id":"c68a0c54-e230-4300-add7-9190ae750262","block_type":"box","text":"","page_number":104,"box":{"x":120,"y":273,"width":6,"height":5}},{"id":"adc77c02-bac8-4302-aad9-4f1413a22ed3","block_type":"box","text":"an exchange of Shares arising on a qualifying amalgamation or reconstruction (within the meaning","page_number":104,"box":{"x":149,"y":270,"width":736,"height":12}},{"id":"8bd1a933-109c-433a-b7dc-69af282ff019","block_type":"box","text":"of section 739H of the TCA) of the Company with another investment undertaking;","page_number":104,"box":{"x":149,"y":285,"width":616,"height":12}},{"id":"ad98eb7e-a5f7-4127-92a5-d15ea6b60f85","block_type":"box","text":"","page_number":104,"box":{"x":120,"y":319,"width":6,"height":5}},{"id":"0a73e1d7-ae5e-445b-bf26-68aac4cad69b","block_type":"box","text":"any transaction in relation to, or in respect of, relevant Shares in an investment undertaking which","page_number":104,"box":{"x":149,"y":316,"width":736,"height":12}},{"id":"e390841f-f498-4cef-b79b-bcde749e178d","block_type":"box","text":"transaction only arises by virtue of a change in the manager of funds administered by the Courts","page_number":104,"box":{"x":150,"y":331,"width":735,"height":12}},{"id":"f4affa70-5f65-4d23-8615-86bec301969a","block_type":"box","text":"Service.","page_number":104,"box":{"x":149,"y":346,"width":64,"height":9}},{"id":"9a791d27-4438-42a2-a2ec-bfe4da1330e7","block_type":"box","text":"If a Shareholder does not dispose of Shares within eight years of acquiring them, the Shareholder will","page_number":104,"box":{"x":119,"y":376,"width":766,"height":12}},{"id":"076bed41-3fb9-4a2a-b797-550b1d0ca539","block_type":"box","text":"be deemed for Irish tax purposes to have disposed of the Shares on the eighth anniversary of their","page_number":104,"box":{"x":119,"y":391,"width":766,"height":12}},{"id":"c12dde88-4581-4da0-8282-2356ec4db17c","block_type":"box","text":"acquisition (and any subsequent eighth anniversary). On such deemed disposal, the Company will","page_number":104,"box":{"x":119,"y":406,"width":766,"height":12}},{"id":"90d7fa88-b7fb-4813-9be6-4be6b95015a8","block_type":"box","text":"account for Irish tax on the increase in value (if any) of those Shares over that eight year period. The","page_number":104,"box":{"x":119,"y":421,"width":766,"height":12}},{"id":"ab1249cf-64bc-4942-9c4c-390e09423389","block_type":"box","text":"Company will pay this tax to the Irish Revenue Commissioners. To fund the Irish tax liability, the","page_number":104,"box":{"x":119,"y":436,"width":766,"height":12}},{"id":"67c66d00-aa3e-4690-a12d-72ecc2dbb957","block_type":"box","text":"Company may appropriate or cancel Shares held by the Shareholder. This may result in further Irish tax","page_number":104,"box":{"x":119,"y":451,"width":766,"height":12}},{"id":"00d5637d-732b-4d75-aa28-87dc69ee8f9f","block_type":"box","text":"becoming due which the Company may satisfy by appropriating or cancelling additional Shares of the","page_number":104,"box":{"x":119,"y":466,"width":766,"height":12}},{"id":"0c886fa2-2d99-4efb-b6da-98f397427cfe","block_type":"box","text":"Shareholder. No tax is payable by the Company in respect of Exempt Investors and Shareholders who","page_number":104,"box":{"x":120,"y":481,"width":765,"height":12}},{"id":"900d3517-8384-4afe-9752-19cc15b6138e","block_type":"box","text":"are not resident or ordinarily resident in Ireland and, where required, the required Declarations are in","page_number":104,"box":{"x":119,"y":496,"width":766,"height":12}},{"id":"9c4a9e32-243f-4f89-aa75-706cac828576","block_type":"box","text":"place.","page_number":104,"box":{"x":119,"y":511,"width":48,"height":12}},{"id":"fb3a1f13-07c3-4491-aa42-b2f5ddc1ceda","block_type":"box","text":"However, if less than 10% of the Shares (by value) in the relevant Fund are held by non-Exempt","page_number":104,"box":{"x":119,"y":540,"width":766,"height":12}},{"id":"7477162f-f7ce-45cf-a3f0-a60f85d776fe","block_type":"box","text":"Investors (see below), the Company may elect not to account for Irish tax on this deemed disposal.","page_number":104,"box":{"x":119,"y":556,"width":734,"height":12}},{"id":"8dd1eaaf-a81b-4759-8349-1bbfb5c827a7","block_type":"box","text":"Where the value of the Shares held by non-Exempt Investors is less than 10% of the value of the total","page_number":104,"box":{"x":119,"y":585,"width":766,"height":12}},{"id":"8406e3b4-f4d1-431c-a8d5-b24760acb1b4","block_type":"box","text":"Shares of the Company, the Company will not be obliged to deduct tax on the happening of such a","page_number":104,"box":{"x":120,"y":600,"width":765,"height":12}},{"id":"64603a5f-4ab5-408f-b136-85199ea852c2","block_type":"box","text":"chargeable event, provided the Company elects to report certain information to the Irish Revenue","page_number":104,"box":{"x":119,"y":615,"width":766,"height":12}},{"id":"23a6f215-51eb-4252-b439-17cd50e5a5f9","block_type":"box","text":"Commissioners and the Shareholder. In such circumstances, the Shareholder will have to account for","page_number":104,"box":{"x":119,"y":630,"width":766,"height":11}},{"id":"4d9ac220-d6d1-47f8-ac20-e04fb345fe01","block_type":"box","text":"the appropriate tax arising on the happening of the chargeable event on a self-assessment basis.","page_number":104,"box":{"x":119,"y":645,"width":708,"height":12}},{"id":"e853dd94-3bb2-49e6-8238-e0abb622bc7d","block_type":"box","text":"Any Irish tax paid in respect of the increase in value of Shares over the eight year period may be set off","page_number":104,"box":{"x":119,"y":675,"width":766,"height":12}},{"id":"97c08d44-1919-4bee-bddd-49fb6e36d477","block_type":"box","text":"on a proportionate basis against any future Irish tax which would otherwise be payable in respect of","page_number":104,"box":{"x":119,"y":690,"width":766,"height":12}},{"id":"8ac95e73-1b7a-49ad-9df1-e79700ae1db8","block_type":"box","text":"those Shares and any excess may be recovered on an ultimate disposal of the Shares. Where less than","page_number":104,"box":{"x":119,"y":705,"width":766,"height":12}},{"id":"5a2ff6d3-6fc5-446e-aec9-115e1ec45ed4","block_type":"box","text":"15% of the net asset value of Shares in the Company are held by taxable Irish persons, the Company","page_number":104,"box":{"x":121,"y":720,"width":764,"height":12}},{"id":"eb2590a3-3807-405d-8471-3a22c1e14b11","block_type":"box","text":"may elect not to repay Shareholders any overpaid tax. Such Shareholders must seek repayment of any","page_number":104,"box":{"x":119,"y":735,"width":766,"height":12}},{"id":"607eb6b1-a5de-4f73-80ba-722996b00f5e","block_type":"box","text":"overpaid tax directly from the Irish Revenue Commissioners. In the event that such an election is made,","page_number":104,"box":{"x":119,"y":750,"width":766,"height":12}},{"id":"8eae1d16-85de-414f-9737-94ef6cbe42da","block_type":"box","text":"the Company will notify the Shareholder that the Company has made an election and the Company will","page_number":104,"box":{"x":119,"y":765,"width":766,"height":12}},{"id":"3da01307-7a67-4a16-bea7-1d8c11778b2a","block_type":"box","text":"provide the Shareholders with the necessary information to enable the claim to be made by the","page_number":104,"box":{"x":119,"y":780,"width":766,"height":12}},{"id":"531857d5-a20f-45e3-9f14-af23cb67bbc8","block_type":"box","text":"Shareholders to the Irish Revenue Commissioners.","page_number":104,"box":{"x":120,"y":795,"width":378,"height":10}},{"id":"c7c9f08b-3776-4d12-b5dc-d65f229503bf","block_type":"box","text":"Dividends received by the Company from investment in Irish equities may be subject to Irish dividend","page_number":104,"box":{"x":119,"y":825,"width":766,"height":12}},{"id":"df78cbfd-34e8-4412-994b-96dda49c7caf","block_type":"box","text":"withholding tax at the standard rate of income tax. However, the Company can make a declaration to","page_number":104,"box":{"x":119,"y":840,"width":766,"height":12}},{"id":"e58d4129-74fd-47c1-9c49-5f39d1aaf269","block_type":"box","text":"the payer that it is a collective investment undertaking (within the meaning of Section 739B TCA)","page_number":104,"box":{"x":119,"y":855,"width":766,"height":12}},{"id":"18763d68-f852-4afb-b5f9-a674d622daf0","block_type":"box","text":"beneficially entitled to the dividends which will entitle the Company to receive such dividends without","page_number":104,"box":{"x":119,"y":870,"width":766,"height":12}},{"id":"f6a78511-8a68-437f-b169-acc1316717a8","block_type":"box","text":"deduction of Irish dividend withholding tax.","page_number":104,"box":{"x":119,"y":885,"width":331,"height":12}},{"id":"e91f0b00-deaa-49e0-b10f-5d31f48df467","block_type":"box","text":"105","page_number":105,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"c6b5a45b-d9d1-421f-a45a-ace3fe57172c","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":105,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"67141be2-41da-434a-8bd2-26ea1ce41702","block_type":"box","text":"Shareholders whose Shares are held in a Recognised Clearing and Settlement System","page_number":105,"box":{"x":118,"y":87,"width":656,"height":12}},{"id":"e7ea6d29-adf3-484c-b3cd-5f13db902bed","block_type":"box","text":"Where Shares are held in a Recognised Clearing and Settlement System, the obligation falls on the","page_number":105,"box":{"x":119,"y":116,"width":766,"height":12}},{"id":"b9cbc174-109a-4ad7-850b-0a48b5628137","block_type":"box","text":"Shareholder (rather than the Company) to self-account for any tax arising on a chargeable event. In the","page_number":105,"box":{"x":120,"y":131,"width":765,"height":12}},{"id":"b9a7e003-b107-4d44-b640-8fe66b3e6362","block_type":"box","text":"case of a Shareholder who is resident (or ordinarily resident) in Ireland and who is an individual, tax at","page_number":105,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"04ebaed7-16c9-46e1-8a4f-0025659a09ee","block_type":"box","text":"the rate of 41% should be accounted for by the Shareholder in respect of any distributions and gains","page_number":105,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"56aaf142-fab2-4e1e-9d1c-0314408d0d85","block_type":"box","text":"arising to the individual Shareholder on an encashment, redemption or transfer of Shares by the","page_number":105,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"3ef7fd6d-ee28-4d1e-8937-1b0fdfafecd8","block_type":"box","text":"Shareholder. This rate applies where the individual Shareholder has correctly included details of the","page_number":105,"box":{"x":120,"y":191,"width":765,"height":12}},{"id":"43151c17-1287-4616-b053-fc6b63dabdc3","block_type":"box","text":"income in a timely tax return. The rate of tax for a Shareholder which is resident in Ireland and which","page_number":105,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"0c6336f3-c65d-4418-bf8f-0b3a2317b2a9","block_type":"box","text":"is a company is 25%.","page_number":105,"box":{"x":119,"y":221,"width":162,"height":12}},{"id":"298128f4-d290-45df-8439-08f929d4429a","block_type":"box","text":"It should be noted that a Declaration is not required to be made where the Shares, the subject of the","page_number":105,"box":{"x":119,"y":255,"width":766,"height":12}},{"id":"f89fb662-ae83-4046-8bd9-ca24c2a8209e","block_type":"box","text":"application for subscription or registration of transfer on a transfer of Shares, are held in a Recognised","page_number":105,"box":{"x":119,"y":270,"width":766,"height":12}},{"id":"7e80cd0e-66f6-4633-b7ba-fce1767d76b4","block_type":"box","text":"Clearing and Settlement System so designated by the Irish Revenue Commissioners. It is the current","page_number":105,"box":{"x":119,"y":285,"width":766,"height":12}},{"id":"e1e65b63-5dd3-4fb1-ad75-d7de3dff1fc2","block_type":"box","text":"intention of the Directors that all of the Shares will be held in a Recognised Clearing and Settlement","page_number":105,"box":{"x":119,"y":300,"width":766,"height":12}},{"id":"3ad0e1dc-49b6-49b6-8778-551bf4370ea5","block_type":"box","text":"System. If in the future, the Directors permit Shares to be held in certificated form outside a Recognised","page_number":105,"box":{"x":120,"y":315,"width":765,"height":12}},{"id":"fc69b546-0e90-44c2-a24b-5f9240c1b244","block_type":"box","text":"Clearing and Settlement System, prospective investors for Shares on subscription and proposed","page_number":105,"box":{"x":119,"y":330,"width":766,"height":12}},{"id":"d6dbca15-1ae3-41e3-af86-67dc33383060","block_type":"box","text":"transferees of Shares will be required to complete a Declaration as a pre-requisite to being issued Shares","page_number":105,"box":{"x":119,"y":345,"width":766,"height":12}},{"id":"c140bc89-78ed-4f82-83c6-eb4442b68f45","block_type":"box","text":"in the Company or being registered as a transferee of the Shares (as the case may be).","page_number":105,"box":{"x":119,"y":360,"width":636,"height":12}},{"id":"247497e0-dee0-4ddf-ab4a-b42073cbe445","block_type":"box","text":"To the extent that any Shares are not held in a Recognised Clearing and Settlement System, the following","page_number":105,"box":{"x":119,"y":389,"width":766,"height":12}},{"id":"294d0ece-d6ca-423c-8fe1-4aa272dcc3e0","block_type":"box","text":"tax consequences will arise on a chargeable event:","page_number":105,"box":{"x":119,"y":404,"width":376,"height":12}},{"id":"33647e9f-753a-4fe5-9edd-91a5d40e3d7b","block_type":"box","text":"Shareholders who are not resident (or ordinarily resident) in Ireland and their Shares are not held","page_number":105,"box":{"x":118,"y":434,"width":767,"height":11}},{"id":"77859567-8e30-405e-a3ce-2e27eef03665","block_type":"box","text":"in a Recognised Clearing and Settlement System","page_number":105,"box":{"x":119,"y":449,"width":373,"height":12}},{"id":"f66f28aa-20b6-45e7-b428-c57471539e19","block_type":"box","text":"The Company will not have to deduct tax on the occasion of a chargeable event in respect of a","page_number":105,"box":{"x":119,"y":478,"width":766,"height":12}},{"id":"0c304d4e-2701-49d6-99b5-24efc2cca49b","block_type":"box","text":"Shareholder if (a) the Shareholder is not resident (or ordinarily resident) in Ireland, (b) the Shareholder","page_number":105,"box":{"x":120,"y":493,"width":765,"height":12}},{"id":"6da12a7f-dbf8-473b-8c8e-0401435d0c86","block_type":"box","text":"has made a Declaration and (c) the Company has no reason to believe that the Declaration is incorrect.","page_number":105,"box":{"x":119,"y":508,"width":766,"height":12}},{"id":"d5a21032-5451-427e-b00b-56781e0ad719","block_type":"box","text":"Alternatively, where the Company has put in place appropriate Equivalent Measures to ensure that","page_number":105,"box":{"x":119,"y":523,"width":766,"height":12}},{"id":"7c55578b-66fb-41b8-9189-cef236e1af2e","block_type":"box","text":"Shareholders in the Company are neither Irish Resident nor Irish Ordinary Resident and the Company","page_number":105,"box":{"x":120,"y":538,"width":765,"height":12}},{"id":"2765c6fb-d90b-4b21-a630-450d3b0e4567","block_type":"box","text":"has received the appropriate approval from the Irish Revenue Commissioners, there will be no","page_number":105,"box":{"x":119,"y":553,"width":766,"height":12}},{"id":"24b8bd1e-9879-4b4a-a46f-3d6e8a79f4d2","block_type":"box","text":"requirement to deduct tax on the occasion of a chargeable event. In the absence of a Declaration or the","page_number":105,"box":{"x":119,"y":568,"width":766,"height":12}},{"id":"95aff204-d91d-4a68-bb7d-b0ace1a1364a","block_type":"box","text":"approval from the Irish Revenue Commissioners to operate Equivalent Measures, tax will arise on the","page_number":105,"box":{"x":119,"y":583,"width":766,"height":12}},{"id":"903335a2-695c-4ed3-8d3b-392f337eee2a","block_type":"box","text":"happening of a chargeable event in the Company regardless of the fact that a Shareholder is not resident","page_number":105,"box":{"x":119,"y":598,"width":766,"height":12}},{"id":"a5836ade-dc6d-4f51-a0bc-9824a43ad620","block_type":"box","text":"(or ordinarily resident) in Ireland. The appropriate tax that will be deducted is as described below.","page_number":105,"box":{"x":119,"y":613,"width":733,"height":12}},{"id":"3f2676e5-2cd3-4b58-8a27-51756ce5f632","block_type":"box","text":"To the extent that a Shareholder is acting as an Intermediary on behalf of persons who are not resident","page_number":105,"box":{"x":119,"y":642,"width":766,"height":12}},{"id":"97db78d1-0201-4191-a13e-7792593241e2","block_type":"box","text":"(or ordinarily resident) in Ireland no tax will have to be deducted by the Company on the occasion of a","page_number":105,"box":{"x":119,"y":657,"width":766,"height":12}},{"id":"de1a377c-3c79-4fb6-8aae-885977a6aff5","block_type":"box","text":"chargeable event provided that the Intermediary has made a Declaration that they are acting on behalf","page_number":105,"box":{"x":119,"y":672,"width":766,"height":12}},{"id":"d89cb6e7-d79f-4c30-a570-3b8753cd8d51","block_type":"box","text":"of such persons and the Company is not in possession of any information which would reasonably","page_number":105,"box":{"x":119,"y":687,"width":766,"height":12}},{"id":"1100e6f0-c29c-416d-832e-d8fc47be0ab9","block_type":"box","text":"suggest that the information contained therein is no longer materially correct or if the Company has","page_number":105,"box":{"x":120,"y":702,"width":765,"height":12}},{"id":"b90c64f4-3f35-46fa-8f05-e762755ba160","block_type":"box","text":"received approval from the Irish Revenue Commissioners that appropriate Equivalent Measures are in","page_number":105,"box":{"x":119,"y":717,"width":766,"height":12}},{"id":"734e7507-4e01-45a7-8d72-5111036a6d20","block_type":"box","text":"place and this approval has not been withdrawn.","page_number":105,"box":{"x":119,"y":732,"width":360,"height":12}},{"id":"6759a7c1-6d0f-4e2f-8ce4-d06fa2baff11","block_type":"box","text":"Shareholders who are not resident (or ordinarily resident) in Ireland and who have made Declarations","page_number":105,"box":{"x":120,"y":762,"width":765,"height":12}},{"id":"24fe848c-2b0c-4d57-93de-2de5ba15246e","block_type":"box","text":"in respect of which the Company is not in possession of any information which would reasonably","page_number":105,"box":{"x":119,"y":777,"width":766,"height":12}},{"id":"3561f388-033f-4ff0-bf58-7b7786a11c75","block_type":"box","text":"suggest that the information contained therein is no longer materially correct, (or if the Company has","page_number":105,"box":{"x":120,"y":792,"width":765,"height":12}},{"id":"696adf18-c3d8-457d-8c4c-7ae5b989ee98","block_type":"box","text":"the necessary approval from the Irish Revenue Commissioners that appropriate Equivalent Measures","page_number":105,"box":{"x":119,"y":807,"width":766,"height":12}},{"id":"a8f8cd8e-a027-43ad-8325-18af3ef75adc","block_type":"box","text":"are in place) will not be liable to Irish tax in respect of income from their Shares and gains made on the","page_number":105,"box":{"x":119,"y":822,"width":766,"height":12}},{"id":"ef61e5d4-f006-4ceb-be25-59bea9baec77","block_type":"box","text":"disposal of their Shares. However, any corporate Shareholder which is not Irish resident and which","page_number":105,"box":{"x":119,"y":837,"width":766,"height":12}},{"id":"1faea61e-35da-4e7b-9925-13ea4c1c53a8","block_type":"box","text":"holds Shares directly or indirectly by or for a trading branch or agency in Ireland will be liable to Irish","page_number":105,"box":{"x":119,"y":852,"width":766,"height":12}},{"id":"1a6c96ac-be3d-4a6d-8171-186f718a9146","block_type":"box","text":"tax on income from the Shares or gains made on disposal of the Shares.","page_number":105,"box":{"x":119,"y":867,"width":533,"height":12}},{"id":"9d2d2f01-d19d-473d-8452-fcf19e35cf71","block_type":"box","text":"106","page_number":106,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"0c5e0c7b-113a-419f-8cbd-05b4062b0d5e","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":106,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"be00aa23-2f72-45a8-a949-8400e82cc40a","block_type":"box","text":"Shareholders who are resident (or ordinarily resident) in Ireland and their Shares are not held in a","page_number":106,"box":{"x":118,"y":87,"width":767,"height":12}},{"id":"58a14426-aca8-4852-9b4e-1cbd18bca081","block_type":"box","text":"Recognised Clearing and Settlement System","page_number":106,"box":{"x":118,"y":102,"width":340,"height":12}},{"id":"ded4373d-8812-4777-9698-1ca989a445a1","block_type":"box","text":"Unless (a) a Shareholder is an Exempt Investor (as defined below), makes a Declaration to that effect","page_number":106,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"48f18bca-ed37-43e9-80c2-2f3234756f2a","block_type":"box","text":"and the Company is not in possession of any information which would reasonably suggest that the","page_number":106,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"aaa6cd35-5fee-44dc-9c93-a59e882acb41","block_type":"box","text":"information contained therein is no longer materially correct, or (b) unless the Shares are purchased by","page_number":106,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"b003dade-82d9-4a52-bd04-5030326e2c0a","block_type":"box","text":"the Courts Service, tax will be required to be deducted by the Company from any distributions and other","page_number":106,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"87b1394f-934d-4b1b-a02d-6d8b51846f03","block_type":"box","text":"chargeable events in relation to a Shareholder (other than a company which has made the required","page_number":106,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"ee66adf3-0a67-4efa-b2b3-86e320083876","block_type":"box","text":"declaration) who is resident (or ordinarily resident) in Ireland.","page_number":106,"box":{"x":119,"y":206,"width":463,"height":12}},{"id":"ceb7a4df-5170-4bb3-ab5b-9cb94d11678e","block_type":"box","text":"Tax at the rate of 41% will be deducted by the Company on any distribution or gain arising to the","page_number":106,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"82880bf3-14ee-4201-9320-301357e10229","block_type":"box","text":"Shareholder (other than a company which has made the required declaration) on an encashment,","page_number":106,"box":{"x":120,"y":250,"width":765,"height":12}},{"id":"308d213d-2068-4552-8459-5697a2f5b263","block_type":"box","text":"redemption, or transfer of Shares by a Shareholder who is resident (or ordinarily resident) in Ireland.","page_number":106,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"b8c02432-7b50-42c6-a7b4-37ce1d48dd7e","block_type":"box","text":"The rate of tax for Shareholders who are companies is 25% provided the required declaration is in place.","page_number":106,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"c01d3e5f-8166-4690-8b4f-2573d7be9a23","block_type":"box","text":"Tax at a rate of 41% will also have to be deducted in respect of Shares held at the end of an eight year","page_number":106,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"de7f2ac8-e337-461c-81d6-f7909afe1cf7","block_type":"box","text":"period (in respect of any excess in value of the cost of the relevant Shares) to the extent that the","page_number":106,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"883cdc73-5ec5-4aaf-97d2-1a74d8ecda55","block_type":"box","text":"Shareholder is resident (or ordinarily resident) in Ireland and is not an Exempt Investor who has made","page_number":106,"box":{"x":120,"y":326,"width":765,"height":12}},{"id":"06977189-aab0-4d76-96ce-aa18ae2565dd","block_type":"box","text":"a Declaration. However, as noted above, the Company will be exempt from making tax deductions in","page_number":106,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"0110e30d-dc56-42d7-87c6-b3374e7fdfc5","block_type":"box","text":"respect of distributions and gains on redemptions, cancellations, transfers or encashments of Shares held","page_number":106,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"023b1851-6a8c-4818-85b9-f500eb7c9952","block_type":"box","text":"by Shareholders who are resident (or ordinarily resident) in Ireland where the relevant Shares are held","page_number":106,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"4356f669-3d9c-454d-9d28-f765c95164b8","block_type":"box","text":"in a Recognised Clearing and Settlement System designated by the Irish Revenue Commissioners.","page_number":106,"box":{"x":119,"y":386,"width":731,"height":12}},{"id":"40b7eed2-c493-40dc-9462-e38f1bb227f1","block_type":"box","text":"Anti-avoidance provisions apply where an investment undertaking is regarded as a PPIU in respect of","page_number":106,"box":{"x":119,"y":415,"width":766,"height":12}},{"id":"61e3f9fa-bd9d-4ed2-97cf-1e100dc57a90","block_type":"box","text":"Irish tax resident individual Shareholders. In such circumstances any payment to a Shareholder will be","page_number":106,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"b6ddb23a-709b-4ab0-8534-9157921358a0","block_type":"box","text":"taxed at a rate of 60%. It is a matter of fact whether or not the Shareholder or a connected person has a","page_number":106,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"11d1883e-93f8-4563-a19b-c1fe5ffba483","block_type":"box","text":"right of selection as envisaged in the anti-avoidance measures. Individual Shareholders should seek","page_number":106,"box":{"x":119,"y":460,"width":766,"height":12}},{"id":"41c184df-ab1a-49da-bd2d-02480828b83a","block_type":"box","text":"independent legal advice to ascertain whether the investment undertaking, as a result of their personal","page_number":106,"box":{"x":119,"y":475,"width":766,"height":12}},{"id":"61d44454-6104-465c-a89e-91a686a59afb","block_type":"box","text":"circumstances, could be regarded as a PPIU (please refer to the definition of PPIU set out at the end of","page_number":106,"box":{"x":119,"y":490,"width":766,"height":12}},{"id":"4a55a08b-d8af-4833-86ec-1478b526ed37","block_type":"box","text":"this section for further details).","page_number":106,"box":{"x":119,"y":505,"width":233,"height":12}},{"id":"36f313a9-f020-4b0b-a283-291374e33d8c","block_type":"box","text":"Irish resident corporate Shareholders who receive distributions (where payments are made annually or","page_number":106,"box":{"x":119,"y":534,"width":766,"height":12}},{"id":"6b85718e-037e-4807-a72c-20072f3ea49a","block_type":"box","text":"at more frequent intervals) from which tax has been deducted will be treated as having received an","page_number":106,"box":{"x":119,"y":549,"width":766,"height":12}},{"id":"f56d30ce-9b3f-4741-931e-da6da1c62437","block_type":"box","text":"annual payment chargeable to tax under Case IV of Schedule D of the TCA from which tax at the 25%","page_number":106,"box":{"x":119,"y":564,"width":766,"height":12}},{"id":"0e3ee0c0-a1af-4147-bd4c-44437d8e9874","block_type":"box","text":"rate has been deducted. An Irish resident corporate Shareholder whose Shares are held in connection","page_number":106,"box":{"x":119,"y":579,"width":766,"height":12}},{"id":"3acb9964-68c8-4f59-a009-569e6ba7f2ee","block_type":"box","text":"with a trade will be taxable on any income or gains as part of that trade with a set-off against corporation","page_number":106,"box":{"x":119,"y":594,"width":766,"height":12}},{"id":"3361e4e3-1631-421a-88be-d131aad8b030","block_type":"box","text":"tax payable for any tax deducted by the Company.","page_number":106,"box":{"x":119,"y":609,"width":376,"height":12}},{"id":"50e20e14-5043-4d95-8fa8-40ee59cc0cf6","block_type":"box","text":"In general, non-corporate Shareholders who are who resident (or ordinarily resident) in Ireland will not","page_number":106,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"ff98e9f6-218c-4709-8dd3-5fed2778af0f","block_type":"box","text":"be subject to further Irish tax on income from their Shares or gains made on disposal of the Shares where","page_number":106,"box":{"x":119,"y":654,"width":766,"height":12}},{"id":"1cbb56ba-4bd4-462a-97cb-9e14f141e60f","block_type":"box","text":"tax has been deducted by the Company on payments received. Where a currency gain is made by a","page_number":106,"box":{"x":119,"y":669,"width":766,"height":12}},{"id":"48f37a1c-0a6a-41a0-9012-e60d4e4c52da","block_type":"box","text":"Shareholder on the disposal of his/her Shares, such Shareholder may be liable to Irish capital gains tax","page_number":106,"box":{"x":120,"y":684,"width":765,"height":12}},{"id":"4537be13-dd1c-4602-8776-b9b84d36aeb9","block_type":"box","text":"in the year of assessment in which the Shares are disposed of.","page_number":106,"box":{"x":119,"y":699,"width":460,"height":12}},{"id":"5e98fd01-a5fd-4803-8455-4e70a4afce33","block_type":"box","text":"Any Shareholder who is resident (or ordinarily resident) in Ireland and receives a distribution or receives","page_number":106,"box":{"x":119,"y":728,"width":766,"height":12}},{"id":"4d39ffa7-d14f-44dd-b4fc-fcec269d0fcf","block_type":"box","text":"a gain on an encashment, redemption, cancellation or transfer of Shares from which tax has not been","page_number":106,"box":{"x":119,"y":743,"width":766,"height":12}},{"id":"ee578740-edce-43e3-aea1-2c8a44c8df24","block_type":"box","text":"deducted by the Company may be liable to income tax or corporation tax on the amount of such","page_number":106,"box":{"x":119,"y":758,"width":766,"height":12}},{"id":"27180f04-9ce9-4926-9a9b-bf58b564558f","block_type":"box","text":"distribution or gain.","page_number":106,"box":{"x":119,"y":773,"width":151,"height":12}},{"id":"81b5ee3a-6ff0-43e7-85ea-f0c2a666563e","block_type":"box","text":"There is an obligation on the Company to provide an annual report to the Irish Revenue Commissioners","page_number":106,"box":{"x":119,"y":802,"width":766,"height":12}},{"id":"340093e2-c52d-4cd6-af70-0c17d6d95796","block_type":"box","text":"in relation to Shareholders who are resident or ordinarily resident in Ireland where the Shares are not","page_number":106,"box":{"x":119,"y":817,"width":766,"height":12}},{"id":"05bca6c1-9316-4283-84bd-a42cc41a4585","block_type":"box","text":"held in a Recognised Clearing and Settlement System.","page_number":106,"box":{"x":119,"y":832,"width":406,"height":13}},{"id":"3584552f-4952-4cee-acd6-2707e152ee07","block_type":"box","text":"The Finance Act 2016 introduced a new Irish tax regime for investment undertakings where 25% or","page_number":106,"box":{"x":119,"y":862,"width":766,"height":12}},{"id":"99c3f7ca-5523-47da-9faf-5d202e592a37","block_type":"box","text":"more of the value of the investment undertaking is made up of Irish real estate related assets. The new","page_number":106,"box":{"x":119,"y":877,"width":766,"height":12}},{"id":"0e1c0cb1-bbfa-4af3-b2af-db8a1caf3f87","block_type":"box","text":"rules apply only to non-UCITS entities and therefore do not apply to the Company.","page_number":106,"box":{"x":119,"y":892,"width":619,"height":12}},{"id":"fa2c662a-fcc7-4647-82b5-01f279cb7eae","block_type":"box","text":"107","page_number":107,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"7d552999-1c77-40ca-b7e7-7b79d672c240","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":107,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"9aa8700e-200d-44b6-9878-030d84a976d3","block_type":"box","text":"Stamp Duty","page_number":107,"box":{"x":118,"y":87,"width":95,"height":12}},{"id":"15175dcf-7c9b-4ef4-811d-bc2387677aaf","block_type":"box","text":"Generally, no Irish stamp duty is payable in Ireland on the issue, transfer, repurchase or redemption of","page_number":107,"box":{"x":119,"y":116,"width":766,"height":12}},{"id":"c6d9d413-989e-4721-bd73-746ed25c340d","block_type":"box","text":"Shares in the Company. Where any subscription for or redemption of Shares is satisfied by the in specie","page_number":107,"box":{"x":120,"y":131,"width":765,"height":12}},{"id":"3dccfab0-8e5e-4b90-b4ac-36080d471a2e","block_type":"box","text":"transfer of Irish securities or other Irish property, Irish stamp duty might arise on the transfer of such","page_number":107,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"d4f153c0-34dd-4c11-8046-b55355acfbd9","block_type":"box","text":"securities or property.","page_number":107,"box":{"x":120,"y":161,"width":165,"height":12}},{"id":"3fff7204-c164-4fbe-947a-fa9caa9e9d83","block_type":"box","text":"No Irish stamp duty will be payable by the Company on the conveyance or transfer of stock or","page_number":107,"box":{"x":118,"y":190,"width":767,"height":12}},{"id":"33266b74-95d0-468e-9d90-89b04a49c581","block_type":"box","text":"marketable securities provided that the stock or marketable securities in question have not been issued","page_number":107,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"28ae2f5d-1ec9-4388-b82b-29dc3eed7631","block_type":"box","text":"by a company registered in Ireland and provided that the conveyance or transfer does not relate to any","page_number":107,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"c0675056-b6fa-4599-b125-848b289b7962","block_type":"box","text":"immovable property situated in Ireland or any right over or interest in such property or to any stock or","page_number":107,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"58e73c5f-c772-4504-868c-7a0c774a0503","block_type":"box","text":"marketable securities of a company (other than a company which is an investment undertaking within","page_number":107,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"6336c873-2ec7-4f97-b8de-2753eca35f4a","block_type":"box","text":"the meaning of Section 739B of the TCA) which is registered in Ireland.","page_number":107,"box":{"x":119,"y":265,"width":539,"height":13}},{"id":"71903519-b3e3-4a6c-a0c1-dfa5c2214370","block_type":"box","text":"No stamp duty will arise on reconstructions or amalgamations of investment undertakings under Section","page_number":107,"box":{"x":118,"y":295,"width":767,"height":12}},{"id":"7641a74d-8f32-4463-a0b5-350477b6d5b8","block_type":"box","text":"739H of the TCA, provided the reconstructions or amalgamations are undertaken for bona fide","page_number":107,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"f10b66de-08a0-4438-8415-da4e2b719ecc","block_type":"box","text":"commercial purposes and not for the avoidance of tax.","page_number":107,"box":{"x":119,"y":325,"width":406,"height":12}},{"id":"2c19c508-aa90-438a-a79a-0eab7a2df01f","block_type":"box","text":"Mandatory Disclosure Rules","page_number":107,"box":{"x":118,"y":354,"width":223,"height":12}},{"id":"09472cd8-2c64-47e3-b8ba-443da74c3c61","block_type":"box","text":"On 25 May 2018, the European and Financial Affairs Council (“","page_number":107,"box":{"x":119,"y":383,"width":532,"height":12}},{"id":"46c01ee8-66b8-45d8-87d7-86709d733c42","block_type":"box","text":"ECOFIN","page_number":107,"box":{"x":652,"y":383,"width":71,"height":10}},{"id":"2b353c11-4124-4f4e-8727-00f35a665afc","block_type":"box","text":"”) formally adopted","page_number":107,"box":{"x":724,"y":383,"width":161,"height":12}},{"id":"0d601aeb-9317-4e9a-865a-e0362264f3ee","block_type":"box","text":"mandatory disclosure rules for certain cross-border arrangements. The Council Directive, known as","page_number":107,"box":{"x":119,"y":398,"width":766,"height":12}},{"id":"678408b7-0859-4994-be51-a6df8383cdb8","block_type":"box","text":"“DAC6”, is the latest in a number of measures designed to prevent tax avoidance. The main goals of","page_number":107,"box":{"x":119,"y":413,"width":766,"height":12}},{"id":"28fb1e1a-f3bd-4b0f-a955-4c3c89187fe3","block_type":"box","text":"DAC6 are to strengthen tax transparency and to fight against what is regarded as aggressive cross-border","page_number":107,"box":{"x":119,"y":428,"width":766,"height":12}},{"id":"a50b0d20-ff54-44a0-86e5-0823665a68f0","block_type":"box","text":"tax planning.","page_number":107,"box":{"x":119,"y":444,"width":101,"height":12}},{"id":"fdaa120c-de77-4d3e-be1c-10a9e47141c3","block_type":"box","text":"DAC6 requires the disclosure of certain information regarding “cross-border” arrangements to the","page_number":107,"box":{"x":119,"y":473,"width":766,"height":12}},{"id":"763f5420-0993-4e21-ac39-659c2ff9dbf7","block_type":"box","text":"taxation authorities of each EU member state and, in a redacted form, to the European Commission. The","page_number":107,"box":{"x":119,"y":488,"width":766,"height":12}},{"id":"054b848a-9603-4acf-997b-de1a8be5d901","block_type":"box","text":"information must be reported by persons who have acted as “intermediaries” in such transactions and,","page_number":107,"box":{"x":119,"y":503,"width":766,"height":12}},{"id":"ac797944-514f-4f47-8964-adc4680cddc4","block_type":"box","text":"in certain cases, taxpayers themselves. An “intermediary” for these purposes includes any person that","page_number":107,"box":{"x":119,"y":518,"width":766,"height":12}},{"id":"f6da8e39-a215-4b7e-97a4-1b7b9eeb3cb0","block_type":"box","text":"has designed, marketed or managed the implementation of a reportable arrangement. Broadly, a","page_number":107,"box":{"x":119,"y":533,"width":766,"height":12}},{"id":"0471507b-9713-4150-8551-9b0a5b63b2f9","block_type":"box","text":"transaction/arrangement will be reportable under the Directive if it involves at least one EU member","page_number":107,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"5ff701a4-b1ea-4f35-90d0-41fa313a4a41","block_type":"box","text":"state and it has one or more of the “hallmarks” of a reportable arrangement set out in the Directive.","page_number":107,"box":{"x":120,"y":563,"width":765,"height":12}},{"id":"0ec4c287-923a-44f1-9c84-38d9003a16b7","block_type":"box","text":"These hallmarks are very broadly defined and will capture a wide range of transactions. Information that","page_number":107,"box":{"x":119,"y":578,"width":766,"height":12}},{"id":"3ab69f1f-b25f-43ab-9b30-e3bb95e5c590","block_type":"box","text":"must be shared by intermediaries in respect of reportable arrangements includes details of any taxpayers","page_number":107,"box":{"x":119,"y":593,"width":766,"height":12}},{"id":"dae05c14-e919-495e-9699-ed0536b77f4d","block_type":"box","text":"to whom that arrangement was made available.","page_number":107,"box":{"x":119,"y":608,"width":353,"height":12}},{"id":"658e7419-ef1b-4bdd-be7b-f86fbd1035f0","block_type":"box","text":"Details of reportable cross-border arrangements that occur from 1 January 2021 need to be reported to","page_number":107,"box":{"x":119,"y":638,"width":766,"height":12}},{"id":"af38b6c2-57eb-4187-9ac8-0719a9b7f844","block_type":"box","text":"the Irish Revenue Commissioners within a prescribed 30 days timeline. Other jurisdictions may have","page_number":107,"box":{"x":119,"y":653,"width":766,"height":12}},{"id":"e75af858-fc69-42ed-b47c-bd5f72604fbb","block_type":"box","text":"differences in how they have implemented DAC6 and may have different deadlines for reporting","page_number":107,"box":{"x":119,"y":668,"width":766,"height":12}},{"id":"fad7832e-1bbc-417e-88c7-f841221a7e8b","block_type":"box","text":"transactions.","page_number":107,"box":{"x":119,"y":683,"width":97,"height":10}},{"id":"c41f888b-e006-4c4b-8713-efeeec510ea3","block_type":"box","text":"It is important to note that, unlike the domestic Irish mandatory disclosure rules, there are a limited","page_number":107,"box":{"x":119,"y":712,"width":766,"height":12}},{"id":"59ee8d2c-2c8d-4ea7-be28-a53def6a4907","block_type":"box","text":"number of exclusions for specific types of transactions (none of which should apply to the transactions","page_number":107,"box":{"x":119,"y":727,"width":766,"height":12}},{"id":"fa0a9a37-54f1-417d-9873-3e3a698be7d0","block_type":"box","text":"contemplated under this document) and DAC6 does not contain any other exclusion for ordinary day","page_number":107,"box":{"x":119,"y":742,"width":761,"height":12}},{"id":"1f5d0f4d-0482-479c-9d3b-0c6a76b75222","block_type":"box","text":"to-day tax advice that relies on ordinary tax planning using standard statutory exemptions and reliefs in","page_number":107,"box":{"x":119,"y":757,"width":766,"height":12}},{"id":"1632fc5b-ff0f-4a60-a8fa-636334dcbe00","block_type":"box","text":"a routine fashion for bona fide purposes.","page_number":107,"box":{"x":119,"y":772,"width":303,"height":13}},{"id":"27edeea6-e8ab-42db-8685-14dcb327b4f5","block_type":"box","text":"Gift and Inheritance Tax","page_number":107,"box":{"x":120,"y":802,"width":195,"height":12}},{"id":"3230ed01-437c-4578-90e3-a95871885e2b","block_type":"box","text":"Irish capital acquisitions tax (at a rate of 33%) can apply to gifts or inheritances of Irish situate assets or","page_number":107,"box":{"x":119,"y":831,"width":766,"height":12}},{"id":"96c615d7-1f85-4aab-a155-9907f710e750","block_type":"box","text":"where either the person from whom the gift or inheritance is taken is Irish domiciled, resident or","page_number":107,"box":{"x":119,"y":846,"width":766,"height":12}},{"id":"df980777-2bbb-4260-aca0-4e47cca093ef","block_type":"box","text":"ordinarily resident or the person taking the gift or inheritance is Irish resident or ordinarily resident.","page_number":107,"box":{"x":119,"y":861,"width":740,"height":12}},{"id":"fe07f8c6-8b82-4bcc-bab5-d891b94594b9","block_type":"box","text":"108","page_number":108,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"32f3cd06-5c97-4dfc-bc74-487c6dcdd2b0","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":108,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"769d8d6d-f836-471c-b49b-8005f5a65b58","block_type":"box","text":"The Shares could be treated as Irish situate assets because they have been issued by an Irish company.","page_number":108,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"8ced724d-bce3-40ea-a9db-c0ca75247684","block_type":"box","text":"However, any gift or inheritance of Shares will be exempt from Irish gift or inheritance tax once:","page_number":108,"box":{"x":119,"y":102,"width":721,"height":12}},{"id":"0717df83-ff72-427a-8519-743d9cc8fdfc","block_type":"box","text":"(i)","page_number":108,"box":{"x":119,"y":131,"width":17,"height":12}},{"id":"dac5be71-7e83-4b87-8ac8-11cc4650b5a5","block_type":"box","text":"the Shares are comprised in the gift or inheritance both at the date of the gift or inheritance and","page_number":108,"box":{"x":178,"y":131,"width":707,"height":12}},{"id":"3effbb56-6323-48c9-b4f5-9968f05464a1","block_type":"box","text":"at the “valuation date” (as defined for Irish capital acquisitions tax purposes);","page_number":108,"box":{"x":179,"y":146,"width":576,"height":12}},{"id":"65cf96c8-f9e1-4ac3-a82a-6c17b515cf36","block_type":"box","text":"(ii)","page_number":108,"box":{"x":119,"y":175,"width":22,"height":12}},{"id":"ce8e636f-fa2d-4618-a609-b34bfc7d805a","block_type":"box","text":"the person from whom the gift or inheritance is taken is neither domiciled nor ordinarily resident","page_number":108,"box":{"x":178,"y":175,"width":707,"height":12}},{"id":"7d8af604-f7df-4cb1-ac50-6805edb3a0a6","block_type":"box","text":"in Ireland at the date of the disposition; and","page_number":108,"box":{"x":179,"y":190,"width":325,"height":12}},{"id":"c2f876ea-f3e7-4657-a940-f66d2f2ead98","block_type":"box","text":"(iii)","page_number":108,"box":{"x":119,"y":219,"width":27,"height":12}},{"id":"3fca68f7-034e-4e40-a7ab-084383006ebe","block_type":"box","text":"the person taking the gift or inheritance is neither domiciled nor ordinarily resident in Ireland at","page_number":108,"box":{"x":178,"y":219,"width":707,"height":13}},{"id":"a477e7ee-54df-4bca-852e-3052162a3ffc","block_type":"box","text":"the date of the gift or inheritance.","page_number":108,"box":{"x":178,"y":235,"width":252,"height":12}},{"id":"882fddb1-236f-4406-99a1-bd2681f0b605","block_type":"box","text":"Irish Courts Service","page_number":108,"box":{"x":119,"y":264,"width":163,"height":9}},{"id":"ba7e2170-4867-4454-a8c2-8a2daccc5144","block_type":"box","text":"Where Shares are held by the Courts Service no tax is deducted by the Company on payments made to","page_number":108,"box":{"x":119,"y":293,"width":766,"height":12}},{"id":"37c70fed-f5a3-4f1e-baa7-c62ff6af9829","block_type":"box","text":"the Courts Service. Where money under the control or subject to the order of the Court Service is applied","page_number":108,"box":{"x":119,"y":308,"width":766,"height":12}},{"id":"539a7b92-0a96-462b-a506-0e6e79bf1045","block_type":"box","text":"to acquire Shares in the Company, the Courts Service assumes, in respect of those Shares acquired, the","page_number":108,"box":{"x":119,"y":323,"width":766,"height":12}},{"id":"f3670c7e-c405-4622-ab89-5aa7a7005493","block_type":"box","text":"responsibilities of the Company with regard to, inter alia, deduction of tax in respect of chargeable","page_number":108,"box":{"x":119,"y":338,"width":766,"height":12}},{"id":"6c855ec4-2318-48e3-923a-4162cbe18b61","block_type":"box","text":"events, filing returns and collection of the tax.","page_number":108,"box":{"x":119,"y":353,"width":345,"height":12}},{"id":"d1907237-c8c4-4918-8e1d-385cc9e0a9b8","block_type":"box","text":"In addition, the Courts Service must make, in respect of each year of assessment, on or before 28","page_number":108,"box":{"x":119,"y":383,"width":766,"height":12}},{"id":"077de4fc-052d-4816-ad9f-da42232fdc56","block_type":"box","text":"February in the year following the year of assessment, a return to the Revenue Commissioners which:","page_number":108,"box":{"x":119,"y":398,"width":757,"height":12}},{"id":"b1cc38e8-bfcc-4ffc-9a5f-eb645a119a2c","block_type":"box","text":"(a)","page_number":108,"box":{"x":118,"y":427,"width":20,"height":12}},{"id":"6d72bd07-0572-4d9f-a4c0-a0cfe1abc267","block_type":"box","text":"specifies the total amount of gains arising to the investment undertaking in respect of the Shares","page_number":108,"box":{"x":179,"y":427,"width":706,"height":12}},{"id":"9a1ebb5b-f83f-42cc-b5c9-254b7af723cf","block_type":"box","text":"acquired; and","page_number":108,"box":{"x":179,"y":442,"width":104,"height":12}},{"id":"5a38cd44-6646-4ac0-98e4-8163821abf3c","block_type":"box","text":"(b)","page_number":108,"box":{"x":118,"y":470,"width":21,"height":12}},{"id":"6af5dd91-bcf2-4b00-8139-c8b9353407b7","block_type":"box","text":"specifies in respect of each person who is or was beneficially entitled to those Shares:","page_number":108,"box":{"x":179,"y":470,"width":637,"height":12}},{"id":"d71dbf81-5c76-4400-bf22-ddc752507aac","block_type":"box","text":"","page_number":108,"box":{"x":179,"y":502,"width":7,"height":5}},{"id":"370619ef-4618-47bb-9068-5b1211c2381f","block_type":"box","text":"where available, the name and address of the person,","page_number":108,"box":{"x":208,"y":499,"width":395,"height":12}},{"id":"c6917cef-f874-4454-a4ee-58eb8f711842","block_type":"box","text":"","page_number":108,"box":{"x":179,"y":532,"width":7,"height":5}},{"id":"161d64aa-c387-45d8-94ab-61602d3a8819","block_type":"box","text":"the amount of total gains to which the person has beneficial entitlement, and","page_number":108,"box":{"x":209,"y":529,"width":568,"height":12}},{"id":"64014978-2564-47fa-88d4-23a348040ea3","block_type":"box","text":"","page_number":108,"box":{"x":179,"y":563,"width":7,"height":4}},{"id":"43abb21c-0e30-48eb-b25c-6c8faf8647e4","block_type":"box","text":"such other information as the Revenue Commissioners may require.","page_number":108,"box":{"x":209,"y":559,"width":507,"height":12}},{"id":"b244eb48-cc3c-4316-bccb-d2ebe22cb8f8","block_type":"box","text":"Meaning of Terms","page_number":108,"box":{"x":118,"y":589,"width":147,"height":12}},{"id":"7f3960d8-f7c5-43f0-af30-f51d79e67df5","block_type":"box","text":"Meaning of “Residence” for Companies","page_number":108,"box":{"x":118,"y":618,"width":304,"height":12}},{"id":"0c717566-4e25-448f-b60e-96a72c7d16e2","block_type":"box","text":"A company which is incorporated in Ireland is resident for tax purposes in Ireland except where the","page_number":108,"box":{"x":119,"y":647,"width":766,"height":12}},{"id":"5aac4269-1164-4ec3-ac20-c2fe4a2308e2","block_type":"box","text":"company is regarded as not resident in Ireland under a double tax treaty between Ireland and another","page_number":108,"box":{"x":119,"y":662,"width":766,"height":12}},{"id":"809ed5c7-d522-4b50-bc7e-e6dd0dd1013c","block_type":"box","text":"country. A company which has its central management and control in Ireland is also tax resident in","page_number":108,"box":{"x":119,"y":677,"width":766,"height":12}},{"id":"8fb6b46e-4ed3-4ce6-ba9e-3787504c2c25","block_type":"box","text":"Ireland, irrespective of where it is incorporated.","page_number":108,"box":{"x":119,"y":692,"width":356,"height":12}},{"id":"e4f677b4-bd0e-426e-9736-79621e1ffef9","block_type":"box","text":"Meaning of “Residence” for Individuals”","page_number":108,"box":{"x":118,"y":722,"width":314,"height":12}},{"id":"cdc61730-9dab-4891-ab7e-2806e1236743","block_type":"box","text":"An individual will be regarded as being tax resident in Ireland for a calendar year if the individual:","page_number":108,"box":{"x":119,"y":751,"width":733,"height":12}},{"id":"36eeffbf-dd3a-43e9-897c-412b2534c613","block_type":"box","text":"(i)","page_number":108,"box":{"x":119,"y":780,"width":17,"height":12}},{"id":"9e82f470-e33c-468f-9efd-0e00837255e2","block_type":"box","text":"spends 183 days or more in Ireland in that calendar year; or","page_number":108,"box":{"x":179,"y":780,"width":444,"height":12}},{"id":"4e48528d-a193-44d4-98dd-d46e63b73654","block_type":"box","text":"(ii)","page_number":108,"box":{"x":119,"y":810,"width":22,"height":12}},{"id":"39c5ccca-f722-42c0-a301-fe467d359407","block_type":"box","text":"has a combined presence of 280 days in Ireland, taking into account the number of days spent","page_number":108,"box":{"x":178,"y":810,"width":707,"height":12}},{"id":"87ac6b44-e915-465a-8ab8-d720a33b15c4","block_type":"box","text":"in Ireland in that calendar year together with the number of days spent in Ireland in the preceding","page_number":108,"box":{"x":179,"y":825,"width":706,"height":12}},{"id":"c0ef2473-d84b-4c14-911b-d1309c31fbe6","block_type":"box","text":"year. 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A trust will generally be regarded as resident","page_number":109,"box":{"x":119,"y":160,"width":766,"height":12}},{"id":"a4b26e28-7a16-4748-85a5-95dd20056dff","block_type":"box","text":"in Ireland for tax purposes if a majority of its trustees are resident for tax purposes in Ireland. Where","page_number":109,"box":{"x":119,"y":175,"width":766,"height":12}},{"id":"a48e11d0-5293-4bc5-b917-7bb169dfd8b2","block_type":"box","text":"some, but not all, of the trustees are resident in Ireland, the residency of the trust will depend on where","page_number":109,"box":{"x":120,"y":190,"width":765,"height":12}},{"id":"9ea47595-ac67-4387-90d8-46a7f44a879f","block_type":"box","text":"the general administration of the trust is carried on. In addition, the provisions of any relevant double","page_number":109,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"6dec96b8-f84d-4450-8fa1-4ac65d8f88ee","block_type":"box","text":"tax agreement would need to be considered. As a result, each trust must be assessed on a case by case","page_number":109,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"8591fd59-5cb2-4284-b8f1-c1dc5414ec89","block_type":"box","text":"basis.","page_number":109,"box":{"x":119,"y":235,"width":46,"height":10}},{"id":"e0fdb29b-6b1c-4001-8c40-06d57247e36f","block_type":"box","text":"Meaning of “Ordinary Residence” for Individuals","page_number":109,"box":{"x":118,"y":265,"width":377,"height":13}},{"id":"b0218df6-064c-4d4f-a96a-756e2e9f8a30","block_type":"box","text":"The term “ordinary residence” (as distinct from ‘residence’) relates to a person’s normal pattern of life","page_number":109,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"5745cd0c-845f-43eb-9036-92b78dadb291","block_type":"box","text":"and denotes residence in a place with some degree of continuity. An individual who has been resident","page_number":109,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"ae07b796-b85a-47e4-ac8e-9d81151c1b56","block_type":"box","text":"in Ireland for three consecutive tax years becomes ordinarily resident with effect from the","page_number":109,"box":{"x":119,"y":325,"width":766,"height":12}},{"id":"c620adb9-1b24-4981-ad76-4b3fd846c0d6","block_type":"box","text":"commencement of the fourth tax year. An individual who has been ordinarily resident in Ireland ceases","page_number":109,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"9baa9dd7-76cb-4eed-8019-eb39308a6dd9","block_type":"box","text":"to be ordinarily resident at the end of the third consecutive tax year in which the individual is not","page_number":109,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"daf671bb-77d1-4cb0-9e7e-0729d96ded4b","block_type":"box","text":"resident. For example, an individual who is resident and ordinarily resident in Ireland 2025 and departs","page_number":109,"box":{"x":119,"y":370,"width":766,"height":12}},{"id":"3b97c883-6864-405b-b8a0-ae3bb3f1a813","block_type":"box","text":"Ireland in that year will remain ordinarily resident in Ireland up to the end of the tax year in 2028.","page_number":109,"box":{"x":119,"y":385,"width":727,"height":12}},{"id":"3870ebab-b866-4d90-abe2-c65eb27e5513","block_type":"box","text":"Meaning of “Equivalent Measures”","page_number":109,"box":{"x":118,"y":414,"width":272,"height":12}},{"id":"ff077be1-3f80-4433-bd7c-e1e1027cec35","block_type":"box","text":"These apply to an investment undertaking where the Irish Revenue have given the investment","page_number":109,"box":{"x":119,"y":443,"width":766,"height":12}},{"id":"ab55dadc-1b8f-4ec2-91aa-d0a4fd583f5a","block_type":"box","text":"undertaking notice of approval in accordance with Section 739D (7B) of the Taxes Act and the 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The legislation","page_number":112,"box":{"x":738,"y":364,"width":147,"height":12}},{"id":"91edd3cf-fe57-477d-9cf7-9347bf450069","block_type":"box","text":"provides that any gain arising on the sale, redemption or other disposal of shares of an offshore fund","page_number":112,"box":{"x":119,"y":379,"width":766,"height":12}},{"id":"52a7e016-d8c5-41c4-92a4-39d0cf87b880","block_type":"box","text":"(which may include, where applicable, compulsory redemption by the Company) will be taxed at the","page_number":112,"box":{"x":119,"y":394,"width":766,"height":12}},{"id":"6d544918-ed82-42fe-85c9-52eec8eb301e","block_type":"box","text":"time of such sale, redemption or disposal as income and not as a capital gain. These provisions do not","page_number":112,"box":{"x":119,"y":409,"width":766,"height":12}},{"id":"e8211d8c-2d2f-4105-867c-d48f094c21fd","block_type":"box","text":"apply if the Company (generally or in respect of the relevant classes) successfully applies for reporting","page_number":112,"box":{"x":119,"y":424,"width":766,"height":12}},{"id":"697732f0-b24e-4790-99fb-f632b31b1997","block_type":"box","text":"fund status and retains such status throughout the period during which the Shares are held.","page_number":112,"box":{"x":119,"y":439,"width":672,"height":12}},{"id":"81db6595-502d-4a72-b415-79c5d49f3fc2","block_type":"box","text":"In order for a class to qualify as a reporting fund, the Company must apply to HM Revenue & Customs","page_number":112,"box":{"x":119,"y":466,"width":766,"height":12}},{"id":"cd4babb4-fee4-434e-b19c-ead5027fe38a","block_type":"box","text":"(“","page_number":112,"box":{"x":119,"y":481,"width":14,"height":12}},{"id":"37754f58-2b7d-4f31-86c8-f15a821cf085","block_type":"box","text":"HMRC","page_number":112,"box":{"x":134,"y":481,"width":57,"height":9}},{"id":"f3632e6b-2909-4bca-9f6b-81094f8e4f8d","block_type":"box","text":"”) for entry of the relevant classes into the regime. For each accounting period, it must then","page_number":112,"box":{"x":192,"y":481,"width":693,"height":12}},{"id":"fbaf783d-d1c2-4645-b345-9c485b44e90b","block_type":"box","text":"report to investors 100 per cent of reportable income attributable to the relevant classes, that report being","page_number":112,"box":{"x":119,"y":496,"width":766,"height":12}},{"id":"fc800531-30ac-480a-b4d5-4011f8a74683","block_type":"box","text":"made within six months of the end of the relevant accounting period. United Kingdom resident","page_number":112,"box":{"x":119,"y":511,"width":766,"height":12}},{"id":"f3f51133-a185-4c56-b760-ed9037081015","block_type":"box","text":"individual investors will be taxable on such reported income, whether or not the income is actually","page_number":112,"box":{"x":119,"y":526,"width":766,"height":12}},{"id":"9d3ce2ee-edd1-4a5a-af13-e43b05280076","block_type":"box","text":"distributed. Income for these purposes is computed by reference to income for accounting purposes as","page_number":112,"box":{"x":119,"y":541,"width":766,"height":12}},{"id":"b4aeab18-c575-44bc-b68e-f704f819dbec","block_type":"box","text":"adjusted for capital and other items.","page_number":112,"box":{"x":119,"y":556,"width":269,"height":12}},{"id":"a98b4b6a-ae57-4106-aaeb-0f8bfe26cbe5","block_type":"box","text":"Provided a class is approved as a reporting fund and retains such status, gains realised on the disposal","page_number":112,"box":{"x":119,"y":577,"width":766,"height":12}},{"id":"54975931-3686-493c-828f-8b27b3e52e47","block_type":"box","text":"of Shares in such class by United Kingdom taxpayers will be subject to taxation as capital and not as","page_number":112,"box":{"x":119,"y":592,"width":766,"height":12}},{"id":"75125184-b9a9-4457-aa4c-4b4a20917bf5","block_type":"box","text":"income unless the investor is a dealer in securities. Any such gains may accordingly be reduced by any","page_number":112,"box":{"x":119,"y":607,"width":766,"height":12}},{"id":"1a5316fa-2a4b-4d7c-9ae5-d9a5bed3ee48","block_type":"box","text":"general or specific United Kingdom exemption available to a Shareholder and may result in certain","page_number":112,"box":{"x":119,"y":622,"width":766,"height":12}},{"id":"e34f3679-ec9e-4706-90f4-456e67805101","block_type":"box","text":"investors incurring a proportionately lower United Kingdom taxation charge.","page_number":112,"box":{"x":119,"y":637,"width":574,"height":12}},{"id":"32cd6d30-d5a5-43c9-8361-f02fa6de6783","block_type":"box","text":"The Directors currently intend that the Company will seek “reporting fund” status for all classes. Where","page_number":112,"box":{"x":119,"y":665,"width":766,"height":12}},{"id":"2173f081-f1b3-4b5d-b993-cb7c227719c1","block_type":"box","text":"approval of a class as a reporting fund is sought it cannot be guaranteed that this will be obtained and","page_number":112,"box":{"x":119,"y":680,"width":766,"height":12}},{"id":"29a1003d-462b-4067-b672-499d36d25beb","block_type":"box","text":"maintained. A list of the share classes which currently have reporting status is published by HMRC on","page_number":112,"box":{"x":119,"y":695,"width":766,"height":12}},{"id":"9f4b220e-b848-4595-a83f-934d9f6266fd","block_type":"box","text":"their website.","page_number":112,"box":{"x":119,"y":710,"width":104,"height":10}},{"id":"51932022-2e23-4667-8be7-4fe0e98c3d89","block_type":"box","text":"In accordance with Regulation 90 of the Offshore Funds (Tax) Regulations 2009 (the “","page_number":112,"box":{"x":119,"y":744,"width":649,"height":12}},{"id":"2552238c-9a03-432a-979a-c9eedfc73b8d","block_type":"box","text":"Regulations","page_number":112,"box":{"x":769,"y":744,"width":92,"height":12}},{"id":"3c8fb782-df59-4764-a980-240f89468c31","block_type":"box","text":"”),","page_number":112,"box":{"x":862,"y":744,"width":23,"height":12}},{"id":"96e7c896-ee78-4a19-a5f2-b02c78144933","block_type":"box","text":"Shareholder reports are made available within six months of the end of the reporting period at","page_number":112,"box":{"x":120,"y":759,"width":765,"height":12}},{"id":"ae6efe30-5907-4744-8e80-57ba32a9b011","block_type":"box","text":"https://global.vanguard.com/portal/site/portal/ucits-documentation. The intention of the Regulations is","page_number":112,"box":{"x":119,"y":774,"width":766,"height":12}},{"id":"e4f1b324-a9d5-4ad7-8f31-871e68715ba5","block_type":"box","text":"that reportable income data shall principally be made available on a website accessible to UK investors.","page_number":112,"box":{"x":119,"y":789,"width":766,"height":12}},{"id":"1ea50c71-b10d-48e7-b67d-9282f63bed15","block_type":"box","text":"The distribution policies applicable to Shares of any class or Fund are specified either in A","page_number":112,"box":{"x":119,"y":816,"width":652,"height":12}},{"id":"0a5d8c78-18e2-4c55-aa7e-f95bb38401aa","block_type":"box","text":"Appendix 1","page_number":112,"box":{"x":771,"y":816,"width":89,"height":12}},{"id":"a7671cef-1b4a-4678-81cd-c0384b0f1c28","block_type":"box","text":"of","page_number":112,"box":{"x":861,"y":816,"width":24,"height":10}},{"id":"1bfb91d1-3ca1-44ac-8f6d-9e7e1278b8a4","block_type":"box","text":"this Prospectus or otherwise in the Supplement for the relevant Fund. Shareholders should note that it","page_number":112,"box":{"x":119,"y":831,"width":766,"height":12}},{"id":"58579b3d-fc34-4136-9f35-85ebd58b1409","block_type":"box","text":"is not intended to declare dividends in respect of any Accumulating Share classes and that it is intended","page_number":112,"box":{"x":119,"y":846,"width":766,"height":12}},{"id":"dc10e94d-f566-4557-a867-63df17f96cbe","block_type":"box","text":"to pay dividends in respect of the Distributing Share classes. To the extent that dividends are not paid","page_number":112,"box":{"x":119,"y":861,"width":766,"height":12}},{"id":"237abc91-1253-46d0-b5b4-85fbf3bcc8f5","block_type":"box","text":"in respect of a class with reporting fund status, reportable income under the reporting fund rules will be","page_number":112,"box":{"x":119,"y":876,"width":766,"height":12}},{"id":"642f8ab0-7456-46b6-bb92-75190cb93654","block_type":"box","text":"attributed only to those Shareholders who remain as Shareholders at the end of the relevant accounting","page_number":112,"box":{"x":119,"y":891,"width":766,"height":12}},{"id":"f4bafbd4-9959-4bf3-b825-2f9d0b1ae257","block_type":"box","text":"113","page_number":113,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"0650613f-c6e1-4766-84bc-7cdee0ba369c","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":113,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"dc085e86-ea5e-420d-845c-a516c291f03d","block_type":"box","text":"period. As a consequence, Shareholders could receive a greater or lesser share of reportable income","page_number":113,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"33f7327f-7b9c-4995-a3a3-ed4431b292df","block_type":"box","text":"than anticipated in certain circumstances such as when, respectively, class size is shrinking or expanding","page_number":113,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"91e155ac-ef54-42c0-9124-9d06ffa2f481","block_type":"box","text":"prior to the end of an accounting period. Regulations enable (but do not oblige) reporting funds to elect","page_number":113,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"7685dfb1-1428-474d-9452-fe3284d1bf14","block_type":"box","text":"to operate dividend equalisation or to make income adjustments, which should minimise this effect. The","page_number":113,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"8c83bb50-b3cb-4e03-9ee6-75c4b564039b","block_type":"box","text":"Directors have chosen to apply equalisation in respect of all classes with reporting fund status.","page_number":113,"box":{"x":119,"y":147,"width":702,"height":12}},{"id":"811d418d-e46c-41fa-8c3a-d54480472ff5","block_type":"box","text":"Chapter 6 of Part 3 of the Regulations provides that specified transactions carried out by a UCITS fund,","page_number":113,"box":{"x":119,"y":168,"width":766,"height":12}},{"id":"6200f7bd-8b27-4b6b-83b6-2b5835891d3f","block_type":"box","text":"such as the Company, will not generally be treated as trading transactions for the purposes of calculating","page_number":113,"box":{"x":120,"y":183,"width":765,"height":12}},{"id":"843e9a4c-a26d-4482-af4b-0d40c4896bba","block_type":"box","text":"the reportable income of reporting funds that meet a genuine diversity of ownership condition. The","page_number":113,"box":{"x":119,"y":198,"width":766,"height":12}},{"id":"99b419f8-0e2c-48e8-b23b-ece4fae313c6","block_type":"box","text":"Directors intend to elect for reporting fund status for all classes. The Directors confirm that all such","page_number":113,"box":{"x":119,"y":213,"width":766,"height":12}},{"id":"d11e3a15-8f7e-4683-919b-c0b52960b619","block_type":"box","text":"classes are primarily intended for and marketed to retail and institutional investors. For the purposes of","page_number":113,"box":{"x":119,"y":228,"width":766,"height":12}},{"id":"f8124ce4-7087-43e8-956f-2d927d92007b","block_type":"box","text":"the Regulations, the Directors undertake that all classes in the Company will be widely available and","page_number":113,"box":{"x":119,"y":243,"width":766,"height":12}},{"id":"4f960c3c-0bfb-4020-b6eb-c71b21acf130","block_type":"box","text":"will be marketed and made available sufficiently widely to reach the intended category of investors and","page_number":113,"box":{"x":119,"y":258,"width":766,"height":12}},{"id":"37f76d6e-3e04-4ee1-8625-d313ff0179b9","block_type":"box","text":"in a manner appropriate to attract those kinds of investors.","page_number":113,"box":{"x":119,"y":273,"width":434,"height":12}},{"id":"9d45d33d-8d63-4d0a-9fcc-e913f1b3d057","block_type":"box","text":"Chapter 3 of Part 6 of CTA 2009 provides that, if at any time in an accounting period a corporate investor","page_number":113,"box":{"x":119,"y":301,"width":766,"height":12}},{"id":"3f1fc406-b915-4b84-8127-42610da595ea","block_type":"box","text":"within the charge to United Kingdom corporation tax holds an interest in an offshore fund and there is","page_number":113,"box":{"x":119,"y":316,"width":766,"height":12}},{"id":"2d0b14fd-3af9-4cde-bc1d-de87f4e9f1d2","block_type":"box","text":"a time in that period when that fund fails to satisfy the “qualifying investment test”, the interest held by","page_number":113,"box":{"x":119,"y":331,"width":766,"height":12}},{"id":"ab303daf-16f2-42cc-a507-510e2e35822f","block_type":"box","text":"such corporate investor will be treated for the accounting period as if it were rights under a creditor","page_number":113,"box":{"x":120,"y":346,"width":765,"height":12}},{"id":"b473a362-575b-4a92-a3a3-fd576ab8c440","block_type":"box","text":"relationship for the purposes of the rules relating to the taxation of most corporate debt contained in","page_number":113,"box":{"x":119,"y":361,"width":766,"height":12}},{"id":"a88ab10a-eb8c-40d1-9d0d-f64d7f032b5d","block_type":"box","text":"CTA 2009 (the “","page_number":113,"box":{"x":119,"y":376,"width":121,"height":12}},{"id":"e9df0147-8003-492f-aca4-c104d369e5f3","block_type":"box","text":"Corporate Debt Regime","page_number":113,"box":{"x":241,"y":376,"width":186,"height":12}},{"id":"fe5c932b-1e55-47d1-89ac-c73ae5f83052","block_type":"box","text":"”). Acquisitions of Shares will (as explained above) constitute","page_number":113,"box":{"x":428,"y":376,"width":457,"height":12}},{"id":"a2b8016d-1bdf-4686-9447-37bf01d2c734","block_type":"box","text":"interests in an offshore fund and, based on the current investment strategies of the Funds, it may be that","page_number":113,"box":{"x":119,"y":391,"width":766,"height":12}},{"id":"2eae8b04-12a0-4800-badc-040ee9baacb7","block_type":"box","text":"some Funds will not meet the “qualifying investment test”. In circumstances where the test is not","page_number":113,"box":{"x":120,"y":406,"width":765,"height":12}},{"id":"5d3723f4-12ff-49d7-929a-822ed4287bb4","block_type":"box","text":"satisfied (for example where the relevant sub-fund or class invests in debt instruments, securities, cash","page_number":113,"box":{"x":120,"y":421,"width":765,"height":12}},{"id":"6ae3a0ed-5bb9-4d1e-a6f7-9779aaf0006d","block_type":"box","text":"or open-ended companies that themselves do not satisfy the “qualifying investments test” and the market","page_number":113,"box":{"x":119,"y":436,"width":766,"height":12}},{"id":"ce5c3d56-f123-45c4-ba0c-2a91d4a162a9","block_type":"box","text":"value of such investments exceeds 60 per cent. of the market value of all its investments) shares will be","page_number":113,"box":{"x":119,"y":451,"width":766,"height":12}},{"id":"9ba3e14a-3d37-4e84-85a8-25feae61677b","block_type":"box","text":"treated for corporation tax purposes as within the Corporate Debt Regime. As a consequence, where the","page_number":113,"box":{"x":119,"y":466,"width":766,"height":12}},{"id":"7579cc2d-4216-4a22-88f3-f046d160ecd5","block_type":"box","text":"test is not met all returns on the shares in respect of each corporate investor’s accounting period during","page_number":113,"box":{"x":119,"y":481,"width":766,"height":12}},{"id":"3c25d5cf-c29c-4057-882c-f0e954776497","block_type":"box","text":"which the test is not met (including gains, profits and deficits and exchange gains and losses) will be","page_number":113,"box":{"x":119,"y":496,"width":766,"height":12}},{"id":"7aa48623-1d29-48e7-8a85-5dac2b0318b8","block_type":"box","text":"taxed or relieved as an income receipt or expense on a fair value accounting basis. Accordingly, a","page_number":113,"box":{"x":119,"y":511,"width":766,"height":12}},{"id":"890b777a-78e0-4f8c-aafb-b020e8605f11","block_type":"box","text":"corporate investor in the Company may, depending on its own circumstances, incur a charge to","page_number":113,"box":{"x":119,"y":526,"width":766,"height":12}},{"id":"4843c9fc-04bf-4c81-bb68-9233201f8e69","block_type":"box","text":"corporation tax on an unrealised increase in the value of its holding of Shares (and, likewise, obtain","page_number":113,"box":{"x":119,"y":541,"width":766,"height":12}},{"id":"cf79339c-ffe8-4ff2-b437-32bde8d69e52","block_type":"box","text":"relief against corporation tax for an unrealised reduction in the value of its holding of Shares). The effect","page_number":113,"box":{"x":119,"y":556,"width":766,"height":12}},{"id":"c428a8f8-2a59-4e39-bf7d-c26032ff964b","block_type":"box","text":"of the provisions relating to holdings in controlled foreign companies (outlined below) would then be","page_number":113,"box":{"x":119,"y":571,"width":766,"height":12}},{"id":"857cebf0-48a1-497a-b1a8-33743895a99e","block_type":"box","text":"substantially mitigated.","page_number":113,"box":{"x":120,"y":586,"width":176,"height":13}},{"id":"37caac2d-153a-4148-9299-942be8b7014d","block_type":"box","text":"The attention of individual Shareholders resident in the United Kingdom is drawn to the provisions of","page_number":113,"box":{"x":119,"y":614,"width":766,"height":12}},{"id":"8057bd21-ec57-42b2-b3ac-e115b60acdfb","block_type":"box","text":"Chapter 2 of Part 13 of the Income Tax Act 2007 under which the income accruing to the Company may","page_number":113,"box":{"x":119,"y":630,"width":766,"height":12}},{"id":"06996c3c-032b-45e1-ada7-38fbadeec38c","block_type":"box","text":"be attributed to such a Shareholder and may render them liable to taxation in respect of the undistributed","page_number":113,"box":{"x":119,"y":644,"width":766,"height":13}},{"id":"e8a852eb-b41a-4df8-8d66-c8065779a709","block_type":"box","text":"income and profits of the Company. This legislation will, however, not apply if such a Shareholder can","page_number":113,"box":{"x":119,"y":660,"width":766,"height":12}},{"id":"dba00ea2-8800-402d-a21f-38dcac3feb82","block_type":"box","text":"satisfy HM Revenue & Customs that either:","page_number":113,"box":{"x":120,"y":675,"width":328,"height":12}},{"id":"46373b8b-de8d-4387-8196-ef0c64816aa2","block_type":"box","text":"(i)","page_number":113,"box":{"x":118,"y":703,"width":16,"height":12}},{"id":"496a938e-2cfb-46da-8a59-c6919dff7501","block_type":"box","text":"it would not be reasonable to draw the conclusion from all the circumstances of the case, that","page_number":113,"box":{"x":179,"y":703,"width":706,"height":11}},{"id":"d164a493-affc-4250-a6c3-38bc982bc503","block_type":"box","text":"the purpose of avoiding liability to taxation was the purpose, or one of the purposes, for which","page_number":113,"box":{"x":178,"y":718,"width":707,"height":12}},{"id":"b447296d-1478-4450-a5fa-ab92a088565f","block_type":"box","text":"the relevant transactions or any of them were effected;","page_number":113,"box":{"x":178,"y":733,"width":407,"height":12}},{"id":"acf0e8d1-39d2-4506-9386-42b6aaabcec4","block_type":"box","text":"(ii)","page_number":113,"box":{"x":118,"y":761,"width":22,"height":12}},{"id":"6fd6885c-21ea-4e4e-9ff1-43b00edc3afe","block_type":"box","text":"all the relevant transactions are genuine commercial transactions and it would not be reasonable","page_number":113,"box":{"x":179,"y":761,"width":706,"height":12}},{"id":"1ba89b8e-91d3-46d7-b6ed-992856c0bdd3","block_type":"box","text":"to draw the conclusion, from all the circumstances of the case, that any one or more of the","page_number":113,"box":{"x":178,"y":776,"width":707,"height":12}},{"id":"be90d8b1-c2b9-4027-a611-d5a84d4dee9f","block_type":"box","text":"transactions was more than incidentally designed for the purpose of avoiding liability to","page_number":113,"box":{"x":178,"y":791,"width":707,"height":12}},{"id":"c9955080-c2bb-4949-9e95-a855be17babe","block_type":"box","text":"taxation; or","page_number":113,"box":{"x":178,"y":806,"width":89,"height":11}},{"id":"2089ba75-bf25-4a25-9bd5-647d57b31504","block_type":"box","text":"(iii)","page_number":113,"box":{"x":118,"y":834,"width":27,"height":12}},{"id":"3f19a24f-6fa6-440d-be3d-b71936d674ec","block_type":"box","text":"all the relevant transactions were genuine, arm’s length transactions and if the Shareholder were","page_number":113,"box":{"x":179,"y":834,"width":706,"height":12}},{"id":"f29c2cc3-a588-4229-af46-509ec6fed0e4","block_type":"box","text":"liable to tax under Chapter 2 of Part 13 in respect of such transactions such liability would","page_number":113,"box":{"x":179,"y":849,"width":706,"height":12}},{"id":"664db646-ea82-46cb-8af7-af8ac4633f58","block_type":"box","text":"constitute an unjustified and disproportionate restriction on a freedom protected by Title II or","page_number":113,"box":{"x":179,"y":864,"width":706,"height":12}},{"id":"41021097-51c9-4486-b7e3-baf05eeddcb7","block_type":"box","text":"IV of Part III of the Treaty on the Functioning of the European Union or Part II or III of the","page_number":113,"box":{"x":179,"y":879,"width":706,"height":12}},{"id":"2683f14a-ff2a-434b-8412-d66943f7d121","block_type":"box","text":"EEA Agreement.","page_number":113,"box":{"x":178,"y":894,"width":132,"height":12}},{"id":"fafc1db6-e64d-4d00-a826-a1884b1761aa","block_type":"box","text":"114","page_number":114,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"4405901c-6c9b-44cb-85bf-745bdd1acf13","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":114,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"b98b0037-2e29-4d8d-8064-4c6c9a9b1f39","block_type":"box","text":"Part 9A of TIOPA subjects United Kingdom resident companies to tax on the profits of companies not","page_number":114,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"94042f68-a3a9-4905-8de1-478546ac16d2","block_type":"box","text":"so resident in which they have an interest. The provisions, broadly, affect United Kingdom resident","page_number":114,"box":{"x":120,"y":102,"width":765,"height":12}},{"id":"ba63d442-1651-4cd1-9561-3b00279cb210","block_type":"box","text":"companies which hold, alone or together with certain other associated persons, shares which confer a","page_number":114,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"d858569c-7c4f-439f-91f3-292831940e72","block_type":"box","text":"right to at least 25 per cent. of the profits of a non-resident company (a “","page_number":114,"box":{"x":119,"y":132,"width":543,"height":12}},{"id":"38216d3f-9eb1-472a-9ea3-5ebacc0d5620","block_type":"box","text":"25 per cent interest","page_number":114,"box":{"x":663,"y":132,"width":153,"height":12}},{"id":"84b8429c-db36-493d-a943-f0612dec0423","block_type":"box","text":"”) where","page_number":114,"box":{"x":816,"y":132,"width":69,"height":12}},{"id":"36eaff91-8d5f-48ee-988e-a6c19e106beb","block_type":"box","text":"that non-resident company is controlled by persons who are resident in the United Kingdom and is","page_number":114,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"bc45e132-afdf-4a49-a899-044c069c4db5","block_type":"box","text":"subject to a lower level of taxation in its territory of residence. The legislation is not directed towards","page_number":114,"box":{"x":120,"y":162,"width":765,"height":12}},{"id":"025edc6a-5208-4795-8ca3-6cafb951381b","block_type":"box","text":"the taxation of capital gains. In addition, these provisions will not apply if the Shareholder reasonably","page_number":114,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"8b67d8a1-4db9-4b14-848c-d5418565b0c6","block_type":"box","text":"believes that it does not hold a 25 per cent interest in the Company throughout the relevant accounting","page_number":114,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"045e12f3-4c3e-41ab-84f7-b93649a5a340","block_type":"box","text":"period.","page_number":114,"box":{"x":119,"y":207,"width":56,"height":12}},{"id":"3ba35638-a28e-4764-ba14-60e404d1323b","block_type":"box","text":"The attention of persons in the United Kingdom for taxation purposes is drawn to the provisions of","page_number":114,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"446fc671-92da-45a9-9e20-e96fab9a04e5","block_type":"box","text":"section 13 of the Taxation of Chargeable Gains Act 1992 (“","page_number":114,"box":{"x":120,"y":250,"width":472,"height":12}},{"id":"8609c950-93aa-412b-91bb-81850e02f0bd","block_type":"box","text":"section 13","page_number":114,"box":{"x":593,"y":250,"width":79,"height":9}},{"id":"a733d2e1-2ba6-4e64-bd63-add5b4dba4e9","block_type":"box","text":"”). Section 13 applies to a","page_number":114,"box":{"x":674,"y":250,"width":211,"height":12}},{"id":"abd628c6-2801-4984-a039-98fa1a83b046","block_type":"box","text":"“participator” for United Kingdom taxation purposes (which term includes a shareholder) if at any time","page_number":114,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"16466395-9105-44c8-b5ae-6013c3dc6d37","block_type":"box","text":"when a gain accrues to the Company which constitutes a chargeable gain for those purposes, at the same","page_number":114,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"0f7a454b-815b-427c-8cc9-de0fe0475d06","block_type":"box","text":"time, the Company is itself controlled by a sufficiently small number of persons so as to render the","page_number":114,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"efe0209c-c65d-40e5-b860-bc8052b2f41e","block_type":"box","text":"Company a body corporate that would, were it to have been resident in the United Kingdom for taxation","page_number":114,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"ee3bff10-8c11-4a81-a59f-fc3ddd19e28d","block_type":"box","text":"purposes, be a “close” company for those purposes. The provisions of section 13 could, if applied, result","page_number":114,"box":{"x":119,"y":325,"width":766,"height":12}},{"id":"29c60b44-8a6d-4cae-8a09-8da99f517127","block_type":"box","text":"in any such person who is a “participator” in the Company being treated for the purposes of United","page_number":114,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"53f3c66b-4c0a-4885-a3f4-6adb59dff54d","block_type":"box","text":"Kingdom taxation of chargeable gains as if a part of any chargeable gain accruing to the Company had","page_number":114,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"52b3ef05-7256-47d1-82bc-0e168edfded0","block_type":"box","text":"accrued to that person directly, that part being equal to the proportion of the gain that corresponds on a","page_number":114,"box":{"x":119,"y":370,"width":766,"height":12}},{"id":"3d98b6f3-149f-4602-9c77-96fe09071ba9","block_type":"box","text":"just and reasonable basis to that person’s proportionate interest in the Company as a “participator”. No","page_number":114,"box":{"x":117,"y":385,"width":768,"height":12}},{"id":"c335a9ae-f1b5-433e-b307-53a712e211be","block_type":"box","text":"liability under section 13 could be incurred by such a person however, where such proportion does not","page_number":114,"box":{"x":119,"y":400,"width":766,"height":12}},{"id":"7b859d96-8932-4780-a202-c06adced5fdc","block_type":"box","text":"exceed one quarter of the gain. In addition, exemptions also apply where none of the acquisition, holding","page_number":114,"box":{"x":119,"y":415,"width":766,"height":12}},{"id":"c6129ffd-b4ee-4304-b8b3-5a926455bb12","block_type":"box","text":"or disposal of the assets had a tax avoidance main purpose or where the relevant gains arise on the","page_number":114,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"a5c7a514-28a2-44df-9dfc-8aeddf214704","block_type":"box","text":"disposal of assets used only for the purposes of genuine, economically significant business activities","page_number":114,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"140b7762-825c-4de2-95d5-aa6a759a7e3e","block_type":"box","text":"carried on outside the United Kingdom.","page_number":114,"box":{"x":119,"y":460,"width":298,"height":12}},{"id":"3a88ab52-841a-4301-802a-9c252cf7bc82","block_type":"box","text":"In the case of United Kingdom resident individuals domiciled outside the United Kingdom, section 13","page_number":114,"box":{"x":119,"y":490,"width":766,"height":12}},{"id":"51b7e5fd-b278-42d1-a9c7-7f9ca7e28c21","block_type":"box","text":"applies only to gains relating to United Kingdom situate assets of the Company, and gains relating to","page_number":114,"box":{"x":119,"y":505,"width":766,"height":12}},{"id":"16f195e5-795f-4a78-8c49-0b7b267cb37e","block_type":"box","text":"non-United Kingdom situate assets if such gains are remitted to the United Kingdom, or they are brought","page_number":114,"box":{"x":119,"y":520,"width":766,"height":12}},{"id":"d991de6d-b7c4-4177-b915-aa2bdf442d0e","block_type":"box","text":"into the scope of UK tax by another means.","page_number":114,"box":{"x":119,"y":535,"width":325,"height":12}},{"id":"5d0d59e9-13e4-4064-98c6-36826ab63870","block_type":"box","text":"Transfers of Shares will not be liable to United Kingdom stamp duty unless an instrument of transfer is","page_number":114,"box":{"x":119,"y":564,"width":766,"height":12}},{"id":"0198c094-f810-4003-be05-e29511aff827","block_type":"box","text":"executed within the United Kingdom or there is some other relevant connection with the United","page_number":114,"box":{"x":119,"y":579,"width":766,"height":12}},{"id":"820ae137-be8f-406e-bdca-bbe2331fd285","block_type":"box","text":"Kingdom, in which case the transfer may be liable to United Kingdom ad valorem stamp duty at the rate","page_number":114,"box":{"x":119,"y":594,"width":766,"height":12}},{"id":"5b7ddbc3-2310-4012-979c-1a6d4d60f7f2","block_type":"box","text":"of 0.5% of the consideration paid and rounded up (if necessary) to the nearest multiple of £5. No SDRT","page_number":114,"box":{"x":119,"y":609,"width":766,"height":12}},{"id":"f1454e04-d22d-45d5-8a14-b60c5979deca","block_type":"box","text":"is payable on such transfers, provided the Company maintains its register of members outside the United","page_number":114,"box":{"x":119,"y":624,"width":766,"height":12}},{"id":"4014073c-06df-4ec5-a201-b89a86996f5b","block_type":"box","text":"Kingdom. Stamp duty or SDRT may arise in relation to acquisitions of chargeable securities by a Fund","page_number":114,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"29a292cf-4b08-4f70-a252-58cf1bfc4b02","block_type":"box","text":"or distributions of chargeable securities from a Fund. Authorised Participants will be responsible for","page_number":114,"box":{"x":119,"y":654,"width":766,"height":12}},{"id":"6bec2a7e-0db3-480e-82a1-12b96a9e48ba","block_type":"box","text":"bearing the cost of any stamp duty, SDRT and other applicable trading charges or duties that arise in","page_number":114,"box":{"x":119,"y":669,"width":766,"height":12}},{"id":"2c8ac9f7-cbc8-4107-a6bf-ed1f757a1297","block_type":"box","text":"relation to an in specie subscription for or in specie redemption of Shares in a Fund.","page_number":114,"box":{"x":119,"y":684,"width":624,"height":12}},{"id":"7013eafd-d6fd-48b8-adef-1e97dbc1d0a4","block_type":"box","text":"Foreign Account Tax Compliance Act and the Common Reporting Standards","page_number":114,"box":{"x":119,"y":714,"width":609,"height":12}},{"id":"bd3236f4-0c41-4790-87ed-c0a6964ee3e9","block_type":"box","text":"The Foreign Account Tax Compliance Act (“","page_number":114,"box":{"x":119,"y":743,"width":332,"height":12}},{"id":"a5cf419d-97da-402e-bb2a-d7ecdfe12b82","block_type":"box","text":"FATCA","page_number":114,"box":{"x":452,"y":743,"width":63,"height":9}},{"id":"a8585460-405b-4e80-a7a7-39f0b4a08e1f","block_type":"box","text":"”), effective 1 July 2014, requires reporting of US","page_number":114,"box":{"x":516,"y":743,"width":369,"height":12}},{"id":"934c3c5f-0af6-4393-acd6-7f2c8003c2d5","block_type":"box","text":"persons’ direct and indirect ownership of non-US accounts and non-US entities to the US Internal","page_number":114,"box":{"x":119,"y":758,"width":766,"height":12}},{"id":"566a70be-ccee-4828-9644-ca0ad59e8c83","block_type":"box","text":"Revenue Service (“","page_number":114,"box":{"x":119,"y":773,"width":144,"height":12}},{"id":"e852c23e-84d8-4b80-ad16-63cb77fa4d14","block_type":"box","text":"IRS","page_number":114,"box":{"x":264,"y":773,"width":30,"height":9}},{"id":"4b56948a-481f-41de-93ac-e79be8ea43d3","block_type":"box","text":"”). FATCA refers to sections 1471 through 1474 of the United States Internal","page_number":114,"box":{"x":295,"y":773,"width":590,"height":12}},{"id":"7e099209-71a1-4511-8b8b-1f41af8124d6","block_type":"box","text":"Revenue Code and the regulations and other guidance thereunder, each as amended from time to time","page_number":114,"box":{"x":119,"y":788,"width":766,"height":12}},{"id":"7695baf3-0da6-4c59-a20f-a07574cbed47","block_type":"box","text":"or any other agreement entered into with or between authorities for the implementation of FATCA. As","page_number":114,"box":{"x":119,"y":803,"width":766,"height":12}},{"id":"0ad4f785-c146-410f-a566-99ecf6cba84d","block_type":"box","text":"an alternative to FATCA, pursuant to an intergovernmental agreement between the U.S. and Ireland","page_number":114,"box":{"x":119,"y":818,"width":766,"height":12}},{"id":"86e3fe34-1d17-4101-bec1-e738ddb44043","block_type":"box","text":"(“","page_number":114,"box":{"x":119,"y":833,"width":14,"height":12}},{"id":"2640fb22-1ff4-4a8a-817a-1d9c871c8cdd","block_type":"box","text":"IGA","page_number":114,"box":{"x":134,"y":833,"width":34,"height":9}},{"id":"e8b344ee-697a-473f-860f-f928758999e2","block_type":"box","text":"”), a fund may be deemed compliant, if it identifies and reports U.S. investors to the Irish","page_number":114,"box":{"x":169,"y":833,"width":716,"height":12}},{"id":"f819a655-c44e-4fa5-a240-1be2fcd2b831","block_type":"box","text":"government.","page_number":114,"box":{"x":119,"y":849,"width":97,"height":11}},{"id":"251f65f7-4e9c-4cb3-af19-77800fb40fdf","block_type":"box","text":"Regulations implementing the Irish IGA (known as the Financial Accounts Reporting (United States of","page_number":114,"box":{"x":119,"y":877,"width":766,"height":12}},{"id":"a863a6f5-5315-449e-9c97-9aeca0f66bfc","block_type":"box","text":"America) Regulations 2014) and Amendments have been signed into Irish law. These provide that, in","page_number":114,"box":{"x":119,"y":892,"width":766,"height":12}},{"id":"bfe7f7c8-47d4-4b85-a4c4-341f45f25435","block_type":"box","text":"115","page_number":115,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"88acd27a-b8bc-417d-bcff-1f0b4b722677","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":115,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"cffbc90a-3374-4fcd-9821-bba8e176c83e","block_type":"box","text":"order to ensure compliance with the FATCA provisions, the Company will report details of their US","page_number":115,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"eb3f0c37-bda5-4654-9458-e1f3ba9b7da1","block_type":"box","text":"account holders to the Irish Revenue Commissioners who will then pass these details to the IRS.","page_number":115,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"9b716716-0838-4dc9-9315-09480812aaa9","block_type":"box","text":"Registration with the IRS is necessary in this regard.","page_number":115,"box":{"x":119,"y":117,"width":393,"height":12}},{"id":"9e28aa37-8aea-45c7-8ff7-297ddb46dc90","block_type":"box","text":"The Company is registered with the IRS as a reporting financial institution and intends to be FATCA","page_number":115,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"bdc3319d-2e9e-496e-b5e8-18b6955c56ee","block_type":"box","text":"compliant. Absent compliance with FATCA, where a fund invests directly or indirectly in U.S. assets","page_number":115,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"861bee18-853c-451f-9a8f-24d5ae2d817e","block_type":"box","text":"and payments of certain U.S. source income to the fund will be subject to 30% withholding tax.","page_number":115,"box":{"x":119,"y":176,"width":711,"height":12}},{"id":"0f52ff16-de30-438a-bc2f-efa2f081fa81","block_type":"box","text":"Accordingly, the Company or its authorised agents or distributors reserve the right to request","page_number":115,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"223ad9e8-8167-432b-9cd6-91703adbb50d","block_type":"box","text":"information or documents prescribed by applicable law as is necessary to verify the identity and FATCA","page_number":115,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"e6851773-58a4-46c8-9cec-a460b6e7e295","block_type":"box","text":"status of an applicant. 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Further information can be obtained at:","page_number":119,"box":{"x":120,"y":665,"width":765,"height":12}},{"id":"73895b1e-31cf-421f-955f-1824c64213f3","block_type":"box","text":"http://www.spglobal.com/spdji/en/","page_number":119,"box":{"x":119,"y":680,"width":256,"height":12}},{"id":"ec28d15d-c747-4ffa-b059-73528e28aef8","block_type":"box","text":".","page_number":119,"box":{"x":377,"y":688,"width":8,"height":1}},{"id":"8d50bcf9-d0fb-4637-9a69-a69c58902d76","block_type":"box","text":"Other Investment Strategies","page_number":119,"box":{"x":119,"y":710,"width":222,"height":12}},{"id":"9f7ef300-517c-4c08-9e72-cbff1f2cb338","block_type":"box","text":"In tracking the Index, the Fund may invest in FDI such as warrants, swap agreements (excluding funded","page_number":119,"box":{"x":119,"y":740,"width":766,"height":12}},{"id":"1c95d51f-5877-4cd3-b56f-1a33b3e9159a","block_type":"box","text":"swap agreements, but including total return swaps as further detailed below) and equity-linked notes","page_number":119,"box":{"x":120,"y":755,"width":765,"height":12}},{"id":"b74e2adf-468f-48da-9233-19a61a263ea6","block_type":"box","text":"which may be used to gain exposure to the constituents of the Index or to the performance of the Index","page_number":119,"box":{"x":119,"y":770,"width":766,"height":12}},{"id":"2f3ebc6a-e639-4ea8-9b86-bc08ccfa6fa2","block_type":"box","text":"itself, to reduce transaction costs or taxes or allow exposure in the case of illiquid stocks or stocks which","page_number":119,"box":{"x":119,"y":785,"width":766,"height":12}},{"id":"ba1dc4af-f100-4a56-a8f0-55859d5b925f","block_type":"box","text":"are unavailable for market or regulatory reasons or to minimise tracking error. The Fund may invest in","page_number":119,"box":{"x":119,"y":800,"width":766,"height":12}},{"id":"f4918077-0082-47f4-a5c0-074a7e15be60","block_type":"box","text":"exchange traded futures and options contracts (typically equity index and foreign currency) to manage","page_number":119,"box":{"x":119,"y":815,"width":766,"height":12}},{"id":"26032a22-f870-4db4-99cc-730fd1206d30","block_type":"box","text":"cash flows on a short term basis and to achieve cost efficiencies, may invest in currency forwards and","page_number":119,"box":{"x":119,"y":830,"width":766,"height":12}},{"id":"2c4d2f66-eb57-4c43-aec4-b46879276911","block_type":"box","text":"interest rate futures to protect against currency fluctuation and may invest in depositary receipts","page_number":119,"box":{"x":119,"y":845,"width":766,"height":12}},{"id":"4637b0dc-90cb-4750-aea9-1eb3b9c9f74a","block_type":"box","text":"including ADRs and GDRs to gain exposure to the constituents of the Index. The use of future contracts","page_number":119,"box":{"x":119,"y":860,"width":766,"height":12}},{"id":"aee77343-514f-4828-8a58-a4e245ad0882","block_type":"box","text":"ensures the Fund remains 100% invested while allowing for cash to be used for efficient portfolio","page_number":119,"box":{"x":119,"y":875,"width":766,"height":12}},{"id":"085042be-98eb-4cd9-93c5-a5a3ed8b2177","block_type":"box","text":"management purposes (e.g. rebalancing and equitising dividend income).","page_number":119,"box":{"x":119,"y":890,"width":545,"height":12}},{"id":"5afdbab6-c149-49da-9acc-ee1d8d8316f3","block_type":"box","text":"120","page_number":120,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"3ef1f5ff-a19e-4d30-afcd-c840dbfb7cc2","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":120,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"475710b7-6f86-4a72-9f2f-734212cf3fd8","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":120,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"1d71e5b2-bd3f-4c87-b863-ea90af2e6610","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps to manage exposures to","page_number":120,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"edcd8bb6-99f8-42b8-bda8-f2c8ab0008bd","block_type":"box","text":"certain individual securities, a basket of securities, or securities indices, including in circumstances","page_number":120,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"6a82a981-8ffb-4dd1-902a-e0b18116f4b4","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction","page_number":120,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"7e5aa631-de9b-4788-8a1c-09a007777ecd","block_type":"box","text":"costs or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error. For example,","page_number":120,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"ea5d0daf-3363-47e5-8fe8-ee34059090ba","block_type":"box","text":"total return swaps can be used as an alternative means to obtain economic exposure to a security if the","page_number":120,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"fc8e5e2a-7406-48c7-b05b-667bacd74713","block_type":"box","text":"Fund is required to limit its investment in a particular issuer or industry, including in the context of","page_number":120,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"7dea0c7b-6625-4186-b9e1-5e4018c5dc39","block_type":"box","text":"management of exposure levels to certain securities by the Vanguard Group globally","page_number":120,"box":{"x":119,"y":192,"width":621,"height":12}},{"id":"ae71f3b5-a903-488a-ae5d-d5b8177a5834","block_type":"box","text":".","page_number":120,"box":{"x":741,"y":200,"width":2,"height":1}},{"id":"e1c4c9ca-5078-4bbf-9d8d-9f204f2e7283","block_type":"box","text":"The Fund will not","page_number":120,"box":{"x":745,"y":192,"width":140,"height":9}},{"id":"49fdd04f-a806-4135-b73c-450dde42b4e8","block_type":"box","text":"use total return swaps to gain exposure outside of the Index. See","page_number":120,"box":{"x":119,"y":207,"width":501,"height":12}},{"id":"18394143-7321-4e04-8cf3-67db7b8ced0c","block_type":"box","text":"Appendix 4","page_number":120,"box":{"x":620,"y":207,"width":92,"height":12}},{"id":"369738af-b808-4f64-9ba6-7f105ef3ce58","block_type":"box","text":"of this Prospectus for","page_number":120,"box":{"x":713,"y":207,"width":172,"height":12}},{"id":"02a83a07-122d-4e35-bc61-8217a2eabd92","block_type":"box","text":"further details on the FDI that the Fund will use. The Fund will not use FDI for investment purposes,","page_number":120,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"b9d4703f-04de-46dc-a0f7-1fc88147b256","block_type":"box","text":"and only a limited percentage of its assets may be committed to FDI usage at any time. The Fund may","page_number":120,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"5fed559a-44ca-4cfc-9a01-c25612d15b89","block_type":"box","text":"also engage in securities lending transactions for efficient portfolio management purposes. See","page_number":120,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"e8bb34a3-15ab-4555-bedb-9780b0f54e46","block_type":"box","text":"Appendix 4","page_number":120,"box":{"x":119,"y":267,"width":90,"height":12}},{"id":"df8c536b-82e1-4f66-820e-826cbf2eeb0d","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":120,"box":{"x":210,"y":267,"width":640,"height":12}},{"id":"71fbf02d-8fce-4dc4-951c-f36ac8759d45","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":120,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"1b1b216b-7d54-44e0-a934-e0f1e8420d4e","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":120,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"26904689-c612-4116-b71b-fac9396573bb","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":120,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"4c8eed2c-b455-4df8-9e05-e3b25cea9de1","block_type":"box","text":"the Company. See A","page_number":120,"box":{"x":119,"y":341,"width":141,"height":12}},{"id":"a073162c-1e27-4ca3-9cee-1f026582a4de","block_type":"box","text":"Appendix 3","page_number":120,"box":{"x":258,"y":341,"width":89,"height":12}},{"id":"db3b0e6c-c003-4d40-96a7-84dbea64533e","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":120,"box":{"x":348,"y":341,"width":537,"height":12}},{"id":"85728b63-b49b-44ea-8d65-3f67f6626e9d","block_type":"box","text":"schemes, including other funds of the Company.","page_number":120,"box":{"x":120,"y":356,"width":361,"height":12}},{"id":"8d11a082-0719-4d78-a1ff-3c2e748df30b","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":120,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"8bdbffc4-340c-4f63-bae4-5ab7fbcbfe06","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":120,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"b077dd77-c166-4843-bf37-65a2a3287ac0","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":120,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"c18fea6d-7335-4717-906b-526c302d5145","block_type":"box","text":"Temporary Investment Measures","page_number":120,"box":{"x":119,"y":447,"width":268,"height":11}},{"id":"9c7fe11d-6dfd-4dfc-8221-11014c92ae45","block_type":"box","text":"The Fund may temporarily depart from this investment strategies in response to the Investment","page_number":120,"box":{"x":119,"y":476,"width":766,"height":12}},{"id":"d7d4496a-1859-42af-be0e-c5094527de30","block_type":"box","text":"Manager's perception of extraordinary market, political or similar conditions. During these periods and","page_number":120,"box":{"x":119,"y":491,"width":766,"height":12}},{"id":"757779b0-c57e-4036-9580-2ea3ca32945e","block_type":"box","text":"for as long as the Investment Manager deems it necessary, the Fund may increase its holdings of cash","page_number":120,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"9b5697f5-07d9-42c3-bf85-022315e70468","block_type":"box","text":"and ancillary liquid assets. In doing so, the Fund may succeed in avoiding losses, but may otherwise","page_number":120,"box":{"x":119,"y":521,"width":766,"height":13}},{"id":"90f8264c-8b23-415b-b00b-5bab69c7251d","block_type":"box","text":"fail to achieve its investment objective.","page_number":120,"box":{"x":119,"y":537,"width":294,"height":12}},{"id":"6226e886-0e85-47c9-a1d4-7439d961100b","block_type":"box","text":"Tracking Error","page_number":120,"box":{"x":119,"y":567,"width":128,"height":12}},{"id":"fa6e209e-1c97-4d76-8443-0dfe64dbdabc","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":120,"box":{"x":119,"y":597,"width":766,"height":12}},{"id":"4e7acfa2-5637-4a51-b818-c55102daabde","block_type":"box","text":"Fund, will be up to 0.20%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":120,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"8f1b3ee0-aa79-4d22-abfb-27088819511d","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":120,"box":{"x":119,"y":627,"width":766,"height":12}},{"id":"156d2cf5-a7f6-4e1f-bbf2-19561bcc6824","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":120,"box":{"x":119,"y":642,"width":766,"height":12}},{"id":"1fe8e282-8692-482f-b6b4-e1ceb531f400","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":120,"box":{"x":119,"y":657,"width":766,"height":12}},{"id":"89b84032-ea13-48d4-85e2-3fbfd66d2549","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":120,"box":{"x":119,"y":672,"width":766,"height":12}},{"id":"2ee9e08f-130a-4733-b79d-14927b69ed77","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":120,"box":{"x":119,"y":687,"width":766,"height":12}},{"id":"2c4783ed-dfb8-42d1-9ff0-9d4bcdbef1a9","block_type":"box","text":"relevant period.","page_number":120,"box":{"x":119,"y":702,"width":116,"height":12}},{"id":"0ab1a513-5345-419f-bc47-fb7dd414e70e","block_type":"box","text":"Please refer to the section headed “","page_number":120,"box":{"x":243,"y":702,"width":267,"height":9}},{"id":"08b65d63-a2d8-4ee2-b16c-7fc6c4df65fe","block_type":"box","text":"Plain Talk about Excess Return and Tracking","page_number":120,"box":{"x":511,"y":702,"width":374,"height":12}},{"id":"b5bd9c83-42fc-41af-8b4c-1948454e20ae","block_type":"box","text":"Error","page_number":120,"box":{"x":119,"y":717,"width":46,"height":9}},{"id":"d5b08bd6-3317-4e46-89cc-1aaa02c284bd","block_type":"box","text":"”","page_number":120,"box":{"x":166,"y":717,"width":7,"height":4}},{"id":"4530fe14-0a28-4f00-ab67-e713c2586686","block_type":"box","text":"for further information on Tracking Error.","page_number":120,"box":{"x":178,"y":717,"width":309,"height":12}},{"id":"e223f998-5f18-403e-93ba-4a4b125fcf81","block_type":"box","text":"Portfolio Information","page_number":120,"box":{"x":119,"y":747,"width":175,"height":9}},{"id":"92081a4d-001c-4775-9a0a-a5bb2d9e5e48","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. 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See the “","page_number":124,"box":{"x":119,"y":372,"width":725,"height":12}},{"id":"e7efeed0-b269-40d4-b180-373b99bd0453","block_type":"box","text":"Risk","page_number":124,"box":{"x":845,"y":372,"width":40,"height":10}},{"id":"c16a9526-60f6-4be1-9265-eb4b8c957cbf","block_type":"box","text":"Factors","page_number":124,"box":{"x":119,"y":388,"width":59,"height":9}},{"id":"aab4d9e5-84bf-418a-875c-81ae17edb7c7","block_type":"box","text":"” section of this Prospectus for further information on the basket customisation fee.","page_number":124,"box":{"x":179,"y":387,"width":619,"height":12}},{"id":"cf8ef05a-3e3b-4c16-822f-7becc9b94c01","block_type":"box","text":"*** Details of the current charge are available from the Investment Manager.","page_number":124,"box":{"x":120,"y":417,"width":568,"height":12}},{"id":"54c626cd-76a2-4bb9-aef1-f96548acf903","block_type":"box","text":"125","page_number":125,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"c5d39a6c-68df-403c-b85a-73ac889d358a","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":125,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"8b4b6279-9e4e-45a1-a092-89e6e63ebc10","block_type":"box","text":"_______________________________________________________________________________","page_number":125,"box":{"x":118,"y":96,"width":735,"height":3}},{"id":"5db850a1-aaca-4b93-84ac-3f0117938fb7","block_type":"box","text":"Vanguard FTSE 100 UCITS ETF","page_number":125,"box":{"x":367,"y":117,"width":270,"height":12}},{"id":"08cb86f2-ab0b-4aec-ad3b-8ba58ad10f17","block_type":"box","text":"________________________________________________________________________________","page_number":125,"box":{"x":118,"y":141,"width":744,"height":3}},{"id":"33b471ec-2554-451c-b9e1-9ff850de796e","block_type":"box","text":"Benchmark Index","page_number":125,"box":{"x":119,"y":177,"width":146,"height":9}},{"id":"abb7e6d4-dffc-4f20-ae7f-7ef4cd92b6c5","block_type":"box","text":"The FTSE 100 Index (the “","page_number":125,"box":{"x":119,"y":207,"width":201,"height":12}},{"id":"65b92a69-99e3-4e2d-8f8d-8e273e5107b8","block_type":"box","text":"Index","page_number":125,"box":{"x":321,"y":207,"width":44,"height":9}},{"id":"68860e14-40f8-4318-9ed3-e06cf62e11b4","block_type":"box","text":"”).","page_number":125,"box":{"x":366,"y":207,"width":23,"height":12}},{"id":"41d18f1f-0cb8-4e1e-89bb-7aa882129ee7","block_type":"box","text":"Investment Objective","page_number":125,"box":{"x":119,"y":237,"width":173,"height":12}},{"id":"617e08c8-c3c2-4f8b-9fe6-d6d3bcc5d762","block_type":"box","text":"This Fund seeks to track the performance of the Index, a widely recognised UK benchmark of the UK","page_number":125,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"675229bd-4e3c-4b43-93bf-aa120768aa40","block_type":"box","text":"market’s most highly capitalised blue chip companies.","page_number":125,"box":{"x":119,"y":282,"width":406,"height":12}},{"id":"bdda3e9f-1431-4f43-948b-1450e4499bb7","block_type":"box","text":"Primary Investment Strategies","page_number":125,"box":{"x":119,"y":312,"width":246,"height":12}},{"id":"d5aa8e39-1685-42b2-90ad-613d1e5c91f8","block_type":"box","text":"The Fund employs a “passive management”– or indexing – investment approach, through physical","page_number":125,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"6c9307b2-1dc7-40ec-9ede-708e5e58fefb","block_type":"box","text":"acquisition of securities, designed to track the performance of the Index, a free float adjusted market","page_number":125,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"36b30ef8-6158-4bfe-8567-d5bfa0d1d183","block_type":"box","text":"capitalisation weighted index.","page_number":125,"box":{"x":119,"y":372,"width":226,"height":12}},{"id":"c033b0be-8765-4489-8671-d1634b8a6ea2","block_type":"box","text":"To the extent practicable, the Fund uses a full replication strategy to select securities, so that the Fund","page_number":125,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"81f2953c-ac5e-4b87-9841-365c739c76aa","block_type":"box","text":"invests in all, or substantially all, of the constituents of the Index, making the weight of such investments","page_number":125,"box":{"x":119,"y":417,"width":766,"height":12}},{"id":"95945653-64b6-429f-83b6-c391a5bf382c","block_type":"box","text":"approximate to those of the Index.","page_number":125,"box":{"x":119,"y":432,"width":260,"height":12}},{"id":"387392bb-0775-43b9-a421-2fe1b3a478de","block_type":"box","text":"By holding each stock in approximately the same proportion as","page_number":125,"box":{"x":380,"y":432,"width":505,"height":12}},{"id":"f195a5e5-bbf1-4d46-a47d-606fba7c49fc","block_type":"box","text":"its weighting in the Index, the Fund may have exposure to or invest up to 20% of the Net Asset","page_number":125,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"781508a9-baee-40f6-9fa6-55834f46e56b","block_type":"box","text":"Value of the Fund in stocks issued by the same body. This limit may be raised to 35% for a single","page_number":125,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"77d7dcaa-4a4d-4110-a22e-a128661e3b1e","block_type":"box","text":"issuer in exceptional market conditions which may include the dominance of a particular issuer","page_number":125,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"54e80eed-8e2c-4361-912b-721f18ea0e4b","block_type":"box","text":"in the relevant market.","page_number":125,"box":{"x":119,"y":492,"width":181,"height":9}},{"id":"2c3f7829-5445-422a-b76a-52e520b01776","block_type":"box","text":"When not practicable to fully replicate, the Fund may use a sampling process","page_number":125,"box":{"x":301,"y":492,"width":584,"height":12}},{"id":"bb51f060-f08c-4945-afb5-5d7e9f985657","block_type":"box","text":"to invest in a portfolio of securities that consists of a representative sample of the component securities","page_number":125,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"c849a6f6-602d-483c-8263-e8066b295224","block_type":"box","text":"of the Index. Under normal circumstances, the Fund is expected to maintain broad risk characteristics","page_number":125,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"af1be257-2809-4a02-8933-1608e9e34357","block_type":"box","text":"consistent with that of the Index. See the section of the Prospectus headed “","page_number":125,"box":{"x":119,"y":537,"width":582,"height":12}},{"id":"b61c8289-f174-48da-9093-e7b002d737dc","block_type":"box","text":"The Funds","page_number":125,"box":{"x":702,"y":537,"width":85,"height":9}},{"id":"063690aa-57f7-410c-83ea-e27c1bf4a33f","block_type":"box","text":"” for further","page_number":125,"box":{"x":788,"y":537,"width":97,"height":9}},{"id":"2bd291df-f305-498d-8183-ae18061b2b7c","block_type":"box","text":"information, in particular in relation to optimisation and sampling techniques that may be used in","page_number":125,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"a779c4f9-5ad0-4030-a318-48909e26501a","block_type":"box","text":"tracking the performance of the Index.","page_number":125,"box":{"x":119,"y":567,"width":289,"height":12}},{"id":"39e9f811-388b-45e3-bdde-aacf75847eac","block_type":"box","text":"The Index is a capitalisation weighted index of 100 UK companies and is designed to measure","page_number":125,"box":{"x":119,"y":597,"width":766,"height":12}},{"id":"51831b7f-fa98-42b6-a56b-3ca2ebe45a3d","block_type":"box","text":"performance of the broad domestic economy through changes in the aggregate market value of these","page_number":125,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"72b10996-0f69-4d94-b4ab-9ff7a4dc6fa3","block_type":"box","text":"companies’ stocks representing major industries. Further information on the composition of the Index,","page_number":125,"box":{"x":119,"y":627,"width":766,"height":12}},{"id":"acfdfd27-1f38-43e1-b5fa-2b73b081e5d1","block_type":"box","text":"including current details as to its exact composition and methodology, may be obtained at","page_number":125,"box":{"x":119,"y":642,"width":766,"height":12}},{"id":"c6cdea67-5e23-4f8e-a889-0cd714666b60","block_type":"box","text":"https://www.ftserussell.com/analytics/factsheets/","page_number":125,"box":{"x":119,"y":657,"width":361,"height":12}},{"id":"ab75475d-6a67-42f0-ba70-20f198ba514f","block_type":"box","text":"and h","page_number":125,"box":{"x":480,"y":657,"width":36,"height":9}},{"id":"eb0f7456-24ec-4c56-b392-cdced3b30009","block_type":"box","text":"https://www.ftserussell.com/products/indices/uk","page_number":125,"box":{"x":516,"y":657,"width":357,"height":12}},{"id":"1dafc1dd-0a36-4a61-b276-56f49e5c213d","block_type":"box","text":".","page_number":125,"box":{"x":874,"y":665,"width":8,"height":1}},{"id":"58bdc901-6d45-4ada-8721-bfc4b7348eb0","block_type":"box","text":"Other Investment Strategies","page_number":125,"box":{"x":119,"y":687,"width":227,"height":12}},{"id":"b2de005c-4d61-44b9-b4ea-0dccb11bab17","block_type":"box","text":"In tracking the Index, the Fund may invest in FDI such as warrants, swap agreements (including total","page_number":125,"box":{"x":119,"y":717,"width":766,"height":12}},{"id":"d2ce3c59-1e9d-400d-8e78-b949d5380183","block_type":"box","text":"return swaps as further detailed below) and equity-linked notes which may be used to gain exposure to","page_number":125,"box":{"x":119,"y":732,"width":766,"height":12}},{"id":"3f0f9427-1f14-48d1-8aae-dc02fad68833","block_type":"box","text":"the constituents of the Index or to the performance of the Index itself, to reduce transaction costs or taxes","page_number":125,"box":{"x":119,"y":747,"width":766,"height":12}},{"id":"673bc126-0198-4c18-bbcc-c59894c47440","block_type":"box","text":"or allow exposure in the case of illiquid stocks or stocks which are unavailable for market or regulatory","page_number":125,"box":{"x":119,"y":762,"width":766,"height":12}},{"id":"6f0942c7-52f2-4702-a7c5-04233367cb2e","block_type":"box","text":"reasons or to minimise tracking error. The Fund may invest in exchange traded futures and options","page_number":125,"box":{"x":119,"y":777,"width":766,"height":12}},{"id":"fdc940f7-544c-491f-92cc-d58d74a41f5a","block_type":"box","text":"contracts (typically equity index and foreign currency) to manage cash flows on a short term basis and","page_number":125,"box":{"x":119,"y":792,"width":766,"height":12}},{"id":"6798899e-4a1e-40ef-a4b3-13321234058f","block_type":"box","text":"to achieve cost efficiencies, may invest in currency forwards and interest rate futures to protect against","page_number":125,"box":{"x":119,"y":807,"width":766,"height":12}},{"id":"d7beee9b-c38f-4b0d-9825-e18a2e9da606","block_type":"box","text":"currency fluctuation and may invest in depositary receipts including ADRs and GDRs to gain exposure","page_number":125,"box":{"x":119,"y":822,"width":766,"height":12}},{"id":"500565dd-88f7-42e4-9c22-aadc325f5ae8","block_type":"box","text":"to the constituents of the Index. The use of future contracts ensures the Fund remains 100% invested","page_number":125,"box":{"x":119,"y":837,"width":766,"height":10}},{"id":"baf6cf95-30ee-4248-ba2b-45d3d7cc232a","block_type":"box","text":"while allowing for cash to be used for efficient portfolio management purposes (e.g. rebalancing and","page_number":125,"box":{"x":119,"y":852,"width":766,"height":12}},{"id":"fc8833c4-cf52-44eb-a6ef-39c0d8cba120","block_type":"box","text":"equitising dividend income).","page_number":125,"box":{"x":119,"y":867,"width":216,"height":12}},{"id":"54a0be64-0b83-43db-9016-ab026e708c30","block_type":"box","text":"126","page_number":126,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"17bc924e-3f9c-4d3a-9122-e939cc3b911d","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":126,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"13885f09-b70c-4461-bd3f-658212511181","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":126,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"18193cb3-266b-4e16-afba-8314e7857337","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps to manage exposures to","page_number":126,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"4223e999-6e9a-41f0-a618-d1b4f17b187c","block_type":"box","text":"certain individual securities, a basket of securities, or securities indices, including in circumstances","page_number":126,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"d9d551f7-c15c-4c78-b7d1-887d44db2420","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction","page_number":126,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"e8734161-3ca3-4391-90bb-060aa635fa23","block_type":"box","text":"costs or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error. For example,","page_number":126,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"c0743768-c423-4719-ae03-bf9dfa529244","block_type":"box","text":"total return swaps can be used as an alternative means to obtain economic exposure to a security if the","page_number":126,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"9964505c-b358-4353-a397-3e85cf654230","block_type":"box","text":"Fund is required to limit its investment in a particular issuer or industry, including in the context of","page_number":126,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"6a398423-ea52-4274-932c-67cee73a81d7","block_type":"box","text":"management of exposure levels to certain securities by the Vanguard Group globally","page_number":126,"box":{"x":119,"y":192,"width":621,"height":12}},{"id":"90dc13fa-6113-495b-93dc-31165d90aa80","block_type":"box","text":".","page_number":126,"box":{"x":741,"y":200,"width":2,"height":1}},{"id":"469610c9-37cf-4824-936a-83885b6e938f","block_type":"box","text":"The Fund will not","page_number":126,"box":{"x":745,"y":192,"width":140,"height":9}},{"id":"9857066a-273c-4e0e-a118-9da5fe8b184e","block_type":"box","text":"use total return swaps to gain exposure outside of the Index. The Fund may also engage in securities","page_number":126,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"065b280f-79bc-4eae-888d-31fafa6719c5","block_type":"box","text":"lending transactions for efficient portfolio management purposes. See","page_number":126,"box":{"x":119,"y":222,"width":530,"height":12}},{"id":"ccd5aad5-9a8e-405c-b150-6d7a5d3758f4","block_type":"box","text":"Appendix 4","page_number":126,"box":{"x":649,"y":222,"width":92,"height":12}},{"id":"25c1e2e8-0282-486b-a7c3-442d4da46d64","block_type":"box","text":"of this Prospectus","page_number":126,"box":{"x":741,"y":222,"width":144,"height":12}},{"id":"02d8f42b-016e-4110-b228-0fd6c50a1def","block_type":"box","text":"for further details on the FDI that the Fund will use. The Fund will not use FDI for investment purposes,","page_number":126,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"4d64c8f7-2908-4fc9-8006-977fc78698bc","block_type":"box","text":"and only a limited percentage of its assets may be committed to FDI usage at any time. See","page_number":126,"box":{"x":119,"y":252,"width":685,"height":12}},{"id":"7d572d43-61d8-444d-92a1-a66cde854ce2","block_type":"box","text":"Appendix","page_number":126,"box":{"x":804,"y":252,"width":81,"height":12}},{"id":"80b2f42a-07fd-48fd-a16f-08a84e1dc628","block_type":"box","text":"4","page_number":126,"box":{"x":119,"y":267,"width":8,"height":9}},{"id":"24347c17-1d5e-4169-a209-280ca167de72","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":126,"box":{"x":128,"y":267,"width":640,"height":12}},{"id":"3c424291-3584-457a-a39e-d5a6e2a8b909","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":126,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"da5770f3-c91d-43b6-b794-fba7bad4923b","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":126,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"a2c268b5-2115-44cd-b368-e1f80a7cd1cf","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":126,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"d1f381f3-a566-4fac-b42c-0618a0ab8d4c","block_type":"box","text":"the Company. See A","page_number":126,"box":{"x":119,"y":341,"width":141,"height":12}},{"id":"04723c22-5a48-4f7b-beef-01eafd304575","block_type":"box","text":"Appendix 3","page_number":126,"box":{"x":258,"y":341,"width":89,"height":12}},{"id":"61611ad7-3cd8-49ff-b98b-dea0d50e88e0","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":126,"box":{"x":348,"y":341,"width":537,"height":12}},{"id":"8dfa2f9d-c968-4b8d-abee-b389d9ef80bd","block_type":"box","text":"schemes, including other funds of the Company.","page_number":126,"box":{"x":120,"y":356,"width":361,"height":12}},{"id":"a9bc4073-6400-4a1c-b32e-154384c01de7","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":126,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"e0bac343-9e22-4add-9f0a-f118929b68e6","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":126,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"a2ef6e62-c363-4bc1-b749-059d7168a7ae","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":126,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"cf20ac66-607c-4901-a49d-c4c17a4f9f38","block_type":"box","text":"Temporary Investment Measures","page_number":126,"box":{"x":119,"y":432,"width":268,"height":12}},{"id":"805e11c0-c160-4155-bd78-1f2ae57008a3","block_type":"box","text":"The Fund may temporarily depart from this investment strategies in response to the Investment","page_number":126,"box":{"x":119,"y":461,"width":766,"height":12}},{"id":"99c7ff21-a09d-4c1c-aefe-b387550bb12c","block_type":"box","text":"Manager's perception of extraordinary market, political or similar conditions. During these periods and","page_number":126,"box":{"x":119,"y":476,"width":766,"height":12}},{"id":"953b7c18-ae89-479a-8378-d43a86057599","block_type":"box","text":"for as long as the Investment Manager deems it necessary, the Fund may increase its holdings of cash","page_number":126,"box":{"x":119,"y":491,"width":766,"height":12}},{"id":"69a59589-a4cb-4d2c-95b4-b0b16d525e7f","block_type":"box","text":"and ancillary liquid assets. 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particular","page_number":130,"box":{"x":119,"y":186,"width":766,"height":12}},{"id":"d5ea4200-0eba-426e-88fd-1e8bb693a445","block_type":"box","text":"countries or markets or to replace any Redemption Security which may not be eligible for transfer, may","page_number":130,"box":{"x":119,"y":201,"width":766,"height":12}},{"id":"50644d59-b98c-42fe-a08a-f60a6ce5f452","block_type":"box","text":"not be eligible for trading by an Authorised Participant or in the event that in-kind trading is not","page_number":130,"box":{"x":119,"y":216,"width":766,"height":12}},{"id":"89785e55-04fe-4af9-a45c-1b90a1c2188a","block_type":"box","text":"permissible in particular countries or markets. Trading costs incurred by the Fund in connection with","page_number":130,"box":{"x":119,"y":231,"width":766,"height":12}},{"id":"edf9355d-af72-4461-8799-ff08ccc13760","block_type":"box","text":"the purchase of Deposit Securities with cash-in-lieu amounts will be borne by the relevant Shareholder,","page_number":130,"box":{"x":119,"y":246,"width":766,"height":12}},{"id":"ec0dff48-0661-4358-bb7f-126d4d30ee23","block_type":"box","text":"through the application of a Basket Customisation Fee (representing the estimated cost of acquisition of","page_number":130,"box":{"x":119,"y":261,"width":766,"height":12}},{"id":"7174e810-773a-4667-aee8-71a3068b08fe","block_type":"box","text":"the relevant Deposit Security to the Fund by the cash-in-lieu amount, otherwise than in respect of","page_number":130,"box":{"x":119,"y":276,"width":766,"height":13}},{"id":"3f484908-f411-4162-b30c-6079a8f07c25","block_type":"box","text":"“Settlement – Cash (Directed)”), to protect existing Shareholders from this expense. See the “","page_number":130,"box":{"x":119,"y":291,"width":725,"height":12}},{"id":"9750b807-3b43-44b2-ba4d-40c27d4114e5","block_type":"box","text":"Risk","page_number":130,"box":{"x":845,"y":292,"width":40,"height":9}},{"id":"ccfe57cc-e48e-4f4f-883d-c5a74c641d78","block_type":"box","text":"Factors","page_number":130,"box":{"x":119,"y":307,"width":59,"height":9}},{"id":"8333f246-84a4-4935-8a7b-fcf9dd9f257c","block_type":"box","text":"” section of this Prospectus for further information on the basket customisation fee.","page_number":130,"box":{"x":179,"y":307,"width":619,"height":12}},{"id":"5b9d4623-ad3c-4b52-aa45-4a0ebbcca1a3","block_type":"box","text":"*** Details of the current charge is available from the Investment Manager.","page_number":130,"box":{"x":120,"y":335,"width":558,"height":12}},{"id":"9e37c014-6291-41c3-b576-35d8a947e21c","block_type":"box","text":"131","page_number":131,"box":{"x":491,"y":937,"width":17,"height":7}},{"id":"cca12b4e-e183-4917-88f4-f870076fc7bc","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":131,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"3a715698-2ca1-4db0-9eef-fba36fa81542","block_type":"box","text":"_________________________________________________________________________________","page_number":131,"box":{"x":118,"y":96,"width":754,"height":3}},{"id":"e6c5889f-6d9b-4fa3-8b6e-b7be384bbb00","block_type":"box","text":"Vanguard U.K. Gilt UCITS ETF","page_number":131,"box":{"x":370,"y":117,"width":263,"height":12}},{"id":"cfd9c42d-6cdf-4e86-844a-9318edf63583","block_type":"box","text":"_________________________________________________________________________________","page_number":131,"box":{"x":118,"y":141,"width":754,"height":3}},{"id":"898a0d75-40fa-402d-9779-84008b74e23f","block_type":"box","text":"Benchmark Index","page_number":131,"box":{"x":119,"y":177,"width":146,"height":9}},{"id":"d8934090-f1c2-4b10-a7ad-678f3fc73760","block_type":"box","text":"The Bloomberg Sterling Gilt Float Adjusted Index (the “","page_number":131,"box":{"x":119,"y":207,"width":419,"height":12}},{"id":"b5d15cca-fc63-46f0-bb07-7c43a1cc8122","block_type":"box","text":"Index","page_number":131,"box":{"x":539,"y":207,"width":45,"height":9}},{"id":"60963b73-e273-4562-aab4-6487ee5e3e78","block_type":"box","text":"”).","page_number":131,"box":{"x":584,"y":207,"width":23,"height":12}},{"id":"e94164e3-828d-4a98-b9f6-1d196941a44b","block_type":"box","text":"Investment Objective","page_number":131,"box":{"x":119,"y":237,"width":173,"height":12}},{"id":"2943b49e-6644-43f5-bf78-a1cf5145aa19","block_type":"box","text":"The Fund seeks to track the performance of the Index, a market-weighted index of U.K. Gilts","page_number":131,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"90622ab5-8f5e-4b4c-bb43-d1e353f5206c","block_type":"box","text":"denominated in Pound Sterling.","page_number":131,"box":{"x":119,"y":282,"width":238,"height":12}},{"id":"c320e828-8e5a-436c-af25-7a652bd3cd5c","block_type":"box","text":"Primary Investment Strategies","page_number":131,"box":{"x":119,"y":312,"width":246,"height":12}},{"id":"7b39c040-8d0f-4df2-8cfd-5476dc963ed9","block_type":"box","text":"The Fund employs a “passive management” – or indexing – investment approach, through physical","page_number":131,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"863cec0f-4d9f-43a5-9645-a2b9d31d272e","block_type":"box","text":"acquisition of securities, designed to track the performance of the Index. The Fund will invest in a","page_number":131,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"d62c2cfd-067a-423e-a67a-842a061cc802","block_type":"box","text":"portfolio of Gilts with greater than 1 year maturity that, so far as possible and practicable, consists of a","page_number":131,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"9e17c26b-1f5f-4265-bb40-7de2feb40f63","block_type":"box","text":"representative sample of the component securities of the Index. The average duration of such securities","page_number":131,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"28f60baa-9fdd-4245-9cef-0d78fa755feb","block_type":"box","text":"is medium term, whilst the range for individual securities may be between 1 and 50 years. Further","page_number":131,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"19102c0c-d61f-40c0-ae4d-63ff899629ac","block_type":"box","text":"information can be obtained at","page_number":131,"box":{"x":119,"y":417,"width":230,"height":10}},{"id":"3bf4da5c-2601-4482-bc8d-ffdf24b84f69","block_type":"box","text":"https://www.bloomberg.com/fixed-income-indices","page_number":131,"box":{"x":349,"y":417,"width":374,"height":12}},{"id":"77bdbe0b-0de4-4ef6-a002-97de07ab3082","block_type":"box","text":".","page_number":131,"box":{"x":725,"y":425,"width":8,"height":2}},{"id":"1f9ffdec-af6f-48ea-9cfc-4ab3874e88e7","block_type":"box","text":"Other Investment Strategies","page_number":131,"box":{"x":119,"y":447,"width":227,"height":12}},{"id":"deef4b07-60ef-418e-a904-e758f748f3e3","block_type":"box","text":"The Fund may invest in interest rate futures for efficient portfolio management purposes. See A","page_number":131,"box":{"x":119,"y":477,"width":686,"height":12}},{"id":"89603628-56c3-41ac-b090-811456bdfe9d","block_type":"box","text":"Appendix","page_number":131,"box":{"x":804,"y":477,"width":81,"height":12}},{"id":"de1aa339-3559-4fea-b503-95c2e21011c3","block_type":"box","text":"4","page_number":131,"box":{"x":119,"y":492,"width":8,"height":9}},{"id":"5f625401-4312-492c-a54f-f607cb7e59d4","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":131,"box":{"x":128,"y":492,"width":640,"height":12}},{"id":"b60867c1-45ea-4f5d-a670-fdc1bbaa340f","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":131,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"b20bea40-dbb5-4cb5-8845-ddcac4f3c4a8","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":131,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"26a6c36a-64ec-4cef-b94a-7147e08682c5","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":131,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"297870f9-89cc-47e6-b467-c386b001a00e","block_type":"box","text":"the Company. See A","page_number":131,"box":{"x":119,"y":567,"width":141,"height":12}},{"id":"2d7a1e28-1a9a-46ef-8981-8f46914e9d56","block_type":"box","text":"Appendix 3","page_number":131,"box":{"x":258,"y":568,"width":89,"height":11}},{"id":"c0ff0b8d-ab0f-4646-bbe3-1c15a0f22dc4","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":131,"box":{"x":348,"y":567,"width":537,"height":12}},{"id":"5bc7ae55-5309-4bda-8f04-8f6b4e1878f6","block_type":"box","text":"schemes, including other funds of the Company.","page_number":131,"box":{"x":120,"y":582,"width":361,"height":12}},{"id":"4360f4f5-0aaa-465f-9dbc-4537afe28712","block_type":"box","text":"The Fund may also enter into reverse repurchase agreements for the purpose of efficient portfolio","page_number":131,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"26ecd620-be4f-41f7-ab9e-f62905861774","block_type":"box","text":"management.","page_number":131,"box":{"x":119,"y":629,"width":103,"height":11}},{"id":"3f7fc41f-640b-43e3-a0c7-053cb35a85b9","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":131,"box":{"x":119,"y":657,"width":766,"height":13}},{"id":"88f5fa83-b8d5-460d-b13b-8a515b90b033","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits, or","page_number":131,"box":{"x":119,"y":673,"width":766,"height":12}},{"id":"b7bb8d5e-25d7-46c9-885a-2c23bea7685a","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":131,"box":{"x":119,"y":688,"width":766,"height":12}},{"id":"40481f8a-2957-4db3-a237-e70a4310b4a9","block_type":"box","text":"See the “","page_number":131,"box":{"x":120,"y":718,"width":70,"height":9}},{"id":"43329794-272b-4d20-b6ce-0db47b831a47","block_type":"box","text":"The Funds","page_number":131,"box":{"x":191,"y":718,"width":86,"height":9}},{"id":"a86b1938-dd65-4b94-a528-3230df5364c7","block_type":"box","text":"” section of this Prospectus for further information, in particular in relation to","page_number":131,"box":{"x":278,"y":718,"width":607,"height":12}},{"id":"0435e979-8277-47f6-a3fd-0237e68691cf","block_type":"box","text":"optimisation and sampling techniques used in tracking the performance of the Index.","page_number":131,"box":{"x":119,"y":733,"width":630,"height":12}},{"id":"e136b14b-7590-4b66-89ed-3c501f01f87e","block_type":"box","text":"Temporary Investment Measures","page_number":131,"box":{"x":119,"y":763,"width":268,"height":12}},{"id":"514a751a-0a5a-4103-bb46-bb3ebcebc6b0","block_type":"box","text":"The Fund may temporarily depart from this investment strategies in response to the Investment","page_number":131,"box":{"x":119,"y":793,"width":766,"height":12}},{"id":"b823d407-a37f-4a8d-8d99-6ee3ad490a52","block_type":"box","text":"Manager’s perception of extraordinary market, political or similar conditions. During these periods and","page_number":131,"box":{"x":119,"y":808,"width":766,"height":12}},{"id":"0b246fdd-d2b0-4cc2-8143-70b95ab46df8","block_type":"box","text":"for as long as the Investment Manager deems it necessary, the Fund may increase its holdings of cash","page_number":131,"box":{"x":119,"y":823,"width":766,"height":12}},{"id":"c4861699-7ff2-4e1d-881f-726591250ad1","block_type":"box","text":"and ancillary liquid assets. In doing so, the Fund may succeed in avoiding losses, but may otherwise","page_number":131,"box":{"x":119,"y":838,"width":766,"height":12}},{"id":"1dfc9c6d-fd2c-4160-b212-c9da870415d7","block_type":"box","text":"fail to achieve its investment objective.","page_number":131,"box":{"x":119,"y":853,"width":294,"height":12}},{"id":"e6551003-a576-4e11-9586-a2ad5d7a256e","block_type":"box","text":"132","page_number":132,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"5bd17548-859e-4a9d-a802-75513cdd93bb","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":132,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"29c81652-7638-41a9-93ec-d515f3adad22","block_type":"box","text":"Tracking Error","page_number":132,"box":{"x":119,"y":87,"width":128,"height":12}},{"id":"1c2997e5-6709-4270-85b9-697dee762c23","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":132,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"64616711-2b79-4f08-b89d-172d321b4793","block_type":"box","text":"Fund, will be up to 0.40%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":132,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"38a1363c-39ff-46a7-8759-34bcf961f38a","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":132,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"386cbc97-97e3-45a1-bee6-709b61df8a6a","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":132,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"d3da00a5-5c33-4a43-8c74-981296181622","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":132,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"e183e158-6618-479e-a559-2662f3138a14","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":132,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"c6467e0d-4860-4025-9607-25b8c38134d5","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":132,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"97c1ad55-d5e1-42c5-a0ad-cbe8a8d864dd","block_type":"box","text":"relevant period. 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See the “","page_number":135,"box":{"x":119,"y":626,"width":725,"height":12}},{"id":"ae715de6-25e6-4082-a15c-949dd38b9665","block_type":"box","text":"Risk","page_number":135,"box":{"x":845,"y":626,"width":40,"height":10}},{"id":"f8734573-b597-472a-ac8d-54093a8ccd5a","block_type":"box","text":"Factors","page_number":135,"box":{"x":119,"y":641,"width":59,"height":9}},{"id":"055eeea5-2741-4cfb-9a7f-c216ede8c353","block_type":"box","text":"” section of this Prospectus for further information on the basket customisation fee.","page_number":135,"box":{"x":179,"y":641,"width":619,"height":12}},{"id":"d165cf88-0507-4d71-a042-80b0b6402d71","block_type":"box","text":"*** Details of the current charge is available from the Investment Manager.","page_number":135,"box":{"x":120,"y":671,"width":558,"height":12}},{"id":"99d7e550-7656-4bbc-a3c2-d5b816fe9ec0","block_type":"box","text":"136","page_number":136,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"5662cc1a-7e43-4ced-afaf-02d7bfe9abe1","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":136,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"e26a3b91-56ca-4c7a-95d3-e7938e9ece81","block_type":"box","text":"_________________________________________________________________________________","page_number":136,"box":{"x":118,"y":96,"width":754,"height":3}},{"id":"01a6e388-41d0-410f-a2eb-1ac6b0ef527e","block_type":"box","text":"Vanguard FTSE All-World UCITS ETF","page_number":136,"box":{"x":341,"y":117,"width":322,"height":12}},{"id":"c2ef52ac-c73b-42cb-bb87-23d3cb4d486c","block_type":"box","text":"_________________________________________________________________________________","page_number":136,"box":{"x":118,"y":141,"width":754,"height":3}},{"id":"b3ab8c73-17f6-4e57-b8b9-6168abdf1431","block_type":"box","text":"Investors should note that the Fund invests in emerging markets and as such involves a higher","page_number":136,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"1ed86767-c433-4442-a567-86f312f67da4","block_type":"box","text":"average degree of risk than other Funds. Accordingly, it is recommended that an investment in","page_number":136,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"d1be1a29-8588-4561-8b98-d5241439c215","block_type":"box","text":"the Fund should not constitute a substantial proportion of an investment portfolio and may not","page_number":136,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"00e1e3ca-c6e1-471c-9043-c85a6a4e7fde","block_type":"box","text":"be appropriate for all investors.","page_number":136,"box":{"x":119,"y":207,"width":249,"height":12}},{"id":"c1a47a78-d8ef-4a50-a3b6-825a1100e463","block_type":"box","text":"For more information see below under Primary Risks.","page_number":136,"box":{"x":374,"y":207,"width":432,"height":12}},{"id":"60214eb7-143f-4d94-adbe-c846d5fc21d6","block_type":"box","text":"Benchmark Index","page_number":136,"box":{"x":119,"y":237,"width":146,"height":9}},{"id":"bc61744d-f71d-4d96-b317-62ccfca327ec","block_type":"box","text":"The FTSE All-World Index (the “","page_number":136,"box":{"x":119,"y":265,"width":250,"height":13}},{"id":"ea475d58-cf46-4128-bcff-4e05bf5267f2","block_type":"box","text":"Index","page_number":136,"box":{"x":370,"y":266,"width":45,"height":9}},{"id":"2136b523-3414-4bb1-8761-36fddf9ca154","block_type":"box","text":"”).","page_number":136,"box":{"x":416,"y":265,"width":22,"height":13}},{"id":"3453c6ef-3aea-44ff-8cd8-3268f608a007","block_type":"box","text":"Investment Objective","page_number":136,"box":{"x":119,"y":295,"width":173,"height":12}},{"id":"25910025-801f-4ff5-924a-30df3f403238","block_type":"box","text":"This Fund seeks to provide long-term growth of capital by tracking the performance of the Index, a","page_number":136,"box":{"x":119,"y":324,"width":766,"height":12}},{"id":"e9ac8a61-5bc1-405e-ade7-4776abad7832","block_type":"box","text":"market-capitalisation weighted index of common stocks of large and mid cap companies in developed","page_number":136,"box":{"x":119,"y":339,"width":766,"height":12}},{"id":"233249f6-cbbf-4dbf-b0f8-8ebf7fa03554","block_type":"box","text":"and emerging countries.","page_number":136,"box":{"x":119,"y":354,"width":182,"height":12}},{"id":"b9584242-7e3d-47fa-bfa7-775aa8e97b33","block_type":"box","text":"Primary Investment Strategies","page_number":136,"box":{"x":119,"y":384,"width":246,"height":11}},{"id":"9779877b-65dd-476e-a2c5-1de8fe262be2","block_type":"box","text":"The Fund employs a “passive management” – or indexing – investment approach, through physical","page_number":136,"box":{"x":119,"y":412,"width":766,"height":12}},{"id":"58cdb634-7546-44a3-a98b-92ed316b797e","block_type":"box","text":"acquisition of securities, designed to track the performance of the Index, a free float adjusted market","page_number":136,"box":{"x":119,"y":428,"width":766,"height":12}},{"id":"7e877caa-363c-43a6-8b89-6f8d41303e61","block_type":"box","text":"capitalisation weighted index. The Fund will invest in a portfolio of equity securities that so far as","page_number":136,"box":{"x":119,"y":443,"width":766,"height":12}},{"id":"c1103d74-f2d3-4fce-994f-95ad04c12243","block_type":"box","text":"possible and practicable consists of a representative sample of the component securities of the Index.","page_number":136,"box":{"x":119,"y":458,"width":766,"height":12}},{"id":"1de4c81f-515a-46c4-8ca8-614934fe3ccd","block_type":"box","text":"Further information on the composition of the Index, including current details as to its exact composition","page_number":136,"box":{"x":119,"y":473,"width":766,"height":12}},{"id":"231f0f66-a3a9-49e0-86f1-a7aaeb72d6be","block_type":"box","text":"and methodology, may be obtained at","page_number":136,"box":{"x":119,"y":488,"width":404,"height":12}},{"id":"46d12028-4472-49cd-b2df-a402d2d0a4c5","block_type":"box","text":"https://www.ftserussell.com/analytics","page_number":136,"box":{"x":547,"y":488,"width":277,"height":12}},{"id":"ec2d6715-a412-4027-bca6-a71ce49a5dd0","block_type":"box","text":"and","page_number":136,"box":{"x":825,"y":488,"width":60,"height":9}},{"id":"534b8348-8dd7-465d-9650-5e484f1924ac","block_type":"box","text":"https://www.ftserussell.com/products/indices","page_number":136,"box":{"x":119,"y":503,"width":333,"height":12}},{"id":"f6f250cc-27ff-43d8-93ff-7382093c6df9","block_type":"box","text":".","page_number":136,"box":{"x":454,"y":511,"width":8,"height":1}},{"id":"77779495-b1dd-4617-8780-36f455169a8e","block_type":"box","text":"Other Investment Strategies","page_number":136,"box":{"x":119,"y":532,"width":222,"height":12}},{"id":"34d71727-df55-4671-a8e2-9654459ef66b","block_type":"box","text":"In tracking the Index, the Fund may invest in FDI such as warrants, swap agreements (excluding funded","page_number":136,"box":{"x":119,"y":561,"width":766,"height":12}},{"id":"aba151b0-87ca-442e-9848-7502b1d5999c","block_type":"box","text":"swap agreements, but including total return swaps as further detailed below) and equity-linked notes","page_number":136,"box":{"x":120,"y":576,"width":765,"height":12}},{"id":"c612ad33-a96a-4378-8b49-ad1563f13324","block_type":"box","text":"which may be used to gain exposure to the constituents of the Index or to the performance of the Index","page_number":136,"box":{"x":119,"y":591,"width":766,"height":12}},{"id":"d18f5d59-3947-471f-8cf3-46288871fcf8","block_type":"box","text":"itself, to reduce transaction costs or taxes or allow exposure in the case of illiquid stocks or stocks which","page_number":136,"box":{"x":119,"y":606,"width":766,"height":12}},{"id":"7716e424-abc9-47e4-8edb-a30a42071b09","block_type":"box","text":"are unavailable for market or regulatory reasons or to minimise tracking error. The Fund may invest in","page_number":136,"box":{"x":119,"y":621,"width":766,"height":12}},{"id":"cfc02bd4-e98c-48b1-a534-108542de8389","block_type":"box","text":"exchange traded futures and options contracts (typically equity index and foreign currency) to manage","page_number":136,"box":{"x":119,"y":636,"width":766,"height":12}},{"id":"eacd91b7-00da-4b8a-bf1d-30a967619fd5","block_type":"box","text":"cash flows on a short term basis and to achieve cost efficiencies, may invest in currency forwards and","page_number":136,"box":{"x":119,"y":651,"width":766,"height":12}},{"id":"86356f79-dfcd-4324-9585-fef6218c22aa","block_type":"box","text":"interest rate futures to protect against currency fluctuation and may invest in depository receipts","page_number":136,"box":{"x":119,"y":666,"width":766,"height":12}},{"id":"7e62fff4-6167-4fc5-8042-aa9adcc96066","block_type":"box","text":"including ADRs and GDRs to gain exposure to the constituents of the Index. The use of future contracts","page_number":136,"box":{"x":119,"y":681,"width":766,"height":12}},{"id":"5e778bcb-6f8b-42e2-a781-dc85def4b49f","block_type":"box","text":"ensures the Fund remains 100% invested while allowing for cash to be used for efficient portfolio","page_number":136,"box":{"x":119,"y":696,"width":766,"height":12}},{"id":"f9c7d5b0-7f58-4dda-a9e2-7a59de5cc044","block_type":"box","text":"management purposes (e.g. rebalancing and equitising dividend income).","page_number":136,"box":{"x":119,"y":712,"width":545,"height":12}},{"id":"bdf318a5-e389-4e57-8909-db95037bd56c","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":136,"box":{"x":119,"y":741,"width":766,"height":12}},{"id":"a9a17940-f364-4658-8c83-021d50426b43","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps to manage exposures to","page_number":136,"box":{"x":119,"y":756,"width":766,"height":12}},{"id":"19675315-bf41-4467-9440-14771fd19770","block_type":"box","text":"certain individual securities, a basket of securities, or securities indices, including in circumstances","page_number":136,"box":{"x":119,"y":771,"width":766,"height":12}},{"id":"2a00f223-7f2e-4cf2-a89b-c0829886eec1","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction","page_number":136,"box":{"x":119,"y":786,"width":766,"height":12}},{"id":"d7042ba1-0fcb-4779-ac24-045196e2a918","block_type":"box","text":"costs or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error. For example,","page_number":136,"box":{"x":119,"y":801,"width":766,"height":12}},{"id":"c31511bb-14f0-4313-a414-8d657b03348e","block_type":"box","text":"total return swaps can be used as an alternative means to obtain economic exposure to a security if the","page_number":136,"box":{"x":119,"y":816,"width":766,"height":12}},{"id":"d54b5d97-3b65-44fb-add9-d116b351e0a3","block_type":"box","text":"Fund is required to limit its investment in a particular issuer or industry, including in the context of","page_number":136,"box":{"x":119,"y":831,"width":766,"height":12}},{"id":"761729be-ea45-4b52-ad4a-fafbaf1e9c0d","block_type":"box","text":"management of exposure levels to certain securities by the Vanguard Group globally","page_number":136,"box":{"x":119,"y":846,"width":621,"height":12}},{"id":"1fb37073-32c3-4ca7-b8c0-3e805ae7d45d","block_type":"box","text":".","page_number":136,"box":{"x":741,"y":854,"width":9,"height":1}},{"id":"ceee65b1-5270-42f8-b708-d68c122b127b","block_type":"box","text":"The Fund will not","page_number":136,"box":{"x":750,"y":846,"width":135,"height":9}},{"id":"5955da05-33da-4b20-87a5-91a4188b19ed","block_type":"box","text":"use total return swaps to gain exposure outside of the Index. The Fund may also engage in securities","page_number":136,"box":{"x":119,"y":861,"width":766,"height":12}},{"id":"38d60c45-7386-4457-b3d8-aa838eff98b9","block_type":"box","text":"lending transactions for efficient portfolio management purposes. See","page_number":136,"box":{"x":119,"y":876,"width":529,"height":12}},{"id":"9942e145-3892-4f87-bec6-1d0cd2f657b3","block_type":"box","text":"Appendix 4","page_number":136,"box":{"x":649,"y":876,"width":91,"height":12}},{"id":"f860802c-4398-45cc-bfc9-70587afe672a","block_type":"box","text":"of this Prospectus","page_number":136,"box":{"x":741,"y":876,"width":144,"height":12}},{"id":"773cffca-5fca-459a-8fe2-c14f0cfb97f3","block_type":"box","text":"for further details on the FDI that the Fund will use. The Fund will not use FDI for investment purposes,","page_number":136,"box":{"x":119,"y":891,"width":766,"height":12}},{"id":"9d3d4420-9377-41aa-a158-848f6fee5c07","block_type":"box","text":"137","page_number":137,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"a743a719-e8c3-4a24-834e-02d18f5c2f19","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":137,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"c392d3e1-d959-4890-a3a5-be207341e85b","block_type":"box","text":"and only a limited percentage of its assets may be committed to FDI usage at any time. See","page_number":137,"box":{"x":119,"y":87,"width":685,"height":12}},{"id":"ae19d4fe-e649-49b6-b680-c7d88cb552fa","block_type":"box","text":"Appendix","page_number":137,"box":{"x":804,"y":87,"width":81,"height":12}},{"id":"09a8690d-2e54-4812-bae7-6355b97cda42","block_type":"box","text":"4","page_number":137,"box":{"x":119,"y":102,"width":8,"height":9}},{"id":"c49efc9b-6f97-44a1-b0fa-4ebcee68a9ab","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":137,"box":{"x":128,"y":102,"width":640,"height":12}},{"id":"0369e4ee-a55d-4899-ab7a-ba313d337581","block_type":"box","text":"In tracking the Index, the Fund may on occasion invest directly in Russian securities in accordance with","page_number":137,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"b97a028e-fe80-41f6-9bf5-6a40766d9962","block_type":"box","text":"the weighting attributed to such securities if present in the Index. As at the date of this Prospectus, 0.00%","page_number":137,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"6f260d90-ca89-479b-9e59-8cd5e5221097","block_type":"box","text":"of the Index, as it is currently constituted, comprised such securities.","page_number":137,"box":{"x":119,"y":161,"width":511,"height":12}},{"id":"f5969974-6235-4fdd-a1ce-68468aaed7ab","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":137,"box":{"x":119,"y":190,"width":766,"height":12}},{"id":"b1b768ec-6f7f-4593-a63c-89ad4d79201b","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":137,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"ba3d9d2a-5a6f-4f1a-8051-f5c35efc2de2","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":137,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"3fa6654b-f5b0-4e07-a3ee-cb42ba29a8ea","block_type":"box","text":"the Company. See A","page_number":137,"box":{"x":119,"y":235,"width":141,"height":12}},{"id":"58fd2b4d-499d-4f75-ae82-8bca4eb854a9","block_type":"box","text":"Appendix 3","page_number":137,"box":{"x":258,"y":235,"width":89,"height":12}},{"id":"6013d4ab-a1fa-46d7-898f-f50433c26686","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":137,"box":{"x":348,"y":235,"width":537,"height":12}},{"id":"f249914e-2b66-4657-9509-b8c52031a277","block_type":"box","text":"schemes, including other funds of the Company.","page_number":137,"box":{"x":120,"y":251,"width":361,"height":12}},{"id":"ed67f782-e6a0-4edb-a766-bfd2abfd559e","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":137,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"c10bf215-2d1e-4699-8eed-122725707544","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits, or","page_number":137,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"fab0d10c-7ff2-4412-bbcd-d928623c76a8","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":137,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"6ab6f90c-a581-4756-a272-27cee60c3690","block_type":"box","text":"See the “","page_number":137,"box":{"x":120,"y":340,"width":70,"height":9}},{"id":"6ae9a12e-0907-45e6-beee-eeec7f774522","block_type":"box","text":"The Funds","page_number":137,"box":{"x":191,"y":340,"width":86,"height":9}},{"id":"315b40f3-00bb-430c-ad85-017d15aeed68","block_type":"box","text":"” section of this Prospectus for further information, in particular in relation to","page_number":137,"box":{"x":278,"y":340,"width":607,"height":12}},{"id":"50467487-1c60-4618-9ee6-021688ab6f47","block_type":"box","text":"optimisation and sampling techniques used in tracking the performance of the Index.","page_number":137,"box":{"x":119,"y":355,"width":630,"height":12}},{"id":"c47620b5-fd84-4c81-811a-277faf3a2d8f","block_type":"box","text":"Where the Fund invests in securities in the Peoples Republic of China, it may do so via the Shanghai","page_number":137,"box":{"x":119,"y":385,"width":761,"height":12}},{"id":"bac822b8-3e70-4e9b-8075-3e12f29aea98","block_type":"box","text":"Hong Kong Stock Connect.","page_number":137,"box":{"x":119,"y":400,"width":208,"height":12}},{"id":"94072ece-8e03-459a-b0af-4809575f4460","block_type":"box","text":"Temporary Investment Measures","page_number":137,"box":{"x":119,"y":430,"width":268,"height":12}},{"id":"eca3c129-dd1c-42d6-b340-18faf941a36e","block_type":"box","text":"The Fund may temporarily depart from this investment strategies in response to the Investment","page_number":137,"box":{"x":119,"y":460,"width":766,"height":12}},{"id":"f7de36f2-6b4d-4ad8-9ed1-541762402deb","block_type":"box","text":"Manager's perception of extraordinary market, political or similar conditions. During these periods and","page_number":137,"box":{"x":119,"y":475,"width":766,"height":12}},{"id":"4347250f-7d28-4971-a205-0703442d6bf8","block_type":"box","text":"for as long as the Investment Manager deems it necessary, the Fund may increase its holdings of cash","page_number":137,"box":{"x":119,"y":490,"width":766,"height":12}},{"id":"094d206e-c951-4f98-a6fd-d40d71aa4ca5","block_type":"box","text":"and ancillary liquid assets. In doing so, the Fund may succeed in avoiding losses, but may otherwise","page_number":137,"box":{"x":119,"y":505,"width":766,"height":12}},{"id":"1e754188-54d6-4be1-8c39-c4529971195e","block_type":"box","text":"fail to achieve its investment objective.","page_number":137,"box":{"x":119,"y":520,"width":294,"height":12}},{"id":"3ec93448-0525-4cff-82fc-eb59c38bf4eb","block_type":"box","text":"Tracking Error","page_number":137,"box":{"x":119,"y":550,"width":128,"height":12}},{"id":"d08af5db-a7ef-415f-a627-07b00920b649","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":137,"box":{"x":119,"y":580,"width":766,"height":12}},{"id":"b3e38ef3-302a-4f00-9ce8-d1438e158940","block_type":"box","text":"Fund, will be up to 0.30%. 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to","page_number":141,"box":{"x":120,"y":222,"width":749,"height":12}},{"id":"195dd844-fb0d-4770-9a73-176766cf3adb","block_type":"box","text":"stamp duty and other duties.","page_number":141,"box":{"x":120,"y":237,"width":212,"height":12}},{"id":"077f9415-aa2b-43d3-9367-18e50b2a0d67","block_type":"box","text":"** The Company reserves the right to permit or require the substitution of an amount of cash — referred","page_number":141,"box":{"x":120,"y":267,"width":765,"height":12}},{"id":"fd5578d1-aec3-4d59-b4e9-cb1f970ff3b6","block_type":"box","text":"to as “cash-in-lieu”— to be added to the Cash Component to replace any Deposit Security that may not","page_number":141,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"2b092d9f-3716-4263-a46c-8173cb0dacf9","block_type":"box","text":"be available in sufficient quantity for delivery, may not be eligible for transfer, may not be eligible for","page_number":141,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"49250c76-291b-40ae-957f-09a71727bddd","block_type":"box","text":"trading by an Authorised Participant or in the event that in-kind trading is not permissible in particular","page_number":141,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"f4e02012-908b-44e4-bc9c-70b0cd22634f","block_type":"box","text":"countries or markets, or to replace any Redemption Security which may not be eligible for transfer, may","page_number":141,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"8eadd6a3-90a0-4982-b212-9cc253828cc1","block_type":"box","text":"not be eligible for trading by an Authorised Participant or in the event that in-kind trading is not","page_number":141,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"8d99db02-8cac-4d01-ab79-5215ba2a4cc4","block_type":"box","text":"permissible in particular countries or markets. 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See the “","page_number":141,"box":{"x":119,"y":417,"width":725,"height":12}},{"id":"007c8a22-abfb-4e86-aa19-7f63bab01d61","block_type":"box","text":"Risk","page_number":141,"box":{"x":845,"y":418,"width":40,"height":9}},{"id":"268bd031-4260-41f1-b576-db77a5b9baf6","block_type":"box","text":"Factors","page_number":141,"box":{"x":119,"y":433,"width":59,"height":9}},{"id":"f5873105-b74b-454c-b510-df6a9d00f4ad","block_type":"box","text":"” section of this Prospectus for further information on the basket customisation fee.","page_number":141,"box":{"x":179,"y":432,"width":619,"height":12}},{"id":"8932d8a6-e234-4775-bdcf-537c6a1bcc4f","block_type":"box","text":"*** Details of the current charge are available from the Investment Manager.","page_number":141,"box":{"x":120,"y":462,"width":574,"height":13}},{"id":"f66d8627-e72a-4806-8b7b-d1adbf1b35a9","block_type":"box","text":"142","page_number":142,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"35ed3732-241f-4250-a7fa-fefc51fcdbfd","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":142,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"714db164-49c2-4d9a-b6a2-9ec228adbddd","block_type":"box","text":"_________________________________________________________________________________","page_number":142,"box":{"x":118,"y":96,"width":754,"height":3}},{"id":"b3b4ea0c-1174-4e73-915a-32b0e5b587fd","block_type":"box","text":"Vanguard FTSE Emerging Markets UCITS ETF","page_number":142,"box":{"x":306,"y":117,"width":392,"height":12}},{"id":"e3b5f9f7-df20-4a0f-8c11-9c21dc68459c","block_type":"box","text":"_________________________________________________________________________________","page_number":142,"box":{"x":118,"y":141,"width":754,"height":3}},{"id":"2c4d6816-203d-4c15-8a5b-4717c95bada3","block_type":"box","text":"Investors should note that the Fund invests in emerging markets and as such involves a higher","page_number":142,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"edb69594-f2f3-4317-921d-d0aede2ad677","block_type":"box","text":"average degree of risk than other Funds. Accordingly, it is recommended that an investment in","page_number":142,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"ac9424ce-a9ac-499d-87ab-69f6a0805d42","block_type":"box","text":"the Fund should not constitute a substantial proportion of an investment portfolio and may not","page_number":142,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"18bcdf96-9edf-487d-b9f5-f76e24308c10","block_type":"box","text":"be appropriate for all investors.","page_number":142,"box":{"x":119,"y":221,"width":249,"height":12}},{"id":"86e253fa-7118-4a1c-bfb3-c6f346eccf76","block_type":"box","text":"For more information see below under Primary Risks.","page_number":142,"box":{"x":374,"y":221,"width":432,"height":12}},{"id":"1d6fdf19-5f7f-4954-83e7-c745e471571b","block_type":"box","text":"Benchmark Index","page_number":142,"box":{"x":119,"y":251,"width":146,"height":9}},{"id":"98397b79-79ff-41d5-85d9-d16ad39c1768","block_type":"box","text":"The FTSE Emerging Index (the “","page_number":142,"box":{"x":119,"y":280,"width":246,"height":12}},{"id":"346fcef4-9d78-4768-a4c5-e520bd47826f","block_type":"box","text":"Index","page_number":142,"box":{"x":366,"y":280,"width":44,"height":9}},{"id":"ac4e0b4b-ada3-4094-8a90-ff1a3877a4a6","block_type":"box","text":"”).","page_number":142,"box":{"x":411,"y":280,"width":23,"height":12}},{"id":"94e7058f-18d5-49be-9d1d-2b390899f5a6","block_type":"box","text":"Investment Objective","page_number":142,"box":{"x":119,"y":309,"width":168,"height":12}},{"id":"c9eb7f53-1a42-4266-9e69-3eb748be467e","block_type":"box","text":"This Fund seeks to track the performance of the Index, a free float market capitalisation-weighted index","page_number":142,"box":{"x":119,"y":338,"width":766,"height":12}},{"id":"339a7c83-8ed6-443e-a0c8-78624944fc40","block_type":"box","text":"of large and mid cap companies in multiple emerging markets in Europe, Asia, Africa, Central and South","page_number":142,"box":{"x":119,"y":353,"width":766,"height":12}},{"id":"552aabfe-99db-49d7-8365-0c4f7efca279","block_type":"box","text":"America and the Middle East.","page_number":142,"box":{"x":119,"y":368,"width":225,"height":10}},{"id":"98d0c39a-99de-455a-808d-2b97c5396d6e","block_type":"box","text":"Primary Investment Strategies","page_number":142,"box":{"x":119,"y":398,"width":241,"height":12}},{"id":"e45fbd35-c94d-471e-a6c4-c1c4979556f5","block_type":"box","text":"The Fund employs a “passive management” – or indexing – investment approach, through physical","page_number":142,"box":{"x":119,"y":427,"width":766,"height":12}},{"id":"8c30a682-f7d1-4714-a459-bb0cda88158c","block_type":"box","text":"acquisition of securities, designed to track the performance of the Index. The Fund will invest in a","page_number":142,"box":{"x":119,"y":442,"width":766,"height":12}},{"id":"22434fb3-6ba3-43a1-a0d1-a3210de5a9d6","block_type":"box","text":"portfolio of equity securities of companies located in emerging markets.","page_number":142,"box":{"x":119,"y":457,"width":537,"height":12}},{"id":"7012040c-a3bc-4c41-ac7a-0589c09454e4","block_type":"box","text":"To the extent practicable, the Fund uses a full replication strategy to select securities, so that the Fund","page_number":142,"box":{"x":119,"y":486,"width":766,"height":12}},{"id":"157f8bc4-8a0a-4a03-bfcf-0891083b84b3","block_type":"box","text":"invests in all, or substantially all, of the constituents of the Index, making the weight of such investments","page_number":142,"box":{"x":119,"y":501,"width":766,"height":12}},{"id":"63c6f4d0-669e-4c6a-a5eb-59ff64b53ad5","block_type":"box","text":"approximate to those of the Index.","page_number":142,"box":{"x":119,"y":516,"width":260,"height":12}},{"id":"eb6a8016-7310-4f01-b891-4ce5f2bb77ff","block_type":"box","text":"By holding each stock in approximately the same proportion as","page_number":142,"box":{"x":380,"y":516,"width":505,"height":12}},{"id":"bf2d2a0c-34d0-433b-a051-30fedf05d03e","block_type":"box","text":"its weighting in the Index, the Fund may have exposure to or invest up to 20% of the Net Asset","page_number":142,"box":{"x":119,"y":531,"width":766,"height":12}},{"id":"10cd3e3e-c24f-40b9-9000-b5d9958d90b3","block_type":"box","text":"Value of the Fund in stocks issued by the same body. This limit may be raised to 35% for a single","page_number":142,"box":{"x":119,"y":546,"width":766,"height":12}},{"id":"76321bd7-a8b6-408e-9a22-bb814805e8e2","block_type":"box","text":"issuer in exceptional market conditions which may include the dominance of a particular issuer","page_number":142,"box":{"x":119,"y":561,"width":766,"height":12}},{"id":"ecec44d4-9fa3-4ec6-91aa-bfffd3bd06e2","block_type":"box","text":"in the relevant market.","page_number":142,"box":{"x":119,"y":576,"width":187,"height":10}},{"id":"bde8681f-1c96-4ea1-9551-620839cd1eac","block_type":"box","text":"Although the Index is generally well diversified, because of the market it","page_number":142,"box":{"x":307,"y":576,"width":578,"height":12}},{"id":"bee94243-6624-494c-a013-623eb31957f5","block_type":"box","text":"reflects it may, depending on market conditions, contain constituents issued by the same body that may","page_number":142,"box":{"x":119,"y":591,"width":766,"height":12}},{"id":"ab5265c6-000a-4ae9-9496-b514562c1c4b","block_type":"box","text":"represent more than 10% of the Index. When not practicable to fully replicate, the Fund may use a","page_number":142,"box":{"x":119,"y":606,"width":766,"height":12}},{"id":"92f0fb25-4333-498d-9d75-c01035cbaf78","block_type":"box","text":"sampling process to invest in a portfolio of securities that consists of a representative sample of the","page_number":142,"box":{"x":120,"y":621,"width":765,"height":12}},{"id":"47a58b30-d8ba-463b-933a-a7047d44c58a","block_type":"box","text":"component securities of the Index. Under normal circumstances, the Fund is expected to maintain broad","page_number":142,"box":{"x":119,"y":636,"width":766,"height":12}},{"id":"c069ccd5-bca7-4f40-bc6e-4fc7d8c32eed","block_type":"box","text":"risk characteristics consistent with that of the Index. See the “","page_number":142,"box":{"x":119,"y":651,"width":454,"height":10}},{"id":"ac86eb7c-1e5a-49dc-aab8-96abf3cc5c40","block_type":"box","text":"The Funds","page_number":142,"box":{"x":574,"y":652,"width":84,"height":9}},{"id":"eaef5ef6-7af7-4e75-9865-344b70ca00cc","block_type":"box","text":"” section of the Prospectus for","page_number":142,"box":{"x":659,"y":651,"width":226,"height":12}},{"id":"298fcd64-22ab-47bc-b13d-6b2193c69fed","block_type":"box","text":"further information, in particular in relation to optimisation and sampling techniques that may be used","page_number":142,"box":{"x":119,"y":666,"width":766,"height":12}},{"id":"52452bbb-532c-496d-bfdc-e942a99b2e55","block_type":"box","text":"in tracking the performance of the Index.","page_number":142,"box":{"x":119,"y":682,"width":308,"height":12}},{"id":"4aea7ae5-2728-48a8-833d-34a1544a4745","block_type":"box","text":"The Index is a free float adjusted market capitalisation index that is designed to measure equity market","page_number":142,"box":{"x":119,"y":711,"width":766,"height":12}},{"id":"1b139542-bb3b-4641-bae3-965ef228efdc","block_type":"box","text":"performance of large and mid cap companies in emerging markets. Further information on the","page_number":142,"box":{"x":119,"y":726,"width":766,"height":12}},{"id":"f410fceb-78cd-4427-acfb-de0ee17b11c2","block_type":"box","text":"composition of the Index, including current details as to its exact composition and methodology, may","page_number":142,"box":{"x":119,"y":741,"width":766,"height":12}},{"id":"bfffc3a2-e2b1-463e-b2c5-202b4a4cf4e9","block_type":"box","text":"be obtained at","page_number":142,"box":{"x":119,"y":756,"width":108,"height":9}},{"id":"fb9e9a35-66db-44c1-91f9-d8ba2f79ca76","block_type":"box","text":"https://www.ftserussell.com/analytics/","page_number":142,"box":{"x":227,"y":756,"width":283,"height":12}},{"id":"1bc6c32e-a8eb-44ec-a591-30f0f4934f27","block_type":"box","text":"and","page_number":142,"box":{"x":510,"y":756,"width":36,"height":9}},{"id":"ab913f68-8ff8-4d26-bf5d-9850b793faf3","block_type":"box","text":"https://www.ftserussell.com/products/","page_number":142,"box":{"x":546,"y":756,"width":281,"height":12}},{"id":"c55225b6-af9d-4693-b7ad-6c61747c324f","block_type":"box","text":".","page_number":142,"box":{"x":829,"y":764,"width":8,"height":1}},{"id":"5bffcc35-08c8-4685-992f-aa9b45a70aea","block_type":"box","text":"Other Investment Strategies","page_number":142,"box":{"x":119,"y":785,"width":222,"height":12}},{"id":"7fd3acd7-b0d8-4bbc-a5b8-61230d0b2210","block_type":"box","text":"In tracking the Index, the Fund may invest in FDI such as warrants, swap agreements (excluding funded","page_number":142,"box":{"x":119,"y":814,"width":766,"height":12}},{"id":"482d1030-69ac-4f7b-9c09-a5e4da7e3313","block_type":"box","text":"swap agreements, but including total return swaps as further detailed below) and equity-linked notes","page_number":142,"box":{"x":120,"y":829,"width":765,"height":12}},{"id":"1539d5f4-b181-4cbb-bfef-d1d27eef909c","block_type":"box","text":"which may be used to gain exposure to the constituents of the Index or to the performance of the Index","page_number":142,"box":{"x":119,"y":844,"width":766,"height":12}},{"id":"bc1051ae-096f-4fbd-8860-769e768c270e","block_type":"box","text":"itself, to reduce transaction costs or taxes or allow exposure in the case of illiquid stocks or stocks which","page_number":142,"box":{"x":119,"y":859,"width":766,"height":12}},{"id":"d0c9f316-9369-448a-9539-220c3734d92d","block_type":"box","text":"are unavailable for market or regulatory reasons or to minimise tracking error. The Fund may invest in","page_number":142,"box":{"x":119,"y":874,"width":766,"height":12}},{"id":"6e5b33e9-763b-4678-ba69-b10ff75970fe","block_type":"box","text":"exchange traded futures and options contracts (typically equity index and foreign currency) to manage","page_number":142,"box":{"x":119,"y":889,"width":766,"height":12}},{"id":"cc31f503-c253-4814-9806-e17e8cd17f82","block_type":"box","text":"143","page_number":143,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"b2b89120-1fee-4406-93b7-9331d610aedb","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":143,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"35edef06-c6c7-4dba-bc98-822e9d18d7c4","block_type":"box","text":"cash flows on a short term basis and to achieve cost efficiencies, may invest in currency forwards and","page_number":143,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"b69e29ab-5a62-48dc-babd-b9631000867d","block_type":"box","text":"interest rate futures to protect against currency fluctuation and may invest in depository receipts","page_number":143,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"3d20bfa3-7b15-428c-bf6d-00f6f38ddc19","block_type":"box","text":"including ADRs and GDRs to gain exposure to the constituents of the Index. The use of future contracts","page_number":143,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"ab09ea09-84d4-4501-83a8-6900b04afaa2","block_type":"box","text":"ensures the Fund remains 100% invested while allowing for cash to be used for efficient portfolio","page_number":143,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"30ec251d-d086-4dee-b002-0866d92de8c4","block_type":"box","text":"management purposes (e.g. rebalancing and equitising dividend income).","page_number":143,"box":{"x":119,"y":147,"width":545,"height":12}},{"id":"497bc552-86f1-4af3-ae88-9d494de79819","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":143,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"9c5c46ff-141f-4e3e-87cd-cb41b263d7a1","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps to manage exposures to","page_number":143,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"6e9ce3ff-bff8-4373-9709-327bd0a41861","block_type":"box","text":"certain individual securities, a basket of securities, or securities indices, including in circumstances","page_number":143,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"43482863-cb8e-434c-ab04-aa0505b8cb5e","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction","page_number":143,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"a47ba9c5-43aa-4e55-bb25-84aa9df12eb2","block_type":"box","text":"costs or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error. For example,","page_number":143,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"4427f262-1239-4a96-9ed1-693dc92731ea","block_type":"box","text":"total return swaps can be used as an alternative means to obtain economic exposure to a security if the","page_number":143,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"5fb6a3b6-0fea-48bc-a6f6-7e8340c89108","block_type":"box","text":"Fund is required to limit its investment in a particular issuer or industry, including in the context of","page_number":143,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"71ac80a4-df8c-4328-bf67-9e65d278d100","block_type":"box","text":"management of exposure levels to certain securities by the Vanguard Group globally. The Fund will not","page_number":143,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"448cf78c-d7ed-4900-8861-cb9cb2dc22d7","block_type":"box","text":"use total return swaps to gain exposure outside of the Index. The Fund may also engage in securities","page_number":143,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"11dbec76-2a40-4988-9a16-6710955c2c33","block_type":"box","text":"lending transactions for efficient portfolio management purposes. See","page_number":143,"box":{"x":119,"y":311,"width":531,"height":12}},{"id":"dd170431-2a62-4d33-a2df-dfa933f80f60","block_type":"box","text":"Appendix 4","page_number":143,"box":{"x":651,"y":311,"width":91,"height":12}},{"id":"f004ee4f-cb3c-4f87-80b6-a4d6cad8cc1b","block_type":"box","text":"of this Prospectus","page_number":143,"box":{"x":743,"y":311,"width":142,"height":12}},{"id":"02ab8d20-a294-4d7a-9798-0018a9107b44","block_type":"box","text":"for further details on the FDI that the Fund will use. 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See","page_number":143,"box":{"x":119,"y":341,"width":685,"height":12}},{"id":"b03bcc16-e7d6-428e-8c80-da39a6c50127","block_type":"box","text":"Appendix","page_number":143,"box":{"x":804,"y":341,"width":81,"height":12}},{"id":"ca83e860-c735-4c34-a0f7-e1aa8bab246b","block_type":"box","text":"4","page_number":143,"box":{"x":119,"y":357,"width":8,"height":9}},{"id":"ca92eda5-aa62-41b8-9569-b2ef7313c508","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":143,"box":{"x":128,"y":356,"width":640,"height":12}},{"id":"8746b2dd-f4fa-44ba-8959-a6e28a69a453","block_type":"box","text":"In tracking the Index, the Fund may on occasion invest directly in Russian securities in accordance with","page_number":143,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"4361720f-7e3c-40d4-91b7-1a76506824df","block_type":"box","text":"the weighting attributed to such securities if present in the Index. 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The annual report of the Company will","page_number":143,"box":{"x":119,"y":863,"width":766,"height":12}},{"id":"25bbf3e3-e483-4961-8a04-b92a7702f256","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":143,"box":{"x":119,"y":878,"width":766,"height":12}},{"id":"fb8b05f3-01d4-4127-846e-f7dea52e04d4","block_type":"box","text":"144","page_number":144,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"3d2857b7-d001-424c-a5e0-6a0d5a08465f","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":144,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"c7ec1c88-caee-4200-b4a0-a02dee3a3ad9","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “","page_number":144,"box":{"x":119,"y":87,"width":511,"height":12}},{"id":"6d3b518c-3d68-434f-a25b-6ae248a67327","block_type":"box","text":"Plain Talk about Excess Return","page_number":144,"box":{"x":631,"y":87,"width":254,"height":9}},{"id":"0aacf366-64b4-4cf5-b358-9453433a9632","block_type":"box","text":"and Tracking Error”","page_number":144,"box":{"x":119,"y":102,"width":172,"height":12}},{"id":"5cac071f-ffbf-41c8-995a-70e038fc4ea2","block_type":"box","text":"for further information on Tracking Error.","page_number":144,"box":{"x":291,"y":102,"width":315,"height":12}},{"id":"1ad004a4-1b11-4381-8061-0f7440c434ad","block_type":"box","text":"Portfolio Information","page_number":144,"box":{"x":119,"y":132,"width":175,"height":9}},{"id":"b95f72e5-e9f4-4362-9893-93128b8308e0","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. This file contains","page_number":144,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"32f77176-efe2-4e56-99ae-8c5e99ca999e","block_type":"box","text":"a basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":144,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"d2dd6dfd-c7d9-4322-a200-d4b61e57e798","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":144,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"1df8890d-d63d-476f-9942-9fd8e6d72b7f","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":144,"box":{"x":119,"y":207,"width":365,"height":12}},{"id":"a361b7b1-77b3-4d36-96a7-6860d2631c6f","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":144,"box":{"x":119,"y":237,"width":450,"height":12}},{"id":"5c4d25a8-d0b8-4207-a166-bfb2aefa6c99","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":144,"box":{"x":570,"y":237,"width":310,"height":12}},{"id":"b525e64e-351a-46a5-b9c5-2cc56d268e8a","block_type":"box","text":"holdings-disclosure-policy.pdf,","page_number":144,"box":{"x":119,"y":252,"width":228,"height":12}},{"id":"d30a6a7d-4f8a-4fbf-a727-d1206f1f3986","block_type":"box","text":"f, including details of the periodic disclosure of full holdings.","page_number":144,"box":{"x":346,"y":252,"width":451,"height":12}},{"id":"ab5a388b-f6d2-41c7-83ed-c30b16d40206","block_type":"box","text":"The Index rebalances on a semi-annual basis in March and September. For the potential cost impacts of","page_number":144,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"cbe55dbb-cb1f-4ded-8ee2-a4d668ed36cb","block_type":"box","text":"rebalancing, please see the section of the Prospectus headed “","page_number":144,"box":{"x":119,"y":297,"width":455,"height":12}},{"id":"ac9ade6c-3343-44e8-adcd-ad3e5f803906","block_type":"box","text":"Index rebalancing and costs","page_number":144,"box":{"x":575,"y":297,"width":219,"height":12}},{"id":"7fb172dd-8baf-4a54-bae3-8cc4c43e5e9d","block_type":"box","text":"”.","page_number":144,"box":{"x":795,"y":297,"width":17,"height":9}},{"id":"7bf6d0eb-91ab-4526-9fcd-5028836533ee","block_type":"box","text":"Primary Risks","page_number":144,"box":{"x":119,"y":327,"width":119,"height":12}},{"id":"dcf84f8c-8087-44e7-8dcc-357af2062d35","block_type":"box","text":"See the “","page_number":144,"box":{"x":120,"y":356,"width":66,"height":10}},{"id":"679a30cf-5e0b-481f-938b-cdaae9ffd53c","block_type":"box","text":"Risk Factors","page_number":144,"box":{"x":187,"y":356,"width":100,"height":10}},{"id":"382e0842-595e-47ce-bbaf-e96c849f553a","block_type":"box","text":"” section of this Prospectus for further information, in particular the risk factors","page_number":144,"box":{"x":288,"y":356,"width":597,"height":12}},{"id":"c12ee14a-8f4d-44a1-ac22-9b4969d0fcb1","block_type":"box","text":"entitled “Stock Market Risk”, “Index Risks”, “Index Sampling Risks”, “Currency Risk”, “Emerging","page_number":144,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"5008d8de-4870-40af-b1eb-e178e48a9ca0","block_type":"box","text":"Markets Risks” and “Ownership Limit Risk”.","page_number":144,"box":{"x":119,"y":386,"width":341,"height":12}},{"id":"22bca8a0-9f03-4620-8571-c8dc18af0b7e","block_type":"box","text":"Currency Hedging Policy","page_number":144,"box":{"x":119,"y":417,"width":204,"height":11}},{"id":"ba89d0dc-441f-42bd-8a33-22e85d3d99aa","block_type":"box","text":"FDI will be used for currency hedging purposes for classes denominated in currencies other than the","page_number":144,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"b777515d-ad3e-44d4-b12c-17f56d16fada","block_type":"box","text":"Base Currency of the Fund. 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See","page_number":149,"box":{"x":119,"y":252,"width":685,"height":12}},{"id":"6e5e39c2-c8bf-4ae2-903a-2993811a7e25","block_type":"box","text":"Appendix","page_number":149,"box":{"x":804,"y":252,"width":81,"height":12}},{"id":"8873bf44-efed-4417-9fe7-8e7b76b4ff04","block_type":"box","text":"4","page_number":149,"box":{"x":119,"y":267,"width":8,"height":9}},{"id":"c4a246c4-ee7d-4d91-adc0-43eb447d03ed","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":149,"box":{"x":128,"y":267,"width":640,"height":12}},{"id":"3ef23f1b-8633-4e59-8b8a-23586acd35cb","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":149,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"f3511027-687a-44f8-9209-def87da3ed50","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":149,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"61e9cb6e-64c1-4ece-8ddf-ea0bee75be2b","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":149,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"a3b2f8e3-217b-4902-b452-2bf724cec32d","block_type":"box","text":"the Company. See A","page_number":149,"box":{"x":119,"y":341,"width":141,"height":12}},{"id":"6e69a49e-0747-499a-b0e2-e12010d99d91","block_type":"box","text":"Appendix 3","page_number":149,"box":{"x":258,"y":341,"width":89,"height":12}},{"id":"c481b529-41e7-4c78-8d9b-d238ad510885","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":149,"box":{"x":348,"y":341,"width":537,"height":12}},{"id":"13e42a8d-9cc9-4278-8b26-787db01fc84d","block_type":"box","text":"schemes, including other funds of the Company.","page_number":149,"box":{"x":120,"y":356,"width":361,"height":12}},{"id":"f1ac76f9-422b-45be-b5fb-fa6ed75dfc77","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":149,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"a59066d7-5c25-41f8-b278-6b169605c7bd","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":149,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"50499942-e1fd-40dd-8e80-c5dbdd1590fe","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":149,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"365554ef-8985-48d2-9548-48cda101f897","block_type":"box","text":"Temporary Investment Measures","page_number":149,"box":{"x":119,"y":447,"width":268,"height":12}},{"id":"ca7c99f1-18a4-401f-aae3-f0075b7b9c4a","block_type":"box","text":"The Fund may temporarily depart from these investment strategies in response to the Investment","page_number":149,"box":{"x":119,"y":476,"width":766,"height":12}},{"id":"be8405cc-882f-4071-83d3-703f52a1beda","block_type":"box","text":"Manager's perception of extraordinary market, political or similar conditions. During these periods and","page_number":149,"box":{"x":119,"y":491,"width":766,"height":12}},{"id":"72de15ea-e1aa-4742-a836-47b83fd4a268","block_type":"box","text":"for as long as the Investment Manager deems it necessary, the Fund may increase its holdings of cash","page_number":149,"box":{"x":119,"y":506,"width":766,"height":12}},{"id":"98140685-699d-477f-9df3-503ca2cb8ed5","block_type":"box","text":"and ancillary liquid assets. In doing so, the Fund may succeed in avoiding losses, but may otherwise","page_number":149,"box":{"x":119,"y":521,"width":766,"height":12}},{"id":"184c5d86-d9f8-4896-b32c-4132fc4bb123","block_type":"box","text":"fail to achieve its investment objective.","page_number":149,"box":{"x":119,"y":536,"width":294,"height":12}},{"id":"ff1a4e47-e6b7-48fd-b8d2-60a18d893fb8","block_type":"box","text":"Tracking Error","page_number":149,"box":{"x":119,"y":566,"width":128,"height":12}},{"id":"e9891c0d-31d0-4264-9e34-b63056be2c3d","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":149,"box":{"x":119,"y":596,"width":766,"height":12}},{"id":"ace07809-2e98-4bdb-9271-b0b46a516911","block_type":"box","text":"Fund, will be up to 0.30%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":149,"box":{"x":119,"y":611,"width":766,"height":12}},{"id":"c5677de8-97e4-400c-96d0-bf45a723083d","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":149,"box":{"x":119,"y":626,"width":766,"height":12}},{"id":"2794a167-faff-4e82-add1-0a9ad670edd9","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":149,"box":{"x":119,"y":641,"width":766,"height":12}},{"id":"66dc520e-1a46-4972-a67f-8116ea887a0a","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":149,"box":{"x":119,"y":656,"width":766,"height":12}},{"id":"40b1029a-9ca3-4345-a192-5dbb657163f1","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":149,"box":{"x":119,"y":671,"width":766,"height":12}},{"id":"b3c78903-5030-4f83-8ad0-ea32cc4cd221","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":149,"box":{"x":119,"y":686,"width":766,"height":12}},{"id":"2a7ced59-b171-4bb0-a135-82f0c5c68df2","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “","page_number":149,"box":{"x":119,"y":701,"width":511,"height":12}},{"id":"eec42281-b0a9-4106-8321-f1c0600de5df","block_type":"box","text":"Plain Talk about Excess Return","page_number":149,"box":{"x":631,"y":701,"width":254,"height":9}},{"id":"f117a380-8d97-4220-8a21-101b3ef1bc7c","block_type":"box","text":"and Tracking Error”","page_number":149,"box":{"x":119,"y":716,"width":172,"height":12}},{"id":"9edcee8b-7bcc-4e7a-b367-5285d62f52c5","block_type":"box","text":"for further information on Tracking Error.","page_number":149,"box":{"x":291,"y":716,"width":315,"height":12}},{"id":"f56ac6bd-7199-4d2d-9302-4fb4519b1c90","block_type":"box","text":"Portfolio Information","page_number":149,"box":{"x":119,"y":746,"width":175,"height":10}},{"id":"985b70e1-1b5f-4bdb-8a34-487d52d770ae","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. This file contains","page_number":149,"box":{"x":119,"y":776,"width":766,"height":12}},{"id":"2a3de4f8-d5d8-4e47-82af-a25448e54656","block_type":"box","text":"a basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":149,"box":{"x":119,"y":791,"width":766,"height":12}},{"id":"084a8d0e-950d-40a8-9be2-034dabb34770","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":149,"box":{"x":119,"y":806,"width":766,"height":12}},{"id":"dc7bab04-20f1-4cdc-aac6-ce2ab30b4198","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":149,"box":{"x":119,"y":821,"width":365,"height":12}},{"id":"d9fa6b60-5fce-4168-a5a0-4473a9f5335e","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":149,"box":{"x":119,"y":851,"width":450,"height":12}},{"id":"a9077ffd-7c81-4385-b9b2-b1cdf7c5500b","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":149,"box":{"x":570,"y":851,"width":310,"height":12}},{"id":"baeb70ee-d4a6-49e9-8ede-a8c138d1390a","block_type":"box","text":"holdings-disclosure-policy.pdf,","page_number":149,"box":{"x":119,"y":866,"width":228,"height":12}},{"id":"5e449dd2-8f7c-4297-85a1-4c431a2f43a2","block_type":"box","text":"f, including details of the periodic disclosure of full holdings.","page_number":149,"box":{"x":346,"y":866,"width":451,"height":12}},{"id":"fbceddc4-4efb-4839-aa27-1e1c929905b0","block_type":"box","text":"150","page_number":150,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"b2e8adfb-9bf8-4800-9635-7b76730bee1c","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":150,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"739db34f-c454-49ce-bb4f-ca285f435119","block_type":"box","text":"The Index rebalances on a semi-annual basis in March and September. For the potential cost impacts of","page_number":150,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"7415aae4-a67f-4c34-8386-23d69bbec1a2","block_type":"box","text":"rebalancing, please see the section of the Prospectus headed “","page_number":150,"box":{"x":119,"y":102,"width":455,"height":12}},{"id":"a6b0aa85-7c8a-4f1a-8b6e-1b152a25731c","block_type":"box","text":"Index rebalancing and costs","page_number":150,"box":{"x":575,"y":102,"width":219,"height":12}},{"id":"3a60fdab-46d6-454e-92ec-48f822a63c7a","block_type":"box","text":"”.","page_number":150,"box":{"x":795,"y":102,"width":17,"height":9}},{"id":"81b6e284-deab-4d62-8f6d-6c0126d57618","block_type":"box","text":"Primary Risks","page_number":150,"box":{"x":119,"y":132,"width":119,"height":12}},{"id":"6b11a62b-6e00-4b6d-9ca4-912fe4c46e0f","block_type":"box","text":"See the “","page_number":150,"box":{"x":120,"y":161,"width":66,"height":9}},{"id":"344a1fe8-15da-492a-a13e-ca3d676540d6","block_type":"box","text":"Risk Factors","page_number":150,"box":{"x":187,"y":161,"width":100,"height":9}},{"id":"dff2cbe1-979e-4fc9-ac8f-2d75a97086d8","block_type":"box","text":"” section of this Prospectus for further information, in particular the risk factors","page_number":150,"box":{"x":288,"y":161,"width":597,"height":12}},{"id":"e3eba7e7-fb5a-4d60-b142-e0f1cb632982","block_type":"box","text":"entitled “Stock Market Risk”, “Index Risks”, “Currency Risk”, and “Ownership Limit Risk”.","page_number":150,"box":{"x":119,"y":176,"width":692,"height":12}},{"id":"a30c1b8a-e526-43de-9b19-93c1d2896bff","block_type":"box","text":"Currency Hedging Policy","page_number":150,"box":{"x":119,"y":206,"width":204,"height":12}},{"id":"c443c608-f54a-4fac-9147-28476a4cb7f9","block_type":"box","text":"FDI will be used for currency hedging purposes for classes denominated in currencies other than the","page_number":150,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"09c88c3d-6a98-4312-9cb2-0f377a3dced6","block_type":"box","text":"Base Currency of the Fund. 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When not practicable to fully replicate, the Fund may use a sampling process","page_number":154,"box":{"x":297,"y":477,"width":588,"height":12}},{"id":"dd41f591-0db2-4776-a399-01068596e1f3","block_type":"box","text":"to invest in a portfolio of securities that consists of a representative sample of the component securities","page_number":154,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"a8e6b3d9-d36e-4589-adee-eeaed7517659","block_type":"box","text":"of the Index. Under normal circumstances, the Fund is expected to maintain broad risk characteristics","page_number":154,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"f80509b7-206e-4125-86fc-9f964eb000ff","block_type":"box","text":"consistent with that of the Index. See the section of the Prospectus headed “","page_number":154,"box":{"x":119,"y":522,"width":582,"height":12}},{"id":"feee4e3e-f5f8-4eda-9a71-20653d1bdc8f","block_type":"box","text":"The Funds","page_number":154,"box":{"x":702,"y":522,"width":85,"height":9}},{"id":"26a65a58-f3f1-4609-9400-3f8c26e17606","block_type":"box","text":"” for further","page_number":154,"box":{"x":788,"y":522,"width":97,"height":9}},{"id":"60c45b21-35be-4974-86eb-d5ccec5c36b5","block_type":"box","text":"information, in particular in relation to optimisation and sampling techniques that may be used in","page_number":154,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"2f0d0220-216b-43e8-ad13-c7074c2b54c9","block_type":"box","text":"tracking the performance of the Index.","page_number":154,"box":{"x":119,"y":552,"width":289,"height":12}},{"id":"bdda07b9-6772-4c1f-9e35-da8cf9bcf265","block_type":"box","text":"The Index is derived from the broader FTSE Global Equity Index Series (GEIS) and is designed to","page_number":154,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"c64c7836-dbb5-4d09-b4cf-49db09af0db3","block_type":"box","text":"measure performance of the economies of Australia, Hong Kong, South Korea, New Zealand and","page_number":154,"box":{"x":119,"y":597,"width":766,"height":12}},{"id":"5702b9d8-b33c-40f9-8897-c777d83a783c","block_type":"box","text":"Singapore through investment in mid and large-sized companies from those countries. Further","page_number":154,"box":{"x":120,"y":612,"width":765,"height":12}},{"id":"b697aeab-762d-47d4-843f-b1518c9aa8fd","block_type":"box","text":"information on the composition of the Index, including current details as to its exact composition and","page_number":154,"box":{"x":119,"y":627,"width":766,"height":12}},{"id":"92cffcd2-4eb7-4623-b57d-aaed8532d232","block_type":"box","text":"methodology, may be obtained at","page_number":154,"box":{"x":119,"y":642,"width":330,"height":12}},{"id":"8d3a4f63-3ad2-4f9e-b424-e05f61331023","block_type":"box","text":"https://www.ftserussell.com/analytics/factsheets/","page_number":154,"box":{"x":469,"y":642,"width":361,"height":12}},{"id":"7798ae2f-85b3-414a-801e-18b8cf0a6e68","block_type":"box","text":"/ and","page_number":154,"box":{"x":830,"y":642,"width":55,"height":9}},{"id":"7c4a46c8-3142-46c6-841c-00744132eb0f","block_type":"box","text":"https://www.ftserussell.com/products/","page_number":154,"box":{"x":119,"y":657,"width":281,"height":12}},{"id":"86000612-3758-4bde-9c4e-c505d1c87b1b","block_type":"box","text":".","page_number":154,"box":{"x":401,"y":665,"width":8,"height":1}},{"id":"56807a26-bb9c-48f8-9553-ab5494f216df","block_type":"box","text":"Other Investment Strategies","page_number":154,"box":{"x":119,"y":687,"width":227,"height":12}},{"id":"ba3e071c-8d26-464d-9d18-2a167d4df839","block_type":"box","text":"In tracking the Index, the Fund may invest in FDI such as warrants, swap agreements (excluding funded","page_number":154,"box":{"x":119,"y":717,"width":766,"height":12}},{"id":"2bc65e31-d108-4597-9fa1-bf03c1f65604","block_type":"box","text":"swap agreements, but including total return swaps as further detailed below) and equity-linked notes","page_number":154,"box":{"x":120,"y":732,"width":765,"height":12}},{"id":"ab395aa3-6408-4dc5-b505-624925fba9a1","block_type":"box","text":"which may be used to gain exposure to the constituents of the Index or to the performance of the Index","page_number":154,"box":{"x":119,"y":747,"width":766,"height":12}},{"id":"a57698a2-f58b-4fc6-8953-1bbc5d3a5110","block_type":"box","text":"itself, to reduce transaction costs or taxes or allow exposure in the case of illiquid stocks or stocks which","page_number":154,"box":{"x":119,"y":762,"width":766,"height":12}},{"id":"1144b121-18ef-4c1d-87dd-8e7f3745aff2","block_type":"box","text":"are unavailable for market or regulatory reasons or to minimise tracking error. The Fund may invest in","page_number":154,"box":{"x":119,"y":777,"width":766,"height":12}},{"id":"18b1ce65-119c-45c2-ba98-c13133bfbee1","block_type":"box","text":"exchange traded futures and options contracts (typically equity index and foreign currency) to manage","page_number":154,"box":{"x":119,"y":792,"width":766,"height":12}},{"id":"26a150e0-d8e7-4ca1-ab85-76457db4c3e1","block_type":"box","text":"cash flows on a short term basis and to achieve cost efficiencies, may invest in currency forwards and","page_number":154,"box":{"x":119,"y":807,"width":766,"height":12}},{"id":"6115c633-ccd8-46ab-9ef5-42286042c13a","block_type":"box","text":"interest rate futures to protect against currency fluctuation and may invest in depository receipts","page_number":154,"box":{"x":119,"y":822,"width":766,"height":12}},{"id":"bde1bda4-3bf0-4d4b-9a14-deddc44ae989","block_type":"box","text":"including ADRs and GDRs to gain exposure to the constituents of the Index. The use of future contracts","page_number":154,"box":{"x":119,"y":837,"width":766,"height":12}},{"id":"187ac522-fdfe-4e20-be9b-50503aba13f7","block_type":"box","text":"ensures the Fund remains 100% invested while allowing for cash to be used for efficient portfolio","page_number":154,"box":{"x":119,"y":852,"width":766,"height":12}},{"id":"b5141f73-5fc4-4e11-a872-45a04385bf14","block_type":"box","text":"management purposes (e.g. rebalancing and equitising dividend income).","page_number":154,"box":{"x":119,"y":867,"width":545,"height":12}},{"id":"b315aced-ffa0-4076-bc97-ed4c24ce6662","block_type":"box","text":"155","page_number":155,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"f13a802c-076a-4677-a198-c4e77f235186","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":155,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"434c64c2-6131-4107-8276-9fb2cecf94c9","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":155,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"2a224a06-57b9-4e61-a287-aa4e3cc5b027","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps to manage exposures to","page_number":155,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"e33cc9df-a35d-4f1d-910e-3596f734e6e4","block_type":"box","text":"certain individual securities, a basket of securities, or securities indices, including in circumstances","page_number":155,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"8a121e20-9dd5-4189-bd89-2cd5d0b265c6","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction","page_number":155,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"48dc03c3-8296-4ebd-9e4d-cda6b883bbe6","block_type":"box","text":"costs or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error. For example,","page_number":155,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"7a17fda6-4e33-453e-a1e7-b3a360d79d38","block_type":"box","text":"total return swaps can be used as an alternative means to obtain economic exposure to a security if the","page_number":155,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"142ca63f-cdef-4578-ba62-d09ac1f7a954","block_type":"box","text":"Fund is required to limit its investment in a particular issuer or industry, including in the context of","page_number":155,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"6c4f2dfc-5c0d-4154-b21d-29fd3d9895a2","block_type":"box","text":"management of exposure levels to certain securities by the Vanguard Group globally. The Fund will not","page_number":155,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"e5fc3e9a-dfaa-49a9-827c-03065893d7ce","block_type":"box","text":"use total return swaps to gain exposure outside of the Index. The Fund may also engage in securities","page_number":155,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"d86db3c0-ef37-4499-bb7f-a2f5651f7508","block_type":"box","text":"lending transactions for efficient portfolio management purposes. See","page_number":155,"box":{"x":119,"y":222,"width":531,"height":12}},{"id":"c6e3f1a4-23d2-4804-994f-da1c1beeeb8b","block_type":"box","text":"Appendix 4","page_number":155,"box":{"x":651,"y":222,"width":91,"height":12}},{"id":"278ee8d9-97e5-4773-ae0b-bde2a58a9d70","block_type":"box","text":"of this Prospectus","page_number":155,"box":{"x":743,"y":222,"width":142,"height":12}},{"id":"45e87da7-573b-4014-bbf8-ca6643a92954","block_type":"box","text":"for further details on the FDI that the Fund will use. The Fund will not use FDI for investment purposes,","page_number":155,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"ac68183e-2554-4fed-8e14-eff3e752468e","block_type":"box","text":"and only a limited percentage of its assets may be committed to FDI usage at any time. See","page_number":155,"box":{"x":119,"y":252,"width":685,"height":12}},{"id":"e9ebb090-4d12-4453-bea2-beecd337da94","block_type":"box","text":"Appendix","page_number":155,"box":{"x":804,"y":252,"width":81,"height":12}},{"id":"339ac722-71f0-4e40-b45e-e989e14ba2bc","block_type":"box","text":"4","page_number":155,"box":{"x":119,"y":267,"width":8,"height":9}},{"id":"339b3d07-1222-4d21-8dcf-80f32583a8c0","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":155,"box":{"x":128,"y":267,"width":640,"height":12}},{"id":"6efbfcbc-3783-4d6b-99a6-a60b01a6bc53","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":155,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"c7d0ba3e-ff33-48d3-a30b-0a2cd9530f94","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":155,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"050d99ff-e5ad-42af-996e-a6d2350eee08","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":155,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"7d2a9191-512e-4836-8257-a1a7b627c171","block_type":"box","text":"the Company. See A","page_number":155,"box":{"x":119,"y":342,"width":141,"height":12}},{"id":"cb2314a6-0f7b-4de4-94fb-7e8891c80c5c","block_type":"box","text":"Appendix 3","page_number":155,"box":{"x":258,"y":342,"width":89,"height":12}},{"id":"13fe2dac-0920-462b-b74c-d003eb71a189","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":155,"box":{"x":348,"y":342,"width":537,"height":12}},{"id":"64cf5d93-02fb-4463-8338-7cba0cdfe65d","block_type":"box","text":"schemes, including other funds of the Company.","page_number":155,"box":{"x":120,"y":357,"width":361,"height":12}},{"id":"9695edd6-4c93-4fc6-bc24-36bc8a502ec4","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":155,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"1fb1e870-a001-49ef-bf13-7d3abc79de3d","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":155,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"8053f770-9433-41dd-aa92-af9e2a5bedcc","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":155,"box":{"x":119,"y":417,"width":766,"height":12}},{"id":"3288e054-93f7-46bd-a7eb-198682700019","block_type":"box","text":"Temporary Investment Measures","page_number":155,"box":{"x":119,"y":448,"width":268,"height":11}},{"id":"9d12ef66-633c-403b-8d21-a79725b23d9d","block_type":"box","text":"The Fund may temporarily depart from these investment strategies in response to the Investment","page_number":155,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"86553327-62e4-468a-b333-7508a891333f","block_type":"box","text":"Manager's perception of extraordinary market, political or similar conditions. During these periods and","page_number":155,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"30c36101-8958-4836-97b8-879ef954e754","block_type":"box","text":"for as long as the Investment Manager deems it necessary, the Fund may increase its holdings of cash","page_number":155,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"b5115890-0a2d-423a-a80d-e8182fdc9abd","block_type":"box","text":"and ancillary liquid assets. In doing so, the Fund may succeed in avoiding losses, but may otherwise","page_number":155,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"63582425-2f2b-4c39-a3fe-03f6ab55d000","block_type":"box","text":"fail to achieve its investment objective.","page_number":155,"box":{"x":119,"y":537,"width":294,"height":12}},{"id":"97263832-5b06-4cc0-a310-3717835aaf7c","block_type":"box","text":"Tracking Error","page_number":155,"box":{"x":119,"y":568,"width":128,"height":11}},{"id":"da11f78e-cfc3-40f8-a9a6-38ba0a13fe72","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":155,"box":{"x":119,"y":597,"width":766,"height":13}},{"id":"222b3be4-83b7-440f-97d5-40f55ff1e23b","block_type":"box","text":"Fund, will be up to 0.30%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":155,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"0d40eafb-fc63-4be8-bced-a06b4343458f","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":155,"box":{"x":119,"y":628,"width":766,"height":12}},{"id":"01c8eda4-c0f0-40dc-89a1-fdbbcb63a81e","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":155,"box":{"x":119,"y":642,"width":766,"height":13}},{"id":"06932780-01c9-415a-b46e-41d943a3305b","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":155,"box":{"x":119,"y":657,"width":766,"height":13}},{"id":"8a801a0c-153a-4cf9-8790-90f5a7a862a2","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":155,"box":{"x":119,"y":673,"width":766,"height":12}},{"id":"0ea94409-6242-4f4d-9a90-59ac3caa79ed","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":155,"box":{"x":119,"y":688,"width":766,"height":12}},{"id":"cabfd7f5-65cd-4081-9a2b-7793a5381954","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “","page_number":155,"box":{"x":119,"y":703,"width":512,"height":12}},{"id":"509ca625-1b42-4846-a6cf-ccfac789be69","block_type":"box","text":"Plain Talk about Excess Return","page_number":155,"box":{"x":632,"y":703,"width":253,"height":9}},{"id":"837fcce6-8bc8-4034-bdcc-86258409321a","block_type":"box","text":"and Tracking Error”","page_number":155,"box":{"x":119,"y":718,"width":172,"height":12}},{"id":"ef755db1-a709-443f-99ed-8873055dcd51","block_type":"box","text":"for further information on Tracking Error.","page_number":155,"box":{"x":291,"y":718,"width":309,"height":12}},{"id":"800440e3-ae0a-479e-9557-6ae55ea8aa1d","block_type":"box","text":"Portfolio Information","page_number":155,"box":{"x":119,"y":748,"width":175,"height":9}},{"id":"602b4588-a83f-40be-bbb1-1374b654deaa","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. 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For the potential cost impacts of","page_number":156,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"06208a10-ffcf-42f3-9681-6e65577710ce","block_type":"box","text":"rebalancing, please see the section of the Prospectus headed “","page_number":156,"box":{"x":119,"y":102,"width":455,"height":12}},{"id":"a429d15c-5d5c-4ec4-bdcb-be1b60a61aba","block_type":"box","text":"Index rebalancing and costs","page_number":156,"box":{"x":575,"y":102,"width":219,"height":12}},{"id":"e9be4868-19a1-42ee-8c9a-7a8f2f3cb971","block_type":"box","text":"”.","page_number":156,"box":{"x":795,"y":102,"width":17,"height":9}},{"id":"b868b50d-bddd-47f9-8ef7-7cf64409b641","block_type":"box","text":"Primary Risks","page_number":156,"box":{"x":119,"y":132,"width":119,"height":12}},{"id":"176e644c-7201-4ad4-93f0-e37df74bcf6e","block_type":"box","text":"See the “","page_number":156,"box":{"x":120,"y":159,"width":66,"height":9}},{"id":"53ec2fa8-5fbe-4d85-877e-bb7db7dad0e6","block_type":"box","text":"Risk Factors","page_number":156,"box":{"x":187,"y":159,"width":100,"height":9}},{"id":"5ee752b0-19ce-4af4-bfa5-94baa7f8c305","block_type":"box","text":"” section of this Prospectus for further information, in particular the risk factors","page_number":156,"box":{"x":288,"y":159,"width":597,"height":12}},{"id":"9c1265a1-2c64-4dea-be1a-01ef8728553f","block_type":"box","text":"entitled “Stock Market Risk”, “Index Risks”, “Currency Risk”, “Country Risk” and “Ownership Limit","page_number":156,"box":{"x":119,"y":174,"width":766,"height":12}},{"id":"055fd983-d969-4619-9829-ff6605e29e54","block_type":"box","text":"Risk”.","page_number":156,"box":{"x":119,"y":189,"width":51,"height":10}},{"id":"7fbe9c00-2cda-40b2-b539-4d0c1771b232","block_type":"box","text":"Currency Hedging Policy","page_number":156,"box":{"x":119,"y":219,"width":204,"height":12}},{"id":"3c4c7af3-82d7-4bd5-944e-1abde0522106","block_type":"box","text":"FDI may be used for currency hedging purposes for classes denominated in currencies other than the","page_number":156,"box":{"x":119,"y":249,"width":766,"height":12}},{"id":"ff65b22d-728f-4dfc-bdc7-26c21e299342","block_type":"box","text":"Base Currency of the Fund. 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Trading costs incurred by the Fund in connection with","page_number":159,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"e085174e-543a-4bee-8f52-f580146269a4","block_type":"box","text":"the purchase of Deposit Securities with cash-in-lieu amounts will be borne by the relevant Shareholder,","page_number":159,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"1e9f2a44-a64d-4107-8f58-53d85936c471","block_type":"box","text":"through the application of a Basket Customisation Fee (representing the estimated cost of acquisition of","page_number":159,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"e15a25de-d742-4ef1-9560-bc517aab5587","block_type":"box","text":"the relevant Deposit Security to the Fund by the cash-in-lieu amount, otherwise than in respect of","page_number":159,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"419d4f7a-7fab-487a-ae0e-de434e8292b2","block_type":"box","text":"“Settlement – Cash (Directed)”), to protect existing Shareholders from this expense. See the “","page_number":159,"box":{"x":119,"y":372,"width":725,"height":12}},{"id":"5faaa3d8-7420-4ed9-a6cd-e50af6578311","block_type":"box","text":"Risk","page_number":159,"box":{"x":845,"y":372,"width":40,"height":10}},{"id":"83636156-fa62-4f17-8349-6176f2a2ce8a","block_type":"box","text":"Factors","page_number":159,"box":{"x":119,"y":388,"width":59,"height":9}},{"id":"b969cb39-d688-4e97-9ba3-dee6da0833c3","block_type":"box","text":"” section of this Prospectus for further information on the basket customisation fee.","page_number":159,"box":{"x":179,"y":387,"width":619,"height":12}},{"id":"f214a579-8299-4447-9e03-64665ca7ec27","block_type":"box","text":"*** Details of the current charge are available from the Investment Manager.","page_number":159,"box":{"x":120,"y":417,"width":568,"height":12}},{"id":"6a897325-cc5f-4901-8ab4-0d1397f64f4e","block_type":"box","text":"160","page_number":160,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"f410629c-cad3-4f33-8021-9d396ad93d9f","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":160,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"3593b01d-b01a-4f1b-b46a-2105a022e08c","block_type":"box","text":"_________________________________________________________________________________","page_number":160,"box":{"x":118,"y":96,"width":754,"height":3}},{"id":"0107df39-4360-4493-95d6-d28299691c09","block_type":"box","text":"Vanguard FTSE Japan UCITS ETF","page_number":160,"box":{"x":357,"y":117,"width":290,"height":12}},{"id":"8aa3a8d6-8769-43b2-8970-b415c16e6a3f","block_type":"box","text":"_________________________________________________________________________________","page_number":160,"box":{"x":118,"y":141,"width":754,"height":3}},{"id":"dbd53c9e-8819-4663-945b-339e3a42820e","block_type":"box","text":"Benchmark Index","page_number":160,"box":{"x":119,"y":162,"width":146,"height":9}},{"id":"21cf27c0-0fa1-4a4a-9fab-d87932ed5489","block_type":"box","text":"The FTSE Japan Index (the “","page_number":160,"box":{"x":119,"y":192,"width":215,"height":12}},{"id":"d32bd38b-6566-4fb5-8901-aa6bc0465845","block_type":"box","text":"Index","page_number":160,"box":{"x":335,"y":192,"width":45,"height":9}},{"id":"e1527003-bbec-4ae7-9a92-333f94c95b43","block_type":"box","text":"”).","page_number":160,"box":{"x":380,"y":192,"width":24,"height":12}},{"id":"878dc104-f282-45c8-8eac-c21c750438c8","block_type":"box","text":"Investment Objective","page_number":160,"box":{"x":119,"y":222,"width":173,"height":12}},{"id":"9f7120c8-2e8f-4c13-a10a-9c2553dc48aa","block_type":"box","text":"This Fund seeks to track the performance of the Index, a widely recognised benchmark of the large and","page_number":160,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"c84bca33-7361-4c0f-a8b9-8a742c704d16","block_type":"box","text":"mid capitalised companies in Japan.","page_number":160,"box":{"x":119,"y":267,"width":271,"height":12}},{"id":"2f2e0802-6908-410b-a3e9-f2822ebf8df1","block_type":"box","text":"Primary Investment Strategies","page_number":160,"box":{"x":119,"y":297,"width":246,"height":12}},{"id":"b4a99a44-fcaa-4f46-883c-76d53b21439d","block_type":"box","text":"The Fund employs a “passive management” – or indexing – investment approach, through physical","page_number":160,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"03a66cd5-009c-4ca7-b164-a749e5812fe1","block_type":"box","text":"acquisition of securities, designed to track the performance of the Index, a free float adjusted market","page_number":160,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"e92c4da8-941a-43b4-a514-c84f02d5b8a7","block_type":"box","text":"capitalisation weighted index.","page_number":160,"box":{"x":119,"y":357,"width":226,"height":12}},{"id":"6caeb11c-014e-42db-aa69-029268f38d61","block_type":"box","text":"To the extent practicable, the Fund uses a full replication strategy to select securities, so that the Fund","page_number":160,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"b7b937fc-e80c-4313-8cf4-703a53490f95","block_type":"box","text":"invests in all, or substantially all, of the constituents of the Index, making the weight of such investments","page_number":160,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"46bfa068-3b57-4ea4-8d39-dff910b3d165","block_type":"box","text":"approximate to those of the Index.","page_number":160,"box":{"x":119,"y":417,"width":260,"height":12}},{"id":"123a616d-f13f-45e2-961e-4fe4e4c89edd","block_type":"box","text":"By holding each stock in approximately the same proportion as","page_number":160,"box":{"x":380,"y":417,"width":505,"height":12}},{"id":"4a3046a3-fa58-49bc-8f1c-c86b5d6009e3","block_type":"box","text":"its weighting in the Index, the Fund may have exposure to or invest up to 20% of the Net Asset","page_number":160,"box":{"x":119,"y":432,"width":766,"height":12}},{"id":"a9e4e799-0b19-4de5-90dd-def245edf409","block_type":"box","text":"Value of the Fund in stocks issued by the same body. This limit may be raised to 35% for a single","page_number":160,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"bf3c7a1d-8a45-4009-a03a-d091106d6815","block_type":"box","text":"issuer in exceptional market conditions which may include the dominance of a particular issuer","page_number":160,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"e493aa4e-2110-4a4f-90ad-d60b39ac4a78","block_type":"box","text":"in the relevant market.","page_number":160,"box":{"x":119,"y":477,"width":183,"height":10}},{"id":"74688b63-0999-455a-ab0a-6c7b640b9a2a","block_type":"box","text":"When not practicable to fully replicate, the Fund uses a sampling process to","page_number":160,"box":{"x":303,"y":477,"width":582,"height":12}},{"id":"77739f48-600a-4940-8569-49726706ea9a","block_type":"box","text":"invest in a portfolio of securities that consists of a representative sample of the component securities of","page_number":160,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"e91f183d-ebdd-4def-b9e8-8e2a70ffc2e4","block_type":"box","text":"the Index. Under normal circumstances, the Fund is expected to maintain broad risk characteristics","page_number":160,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"667a3394-882f-4146-b1ef-0602bfceb39f","block_type":"box","text":"consistent with that of the Index. See the section of the Prospectus headed “","page_number":160,"box":{"x":119,"y":522,"width":582,"height":12}},{"id":"b5de84ac-8cae-410b-a58e-42bc633e3adf","block_type":"box","text":"The Funds","page_number":160,"box":{"x":702,"y":523,"width":85,"height":9}},{"id":"dcbbca2a-188f-4972-9a74-cc4ec45ff63d","block_type":"box","text":"” for further","page_number":160,"box":{"x":788,"y":522,"width":97,"height":10}},{"id":"9be9bb5c-d3f1-4cb8-aee4-292989f92d3c","block_type":"box","text":"information, in particular in relation to optimisation and sampling techniques used in tracking the","page_number":160,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"caf196dc-f94e-45b6-851c-8a756301fa26","block_type":"box","text":"performance of the Index.","page_number":160,"box":{"x":119,"y":552,"width":196,"height":12}},{"id":"5e5164d0-b598-474b-9ca9-04260dd89c4a","block_type":"box","text":"The Index is derived from the broader FTSE Global Equity Index Series and is designed to measure","page_number":160,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"5ba9c6b7-730c-4f89-8708-c40ab7e968a8","block_type":"box","text":"performance of the Japanese economy through investment in Japanese large and mid-capitalised","page_number":160,"box":{"x":119,"y":597,"width":766,"height":13}},{"id":"39079cc3-ae69-43dd-aa36-98e0b9716515","block_type":"box","text":"companies. Further information on the composition of the Index, including current details as to its exact","page_number":160,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"433b995d-e112-422e-9aca-a2218ed7042e","block_type":"box","text":"composition and methodology, may be obtained at","page_number":160,"box":{"x":119,"y":628,"width":430,"height":12}},{"id":"7d44eb1c-88e1-48da-98a5-4eb94d055631","block_type":"box","text":"https://www.ftserussell.com/analytics/","page_number":160,"box":{"x":558,"y":628,"width":287,"height":12}},{"id":"7adb2386-a813-4650-bfa1-86e42ba6a779","block_type":"box","text":"and","page_number":160,"box":{"x":855,"y":628,"width":30,"height":9}},{"id":"70f7862c-9330-44e8-be4f-d09c02acf1cf","block_type":"box","text":"https://www.ftserussell.com/products/indices/","page_number":160,"box":{"x":119,"y":642,"width":338,"height":13}},{"id":"b5f51127-581b-424e-8933-7a32a4c5d29b","block_type":"box","text":".","page_number":160,"box":{"x":459,"y":650,"width":8,"height":2}},{"id":"3e92d7c6-2f0e-4c4c-9494-8f0919ccab37","block_type":"box","text":"Other Investment Strategies","page_number":160,"box":{"x":119,"y":673,"width":227,"height":12}},{"id":"08b6f5c0-c736-4a4d-b20d-b8793903eaef","block_type":"box","text":"In tracking the Index, the Fund may invest in FDI such as warrants, swap agreements (excluding funded","page_number":160,"box":{"x":119,"y":703,"width":766,"height":12}},{"id":"4f4a1030-ba1d-4aed-a156-e3ec09bf1feb","block_type":"box","text":"swap agreements, but including total return swaps as further detailed below) and equity-linked notes","page_number":160,"box":{"x":120,"y":718,"width":765,"height":12}},{"id":"b1cc0ff7-ce06-427e-9f5c-661430b75ff9","block_type":"box","text":"which may be used to gain exposure to the constituents of the Index or to the performance of the Index","page_number":160,"box":{"x":119,"y":733,"width":766,"height":12}},{"id":"b4be29bc-4553-47f8-8004-d3e50202e0be","block_type":"box","text":"itself, to reduce transaction costs or taxes or allow exposure in the case of illiquid stocks or stocks which","page_number":160,"box":{"x":119,"y":748,"width":766,"height":12}},{"id":"02e9db28-b89c-45a4-a95c-7db35f87fd2f","block_type":"box","text":"are unavailable for market or regulatory reasons or to minimise tracking error. The Fund may invest in","page_number":160,"box":{"x":119,"y":763,"width":766,"height":12}},{"id":"f67f1cb6-491d-4722-a216-54e4ad93e603","block_type":"box","text":"exchange traded futures and options contracts (typically equity index and foreign currency) to manage","page_number":160,"box":{"x":119,"y":778,"width":766,"height":12}},{"id":"d9a62704-2c77-4b6d-ac85-3ac9458167f4","block_type":"box","text":"cash flows on a short term basis and to achieve cost efficiencies, may invest in currency forwards and","page_number":160,"box":{"x":119,"y":793,"width":766,"height":12}},{"id":"9f8505df-30cc-4412-bbdd-8bb6a0ce9eb8","block_type":"box","text":"interest rate futures to protect against currency fluctuation and may invest in depository receipts","page_number":160,"box":{"x":119,"y":808,"width":766,"height":12}},{"id":"27e3c650-f0b8-4676-b0f5-72d6f8f07235","block_type":"box","text":"including ADRs and GDRs to gain exposure to the constituents of the Index. The use of future contracts","page_number":160,"box":{"x":119,"y":823,"width":766,"height":12}},{"id":"edce0cb2-54c2-44cc-a9d0-3d0c53b1c779","block_type":"box","text":"ensures the Fund remains 100% invested while allowing for cash to be used for efficient portfolio","page_number":160,"box":{"x":119,"y":838,"width":766,"height":12}},{"id":"588dd1dc-c30f-4c63-bb29-ec46f11fbd75","block_type":"box","text":"management purposes (e.g. rebalancing and equitising dividend income).","page_number":160,"box":{"x":119,"y":853,"width":545,"height":12}},{"id":"5e9b2c8f-1473-419e-8d00-e2ec0d2e3c32","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":160,"box":{"x":119,"y":883,"width":766,"height":12}},{"id":"60030112-e244-4431-bb6f-3e9857e5a35f","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps to manage exposures to","page_number":160,"box":{"x":119,"y":898,"width":766,"height":12}},{"id":"049f600b-9c18-42f4-824f-6e0d6398d0ae","block_type":"box","text":"161","page_number":161,"box":{"x":491,"y":937,"width":17,"height":7}},{"id":"7a1e0546-55c0-4893-9dcd-73cb5a5b14e0","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":161,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"f7d52ea7-b69e-4d55-acac-f1c9bce2196d","block_type":"box","text":"certain individual securities, a basket of securities, or securities indices, including in circumstances","page_number":161,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"646905cf-8a40-44c1-ad7d-0946879508cd","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction","page_number":161,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"f22600df-4a8a-46a9-a122-b85c7fa92e69","block_type":"box","text":"costs or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error. For example,","page_number":161,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"7d32a494-0ecd-4298-b425-dac91a9f74e6","block_type":"box","text":"total return swaps can be used as an alternative means to obtain economic exposure to a security if the","page_number":161,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"18212718-6849-4155-822d-475d45c5f984","block_type":"box","text":"Fund is required to limit its investment in a particular issuer or industry, including in the context of","page_number":161,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"28f7afa6-64a1-452c-9e12-a9a2c1032c46","block_type":"box","text":"management of exposure levels to certain securities by the Vanguard Group globally. The Fund will not","page_number":161,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"0a3ef180-9b1c-4847-90ac-906c60780aaa","block_type":"box","text":"use total return swaps to gain exposure outside of the Index. The Fund may also engage in securities","page_number":161,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"64e21c95-f637-400a-9143-fb8cf1490536","block_type":"box","text":"lending transactions for efficient portfolio management purposes. See","page_number":161,"box":{"x":119,"y":192,"width":531,"height":12}},{"id":"c1c899c2-4edc-40c8-ac3a-0f208abecdc6","block_type":"box","text":"Appendix 4","page_number":161,"box":{"x":651,"y":192,"width":91,"height":12}},{"id":"f93add79-eb31-44c2-bce5-00d7b0694d90","block_type":"box","text":"of this Prospectus","page_number":161,"box":{"x":743,"y":192,"width":142,"height":12}},{"id":"1077048e-b04c-44af-b6ed-99870f55b295","block_type":"box","text":"for further details on the FDI that the Fund will use. The Fund will not use FDI for investment purposes,","page_number":161,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"d3b4e9b5-b204-47a2-b07a-655def87ad3c","block_type":"box","text":"and only a limited percentage of its assets may be committed to FDI usage at any time. See","page_number":161,"box":{"x":119,"y":222,"width":685,"height":12}},{"id":"c415f33a-5d13-4037-ac3a-ee8dbc5a455f","block_type":"box","text":"Appendix","page_number":161,"box":{"x":804,"y":222,"width":81,"height":12}},{"id":"030e14e3-f28a-473e-b7b3-36f15d49da96","block_type":"box","text":"4","page_number":161,"box":{"x":119,"y":237,"width":8,"height":9}},{"id":"c4f39a2c-9c73-424d-a195-8eab1eedd41d","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":161,"box":{"x":128,"y":237,"width":640,"height":12}},{"id":"26da7ee3-cad0-4a1e-a962-2223196fe11f","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":161,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"4b5766ca-0eb2-4e63-81c8-677aaf19a3b7","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":161,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"00896c0b-acf7-4fab-abb5-fd862242441d","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":161,"box":{"x":119,"y":297,"width":766,"height":12}},{"id":"46b51895-314b-47c9-a71b-f717951e46e3","block_type":"box","text":"the Company. See A","page_number":161,"box":{"x":119,"y":312,"width":141,"height":12}},{"id":"3365de14-747b-467f-b24a-236ce5c2a437","block_type":"box","text":"Appendix 3","page_number":161,"box":{"x":258,"y":312,"width":89,"height":12}},{"id":"070e8e8a-3244-4ad5-a048-dfcb7523438f","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":161,"box":{"x":348,"y":312,"width":537,"height":12}},{"id":"e387d61c-0f48-4061-8af5-d59172e50008","block_type":"box","text":"schemes, including other funds of the Company.","page_number":161,"box":{"x":120,"y":327,"width":361,"height":12}},{"id":"89747cab-2d4e-4f08-a810-43cbeb0ed8b4","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":161,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"edd46729-0f60-45bb-ad3d-8c8f79e21b5f","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":161,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"76b85fa0-0c41-4408-b867-476963e55fd8","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":161,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"fb0d51c8-9a43-41d6-a42a-9d7a8341063f","block_type":"box","text":"Temporary Investment Measures","page_number":161,"box":{"x":119,"y":433,"width":268,"height":11}},{"id":"caaaa9d9-6ac2-4174-9f74-58dfb7cfe3fc","block_type":"box","text":"The Fund may temporarily depart from these investment strategies in response to the Investment","page_number":161,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"501969d9-7714-4b84-a98c-db22313dc712","block_type":"box","text":"Manager's perception of extraordinary market, political or similar conditions. During these periods and","page_number":161,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"445df228-833b-48ad-ac5c-5bd49edbec60","block_type":"box","text":"for as long as the Investment Manager deems it necessary, the Fund may increase its holdings of cash","page_number":161,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"6a71ae1f-eb55-4662-b7b5-5f53cd91ba9c","block_type":"box","text":"and ancillary liquid assets. In doing so, the Fund may succeed in avoiding losses, but may otherwise","page_number":161,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"14235df3-32ab-494d-bcea-62bdf7b98d1f","block_type":"box","text":"fail to achieve its investment objective.","page_number":161,"box":{"x":119,"y":522,"width":294,"height":12}},{"id":"0407933f-7354-4af2-862a-d0a4f97c3881","block_type":"box","text":"Tracking Error","page_number":161,"box":{"x":119,"y":552,"width":128,"height":12}},{"id":"a2e8643c-56a1-472b-9eb0-cb406cf3fccb","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":161,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"7ffdbf5e-6a1e-4ef4-8d3b-b3535180318f","block_type":"box","text":"Fund, will be up to 0.50%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":161,"box":{"x":119,"y":597,"width":766,"height":13}},{"id":"4a25b72d-5cb1-4c72-9c7e-8061e451d7f2","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":161,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"b64b816b-cb92-44d0-9458-5f3f4ac0249a","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":161,"box":{"x":119,"y":628,"width":766,"height":12}},{"id":"68f3d807-477f-4785-ae5a-e8ad1b961e1a","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":161,"box":{"x":119,"y":642,"width":766,"height":13}},{"id":"0e230f04-5626-4161-bbff-1d031525109f","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. 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market","page_number":166,"box":{"x":119,"y":353,"width":761,"height":12}},{"id":"73601dff-a231-45c8-8b35-0991a2c98734","block_type":"box","text":"capitalisation weighted index.","page_number":166,"box":{"x":119,"y":368,"width":226,"height":12}},{"id":"72af7e14-ea5a-463d-8f42-b9efc5d545f6","block_type":"box","text":"To the extent practicable, the Fund uses a full replication strategy to select securities, so that the Fund","page_number":166,"box":{"x":119,"y":398,"width":766,"height":12}},{"id":"38b15e09-53a5-482f-b827-f8d93d7924f2","block_type":"box","text":"invests in all, or substantially all, of the constituents of the Index, making the weight of such investments","page_number":166,"box":{"x":119,"y":413,"width":766,"height":12}},{"id":"f9e9837f-1968-436d-b0ca-184a96453830","block_type":"box","text":"approximate to those of the Index.","page_number":166,"box":{"x":119,"y":428,"width":260,"height":12}},{"id":"5f072164-fe24-4502-9a58-1e36b03c7061","block_type":"box","text":"By holding each stock in approximately the same proportion as","page_number":166,"box":{"x":380,"y":428,"width":505,"height":12}},{"id":"2fa1d0ca-757d-4478-8b73-cf45911392d2","block_type":"box","text":"its weighting in the Index, the Fund may have exposure to or invest up to 20% of the Net Asset","page_number":166,"box":{"x":119,"y":444,"width":766,"height":11}},{"id":"bd319c9e-4395-435c-beef-880371f1b6f8","block_type":"box","text":"Value of the Fund in stocks issued by the same body. This limit may be raised to 35% for a single","page_number":166,"box":{"x":119,"y":459,"width":766,"height":11}},{"id":"0fe30404-ad87-4c3d-ba20-2a6e585135c0","block_type":"box","text":"issuer in exceptional market conditions which may include the dominance of a particular issuer","page_number":166,"box":{"x":119,"y":474,"width":766,"height":11}},{"id":"9f202329-0802-467d-9ec6-945ec3cfed90","block_type":"box","text":"in the relevant market.","page_number":166,"box":{"x":119,"y":489,"width":181,"height":9}},{"id":"87dcad4e-3ba9-4218-bfd3-0404208ab64c","block_type":"box","text":"When not practicable to fully replicate, the Fund may use a sampling process","page_number":166,"box":{"x":301,"y":488,"width":584,"height":12}},{"id":"d02c5f15-171e-46e2-b2b8-322776745a20","block_type":"box","text":"to invest in a portfolio of securities that consists of a representative sample of the component securities","page_number":166,"box":{"x":119,"y":503,"width":766,"height":12}},{"id":"64c8f170-7240-47b5-a296-098e17bd01d8","block_type":"box","text":"of the Index. Under normal circumstances, the Fund is expected to maintain broad risk characteristics","page_number":166,"box":{"x":119,"y":518,"width":766,"height":13}},{"id":"a84a6f5b-a58e-4f55-b68c-83a670a96ab3","block_type":"box","text":"consistent with that of the Index. See the section of the Prospectus headed “","page_number":166,"box":{"x":119,"y":533,"width":582,"height":12}},{"id":"6c9af4c5-0892-45c2-b5b3-0ff8d688c087","block_type":"box","text":"The Funds","page_number":166,"box":{"x":702,"y":534,"width":85,"height":9}},{"id":"be5c1b19-bcd9-4c0c-bd08-2090b4cb09ff","block_type":"box","text":"” for further","page_number":166,"box":{"x":788,"y":533,"width":97,"height":10}},{"id":"053e4919-419f-49b4-888a-fd862ed0f9ea","block_type":"box","text":"information, in particular in relation to optimisation and sampling techniques that may be used in","page_number":166,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"a19f242d-cec6-4581-971b-fa678aadc446","block_type":"box","text":"tracking the performance of the Index.","page_number":166,"box":{"x":119,"y":564,"width":289,"height":12}},{"id":"52c81016-f53e-43fc-be45-ab86e2c5c9b8","block_type":"box","text":"The Index is derived from the broader FTSE Global Equity Index Series and is designed to measure","page_number":166,"box":{"x":119,"y":594,"width":766,"height":12}},{"id":"9651ffca-62ec-4bf6-9234-2a709cefdf0c","block_type":"box","text":"performance of the higher yielding companies of the global equity markets. Further information on the","page_number":166,"box":{"x":119,"y":609,"width":766,"height":12}},{"id":"8ea6c77d-ee67-4a6b-9804-3345c8038883","block_type":"box","text":"composition of the Index, including current details as to its exact composition and methodology, may","page_number":166,"box":{"x":119,"y":624,"width":766,"height":12}},{"id":"abebb3ac-c9ae-4b0a-b711-bf535890d9ec","block_type":"box","text":"be obtained at","page_number":166,"box":{"x":119,"y":639,"width":143,"height":9}},{"id":"88c0acc5-9b92-4acc-84d5-f0a6d199e80b","block_type":"box","text":"https://www.ftserussell.com/analytics/factsheets/home/constituentsweights","page_number":166,"box":{"x":279,"y":639,"width":552,"height":12}},{"id":"51067849-c1dc-4f5b-bbd8-9ae8353dfb1d","block_type":"box","text":"and","page_number":166,"box":{"x":832,"y":639,"width":53,"height":9}},{"id":"54cf2759-8a24-4b90-bc32-7e5a56f65cfc","block_type":"box","text":"https://www.ftserussell.com/products/indices/geisac","page_number":166,"box":{"x":119,"y":654,"width":384,"height":12}},{"id":"9a97b6db-df23-4e35-bf32-c1e162721ff6","block_type":"box","text":".","page_number":166,"box":{"x":505,"y":662,"width":8,"height":1}},{"id":"4d6687e6-3831-419d-a0e2-30bfb4961973","block_type":"box","text":"Other Investment Strategies","page_number":166,"box":{"x":119,"y":684,"width":227,"height":12}},{"id":"dac2a3b0-8a41-4d89-ad97-b2b947433d23","block_type":"box","text":"In tracking the Index, the Fund may invest in FDI such as warrants, swap agreements (excluding funded","page_number":166,"box":{"x":119,"y":714,"width":766,"height":12}},{"id":"394e08c4-f2c8-4221-86aa-ba9761670182","block_type":"box","text":"swap agreements, but including total return swaps as further detailed below) and equity-linked notes","page_number":166,"box":{"x":120,"y":729,"width":765,"height":12}},{"id":"64d20e57-da06-4753-a402-9ec04c010772","block_type":"box","text":"which may be used to gain exposure to the constituents of the Index or to the performance of the Index","page_number":166,"box":{"x":119,"y":744,"width":766,"height":12}},{"id":"9da82afe-3eb6-44bb-91de-c7a136b0e75e","block_type":"box","text":"itself, to reduce transaction costs or taxes or allow exposure in the case of illiquid stocks or stocks which","page_number":166,"box":{"x":119,"y":759,"width":766,"height":12}},{"id":"eedf0773-ef5a-40a5-b6bb-5ae381a4e474","block_type":"box","text":"are unavailable for market or regulatory reasons or to minimise tracking error. The Fund may invest in","page_number":166,"box":{"x":119,"y":774,"width":766,"height":12}},{"id":"c599ebe3-863d-4ec0-9908-8d81cb20ee1b","block_type":"box","text":"exchange traded futures and options contracts (typically equity index and foreign currency) to manage","page_number":166,"box":{"x":119,"y":789,"width":766,"height":12}},{"id":"0f0d1dba-c760-4fd1-a6b9-da5705f13605","block_type":"box","text":"cash flows on a short term basis and to achieve cost efficiencies, may invest in currency forwards and","page_number":166,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"82a27a31-bbfe-4aa2-b340-009b983bc73b","block_type":"box","text":"interest rate futures to protect against currency fluctuation and may invest in depository receipts","page_number":166,"box":{"x":119,"y":819,"width":766,"height":12}},{"id":"30593675-6796-45ad-af7a-d3cd181e1a76","block_type":"box","text":"including ADRs and GDRs to gain exposure to the constituents of the Index. The use of future contracts","page_number":166,"box":{"x":119,"y":834,"width":766,"height":12}},{"id":"2e60c725-60be-49bb-b99f-e855b69dbb45","block_type":"box","text":"ensures the Fund remains 100% invested while allowing for cash to be used for efficient portfolio","page_number":166,"box":{"x":119,"y":849,"width":766,"height":12}},{"id":"8a70cc8f-2825-4367-8d92-d5559ab74637","block_type":"box","text":"management purposes (e.g. rebalancing and equitising dividend income).","page_number":166,"box":{"x":119,"y":864,"width":545,"height":12}},{"id":"c82212ec-e3ad-42cf-a26f-8e29893e16b9","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":166,"box":{"x":119,"y":893,"width":766,"height":12}},{"id":"c3df2a22-6bd4-434a-9973-6271ec64ab12","block_type":"box","text":"167","page_number":167,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"ed3f6d66-723b-4fda-981b-a0b328ed84f6","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":167,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"dc72eaa9-4042-4b37-9e94-ef576af6cf28","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps to manage exposures to","page_number":167,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"aff5e3ac-b427-4fb0-b13a-b459b63baa78","block_type":"box","text":"certain individual securities, a basket of securities, or securities indices, including in circumstances","page_number":167,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"dcd989f3-7d1e-4bc4-98d8-8f7ebdf917e5","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction","page_number":167,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"d3fc42ee-9082-4f72-ae52-c92c9056d57e","block_type":"box","text":"costs or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error. For example,","page_number":167,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"8004c18f-f84a-45f9-8d06-586fe930eb3b","block_type":"box","text":"total return swaps can be used as an alternative means to obtain economic exposure to a security if the","page_number":167,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"e580d699-9255-49f7-ac26-e4cdbba667d9","block_type":"box","text":"Fund is required to limit its investment in a particular issuer or industry, including in the context of","page_number":167,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"6c343ae5-ca9f-4432-9c75-b3bfc65b814e","block_type":"box","text":"management of exposure levels to certain securities by the Vanguard Group globally. The Fund will not","page_number":167,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"dc305e76-9aa5-4da6-8da3-ee7cacce9ebe","block_type":"box","text":"use total return swaps to gain exposure outside of the Index. The Fund may also engage in securities","page_number":167,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"8450f283-7487-4f3f-b4fa-74cc896fc5bc","block_type":"box","text":"lending transactions for efficient portfolio management purposes. See","page_number":167,"box":{"x":119,"y":207,"width":531,"height":12}},{"id":"735f63c3-0647-4525-bb32-856f3fcef35f","block_type":"box","text":"Appendix 4","page_number":167,"box":{"x":651,"y":207,"width":91,"height":12}},{"id":"fca2534a-7d0e-4870-9fbb-3662ed2c1f49","block_type":"box","text":"of this Prospectus","page_number":167,"box":{"x":743,"y":207,"width":142,"height":12}},{"id":"2ee072ca-dc5a-4958-b76a-02bf774fdfeb","block_type":"box","text":"for further details on the FDI that the Fund will use. The Fund will not use FDI for investment purposes,","page_number":167,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"d4c2821f-c7d1-4279-adb9-ff5f91343b70","block_type":"box","text":"and only a limited percentage of its assets may be committed to FDI usage at any time. See","page_number":167,"box":{"x":119,"y":237,"width":685,"height":12}},{"id":"b624d186-dca3-4c5b-9481-1af2c91a89af","block_type":"box","text":"Appendix","page_number":167,"box":{"x":804,"y":237,"width":81,"height":12}},{"id":"18001d7e-fb77-49f6-836f-4a16d901bccb","block_type":"box","text":"4","page_number":167,"box":{"x":119,"y":252,"width":8,"height":9}},{"id":"23f6b016-6474-4bf0-807b-d43c87b107fc","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":167,"box":{"x":128,"y":252,"width":640,"height":12}},{"id":"b1f1b8a5-ab61-409d-a1ff-1925bf956bb1","block_type":"box","text":"In tracking the Index, the Fund may on occasion invest directly in Russian securities in accordance with","page_number":167,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"1e3983df-c410-4b8b-978c-0502ddc6cb82","block_type":"box","text":"the weighting attributed to such securities if present in the Index. As at the date of this Prospectus, 0.00%","page_number":167,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"e9542efb-af88-42ce-9663-a3060336a8da","block_type":"box","text":"of the Index, as it is currently constituted, comprised such securities.","page_number":167,"box":{"x":119,"y":311,"width":511,"height":12}},{"id":"016a14f6-f6cf-4aed-a235-5dec9ee75596","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":167,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"8dd9e94b-900e-4b26-9583-aea5d3c34ce9","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":167,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"87cca3b2-05fb-4a76-a47d-f1ee344d3548","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":167,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"88b80faa-0562-484d-9abb-a8bb0805c848","block_type":"box","text":"the Company. See A","page_number":167,"box":{"x":119,"y":386,"width":141,"height":12}},{"id":"f09f0b5a-28b1-46dd-9e03-24e2d553dc74","block_type":"box","text":"Appendix 3","page_number":167,"box":{"x":258,"y":386,"width":89,"height":12}},{"id":"5210f555-8d53-4bfa-8536-f1ef5b124fa6","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":167,"box":{"x":348,"y":386,"width":537,"height":12}},{"id":"6556fe11-5bad-4323-a6b3-a187245cdf01","block_type":"box","text":"schemes, including other funds of the Company.","page_number":167,"box":{"x":120,"y":401,"width":361,"height":12}},{"id":"7a7f1eb5-66f0-417f-9f2b-6d003efdc0ab","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":167,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"c74de4cd-911a-4f17-8074-b75b0c020b2d","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits, or","page_number":167,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"06bf1141-10ab-4a19-86ae-620aac1e1f8c","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":167,"box":{"x":119,"y":460,"width":766,"height":12}},{"id":"fd9e46e3-b02e-4a00-ae47-76e6b3da7ea8","block_type":"box","text":"Where the Fund invests in securities in the Peoples Republic of China, it may do so via the Shanghai","page_number":167,"box":{"x":119,"y":490,"width":761,"height":12}},{"id":"bdcb9a3f-c6ec-4164-be53-efae919fbdea","block_type":"box","text":"Hong Kong Stock Connect.","page_number":167,"box":{"x":119,"y":505,"width":208,"height":12}},{"id":"2d04a8c2-661f-48e3-bb18-38de9791617b","block_type":"box","text":"Temporary Investment Measures","page_number":167,"box":{"x":119,"y":535,"width":268,"height":11}},{"id":"1aa95ea3-86bf-4f90-a523-bb661588576f","block_type":"box","text":"The Fund may temporarily depart from this investment strategies in response to the Investment","page_number":167,"box":{"x":119,"y":564,"width":766,"height":12}},{"id":"69b01809-f365-4ebc-95f7-239f4bab212d","block_type":"box","text":"Manager's perception of extraordinary market, political or similar conditions. 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The annual report of the Company will","page_number":167,"box":{"x":119,"y":759,"width":766,"height":12}},{"id":"c4725863-7856-4200-bb13-eb599a7295be","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":167,"box":{"x":119,"y":774,"width":766,"height":12}},{"id":"d7c022c1-2f12-4442-8661-aac935803029","block_type":"box","text":"relevant period. 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For the potential cost impacts of","page_number":168,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"3d89bd18-d28c-4825-be88-bed822071ad2","block_type":"box","text":"rebalancing, please see the section of the Prospectus headed “","page_number":168,"box":{"x":119,"y":192,"width":455,"height":12}},{"id":"38e07a5b-b82d-4f9c-8a4a-309a80c2b048","block_type":"box","text":"Index rebalancing and costs","page_number":168,"box":{"x":575,"y":192,"width":219,"height":12}},{"id":"582fcdc9-6ce2-4337-b2e3-80f38d95a834","block_type":"box","text":"”.","page_number":168,"box":{"x":795,"y":192,"width":17,"height":9}},{"id":"ae8973e2-4307-4441-9fa5-c71bb68b64f3","block_type":"box","text":"Primary Risks","page_number":168,"box":{"x":119,"y":222,"width":119,"height":12}},{"id":"1bb012e9-5552-495d-a1d3-82b1877b1eff","block_type":"box","text":"See the “","page_number":168,"box":{"x":120,"y":251,"width":66,"height":10}},{"id":"f22d2e85-70f3-41af-9ced-bb00d7636046","block_type":"box","text":"Risk Factors","page_number":168,"box":{"x":187,"y":251,"width":100,"height":10}},{"id":"214a51fe-b06e-48eb-a669-a8c274c9c6ca","block_type":"box","text":"” section of this Prospectus for further information, in particular the risk factors","page_number":168,"box":{"x":288,"y":251,"width":597,"height":12}},{"id":"8bf22689-dc45-4d98-9b55-88fc02ffd7b5","block_type":"box","text":"entitled “Stock Market Risk”, “Index Risks”, “Index Sampling Risks”, “Currency Risk”, “Emerging","page_number":168,"box":{"x":119,"y":266,"width":766,"height":12}},{"id":"69150044-748d-4efa-bb56-b032baf16db9","block_type":"box","text":"Markets Risks”, “Risks Associated with Investment in Russia” and “Ownership Limit Risk”.","page_number":168,"box":{"x":119,"y":281,"width":691,"height":12}},{"id":"e4806039-914e-4301-850a-96d3df2a23a1","block_type":"box","text":"Currency Hedging Policy","page_number":168,"box":{"x":119,"y":311,"width":204,"height":12}},{"id":"58eff22f-9f97-4bf1-99fc-a1d2ae37acd0","block_type":"box","text":"FDI may be used for currency hedging purposes for classes denominated in currencies other than the","page_number":168,"box":{"x":119,"y":341,"width":766,"height":12}},{"id":"2f1017df-937d-4da5-b201-c8e43cd6a54b","block_type":"box","text":"Base Currency of the Fund. 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The use of future contracts ensures the Fund remains 100% invested while","page_number":172,"box":{"x":119,"y":867,"width":766,"height":10}},{"id":"91739189-1075-4e7e-9c5b-4cea5335491e","block_type":"box","text":"allowing for cash to be used for efficient portfolio management purposes (e.g. rebalancing and equitising","page_number":172,"box":{"x":119,"y":882,"width":766,"height":12}},{"id":"a866f0ed-5b36-478d-b47b-3673ecf72a56","block_type":"box","text":"dividend income).","page_number":172,"box":{"x":119,"y":897,"width":139,"height":12}},{"id":"5001976d-1005-4193-8795-02eec92dee56","block_type":"box","text":"173","page_number":173,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"fc4d5b2b-eb37-45e9-9375-0a437b33f0c9","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":173,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"f9637722-2f90-4670-a0ba-eeb1f53aa8c0","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":173,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"9400e3f4-3503-42bf-9686-23d43c7db148","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps to manage exposures to","page_number":173,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"90a293ab-7125-411b-a028-c8ea60d984a7","block_type":"box","text":"certain individual securities, a basket of securities, or securities indices, including in circumstances","page_number":173,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"55c79de0-ef66-45d1-91ad-c2b197f4a793","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction","page_number":173,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"0f94bfe9-5406-47ab-81f5-3fbd8acda8fa","block_type":"box","text":"costs or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error. For example,","page_number":173,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"9b4ba83c-f58a-4ac7-9c7b-f65d9267edac","block_type":"box","text":"total return swaps can be used as an alternative means to obtain economic exposure to a security if the","page_number":173,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"44f1c56a-6ed3-4916-9473-b70577a11bc0","block_type":"box","text":"Fund is required to limit its investment in a particular issuer or industry, including in the context of","page_number":173,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"9d5c728c-652c-4044-9fc2-aba76bc436bc","block_type":"box","text":"management of exposure levels to certain securities by the Vanguard Group globally. The Fund will not","page_number":173,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"014f44c2-1afb-406d-8a12-36410465cafb","block_type":"box","text":"use total return swaps to gain exposure outside of the Index. The Fund may also engage in securities","page_number":173,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"41d3da52-1f25-4f1d-b133-e4dae2b68966","block_type":"box","text":"lending transactions for efficient portfolio management purposes. See","page_number":173,"box":{"x":119,"y":222,"width":531,"height":12}},{"id":"e0c035cb-1e31-4f22-a277-1036d6282d8b","block_type":"box","text":"Appendix 4","page_number":173,"box":{"x":651,"y":222,"width":91,"height":12}},{"id":"d810c054-7ec8-4023-a6cf-4228d5d76ef6","block_type":"box","text":"of this Prospectus","page_number":173,"box":{"x":743,"y":222,"width":142,"height":12}},{"id":"ccacb29f-272c-4878-b31e-032382710743","block_type":"box","text":"for further details on the FDI that the Fund will use. The Fund will not use FDI for investment purposes,","page_number":173,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"e4fd8335-9898-4af4-91b0-56b84c6b5b5f","block_type":"box","text":"and only a limited percentage of its assets may be committed to FDI usage at any time. See","page_number":173,"box":{"x":119,"y":252,"width":685,"height":12}},{"id":"d3f21231-5653-4b2d-b83e-2c25c22f622c","block_type":"box","text":"Appendix","page_number":173,"box":{"x":804,"y":252,"width":81,"height":12}},{"id":"49243336-313a-4dce-95b4-5773a29d7143","block_type":"box","text":"4","page_number":173,"box":{"x":119,"y":267,"width":8,"height":9}},{"id":"657172b0-7705-434b-a050-7a6288e66f93","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":173,"box":{"x":128,"y":267,"width":640,"height":12}},{"id":"d1b0de11-8a11-442c-a62b-b87663f05abe","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":173,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"5a1dc8ad-47ba-4235-8e7d-bfbb890509ec","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":173,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"6d5dd5db-9e81-4e1b-9a07-24e8f22c97ea","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":173,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"7d4d680e-5955-43ae-96a9-9ab02b0e0d4e","block_type":"box","text":"the Company. See A","page_number":173,"box":{"x":119,"y":341,"width":141,"height":12}},{"id":"71c29875-8ca4-4501-a54c-498022d39079","block_type":"box","text":"Appendix 3","page_number":173,"box":{"x":258,"y":341,"width":89,"height":12}},{"id":"eb135032-9cd1-4891-9a77-3b513edd164f","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":173,"box":{"x":348,"y":341,"width":537,"height":12}},{"id":"3f2759ca-8e30-42af-9e47-b13cd2f9e4dd","block_type":"box","text":"schemes, including other funds of the Company.","page_number":173,"box":{"x":120,"y":356,"width":361,"height":12}},{"id":"2f52c2c8-d7db-4972-add7-da077a881c34","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":173,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"61a8b4a7-b551-4dae-9efe-c1360c6d47ef","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":173,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"358f9301-7571-4355-9375-5f0d003be293","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":173,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"0bdba930-2b13-4038-babf-644a37f4612c","block_type":"box","text":"See the “","page_number":173,"box":{"x":120,"y":445,"width":70,"height":9}},{"id":"74afc46a-526c-4fa2-95f3-4a1531148d0f","block_type":"box","text":"The Funds","page_number":173,"box":{"x":191,"y":445,"width":86,"height":9}},{"id":"6a38d0f2-7a6c-43aa-9bb1-825d62fd3d93","block_type":"box","text":"” section of this Prospectus for further information, in particular in relation to","page_number":173,"box":{"x":278,"y":445,"width":607,"height":12}},{"id":"8883fdf0-583e-4e87-af7e-d4e25005a923","block_type":"box","text":"optimisation and sampling techniques used in tracking the performance of the Index.","page_number":173,"box":{"x":119,"y":460,"width":630,"height":12}},{"id":"498edc3e-21ea-4fc9-b644-ecf7e90df9c5","block_type":"box","text":"Temporary Investment Measures","page_number":173,"box":{"x":119,"y":490,"width":268,"height":11}},{"id":"b565e822-b2d1-4bde-8dd7-ded0ff1b82a4","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":173,"box":{"x":119,"y":524,"width":766,"height":12}},{"id":"f7eb5f01-53b2-4495-b200-bd50b4f38818","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":173,"box":{"x":119,"y":539,"width":766,"height":12}},{"id":"7beb957f-c5b7-4ef8-811f-2bfc1a2656ac","block_type":"box","text":"periods and for as long as the Investment Manager deems it necessary, the Fund may increase its","page_number":173,"box":{"x":119,"y":554,"width":766,"height":12}},{"id":"a792ac32-9c42-4e73-847d-3b05469f7a9a","block_type":"box","text":"holdings of cash and ancillary liquid assets. In doing so, the Fund may succeed in avoiding losses, but","page_number":173,"box":{"x":119,"y":569,"width":766,"height":12}},{"id":"b2832906-03ec-444e-997b-155d2c166b27","block_type":"box","text":"may otherwise fail to achieve its investment objective.","page_number":173,"box":{"x":119,"y":584,"width":407,"height":12}},{"id":"6bcfbcb0-63d2-478e-a63f-02e3fc52ef3c","block_type":"box","text":"Tracking Error","page_number":173,"box":{"x":119,"y":613,"width":128,"height":12}},{"id":"7ae11e72-eb54-4e11-aede-17d020b0cd47","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":173,"box":{"x":119,"y":648,"width":766,"height":12}},{"id":"aef94485-0668-441a-bcb7-7282c5545ca8","block_type":"box","text":"Fund, will be up to 0.20%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":173,"box":{"x":119,"y":663,"width":766,"height":12}},{"id":"b5c15c2d-2905-4e88-a28e-f773fca6bdd2","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":173,"box":{"x":119,"y":678,"width":766,"height":12}},{"id":"f4294274-68f3-404e-a4c3-07281a731116","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":173,"box":{"x":119,"y":693,"width":766,"height":12}},{"id":"70c0e69c-3dc0-4ec0-b177-a7025cefbda0","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":173,"box":{"x":119,"y":708,"width":766,"height":12}},{"id":"4191b0be-8ea1-434b-b7f7-dceefa4705cb","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":173,"box":{"x":119,"y":723,"width":766,"height":12}},{"id":"0f09f4d1-afd9-44cd-b1d2-cb7fd0c772f5","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":173,"box":{"x":119,"y":738,"width":766,"height":12}},{"id":"dc19406b-9aa6-4423-baf3-99fb07b586a1","block_type":"box","text":"relevant period. As the Fund matures (i.e. grows in size and subscriptions and redemptions generally","page_number":173,"box":{"x":119,"y":753,"width":766,"height":12}},{"id":"eeafc5b9-535d-4add-8fde-49b4cd7c8b60","block_type":"box","text":"offset each other) it is possible that Tracking Error may be reduced. Please refer to the section of the","page_number":173,"box":{"x":119,"y":768,"width":766,"height":12}},{"id":"836e4d71-2658-4fc3-bdf5-3b3023a611a4","block_type":"box","text":"Prospectus headed “","page_number":173,"box":{"x":119,"y":783,"width":148,"height":12}},{"id":"fed11be5-7b41-4a4a-952d-4ea923ebb0b4","block_type":"box","text":"Plain Talk about Excess Return and Tracking Error","page_number":173,"box":{"x":268,"y":783,"width":410,"height":12}},{"id":"379a958c-618b-4864-a48f-4fff9160265f","block_type":"box","text":"” for further information on","page_number":173,"box":{"x":679,"y":783,"width":206,"height":9}},{"id":"8689fb5a-8ae5-469e-b901-3f982b08f936","block_type":"box","text":"Tracking Error.","page_number":173,"box":{"x":119,"y":798,"width":119,"height":12}},{"id":"3791341b-3952-4666-beae-382660f41f3b","block_type":"box","text":"Portfolio Information","page_number":173,"box":{"x":119,"y":828,"width":175,"height":9}},{"id":"c292fc80-839e-465c-8e4f-4493d26b853a","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. This file contains","page_number":173,"box":{"x":119,"y":860,"width":766,"height":12}},{"id":"def2150a-85e6-4a36-914d-e19ce6972a58","block_type":"box","text":"a basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":173,"box":{"x":119,"y":875,"width":766,"height":12}},{"id":"58b582f7-bf83-485d-931d-1024dcf042a4","block_type":"box","text":"174","page_number":174,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"74e479a4-14da-49cc-82e2-2264d18539df","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":174,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"5fbec3a7-eaeb-4ed9-b04f-44e2993b9cd6","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":174,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"b3754e27-f3e9-43fb-a1f4-88e256308786","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":174,"box":{"x":119,"y":102,"width":365,"height":12}},{"id":"538c382e-359f-4704-9622-182249f2680e","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":174,"box":{"x":119,"y":132,"width":450,"height":12}},{"id":"b12c302a-ac63-4fad-a704-89e02b04c060","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":174,"box":{"x":570,"y":132,"width":310,"height":12}},{"id":"cf52711e-3343-4b94-9418-8577d82de667","block_type":"box","text":"holdings-disclosure-policy.pdf,","page_number":174,"box":{"x":119,"y":147,"width":228,"height":12}},{"id":"2e266470-6c05-448a-b5ed-ce6ef12251b3","block_type":"box","text":"f, including details of the periodic disclosure of full holdings.","page_number":174,"box":{"x":346,"y":147,"width":451,"height":12}},{"id":"e134650e-9ab5-4b23-bd01-d644ec4e6d23","block_type":"box","text":"The Index rebalances on a quarterly basis in March, June, September and December. For the potential","page_number":174,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"27770ef8-9c07-4ea9-bf5d-02f205a6b7b9","block_type":"box","text":"cost impacts of rebalancing, please see the section of the Prospectus headed “","page_number":174,"box":{"x":119,"y":192,"width":582,"height":12}},{"id":"85f57d80-1fbf-4aa5-b4f3-9a5c46e454f3","block_type":"box","text":"Index rebalancing and","page_number":174,"box":{"x":702,"y":192,"width":183,"height":12}},{"id":"6ec57f91-7615-4a56-b907-bdc12c96b781","block_type":"box","text":"costs","page_number":174,"box":{"x":119,"y":208,"width":37,"height":8}},{"id":"a2d3896c-c4bb-4c2b-819c-d03fb3d17b8d","block_type":"box","text":"”.","page_number":174,"box":{"x":157,"y":207,"width":17,"height":9}},{"id":"39cc16aa-b48e-4910-bcb4-a0f0bc086023","block_type":"box","text":"Primary Risks","page_number":174,"box":{"x":119,"y":237,"width":119,"height":12}},{"id":"62bab579-abe0-4b96-af9a-bf816ee8478e","block_type":"box","text":"See the “","page_number":174,"box":{"x":120,"y":269,"width":67,"height":10}},{"id":"d68098eb-8d8d-48ed-b6e3-aa0170ea0514","block_type":"box","text":"Risk Factors","page_number":174,"box":{"x":188,"y":269,"width":99,"height":10}},{"id":"6ece186d-3a28-458c-bc0c-1a48112e2710","block_type":"box","text":"” section of the Prospectus for further information, in particular the risk factors","page_number":174,"box":{"x":289,"y":269,"width":596,"height":12}},{"id":"cb3cf870-5870-49d9-9c50-5a12e2cf7e98","block_type":"box","text":"entitled “Stock Market Risk”, “Index Tracking Risk” and “Ownership Limit Risk”.","page_number":174,"box":{"x":119,"y":284,"width":619,"height":12}},{"id":"38814b7c-ecf6-4896-9c91-c45a3135a4de","block_type":"box","text":"Currency Hedging Policy","page_number":174,"box":{"x":119,"y":314,"width":204,"height":12}},{"id":"d72ea649-4f4b-482f-a5eb-19b9b5ebb960","block_type":"box","text":"FDI will be used for currency hedging purposes for classes denominated in currencies other than the","page_number":174,"box":{"x":119,"y":344,"width":746,"height":12}},{"id":"87d8d01c-786e-4c03-8ac4-a5ee70475bae","block_type":"box","text":"Base Currency of the Fund. 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of securities, designed to track the performance of the Index, a free float adjusted market","page_number":178,"box":{"x":119,"y":351,"width":766,"height":12}},{"id":"46995907-742f-4b9a-a0c5-ce6bce4ef33b","block_type":"box","text":"capitalisation weighted index.","page_number":178,"box":{"x":119,"y":366,"width":226,"height":12}},{"id":"01f168a9-1b74-4974-a834-7dd950e23c5f","block_type":"box","text":"To the extent practicable, the Fund uses a full replication strategy to select securities, so that the Fund","page_number":178,"box":{"x":119,"y":395,"width":766,"height":12}},{"id":"b0c5c084-8b0d-4d2e-81b6-76904b995e7e","block_type":"box","text":"invests in all, or substantially all, of the constituents of the Index, making the weight of such investments","page_number":178,"box":{"x":119,"y":410,"width":766,"height":12}},{"id":"77240438-c6c8-47f4-af92-bfa27aca8ecf","block_type":"box","text":"approximate to those of the Index.","page_number":178,"box":{"x":119,"y":425,"width":260,"height":12}},{"id":"1f4f77e7-ec80-41a5-acac-dd1b41d28f35","block_type":"box","text":"By holding each stock in approximately the same proportion as","page_number":178,"box":{"x":380,"y":426,"width":505,"height":11}},{"id":"b8188e3b-298e-4978-98d9-26f03cd081b2","block_type":"box","text":"its weighting in the Index, the Fund may have exposure to or invest up to 20% of the Net Asset","page_number":178,"box":{"x":119,"y":441,"width":766,"height":11}},{"id":"55855e2a-6d46-4be7-a766-1305b76d96c7","block_type":"box","text":"Value of the Fund in stocks issued by the same body. This limit may be raised to 35% for a single","page_number":178,"box":{"x":119,"y":456,"width":766,"height":11}},{"id":"0a6fb07e-b66b-4b82-94d4-d774415da959","block_type":"box","text":"issuer in exceptional market conditions which may include the dominance of a particular issuer","page_number":178,"box":{"x":119,"y":471,"width":766,"height":12}},{"id":"1ea72f9a-970d-4932-819b-2faf9ea09a7d","block_type":"box","text":"in the relevant market.","page_number":178,"box":{"x":119,"y":486,"width":181,"height":9}},{"id":"505d6b5e-5c13-4ef3-abfd-cf91e9effe51","block_type":"box","text":"When not practicable to fully replicate, the Fund may use a sampling process","page_number":178,"box":{"x":301,"y":485,"width":584,"height":12}},{"id":"ced2aae2-0e05-4fe0-94a8-8fba63955978","block_type":"box","text":"to invest in a portfolio of securities that consists of a representative sample of the component securities","page_number":178,"box":{"x":119,"y":501,"width":766,"height":12}},{"id":"d0dc1724-a7ad-4f45-8f70-86480385bff7","block_type":"box","text":"of the Index. Under normal circumstances, the Fund is expected to maintain broad risk characteristics","page_number":178,"box":{"x":119,"y":515,"width":766,"height":13}},{"id":"6b82d998-c54e-4a8c-b5a3-c2c44853b8d5","block_type":"box","text":"consistent with that of the Index. See the section of the Prospectus headed “","page_number":178,"box":{"x":119,"y":530,"width":582,"height":12}},{"id":"a6849097-b706-4b54-b515-703913cca7f9","block_type":"box","text":"The Funds","page_number":178,"box":{"x":702,"y":531,"width":85,"height":9}},{"id":"c33c056d-4d75-4499-a886-e2c2a131d9b9","block_type":"box","text":"” for further","page_number":178,"box":{"x":788,"y":530,"width":97,"height":10}},{"id":"437fba11-0a34-427e-925d-3a3370a9ffc4","block_type":"box","text":"information, in particular in relation to optimisation and sampling techniques that may be used in","page_number":178,"box":{"x":119,"y":546,"width":766,"height":12}},{"id":"126f6644-378b-4ce2-890f-78fdc8d06ce0","block_type":"box","text":"tracking the performance of the Index.","page_number":178,"box":{"x":119,"y":561,"width":289,"height":12}},{"id":"2d0fca73-fc51-405f-8770-1357f61b5cdd","block_type":"box","text":"The Index is derived from the broader FTSE Global Equity Index Series (GEIS) and is designed to","page_number":178,"box":{"x":119,"y":590,"width":766,"height":12}},{"id":"ccf9782e-b3ea-47ba-aa35-27dd63206132","block_type":"box","text":"measure performance of the global developed economy through investment in large and mid-sized","page_number":178,"box":{"x":119,"y":605,"width":766,"height":12}},{"id":"2092559f-93b9-43b1-b8c8-6027527b309b","block_type":"box","text":"companies. The Index rebalances on a semi-annual basis in March and September. Further information","page_number":178,"box":{"x":119,"y":620,"width":766,"height":12}},{"id":"0330ee94-49d1-4a55-89b5-f57392d38344","block_type":"box","text":"on the composition of the Index, including current details as to its exact composition and methodology,","page_number":178,"box":{"x":119,"y":635,"width":766,"height":12}},{"id":"f4d5eb72-cd09-4d61-9720-01f8f96d3eb8","block_type":"box","text":"may be obtained at","page_number":178,"box":{"x":119,"y":650,"width":164,"height":12}},{"id":"e68078c7-1c27-4507-8079-fdd68120e88f","block_type":"box","text":"https://www.ftserussell.com/analytics/factsheets/home/constituentsweights","page_number":178,"box":{"x":290,"y":650,"width":552,"height":12}},{"id":"2cc116bd-d94a-4485-9ff3-6f013df9c42f","block_type":"box","text":"and","page_number":178,"box":{"x":843,"y":650,"width":42,"height":9}},{"id":"15a662db-9e2b-4360-bfd2-d2a1a1d82d03","block_type":"box","text":"https://www.ftserussell.com/products/indices/geisac","page_number":178,"box":{"x":119,"y":665,"width":384,"height":12}},{"id":"8baadbb8-fdec-4ba6-b3aa-24640486a06a","block_type":"box","text":".","page_number":178,"box":{"x":505,"y":673,"width":8,"height":2}},{"id":"9670d2ae-aebb-476e-8d25-ef9aa53c64b3","block_type":"box","text":"Other Investment Strategies","page_number":178,"box":{"x":119,"y":695,"width":227,"height":11}},{"id":"afa07069-2983-4df1-a69b-34e3b78dc266","block_type":"box","text":"In tracking the Index, the Fund may invest in FDI such as warrants, swap agreements (excluding funded","page_number":178,"box":{"x":119,"y":729,"width":766,"height":12}},{"id":"0eae85f9-c24e-4197-852d-52e1775b3a75","block_type":"box","text":"swap agreements, but including total return swaps as further detailed below) and equity-linked notes","page_number":178,"box":{"x":120,"y":744,"width":765,"height":12}},{"id":"d6390ffc-f5c4-4a75-b5ad-7b264a73651b","block_type":"box","text":"which may be used to gain exposure to the constituents of the Index or to the performance of the Index","page_number":178,"box":{"x":119,"y":759,"width":766,"height":12}},{"id":"96955da7-9e1f-47b5-8d55-4dd99044034e","block_type":"box","text":"itself, to reduce transaction costs or taxes, minimise tracking error, or to enable the Fund to gain exposure","page_number":178,"box":{"x":119,"y":774,"width":766,"height":12}},{"id":"664d5692-54a1-4bb1-ad49-3633b5b64433","block_type":"box","text":"to illiquid stocks or stocks which are unavailable to the Fund for direct investment due to market or","page_number":178,"box":{"x":119,"y":789,"width":766,"height":12}},{"id":"81ba3f73-c184-425e-a2d8-0b7f774f1b89","block_type":"box","text":"regulatory reasons. The Fund may invest in exchange traded futures and options contracts (typically","page_number":178,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"525f2349-557d-4d6e-8fa4-9fcd4b38e443","block_type":"box","text":"equity index and foreign currency) to manage cash flows on a short term basis and to achieve cost","page_number":178,"box":{"x":119,"y":819,"width":766,"height":12}},{"id":"084003a8-dd1a-4136-9b67-6db01f206f94","block_type":"box","text":"efficiencies, may invest in currency forwards and interest rate futures to protect against currency","page_number":178,"box":{"x":119,"y":834,"width":766,"height":12}},{"id":"ac10dc18-3723-4013-8991-7eb6daadf3d1","block_type":"box","text":"fluctuation and may invest in depository receipts including ADRs and GDRs to gain exposure to the","page_number":178,"box":{"x":119,"y":849,"width":766,"height":12}},{"id":"09ae7f52-b9ac-42b8-ab37-0752aff4791b","block_type":"box","text":"constituents of the Index. The use of future contracts ensures the Fund remains 100% invested while","page_number":178,"box":{"x":119,"y":864,"width":766,"height":10}},{"id":"952a55ea-e816-4338-8ca6-b52570a0387c","block_type":"box","text":"allowing for cash to be used for efficient portfolio management purposes (e.g. rebalancing and equitising","page_number":178,"box":{"x":119,"y":879,"width":766,"height":12}},{"id":"f8b6bff0-0ba6-418b-93eb-2324f01b2095","block_type":"box","text":"dividend income).","page_number":178,"box":{"x":119,"y":894,"width":139,"height":12}},{"id":"aae3ec82-5e0b-4047-ab95-aa78290d9cd7","block_type":"box","text":"179","page_number":179,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"44452085-4599-4b62-9ba1-257d2dade5ce","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":179,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"853b6f34-11d8-46f8-9e27-1cd626fd4722","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":179,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"f810ef6e-3361-4592-8db6-2155bb0079d3","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps to manage exposures to","page_number":179,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"d5bf4d08-5f13-461d-8a26-9fe0171c3f01","block_type":"box","text":"certain individual securities, a basket of securities, or securities indices, including in circumstances","page_number":179,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"af961da0-f99f-479d-8034-ed1fb9e4708e","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction","page_number":179,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"16a281d1-6b1b-4e42-a5b4-8026bfa6820d","block_type":"box","text":"costs or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error. For example,","page_number":179,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"79773822-f6da-4140-b9f2-e2a2c57d05e2","block_type":"box","text":"total return swaps can be used as an alternative means to obtain economic exposure to a security if the","page_number":179,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"8689fce9-3387-4439-a038-13178192f477","block_type":"box","text":"Fund is required to limit its investment in a particular issuer or industry, including in the context of","page_number":179,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"57094a4e-bb18-4856-a9c5-28da18a1d627","block_type":"box","text":"management of exposure levels to certain securities by the Vanguard Group globally. The Fund will not","page_number":179,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"ea7cbee1-1836-4c36-972b-cd97e4e93921","block_type":"box","text":"use total return swaps to gain exposure outside of the Index. The Fund may also engage in securities","page_number":179,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"f882da53-97fd-4c64-89dc-4dc79f60d73e","block_type":"box","text":"lending transactions for efficient portfolio management purposes. See","page_number":179,"box":{"x":119,"y":222,"width":531,"height":12}},{"id":"a4600d79-f7de-4662-817d-0a911d1ba288","block_type":"box","text":"Appendix 4","page_number":179,"box":{"x":651,"y":222,"width":91,"height":12}},{"id":"8f55b161-f8d4-4da7-90d9-a4d4e5f77029","block_type":"box","text":"of this Prospectus","page_number":179,"box":{"x":743,"y":222,"width":142,"height":12}},{"id":"d4820035-d72b-4868-b39d-32dbe2470362","block_type":"box","text":"for further details on the FDI that the Fund will use. 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See","page_number":179,"box":{"x":119,"y":252,"width":685,"height":12}},{"id":"722560ee-c802-49a8-9de6-5499e5c83164","block_type":"box","text":"Appendix","page_number":179,"box":{"x":804,"y":252,"width":81,"height":12}},{"id":"2b3fc38f-d724-4d7e-81aa-791508c96679","block_type":"box","text":"4","page_number":179,"box":{"x":119,"y":267,"width":8,"height":9}},{"id":"e4efc081-6681-4d72-8587-37d3eb4f70c1","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":179,"box":{"x":128,"y":267,"width":640,"height":12}},{"id":"601c38ff-f4ec-41a3-9548-f0d0df524abc","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":179,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"3b04068f-dfab-4ae4-8139-a6c08bbf8fc6","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":179,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"6ad458ad-357e-4a61-8d3d-26036475784b","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":179,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"2d5f26a2-515a-4a3a-abb4-73e97f7c87e1","block_type":"box","text":"the Company. 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Please see the section of this Prospectus headed “","page_number":180,"box":{"x":119,"y":317,"width":591,"height":12}},{"id":"b97417a0-84e2-4c05-a993-103b196c2126","block_type":"box","text":"Currency Hedging at","page_number":180,"box":{"x":711,"y":317,"width":174,"height":12}},{"id":"a1622237-af89-4f5f-8bb1-b2f038f46764","block_type":"box","text":"Share Class Level","page_number":180,"box":{"x":120,"y":332,"width":139,"height":9}},{"id":"63132a10-e0cd-449e-810a-65a4932abf63","block_type":"box","text":"” for further details.","page_number":180,"box":{"x":260,"y":331,"width":150,"height":10}},{"id":"9874271c-cb5a-4d38-b1a1-6076b5e4fbfa","block_type":"box","text":"Settlement","page_number":180,"box":{"x":120,"y":362,"width":87,"height":9}},{"id":"6093d181-77b5-4dbc-a35f-d606d470b118","block_type":"box","text":"ETF Shares may be settled in-kind or in cash (see the “","page_number":180,"box":{"x":119,"y":394,"width":421,"height":12}},{"id":"102bc071-678d-4669-a49c-a9cba2821e0d","block_type":"box","text":"Redemption of ETF Shares","page_number":180,"box":{"x":541,"y":394,"width":218,"height":12}},{"id":"f0e614f6-d5ff-45d7-8fde-fa5c29d01898","block_type":"box","text":"” section of this","page_number":180,"box":{"x":761,"y":394,"width":124,"height":9}},{"id":"94d02dc2-f615-4bc3-8afc-3e64bd49ebc8","block_type":"box","text":"Prospectus for further information).","page_number":180,"box":{"x":119,"y":409,"width":268,"height":12}},{"id":"13dfec62-7286-4b6b-b1e6-cfd6d0d0fb34","block_type":"box","text":"Shares on Offer","page_number":180,"box":{"x":120,"y":439,"width":128,"height":10}},{"id":"cc31ad91-3012-4c2b-9c0c-0a306f89e5c1","block_type":"box","text":"The ETF Shares which are available for subscription are set out in the table under the heading “","page_number":180,"box":{"x":119,"y":471,"width":703,"height":12}},{"id":"7a6c532f-bf3d-4f89-ae27-0abd7a021b69","block_type":"box","text":"Classes","page_number":180,"box":{"x":824,"y":471,"width":61,"height":10}},{"id":"15a37d47-4634-4c9e-949b-ce6a6ed5e756","block_type":"box","text":"of Shares","page_number":180,"box":{"x":119,"y":487,"width":74,"height":9}},{"id":"89a39870-2822-4971-9938-9ce28f178d09","block_type":"box","text":"” in","page_number":180,"box":{"x":194,"y":486,"width":33,"height":10}},{"id":"21aaaf8b-9fb3-4766-9f7d-7cb47140a3fc","block_type":"box","text":"Appendix 1","page_number":180,"box":{"x":228,"y":486,"width":91,"height":12}},{"id":"8756e1ce-2358-4893-8586-9c36a314168a","block_type":"box","text":"to the Prospectus and subscription shall be in accordance with the details","page_number":180,"box":{"x":320,"y":486,"width":565,"height":12}},{"id":"b0ea9f19-8e0e-4c67-9346-8608d4fffe9c","block_type":"box","text":"below.","page_number":180,"box":{"x":119,"y":501,"width":54,"height":10}},{"id":"c85c1b19-91f3-4677-af95-202d7eead3b5","block_type":"box","text":"Fund Details","page_number":180,"box":{"x":119,"y":532,"width":106,"height":9}},{"id":"c82d3430-6ef8-4931-867c-e251f4bb3d42","block_type":"box","text":"Investment Manager","page_number":180,"box":{"x":119,"y":562,"width":164,"height":11}},{"id":"ae31d7d6-9a02-4fbe-a7d7-52c76817ea0a","block_type":"box","text":": Vanguard Asset Management, Limited","page_number":180,"box":{"x":285,"y":561,"width":300,"height":12}},{"id":"12a4cf3f-284e-4217-9ed0-80488f5d053c","block_type":"box","text":"Base Currency","page_number":180,"box":{"x":119,"y":592,"width":117,"height":12}},{"id":"e3af7f48-77dc-42ea-be2c-e48adbc0996d","block_type":"box","text":": USD","page_number":180,"box":{"x":238,"y":592,"width":50,"height":9}},{"id":"41b2f1c5-8bc6-4268-bbc2-7d51c3e9b63c","block_type":"box","text":"Initial Offer Price","page_number":180,"box":{"x":128,"y":622,"width":147,"height":10}},{"id":"9410b0e0-ba8f-494b-805b-f0a934800cc0","block_type":"box","text":"ETF Shares – Creation Units:","page_number":180,"box":{"x":128,"y":637,"width":240,"height":10}},{"id":"3c8f49b5-cc3e-4538-a55e-386e98cad8cf","block_type":"box","text":"Un-launched Share classes will be offered at GBP 50 per","page_number":180,"box":{"x":413,"y":622,"width":463,"height":12}},{"id":"624d130a-9ae3-4726-9e7b-56d056276810","block_type":"box","text":"Share, USD 50 per Share, EUR 50 per Share or CHF 50 per","page_number":180,"box":{"x":414,"y":637,"width":462,"height":12}},{"id":"e705943c-b5f2-445b-9625-cf63c88ed2db","block_type":"box","text":"Share, as relevant, depending on the relevant Share class","page_number":180,"box":{"x":414,"y":652,"width":461,"height":12}},{"id":"8d998143-1c92-42c6-ba5a-7eb6523df698","block_type":"box","text":"currency, or such other amount determined by the Investment","page_number":180,"box":{"x":414,"y":667,"width":462,"height":12}},{"id":"0d857dca-9f9e-47a9-9bb0-899249b59e09","block_type":"box","text":"Manager at the relevant time and communicated to investors","page_number":180,"box":{"x":413,"y":682,"width":463,"height":12}},{"id":"c7d3ff1c-8ba6-47ab-b731-08d7fa728356","block_type":"box","text":"prior to investment. 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See the section of the Prospectus headed “","page_number":184,"box":{"x":119,"y":522,"width":582,"height":12}},{"id":"6ded50a1-a212-4d12-a52d-c464135b5c53","block_type":"box","text":"The Funds","page_number":184,"box":{"x":702,"y":523,"width":85,"height":9}},{"id":"42501d38-fe9d-4544-861b-1781306a5d1c","block_type":"box","text":"” for further","page_number":184,"box":{"x":788,"y":522,"width":97,"height":10}},{"id":"ff8ec14b-ae2b-491a-bfbb-540dbed1ab6b","block_type":"box","text":"information, in particular in relation to optimisation and sampling techniques that may be used in","page_number":184,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"82455f6c-4ce7-4528-8211-0b983ccf7541","block_type":"box","text":"tracking the performance of the Index. Although the Index is generally well diversified, because of the","page_number":184,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"671bc909-e27c-4df9-8ba3-bc7976451f17","block_type":"box","text":"market it reflects it may, depending on market conditions, contain constituents issued by the same body","page_number":184,"box":{"x":119,"y":567,"width":766,"height":12}},{"id":"ffd73fb3-a079-4493-ae3c-f106b9400f67","block_type":"box","text":"that may represent more than 10% of the Index.","page_number":184,"box":{"x":119,"y":582,"width":357,"height":12}},{"id":"81bd8346-7090-4c95-b960-bc61da565726","block_type":"box","text":"The Index is derived from the broader FTSE Global Equity Index Series (GEIS) and is designed to","page_number":184,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"1ea47ded-b641-4aa0-8a60-ba84ea3f61fc","block_type":"box","text":"measure performance of the North American economy through investment in large and mid-cap,","page_number":184,"box":{"x":119,"y":628,"width":766,"height":12}},{"id":"c9091f02-9242-463b-a9b7-56b252076fa5","block_type":"box","text":"companies in the United States and Canada. The Index rebalances on a semi-annual basis in March and","page_number":184,"box":{"x":119,"y":642,"width":766,"height":13}},{"id":"53be2cc3-4122-42b8-9994-311f4c4ceff7","block_type":"box","text":"September. Further information on the composition of the Index, including current details as to its exact","page_number":184,"box":{"x":120,"y":657,"width":765,"height":13}},{"id":"2f1fc814-0820-4a9f-ac5e-4307e33e7733","block_type":"box","text":"composition and methodology, may be obtained at","page_number":184,"box":{"x":119,"y":673,"width":430,"height":12}},{"id":"73890952-5324-4b4d-bb96-7501ece84161","block_type":"box","text":"https://www.ftserussell.com/analytics/","page_number":184,"box":{"x":558,"y":673,"width":283,"height":12}},{"id":"39638587-81c2-4f8a-bf9c-143de76288c4","block_type":"box","text":"/ and","page_number":184,"box":{"x":841,"y":673,"width":44,"height":9}},{"id":"0a5fa3ef-57c4-47de-8a26-cba61bd471ce","block_type":"box","text":"https://www.ftserussell.com/products/","page_number":184,"box":{"x":119,"y":688,"width":281,"height":12}},{"id":"64efb7f3-8f44-4b67-9a38-79213969480f","block_type":"box","text":".","page_number":184,"box":{"x":401,"y":696,"width":8,"height":1}},{"id":"0f466c1a-1f28-49cc-85aa-082733f429c2","block_type":"box","text":"Other Investment Strategies","page_number":184,"box":{"x":119,"y":718,"width":227,"height":12}},{"id":"ff0f4e24-081c-451f-b6e6-5e8c9eeb5541","block_type":"box","text":"In tracking the Index, the Fund may invest in FDI such as warrants, swap agreements (excluding funded","page_number":184,"box":{"x":119,"y":747,"width":766,"height":12}},{"id":"bce34962-a09c-4e5d-bf11-258558f24add","block_type":"box","text":"swap agreements, but including total return swaps as further detailed below) and equity-linked notes","page_number":184,"box":{"x":120,"y":762,"width":765,"height":12}},{"id":"eadff561-5043-4f6f-aa4c-ced5e84c5db0","block_type":"box","text":"which may be used to gain exposure to the constituents of the Index or to the performance of the Index","page_number":184,"box":{"x":119,"y":777,"width":766,"height":12}},{"id":"68e4387b-b6c7-4135-99dc-160376bbe2e1","block_type":"box","text":"itself, to reduce transaction costs or taxes, minimise tracking error, or to enable the Fund to gain exposure","page_number":184,"box":{"x":119,"y":792,"width":766,"height":12}},{"id":"69a8a93c-1e6b-4345-a0ee-9bf0b2794688","block_type":"box","text":"to illiquid stocks or stocks which are unavailable to the Fund for direct investment due to market or","page_number":184,"box":{"x":119,"y":807,"width":766,"height":12}},{"id":"61f0c8bb-adae-4ead-bacc-616dc6fecaec","block_type":"box","text":"regulatory reasons. The Fund may invest in exchange traded futures and options contracts (typically","page_number":184,"box":{"x":119,"y":822,"width":766,"height":12}},{"id":"39cff955-8e6c-474c-8ccd-91bdb858355f","block_type":"box","text":"equity index and foreign currency) to manage cash flows on a short term basis and to achieve cost","page_number":184,"box":{"x":119,"y":837,"width":766,"height":12}},{"id":"459cdc19-acc2-4c78-9e77-48be9a9e95f6","block_type":"box","text":"efficiencies, may invest in currency forwards and interest rate futures to protect against currency","page_number":184,"box":{"x":119,"y":852,"width":766,"height":12}},{"id":"0c86c961-6229-4f61-b15d-6e01c563fd5e","block_type":"box","text":"fluctuation and may invest in depository receipts including ADRs and GDRs to gain exposure to the","page_number":184,"box":{"x":119,"y":867,"width":766,"height":12}},{"id":"0939987d-685f-49df-9a55-0c8a83e05c3b","block_type":"box","text":"constituents of the Index. The use of future contracts ensures the Fund remains 100% invested while","page_number":184,"box":{"x":119,"y":882,"width":766,"height":10}},{"id":"5b97a196-a2e6-4280-8c72-f5d2c7dab797","block_type":"box","text":"185","page_number":185,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"a0257b48-1894-4af0-a5b9-91739a9d06c3","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":185,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"5e46b2de-ccec-44d3-885d-b8505ed4396b","block_type":"box","text":"allowing for cash to be used for efficient portfolio management purposes (e.g. rebalancing and equitising","page_number":185,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"cb2b6bbf-a81a-40a3-8012-316fbced6137","block_type":"box","text":"dividend income).","page_number":185,"box":{"x":119,"y":102,"width":139,"height":12}},{"id":"6dbac179-2048-4365-b0a9-16f491721b49","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":185,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"e3cb3a91-f0bd-4c14-a6ec-8dd57076243e","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps to manage exposures to","page_number":185,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"608914e0-b289-44bb-9356-1ef3ced562ee","block_type":"box","text":"certain individual securities, a basket of securities, or securities indices, including in circumstances","page_number":185,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"d55a1ffc-dd13-475f-8b0c-efac6a3580e1","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction","page_number":185,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"729c8389-4a5f-42f3-b1e9-02d20cbdeb8b","block_type":"box","text":"costs or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error. For example,","page_number":185,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"2c26a4b5-955c-4458-b8f2-28bfa0a37e9a","block_type":"box","text":"total return swaps can be used as an alternative means to obtain economic exposure to a security if the","page_number":185,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"93bcb5c8-bb26-4ab4-81ad-d6ccce7c48b6","block_type":"box","text":"Fund is required to limit its investment in a particular issuer or industry, including in the context of","page_number":185,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"c4bf4afd-0650-4cd2-969f-b0d7572f4808","block_type":"box","text":"management of exposure levels to certain securities by the Vanguard Group globally. The Fund will not","page_number":185,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"f0232fb0-82aa-4423-bdee-e407433e5ebc","block_type":"box","text":"use total return swaps to gain exposure outside of the Index. The Fund may also engage in securities","page_number":185,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"aa2ab30f-7e58-4424-afbb-5a3f0947d3f9","block_type":"box","text":"lending transactions for efficient portfolio management purposes. See","page_number":185,"box":{"x":119,"y":266,"width":531,"height":12}},{"id":"67d503d0-8afd-4d73-b769-90944a9b5ada","block_type":"box","text":"Appendix 4","page_number":185,"box":{"x":651,"y":266,"width":91,"height":12}},{"id":"bbea68ac-d51e-42d0-b834-1ce338b99fa3","block_type":"box","text":"of this Prospectus","page_number":185,"box":{"x":743,"y":266,"width":142,"height":12}},{"id":"8b8582e3-3a0a-4df9-9a5b-952b21fcde5c","block_type":"box","text":"for further details on the FDI that the Fund will use. The Fund will not use FDI for investment purposes,","page_number":185,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"597568d7-686b-4176-95de-346badea807f","block_type":"box","text":"and only a limited percentage of its assets may be committed to FDI usage at any time. See","page_number":185,"box":{"x":119,"y":296,"width":685,"height":12}},{"id":"3446906e-eb4d-4c48-bd13-8c49d98f024a","block_type":"box","text":"Appendix","page_number":185,"box":{"x":804,"y":296,"width":81,"height":12}},{"id":"2c692189-f885-4cc0-9822-65e05747bafa","block_type":"box","text":"4","page_number":185,"box":{"x":119,"y":312,"width":8,"height":9}},{"id":"4fa9d142-196a-4b49-b89c-f502f3aeec6a","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":185,"box":{"x":128,"y":311,"width":640,"height":12}},{"id":"c7337f75-144a-495e-a3a1-cedb72ef8d78","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":185,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"7b25efb3-4c08-42e5-b5c6-097bac226cf6","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":185,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"a55e56bd-fbba-4d7c-83e7-9990b9814bdb","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":185,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"2f8fb049-be04-43de-9c6c-638fe4387693","block_type":"box","text":"the Company. See A","page_number":185,"box":{"x":119,"y":386,"width":141,"height":12}},{"id":"93dbfad2-a5e8-42e9-9f26-f96a2f3cebda","block_type":"box","text":"Appendix 3","page_number":185,"box":{"x":258,"y":386,"width":89,"height":12}},{"id":"5d3ba4b6-f30d-4501-98c7-70ab0e1165e0","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":185,"box":{"x":348,"y":386,"width":537,"height":12}},{"id":"acb0dd80-88ca-41c5-945a-c1aacab619f1","block_type":"box","text":"schemes, including other funds of the Company.","page_number":185,"box":{"x":120,"y":401,"width":361,"height":12}},{"id":"b44704fe-5dfe-46aa-9c43-282dec5602f2","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":185,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"73268069-d7be-4381-a12e-159a742aef50","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":185,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"9799f58d-fe7a-46ae-90ef-0340b1d61ca7","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":185,"box":{"x":119,"y":460,"width":766,"height":12}},{"id":"c0c3ee04-0379-4020-a4b5-975ece8b2cc8","block_type":"box","text":"Temporary Investment Measures","page_number":185,"box":{"x":119,"y":490,"width":268,"height":11}},{"id":"bbbbe9d8-7b17-4c7a-9677-e9c8ccf51869","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":185,"box":{"x":119,"y":518,"width":766,"height":13}},{"id":"8804aec6-f480-45c9-9048-3712dec8ba76","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":185,"box":{"x":119,"y":533,"width":766,"height":13}},{"id":"6f5ef702-90d9-41c3-8137-3607a9baeecd","block_type":"box","text":"periods and for as long as the Investment Manager deems it necessary, the Fund may increase its","page_number":185,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"b3bbc411-3fe5-440e-bad9-85340c5eab36","block_type":"box","text":"holdings of cash and ancillary liquid assets. In doing so, the Fund may succeed in avoiding losses, but","page_number":185,"box":{"x":119,"y":564,"width":766,"height":12}},{"id":"acfd51e8-9b37-4bc7-a3d2-4b39155fa0ab","block_type":"box","text":"may otherwise fail to achieve its investment objective.","page_number":185,"box":{"x":119,"y":579,"width":407,"height":12}},{"id":"2652275c-db36-4823-ae5f-600d67588f0e","block_type":"box","text":"Tracking Error","page_number":185,"box":{"x":119,"y":608,"width":128,"height":12}},{"id":"645fc33d-8d5d-4581-9631-dfbeb3b4e8e4","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":185,"box":{"x":119,"y":637,"width":766,"height":12}},{"id":"e0ec4742-b219-4feb-9075-c12f724926a6","block_type":"box","text":"Fund, will be up to 0.20%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":185,"box":{"x":119,"y":652,"width":766,"height":12}},{"id":"5e2b7b95-6926-4ed5-b7aa-a980e43f1564","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":185,"box":{"x":119,"y":667,"width":766,"height":12}},{"id":"2c735592-e0bd-4738-8dd8-0c338dc0f1c3","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":185,"box":{"x":119,"y":682,"width":766,"height":12}},{"id":"96dbeb67-d558-4870-a71a-f67347ac349c","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":185,"box":{"x":119,"y":697,"width":766,"height":12}},{"id":"58d3b463-b5f5-4ef0-9154-73d93f51ac1e","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":185,"box":{"x":119,"y":712,"width":766,"height":12}},{"id":"2015fca2-c3ae-400f-a4b5-369f5833bd53","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":185,"box":{"x":119,"y":727,"width":766,"height":12}},{"id":"0223e3ee-6f9e-4145-a270-5f46de2d0665","block_type":"box","text":"relevant period. As the Fund matures (i.e. grows in size and subscriptions and redemptions generally","page_number":185,"box":{"x":119,"y":742,"width":766,"height":12}},{"id":"e1d2d352-08b1-497c-adc6-d6cc925c3433","block_type":"box","text":"offset each other) it is possible that Tracking Error may be reduced. Please refer to the section of the","page_number":185,"box":{"x":119,"y":757,"width":766,"height":12}},{"id":"7a0cae25-8349-4300-ab9b-9708dae1cdb3","block_type":"box","text":"Prospectus headed “","page_number":185,"box":{"x":119,"y":772,"width":148,"height":12}},{"id":"087a8300-70c7-4404-8c0a-27eab31fa47b","block_type":"box","text":"Plain Talk about Excess Return and Tracking Error","page_number":185,"box":{"x":268,"y":773,"width":410,"height":11}},{"id":"24ed9800-7260-4686-8398-f6ce25a5f420","block_type":"box","text":"” for further information on","page_number":185,"box":{"x":679,"y":772,"width":206,"height":10}},{"id":"f5c792a3-ec44-45cb-b6c5-80e6bc3b86e2","block_type":"box","text":"Tracking Error.","page_number":185,"box":{"x":119,"y":787,"width":119,"height":12}},{"id":"893290c1-b915-4f5e-8456-95e660008b24","block_type":"box","text":"Portfolio Information","page_number":185,"box":{"x":119,"y":818,"width":175,"height":9}},{"id":"2b952bfb-61c1-4928-83c2-0ce0ddf3d36b","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. 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See the “","page_number":189,"box":{"x":119,"y":282,"width":725,"height":12}},{"id":"8be23b6e-1739-464a-8dd5-3caf01fc6f0f","block_type":"box","text":"Risk","page_number":189,"box":{"x":845,"y":282,"width":40,"height":9}},{"id":"8bd3cdac-2841-4fab-84eb-011295743e31","block_type":"box","text":"Factors","page_number":189,"box":{"x":119,"y":297,"width":59,"height":9}},{"id":"bc6dfb34-7d8a-4e89-abd8-35a97386173c","block_type":"box","text":"” section of this Prospectus for further information on the basket customisation fee.","page_number":189,"box":{"x":179,"y":297,"width":619,"height":12}},{"id":"9a3f0c34-36b8-4d74-803c-f26aa454942e","block_type":"box","text":"*** Details of the current charge are available from the Investment 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ETF","page_number":190,"box":{"x":281,"y":117,"width":442,"height":12}},{"id":"998f616b-abd8-47a6-befc-5e5af2ff247b","block_type":"box","text":"_________________________________________________________________________________","page_number":190,"box":{"x":118,"y":141,"width":754,"height":3}},{"id":"30503cf9-43ca-482b-aca0-c3e9f74d42f9","block_type":"box","text":"Benchmark Index","page_number":190,"box":{"x":119,"y":162,"width":146,"height":9}},{"id":"b52fd33d-9170-44e3-baa4-cf99d6fcdae2","block_type":"box","text":"The FTSE Developed Europe ex UK Index (the “","page_number":190,"box":{"x":119,"y":192,"width":365,"height":12}},{"id":"e7eac4b2-c562-4e8e-8e0c-390d8dc6ce47","block_type":"box","text":"Index","page_number":190,"box":{"x":485,"y":192,"width":44,"height":9}},{"id":"367b0951-d5f9-4a3e-b59b-ccb79a20e0a9","block_type":"box","text":"”).","page_number":190,"box":{"x":530,"y":192,"width":23,"height":12}},{"id":"cf842ce0-fcaf-4656-a132-50a865fae5e7","block_type":"box","text":"Investment Objective","page_number":190,"box":{"x":119,"y":222,"width":173,"height":12}},{"id":"8fc89eb0-6f86-4de3-88e6-1aacfeaf5fe4","block_type":"box","text":"This Fund seeks to track the performance of the Index, a widely recognised market- capitalization","page_number":190,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"cd1e30a1-ac07-43e2-ae64-239a2d05654a","block_type":"box","text":"weighted index of stock market performance of European developed countries, excluding the United","page_number":190,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"e6221c30-3a6a-4b02-8148-cf7f265fc2f7","block_type":"box","text":"Kingdom, that is comprised of the stocks of large and mid capitalisation companies in that region.","page_number":190,"box":{"x":119,"y":282,"width":728,"height":12}},{"id":"b51c3ef9-90e5-4408-b90a-681222040a45","block_type":"box","text":"Primary Investment Strategies","page_number":190,"box":{"x":119,"y":312,"width":246,"height":12}},{"id":"ee462027-d046-476e-95e3-1b15b238be98","block_type":"box","text":"The Fund employs a “passive management” – or indexing – investment approach, through physical","page_number":190,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"881ebb43-b918-4022-bbda-3e647b31a21e","block_type":"box","text":"acquisition of securities, designed to track the performance of the Index, a free float adjusted market","page_number":190,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"fd03806b-da8d-4d67-81e0-28b661ba7cde","block_type":"box","text":"capitalisation weighted index.","page_number":190,"box":{"x":119,"y":372,"width":226,"height":12}},{"id":"2794daef-c83e-477f-bd4a-51d319683341","block_type":"box","text":"To the extent practicable, the Fund uses a full replication strategy to select securities, so that the Fund","page_number":190,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"a0810604-bacc-4eb1-bc22-40af28bd02da","block_type":"box","text":"invests in all, or substantially all, of the constituents of the Index, making the weight of such investments","page_number":190,"box":{"x":119,"y":417,"width":766,"height":12}},{"id":"1831b275-300f-47dc-9a2e-a834f852faf3","block_type":"box","text":"approximate to those of the Index.","page_number":190,"box":{"x":119,"y":432,"width":260,"height":12}},{"id":"e12c2cdf-86ca-48aa-89f7-89e446dd6fb7","block_type":"box","text":"By holding each stock in approximately the same proportion as","page_number":190,"box":{"x":380,"y":432,"width":505,"height":12}},{"id":"1f12d2b8-1526-4bf1-baf1-9df71960faff","block_type":"box","text":"its weighting in the Index, the Fund may have exposure to or invest up to 20% of the Net Asset","page_number":190,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"73ef501b-88c9-426b-b4bb-5770266e153a","block_type":"box","text":"Value of the Fund in stocks issued by the same body. This limit may be raised to 35% for a single","page_number":190,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"a6d03f35-31e5-40a4-8af1-3abdc12fdec4","block_type":"box","text":"issuer in exceptional market conditions which may include the dominance of a particular issuer","page_number":190,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"40df74ea-b4bd-40de-a853-5006ec819e1a","block_type":"box","text":"in the relevant market","page_number":190,"box":{"x":119,"y":492,"width":177,"height":10}},{"id":"efaa3831-793f-4924-ada1-6e5c7b00c849","block_type":"box","text":". When not practicable to fully replicate, the Fund may use a sampling process","page_number":190,"box":{"x":297,"y":492,"width":588,"height":12}},{"id":"d774691b-0b17-41b0-a522-ae025ac16eca","block_type":"box","text":"to invest in a portfolio of securities that consists of a representative sample of the component securities","page_number":190,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"c1106a3d-4d00-40b0-b39f-347645ef86e0","block_type":"box","text":"of the Index. Under normal circumstances, the Fund is expected to maintain broad risk characteristics","page_number":190,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"1cd84b93-bb30-432e-aa7b-3c8359fa5510","block_type":"box","text":"consistent with that of the Index. See the section of the Prospectus headed “","page_number":190,"box":{"x":119,"y":537,"width":582,"height":12}},{"id":"b987a9d6-9dd8-4dd3-b5ff-a72d11c802f0","block_type":"box","text":"The Funds","page_number":190,"box":{"x":702,"y":538,"width":85,"height":9}},{"id":"775c23fa-5f9f-4d3a-9fce-beaae652562d","block_type":"box","text":"” for further","page_number":190,"box":{"x":788,"y":537,"width":97,"height":10}},{"id":"88cab625-8b9c-4417-8084-76947083a5f5","block_type":"box","text":"information, in particular in relation to optimisation and sampling techniques that may be used in","page_number":190,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"ae8e237b-3f35-49f2-9dcc-4cc36ea34811","block_type":"box","text":"tracking the performance of the Index.","page_number":190,"box":{"x":119,"y":567,"width":289,"height":12}},{"id":"b7dc9842-b157-4467-9fea-5a1773587c67","block_type":"box","text":"The Index is comprised of large and mid-cap common stocks from developed European markets","page_number":190,"box":{"x":119,"y":597,"width":766,"height":13}},{"id":"30aedc91-7eaa-4b78-a2a0-0cdf722336e3","block_type":"box","text":"(excluding the UK). The Index is derived from the broader FTSE Global Equity Index Series (GEIS)","page_number":190,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"dd7caf1a-c185-461a-946d-b9a451df7f57","block_type":"box","text":"and is designed to measure performance of the economies of the developed countries of Europe","page_number":190,"box":{"x":119,"y":628,"width":766,"height":12}},{"id":"01584322-89e8-4741-be8b-115429e8cac3","block_type":"box","text":"(excluding UK) through investment in the mid and large-sized companies in those countries. The Index","page_number":190,"box":{"x":119,"y":642,"width":766,"height":13}},{"id":"dfd67d17-0da7-4971-8ca8-88ae1bc75f64","block_type":"box","text":"rebalances on a semi-annual basis in March and September. Further information on the composition of","page_number":190,"box":{"x":119,"y":657,"width":766,"height":12}},{"id":"13755380-15f2-4c7e-b90b-35dccd22b9d0","block_type":"box","text":"the Index, including current details as to its exact composition and methodology, may be obtained at","page_number":190,"box":{"x":119,"y":673,"width":766,"height":12}},{"id":"c359e029-f7d7-4792-a68e-40f962a6f804","block_type":"box","text":"https://www.ftserussell.com/analytics/","page_number":190,"box":{"x":119,"y":688,"width":283,"height":12}},{"id":"44f233a4-17bd-4649-a09f-93b0edd1f275","block_type":"box","text":"and","page_number":190,"box":{"x":402,"y":688,"width":36,"height":9}},{"id":"a00bd5b7-1fab-4e53-bd73-6e51851d7451","block_type":"box","text":"https://www.ftserussell.com/products/","page_number":190,"box":{"x":438,"y":688,"width":281,"height":12}},{"id":"4f854b1d-c0e6-4c44-8fd4-013c15a561b1","block_type":"box","text":".","page_number":190,"box":{"x":720,"y":696,"width":8,"height":1}},{"id":"7082dd1e-dcfc-46dc-a61f-1c35eb5ace5a","block_type":"box","text":"Other Investment Strategies","page_number":190,"box":{"x":119,"y":718,"width":227,"height":12}},{"id":"1c2ed0a4-f846-41ef-99fe-192eb0ece6b5","block_type":"box","text":"In tracking the Index, the Fund may invest in FDI such as warrants, swap agreements (excluding funded","page_number":190,"box":{"x":119,"y":748,"width":766,"height":12}},{"id":"13245646-1e4f-47ca-bcfe-44700e5413c7","block_type":"box","text":"swap agreements, but including total return swaps as further detailed below) and equity-linked notes","page_number":190,"box":{"x":120,"y":763,"width":765,"height":12}},{"id":"b24a88f2-544a-444b-8f08-ebc71597df4c","block_type":"box","text":"which may be used to gain exposure to the constituents of the Index or to the performance of the Index","page_number":190,"box":{"x":119,"y":778,"width":766,"height":12}},{"id":"af9236d9-4055-4468-95ba-8ab73f0de1d4","block_type":"box","text":"itself, to reduce transaction costs or taxes, minimise tracking error, or to enable the Fund to gain exposure","page_number":190,"box":{"x":119,"y":793,"width":766,"height":12}},{"id":"0a0ce96a-25cb-42d4-b6a6-764fb02d2596","block_type":"box","text":"to illiquid stocks or stocks which are unavailable to the Fund for direct investment due to market or","page_number":190,"box":{"x":119,"y":808,"width":766,"height":12}},{"id":"71d6ffef-bb00-495e-836a-81232eb48daa","block_type":"box","text":"regulatory reasons. The Fund may invest in exchange traded futures and options contracts (typically","page_number":190,"box":{"x":119,"y":823,"width":766,"height":12}},{"id":"1103943d-1755-4430-9c28-cfce40aa42fe","block_type":"box","text":"equity index and foreign currency) to manage cash flows on a short term basis and to achieve cost","page_number":190,"box":{"x":119,"y":838,"width":766,"height":12}},{"id":"c4d06656-430b-47a3-904f-ed4b2fdc401c","block_type":"box","text":"efficiencies, may invest in currency forwards and interest rate futures to protect against currency","page_number":190,"box":{"x":119,"y":853,"width":766,"height":12}},{"id":"7ac522cd-d0ab-41eb-92ce-0e0fa3d91c5d","block_type":"box","text":"fluctuation and may invest in depository receipts including ADRs and GDRs to gain exposure to the","page_number":190,"box":{"x":119,"y":868,"width":766,"height":12}},{"id":"221f1980-9a85-48ba-afeb-8d1df207b5c8","block_type":"box","text":"constituents of the Index. The use of future contracts ensures the Fund remains 100% invested while","page_number":190,"box":{"x":119,"y":883,"width":766,"height":9}},{"id":"77ee67d8-9755-42a2-93da-ca8e9061fe0d","block_type":"box","text":"191","page_number":191,"box":{"x":491,"y":937,"width":17,"height":7}},{"id":"c20036db-8ad4-4083-900f-7ad8a8cfa529","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":191,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"a79b52e9-ad44-4f8a-a831-d39bde202ef1","block_type":"box","text":"allowing for cash to be used for efficient portfolio management purposes (e.g. rebalancing and equitising","page_number":191,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"6b514d7f-685a-410c-b5ed-b241615969f6","block_type":"box","text":"dividend income).","page_number":191,"box":{"x":119,"y":102,"width":139,"height":12}},{"id":"4d6d4b76-6db0-424c-a682-b1a360e1279c","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":191,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"95b7f919-b09a-4d5b-9a0c-dd117c620299","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps to manage exposures to","page_number":191,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"a2d6a13a-a1e1-4bcb-99ee-5f2734e78116","block_type":"box","text":"certain individual securities, a basket of securities, or securities indices, including in circumstances","page_number":191,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"f7dfde43-88ab-4a66-aea1-52c28a1cc27b","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction","page_number":191,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"8b7c89e8-9f32-4125-84ea-c64a3abbf48f","block_type":"box","text":"costs or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error. For example,","page_number":191,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"a80e2412-7939-4c1b-8e5d-ccca106cb731","block_type":"box","text":"total return swaps can be used as an alternative means to obtain economic exposure to a security if the","page_number":191,"box":{"x":119,"y":206,"width":766,"height":12}},{"id":"230fce93-bca6-48c8-962c-24bce59f871e","block_type":"box","text":"Fund is required to limit its investment in a particular issuer or industry, including in the context of","page_number":191,"box":{"x":119,"y":221,"width":766,"height":12}},{"id":"1f502c69-050a-4cdd-80c3-bd72a6a1290b","block_type":"box","text":"management of exposure levels to certain securities by the Vanguard Group globally. The Fund will not","page_number":191,"box":{"x":119,"y":236,"width":766,"height":12}},{"id":"5204392f-9a23-4733-8b35-427fc89edcbb","block_type":"box","text":"use total return swaps to gain exposure outside of the Index. The Fund may also engage in securities","page_number":191,"box":{"x":119,"y":251,"width":766,"height":12}},{"id":"91e9ee22-3399-4524-b0c6-a5aa92bf965f","block_type":"box","text":"lending transactions for efficient portfolio management purposes. See","page_number":191,"box":{"x":119,"y":266,"width":531,"height":12}},{"id":"f97d999e-3c04-41af-8262-3cd047b14fc3","block_type":"box","text":"Appendix 4","page_number":191,"box":{"x":651,"y":266,"width":91,"height":12}},{"id":"a96df8b8-4cb4-4a0a-a958-303dac4f28d1","block_type":"box","text":"of this Prospectus","page_number":191,"box":{"x":743,"y":266,"width":142,"height":12}},{"id":"7e66ceab-d99f-4ac1-9cd8-860b60798f36","block_type":"box","text":"for further details on the FDI that the Fund will use. The Fund will not use FDI for investment purposes,","page_number":191,"box":{"x":119,"y":281,"width":766,"height":12}},{"id":"8f709599-70bc-4ed3-ae48-b1ef204328d9","block_type":"box","text":"and only a limited percentage of its assets may be committed to FDI usage at any time. See","page_number":191,"box":{"x":119,"y":296,"width":685,"height":12}},{"id":"660bcbee-2aef-4d65-b1eb-fe98a9d85831","block_type":"box","text":"Appendix","page_number":191,"box":{"x":804,"y":296,"width":81,"height":12}},{"id":"4d3f30e1-6e95-4d87-afd2-779328e241d5","block_type":"box","text":"4","page_number":191,"box":{"x":119,"y":312,"width":8,"height":9}},{"id":"098e56f5-2ceb-4e2b-90d5-5b2294e5956f","block_type":"box","text":"of this Prospectus for information on leverage and the calculation of global exposure.","page_number":191,"box":{"x":128,"y":311,"width":640,"height":12}},{"id":"eed26d08-5869-4d6e-98c1-cf88dd1ab9c9","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":191,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"3893b505-452b-43a4-9113-1e13f77af426","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":191,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"ea20606a-87d1-4bfa-b0f2-1a7809c66cf7","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":191,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"db205f7e-9d6c-448b-9fe5-b4f8875f0497","block_type":"box","text":"the Company. See A","page_number":191,"box":{"x":119,"y":386,"width":141,"height":12}},{"id":"db6db3aa-7f24-40d4-9f94-d3903f6b7512","block_type":"box","text":"Appendix 3","page_number":191,"box":{"x":258,"y":386,"width":89,"height":12}},{"id":"f66cc1ca-573a-42fc-ade0-5e64582c6e5a","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":191,"box":{"x":348,"y":386,"width":537,"height":12}},{"id":"aa23b1f1-4eae-4141-ae27-ce06a49ac8b4","block_type":"box","text":"schemes, including other funds of the Company.","page_number":191,"box":{"x":120,"y":401,"width":361,"height":12}},{"id":"86e61af7-5a8c-46f7-8671-3d1a96715397","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":191,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"b7bf93ff-f0f1-4e2a-9931-4b7e11d65470","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":191,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"ecbd4279-fc16-4f7e-89ad-08a1baa7540e","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":191,"box":{"x":119,"y":460,"width":766,"height":12}},{"id":"d1dd6e26-b09d-4e04-a1ec-a30465274aea","block_type":"box","text":"Temporary Investment Measures","page_number":191,"box":{"x":119,"y":490,"width":268,"height":11}},{"id":"4da20d90-be71-4a82-ae28-a651df5d1861","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":191,"box":{"x":119,"y":519,"width":766,"height":12}},{"id":"c6e63a6d-15ca-4eba-9490-e97fb8283cd8","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":191,"box":{"x":119,"y":534,"width":766,"height":12}},{"id":"74285a55-f741-401d-b8d4-42ca46024a61","block_type":"box","text":"periods and for as long as the Investment Manager deems it necessary, the Fund may increase its","page_number":191,"box":{"x":119,"y":549,"width":766,"height":12}},{"id":"ea2d3afb-17b9-47d1-86f1-efad3b1d3d5c","block_type":"box","text":"holdings of cash and ancillary liquid assets. In doing so, the Fund may succeed in avoiding losses, but","page_number":191,"box":{"x":119,"y":564,"width":766,"height":12}},{"id":"89db6d84-d838-4105-a176-16b74fdfe742","block_type":"box","text":"may otherwise fail to achieve its investment objective.","page_number":191,"box":{"x":119,"y":579,"width":407,"height":13}},{"id":"96dde36a-99b9-4366-b212-34a0d71b486f","block_type":"box","text":"Tracking Error","page_number":191,"box":{"x":119,"y":609,"width":128,"height":12}},{"id":"d317e1e4-ed7c-4814-8ce1-ac7a1ec09dd6","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":191,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"5205d0fd-b4ab-4f84-a16d-0b6cda6bcf0f","block_type":"box","text":"Fund, will be up to 0.30%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":191,"box":{"x":119,"y":654,"width":766,"height":12}},{"id":"66322d92-b91c-415d-b63e-47563fb4f5a1","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":191,"box":{"x":119,"y":669,"width":766,"height":12}},{"id":"402af7c1-3d7f-486e-878e-4acacf6d95ae","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":191,"box":{"x":119,"y":684,"width":766,"height":12}},{"id":"23546e65-d550-447d-8cdc-cb37177c6524","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":191,"box":{"x":119,"y":699,"width":766,"height":12}},{"id":"4a9d97aa-11ad-45a0-bb3d-805a2d60f28f","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":191,"box":{"x":119,"y":714,"width":766,"height":12}},{"id":"1ae55b9e-659a-468a-be5d-73c9c0a1b181","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":191,"box":{"x":119,"y":729,"width":766,"height":12}},{"id":"6b213ad2-1a7f-496f-b9e2-4e84334e3f8e","block_type":"box","text":"relevant period. As the Fund matures (i.e. grows in size and subscriptions and redemptions generally","page_number":191,"box":{"x":119,"y":744,"width":766,"height":12}},{"id":"9fa6db5e-7f60-48de-b418-fc6f91647576","block_type":"box","text":"offset each other) it is possible that Tracking Error may be reduced. 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may not be eligible for transfer, may not be eligible for","page_number":195,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"f29da03d-07ee-4428-a25a-bcfd847688e3","block_type":"box","text":"trading by an Authorised Participant or in the event that in-kind trading is not permissible in particular","page_number":195,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"ee40db88-909c-4d5b-9902-84e059efff20","block_type":"box","text":"countries or markets or to replace any Redemption Security which may not be eligible for transfer, may","page_number":195,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"20a74505-e839-4c30-807c-73ee4028c242","block_type":"box","text":"not be eligible for trading by an Authorised Participant or in the event that in-kind trading is not","page_number":195,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"7ab4f31d-ff19-46d4-b0c4-220a0b7860bc","block_type":"box","text":"permissible in particular countries or markets. Trading costs incurred by the Fund in connection with","page_number":195,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"e7ed4ef7-2a6e-4202-8899-8914a6a61203","block_type":"box","text":"the purchase of Deposit Securities with cash-in-lieu amounts will be borne by the relevant Shareholder,","page_number":195,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"a130052a-5cc9-4fca-a410-bf7432deb1a3","block_type":"box","text":"through the application of a Basket Customisation Fee (representing the estimated cost of acquisition of","page_number":195,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"7b020beb-3477-478c-adaf-aa9362c6168c","block_type":"box","text":"the relevant Deposit Securities to the Fund by the cash-in-lieu amount, otherwise than in respect of","page_number":195,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"3a5129b6-bb24-40b9-9b6e-843f96546664","block_type":"box","text":"“Settlement – Cash (Directed)”), to protect existing Shareholders from this expense. See the “","page_number":195,"box":{"x":119,"y":237,"width":725,"height":12}},{"id":"9a89ea02-c5fb-484a-ae60-ea955ebe4d83","block_type":"box","text":"Risk","page_number":195,"box":{"x":845,"y":237,"width":40,"height":9}},{"id":"abd56ac5-884d-49a5-a86e-110eba6aa442","block_type":"box","text":"Factors","page_number":195,"box":{"x":119,"y":252,"width":59,"height":9}},{"id":"b06450f9-772c-46a1-964a-462f9149eaea","block_type":"box","text":"” section of this Prospectus for further information on the basket customisation fee.","page_number":195,"box":{"x":179,"y":252,"width":619,"height":12}},{"id":"0f276ffb-fd5a-4a11-8ee5-5b5234f343f9","block_type":"box","text":"*** Details of the current charge are available from the Investment Manager.","page_number":195,"box":{"x":120,"y":282,"width":574,"height":12}},{"id":"08b4fa65-ff70-48bd-8efe-95e1f72b0096","block_type":"box","text":"196","page_number":196,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"8973b162-f094-428a-a66a-9ac275fa3708","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":196,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"cf7eb8b2-7faf-4563-882f-bb65287ffecc","block_type":"box","text":"APPENDIX 2","page_number":196,"box":{"x":445,"y":95,"width":114,"height":9}},{"id":"6b809a1e-1fe4-4272-ba90-da275a223a0f","block_type":"box","text":"Determination of Net Asset Value","page_number":196,"box":{"x":367,"y":132,"width":269,"height":9}},{"id":"3c37ad89-202d-4ba8-b797-23062034ceb7","block_type":"box","text":"The Net Asset Value of each Fund, and the Net Asset Value per Share in each Fund, shall be calculated","page_number":196,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"1a3eda24-9add-4f8a-9d38-c37ff05ba5ee","block_type":"box","text":"as of the Valuation Point on each Business Day by the Administrator to four decimal places (unless","page_number":196,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"baa2fc79-bf70-4e16-aa5d-2fc8f18e259b","block_type":"box","text":"specified otherwise for any Fund).","page_number":196,"box":{"x":120,"y":191,"width":257,"height":12}},{"id":"f2557918-2f8a-440f-b8ce-da5ddab21815","block_type":"box","text":"The Net Asset Value of a Fund shall be calculated in the base currency of the relevant Fund, in","page_number":196,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"4211ab69-282e-48a3-8ba5-2d946e40f587","block_type":"box","text":"accordance with the Constitution, by ascertaining the value of the assets of the relevant Fund and","page_number":196,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"efc401a2-066a-4029-921f-d59d06ec3bc7","block_type":"box","text":"deducting from such amount the liabilities of the Fund, which shall include all fees and expenses payable","page_number":196,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"1e7ee038-3522-465e-aa74-438799ed80ae","block_type":"box","text":"and/or accrued and/or estimated to be payable out of the assets of the Fund. The Net Asset Value per","page_number":196,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"519c98d5-a903-4b8b-ad65-57e23f6e8960","block_type":"box","text":"Share in respect of a Fund will be calculated by dividing the Net Asset Value of the relevant Fund by","page_number":196,"box":{"x":120,"y":280,"width":765,"height":12}},{"id":"be84b794-72dc-4334-ac5c-cd2c1a34ab68","block_type":"box","text":"the number of Shares issued in the relevant class. The Net Asset Value per Share of any class of Shares","page_number":196,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"25c88175-28c5-48c8-adc1-091a03db19da","block_type":"box","text":"issued in a Fund will be calculated by calculating the amount of the Net Asset Value of the relevant","page_number":196,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"5204cc88-0a24-43d3-9620-7f802b7062bd","block_type":"box","text":"Fund attributable to the relevant class of Shares and dividing the resultant figure by the total number of","page_number":196,"box":{"x":119,"y":325,"width":766,"height":12}},{"id":"b2dfb7ab-6943-407a-a1f0-f492768f618a","block_type":"box","text":"issued Shares of the relevant class or deemed to be issued as of the relevant Valuation Point and","page_number":196,"box":{"x":119,"y":340,"width":766,"height":9}},{"id":"a9207daf-8a6e-4e77-aa05-719ee3f0e0dd","block_type":"box","text":"translated, where required, into the currency of denomination of the relevant class.","page_number":196,"box":{"x":119,"y":355,"width":614,"height":12}},{"id":"cdd31edb-c1f9-4c37-9634-52367d40396c","block_type":"box","text":"The Net Asset Value per Share will be published on each Business Day on","page_number":196,"box":{"x":119,"y":384,"width":766,"height":12}},{"id":"004ad516-809a-4dbd-b096-0c9c96e91baf","block_type":"box","text":"https://www.ie.vanguard/products","page_number":196,"box":{"x":119,"y":399,"width":251,"height":13}},{"id":"a00aab21-cb6d-4a92-8be1-21a1bda0da4c","block_type":"box","text":",","page_number":196,"box":{"x":371,"y":407,"width":8,"height":4}},{"id":"a0a90de7-10d6-4e7d-9f0b-0e6e48b22b02","block_type":"box","text":"https://www.institutional.vanguard.co.uk/","page_number":196,"box":{"x":380,"y":399,"width":308,"height":13}},{"id":"9dad4a77-f0c6-4ad2-8c37-da90aa43d41b","block_type":"box","text":",","page_number":196,"box":{"x":689,"y":407,"width":2,"height":4}},{"id":"e696d742-ad72-491f-9a15-a803f47ba434","block_type":"box","text":"or on such website as set","page_number":196,"box":{"x":698,"y":399,"width":187,"height":10}},{"id":"76b54f6d-1be3-4a7a-9ff0-7855db18c795","block_type":"box","text":"out in","page_number":196,"box":{"x":119,"y":414,"width":48,"height":10}},{"id":"f5ce553d-c103-443d-a4eb-1512cff8cfdc","block_type":"box","text":"Appendix 1","page_number":196,"box":{"x":168,"y":415,"width":90,"height":11}},{"id":"4f63a33e-0fb7-47c5-bcdb-91d5e7428cce","block_type":"box","text":"of this Prospectus or the Supplement for the relevant Fund, in the Financial Times","page_number":196,"box":{"x":259,"y":414,"width":626,"height":12}},{"id":"ef1a2364-9786-48f9-b4fe-7a3185f4994a","block_type":"box","text":"and/or in such other newspapers and on or through such other media, as the Directors may from time to","page_number":196,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"7bbddac4-946d-47b8-800a-db8b2d984e33","block_type":"box","text":"time determine and shall be notified to Euronext Dublin without delay. The Net Asset Value per Share","page_number":196,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"9604e45e-0c96-43a1-91c8-4a4465f62ce6","block_type":"box","text":"will also be regularly available on the website of Euronext Dublin (","page_number":196,"box":{"x":119,"y":459,"width":526,"height":13}},{"id":"cc8256b1-cdb6-4505-a86f-d5730fe43445","block_type":"box","text":"https://live.euronext.com/","page_number":196,"box":{"x":646,"y":459,"width":190,"height":13}},{"id":"9e30667a-e0ef-4c31-9e71-c855413a5c02","block_type":"box","text":") and,","page_number":196,"box":{"x":836,"y":459,"width":49,"height":13}},{"id":"05e23c93-5bcc-4bca-81dd-ca4e69207847","block_type":"box","text":"where applicable, the London Stock Exchange (","page_number":196,"box":{"x":119,"y":475,"width":349,"height":12}},{"id":"4b46c11d-2368-4d21-8d5b-31ed9b851ab9","block_type":"box","text":"www.londonstockexchange.com","page_number":196,"box":{"x":469,"y":475,"width":241,"height":12}},{"id":"c3fbc7c0-8007-4403-ab08-00107cbb9901","block_type":"box","text":"). The Net Asset Value","page_number":196,"box":{"x":710,"y":475,"width":175,"height":12}},{"id":"3daa94c4-4480-4ccf-b335-2b4df0f0d2b0","block_type":"box","text":"per Share will also be available from the offices of the Administrator.","page_number":196,"box":{"x":119,"y":490,"width":518,"height":12}},{"id":"675644df-baef-46cd-913b-8f390ef725e7","block_type":"box","text":"Valuation provisions for all Funds other than the Vanguard EUR Cash UCITS ETF","page_number":196,"box":{"x":119,"y":519,"width":665,"height":12}},{"id":"c675051a-4bca-47e3-a2fa-667f4f34b0fa","block_type":"box","text":"In determining the value of the assets of any Fund other than the Vanguard EUR Cash UCITS ETF,","page_number":196,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"b763cb6e-429d-4493-970d-a64eae2c1951","block_type":"box","text":"securities, other than securities valued in accordance with the provisions of the following paragraph,","page_number":196,"box":{"x":120,"y":563,"width":765,"height":12}},{"id":"b427545d-3a80-4ddf-b2cf-46c0b161d056","block_type":"box","text":"that are quoted, listed or traded on or under the rules of any Regulated Market shall be valued at the last","page_number":196,"box":{"x":119,"y":578,"width":766,"height":12}},{"id":"13969c2d-e48c-424b-8bd0-31dd4eb6556c","block_type":"box","text":"traded price on the relevant Regulated Market at the Valuation Point. The value of any securities listed,","page_number":196,"box":{"x":119,"y":593,"width":766,"height":12}},{"id":"387cd54c-6ec0-43e9-bb00-70d5eb4370cb","block_type":"box","text":"quoted or traded on a Regulated Market but acquired or traded at a premium or discount outside of or","page_number":196,"box":{"x":119,"y":608,"width":766,"height":12}},{"id":"48b27e00-561e-4ce6-8ecb-835db893d549","block_type":"box","text":"off the Regulated Market may be valued taking into account the level of premium or discount at the date","page_number":196,"box":{"x":119,"y":623,"width":766,"height":12}},{"id":"81dace4a-a56d-492e-8feb-7472ba64182a","block_type":"box","text":"of valuation and the Depositary must ensure the adoption of such procedure is justifiable in the context","page_number":196,"box":{"x":119,"y":638,"width":766,"height":12}},{"id":"b83110c1-1fb8-4cf9-b63d-db66ec6131c2","block_type":"box","text":"of establishing the probable realisation value of the security. If the security is normally quoted, listed","page_number":196,"box":{"x":119,"y":653,"width":766,"height":12}},{"id":"bb9eae02-f35b-420b-ba25-01a0dab4f4ce","block_type":"box","text":"or traded on or under the rules of more than one Regulated Market, the relevant Regulated Market shall","page_number":196,"box":{"x":119,"y":668,"width":766,"height":12}},{"id":"5ee12d92-9743-4c84-b9bf-e7bb3ebba928","block_type":"box","text":"be that which the Directors determine provides the fairest criterion of value for the investment. If prices","page_number":196,"box":{"x":119,"y":683,"width":766,"height":12}},{"id":"bfecfb08-f04a-44b3-b924-6b04d2530f9d","block_type":"box","text":"for a security quoted, listed or traded on the relevant Regulated Market are not available at the relevant","page_number":196,"box":{"x":119,"y":698,"width":766,"height":12}},{"id":"716e0022-9199-422f-8ab6-79cf2c112834","block_type":"box","text":"time, or are unrepresentative in the opinion of the Directors, such investment shall be valued at such","page_number":196,"box":{"x":119,"y":713,"width":766,"height":12}},{"id":"4e961475-2e0a-4cc3-ae3a-cce3c90a2205","block_type":"box","text":"value as shall be certified with care and in good faith at the probable realisation value of the investment","page_number":196,"box":{"x":119,"y":728,"width":766,"height":12}},{"id":"906b073e-cc3a-4c4c-9d3b-0ac05cc71921","block_type":"box","text":"by a competent professional person, firm or corporation appointed for such purpose by the Manager in","page_number":196,"box":{"x":119,"y":743,"width":766,"height":12}},{"id":"43efb812-028d-4a69-b229-dc682780156d","block_type":"box","text":"consultation with the Investment Manager and approved for the purpose by the Directors and the","page_number":196,"box":{"x":119,"y":759,"width":766,"height":12}},{"id":"fa45cc3b-3cb0-492e-ad81-2b051e54f9a7","block_type":"box","text":"Depositary, or by any other means provided the value is approved by the Depositary. None of the","page_number":196,"box":{"x":119,"y":773,"width":766,"height":13}},{"id":"857eb701-d2b7-4274-ad3f-234e05c896a3","block_type":"box","text":"Directors or the Manager, Administrator, Investment Manager or Depositary shall be under any liability","page_number":196,"box":{"x":119,"y":788,"width":766,"height":12}},{"id":"e647969a-1e1b-46f5-8993-4ca259120115","block_type":"box","text":"if a price reasonably believed by them to be accurate and indicative of current market value is found not","page_number":196,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"0a44cd07-2b78-45c5-b6f8-9870725660e9","block_type":"box","text":"to be such.","page_number":196,"box":{"x":119,"y":819,"width":84,"height":9}},{"id":"c4cb995a-ab00-4307-8a9f-8d864911a962","block_type":"box","text":"Subject to the provisions described below in relation to Funds primarily comprising short-term debt","page_number":196,"box":{"x":120,"y":848,"width":765,"height":12}},{"id":"472b8f8f-ffd5-4383-8251-f9b3f75f20e0","block_type":"box","text":"securities, debt securities traded on a Regulated Market will be valued on the basis of valuations","page_number":196,"box":{"x":120,"y":863,"width":765,"height":12}},{"id":"897b0f78-aae5-40a0-9d60-b389c0c46a55","block_type":"box","text":"provided by a principal market maker or a pricing service (i.e. valuing debt securities as at the closing","page_number":196,"box":{"x":119,"y":878,"width":766,"height":12}},{"id":"6eb585ba-3775-4142-874d-a465e10399de","block_type":"box","text":"bid price on the relevant Regulated Market at the Valuation Point), both of which generally utilise","page_number":196,"box":{"x":119,"y":893,"width":766,"height":12}},{"id":"58dab18d-170a-41f0-b7d4-69900658ee99","block_type":"box","text":"197","page_number":197,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"6577c6c5-e333-44b9-b226-723d2c251ef4","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":197,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"2b1d98da-5581-4e77-9674-c9f89180ae4d","block_type":"box","text":"electronic data-processing techniques to determine valuations for normal institutional trading units of","page_number":197,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"bdb66ced-cfd6-4609-a19f-ee8e018c02bf","block_type":"box","text":"debt securities without exclusive reliance upon quoted prices.","page_number":197,"box":{"x":119,"y":102,"width":459,"height":12}},{"id":"568dc3fa-51c5-46bd-8f60-7cdcc12d8da5","block_type":"box","text":"The value of any investment that is not normally quoted, listed or traded on or under the rules of a","page_number":197,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"a67189e4-e00d-4841-bb74-3a93470df6d2","block_type":"box","text":"Regulated Market, shall be valued at its probable realisation value estimated with care and in good faith","page_number":197,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"bdac38de-58c9-4e85-89ad-83e590246ce2","block_type":"box","text":"by the Directors (who shall be approved for the purpose by the Depositary) in consultation with the","page_number":197,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"d645503a-5b90-4f96-bf8a-9270265007ce","block_type":"box","text":"Investment Manager and the Administrator or by a competent person, firm or corporation appointed for","page_number":197,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"3b64a8b8-6bd8-4fc6-8ad4-59b291a5bb9b","block_type":"box","text":"such purpose by the Directors in consultation with the Investment Manager and approved for such","page_number":197,"box":{"x":120,"y":191,"width":765,"height":12}},{"id":"13c85a7e-545f-475a-b94c-9742aae2651f","block_type":"box","text":"purpose by the Depositary, or by any other means provided the value is approved by the Depositary.","page_number":197,"box":{"x":119,"y":206,"width":746,"height":12}},{"id":"df013f5a-f718-4830-87c3-26007608837a","block_type":"box","text":"Units or Shares in collective investment schemes that are not valued in accordance with the above","page_number":197,"box":{"x":119,"y":235,"width":766,"height":10}},{"id":"203489d6-294d-4b97-acfb-4db8a964bf4d","block_type":"box","text":"provisions shall be valued on the basis of the latest available redemption price as published by the","page_number":197,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"1994e4a1-195b-427e-a876-49df5421c8bd","block_type":"box","text":"collective investment scheme of such units or shares after deduction of any redemption charges.","page_number":197,"box":{"x":119,"y":265,"width":713,"height":13}},{"id":"75d2ecac-208f-48f0-8b44-59b49d91c0b4","block_type":"box","text":"Cash deposits and similar investments shall be valued at their face value together with accrued interest","page_number":197,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"9efc1b45-858b-47f5-90e8-64c2e09cbe18","block_type":"box","text":"unless in the opinion of the Directors (in consultation with the Manager, the Investment Manager and","page_number":197,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"a24011d0-1ad1-4dfd-b366-86d74c034391","block_type":"box","text":"the Depositary) any adjustment should be made to reflect the fair value thereof. Derivative instruments","page_number":197,"box":{"x":119,"y":325,"width":766,"height":12}},{"id":"bcfb5df1-cadf-40a7-8d4c-55dc2a3e0133","block_type":"box","text":"including interest rate futures contracts and other financial futures contracts that are dealt in on a","page_number":197,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"de2f3471-9f10-48ee-9eb0-dfac8c8a9262","block_type":"box","text":"Regulated Market shall be valued at the settlement price as at the Valuation Point as determined by the","page_number":197,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"a3211675-ea20-4068-a870-b3fb519022a1","block_type":"box","text":"relevant Regulated Market, provided that where it is not the practice of the relevant Regulated Market","page_number":197,"box":{"x":119,"y":370,"width":766,"height":12}},{"id":"a6ad9099-fd97-45df-aa54-5b579ec413b5","block_type":"box","text":"to quote a settlement price, or if a settlement price is not available for any reason, such instruments shall","page_number":197,"box":{"x":119,"y":385,"width":766,"height":12}},{"id":"b6db5691-8287-4250-ae5c-5ba7f86b8195","block_type":"box","text":"be valued at their probable realisation value estimated with care and in good faith by the Directors (who","page_number":197,"box":{"x":119,"y":400,"width":766,"height":12}},{"id":"4a3fc514-7857-48ea-81e4-bd8865f86618","block_type":"box","text":"shall be approved for the purpose by the Depositary) in consultation with the Manager and the","page_number":197,"box":{"x":120,"y":415,"width":765,"height":12}},{"id":"fb83f6fd-c824-4028-9675-d0ca0e50dbcb","block_type":"box","text":"Investment Manager, or by a competent professional person, body, firm or corporation (appointed for","page_number":197,"box":{"x":119,"y":430,"width":766,"height":12}},{"id":"012f8b9c-c09f-4566-858e-4d3daba40219","block_type":"box","text":"such purpose by the Directors in consultation with the Manager and Investment Manager and approved","page_number":197,"box":{"x":120,"y":445,"width":765,"height":12}},{"id":"2efb4782-fa4f-4364-9175-331889e6924f","block_type":"box","text":"for such purpose by the Depositary). OTC derivatives will be valued either using the counterparty’s","page_number":197,"box":{"x":119,"y":460,"width":766,"height":12}},{"id":"f3456047-3da1-4151-9b4f-30dbdfc9281f","block_type":"box","text":"valuation or an alternative valuation, including valuation by the Company or by an independent pricing","page_number":197,"box":{"x":119,"y":475,"width":766,"height":12}},{"id":"7816bd88-0612-4220-86b6-c7319045a505","block_type":"box","text":"vendor. OTC derivatives shall be valued at least daily. If using the counterparty’s valuation, such","page_number":197,"box":{"x":119,"y":490,"width":766,"height":12}},{"id":"98f9d69e-4f9f-49bf-bddd-32ead1c884a3","block_type":"box","text":"valuation must be approved or verified by a party independent of the counterparty and approved by the","page_number":197,"box":{"x":119,"y":505,"width":766,"height":12}},{"id":"ee351c85-ad00-4f6f-a3a4-423c61cadef1","block_type":"box","text":"Depositary (which may include the Company or a party related to the OTC counterparty provided that","page_number":197,"box":{"x":119,"y":520,"width":766,"height":12}},{"id":"46261d42-80ac-4713-844a-b1548cf3d51e","block_type":"box","text":"it is an independent unit within the same group and which does not rely on the same pricing models","page_number":197,"box":{"x":119,"y":535,"width":766,"height":12}},{"id":"ac0707a8-dc19-44b4-b4f6-005d27ee3c07","block_type":"box","text":"employed by the counterparty) on a weekly basis. In the event that the Company opts to use an","page_number":197,"box":{"x":119,"y":550,"width":766,"height":12}},{"id":"5b2266d5-2d54-41fb-9194-7a79ba7c0643","block_type":"box","text":"alternative valuation, the Company will use a competent person appointed by the Directors, approved","page_number":197,"box":{"x":119,"y":565,"width":766,"height":12}},{"id":"3874797e-e191-4cb8-8e70-b81b70140cb9","block_type":"box","text":"for this purpose by the Directors and the Depositary, or will use such other method approved by the","page_number":197,"box":{"x":119,"y":580,"width":766,"height":12}},{"id":"df3bd936-7d65-4d96-a64c-65cda1969371","block_type":"box","text":"Depositary and such alternative valuation will be reconciled with the counterparty’s valuation on a","page_number":197,"box":{"x":119,"y":595,"width":766,"height":12}},{"id":"451c3128-6d5f-43e7-b597-8094b9a5b2bf","block_type":"box","text":"monthly basis. Any significant differences to the counterparty valuation will be promptly investigated","page_number":197,"box":{"x":119,"y":610,"width":766,"height":12}},{"id":"2d3b5f4a-c8b7-4b27-a281-e645396c741a","block_type":"box","text":"and explained. Forward foreign exchange and interest rate swaps may be valued in accordance with the","page_number":197,"box":{"x":119,"y":625,"width":766,"height":12}},{"id":"e10d12c4-55e9-4ffc-aede-7b0dbf5ef254","block_type":"box","text":"preceding provisions or alternatively by reference to freely available market quotations.","page_number":197,"box":{"x":119,"y":640,"width":652,"height":12}},{"id":"c081bb23-88a8-4a19-bd0e-051a438487c2","block_type":"box","text":"Certificates of deposit shall be valued by reference to the latest available sale price for certificates of","page_number":197,"box":{"x":119,"y":669,"width":766,"height":12}},{"id":"261b9b96-edd6-4272-a647-e4d97d412a34","block_type":"box","text":"deposit of like maturity, amount and credit risk at the Valuation Point, or, if such price is not available,","page_number":197,"box":{"x":119,"y":685,"width":766,"height":12}},{"id":"77407e24-e563-483f-8fe8-34c916a42dcf","block_type":"box","text":"at the latest bid price or, if such price is not available or is unrepresentative of the value of such certificate","page_number":197,"box":{"x":119,"y":700,"width":766,"height":12}},{"id":"5fcd1fde-235d-4491-a47b-6fe6d3cc2018","block_type":"box","text":"of deposit in the opinion of the Directors, at probable realisation value estimated with care and in good","page_number":197,"box":{"x":119,"y":714,"width":766,"height":13}},{"id":"c8195c28-4da3-4623-aa76-9d2d873f2ce0","block_type":"box","text":"faith by a competent person approved for the purpose by the Depositary. Treasury Bills and Bills of","page_number":197,"box":{"x":119,"y":730,"width":766,"height":12}},{"id":"984c47c0-51ed-4eb6-ad34-01a5c7f851c5","block_type":"box","text":"Exchange shall be valued with reference to prices ruling in the relevant markets for such instruments of","page_number":197,"box":{"x":119,"y":745,"width":766,"height":12}},{"id":"abb90f88-ad0b-4ac5-bddd-f811d3dbb90a","block_type":"box","text":"like maturity, amount and credit risk at the Valuation Point.","page_number":197,"box":{"x":119,"y":760,"width":445,"height":12}},{"id":"0d6c210f-4775-426e-b618-4c39a4c5d73e","block_type":"box","text":"The Directors shall be entitled to value participating shares of any Fund using the amortised cost method","page_number":197,"box":{"x":119,"y":789,"width":766,"height":12}},{"id":"6dca6aad-7058-4a82-bf1f-e1bb9ded21b5","block_type":"box","text":"of valuation in accordance with the Central Bank’s requirements.","page_number":197,"box":{"x":119,"y":804,"width":486,"height":12}},{"id":"bc3abba3-90c2-43a8-9839-1ba31dfcb959","block_type":"box","text":"Valuation provisions for the Vanguard EUR Cash UCITS ETF","page_number":197,"box":{"x":119,"y":834,"width":500,"height":12}},{"id":"c2ab362f-1df2-44b5-b195-8c18c50ca29c","block_type":"box","text":"When calculating the Net Asset Value of the Fund, the investments shall be valued using the mark-to","page_number":197,"box":{"x":119,"y":863,"width":761,"height":12}},{"id":"70ebc5f3-f017-4b9e-94cc-fb0a6752aef8","block_type":"box","text":"market method whenever possible. When using mark-to-market, the assets the Fund shall be valued at","page_number":197,"box":{"x":119,"y":878,"width":766,"height":12}},{"id":"b86dfa47-3838-49d8-9797-ffb1b652fa15","block_type":"box","text":"the more prudent side of bid and offer unless the asset can be closed out at mid-market. In addition, only","page_number":197,"box":{"x":119,"y":893,"width":766,"height":12}},{"id":"15e9e6f0-e8e4-4e04-829f-18bcb2ec80d6","block_type":"box","text":"198","page_number":198,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"fa987538-f28b-4163-b6a0-e207b91415a2","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":198,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"06fff902-f3b9-4ba3-90f1-d012183f006e","block_type":"box","text":"good quality market data shall be used and such data shall be assessed on the basis of all of the following","page_number":198,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"2fb83c5d-0d0e-443f-bd39-8c23da5d487a","block_type":"box","text":"factors:","page_number":198,"box":{"x":119,"y":102,"width":60,"height":9}},{"id":"ad983a1f-2eb0-49e6-bc4f-56906e079b89","block_type":"box","text":"A the number and quality of the counterparties;","page_number":198,"box":{"x":128,"y":132,"width":397,"height":12}},{"id":"d31faadc-d5a0-42bd-a029-c156a2aff120","block_type":"box","text":"B the volume and turnover in the market of the asset of the Fund; and","page_number":198,"box":{"x":128,"y":161,"width":562,"height":11}},{"id":"eaa5fdae-c74d-4e51-85b3-f7ffc394ef25","block_type":"box","text":"C the issue size and the portion of the issue that the Fund plans to buy or sell.","page_number":198,"box":{"x":129,"y":190,"width":618,"height":12}},{"id":"2c722f18-2a3c-4f72-99b6-9d23f128a3f1","block_type":"box","text":"Where use of mark-to-market is not possible or the market data is not of sufficient quality, an asset of","page_number":198,"box":{"x":119,"y":249,"width":766,"height":12}},{"id":"1f8f0f7b-d289-4828-beac-29d6a1f14476","block_type":"box","text":"the Fund shall be valued conservatively by using mark-to-model. The model shall accurately estimate","page_number":198,"box":{"x":119,"y":264,"width":766,"height":12}},{"id":"c766a2f5-8230-42e3-9822-7a08cca6bb93","block_type":"box","text":"the intrinsic value of the asset of the Fund, based on all of the following up-to-date key factors:","page_number":198,"box":{"x":119,"y":279,"width":708,"height":12}},{"id":"951b275c-13ee-49a1-af6c-8d625b816978","block_type":"box","text":"A the volume and turnover in the market of that asset;","page_number":198,"box":{"x":128,"y":309,"width":446,"height":12}},{"id":"06731b04-083a-4ddc-8064-18989b9e8a44","block_type":"box","text":"B the issue size and the portion of the issue that the Fund plans to buy or sell; and","page_number":198,"box":{"x":128,"y":338,"width":651,"height":13}},{"id":"f376c450-421c-4516-967d-59e104e01b9e","block_type":"box","text":"C the market risk, interest rate risk, credit risk attached to the asset.","page_number":198,"box":{"x":129,"y":368,"width":544,"height":11}},{"id":"acd13f30-d77f-46f2-98b2-80ab23fa68af","block_type":"box","text":"When using mark-to-model, the amortised cost method shall not be used.","page_number":198,"box":{"x":119,"y":427,"width":545,"height":12}},{"id":"6a8f1e62-63f7-4b4b-b4c9-8cb25687de27","block_type":"box","text":"The Net Asset Value per Share shall be calculated to four decimal places.","page_number":198,"box":{"x":119,"y":456,"width":542,"height":12}},{"id":"0f74bf17-c2e5-4674-a8a8-1d94ca90331f","block_type":"box","text":"General","page_number":198,"box":{"x":119,"y":486,"width":68,"height":9}},{"id":"4e1eeb6f-b3e2-4e46-b460-0667d4f8b59c","block_type":"box","text":"Notwithstanding the above provisions, and provided the method of valuation complies with the above","page_number":198,"box":{"x":118,"y":515,"width":767,"height":12}},{"id":"f1799b3a-f95e-4e4e-8734-d5842176d95a","block_type":"box","text":"requirements, the Directors may, with the prior consent of the Depositary,","page_number":198,"box":{"x":119,"y":530,"width":551,"height":12}},{"id":"0a0ab454-1280-44ab-a01a-70f1adca369d","block_type":"box","text":"(i)","page_number":198,"box":{"x":119,"y":559,"width":17,"height":12}},{"id":"8541c88d-6472-4bb4-8290-381c850dfb9a","block_type":"box","text":"adjust the valuation of any listed investment; or","page_number":198,"box":{"x":179,"y":559,"width":355,"height":12}},{"id":"ac43b6fa-5564-4d7f-abd9-3b35013b14a8","block_type":"box","text":"(ii)","page_number":198,"box":{"x":119,"y":588,"width":22,"height":12}},{"id":"89a8ed82-7ec2-40ef-bf18-84e3197714e9","block_type":"box","text":"permit some other method of valuation, approved by the Depositary, to be used","page_number":198,"box":{"x":178,"y":588,"width":591,"height":12}},{"id":"d85b3923-37b1-4478-b234-24241cb582ed","block_type":"box","text":"if, having regard to currency, applicable rate of interest, maturity, marketability and/or such other","page_number":198,"box":{"x":119,"y":618,"width":766,"height":12}},{"id":"323850f8-93cc-46e6-a6fa-6e2c30ddb72b","block_type":"box","text":"considerations as they deem relevant, they consider that such alternative method of valuation is required","page_number":198,"box":{"x":119,"y":633,"width":766,"height":12}},{"id":"0005a2a1-5aec-4af1-ae36-6e1e4fcc1dcb","block_type":"box","text":"to reflect more fairly the value thereof.","page_number":198,"box":{"x":119,"y":648,"width":291,"height":12}},{"id":"289635bd-3bba-44ad-8c65-42359d498891","block_type":"box","text":"The Directors may invoke these powers if, for example, the value of a security held by a Fund is","page_number":198,"box":{"x":119,"y":677,"width":766,"height":12}},{"id":"2ae88fe5-d992-4793-b5a1-1c9cb4c2b8ea","block_type":"box","text":"materially affected by events occurring after the close of the primary markets or exchanges on which","page_number":198,"box":{"x":119,"y":692,"width":766,"height":12}},{"id":"b173873d-4b02-4cb4-85fe-964c86f1d135","block_type":"box","text":"the security is traded, or if, for further example, any Fund is to be valued on a day on which a market on","page_number":198,"box":{"x":119,"y":707,"width":766,"height":12}},{"id":"18bbbb3b-c8a3-4232-8553-01c5360f86a4","block_type":"box","text":"which a significant proportion of the Fund’s assets are traded is closed, when the Directors may, with","page_number":198,"box":{"x":119,"y":722,"width":766,"height":12}},{"id":"e35b2919-f8bc-488d-9535-52ad0b40e524","block_type":"box","text":"the prior approval of the Depositary, in lieu of declaring a suspension of valuation of the relevant Fund","page_number":198,"box":{"x":119,"y":737,"width":766,"height":12}},{"id":"00683206-1b42-49d7-9f4d-1ffe0256ed42","block_type":"box","text":"on that day, adjust the value of any investment traded on that market, or adopt a different method of","page_number":198,"box":{"x":119,"y":752,"width":766,"height":12}},{"id":"9339efe2-c066-44cf-803c-bd8ce54bf95d","block_type":"box","text":"valuation for any such asset, in the event that they believe that such alternative method of valuation is","page_number":198,"box":{"x":119,"y":767,"width":766,"height":12}},{"id":"1e855ae1-48fd-4b6f-8c67-5cec7fc34f46","block_type":"box","text":"required to reflect more fairly the value of the relevant investment.","page_number":198,"box":{"x":119,"y":782,"width":497,"height":12}},{"id":"69c721f9-3de4-4746-840a-19234cf5a89a","block_type":"box","text":"In determining a Fund’s Net Asset Value per Share, the valuation principles must be applied on a","page_number":198,"box":{"x":119,"y":811,"width":766,"height":12}},{"id":"455cc5e4-98b5-4c60-b9d8-88639eae1b75","block_type":"box","text":"consistent basis through the life of the Fund.","page_number":198,"box":{"x":119,"y":826,"width":333,"height":13}},{"id":"8dfe073e-0b3d-4b0c-be96-81382bb45f3d","block_type":"box","text":"199","page_number":199,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"dbe739fc-5e0d-4735-99f5-32be33fee496","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":199,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"17038d55-30c4-41b7-9d4b-b3be7564686b","block_type":"box","text":"APPENDIX 3","page_number":199,"box":{"x":445,"y":95,"width":114,"height":9}},{"id":"32247fdf-497a-4a71-baa2-da69ce15b75c","block_type":"box","text":"Investment Powers and Restrictions","page_number":199,"box":{"x":358,"y":132,"width":288,"height":9}},{"id":"2b96d117-af4b-4d73-beb7-36a2af9c15cd","block_type":"box","text":"The Company has been established for the purpose of investing in accordance with the UCITS","page_number":199,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"7068f673-bf4b-42de-af48-265bf424a5ea","block_type":"box","text":"Regulations. The investment objective and policies for each Fund, and investment restrictions in relation","page_number":199,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"aa8d7ab0-e166-4285-9c70-aa2e980ac2f4","block_type":"box","text":"thereto, will be formulated by the Directors at the time of its creation.","page_number":199,"box":{"x":119,"y":191,"width":518,"height":12}},{"id":"9ddb775a-c526-4895-9797-31956092ab6b","block_type":"box","text":"Each Investment Manager is subject to the RMP of the Company which enables it to accurately measure,","page_number":199,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"1244f4c2-a99b-4d65-a6b8-8532403fe6d5","block_type":"box","text":"monitor and manage the various risks associated with FDI. A statement of this RMP has been submitted","page_number":199,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"1f425401-9396-439c-8bf1-f07f6cc9deca","block_type":"box","text":"to the Central Bank. A Fund will only utilise those derivatives that are listed in the RMP and that have","page_number":199,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"be53c7ba-52a7-4b75-8f31-cb16be8c8ad6","block_type":"box","text":"been cleared by the Central Bank. The Company will, on request, provide supplementary information","page_number":199,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"3a267807-1631-4b84-9af8-f745ddd7d81c","block_type":"box","text":"to Shareholders relating to the RMP employed including the quantitative limits that are applied and any","page_number":199,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"2b5ebbd5-e1eb-4412-8b23-dc72e0a59a1e","block_type":"box","text":"recent developments in the risk and yield characteristics of the main categories of investment.","page_number":199,"box":{"x":119,"y":295,"width":697,"height":12}},{"id":"97fe5c8a-740b-4832-a172-9039c05922fe","block_type":"box","text":"The assets of each Fund, other than the Vanguard EUR Cash UCITS ETF, will be invested in accordance","page_number":199,"box":{"x":119,"y":324,"width":766,"height":12}},{"id":"7b42482a-26e9-4c2d-8be0-0900822f6fad","block_type":"box","text":"with the investment powers and restrictions contained in the UCITS Regulations and Central Bank","page_number":199,"box":{"x":119,"y":339,"width":766,"height":12}},{"id":"ea81846d-b761-4db0-8706-a29b321bca61","block_type":"box","text":"Requirements, and summarised below, and such additional investment restrictions, if any, as may be","page_number":199,"box":{"x":119,"y":354,"width":766,"height":12}},{"id":"ec2a4841-e6da-42a8-9b90-535d7e7446d8","block_type":"box","text":"adopted by the Directors for any Fund. The investment restrictions applicable to the Vanguard EUR","page_number":199,"box":{"x":119,"y":369,"width":766,"height":12}},{"id":"37aa3da8-d144-424b-b63f-4f8c2a751a55","block_type":"box","text":"Cash UCITS ETF are set out in the Supplement for that Fund. The Company will comply with all","page_number":199,"box":{"x":119,"y":384,"width":766,"height":12}},{"id":"73886826-c9b2-4e6e-8133-195713c14508","block_type":"box","text":"notices issued by the Central Bank. 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Bank,","page_number":201,"box":{"x":236,"y":534,"width":649,"height":12}},{"id":"01a79386-c177-4e1d-9109-dba8e949806d","block_type":"box","text":"Council of Europe, Eurofima, African Development Bank, International Bank for","page_number":201,"box":{"x":237,"y":549,"width":648,"height":12}},{"id":"2630eea0-06c4-474e-808e-b139dbb2eba8","block_type":"box","text":"Reconstruction and Development (The World Bank), The Inter American Development","page_number":201,"box":{"x":236,"y":564,"width":649,"height":12}},{"id":"392e1b72-6c5f-4e9f-b126-288833f10f6a","block_type":"box","text":"Bank, European Union, Federal National Mortgage Association (Fannie Mae), Federal","page_number":201,"box":{"x":236,"y":579,"width":649,"height":12}},{"id":"a1417ea5-03e8-4544-9e4b-3d48bb7d0869","block_type":"box","text":"Home Loan Mortgage Corporation (Freddie Mac), Government National 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A Fund may take into account netting and hedging arrangements","page_number":206,"box":{"x":119,"y":490,"width":766,"height":12}},{"id":"3c080c14-9720-4b8d-9f69-99bf20f610c0","block_type":"box","text":"when calculating its global exposure where these arrangements do not disregard material risks and result","page_number":206,"box":{"x":119,"y":505,"width":766,"height":12}},{"id":"2b188b72-62b9-480c-b6f2-dbddafc8ba12","block_type":"box","text":"in a clear reduction in risk exposure. A derivative instrument may not be taken into account when","page_number":206,"box":{"x":119,"y":520,"width":766,"height":12}},{"id":"bc8a6d3b-0586-4a3b-a8b8-94dee6102a16","block_type":"box","text":"calculating the commitment if it meets both of the following conditions: (a) the combined holding by","page_number":206,"box":{"x":119,"y":535,"width":766,"height":13}},{"id":"defe979a-0145-403a-a46b-f1bc45c94f6a","block_type":"box","text":"the Fund of a derivative instrument relating to a financial asset and cash which is invested in risk free","page_number":206,"box":{"x":119,"y":550,"width":766,"height":12}},{"id":"9fb15b8f-7572-4550-a014-e5ed5fd05cd5","block_type":"box","text":"assets is equivalent to holding a cash position in the given financial asset and (b) the derivative","page_number":206,"box":{"x":119,"y":566,"width":766,"height":12}},{"id":"54f56375-a83d-4e58-bda4-d838903ebd21","block_type":"box","text":"instrument is not considered to generate any incremental exposure and leverage or market-risk.","page_number":206,"box":{"x":119,"y":581,"width":707,"height":12}},{"id":"fb4fc323-9a43-489c-9f42-fbc14b68eabd","block_type":"box","text":"Techniques and instruments which relate to Transferable Securities or Money Market Instruments and","page_number":206,"box":{"x":119,"y":610,"width":766,"height":12}},{"id":"3a1d6311-60e5-4043-b873-e15d482cd523","block_type":"box","text":"which are used for the purpose of efficient portfolio management, including FDI which are not used for","page_number":206,"box":{"x":119,"y":625,"width":766,"height":12}},{"id":"47551abc-5bb6-4b5d-b2c5-523dd854586e","block_type":"box","text":"direct investment purposes, shall be understood as a reference to techniques and instruments which fulfil","page_number":206,"box":{"x":119,"y":640,"width":766,"height":12}},{"id":"f3a56f7f-d11f-4275-bf6b-2201c21d993d","block_type":"box","text":"the following criteria:","page_number":206,"box":{"x":119,"y":655,"width":165,"height":12}},{"id":"03928a48-b0c6-4273-919a-2fa0aae12158","block_type":"box","text":"(i)","page_number":206,"box":{"x":119,"y":684,"width":17,"height":12}},{"id":"a31c1999-5e3e-4eb5-8d5b-4c7e199800f8","block_type":"box","text":"they are economically appropriate in that they are realised in a cost effective way;","page_number":206,"box":{"x":178,"y":684,"width":609,"height":12}},{"id":"da101345-43f5-47b6-9789-9f5969994bc6","block_type":"box","text":"(ii)","page_number":206,"box":{"x":119,"y":715,"width":22,"height":12}},{"id":"d259ed9a-997b-4a81-b993-da018d7ef372","block_type":"box","text":"they are entered for one or more of the following specific aims:","page_number":206,"box":{"x":178,"y":715,"width":473,"height":12}},{"id":"dd78ed25-f9b8-40d5-afe7-e16177afc228","block_type":"box","text":"-","page_number":206,"box":{"x":179,"y":750,"width":11,"height":4}},{"id":"80de3b8b-c5c7-433f-9807-07dc8544c152","block_type":"box","text":"reduction of risk;","page_number":206,"box":{"x":214,"y":745,"width":132,"height":12}},{"id":"47622245-d32e-467d-b3c6-9bc929bc22d0","block_type":"box","text":"-","page_number":206,"box":{"x":179,"y":781,"width":11,"height":4}},{"id":"a8802bc0-70a7-43d2-aa44-f8e244fea447","block_type":"box","text":"reduction of cost;","page_number":206,"box":{"x":214,"y":776,"width":134,"height":11}},{"id":"44421a60-4e63-488d-ab50-b739206f455b","block_type":"box","text":"-","page_number":206,"box":{"x":179,"y":811,"width":11,"height":4}},{"id":"9c3bb84e-f76d-472e-b87d-ddd76c6fe523","block_type":"box","text":"generation of additional capital or income for a Fund with an appropriate level of risk which","page_number":206,"box":{"x":214,"y":806,"width":671,"height":12}},{"id":"803e500e-cbf1-449d-857e-a31d483799bb","block_type":"box","text":"is consistent with the risk profile of the Fund and the risk diversification rules stipulated","page_number":206,"box":{"x":214,"y":823,"width":671,"height":12}},{"id":"0fbeddf5-7e77-4b20-a372-4b5ee6d8cf5b","block_type":"box","text":"under the UCITS Regulations and Central Bank Requirements;","page_number":206,"box":{"x":214,"y":839,"width":471,"height":12}},{"id":"a7f49a97-23e5-4743-8dba-dbae8cb6bc74","block_type":"box","text":"(iii)","page_number":206,"box":{"x":119,"y":869,"width":27,"height":12}},{"id":"5a531d9d-2294-45e7-a052-d09314fe7ffe","block_type":"box","text":"their risks are adequately captured by the risk management procedures implemented by the","page_number":206,"box":{"x":178,"y":869,"width":707,"height":12}},{"id":"406bbc0a-3e73-489e-ab56-4abec89f6455","block_type":"box","text":"Company; and","page_number":206,"box":{"x":179,"y":885,"width":112,"height":12}},{"id":"fbe2353b-e0e2-4a28-a494-6a41de38f292","block_type":"box","text":"207","page_number":207,"box":{"x":490,"y":937,"width":19,"height":7}},{"id":"9005639d-82a6-429d-ae7a-947b02c4f94f","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":207,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"4e6c06ca-c2ca-4e2f-bb5f-bc9032267a46","block_type":"box","text":"(iv)","page_number":207,"box":{"x":119,"y":87,"width":26,"height":12}},{"id":"a0faa56c-1ae4-45d7-9aac-935fbede3876","block_type":"box","text":"they cannot result in a change to a Fund’s declared investment objective or add substantial","page_number":207,"box":{"x":178,"y":87,"width":707,"height":12}},{"id":"944db643-5ac1-47a6-b4b1-3a7db8022b1a","block_type":"box","text":"supplementary risks in comparison to the general risk policy as described in its sales documents.","page_number":207,"box":{"x":179,"y":103,"width":706,"height":12}},{"id":"1936940f-54d2-4ea3-9bbe-811baed7e41b","block_type":"box","text":"While the use of Portfolio Investment Techniques will be in line with the best interests of the Company,","page_number":207,"box":{"x":119,"y":133,"width":766,"height":12}},{"id":"0d121d2c-ecef-4ddf-abb8-9e44c6f2e857","block_type":"box","text":"individual techniques may result in increased counterparty risk and potential conflicts of interest.","page_number":207,"box":{"x":119,"y":148,"width":766,"height":12}},{"id":"ca2506a8-fc23-4f65-91cf-81d52bb1eec9","block_type":"box","text":"Details of the proposed Portfolio Investment Techniques and policies adopted by the Company in","page_number":207,"box":{"x":119,"y":163,"width":766,"height":12}},{"id":"84207e32-7432-4042-934b-69f1262bfb50","block_type":"box","text":"relation to their use by the Funds are set out below. Details of the relevant risks are set out in the “","page_number":207,"box":{"x":119,"y":178,"width":725,"height":12}},{"id":"afa8248e-d3d0-4a0d-a2f5-058dcbc811fb","block_type":"box","text":"Risk","page_number":207,"box":{"x":845,"y":179,"width":40,"height":9}},{"id":"0e296289-fce9-46ac-9d63-5526068fb408","block_type":"box","text":"Factor","page_number":207,"box":{"x":119,"y":194,"width":52,"height":9}},{"id":"c5fd4b31-f3b3-4a88-a8d0-2ab4c9bf4777","block_type":"box","text":"” section of this Prospectus.","page_number":207,"box":{"x":172,"y":194,"width":210,"height":12}},{"id":"2ff8f67e-da29-415d-92e1-ec0e172fc0e7","block_type":"box","text":"The Company will ensure, at all times, that the terms of the Portfolio Investment Techniques, including","page_number":207,"box":{"x":119,"y":223,"width":766,"height":12}},{"id":"4c59a5b7-2860-4d42-bf28-d8f2372371d2","block_type":"box","text":"any investment of cash collateral, will not impact on its ability to meet with its redemption obligations.","page_number":207,"box":{"x":119,"y":238,"width":765,"height":12}},{"id":"f15b6dec-7763-4a52-9212-8224054a2d40","block_type":"box","text":"FINANCIAL DERIVATIVE INSTRUMENTS","page_number":207,"box":{"x":119,"y":267,"width":372,"height":9}},{"id":"4869cb7b-7aac-4906-98c8-ba3235e115ed","block_type":"box","text":"With the exception of the Vanguard EUR Cash UCITS ETF which shall invest in accordance with the","page_number":207,"box":{"x":119,"y":296,"width":766,"height":12}},{"id":"fdb05bb2-9acc-4f74-9065-d3be0db79981","block_type":"box","text":"investment policy and restrictions set out in its Supplement, each of the Funds may invest in FDI for","page_number":207,"box":{"x":119,"y":311,"width":766,"height":12}},{"id":"6eecc1bd-c9db-4b61-a01c-e78f9a877cdc","block_type":"box","text":"efficient portfolio management purposes and, where specifically disclosed in a Fund’s investment","page_number":207,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"157c906a-c986-4f24-ac52-a9fa41307a91","block_type":"box","text":"strategies, for direct investment purposes. Such investments may include transactions in:","page_number":207,"box":{"x":120,"y":341,"width":663,"height":12}},{"id":"d25a5088-eab5-49f8-bf73-7b4c67f270cf","block_type":"box","text":"Forwards (namely foreign exchange forwards, including non-deliverable currency forwards)","page_number":207,"box":{"x":119,"y":372,"width":711,"height":11}},{"id":"6ada7c56-aae0-4da8-bc7a-bf386dc0c35e","block_type":"box","text":"A forward contract locks in the price at which an index or asset may be purchased or sold on a future","page_number":207,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"cc6fc166-a867-4e5e-b9f1-74cc2ddf1560","block_type":"box","text":"date. In forward foreign exchange contracts, the contract holders are obligated to buy or sell from another","page_number":207,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"53aa39b7-a937-40ca-b615-19a17f7f2724","block_type":"box","text":"a specified amount of one currency at a specified price (exchange rate) with another currency on a","page_number":207,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"44808a0e-01ee-465b-866f-eb1540af4a1a","block_type":"box","text":"specified future date. Forward contracts can be ‘closed out’ by entering into a reverse contract. A Fund","page_number":207,"box":{"x":120,"y":447,"width":765,"height":12}},{"id":"72352e59-2e5e-4235-8a2a-8b8de28cf171","block_type":"box","text":"may use foreign exchange forwards, including non-deliverable currency forwards, to protect against","page_number":207,"box":{"x":119,"y":461,"width":766,"height":13}},{"id":"adc0e8c7-1990-4a30-becd-be2eeb3a58b3","block_type":"box","text":"fluctuations in the relative value of their portfolio positions as a result of changes in currency exchange","page_number":207,"box":{"x":119,"y":476,"width":766,"height":12}},{"id":"79174ecb-3e13-4a7d-bf40-84f1c075fcce","block_type":"box","text":"rates, to benefit directly from changes in currency exchange rates and/or for any other commercial","page_number":207,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"03593dfa-d3f5-4d4c-9a81-d6f63c01f316","block_type":"box","text":"purpose disclosed in the Fund’s investment strategies.","page_number":207,"box":{"x":119,"y":507,"width":403,"height":12}},{"id":"5cd88ad9-74d5-4e9f-b33d-953755b94cee","block_type":"box","text":"Swaps","page_number":207,"box":{"x":118,"y":537,"width":49,"height":12}},{"id":"53fc3647-1da1-432c-bfd3-1fb76071a914","block_type":"box","text":"(namely, total return swaps, foreign exchange swaps, interest rate swaps, single name credit","page_number":207,"box":{"x":173,"y":537,"width":712,"height":12}},{"id":"51b913d7-3f2e-41ea-84f0-639449c34d74","block_type":"box","text":"default swaps and/or credit-default swap indices)","page_number":207,"box":{"x":119,"y":552,"width":371,"height":12}},{"id":"74818de2-55a1-41e3-93c6-d58fec07d4e7","block_type":"box","text":"Generally, a swap is a contractual agreement between two counterparties in which the cash flows from","page_number":207,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"682e09e9-2e97-4f41-97be-3a0b4be1b591","block_type":"box","text":"two reference assets are exchanged as they are received for a predetermined time period.","page_number":207,"box":{"x":119,"y":597,"width":659,"height":12}},{"id":"b2323e66-b030-4f09-bf3e-454784bd343a","block_type":"box","text":"A Fund may enter into a total return swap in order to gain exposure to certain asset classes, baskets of","page_number":207,"box":{"x":119,"y":627,"width":766,"height":12}},{"id":"e4db5677-eb34-4b79-9fd6-1828707351d3","block_type":"box","text":"assets or eligible financial indices in keeping with the investment policy of the Fund without investing","page_number":207,"box":{"x":119,"y":642,"width":766,"height":12}},{"id":"843a804b-2dfb-4bb3-ba0c-40c3df09a3be","block_type":"box","text":"directly in the reference asset, including as an alternative means to obtain economic exposure to a","page_number":207,"box":{"x":119,"y":657,"width":766,"height":12}},{"id":"2f153baa-55dd-4e44-874a-b1f771e900bf","block_type":"box","text":"security if a Fund is required to limit its investment in a particular issuer or industry, including in the","page_number":207,"box":{"x":120,"y":672,"width":765,"height":12}},{"id":"66206741-181d-4046-a35f-bab9018c5130","block_type":"box","text":"context of management of exposure levels to certain securities by the Vanguard Group globally or for","page_number":207,"box":{"x":119,"y":687,"width":766,"height":12}},{"id":"5d6c3bd4-2f8d-4e52-86a7-94898e47bf75","block_type":"box","text":"any other commercial purpose disclosed in the relevant Fund’s investment strategies. A total return","page_number":207,"box":{"x":119,"y":702,"width":766,"height":12}},{"id":"ed996870-b016-4371-9bf1-43dcc9ebab07","block_type":"box","text":"swap allows one party to derive the economic benefit of owning an asset or index without buying directly","page_number":207,"box":{"x":120,"y":717,"width":765,"height":12}},{"id":"3b2db58d-0d20-4934-b963-e585dfc093c2","block_type":"box","text":"that asset or index.","page_number":207,"box":{"x":119,"y":732,"width":143,"height":9}},{"id":"f0e8540d-ea6a-4034-a3b1-113379083d54","block_type":"box","text":"Foreign exchange swaps may be used by a Fund to manage exchange rate/currency risk arising in the","page_number":207,"box":{"x":119,"y":762,"width":766,"height":12}},{"id":"1fc49a2c-43a3-4baa-b1fc-bbd5fd10748c","block_type":"box","text":"portfolio, to benefit directly from changes in currency exchange rates or for any other commercial","page_number":207,"box":{"x":119,"y":777,"width":766,"height":12}},{"id":"3bed9fe6-fc4d-4683-b7a5-3b98d8ba2fa8","block_type":"box","text":"purpose disclosed in the relevant Fund’s investment strategies.","page_number":207,"box":{"x":119,"y":792,"width":467,"height":12}},{"id":"793b25c2-bacb-4257-bc2e-18ce834c051d","block_type":"box","text":"Interest rate swaps may be used by a Fund in order to offset risks posed to the value of its portfolio by","page_number":207,"box":{"x":119,"y":822,"width":766,"height":12}},{"id":"191ed27e-831a-4f80-a65d-49b288c5de43","block_type":"box","text":"volatility in interest rates, to speculate on changes to interest rates or for any other commercial purpose","page_number":207,"box":{"x":119,"y":837,"width":766,"height":12}},{"id":"7631b2a8-d124-4ab6-a854-de01094af6d7","block_type":"box","text":"disclosed in the relevant Fund’s investment strategies.","page_number":207,"box":{"x":119,"y":852,"width":404,"height":12}},{"id":"ceaaa2cf-ed20-47b7-b1e2-8fcca72de675","block_type":"box","text":"Single name credit default swaps (“","page_number":207,"box":{"x":120,"y":882,"width":262,"height":12}},{"id":"016c4149-a398-4be3-9cca-c3c50d4213f2","block_type":"box","text":"CDS","page_number":207,"box":{"x":383,"y":882,"width":35,"height":10}},{"id":"75298fca-2f93-47e7-9a1a-600aee5575f7","block_type":"box","text":"”) and credit-default swap indices (for example, CDX) may be","page_number":207,"box":{"x":420,"y":882,"width":465,"height":12}},{"id":"709eff06-df72-4264-93da-48fe0f71c68a","block_type":"box","text":"used to hedge credit exposure to a particular issuer, maturity or seniority of debt issuance represented in","page_number":207,"box":{"x":119,"y":897,"width":766,"height":12}},{"id":"6c7d7903-2885-4f98-ae0f-38050f2cb4d7","block_type":"box","text":"208","page_number":208,"box":{"x":490,"y":937,"width":19,"height":7}},{"id":"daf951e8-64d0-44cf-993f-19fdbb86d660","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":208,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"a6445372-b936-457a-aa68-b763e419c03e","block_type":"box","text":"an index or, in the case of CDS indices, to a particular sector of the fixed income market or to gain","page_number":208,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"dc7e42cd-d2c6-4761-a6aa-243d041ca094","block_type":"box","text":"efficient exposure to the foregoing from a costs and/or risk perspective, for example during periods of","page_number":208,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"de51df14-0ef4-4e90-84a3-eab6a2e7bc6f","block_type":"box","text":"illiquidity in the bond markets.","page_number":208,"box":{"x":119,"y":117,"width":233,"height":12}},{"id":"8dd9fcb2-c135-4fab-b835-60f151661a6a","block_type":"box","text":"Options","page_number":208,"box":{"x":120,"y":147,"width":57,"height":12}},{"id":"aac4df1f-6a4a-46c7-8065-d79c9472e261","block_type":"box","text":"(namely, currency options, stock options, swaptions and/or options on indices)","page_number":208,"box":{"x":182,"y":147,"width":596,"height":12}},{"id":"d49cd2c0-8da1-4d92-8c96-ff5d0aefb3c0","block_type":"box","text":"An option is a contract which gives the contract buyer the right, but not the obligation, to exercise a term","page_number":208,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"76525966-e4e3-488b-941f-0c3f08b6332a","block_type":"box","text":"of the option, such as buying a specified quantity of a particular product, asset or financial instrument,","page_number":208,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"799d7490-13e0-44c9-8055-289bea62c559","block_type":"box","text":"on, or up to and including, a future date (the exercise date). The 'writer' (seller) has the obligation to","page_number":208,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"51038ecb-c2eb-4cd6-81c9-cdea86546453","block_type":"box","text":"honour the specified term of the contract. Since the option gives the buyer a right and the seller an","page_number":208,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"681b3d62-4077-4c77-b634-0ff0ccf22a46","block_type":"box","text":"obligation, the buyer pays the seller a premium. Put options are contracts that give the option buyer the","page_number":208,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"8a14c434-5898-4378-b153-a319af569195","block_type":"box","text":"right to sell to the seller of the option the underlying product or financial instrument at a specified price","page_number":208,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"272a3252-5cfe-4ab5-be19-6d63e13e1e61","block_type":"box","text":"on, or before, the exercise date. Call options are contracts that give the option buyer the right to buy","page_number":208,"box":{"x":119,"y":267,"width":766,"height":12}},{"id":"59cefd63-16df-448f-8430-f811ead1a0af","block_type":"box","text":"from the seller of the option the underlying product or financial instrument at a specified price on, or","page_number":208,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"33211d54-9e91-480e-842c-ce13d237f11d","block_type":"box","text":"before, the exercise date. Options may also be cash settled. A Fund may buy or sell (write) exchange","page_number":208,"box":{"x":119,"y":297,"width":761,"height":12}},{"id":"b7b13f32-6082-4aea-9c20-a58236dc28a5","block_type":"box","text":"traded or over-the-counter put and call options. Each such Fund may invest in options in order to gain","page_number":208,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"35ccaa0a-0ec2-41f8-8561-1183174ea6be","block_type":"box","text":"exposure to certain asset classes, baskets of assets or eligible financial indices in keeping with the","page_number":208,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"eb1f9253-d21a-4d62-8b20-85985e587e39","block_type":"box","text":"investment policy of the relevant Fund without investing directly in the reference assets, or in order to","page_number":208,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"2ce9060a-7318-4ffc-a9b8-72a228253c19","block_type":"box","text":"protect against risks arising in the Fund’s portfolio, or for any other commercial purpose disclosed in","page_number":208,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"067fdb1c-22be-4fbe-a5be-8e4c1611dd24","block_type":"box","text":"the relevant Fund’s investment strategies. A swaption is a type of option contract which gives the","page_number":208,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"9bf54a4b-50fa-4879-8b1c-67df51fb8895","block_type":"box","text":"contract buyer the right, but not the obligation, to enter into a swap.","page_number":208,"box":{"x":119,"y":387,"width":503,"height":12}},{"id":"79b0c6d1-68c1-425c-860e-bc812289d290","block_type":"box","text":"Futures","page_number":208,"box":{"x":119,"y":417,"width":60,"height":9}},{"id":"92585bcd-bb4b-4e52-9389-2feac6cb5cbe","block_type":"box","text":"(namely, currency futures, credit futures, index futures and/or interest rate futures","page_number":208,"box":{"x":185,"y":417,"width":628,"height":11}},{"id":"350454d3-631c-4877-9baa-b4d88b434fe4","block_type":"box","text":")","page_number":208,"box":{"x":813,"y":417,"width":11,"height":11}},{"id":"5b39de11-0966-4da3-9475-2adbf9eea086","block_type":"box","text":"Futures are contracts to buy or sell a standard quantity of a specific asset (or, in some cases, receive or","page_number":208,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"43d3dacb-8ee8-49f6-b223-8c1df4ebadf3","block_type":"box","text":"pay cash based on the performance of an underlying asset, instrument or index) at a pre-determined","page_number":208,"box":{"x":119,"y":461,"width":766,"height":13}},{"id":"bd9731fd-57cc-4e46-9f3b-20918813ba3e","block_type":"box","text":"future date and at a price agreed through a transaction undertaken on an exchange. A Fund may invest","page_number":208,"box":{"x":119,"y":476,"width":766,"height":12}},{"id":"ad0b3eab-7820-42d4-b659-1143e703535a","block_type":"box","text":"in a futures contracts in order to hedge against market risk, currency exchange risk or interest rate risk","page_number":208,"box":{"x":119,"y":491,"width":766,"height":12}},{"id":"cfb74ad3-75ef-4a0a-bcad-fe3df55232ae","block_type":"box","text":"arising in its portfolio or to gain exposure to an underlying market, reference asset(s) or eligible financial","page_number":208,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"dfda2c48-4b5a-4a77-bb39-412c03de28cf","block_type":"box","text":"index without investing directly or for any other commercial purpose disclosed in the relevant Fund’s","page_number":208,"box":{"x":119,"y":521,"width":766,"height":13}},{"id":"652fe84c-bf8e-46b6-9a87-9c587d009f18","block_type":"box","text":"investment strategies. Credit futures are a type of future contract that allow a Fund to gain or reduce","page_number":208,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"3025a4c0-7451-41d5-b568-8f515657d4d7","block_type":"box","text":"exposure to credit markets in a cost‑efficient manner. These contracts typically reference a credit index","page_number":208,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"7aa96618-e145-4630-9dfb-66aa2cf4a406","block_type":"box","text":"– for example, an index representing a basket of corporate bonds – and their value moves in line with","page_number":208,"box":{"x":118,"y":567,"width":767,"height":12}},{"id":"3d540a79-e59b-47c6-8162-519e5642fbe7","block_type":"box","text":"changes in the market’s assessment of credit risk. By using credit futures, the Fund can adjust its credit","page_number":208,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"4ebe01b0-f142-40dd-a9b3-fe9b6c3917e1","block_type":"box","text":"exposure without having to buy or sell the underlying bonds directly. Using futures to achieve a","page_number":208,"box":{"x":119,"y":597,"width":766,"height":12}},{"id":"6cbb3329-8428-417e-8233-cac65f50a3cd","block_type":"box","text":"particular strategy instead of investing directly in the underlying security or index may result in lower","page_number":208,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"24677249-1c65-432a-9be9-31739a87a073","block_type":"box","text":"transaction costs being incurred by the Fund.","page_number":208,"box":{"x":119,"y":627,"width":336,"height":12}},{"id":"79e4de59-3f8f-4f2e-97d2-e943f81b7a2e","block_type":"box","text":"Equity-linked notes (“ELNs”)","page_number":208,"box":{"x":118,"y":657,"width":233,"height":12}},{"id":"ec2fbbec-b3af-423a-95e6-ba68b239fbc7","block_type":"box","text":"ELNs are debt instruments, usually bonds, that differ from standard fixed income securities in that the","page_number":208,"box":{"x":119,"y":687,"width":766,"height":12}},{"id":"0615c2ad-7f16-484c-ace3-ff98235a9090","block_type":"box","text":"final payout is based on the return of an underling equity, which can be a single stock, basket of stocks,","page_number":208,"box":{"x":119,"y":702,"width":766,"height":12}},{"id":"6a00e822-3781-446b-ac88-97c19430a394","block_type":"box","text":"or an equity index. A typical ELN is principal-protected, in that the investor will be guaranteed to","page_number":208,"box":{"x":119,"y":717,"width":766,"height":12}},{"id":"c5a57040-eef0-48dd-b830-bff466dee606","block_type":"box","text":"receive 100% of the original amount invested at maturity, but receives no interest. Usually, the final","page_number":208,"box":{"x":119,"y":732,"width":766,"height":12}},{"id":"75d89d8b-4744-4fbd-8ae8-90bece67e79b","block_type":"box","text":"payout on an ELN is the amount invested plus the gain on the underlying stock or index times a note","page_number":208,"box":{"x":119,"y":747,"width":761,"height":12}},{"id":"8036fd59-6c0f-4cb9-9ac5-37564a8983f1","block_type":"box","text":"specific participation rate. If the value of the underlying equity remains unchanged or declines, the","page_number":208,"box":{"x":120,"y":762,"width":765,"height":12}},{"id":"bf80bb52-7cc8-4482-93c0-257d93c63f30","block_type":"box","text":"investor will still, on maturity, receive the original amount invested provided the issuer does not default.","page_number":208,"box":{"x":119,"y":777,"width":766,"height":12}},{"id":"ecfb0bf6-9fa4-4084-9de4-853fec48842e","block_type":"box","text":"Warrants","page_number":208,"box":{"x":121,"y":807,"width":74,"height":9}},{"id":"ed199dbc-0624-43ba-a891-5a1fe009fb0d","block_type":"box","text":"Warrants are similar to options in that they give the holder the right but not the obligation to buy or sell","page_number":208,"box":{"x":119,"y":837,"width":766,"height":12}},{"id":"7c75079c-d893-4da9-816a-a7188a46e777","block_type":"box","text":"stock at a set price in the future. A warrant guarantees the holder the right to buy (or sell) a specific","page_number":208,"box":{"x":120,"y":852,"width":765,"height":12}},{"id":"e1e88998-74c2-4354-b7c8-a84299a7671f","block_type":"box","text":"number of shares at a specific price (the strike price) for a defined period of time. Unlike options on","page_number":208,"box":{"x":119,"y":867,"width":766,"height":12}},{"id":"45c373c4-d119-432f-8468-a94daeff35af","block_type":"box","text":"equity securities that are listed and traded on exchanges, warrants are usually issued by corporations","page_number":208,"box":{"x":119,"y":882,"width":766,"height":12}},{"id":"0b59308c-fb1b-4b48-8ae9-3f639059c66b","block_type":"box","text":"209","page_number":209,"box":{"x":490,"y":937,"width":19,"height":7}},{"id":"03d98be6-2a7f-49a1-8633-1d661ffa332c","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":209,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"a997e652-71fc-4da2-9b00-1acb315dc028","block_type":"box","text":"through private transactions and typically trade over-the-counter. A Fund may invest in warrants or may","page_number":209,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"cd5adab6-0bc9-46c3-b00b-abf040babee1","block_type":"box","text":"acquire warrants passively as a result, for example, of corporate actions.","page_number":209,"box":{"x":119,"y":102,"width":537,"height":12}},{"id":"00e23d82-1464-4d69-b47e-90d6520baa42","block_type":"box","text":"HEDGING CURRENCY RISK","page_number":209,"box":{"x":119,"y":131,"width":254,"height":10}},{"id":"623f1eaa-06c4-4d20-a5df-b4c565933f89","block_type":"box","text":"A Fund may invest in securities denominated in a currency other than the base currency of the Fund and","page_number":209,"box":{"x":119,"y":160,"width":766,"height":12}},{"id":"92f7b949-7a1f-46fe-8155-fde854615c23","block_type":"box","text":"may purchase currencies to meet settlement requirements. In addition, subject to the restrictions","page_number":209,"box":{"x":119,"y":175,"width":766,"height":12}},{"id":"62b1847b-1983-411e-90c0-c2a3b799162e","block_type":"box","text":"imposed by the UCITS Regulations and Central Bank Requirements, a Fund may enter into various","page_number":209,"box":{"x":119,"y":190,"width":766,"height":12}},{"id":"8ad10d8a-3a0c-479c-8f74-489e669da321","block_type":"box","text":"currency transactions, i.e. forward foreign currency contracts, currency swaps, foreign currency or","page_number":209,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"012eff57-9f8b-4708-a1c4-9b81cf677c09","block_type":"box","text":"currency index futures contracts and put and call options on such contracts or on currencies, to protect","page_number":209,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"59cb3844-58de-40b3-bb67-2413f80b6912","block_type":"box","text":"against uncertainty in future exchange rates. Forward foreign currency contracts are agreements to","page_number":209,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"dc297945-d985-416b-bccd-2d5fb250edd1","block_type":"box","text":"exchange one currency for another at a future date. The future date, the amount of currency to be","page_number":209,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"797a37b8-33fa-4e5d-88f6-fb7442ccb6b0","block_type":"box","text":"exchanged and the price at which it will take place are fixed for the term of the contract once negotiated.","page_number":209,"box":{"x":119,"y":265,"width":766,"height":13}},{"id":"c3914cb2-f72b-40ef-8f51-1fdaa69ed943","block_type":"box","text":"Currency transactions undertaken by a Fund to alter the currency exposure characteristics of","page_number":209,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"de587902-0b0a-4a10-b211-d46e41ca2cde","block_type":"box","text":"Transferable Securities held by that Fund through the purchase or sale of currencies other than the","page_number":209,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"b89f6d17-fdc4-484b-89a9-ebd789a69a75","block_type":"box","text":"currency of denomination of that Fund or the relevant Transferable Securities shall not be speculative","page_number":209,"box":{"x":119,"y":325,"width":766,"height":12}},{"id":"199f8d72-ebac-47e2-94b2-c3dbd1c7ce08","block_type":"box","text":"in nature i.e. they will not constitute an investment in their own right. To the extent that such currency","page_number":209,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"fb55c695-a36a-42e4-a988-46205710d9a0","block_type":"box","text":"transactions alter the currency characteristics of Transferable Securities of a Fund, they must be fully","page_number":209,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"90965716-706f-4cfd-a09f-900de5d31297","block_type":"box","text":"covered by the cash flows of the Transferable Securities held by that Fund, including any income","page_number":209,"box":{"x":119,"y":370,"width":766,"height":12}},{"id":"fb6a3cd0-34d6-417e-81f1-b6eb0d5fea49","block_type":"box","text":"therefrom.","page_number":209,"box":{"x":119,"y":385,"width":82,"height":9}},{"id":"8c1256a9-41be-4309-ad1e-55ff50bc98eb","block_type":"box","text":"The performance of a Fund may be strongly influenced by movements in currency rates because","page_number":209,"box":{"x":119,"y":414,"width":766,"height":12}},{"id":"9a2b0a8d-110c-4035-98c1-a69a66e2a44e","block_type":"box","text":"currency positions held by the Fund may not correspond with the securities positions held.","page_number":209,"box":{"x":119,"y":429,"width":672,"height":12}},{"id":"5ca0974f-1e5f-48bf-8ec0-cc068a02cb46","block_type":"box","text":"A Fund may “cross-hedge” one foreign currency exposure by selling a related foreign currency into the","page_number":209,"box":{"x":119,"y":458,"width":766,"height":12}},{"id":"a2aa2770-8522-475e-920e-e3e18f192159","block_type":"box","text":"base currency of the Fund. Also, in emerging or developing markets, local currencies are often expressed","page_number":209,"box":{"x":119,"y":473,"width":766,"height":12}},{"id":"971a0e3c-4b02-4e4a-887c-a0282db6f73a","block_type":"box","text":"as a basket of major market currencies such as the U.S. Dollar, Euro or Japanese Yen; a Fund may hedge","page_number":209,"box":{"x":119,"y":488,"width":766,"height":12}},{"id":"5a46ca16-edbc-4edb-9ff0-1149943d7ab3","block_type":"box","text":"the exposure to currencies other than its base currency in the basket by selling a weighted average of","page_number":209,"box":{"x":119,"y":503,"width":766,"height":12}},{"id":"74aefefc-59b2-403d-b55d-2573d209c2a9","block_type":"box","text":"those currencies forward into the base currency.","page_number":209,"box":{"x":119,"y":519,"width":359,"height":12}},{"id":"73d23b13-39e7-4a60-ab44-192f802e89bb","block_type":"box","text":"See “","page_number":209,"box":{"x":120,"y":548,"width":39,"height":9}},{"id":"70535aa2-c972-409a-98f9-841ecd40fee7","block_type":"box","text":"The Share Capital","page_number":209,"box":{"x":160,"y":548,"width":146,"height":12}},{"id":"675a3d08-673a-4ee2-a0b1-703a356a5002","block_type":"box","text":"” section of this Prospectus for further information on currency hedging at a","page_number":209,"box":{"x":307,"y":548,"width":578,"height":12}},{"id":"3d242cac-5f9a-4756-ba00-ad548045c69e","block_type":"box","text":"Share class level.","page_number":209,"box":{"x":120,"y":563,"width":131,"height":9}},{"id":"00d09df9-e42f-4d4e-adfa-2c5e4448984a","block_type":"box","text":"FOREIGN EXCHANGE SPOTS","page_number":209,"box":{"x":119,"y":592,"width":265,"height":9}},{"id":"ef5d5b82-2be1-4751-a5b1-fa0f342500cd","block_type":"box","text":"Each of the Funds may invest in foreign exchange spots. A foreign exchange spot trade involves the","page_number":209,"box":{"x":119,"y":619,"width":766,"height":12}},{"id":"b44b35fb-b126-48ea-b800-97ccd353f415","block_type":"box","text":"purchase or sale of a foreign currency and typically settles in the region of two business days after the","page_number":209,"box":{"x":119,"y":634,"width":766,"height":12}},{"id":"2707a505-3790-4c90-a8af-0d822e29bfb1","block_type":"box","text":"trade date.","page_number":209,"box":{"x":119,"y":649,"width":81,"height":10}},{"id":"62d2cf3c-fe4a-43ec-9302-c6c30d6feb91","block_type":"box","text":"ACCEPTABLE COUNTERPARTIES","page_number":209,"box":{"x":119,"y":677,"width":308,"height":9}},{"id":"46520e98-e1d9-456a-ab52-c4208e192b3c","block_type":"box","text":"A Fund may only enter into OTC derivatives, repurchase agreements, reverse repurchase agreements","page_number":209,"box":{"x":119,"y":706,"width":766,"height":12}},{"id":"716ffebc-89e4-43cb-8280-7c44528cc21f","block_type":"box","text":"and securities lending arrangements with counterparties in accordance with the requirements of the","page_number":209,"box":{"x":119,"y":721,"width":766,"height":12}},{"id":"1d54d8a3-a75d-42b7-a6d6-331d12922401","block_type":"box","text":"Central Bank UCITS Regulations where a credit assessment has been undertaken. Where the","page_number":209,"box":{"x":119,"y":736,"width":766,"height":12}},{"id":"ff5027b8-63af-4c05-b1fc-779ab78b3926","block_type":"box","text":"counterparty is subject to a credit rating by any agency registered and supervised by ESMA, that rating","page_number":209,"box":{"x":119,"y":751,"width":766,"height":12}},{"id":"e07ae7aa-26df-40c0-a095-f4b23a5a1875","block_type":"box","text":"shall be taken into account in the credit assessment. Where a counterparty is downgraded to A2 or below","page_number":209,"box":{"x":120,"y":766,"width":765,"height":12}},{"id":"aae492b4-c8bd-40f5-8a48-b931d581deec","block_type":"box","text":"(or comparable rating) by such a credit rating agency, a new credit assessment in respect of the","page_number":209,"box":{"x":119,"y":781,"width":766,"height":12}},{"id":"6d7718db-c159-4eae-a36c-bbafa1092073","block_type":"box","text":"counterparty will be undertaken without delay.","page_number":209,"box":{"x":119,"y":796,"width":350,"height":12}},{"id":"11f480fb-dc22-44b0-ab7e-4e75ae898573","block_type":"box","text":"Where the Company enters into total return swaps (or other FDI with the same characteristics) on behalf","page_number":209,"box":{"x":119,"y":825,"width":766,"height":12}},{"id":"ca4d326e-0c0f-4687-a31c-c6cec1aaca53","block_type":"box","text":"of the relevant Fund, it will only do so with institutions which meet the requirements (including","page_number":209,"box":{"x":119,"y":840,"width":766,"height":13}},{"id":"db57fe80-7bfe-42b7-9638-300da8a0e5cd","block_type":"box","text":"minimum credit rating requirements, if applicable) set down by the Central Bank from time to time. The","page_number":209,"box":{"x":119,"y":855,"width":766,"height":12}},{"id":"51856390-8b1a-4173-8eea-fd2c5e68acf4","block_type":"box","text":"acceptable counterparties will be entities with legal personality and located in OECD jurisdictions. They","page_number":209,"box":{"x":119,"y":870,"width":766,"height":12}},{"id":"73b8a469-5164-4de9-ae3d-8181c930cbce","block_type":"box","text":"will be subject to ongoing supervision by a public authority, be financially sound and have the necessary","page_number":209,"box":{"x":119,"y":885,"width":766,"height":13}},{"id":"db7fa4c5-0350-47ec-92a9-3c721aea7868","block_type":"box","text":"organisational structure and resources for the relevant type of transaction. Subject to compliance with","page_number":209,"box":{"x":119,"y":900,"width":766,"height":13}},{"id":"150c149f-523c-428e-97fb-4cb5d9b4d577","block_type":"box","text":"210","page_number":210,"box":{"x":490,"y":937,"width":19,"height":7}},{"id":"7c396d23-8a6a-4310-9e1c-37ce8849687e","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":210,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"a45f34b6-9fef-4b74-9530-b75f3360cfa3","block_type":"box","text":"those conditions, the Company has full discretion as to the appointment of counterparties when entering","page_number":210,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"85f8be82-eec4-49ae-9d7d-021b8a04a9e7","block_type":"box","text":"into total return swaps in respect of the relevant Fund. It is not possible to comprehensively list all the","page_number":210,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"299954cd-df8a-42d2-9c81-e537685dbcfb","block_type":"box","text":"counterparties as they have not, as of the date of issue of this Prospectus, been appointed and they may","page_number":210,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"cddb84ec-0230-45f8-9341-e406eea89324","block_type":"box","text":"change from time to time. The relevant counterparty will not assume any discretion over the assets or","page_number":210,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"0cb4060a-4d85-48b3-bfab-9e4cb8f6a717","block_type":"box","text":"management of the Fund or over the underlying of the FDIs and their approval will not be required in","page_number":210,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"72d84ae6-9eb4-4a72-927d-97888f09c8c2","block_type":"box","text":"respect of any FDI related transaction. The relevant Fund will be exposed to credit risk in respect of the","page_number":210,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"de0b0683-6323-4baf-acf2-84352c042fb5","block_type":"box","text":"relevant counterparty. Please see","page_number":210,"box":{"x":119,"y":177,"width":247,"height":12}},{"id":"62911226-c5eb-4110-b1fe-e7a7e6de095d","block_type":"box","text":"Counterparty Risk","page_number":210,"box":{"x":366,"y":177,"width":154,"height":12}},{"id":"98403b52-6f3e-4c93-a0c0-eb70c6a4ef4d","block_type":"box","text":"in the","page_number":210,"box":{"x":520,"y":177,"width":46,"height":9}},{"id":"ae4b8545-4b8a-45bc-a9bb-ece9dc8b349e","block_type":"box","text":"Risk Factors","page_number":210,"box":{"x":566,"y":177,"width":99,"height":9}},{"id":"8baaf0ed-a93b-4571-98b1-142d5dcef1bc","block_type":"box","text":"section of the Prospectus.","page_number":210,"box":{"x":666,"y":177,"width":198,"height":12}},{"id":"116e6c68-bbec-4f18-9750-9ba8656a3e2e","block_type":"box","text":"USE OF REPURCHASE/ REVERSE REPURCHASE AGREEMENTS AND SECURITIES","page_number":210,"box":{"x":119,"y":206,"width":766,"height":9}},{"id":"62d62dcc-daa4-46e1-a665-94391e7d00ab","block_type":"box","text":"LENDING ARRANGEMENTS","page_number":210,"box":{"x":119,"y":221,"width":254,"height":10}},{"id":"c4cd8d49-fa83-4bf4-b7bc-0fa347a47e2d","block_type":"box","text":"With the exception of the Vanguard EUR Cash UCITS ETF, subject to the conditions and limits","page_number":210,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"bf3aa390-7822-48f1-bfd4-ec733d137740","block_type":"box","text":"prescribed by Central Bank Requirements a Fund may enter into repurchase agreements and/or reverse","page_number":210,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"ed0cb5a2-3181-4f99-96a8-4361700360ea","block_type":"box","text":"repurchase agreements (together “","page_number":210,"box":{"x":119,"y":280,"width":263,"height":12}},{"id":"6970b136-632d-4e26-a3e0-e2a674f95c38","block_type":"box","text":"repo contracts","page_number":210,"box":{"x":384,"y":281,"width":115,"height":11}},{"id":"3638bc34-9e26-46aa-9e36-34cd66a3f03a","block_type":"box","text":"”) and/or securities lending arrangements for the","page_number":210,"box":{"x":501,"y":280,"width":384,"height":12}},{"id":"8c30845d-7754-4207-9a35-4ef99552d11e","block_type":"box","text":"purposes of efficient portfolio management. The Vanguard EUR Cash UCITS ETF may enter into","page_number":210,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"695b2735-f6f3-42f7-954d-1bcfb99d155e","block_type":"box","text":"repurchase and/or reverse repurchase agreements in accordance with the investment policy and","page_number":210,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"4aef8967-6c60-4f32-aa99-43f890d57038","block_type":"box","text":"restrictions set out in its Supplement.","page_number":210,"box":{"x":119,"y":326,"width":279,"height":12}},{"id":"3ebbf65d-f260-4eab-9fc7-54577d2003a7","block_type":"box","text":"A Fund may enter into repurchase agreements under which it sells a security and agrees to repurchase","page_number":210,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"0fd76757-9485-4c9e-b847-ce3ee3ae5778","block_type":"box","text":"it at a mutually agreed upon date and price. The resale price reflects the purchase price plus an agreed","page_number":210,"box":{"x":119,"y":371,"width":766,"height":12}},{"id":"7b77f2a2-5ead-4bce-a2c7-d4caba4d5551","block_type":"box","text":"upon market rate of interest which is unrelated to the coupon rate or maturity of the purchased security.","page_number":210,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"fde136d3-6b70-4a95-8fee-27ca20f4cf00","block_type":"box","text":"Where a Fund enters into a repurchase agreement, the Fund will have the right to recall any securities","page_number":210,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"f29c892b-2372-4984-b155-5fa6e03edcc8","block_type":"box","text":"subject to the agreement or to terminate the repurchase agreement at any time.","page_number":210,"box":{"x":120,"y":416,"width":582,"height":12}},{"id":"20a54d57-f2ae-48b6-98fc-8af734da2267","block_type":"box","text":"Under a reverse repurchase agreement, the Fund acquires securities from a seller (for example, a bank","page_number":210,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"1829e8a4-1173-4c00-9119-1f05ccf9461c","block_type":"box","text":"or securities dealer) who agrees, at the time of sale, to repurchase the securities at a mutually agreed","page_number":210,"box":{"x":119,"y":461,"width":761,"height":12}},{"id":"5ed957d3-d403-4a62-96c4-466dc2a26d03","block_type":"box","text":"upon date (usually not more than seven days from the date of purchase) and price, thereby determining","page_number":210,"box":{"x":119,"y":476,"width":766,"height":12}},{"id":"c98f0d75-b667-44c3-87da-f582ed9b7041","block_type":"box","text":"the yield to the relevant Fund during the term of the reverse repurchase agreement. Where a Fund enters","page_number":210,"box":{"x":119,"y":491,"width":766,"height":12}},{"id":"9ce713b8-536b-4a92-be9a-8c34f190b41e","block_type":"box","text":"into a reverse repurchase agreement, it will have the right to recall the full amount of cash or to terminate","page_number":210,"box":{"x":119,"y":506,"width":766,"height":12}},{"id":"f692f7e4-a5b8-4efb-8283-ff7de5062e70","block_type":"box","text":"the reverse repurchase agreement on either an accrued or a mark-to-market basis at any time. Where","page_number":210,"box":{"x":119,"y":521,"width":766,"height":12}},{"id":"3e6e3fae-5dee-4d1c-a75f-16f9b24c61f0","block_type":"box","text":"the cash is recallable at any time on a mark-to-market basis, the mark-to-market value of the reverse","page_number":210,"box":{"x":119,"y":536,"width":766,"height":12}},{"id":"ee92863c-2978-4227-a02c-078e565569e1","block_type":"box","text":"repurchase agreement shall be used for the purposes of the calculation of the Net Asset Value of the","page_number":210,"box":{"x":119,"y":551,"width":766,"height":12}},{"id":"74da5226-c8a4-4fb4-8253-896d0ac820ad","block_type":"box","text":"relevant Fund.","page_number":210,"box":{"x":119,"y":566,"width":111,"height":9}},{"id":"33a7514d-2300-471b-aaaf-7761edb28d16","block_type":"box","text":"Fixed term repo contracts which do not exceed seven days shall be regarded as arrangements on terms","page_number":210,"box":{"x":119,"y":595,"width":766,"height":12}},{"id":"3e687b15-2547-40f7-b5cf-e07969ad203f","block_type":"box","text":"which allow the assets to be recalled at any time by the relevant Fund.","page_number":210,"box":{"x":119,"y":610,"width":523,"height":12}},{"id":"e43872dc-3afb-455a-8943-a987b9d235f9","block_type":"box","text":"A Fund may lend its securities to brokers, dealers and other financial institutions. The Company will","page_number":210,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"3664832c-cba2-48c6-894b-6c977abb3b6f","block_type":"box","text":"have the right at any time to terminate any securities lending arrangement into which it has entered or","page_number":210,"box":{"x":119,"y":654,"width":766,"height":13}},{"id":"f2d46883-e450-4df4-8db2-32fd9650486a","block_type":"box","text":"to demand the return of any or all of the securities loaned. The securities lending agreement must provide","page_number":210,"box":{"x":119,"y":669,"width":766,"height":12}},{"id":"5084017a-d0fb-404d-8c93-9da316ce83e3","block_type":"box","text":"that once such notice is given, the borrower is obligated to redeliver the securities within five business","page_number":210,"box":{"x":119,"y":685,"width":766,"height":12}},{"id":"3f3673c0-4a89-4a43-ab38-5352dc2a3dd8","block_type":"box","text":"days or other period as normal market practice dictates. Securities lending arrangements will typically","page_number":210,"box":{"x":119,"y":700,"width":766,"height":12}},{"id":"61879e2e-7cf5-4702-910f-fa9685f22617","block_type":"box","text":"include provisions to protect the counterparty, or any agent through which securities are lent, against","page_number":210,"box":{"x":119,"y":714,"width":766,"height":13}},{"id":"05f8efb0-519a-43e5-8d27-e93490749652","block_type":"box","text":"any losses incurred by them that are caused by any default by the Company. A Fund will limit its use of","page_number":210,"box":{"x":119,"y":730,"width":766,"height":12}},{"id":"0683b013-95cd-45c6-8088-fa94d7ec6202","block_type":"box","text":"securities lending so that no more than 50% of its net assets are subject to securities lending","page_number":210,"box":{"x":120,"y":745,"width":765,"height":12}},{"id":"5ae77c79-e3af-404e-98c9-470eb0851d8c","block_type":"box","text":"arrangements and that no more than 20% of its net assets are subject to securities lending arrangements","page_number":210,"box":{"x":119,"y":760,"width":766,"height":12}},{"id":"3159f7d6-66ef-4ae1-a7e4-e196b56deb9d","block_type":"box","text":"with any single counterparty.","page_number":210,"box":{"x":119,"y":775,"width":220,"height":12}},{"id":"ab828178-c169-49ac-b2f4-d3ea5e63f5f0","block_type":"box","text":"Repo contracts, stock borrowing or securities lending do not constitute borrowing or lending for the","page_number":210,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"4f300349-931d-4bcd-81d9-be019f6faf75","block_type":"box","text":"purposes of the UCITS Regulations.","page_number":210,"box":{"x":119,"y":819,"width":273,"height":12}},{"id":"314c3c02-57fb-4ff4-a36c-a1b9c073cf15","block_type":"box","text":"MANAGEMENT OF COLLATERAL","page_number":210,"box":{"x":119,"y":849,"width":308,"height":9}},{"id":"a1c814f8-7342-49b7-be63-9a9408364afa","block_type":"box","text":"211","page_number":211,"box":{"x":490,"y":937,"width":18,"height":7}},{"id":"e8d78191-6ecd-4e1c-aafd-280dbfa14928","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":211,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"837f703a-b235-4263-988a-c3d819fde857","block_type":"box","text":"Subject to the Central Bank Requirements a Fund may enter into Portfolio Investment Techniques","page_number":211,"box":{"x":120,"y":87,"width":765,"height":12}},{"id":"c0574d96-6425-4350-bc79-c43ec0ee57e8","block_type":"box","text":"provided that collateral obtained under the relevant Portfolio Investment Technique complies at all times","page_number":211,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"42808a9f-3543-4f7d-a1ae-75468cadcb87","block_type":"box","text":"with the following criteria:","page_number":211,"box":{"x":119,"y":117,"width":203,"height":12}},{"id":"3dbe232f-af11-458b-b5a8-27f4ca957997","block_type":"box","text":"(i)","page_number":211,"box":{"x":119,"y":146,"width":17,"height":12}},{"id":"797ff7d6-4bc0-4685-90c0-47ef232661f4","block_type":"box","text":"Liquidity","page_number":211,"box":{"x":179,"y":146,"width":74,"height":12}},{"id":"64488094-be2e-4776-9f09-ef3f7afb5f0b","block_type":"box","text":": collateral (other than cash) must be highly liquid and traded on a regulated market","page_number":211,"box":{"x":255,"y":146,"width":630,"height":12}},{"id":"1c9ec41d-9d7c-469a-a668-b394cc61d075","block_type":"box","text":"or multi-lateral trading facility with transparent pricing in order that it can be sold quickly at a","page_number":211,"box":{"x":180,"y":161,"width":705,"height":12}},{"id":"96fedaf1-8f1f-4393-8a31-a5e8fb507cc8","block_type":"box","text":"robust price that is close to its pre-sale valuation. Collateral should comply with the provisions","page_number":211,"box":{"x":179,"y":176,"width":706,"height":12}},{"id":"de423ae2-3bc0-4e0b-978d-17e89eea58bc","block_type":"box","text":"of Article 56 of the Directive;","page_number":211,"box":{"x":180,"y":191,"width":224,"height":12}},{"id":"3b7c09a7-acb7-45bd-8023-5187920f9e75","block_type":"box","text":"(ii)","page_number":211,"box":{"x":119,"y":220,"width":22,"height":12}},{"id":"18883101-601b-403b-a786-7b40e9f6cedc","block_type":"box","text":"Valuation","page_number":211,"box":{"x":179,"y":221,"width":78,"height":9}},{"id":"583e68d4-9849-46d9-b5dd-a50012b3b977","block_type":"box","text":": in accordance with applicable regulatory requirements, collateral must be valued on","page_number":211,"box":{"x":259,"y":220,"width":626,"height":12}},{"id":"fa1794f2-2f4c-4484-9756-0b6b18de9bd7","block_type":"box","text":"at least a daily basis and assets that exhibit high price volatility shall not be accepted as collateral","page_number":211,"box":{"x":180,"y":235,"width":705,"height":12}},{"id":"3afb50ab-d788-4235-9c92-f4fcda8c1d80","block_type":"box","text":"unless suitably conservative haircuts are in place. Collateral may be marked to market daily by","page_number":211,"box":{"x":179,"y":250,"width":706,"height":12}},{"id":"13fdbce4-ac78-4e12-9d34-c24fb45c117c","block_type":"box","text":"the counterparty using its procedures, subject to any agreed haircuts, reflecting market values","page_number":211,"box":{"x":179,"y":265,"width":706,"height":12}},{"id":"24ddfc85-daf6-4968-8997-0acd38eccc52","block_type":"box","text":"and liquidity risk and may be subject to variation margin requirements.","page_number":211,"box":{"x":180,"y":280,"width":529,"height":13}},{"id":"48239df3-7c71-4250-ab90-13c59aa581e6","block_type":"box","text":"(iii)","page_number":211,"box":{"x":119,"y":310,"width":27,"height":12}},{"id":"13a9dcab-ea07-4682-964a-ccac9ec04da2","block_type":"box","text":"Issuer Credit Quality","page_number":211,"box":{"x":179,"y":310,"width":169,"height":12}},{"id":"39f6224e-7ff9-4c15-b1b6-2df74d6d7231","block_type":"box","text":": collateral must be of high quality. The Manager will ensure that:","page_number":211,"box":{"x":349,"y":310,"width":490,"height":12}},{"id":"a56f991d-f709-4cf0-b163-dacd3e7379bf","block_type":"box","text":"(a)","page_number":211,"box":{"x":178,"y":339,"width":19,"height":12}},{"id":"ed7a0022-4f9d-4f8e-9cfd-c9c866cfbf81","block_type":"box","text":"where the issuer was subject to a credit rating by an agency registered and supervised","page_number":211,"box":{"x":238,"y":339,"width":647,"height":12}},{"id":"6ff63d56-f06f-46ff-ba6d-7494164468b2","block_type":"box","text":"by ESMA that rating shall be taken into account by the Manager in the credit assessment","page_number":211,"box":{"x":238,"y":354,"width":647,"height":12}},{"id":"f13d3af4-b643-4a73-8f60-5fe2e07bbe70","block_type":"box","text":"process; and","page_number":211,"box":{"x":238,"y":369,"width":96,"height":12}},{"id":"4a710734-6c2e-4d62-8a38-e1309d38071f","block_type":"box","text":"(b)","page_number":211,"box":{"x":178,"y":397,"width":20,"height":12}},{"id":"46f546b6-b00d-4192-9f0f-60b959c11ab6","block_type":"box","text":"where an issuer is downgraded below the two highest short-term credit ratings by the","page_number":211,"box":{"x":238,"y":397,"width":647,"height":12}},{"id":"6699a959-f097-4c45-a88a-9280e43a69e2","block_type":"box","text":"credit rating agency referred to in subparagraph (a) immediately above this shall result","page_number":211,"box":{"x":238,"y":412,"width":647,"height":12}},{"id":"d0f1dd78-d83b-469b-99ea-673d78d4c510","block_type":"box","text":"in a new credit assessment being conducted of the issuer by the Manager without delay;","page_number":211,"box":{"x":238,"y":427,"width":647,"height":12}},{"id":"91195d6d-6889-41e3-93e7-d272baaf6da7","block_type":"box","text":"(iv)","page_number":211,"box":{"x":119,"y":455,"width":26,"height":12}},{"id":"69b43374-e5e6-4e35-bae8-622477f783bb","block_type":"box","text":"Correlation","page_number":211,"box":{"x":180,"y":455,"width":91,"height":10}},{"id":"689825fb-2dd4-43ec-ab78-21df6d1939c7","block_type":"box","text":": collateral must be issued by an entity that is independent from the counterparty.","page_number":211,"box":{"x":273,"y":455,"width":612,"height":12}},{"id":"a02dd779-4bc5-484b-b98b-1b52e3c7bb01","block_type":"box","text":"There must be a reasonable ground for the Manager to expect that it would not display a high","page_number":211,"box":{"x":180,"y":470,"width":705,"height":12}},{"id":"b47adb42-a9ce-41b2-b579-8ccebdc00b1c","block_type":"box","text":"correlation with the performance of the counterparty; and","page_number":211,"box":{"x":180,"y":485,"width":428,"height":12}},{"id":"61fb27ac-f43d-4fee-bef6-ce3c7b4850e2","block_type":"box","text":"(v)","page_number":211,"box":{"x":119,"y":515,"width":21,"height":12}},{"id":"d7782012-5868-493f-82ec-02438f7cef91","block_type":"box","text":"Diversification","page_number":211,"box":{"x":179,"y":515,"width":116,"height":9}},{"id":"a260dd84-b830-4b2d-9344-be43c0fadc23","block_type":"box","text":":","page_number":211,"box":{"x":297,"y":518,"width":8,"height":6}},{"id":"00861c54-1f3f-4005-ab9e-9959e17f9606","block_type":"box","text":"(a)","page_number":211,"box":{"x":178,"y":544,"width":19,"height":12}},{"id":"2bd19187-c815-4ef6-9a2c-5c415f5e07ff","block_type":"box","text":"subject to subparagraph (b) immediately below, collateral must be sufficiently","page_number":211,"box":{"x":239,"y":544,"width":646,"height":12}},{"id":"3046e114-9392-471b-8759-db916c6f11e9","block_type":"box","text":"diversified in terms of country, markets and issuers with a maximum exposure to any","page_number":211,"box":{"x":238,"y":559,"width":647,"height":12}},{"id":"22c566dc-9a72-4fca-9593-25ce8fd64722","block_type":"box","text":"one issuer of 20% of the relevant Fund’s Net Asset Value. When the Fund is exposed","page_number":211,"box":{"x":238,"y":574,"width":647,"height":12}},{"id":"18c2bcb1-ad8c-4585-9d9a-4d5703a3be61","block_type":"box","text":"to a variety of different counterparties, the various baskets of collateral are aggregated","page_number":211,"box":{"x":238,"y":589,"width":647,"height":12}},{"id":"488855fc-51cb-43b0-8dec-8a1b27607317","block_type":"box","text":"to ensure exposure to a single issuer does not exceed 20% of the Fund’s Net Asset","page_number":211,"box":{"x":238,"y":604,"width":647,"height":12}},{"id":"b3e7ec56-a780-4493-bca2-3524c1a3699e","block_type":"box","text":"Value.","page_number":211,"box":{"x":238,"y":619,"width":53,"height":10}},{"id":"08e278e8-b04f-4529-8833-00bccbf1f485","block_type":"box","text":"(b)","page_number":211,"box":{"x":178,"y":647,"width":20,"height":12}},{"id":"b2e36d9b-012b-4618-8589-b29fcde70f65","block_type":"box","text":"a Fund may be fully collateralised in different Transferable Securities and Money","page_number":211,"box":{"x":238,"y":647,"width":647,"height":12}},{"id":"3b2702b1-2444-441c-a987-e3c9d7369428","block_type":"box","text":"Market Instruments issued or guaranteed by a Member State, its local authorities, non","page_number":211,"box":{"x":238,"y":662,"width":642,"height":12}},{"id":"93222204-63a0-4f26-be58-131cbd21dbda","block_type":"box","text":"Member States or public international bodies of which one or more Member States are","page_number":211,"box":{"x":238,"y":677,"width":647,"height":12}},{"id":"ceeedcd0-efd4-4eb3-bb26-1c9ed6f85f45","block_type":"box","text":"members provided such Fund receives securities from at least 6 different issues and","page_number":211,"box":{"x":238,"y":692,"width":647,"height":12}},{"id":"f74ea0e3-76e6-4177-a047-32137b5e8a70","block_type":"box","text":"securities from any single issue do not account for more than 30% of the relevant Fund’s","page_number":211,"box":{"x":239,"y":707,"width":646,"height":12}},{"id":"9d3eeca4-4d35-484f-9bd5-a69c8e82a274","block_type":"box","text":"net value. The Member States, local authorities, non-Member States or public","page_number":211,"box":{"x":238,"y":722,"width":647,"height":12}},{"id":"fbc58bc8-0ac7-4935-97e8-bf783ec8a8d2","block_type":"box","text":"international bodies issuing or guaranteeing securities that may be accepted as collateral","page_number":211,"box":{"x":238,"y":737,"width":647,"height":12}},{"id":"3e2fe342-6753-43ce-9700-ab9015073ed7","block_type":"box","text":"for more than 20% of a Fund’s Net Asset Value are identified in paragraph (ii)l of","page_number":211,"box":{"x":238,"y":752,"width":647,"height":12}},{"id":"e9ac6477-76ee-4d51-89a4-24caff143c17","block_type":"box","text":"Appendix 3","page_number":211,"box":{"x":238,"y":768,"width":90,"height":11}},{"id":"8ed0cd99-fb2a-4e06-9fba-c1c7667a9fad","block_type":"box","text":".","page_number":211,"box":{"x":330,"y":775,"width":8,"height":2}},{"id":"948dcb00-4243-4656-bdb1-4336d86fee38","block_type":"box","text":"All assets received in respect of a Fund in the context of Portfolio Investment Techniques will be","page_number":211,"box":{"x":119,"y":795,"width":766,"height":12}},{"id":"b22a0b27-143d-4b31-8e49-a2a55b94918b","block_type":"box","text":"considered as collateral for the purposes of the UCITS Regulations and will comply with the criteria","page_number":211,"box":{"x":119,"y":810,"width":766,"height":12}},{"id":"05e4e86f-6092-4a34-890f-e6f91694959a","block_type":"box","text":"above. Risks linked to the management of collateral, including operational and legal risks, are identified","page_number":211,"box":{"x":119,"y":825,"width":766,"height":12}},{"id":"fbd649a0-9ffd-443d-841f-ac9df1762066","block_type":"box","text":"and mitigated by risk management procedures employed by the Company. The Company ensures that","page_number":211,"box":{"x":119,"y":840,"width":766,"height":12}},{"id":"5ff67243-b0b2-4665-8de4-c772d069f59b","block_type":"box","text":"the value of the collateral required exceeds the market value of securities on loan for each security loan","page_number":211,"box":{"x":119,"y":855,"width":766,"height":12}},{"id":"14602a36-e3de-491e-b680-e378242fce20","block_type":"box","text":"entered into by the Company","page_number":211,"box":{"x":119,"y":871,"width":212,"height":12}},{"id":"0a9a4646-e03d-4b77-a1af-026f8f19334e","block_type":"box","text":".","page_number":211,"box":{"x":333,"y":878,"width":9,"height":2}},{"id":"a57cb930-81c9-41f8-9c70-9d679ad6de20","block_type":"box","text":"Specific haircut policies will apply depending on collateral type and type","page_number":211,"box":{"x":347,"y":871,"width":538,"height":12}},{"id":"8643a539-18c2-4d51-acfe-ad7536b3c56c","block_type":"box","text":"of security lent. In addition, based on changes in the market value of each security loan, collateral is","page_number":211,"box":{"x":119,"y":886,"width":766,"height":12}},{"id":"df7eea4d-9e52-4b49-a9a3-49d2bae923ec","block_type":"box","text":"posted or received, on a daily basis, to ensure that the value of the collateral held exceeds the market","page_number":211,"box":{"x":119,"y":900,"width":766,"height":13}},{"id":"8fb7d00b-3627-4a38-9b40-a03b455838f3","block_type":"box","text":"212","page_number":212,"box":{"x":490,"y":937,"width":19,"height":7}},{"id":"15251925-b262-4a1b-be29-e1da3117131a","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":212,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"de26f116-328c-48f4-9334-576d23732b29","block_type":"box","text":"value of the securities on loan. See the section of the Prospectus headed “","page_number":212,"box":{"x":119,"y":87,"width":541,"height":12}},{"id":"fd35b5ff-6f99-490c-8da9-2232cd730713","block_type":"box","text":"Risk Factors","page_number":212,"box":{"x":661,"y":87,"width":99,"height":9}},{"id":"ea790a88-f883-4037-86db-8694da1586a8","block_type":"box","text":"” for risk factors","page_number":212,"box":{"x":761,"y":87,"width":124,"height":9}},{"id":"6a336881-c605-46e5-98fd-5f9fff871e6b","block_type":"box","text":"pertaining to the use of collateral, including the reinvestment of cash collateral.","page_number":212,"box":{"x":119,"y":102,"width":590,"height":12}},{"id":"8f3e2245-376a-4a50-a075-9138dfe893b0","block_type":"box","text":"Where title to collateral transfers, the collateral received will be held by the Depositary. For other types","page_number":212,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"4909ff86-057e-4d08-b94a-6314b55e1b47","block_type":"box","text":"of collateral arrangements the collateral may be held by a third party depositary/custodian which is","page_number":212,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"8770ed66-0617-45e4-9b9f-4342664c81c9","block_type":"box","text":"subject to prudential supervision and which is unrelated and unconnected to the provider of the","page_number":212,"box":{"x":120,"y":161,"width":765,"height":12}},{"id":"95cac093-768f-473b-bf37-a8d00a0a49be","block_type":"box","text":"collateral.","page_number":212,"box":{"x":119,"y":176,"width":78,"height":10}},{"id":"8d5461b5-d9c2-4c7b-be1e-d748d030bf63","block_type":"box","text":"Collateral received shall be capable of being fully enforced by a Fund at any time without reference to","page_number":212,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"dece1bff-64bb-424c-8975-ba623c06fc3d","block_type":"box","text":"or approval from the counterparty. Accordingly, collateral will be immediately available to the","page_number":212,"box":{"x":119,"y":220,"width":766,"height":12}},{"id":"6d095ab4-93f3-42e3-8571-8f904ce8f627","block_type":"box","text":"Company without recourse to the counterparty in the event of default by that entity.","page_number":212,"box":{"x":119,"y":235,"width":622,"height":12}},{"id":"d676e993-1bfa-4c8c-a3eb-6ca5f5e263c9","block_type":"box","text":"The Vanguard EUR Cash UCITS ETF is subject to additional requirements in respect of its use of","page_number":212,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"5ab209ba-0b82-4e4c-9f02-a2c2cffd16ed","block_type":"box","text":"collateral, which are specified in its Supplement. Therefore this section should be read accordingly for","page_number":212,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"9911d09c-b14c-430e-b646-b04776790430","block_type":"box","text":"that Fund.","page_number":212,"box":{"x":119,"y":295,"width":79,"height":9}},{"id":"b1bd0485-eb08-4d38-86f1-5cc5cf05a2bb","block_type":"box","text":"PERMITTED TYPES OF COLLATERAL","page_number":212,"box":{"x":119,"y":324,"width":345,"height":10}},{"id":"f1e51edd-4c81-47ec-8cde-cd25ad7f57ad","block_type":"box","text":"In accordance with the above criteria, a Fund will accept the following types of collateral in respect of","page_number":212,"box":{"x":119,"y":353,"width":766,"height":12}},{"id":"bef46c21-929e-465f-a27f-6cceefe94acf","block_type":"box","text":"Portfolio Investment Techniques:","page_number":212,"box":{"x":119,"y":368,"width":252,"height":12}},{"id":"71fa2713-d0e0-4c62-bf58-10fb71420bb4","block_type":"box","text":"1.","page_number":212,"box":{"x":174,"y":398,"width":10,"height":9}},{"id":"541c3773-bc10-4a67-8f43-961291e0723b","block_type":"box","text":"cash;","page_number":212,"box":{"x":203,"y":397,"width":41,"height":12}},{"id":"9cc1d6de-3818-42fc-b0ed-f2adce2c9258","block_type":"box","text":"2.","page_number":212,"box":{"x":172,"y":413,"width":12,"height":9}},{"id":"543d9c28-074d-43e3-94b9-1552e123d931","block_type":"box","text":"government or other public securities;","page_number":212,"box":{"x":202,"y":412,"width":286,"height":12}},{"id":"bb942509-f0fb-46e9-8acc-8e2941ceb16f","block_type":"box","text":"3.","page_number":212,"box":{"x":173,"y":428,"width":11,"height":9}},{"id":"91556601-fa72-4812-ab68-80f1325ee07c","block_type":"box","text":"certificates of deposit issued by Relevant Institutions;","page_number":212,"box":{"x":203,"y":428,"width":400,"height":12}},{"id":"af6bc79f-961b-4a4b-8d03-ee2ec2cd3a39","block_type":"box","text":"4.","page_number":212,"box":{"x":172,"y":443,"width":12,"height":9}},{"id":"f5ba9cdc-4e68-4f29-8aae-dccfadac5b49","block_type":"box","text":"bonds/commercial paper issued by Relevant Institutions or by non-bank issuers where the","page_number":212,"box":{"x":202,"y":443,"width":683,"height":12}},{"id":"2b6ef059-67a2-4a00-ab33-7a308c59320e","block_type":"box","text":"issue or the issuer are rated A1 or equivalent;","page_number":212,"box":{"x":203,"y":458,"width":338,"height":12}},{"id":"3f35237e-b11b-4999-b415-a1582e6583f8","block_type":"box","text":"5.","page_number":212,"box":{"x":173,"y":473,"width":11,"height":9}},{"id":"65a15509-515f-425c-820e-30b55fa93e2b","block_type":"box","text":"letters of credit with a residual maturity of three months or less, which are unconditional and","page_number":212,"box":{"x":202,"y":473,"width":683,"height":12}},{"id":"66ce6f6d-ec35-49a1-80b8-1e8f120123bd","block_type":"box","text":"irrevocable and which are issued by Relevant Institutions; and","page_number":212,"box":{"x":203,"y":488,"width":463,"height":12}},{"id":"85c26273-05de-4935-ac1d-f7f1f0b48a55","block_type":"box","text":"6.","page_number":212,"box":{"x":173,"y":503,"width":11,"height":9}},{"id":"26d73f4a-c34d-4fbc-b6ba-ca212eb7d14c","block_type":"box","text":"equity securities traded on a stock exchange in the EEA, Switzerland, the United Kingdom,","page_number":212,"box":{"x":203,"y":503,"width":682,"height":12}},{"id":"a7296adf-9f05-4b07-9b54-84f70f7e83ae","block_type":"box","text":"Canada, Japan, the U.S., Jersey, Guernsey, the Isle of Man, Australia or New Zealand.","page_number":212,"box":{"x":203,"y":518,"width":642,"height":12}},{"id":"5bcb139e-d661-41d3-81e0-f2cc25d8e69b","block_type":"box","text":"REINVESTMENT OF COLLATERAL","page_number":212,"box":{"x":119,"y":545,"width":318,"height":10}},{"id":"972212cb-eefc-4fdb-aed0-ce2d04afbb83","block_type":"box","text":"Cash received as collateral in respect of Portfolio Investment Techniques may not be invested or used","page_number":212,"box":{"x":119,"y":574,"width":766,"height":12}},{"id":"4a1fda61-5faa-41d1-b115-c9177a30dd0f","block_type":"box","text":"other than as set out below:","page_number":212,"box":{"x":119,"y":589,"width":207,"height":10}},{"id":"b80d057d-3456-4a03-b6fa-929fa7c31e78","block_type":"box","text":"(i)","page_number":212,"box":{"x":118,"y":619,"width":16,"height":12}},{"id":"3303e7ba-c06c-4a3c-ba27-dc11a155c46a","block_type":"box","text":"placed on deposit with Relevant Institutions;","page_number":212,"box":{"x":178,"y":619,"width":335,"height":12}},{"id":"bc999836-2d5c-4d94-b3f8-ec79645ba0bc","block_type":"box","text":"(ii)","page_number":212,"box":{"x":118,"y":648,"width":22,"height":12}},{"id":"f0ade666-a409-4eeb-b4b4-f24e7fde06d7","block_type":"box","text":"invested in high quality government bonds;","page_number":212,"box":{"x":179,"y":648,"width":325,"height":12}},{"id":"aaaccfc1-f8de-4649-a3f5-8922349a5573","block_type":"box","text":"(iii)","page_number":212,"box":{"x":118,"y":677,"width":27,"height":12}},{"id":"5b48609e-160b-4e8f-b9a9-7c45212f2fc9","block_type":"box","text":"used for the purpose of reverse repurchase agreements provided that the transactions are with","page_number":212,"box":{"x":178,"y":677,"width":707,"height":12}},{"id":"44b4276e-59d7-43ee-a727-02242424e5df","block_type":"box","text":"Relevant Institutions and the Fund is able to recall at any time the full amount of cash on an","page_number":212,"box":{"x":178,"y":692,"width":707,"height":12}},{"id":"68398a72-d7af-43c6-b280-b75dd6fd6472","block_type":"box","text":"accrued basis; or","page_number":212,"box":{"x":179,"y":707,"width":128,"height":12}},{"id":"4abf0d38-16d4-4907-ad15-93983288b8f9","block_type":"box","text":"(iv)","page_number":212,"box":{"x":118,"y":736,"width":26,"height":12}},{"id":"a9aa7a62-ce49-4e0f-8cc6-10262b1acdb1","block_type":"box","text":"invested in short term money market funds as defined in ESMA","page_number":212,"box":{"x":179,"y":736,"width":506,"height":12}},{"id":"bec8efb2-654a-40eb-aaf0-52cb2d22ae15","block_type":"box","text":"Guidelines on a common","page_number":212,"box":{"x":689,"y":736,"width":196,"height":10}},{"id":"99b3ef46-4cd0-454e-a119-f623fea41022","block_type":"box","text":"Definition of European Money Market Funds","page_number":212,"box":{"x":178,"y":752,"width":335,"height":12}},{"id":"e7ad0637-ba03-4cb4-9e30-6e45c4e9249f","block_type":"box","text":"(Ref: CESR/10—049).","page_number":212,"box":{"x":514,"y":752,"width":178,"height":12}},{"id":"a70a2674-f906-4a51-8cba-875ed018f38e","block_type":"box","text":"Re-invested cash collateral will be diversified in accordance with the diversification requirements","page_number":212,"box":{"x":119,"y":781,"width":766,"height":12}},{"id":"f3580712-ac38-4ea2-bff5-4a70759371a6","block_type":"box","text":"applicable to non-cash collateral. Invested cash collateral may not be placed on deposit with the","page_number":212,"box":{"x":119,"y":796,"width":766,"height":12}},{"id":"c3422fd6-5fc7-415e-a951-4d6247ff5825","block_type":"box","text":"counterparty or with any entity that is related or connected to the counterparty.","page_number":212,"box":{"x":119,"y":811,"width":586,"height":12}},{"id":"c3a9a67f-f658-4d7a-bbe3-41d3807098ec","block_type":"box","text":"Exposures created through the reinvestment of collateral must be taken into account when calculating a","page_number":212,"box":{"x":119,"y":840,"width":766,"height":12}},{"id":"6533875f-23fe-40b9-a730-31a1c8e963b7","block_type":"box","text":"Fund’s compliance with UCITS restrictions on issuer concentration.","page_number":212,"box":{"x":119,"y":855,"width":508,"height":12}},{"id":"ffcaec50-4438-4f27-9101-a7abc0db162e","block_type":"box","text":"Non-cash collateral cannot be sold, pledged or re-invested.","page_number":212,"box":{"x":119,"y":885,"width":464,"height":12}},{"id":"fbba523b-5c63-4885-9008-cbd5b0607d77","block_type":"box","text":"213","page_number":213,"box":{"x":490,"y":937,"width":19,"height":7}},{"id":"e34dbd2f-7691-4efa-85c2-8fdd154fa80e","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":213,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"545c14c8-f762-467e-9be8-14dfcfb5b74c","block_type":"box","text":"STRESS TESTING POLICY","page_number":213,"box":{"x":120,"y":87,"width":235,"height":9}},{"id":"5ea0d4b6-b80f-4aff-a7c7-27b23d05dca7","block_type":"box","text":"In the event that a Fund receives collateral for at least 30% of its net assets, it will implement a stress","page_number":213,"box":{"x":119,"y":116,"width":766,"height":12}},{"id":"768b132b-d501-4434-8893-ecbca7d0988c","block_type":"box","text":"testing policy to ensure that regular stress tests are carried out under normal and exceptional liquidity","page_number":213,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"50022f09-342b-4826-b295-ec4a6ab32a56","block_type":"box","text":"conditions in order to allow it to assess the liquidity risk attached to collateral.","page_number":213,"box":{"x":119,"y":146,"width":582,"height":12}},{"id":"906fde09-aae6-4202-8aac-6d3b02d1bb86","block_type":"box","text":"HAIRCUT POLICY","page_number":213,"box":{"x":119,"y":175,"width":168,"height":10}},{"id":"b1b3ab23-4ef5-438d-bad1-1b109785cc6c","block_type":"box","text":"The Company has implemented a haircut policy in respect of each class of asset received as collateral.","page_number":213,"box":{"x":119,"y":204,"width":766,"height":13}},{"id":"1176b6cf-c8bf-40e5-9a12-83d935854524","block_type":"box","text":"This policy takes account of the characteristics of the relevant asset class, including the credit standing","page_number":213,"box":{"x":119,"y":219,"width":766,"height":13}},{"id":"bc3e2b84-d666-4532-9bf3-2f747a19cbc8","block_type":"box","text":"of the issuer of the collateral, the price volatility of the collateral and the results of any stress tests which","page_number":213,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"ffbbf5d6-84bc-4416-8826-ee9079ae6980","block_type":"box","text":"may be performed in accordance with the stress testing policy. The amount of collateral required to be","page_number":213,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"4cbce8bd-3546-408d-b1b8-31bd27a6b09d","block_type":"box","text":"transferred by a counterparty is adjusted daily so that the amount held by the other party is at least equal","page_number":213,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"b7d7098c-dde2-42b7-a876-5f1bdbce5694","block_type":"box","text":"to the daily mark-to-market value of the outstanding derivative transactions.","page_number":213,"box":{"x":119,"y":280,"width":567,"height":12}},{"id":"f6e14f88-6c89-48fb-9f03-96aa88a9e4cd","block_type":"box","text":"WHEN-ISSUED and FORWARD-COMMITMENT SECURITIES","page_number":213,"box":{"x":119,"y":309,"width":532,"height":9}},{"id":"7961fbcd-a9b4-4818-b6e4-c610b4c8d2e0","block_type":"box","text":"A Fund may purchase securities on a “when-issued” basis and may purchase or sell securities on a","page_number":213,"box":{"x":119,"y":338,"width":766,"height":12}},{"id":"63d4a49a-ff82-4ef4-8c12-4d0e2058c6af","block_type":"box","text":"“forward- commitment” basis. The price, which is generally expressed in yield terms, is fixed at the","page_number":213,"box":{"x":119,"y":353,"width":766,"height":12}},{"id":"4808cdfa-24ae-4aed-a2d5-63b70ca05feb","block_type":"box","text":"time the commitment is made, but delivery and payment for the securities take place at a later date.","page_number":213,"box":{"x":119,"y":368,"width":766,"height":12}},{"id":"c62c2c4e-d57f-4b13-8065-0f8d917c7bba","block_type":"box","text":"When-issued securities and forward-commitments may be sold prior to the settlement date, but a Fund","page_number":213,"box":{"x":119,"y":383,"width":766,"height":12}},{"id":"7fed1035-d18a-45bf-9ca7-dd7999cef5f1","block_type":"box","text":"will usually enter into when-issued and forward commitments only with the intention of actually","page_number":213,"box":{"x":119,"y":398,"width":766,"height":12}},{"id":"2700976b-227b-4c46-96c8-91d56c6f98ab","block_type":"box","text":"receiving or delivering the securities or to avoid currency risk, as the case may be. No income accrues","page_number":213,"box":{"x":119,"y":413,"width":766,"height":12}},{"id":"2ff2e1a5-e622-49a0-a7b4-847e563431d7","block_type":"box","text":"on securities that have been purchased pursuant to a forward commitment or on a when-issued basis","page_number":213,"box":{"x":119,"y":428,"width":766,"height":12}},{"id":"30d2a6d7-72fd-40bb-bda7-0f136a3a408a","block_type":"box","text":"prior to delivery of the securities. If the Fund disposes of the right to acquire a when-issued security","page_number":213,"box":{"x":119,"y":443,"width":766,"height":12}},{"id":"d9a388d8-eff1-4156-a59b-02b1f7646ad2","block_type":"box","text":"prior to its acquisition or disposes of its right to deliver or receive against a forward commitment, the","page_number":213,"box":{"x":119,"y":458,"width":766,"height":12}},{"id":"6a5fb383-f020-48c5-9864-79eb8e08ad12","block_type":"box","text":"Fund may incur a gain or loss. There is a risk that the securities may not be delivered and that the Fund","page_number":213,"box":{"x":119,"y":473,"width":766,"height":12}},{"id":"a9867311-f103-4691-9691-45d1bd641870","block_type":"box","text":"may incur a loss. “When-issued” and “forward-commitment” securities are taken into account when","page_number":213,"box":{"x":119,"y":488,"width":766,"height":12}},{"id":"0c191e1b-25de-4aa2-b0e7-18626068348f","block_type":"box","text":"calculating the limits set out in the restrictions under “","page_number":213,"box":{"x":119,"y":503,"width":408,"height":12}},{"id":"0180726d-c2f7-422a-bdd6-2eeb4d901c29","block_type":"box","text":"Investment Powers and Restrictions","page_number":213,"box":{"x":528,"y":504,"width":286,"height":9}},{"id":"bc999cb1-739f-445f-98cd-ca7fbb807963","block_type":"box","text":"” section","page_number":213,"box":{"x":815,"y":503,"width":70,"height":10}},{"id":"931bae0b-7e3a-4d84-9ce8-ab1d6ef9e006","block_type":"box","text":"of this Prospectus.","page_number":213,"box":{"x":119,"y":519,"width":140,"height":12}},{"id":"8071cdb8-9329-477b-86fb-aa297241f7a4","block_type":"box","text":"REGULATION ON THE REPORTING AND TRANSPARENCY OF SECURITIES","page_number":213,"box":{"x":119,"y":548,"width":766,"height":9}},{"id":"d3aba98f-09d1-4b78-9642-b826522451fd","block_type":"box","text":"FINANCING TRANSACTIONS","page_number":213,"box":{"x":119,"y":563,"width":262,"height":9}},{"id":"96e3bdb2-59ec-486d-9cbe-039c97b40cae","block_type":"box","text":"The Manager is subject to the provisions of the European Regulation on Reporting and Transparency of","page_number":213,"box":{"x":119,"y":592,"width":766,"height":12}},{"id":"eecbf3cf-1645-4b02-8fb3-e70325f1c62d","block_type":"box","text":"Securities Financing Transactions (the “","page_number":213,"box":{"x":120,"y":607,"width":300,"height":12}},{"id":"328bd6be-0d16-405c-ba77-385e83594fa4","block_type":"box","text":"SFTR","page_number":213,"box":{"x":422,"y":607,"width":46,"height":9}},{"id":"0ff73fb9-766c-4f46-98a3-8fb7ad92094c","block_type":"box","text":"”). The SFTR sets out certain disclosure requirements","page_number":213,"box":{"x":469,"y":607,"width":416,"height":12}},{"id":"96aa1251-5eb6-4018-b38a-b1448c12e783","block_type":"box","text":"regarding the use of securities financing transactions (“","page_number":213,"box":{"x":119,"y":622,"width":407,"height":12}},{"id":"a7ddcd88-7e55-49a0-9ace-b7b60bd72733","block_type":"box","text":"SFTs","page_number":213,"box":{"x":527,"y":622,"width":39,"height":10}},{"id":"df9e7964-b2c0-48f6-aa3d-18849244078f","block_type":"box","text":"”) and total return swaps, as set out below.","page_number":213,"box":{"x":568,"y":622,"width":317,"height":12}},{"id":"48cd0695-6de1-4f31-a1d4-a25c98f07f30","block_type":"box","text":"The Funds may use SFTs, which means a repurchase transaction, reverse repurchase transaction,","page_number":213,"box":{"x":119,"y":652,"width":766,"height":12}},{"id":"804c6736-4eac-43c7-bfb7-20e6f39de72b","block_type":"box","text":"securities or commodities lending and securities or commodities borrowing, a buy-sell back transaction","page_number":213,"box":{"x":120,"y":667,"width":765,"height":12}},{"id":"0513c7b9-6269-48ac-bbb7-4b874a10eba2","block_type":"box","text":"or sell-buy back transaction or a margin lending transaction as such terms are defined in accordance","page_number":213,"box":{"x":119,"y":682,"width":766,"height":12}},{"id":"30d7e644-c196-4846-9aaf-8ba9d0b2355d","block_type":"box","text":"with the SFTR for efficient portfolio management purposes. A Fund may also use total return swaps","page_number":213,"box":{"x":119,"y":697,"width":766,"height":12}},{"id":"9f98b9c2-c377-4b40-983b-d110042f27b4","block_type":"box","text":"where outlined either in","page_number":213,"box":{"x":119,"y":712,"width":181,"height":10}},{"id":"ef251666-eee6-4c8a-967d-446d5d457843","block_type":"box","text":"Appendix 1","page_number":213,"box":{"x":300,"y":712,"width":89,"height":12}},{"id":"b0aa4ccf-f07e-41aa-9dec-3737e4779efa","block_type":"box","text":"of this Prospectus or otherwise in the Supplement for the relevant","page_number":213,"box":{"x":391,"y":712,"width":494,"height":12}},{"id":"5e11d166-71b5-4491-89bb-c0dca7f6e5ac","block_type":"box","text":"Fund. The Funds’ use of SFTs, and where relevant total return swaps, is consistent with their respective","page_number":213,"box":{"x":119,"y":727,"width":766,"height":12}},{"id":"3f407c7e-0879-4beb-8393-a282af19539c","block_type":"box","text":"investment objectives and policies, and accordingly SFTs and total return swaps may be used to reduce","page_number":213,"box":{"x":119,"y":742,"width":766,"height":12}},{"id":"b0eba92e-7f60-49ea-b732-3f055f2e28e8","block_type":"box","text":"risk, reduce cost and/or generate additional capital or income with a risk level that is consistent with that","page_number":213,"box":{"x":119,"y":757,"width":766,"height":12}},{"id":"339cc0d3-7c96-4fef-a107-7d43dbc27afe","block_type":"box","text":"of the relevant Fund.","page_number":213,"box":{"x":119,"y":772,"width":158,"height":10}},{"id":"787003d7-5b25-43c0-bf18-f02bd441eeaf","block_type":"box","text":"Subject to the limitations referred to above any assets of a Fund may be subject to SFTs and total return","page_number":213,"box":{"x":120,"y":802,"width":765,"height":12}},{"id":"c2cbfb47-801c-42fb-b425-f54438ff56af","block_type":"box","text":"swaps. Up to 50% of a Fund’s assets may be the subject of SFTs, with an expectation that at any time","page_number":213,"box":{"x":120,"y":817,"width":765,"height":12}},{"id":"d347dfb7-2983-4806-9b12-87f55a7e104b","block_type":"box","text":"less than 25% of a Fund’s assets will be subject to such arrangements. 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A Fund may only enter into SFTs and total return swaps with","page_number":214,"box":{"x":414,"y":102,"width":471,"height":12}},{"id":"2c519f4f-ed8a-458e-9503-63f22a274b8d","block_type":"box","text":"counterparties that have been selected and assessed in accordance with Central Bank Requirements. The","page_number":214,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"f3079670-dd7a-41c9-938c-19fe4377da48","block_type":"box","text":"acceptable counterparties will be entities with legal personality and located in OECD jurisdictions. They","page_number":214,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"f105a537-e6a9-4b61-9e27-055f32280026","block_type":"box","text":"will be subject to ongoing supervision by a public authority, be financially sound and have the necessary","page_number":214,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"d7b1b7a4-0f56-45e6-a7d9-5d7d13a597a5","block_type":"box","text":"organisational structure and resources for the relevant type of transaction. Any collateral obtained by a","page_number":214,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"aa9754ab-3ae2-4956-8f06-2407e6cf71bf","block_type":"box","text":"Fund pursuant to an SFT and / or a total return swap will be valued in accordance with the Manager’s","page_number":214,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"361e8ad1-7697-4d44-995e-fbf72dbbc9e1","block_type":"box","text":"valuation and haircut policy.","page_number":214,"box":{"x":119,"y":192,"width":216,"height":12}},{"id":"fd458e9c-f42a-4171-9525-5a9d30427eb9","block_type":"box","text":"The section of this Prospectus entitled “","page_number":214,"box":{"x":119,"y":222,"width":304,"height":12}},{"id":"b00b94e2-1aa7-4da9-94a9-1f72b8b1b7e8","block_type":"box","text":"Risk Factors","page_number":214,"box":{"x":424,"y":222,"width":100,"height":9}},{"id":"141735f2-06d1-43ee-b9d4-b596385c1dca","block_type":"box","text":"” provides a description of the risks associated","page_number":214,"box":{"x":526,"y":222,"width":359,"height":12}},{"id":"f43400f3-c38b-4d79-b9de-819daeefd4cf","block_type":"box","text":"with the use of derivatives, securities lending, repurchase and reverse repurchase agreements, and other","page_number":214,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"22eb2d7b-ab9a-4a92-bd00-059d9bf33942","block_type":"box","text":"investment techniques which are likely to fall within the definition of SFTs and total return swaps.","page_number":214,"box":{"x":119,"y":252,"width":732,"height":12}},{"id":"141178f8-b78d-4eab-96f5-69a83dc1b2e1","block_type":"box","text":"The assets of a Fund that are subject to SFTs and total return swaps and any collateral received are held","page_number":214,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"f3d04576-cb0e-4095-a4f9-0552aecf9544","block_type":"box","text":"by the Depositary.","page_number":214,"box":{"x":119,"y":297,"width":140,"height":12}},{"id":"98852711-d67a-4705-ae3b-4fb6f8797b29","block_type":"box","text":"The Vanguard EUR Cash UCITS ETF may only invest in repurchase and reverse repurchase","page_number":214,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"fbbd9ba1-76c8-4034-850e-6093da5d6c2f","block_type":"box","text":"agreements, subject to the requirements specified in its Supplement, and will not invest in other SFTs","page_number":214,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"2cf4dee5-6287-4ae3-a463-36fd85503724","block_type":"box","text":"or total return swaps. Therefore this section should be read accordingly for this Fund.","page_number":214,"box":{"x":119,"y":357,"width":635,"height":12}},{"id":"a3389379-d753-4856-825a-a31b9174e365","block_type":"box","text":"The Company may enter into Portfolio Investment Techniques with certain brokers, securities lending","page_number":214,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"2b4ea2c4-af66-4427-aec4-c25bb0d47648","block_type":"box","text":"agents, derivative counterparties and financial institutions. It is the Company’s policy that all of the","page_number":214,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"6c32bff3-361f-45c1-8ae8-fcaaa7582a61","block_type":"box","text":"revenues arising from techniques and instruments entered into, on behalf of a Fund, for efficient","page_number":214,"box":{"x":119,"y":417,"width":766,"height":12}},{"id":"9544f613-ef19-4023-88e9-28130e39c375","block_type":"box","text":"portfolio management purposes, including in particular securities lending transactions, will be returned","page_number":214,"box":{"x":119,"y":432,"width":766,"height":12}},{"id":"e35d7a86-7207-4c99-a683-4b00a34dd5dc","block_type":"box","text":"to the relevant Fund net of any direct and indirect operational costs/fees incurred in respect thereof. As","page_number":214,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"14a84340-79de-4ab2-9d52-774952052ed0","block_type":"box","text":"shall be disclosed in the Company’s audited annual accounts, certain operational costs arising from the","page_number":214,"box":{"x":120,"y":462,"width":765,"height":12}},{"id":"28cbd8c1-5600-43b5-8050-c2beeedea74f","block_type":"box","text":"entry into securities lending transactions will be deducted from the related revenue delivered to the","page_number":214,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"35d05807-0b26-45ed-abc3-117817488f5c","block_type":"box","text":"relevant Fund and paid to the Company’s securities lending agent. The Company’s sole securities","page_number":214,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"bc88d4c0-d4e6-43df-b1a9-5234d12c712e","block_type":"box","text":"lending agent is currently J.P. Morgan SE – Luxembourg Branch, which is not a related party to the","page_number":214,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"90a9f26e-2dca-484a-aa86-3b0908aa3f61","block_type":"box","text":"Manager. Such operational costs are expected to amount to 5% of the revenue deriving from the","page_number":214,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"62bdf67f-7461-4e83-99b4-ff24f9e746bd","block_type":"box","text":"securities lending arrangements meaning that 95% of the revenue is paid to the relevant Fund. No entity","page_number":214,"box":{"x":120,"y":537,"width":765,"height":12}},{"id":"71cbd8ad-91e0-4008-b06c-3b4b6d1d750e","block_type":"box","text":"within the Vanguard Group of Companies, related party to the Manager or third party other than the","page_number":214,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"74716ae2-a592-4877-83a5-63724521fbeb","block_type":"box","text":"Company’s securities lending agent shall be paid any direct or indirect operational costs / fees out of the","page_number":214,"box":{"x":119,"y":567,"width":766,"height":12}},{"id":"7d642abf-3631-4a84-8104-5303cb0e6b96","block_type":"box","text":"revenue derived from securities lending arrangements.","page_number":214,"box":{"x":119,"y":582,"width":406,"height":12}},{"id":"d56752ef-a6e2-4579-8e3e-469ccbc7fefb","block_type":"box","text":"Entering into a total return swap contract may involve transaction costs which are not separately","page_number":214,"box":{"x":119,"y":612,"width":766,"height":12}},{"id":"77e92329-d812-4875-846c-3bd3be6d894b","block_type":"box","text":"identifiable and instead form part of the investment performance of the relevant Fund. 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In addition","page_number":220,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"d36ec862-122e-4252-9eb1-dafbce88760c","block_type":"box","text":"communications with Shareholders will also be published on","page_number":220,"box":{"x":119,"y":102,"width":504,"height":12}},{"id":"21f72d77-9a81-4173-ac12-f87753af8a26","block_type":"box","text":"https://www.ie.vanguard/product","page_number":220,"box":{"x":630,"y":102,"width":250,"height":12}},{"id":"090495a9-e3d6-46d9-b7fb-b43d559e7187","block_type":"box","text":"documentation/fund-announcements","page_number":220,"box":{"x":119,"y":117,"width":269,"height":9}},{"id":"cb4ecc5d-294d-4edb-b120-3b8c11f06041","block_type":"box","text":". Shareholders should regularly visit this website, or request that","page_number":220,"box":{"x":390,"y":117,"width":495,"height":12}},{"id":"0aae169f-1a80-47c5-ab91-ae57417f3fab","block_type":"box","text":"their representatives do so on their behalf, to ensure that they obtain such information on a timely basis.","page_number":220,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"86747eab-b757-4d10-8958-d565df7a0e1d","block_type":"box","text":"The Key Information Document in respect of any Fund is available on the following website","page_number":220,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"8d528fcf-d9fa-4210-b770-bdd33bfe9156","block_type":"box","text":"https://global.vanguard.com","page_number":220,"box":{"x":119,"y":162,"width":207,"height":12}},{"id":"25c32bc7-5cf9-4002-bd02-5aa1d1096ab7","block_type":"box","text":".","page_number":220,"box":{"x":327,"y":170,"width":8,"height":1}},{"id":"b032e45b-1b3d-4c55-ba09-008cb3c456be","block_type":"box","text":"Member meetings and voting rights","page_number":220,"box":{"x":119,"y":192,"width":285,"height":12}},{"id":"90961c2b-929a-45a0-9bac-61cbdc7e09e1","block_type":"box","text":"General Meetings","page_number":220,"box":{"x":119,"y":221,"width":144,"height":12}},{"id":"6079c290-e627-41d5-ad96-d67af1049bf8","block_type":"box","text":"All general meetings of the Company shall be held in Ireland, and at least one general meeting of the","page_number":220,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"0a418ad8-9f3d-435c-a299-550f1f7232f2","block_type":"box","text":"Company shall be held in each year as the Company’s annual general meeting. At least 21 days’ notice","page_number":220,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"87e99490-0b7b-49fc-a1e9-c3ffb2d3fd3c","block_type":"box","text":"(exclusive of the day on which the notice is served or deemed to be served and of the day for which the","page_number":220,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"d0ea4b1a-aff5-4c21-a260-634e1e6c8a30","block_type":"box","text":"notice is given) shall be given to Members of any general meeting called for the passing of a Special","page_number":220,"box":{"x":119,"y":295,"width":766,"height":12}},{"id":"fabf440c-6f63-48ce-a845-068b4823b1b0","block_type":"box","text":"Resolution. All other general meetings may be convened on not less than 14 days’ notice (exclusive of","page_number":220,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"b79f7ba8-3f25-4e4f-959a-c886ba0270c5","block_type":"box","text":"the day on which the notice is served or deemed to be served and of the day for which the notice is","page_number":220,"box":{"x":119,"y":326,"width":766,"height":12}},{"id":"82ca4aaf-d8e5-480c-81cf-f4baae44be47","block_type":"box","text":"given) to Members. The notice convening a general meeting shall specify the place, day and hour of the","page_number":220,"box":{"x":119,"y":340,"width":766,"height":13}},{"id":"45d05ac4-e6e2-4db0-a3b1-9292855984a7","block_type":"box","text":"meeting and the terms of the resolutions to be proposed. A proxy may attend on behalf of any Member.","page_number":220,"box":{"x":119,"y":356,"width":766,"height":12}},{"id":"43733c53-7b4e-4314-97f0-ac4481865c0a","block_type":"box","text":"Voting Rights","page_number":220,"box":{"x":119,"y":385,"width":113,"height":12}},{"id":"6ab6aedb-6cca-42ce-8bf3-289909b91c60","block_type":"box","text":"Members who are individuals may attend and vote at general meetings in person or by proxy. Members","page_number":220,"box":{"x":119,"y":414,"width":766,"height":12}},{"id":"f3e1b45e-9f91-4df5-baae-e14e2c1040d2","block_type":"box","text":"who are corporations may attend and vote at general meetings by appointing a representative or proxy.","page_number":220,"box":{"x":119,"y":429,"width":766,"height":12}},{"id":"6e26e910-ae69-4214-8704-0048fb12866b","block_type":"box","text":"Subject to any special terms as to voting upon which any Shares may be issued or may for the time being","page_number":220,"box":{"x":120,"y":444,"width":765,"height":12}},{"id":"0be42416-bcd5-41a5-a8d6-aa691d1cba9d","block_type":"box","text":"be held, at any general meeting on a show of hands every shareholder who (being an individual) is","page_number":220,"box":{"x":119,"y":459,"width":766,"height":12}},{"id":"c60ebe61-f276-4a2c-8922-84d30a02c3bd","block_type":"box","text":"present in person or (being a corporation) is present by duly authorised representative and every proxy","page_number":220,"box":{"x":119,"y":474,"width":766,"height":12}},{"id":"1c6583a6-f5af-412b-b702-2b7857c68388","block_type":"box","text":"shall have one vote. On a poll every such holder present as aforesaid or by proxy shall have one vote","page_number":220,"box":{"x":120,"y":489,"width":765,"height":12}},{"id":"8e51ee97-7e75-4f1b-95cf-8e1890b8e279","block_type":"box","text":"for every share held. To be passed, ordinary resolutions of the Company in a general meeting will","page_number":220,"box":{"x":119,"y":504,"width":766,"height":12}},{"id":"31acf5ca-743d-4777-9469-2b5c534b604a","block_type":"box","text":"require a simple majority of the votes cast by the Members voting in person or by proxy at the meeting","page_number":220,"box":{"x":119,"y":519,"width":766,"height":12}},{"id":"95e555ff-69a8-414c-9b05-354b6d4ce8d0","block_type":"box","text":"at which the resolution is proposed. A majority of not less than 75% of the votes cast by Members","page_number":220,"box":{"x":119,"y":534,"width":766,"height":12}},{"id":"28a92927-7c31-4861-b17d-1bd115b75b63","block_type":"box","text":"present in person or by proxy and (being entitled to vote) voting in general meetings is required in order","page_number":220,"box":{"x":119,"y":549,"width":766,"height":12}},{"id":"3ce9a487-8474-47ee-bc01-cfb58aa03581","block_type":"box","text":"to pass a Special Resolution including a resolution to (i) rescind, alter or amend an Article or make a","page_number":220,"box":{"x":119,"y":564,"width":766,"height":12}},{"id":"70d7186d-8580-49ea-a858-85990f6037b9","block_type":"box","text":"new Article and (ii) wind up the Company.","page_number":220,"box":{"x":119,"y":579,"width":322,"height":12}},{"id":"930391a7-5c76-4e1c-9a99-e6a89e728187","block_type":"box","text":"Winding up of the Company","page_number":220,"box":{"x":119,"y":610,"width":229,"height":11}},{"id":"8fb26261-8356-4647-8b74-72110c5d33b1","block_type":"box","text":"The Constitution contain provisions to the following effect:","page_number":220,"box":{"x":119,"y":639,"width":444,"height":12}},{"id":"58578fad-626f-4002-a8b5-332e4e1057bf","block_type":"box","text":"(a)","page_number":220,"box":{"x":119,"y":668,"width":20,"height":12}},{"id":"a08326fc-87b0-4521-ae53-4db939c647d5","block_type":"box","text":"If the Company shall be wound up, the liquidator shall apply the assets of the Company in such","page_number":220,"box":{"x":180,"y":668,"width":705,"height":12}},{"id":"154b81c4-4d31-4288-8d45-656c71573a99","block_type":"box","text":"manner and order as he or she thinks fit in satisfaction of creditors’ claims. The liquidator shall,","page_number":220,"box":{"x":179,"y":683,"width":706,"height":12}},{"id":"245fdab0-40ac-4f7e-a149-36c14383be8a","block_type":"box","text":"in relation to the assets available for distribution among the Members, make in the books of the","page_number":220,"box":{"x":180,"y":698,"width":705,"height":12}},{"id":"089ad188-d5f2-414a-b257-6daca4712e67","block_type":"box","text":"Company such transfers thereof to and from Funds as may be necessary in order that the","page_number":220,"box":{"x":180,"y":713,"width":705,"height":12}},{"id":"39b7e57b-b532-411a-b7c4-4f3db319150f","block_type":"box","text":"effective burden of such creditors’ claims may be shared between the holders of Shares of","page_number":220,"box":{"x":180,"y":728,"width":705,"height":12}},{"id":"3b5d602f-6620-4ddd-b58d-70cc785b7e14","block_type":"box","text":"different classes in such proportions as the liquidator in his or her absolute discretion may think","page_number":220,"box":{"x":180,"y":743,"width":705,"height":12}},{"id":"8c343c3c-c41e-4da7-ad62-579612a19ffb","block_type":"box","text":"equitable.","page_number":220,"box":{"x":180,"y":758,"width":76,"height":12}},{"id":"3692d02f-8c09-46be-8fb8-c9586a321c51","block_type":"box","text":"(b)","page_number":220,"box":{"x":119,"y":786,"width":21,"height":12}},{"id":"b50cc222-3ef4-49ef-b80d-46eb6a08697b","block_type":"box","text":"The assets available for distribution among the Members shall then be applied in the following","page_number":220,"box":{"x":180,"y":786,"width":705,"height":12}},{"id":"5303963b-928a-4fe0-8a9e-9a3212cbab42","block_type":"box","text":"priority:","page_number":220,"box":{"x":179,"y":801,"width":65,"height":12}},{"id":"1b45ee5d-5b0c-4b57-8fd1-2dc16183e939","block_type":"box","text":"(1)","page_number":220,"box":{"x":179,"y":829,"width":20,"height":12}},{"id":"c1640d8e-87cc-47b9-a410-0326d9d62bc0","block_type":"box","text":"Firstly, in the payment to the holders of the Shares of each class of a sum in the currency","page_number":220,"box":{"x":238,"y":829,"width":647,"height":12}},{"id":"2ec5fae5-f06e-4e25-b0e6-2220380e1504","block_type":"box","text":"in which that class is designated (or in any other currency selected by the liquidator) as","page_number":220,"box":{"x":238,"y":844,"width":647,"height":12}},{"id":"af587043-7767-4547-a904-e22085f0e08b","block_type":"box","text":"nearly as possible equal (at a rate of exchange determined by the liquidator) to the Net","page_number":220,"box":{"x":238,"y":859,"width":647,"height":12}},{"id":"2ca96f53-488e-47d8-b0bc-97735df899fc","block_type":"box","text":"Asset Value of the Shares of such class held by such holders respectively as at the date","page_number":220,"box":{"x":238,"y":874,"width":647,"height":12}},{"id":"dd0a4f31-ff0a-4383-a3e0-1555b41d52e5","block_type":"box","text":"of commencement to wind up provided that there are sufficient assets available in the","page_number":220,"box":{"x":238,"y":889,"width":647,"height":12}},{"id":"9f0d4fb3-c1dd-48cd-814d-f003316fe7ea","block_type":"box","text":"221","page_number":221,"box":{"x":490,"y":937,"width":18,"height":7}},{"id":"991bd064-23cf-44db-8cd2-dae645d290d4","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":221,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"c7d58b5b-69c0-456e-8c9f-6a702e6e407a","block_type":"box","text":"relevant Fund to enable such payment to be made. In the event that, as regards any class","page_number":221,"box":{"x":238,"y":87,"width":647,"height":12}},{"id":"45359270-8aae-40a6-90df-3d1d0e34f8a7","block_type":"box","text":"of Shares, there are insufficient assets available in the relevant Fund to enable such","page_number":221,"box":{"x":238,"y":102,"width":647,"height":11}},{"id":"35fed6ba-ce89-4c06-9f09-c73463e28c16","block_type":"box","text":"payment to be made recourse shall be had:","page_number":221,"box":{"x":238,"y":117,"width":319,"height":12}},{"id":"bb6db2cb-fcf4-4dcd-b1ee-f77f9d794c4b","block_type":"box","text":"(A)","page_number":221,"box":{"x":239,"y":146,"width":24,"height":12}},{"id":"c5e28433-361c-44f2-99eb-4a5648f4cc27","block_type":"box","text":"first, to the assets of the Company not comprised within any of the Funds; and","page_number":221,"box":{"x":298,"y":146,"width":582,"height":12}},{"id":"34236d07-1785-45f3-a230-b11c8ae3e6df","block_type":"box","text":"(B)","page_number":221,"box":{"x":239,"y":175,"width":23,"height":12}},{"id":"5e381920-e258-406a-a717-1f751ce0ede6","block_type":"box","text":"secondly, to the assets remaining in the Funds for the other classes of Shares","page_number":221,"box":{"x":298,"y":175,"width":587,"height":12}},{"id":"fa6e3115-c5bc-4385-93ab-9c68026a740a","block_type":"box","text":"after payment to the holders of the Shares of the class to which they relate of","page_number":221,"box":{"x":298,"y":190,"width":587,"height":12}},{"id":"07713e37-4b2c-4d58-9877-179352753215","block_type":"box","text":"the amounts to which they are respectively entitled under this paragraph (1) pro","page_number":221,"box":{"x":297,"y":205,"width":588,"height":12}},{"id":"47eadc85-634f-4e94-9ffe-ce60c4cdd66e","block_type":"box","text":"rata to the total value of such assets remaining within each such Fund.","page_number":221,"box":{"x":297,"y":220,"width":523,"height":13}},{"id":"358bafdc-0e9d-424a-9dc7-a984a8164c4c","block_type":"box","text":"(2)","page_number":221,"box":{"x":179,"y":250,"width":20,"height":12}},{"id":"11a3d05f-d257-4505-87a5-6a872f9996b6","block_type":"box","text":"Secondly, in the payment to the holders of the Subscriber Shares of sums up to the","page_number":221,"box":{"x":239,"y":250,"width":646,"height":12}},{"id":"f9399729-d300-4230-b641-4b6292e43496","block_type":"box","text":"nominal amount paid thereon out of the assets of the Company not comprised within","page_number":221,"box":{"x":238,"y":265,"width":647,"height":12}},{"id":"e579979e-7e1b-473e-a3fa-df3c612d01ab","block_type":"box","text":"any Funds remaining after any recourse thereto under sub-paragraph (1)(A) above. 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The Company will","page_number":221,"box":{"x":178,"y":798,"width":707,"height":12}},{"id":"5962f991-69f3-49ce-af8f-44a2fdb03e83","block_type":"box","text":"also, on request to the Manager, provide supplementary information to Shareholders relating to","page_number":221,"box":{"x":179,"y":813,"width":706,"height":12}},{"id":"d3cddc82-38e9-45cf-9c95-97369d551aa7","block_type":"box","text":"the risk management methods employed including quantitative limits that are applied and any","page_number":221,"box":{"x":178,"y":828,"width":707,"height":12}},{"id":"2f7afba6-c251-49c2-9cb1-5f6a5125cdb7","block_type":"box","text":"recent developments in the risk and yield characteristics of the main categories of investments.","page_number":221,"box":{"x":178,"y":843,"width":705,"height":12}},{"id":"df67c41c-ffff-4d00-a6b0-fdc3220b4d33","block_type":"box","text":"Copies of the latest Prospectus and Key Information Document will be supplied free of charge. The","page_number":221,"box":{"x":119,"y":871,"width":766,"height":12}},{"id":"097adc92-ce45-472a-bdb6-7b469ace02af","block_type":"box","text":"Distributor reserves the right to make a reasonable charge for copies of the Constitution and the latest","page_number":221,"box":{"x":119,"y":886,"width":766,"height":12}},{"id":"8aed8c28-d696-477e-a1be-d48a20450768","block_type":"box","text":"yearly and half-yearly reports of the Company.","page_number":221,"box":{"x":119,"y":901,"width":352,"height":12}},{"id":"46d5341f-31c6-40c7-80cf-0fb8f5bc6409","block_type":"box","text":"222","page_number":222,"box":{"x":490,"y":937,"width":19,"height":7}},{"id":"49dc7c8d-7b5a-423b-821a-b6904779a649","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":222,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"cff2e62a-f436-492b-a6f1-ba90c08e6841","block_type":"box","text":"A memorandum detailing the names of all companies in which the Directors currently hold or have held","page_number":222,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"7e1c86b9-ec74-4ea0-a3a9-ace880e12f91","block_type":"box","text":"directorships and firms in which they are or have been partners, within the five years prior to publication","page_number":222,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"7077cc39-fd9c-4686-b7fa-c501d33af41c","block_type":"box","text":"of this document, are available from the Company Secretary at the registered office of the Company.","page_number":222,"box":{"x":119,"y":117,"width":749,"height":12}},{"id":"ecb8e430-1644-404d-8c65-50c82ffa18f8","block_type":"box","text":"Complaints","page_number":222,"box":{"x":119,"y":146,"width":96,"height":12}},{"id":"703974c3-55a3-43e7-ac42-6e1346c426ad","block_type":"box","text":"Any person who has a complaint to make about the operation of the Company may submit his complaint","page_number":222,"box":{"x":119,"y":175,"width":766,"height":12}},{"id":"8aabdd5c-c90b-48bb-9832-4e1b5e7ba4c7","block_type":"box","text":"directly to the Manager or to the Distributor for transmission to the Manager.","page_number":222,"box":{"x":119,"y":190,"width":575,"height":12}},{"id":"f52e9927-90e8-4706-bde4-28172caae493","block_type":"box","text":"Material Contracts","page_number":222,"box":{"x":119,"y":220,"width":156,"height":9}},{"id":"2a44005b-6d99-4ada-81fc-d99befcf9bce","block_type":"box","text":"The following contracts, which are summarised in the sections of this Prospectus dealing with","page_number":222,"box":{"x":119,"y":249,"width":766,"height":12}},{"id":"8aae7721-6660-4e5e-9121-5f25ba3d3a7f","block_type":"box","text":"“","page_number":222,"box":{"x":119,"y":264,"width":7,"height":3}},{"id":"016953e8-adcb-43ca-83ef-40201bf61888","block_type":"box","text":"Management and Administration","page_number":222,"box":{"x":127,"y":264,"width":263,"height":12}},{"id":"98cfa19a-506e-4aaf-bb03-85b8d5f6f161","block_type":"box","text":"”, have been entered into by the Company or the Manager and are,","page_number":222,"box":{"x":391,"y":264,"width":494,"height":12}},{"id":"995f1155-0ee2-4eb7-9670-98371f272ee8","block_type":"box","text":"or may be, material:","page_number":222,"box":{"x":119,"y":279,"width":153,"height":12}},{"id":"dc19d647-acce-491f-a132-f02f97d38f3c","block_type":"box","text":"(i)","page_number":222,"box":{"x":119,"y":308,"width":17,"height":12}},{"id":"f063349e-f3bd-4e11-ae86-57472a73c899","block_type":"box","text":"Management Agreement;","page_number":222,"box":{"x":178,"y":308,"width":193,"height":12}},{"id":"a1c2e68c-bfce-43de-a3bd-b2e72661ed37","block_type":"box","text":"(ii)","page_number":222,"box":{"x":119,"y":337,"width":22,"height":12}},{"id":"e826465d-a5bb-4893-9349-695cb8935727","block_type":"box","text":"Each Investment Management Agreement;","page_number":222,"box":{"x":178,"y":337,"width":321,"height":13}},{"id":"abee511e-fdba-4250-9e3b-bab9c32d81da","block_type":"box","text":"(iii)","page_number":222,"box":{"x":119,"y":367,"width":27,"height":12}},{"id":"6d713407-bad4-4c20-a8e0-71533dbbbe31","block_type":"box","text":"Administration Agreement;","page_number":222,"box":{"x":178,"y":367,"width":208,"height":12}},{"id":"8f5c8e0d-4d88-4a58-bd12-5609fa7cea00","block_type":"box","text":"(iv)","page_number":222,"box":{"x":119,"y":396,"width":26,"height":12}},{"id":"1474a7dd-fbf1-4091-9071-fde788ba8d7b","block_type":"box","text":"Depositary Agreement; 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Any notice","page_number":222,"box":{"x":119,"y":484,"width":766,"height":12}},{"id":"cbe9a0de-d655-42c8-8b79-6b0fea8464a4","block_type":"box","text":"or document served by post is deemed to have been served 24 hours after it is posted. Any document","page_number":222,"box":{"x":119,"y":499,"width":766,"height":12}},{"id":"3a2871ec-139f-4672-bc28-11581970b7a7","block_type":"box","text":"served by delivery is deemed to have been served at the time of delivery.","page_number":222,"box":{"x":120,"y":514,"width":542,"height":12}},{"id":"73bb288c-8339-4a75-99e3-e1b3bbe45a2c","block_type":"box","text":"Further information","page_number":222,"box":{"x":119,"y":543,"width":166,"height":10}},{"id":"21968846-77ec-44b8-83fe-7b3a30895c0f","block_type":"box","text":"All information concerning the Company and about investing in Shares of the Company is available","page_number":222,"box":{"x":119,"y":572,"width":766,"height":12}},{"id":"4536c4aa-3edc-4385-8309-a689ee793c6e","block_type":"box","text":"from the Administrator. 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Further input in relation","page_number":226,"box":{"x":674,"y":578,"width":211,"height":12}},{"id":"629e7763-a1d7-423c-b9e6-d26ecd42b1bf","block_type":"box","text":"to the AMF Doctrine may be found at the website below:","page_number":226,"box":{"x":166,"y":593,"width":428,"height":12}},{"id":"050692e3-80e2-4275-8ebd-cc8687926dd0","block_type":"box","text":"https://www.amf-france.org/en/regulation/policy/doc-2020-03","page_number":226,"box":{"x":166,"y":623,"width":465,"height":12}},{"id":"4c3774bb-f046-48cf-b6d4-1d25649308c7","block_type":"box","text":"To comply with the AMF Doctrine, certain criteria must be met and certain disclosures are","page_number":226,"box":{"x":167,"y":646,"width":718,"height":12}},{"id":"9154156a-89b7-451e-8be9-8949f97e6f49","block_type":"box","text":"required to be made under one of the three categories set out in the AMF Doctrine. 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Shareholders resident in the Federal Republic of Germany may","page_number":231,"box":{"x":167,"y":176,"width":718,"height":12}},{"id":"78ca0650-b56a-4223-8527-2c27c1f74d50","block_type":"box","text":"also request that all other payments which are to be made from assets of the Company to","page_number":231,"box":{"x":167,"y":191,"width":718,"height":12}},{"id":"d5b5f894-1c73-4bce-9baf-74ae2c4fae42","block_type":"box","text":"Shareholders (e.g. dividends), shall be paid through the Administrator.","page_number":231,"box":{"x":167,"y":206,"width":525,"height":12}},{"id":"518581c6-1dc1-4f1e-a86f-2855af2100b0","block_type":"box","text":"The following facilities according to Article 92(1)(b) to (e) of the EU Directive 2009/65/EC (as","page_number":231,"box":{"x":167,"y":236,"width":718,"height":12}},{"id":"31ec1d71-c40f-44f3-9090-454648fbd88b","block_type":"box","text":"amended by Directive 2019/1160) are available free of charge at","page_number":231,"box":{"x":167,"y":251,"width":718,"height":12}},{"id":"6efe068a-2d69-471f-bb4a-98f3f08dab38","block_type":"box","text":"https://www.eifs.lu/VanguardGroupIrelandLimited","page_number":231,"box":{"x":166,"y":266,"width":378,"height":12}},{"id":"6e7fe137-c2a6-4eea-bd06-0d964942ed10","block_type":"box","text":":","page_number":231,"box":{"x":546,"y":269,"width":8,"height":6}},{"id":"2a9f8956-2c68-46cc-907c-8af5c74394aa","block_type":"box","text":"","page_number":231,"box":{"x":197,"y":300,"width":7,"height":5}},{"id":"5015d334-8204-41a6-9fcd-63ef9119734b","block_type":"box","text":"Information on how orders (subscription, repurchase and redemption) can be made and","page_number":231,"box":{"x":227,"y":297,"width":648,"height":12}},{"id":"0c1a2975-beb9-449a-a0b5-1e6eb19f18ec","block_type":"box","text":"how repurchase and redemption proceeds are paid;","page_number":231,"box":{"x":227,"y":312,"width":374,"height":12}},{"id":"d4b3a5da-e00b-4e95-a46e-06498f895921","block_type":"box","text":"","page_number":231,"box":{"x":197,"y":331,"width":7,"height":5}},{"id":"990d6643-aecf-4b78-b67b-5727d37aa5f2","block_type":"box","text":"Information and access to procedures and arrangements related to investors’ rights and","page_number":231,"box":{"x":227,"y":328,"width":645,"height":12}},{"id":"1adeff97-3323-4278-8212-36e74d50d843","block_type":"box","text":"complaints handling;","page_number":231,"box":{"x":227,"y":343,"width":154,"height":12}},{"id":"9fbe1583-bc1e-4fce-b549-29d8b2426b9c","block_type":"box","text":"","page_number":231,"box":{"x":197,"y":362,"width":7,"height":5}},{"id":"7340a536-82b1-434c-a808-4f25006d3809","block_type":"box","text":"Information in relation to the tasks performed by the facilities in a durable medium; and","page_number":231,"box":{"x":227,"y":359,"width":654,"height":12}},{"id":"e12c70ff-bbef-4114-9141-4409b400631f","block_type":"box","text":"","page_number":231,"box":{"x":197,"y":378,"width":7,"height":5}},{"id":"55a078eb-c512-4c30-9531-d2583dda6818","block_type":"box","text":"The latest Prospectus, the Articles, the annual and semi-annual reports, as well as the","page_number":231,"box":{"x":227,"y":375,"width":633,"height":12}},{"id":"185e18d9-bb6a-4db3-a492-e90554f77643","block_type":"box","text":"Key Information Documents.","page_number":231,"box":{"x":227,"y":390,"width":215,"height":12}},{"id":"d53b870f-edfa-479b-bb42-d98ef3b4cba5","block_type":"box","text":"The last published prices of shares in the Funds are available from the website","page_number":231,"box":{"x":167,"y":420,"width":718,"height":12}},{"id":"d595a1c1-3f0a-40e0-96df-28122aed20b3","block_type":"box","text":"https://www.ie.vanguard/products or Shareholders can obtain up-to-date Fund prices free of","page_number":231,"box":{"x":166,"y":435,"width":719,"height":12}},{"id":"3dd05c9f-1832-4833-85ae-6df8ad3851e0","block_type":"box","text":"charge by telephoning the Administrator at +353-1-2417105 or by fax on +353-1-2417104.","page_number":231,"box":{"x":167,"y":450,"width":678,"height":12}},{"id":"352d3c25-c4a2-4aca-8b62-88d22279d350","block_type":"box","text":"Shareholder notices will be published by way of investor letter and on","page_number":231,"box":{"x":167,"y":480,"width":718,"height":12}},{"id":"597ac0f1-18c0-4db0-9f00-170166b17ef6","block_type":"box","text":"https://www.ie.vanguard/product-documentation/fund-announcements.","page_number":231,"box":{"x":166,"y":495,"width":530,"height":12}},{"id":"9e59d493-5120-4d01-b070-573c7b7f480a","block_type":"box","text":"Taxation","page_number":231,"box":{"x":167,"y":526,"width":75,"height":9}},{"id":"b88215b2-04b6-449a-bbdd-1621cf206f13","block_type":"box","text":"This overview of the tax treatment of investors' earnings relates exclusively to Funds registered","page_number":231,"box":{"x":167,"y":555,"width":718,"height":12}},{"id":"2515d433-da9f-45ef-8820-120abd158d52","block_type":"box","text":"for distribution in Germany. The following summary highlights aspects of the tax consequences","page_number":231,"box":{"x":167,"y":570,"width":718,"height":12}},{"id":"e5f8dc3d-436d-4b3b-88e9-5a6006ff12e9","block_type":"box","text":"of purchasing, holding, redeeming and selling Shares in such Funds in Germany. This summary","page_number":231,"box":{"x":167,"y":585,"width":718,"height":12}},{"id":"06ed3c28-3886-48c7-ada9-28f9f17e6434","block_type":"box","text":"is only general in nature and does not represent a comprehensive analysis of all the potential tax","page_number":231,"box":{"x":167,"y":600,"width":718,"height":12}},{"id":"2f2ee63c-709c-41be-85f9-dc411179f5c9","block_type":"box","text":"consequences which investors may face in Germany. This summary does not constitute specific","page_number":231,"box":{"x":167,"y":615,"width":718,"height":12}},{"id":"7ca28d25-22b0-4bc1-b823-29f815be3e92","block_type":"box","text":"legal or tax advice. Prospective investors should consult their own professional advisors if they","page_number":231,"box":{"x":167,"y":630,"width":718,"height":12}},{"id":"42da8628-444e-4f13-abb5-36f7be085955","block_type":"box","text":"are in any doubt about their position.","page_number":231,"box":{"x":167,"y":645,"width":276,"height":13}},{"id":"a72ee4ca-25ff-430c-8ac5-7f14acce7820","block_type":"box","text":"Taxation as of 1 January 2018","page_number":231,"box":{"x":167,"y":676,"width":236,"height":12}},{"id":"ca84bce1-d7ba-40bd-aa55-b47245ab2533","block_type":"box","text":"Scope of application (§ 1 InvStG (German Investment Tax Act))","page_number":231,"box":{"x":166,"y":705,"width":476,"height":13}},{"id":"e590c820-3dfc-4732-a06a-e99a2b9459a4","block_type":"box","text":"The German Investment Tax Act is to be applied to domestic and foreign investment funds and","page_number":231,"box":{"x":167,"y":736,"width":718,"height":12}},{"id":"1d5d6149-5e61-4c82-b8df-3016bd735d63","block_type":"box","text":"their investors. Investment funds are any capital investment vehicles that are subject to the","page_number":231,"box":{"x":166,"y":751,"width":719,"height":12}},{"id":"cc09ef76-c359-4b35-bd59-1bf6ccb977c5","block_type":"box","text":"supervisory provisions of the German Capital Investment Code or comparable foreign investment","page_number":231,"box":{"x":167,"y":766,"width":718,"height":12}},{"id":"31975166-1ce9-4e95-8c10-a0917d165072","block_type":"box","text":"vehicles.","page_number":231,"box":{"x":166,"y":781,"width":70,"height":9}},{"id":"81e72442-f0b3-4c35-a7bb-5c91c1aa0cc4","block_type":"box","text":"Partnerships, however, will only fall within the scope of application of the German Investment","page_number":231,"box":{"x":167,"y":811,"width":718,"height":12}},{"id":"14810ea1-d4a6-47f3-880c-7c82d07b453c","block_type":"box","text":"Tax Act if they are either established under the UCITS regime or if their corporate purpose serves","page_number":231,"box":{"x":167,"y":826,"width":718,"height":12}},{"id":"825f013c-dc0c-4dbd-a025-5262208d060b","block_type":"box","text":"directly and exclusively the coverage of obligations in connection with the company pension","page_number":231,"box":{"x":167,"y":841,"width":718,"height":12}},{"id":"6998794a-40fb-430c-9815-7785f354af6c","block_type":"box","text":"scheme (so-called Pension-Asset-Pooling).","page_number":231,"box":{"x":167,"y":856,"width":322,"height":12}},{"id":"b8ba6a40-bb5c-4f67-bcee-7e4587e6e742","block_type":"box","text":"232","page_number":232,"box":{"x":490,"y":937,"width":19,"height":7}},{"id":"a46dff7f-b9a8-46b7-ba24-8110c3728dad","block_type":"box","text":"VG001-001/M85660-892520263-23073/1","page_number":232,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"9db9f8f7-42c0-47a6-9c54-8bb98aa34036","block_type":"box","text":"Taxation of the investment fund (§§ 6 - 15 InvStG)","page_number":232,"box":{"x":167,"y":87,"width":376,"height":12}},{"id":"c676025e-4056-40fd-a261-f1fe0580807c","block_type":"box","text":"The German Investment Tax Act provides a new, non-transparent taxation system for the taxation","page_number":232,"box":{"x":167,"y":117,"width":718,"height":12}},{"id":"68961b02-2906-4d59-ae73-a5d0cba7eec6","block_type":"box","text":"of the investment funds and their investors. This means a separate taxation of investment funds","page_number":232,"box":{"x":167,"y":132,"width":718,"height":12}},{"id":"e7721019-ea66-4a07-9451-2a39be7a737e","block_type":"box","text":"and investors. Funds (domestic as well as foreign funds) are generally subject to unlimited or","page_number":232,"box":{"x":167,"y":147,"width":718,"height":12}},{"id":"15e2b6d6-2616-4de4-a786-f70dcdccb618","block_type":"box","text":"limited corporate taxation, but not to trade taxation. Tax liability, however, only extends to","page_number":232,"box":{"x":167,"y":162,"width":718,"height":12}},{"id":"79f42321-b446-4838-962e-f4bef72d3b26","block_type":"box","text":"German income from dividends and real estate. Tax exemption is possible, for example, in the","page_number":232,"box":{"x":167,"y":177,"width":718,"height":12}},{"id":"187aecf9-b125-4c05-a136-4935d6e7579f","block_type":"box","text":"case of investments by tax-exempt investors.","page_number":232,"box":{"x":167,"y":192,"width":336,"height":12}},{"id":"eda877eb-a51c-432b-adb2-1907f9d7d873","block_type":"box","text":"Since 1 January 2018, certain German income of both domestic and foreign funds is subject to","page_number":232,"box":{"x":167,"y":222,"width":718,"height":12}},{"id":"8ba4b0b8-93ae-4c9e-b9a5-accc55aee58b","block_type":"box","text":"corporation tax according § 6 InvStG, namely:","page_number":232,"box":{"x":167,"y":237,"width":348,"height":12}},{"id":"d2991294-dd79-4e56-9c5d-9fd14774bbd3","block_type":"box","text":"","page_number":232,"box":{"x":167,"y":271,"width":7,"height":5}},{"id":"e4cf2ee0-5e34-4111-b95a-7399cc808ee8","block_type":"box","text":"dividends from German corporations, certain compensation payments for such German","page_number":232,"box":{"x":214,"y":268,"width":649,"height":12}},{"id":"c85103a2-3336-44ad-9195-d563c2e38de1","block_type":"box","text":"dividends;","page_number":232,"box":{"x":214,"y":283,"width":81,"height":11}},{"id":"c041184d-41a5-4fbc-9cc0-c5aacb7c03bc","block_type":"box","text":"","page_number":232,"box":{"x":167,"y":302,"width":7,"height":5}},{"id":"43b06fa0-d7f6-4171-8b4c-3efb7385961f","block_type":"box","text":"rental and lease income from German properties (land, buildings, residential property and","page_number":232,"box":{"x":214,"y":299,"width":667,"height":12}},{"id":"1636e332-30be-43c5-a1e1-4702c71b0915","block_type":"box","text":"land rights);","page_number":232,"box":{"x":214,"y":314,"width":94,"height":12}},{"id":"bccbe521-09c8-46bc-b914-1dad6e0deead","block_type":"box","text":"","page_number":232,"box":{"x":167,"y":333,"width":7,"height":5}},{"id":"150a3e9a-f056-4fba-9309-c0809b669d8a","block_type":"box","text":"gains on the disposal of German properties; and","page_number":232,"box":{"x":214,"y":330,"width":358,"height":12}},{"id":"ec6a86c7-74d4-4cf6-b92c-66d08b665a01","block_type":"box","text":"","page_number":232,"box":{"x":167,"y":349,"width":7,"height":5}},{"id":"70812126-8782-45ab-a183-2ff740e5e197","block_type":"box","text":"other income from German sources.","page_number":232,"box":{"x":214,"y":346,"width":271,"height":9}},{"id":"0ae5667c-6516-4bc4-8776-60168c6812c4","block_type":"box","text":"For German dividends and any other income subject to withholding at source, the corporation tax","page_number":232,"box":{"x":166,"y":376,"width":719,"height":12}},{"id":"35cfb597-efc9-477c-a361-9902412a16ed","block_type":"box","text":"liability is settled when the tax is withheld. Including the solidarity surcharge of 5.5% of the","page_number":232,"box":{"x":167,"y":391,"width":718,"height":12}},{"id":"2c71619e-6d41-4a7f-93a6-ba72cd312f36","block_type":"box","text":"corporation tax, the corporation tax and withholding tax amount to 15%.","page_number":232,"box":{"x":167,"y":406,"width":540,"height":12}},{"id":"bd002ecc-0fe1-4de6-80db-212e2944222e","block_type":"box","text":"Rental income and gains on the disposal of German properties are generally assessed for income","page_number":232,"box":{"x":167,"y":436,"width":718,"height":12}},{"id":"182e7327-534e-44b8-bf6f-d8b96f129f75","block_type":"box","text":"tax purposes, meaning that any costs in connection with the property can be deducted, for","page_number":232,"box":{"x":166,"y":451,"width":719,"height":12}},{"id":"2b8973c0-ae29-492f-b736-b440f7b3a291","block_type":"box","text":"example. In this case, the corporation tax rate is 15% plus solidarity surcharge of 5.5%.","page_number":232,"box":{"x":167,"y":466,"width":654,"height":12}},{"id":"38f20055-5045-4bc1-9609-dfa0e8a6c9e1","block_type":"box","text":"Taxation of the investor (§§ 16 -22 InvStG)","page_number":232,"box":{"x":167,"y":496,"width":324,"height":12}},{"id":"f3f0a557-1caa-46f5-a31c-2c681fca6759","block_type":"box","text":"According § 16 InvStG, the following income from (mutual) investment funds is taxable for","page_number":232,"box":{"x":166,"y":526,"width":719,"height":12}},{"id":"e8b987a6-188c-460f-8c8a-e36962818279","block_type":"box","text":"German investors:","page_number":232,"box":{"x":167,"y":541,"width":140,"height":9}},{"id":"32234b30-4db9-4310-9614-48646f457bcc","block_type":"box","text":"","page_number":232,"box":{"x":197,"y":575,"width":7,"height":5}},{"id":"c4d47cd2-7ce8-4a9b-8f16-a6529b5995ad","block_type":"box","text":"Distributions from the investment fund according § 2 para. 11 InvStG","page_number":232,"box":{"x":227,"y":572,"width":520,"height":12}},{"id":"84b36277-9432-49ff-ae03-6ea423aeccc0","block_type":"box","text":"The investor has taxable income in the amount distributed to the investor from the investment","page_number":232,"box":{"x":167,"y":602,"width":718,"height":10}},{"id":"9fcea3ce-6a4c-4029-893e-35e30396c8c9","block_type":"box","text":"fund in the assessment period (year) in which the distribution is paid to or reported by the investor.","page_number":232,"box":{"x":167,"y":617,"width":718,"height":12}},{"id":"24c7698c-ad1c-4aa2-87e5-f01a12f8499a","block_type":"box","text":"","page_number":232,"box":{"x":197,"y":651,"width":7,"height":5}},{"id":"10864cab-dabc-4fa5-9162-cda0c43a0809","block_type":"box","text":"Advance lump sums according § 18 InvStG","page_number":232,"box":{"x":227,"y":648,"width":328,"height":12}},{"id":"20b72111-d177-4f03-a269-1e79dcfd2991","block_type":"box","text":"In the case of investment funds that reinvest (rather than distributing) or that distribute less than","page_number":232,"box":{"x":167,"y":678,"width":718,"height":12}},{"id":"29570b09-7f8a-4561-ba95-a6674df6e6e7","block_type":"box","text":"the minimum annual taxable basic income of the investor, the investor is taxed at least in the","page_number":232,"box":{"x":166,"y":693,"width":719,"height":12}},{"id":"a1c50a0b-669b-41f9-9f72-bbfd43664c9e","block_type":"box","text":"amount of the advance lump sum. The advance lump sum is the amount by which the dividends","page_number":232,"box":{"x":167,"y":708,"width":718,"height":12}},{"id":"95be9bf3-ec59-4ac9-957f-b9c7bf116128","block_type":"box","text":"of an investment fund within a calendar year fall below the basic income for that calendar year.","page_number":232,"box":{"x":167,"y":723,"width":718,"height":12}},{"id":"f36f5987-7a17-403f-b580-bc5a58e45cbf","block_type":"box","text":"Basic income is calculated by multiplying the redemption price for the investment share at the","page_number":232,"box":{"x":167,"y":738,"width":718,"height":12}},{"id":"f52cbe1f-86be-4fd1-b363-33346b5ea734","block_type":"box","text":"start of the calendar year by 70% of the base rate according § 18 para. 4 InvStG. Basic income is","page_number":232,"box":{"x":167,"y":753,"width":718,"height":12}},{"id":"ebae2ecf-b699-484c-bd9b-7f9f8db60d9f","block_type":"box","text":"limited to the excess of the last redemption price for the calendar year over the first redemption","page_number":232,"box":{"x":167,"y":768,"width":718,"height":12}},{"id":"b24554a7-6a96-4ece-b95b-bcc50ad81281","block_type":"box","text":"price for the calendar year plus the distributions during the calendar year. In the year in which the","page_number":232,"box":{"x":166,"y":783,"width":719,"height":12}},{"id":"a3152fe0-e004-4a66-8f96-ca4abc2ac6c2","block_type":"box","text":"investment shares are acquired during the year, the advance lump sum is reduced by one-twelfth","page_number":232,"box":{"x":167,"y":798,"width":718,"height":12}},{"id":"a460b67e-a179-4fa5-95b5-188feb5e0a28","block_type":"box","text":"for each full month preceding the month of acquisition. 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For private investors and life and health insurance companies invested","page_number":233,"box":{"x":166,"y":207,"width":719,"height":12}},{"id":"79c12dec-3cd4-4e6d-861a-2fdddfef84da","block_type":"box","text":"in equity funds and banks holding fund units in their trading book, 30% of the income is tax","page_number":233,"box":{"x":167,"y":222,"width":713,"height":12}},{"id":"ab2a6f97-ed7e-477b-b358-771193c06572","block_type":"box","text":"exempt (partial exemption for equity funds). For natural persons holding investment shares in","page_number":233,"box":{"x":167,"y":237,"width":718,"height":12}},{"id":"29749394-ad7a-49c6-8ab1-9f2af5d70dc9","block_type":"box","text":"their working capital, the partial exemption for equity funds amounts to 60%. 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portfolio management purposes only and in accordance with A","page_number":261,"box":{"x":119,"y":87,"width":512,"height":12}},{"id":"8d61997d-a016-453e-9551-6c1dc5c1f168","block_type":"box","text":"Appendix 4","page_number":261,"box":{"x":630,"y":87,"width":90,"height":12}},{"id":"89559bd7-b5f4-4c49-966f-21598030eef7","block_type":"box","text":"of the Prospectus and","page_number":261,"box":{"x":725,"y":87,"width":160,"height":12}},{"id":"386befd7-5035-43b7-a55c-16347350c2ce","block_type":"box","text":"the requirements of the Central Bank. Investments in OTC FDI shall be with UCITS","page_number":261,"box":{"x":119,"y":102,"width":699,"height":12}},{"id":"75a9043b-1118-40fa-9cc6-df686e676626","block_type":"box","text":"-","page_number":261,"box":{"x":820,"y":107,"width":5,"height":1}},{"id":"78f9244e-9ec8-4c1f-8710-3ef208c4747b","block_type":"box","text":"eligible","page_number":261,"box":{"x":826,"y":102,"width":59,"height":12}},{"id":"004074cf-c130-4d73-be13-bec080d44034","block_type":"box","text":"counterparties that have been selected taking into account","page_number":261,"box":{"x":119,"y":117,"width":430,"height":12}},{"id":"ce62a557-eddf-4f51-8b47-0504bf8b1f1c","block_type":"box","text":"considerations including best execution and","page_number":261,"box":{"x":556,"y":117,"width":329,"height":12}},{"id":"f39cfb21-5e91-4186-9f64-2da9e309335e","block_type":"box","text":"the extent of any counterparty risk exposure applying to the Fund at the time of investment.","page_number":261,"box":{"x":119,"y":132,"width":675,"height":12}},{"id":"ebd21d84-e8c2-4871-bebd-eb38d38bbf25","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":261,"box":{"x":120,"y":162,"width":407,"height":12}},{"id":"c2f6ab88-7951-4b6e-ad74-d945a408e930","block_type":"box","text":"•","page_number":261,"box":{"x":120,"y":195,"width":6,"height":5}},{"id":"de0d9ff9-f2d0-4d62-b1a3-ff33840a1a38","block_type":"box","text":"s","page_number":261,"box":{"x":150,"y":195,"width":5,"height":6}},{"id":"b66b007d-3e04-42e1-9a19-a8970c156db0","block_type":"box","text":"ingle name credit default swaps (“","page_number":261,"box":{"x":157,"y":192,"width":264,"height":12}},{"id":"69807e71-de09-4816-896d-b2aa945ad041","block_type":"box","text":"CDS","page_number":261,"box":{"x":423,"y":192,"width":35,"height":9}},{"id":"4aec48c7-0ff8-4ed7-b7cf-cd2111d1c3e6","block_type":"box","text":"”) and","page_number":261,"box":{"x":460,"y":192,"width":52,"height":12}},{"id":"68cd17fc-171a-4c39-ba7d-c47805610ae4","block_type":"box","text":"credit","page_number":261,"box":{"x":515,"y":192,"width":42,"height":9}},{"id":"60dd99b5-01a0-4d14-970e-18e060a4dea5","block_type":"box","text":"-","page_number":261,"box":{"x":558,"y":198,"width":4,"height":1}},{"id":"3a2c850b-fc38-4a33-bae8-96421def0159","block_type":"box","text":"default swap indices (for example, CDX)","page_number":261,"box":{"x":563,"y":192,"width":322,"height":12}},{"id":"46704ebd-b078-4cc3-bd00-b2408013f52e","block_type":"box","text":"which may be used to hedge credit exposure to a particular issuer, maturity or seniority of debt","page_number":261,"box":{"x":149,"y":207,"width":736,"height":12}},{"id":"752d00d5-27ec-4edd-8cd6-97d552ad4ec5","block_type":"box","text":"issuance represented in the Index or, 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The Fund","page_number":313,"box":{"x":321,"y":782,"width":84,"height":9}},{"id":"4a78ff17-7c90-4657-8e38-b7d1ed10ca20","block_type":"box","text":"may","page_number":313,"box":{"x":406,"y":785,"width":31,"height":9}},{"id":"1cd48972-8d17-4993-8a11-cc689563e56f","block_type":"box","text":"also","page_number":313,"box":{"x":443,"y":782,"width":29,"height":9}},{"id":"f6424cc7-5d22-4e58-b93f-8ab69008d547","block_type":"box","text":"invest in currency forwards","page_number":313,"box":{"x":478,"y":782,"width":203,"height":12}},{"id":"728317cf-e631-41a4-99d8-2ec376e9c593","block_type":"box","text":"and interest rate futures to","page_number":313,"box":{"x":687,"y":782,"width":199,"height":9}},{"id":"4d7798f5-1c5b-4bf6-8c32-232ecbbc8cab","block_type":"box","text":"protect against currency fluctuation and may invest in depository receipts including ADRs and GDRs","page_number":313,"box":{"x":118,"y":797,"width":743,"height":12}},{"id":"e422cc39-7081-49f6-ba6d-59f1e30f3901","block_type":"box","text":"to","page_number":313,"box":{"x":867,"y":798,"width":19,"height":8}},{"id":"b2041387-1e51-4134-bdc5-e1ff47a185f6","block_type":"box","text":"gain exposure to the constituents of the Index. 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See","page_number":541,"box":{"x":119,"y":746,"width":219,"height":12}},{"id":"abf1cf0d-3bd7-4ef6-b86d-3591900bbeea","block_type":"box","text":"Appendix 3","page_number":541,"box":{"x":338,"y":746,"width":90,"height":12}},{"id":"e828f35a-5f96-49de-8417-a88229d8edcc","block_type":"box","text":"of the Prospectus for information on investment in collective","page_number":541,"box":{"x":434,"y":746,"width":451,"height":12}},{"id":"e2543d30-7759-4f13-a818-ff529a9382ee","block_type":"box","text":"investment schemes, including other Funds of the Company.","page_number":541,"box":{"x":119,"y":761,"width":446,"height":12}},{"id":"f8514250-7a22-4367-ac57-0e0d0b92f744","block_type":"box","text":"The Fund may also enter into","page_number":541,"box":{"x":119,"y":790,"width":231,"height":12}},{"id":"bef17f9f-a638-49c6-8371-26f4dc307585","block_type":"box","text":"reverse repurchase agreements for the purpose of efficient portfolio","page_number":541,"box":{"x":358,"y":790,"width":527,"height":12}},{"id":"40852eff-50a5-446f-9a21-523f2b6844b7","block_type":"box","text":"management.","page_number":541,"box":{"x":118,"y":807,"width":98,"height":10}},{"id":"07220a86-0d68-4dcb-9736-dc105f6aa022","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short","page_number":541,"box":{"x":118,"y":835,"width":679,"height":12}},{"id":"02e0bd76-66f4-407b-b2c7-7c3ccfae9c61","block_type":"box","text":"-","page_number":541,"box":{"x":798,"y":840,"width":5,"height":1}},{"id":"cd26f38d-195f-4d4c-bf58-cc803166839a","block_type":"box","text":"term, high","page_number":541,"box":{"x":804,"y":835,"width":82,"height":12}},{"id":"ec04218b-8726-400a-9baf-19d6b45c822a","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":541,"box":{"x":119,"y":850,"width":766,"height":12}},{"id":"445ab625-b3f0-4737-970b-43488843698a","block_type":"box","text":"engage in overnight repurchase agreements) and/or money m","page_number":541,"box":{"x":119,"y":865,"width":432,"height":12}},{"id":"f158a4a1-8751-473f-9608-fdc5000fb1e7","block_type":"box","text":"market funds for cash management purposes.","page_number":541,"box":{"x":551,"y":865,"width":329,"height":12}},{"id":"89deff8f-4c12-423e-8cb8-72f22ce493e3","block_type":"box","text":"Temporary Investment Measures","page_number":541,"box":{"x":119,"y":895,"width":262,"height":11}},{"id":"a8ca296a-055b-4e4e-becf-904209272328","block_type":"box","text":"4","page_number":542,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"365e5cfb-c7b7-4f23-9437-ff161923fc9a","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":542,"box":{"x":119,"y":104,"width":766,"height":11}},{"id":"f69306f9-1782-4501-81f1-ce3cc050d5c8","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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This file contains","page_number":542,"box":{"x":118,"y":413,"width":767,"height":12}},{"id":"71501fc4-cbd1-41cb-a4f1-fb287451c24a","block_type":"box","text":"a basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":542,"box":{"x":119,"y":431,"width":766,"height":11}},{"id":"4344fab6-da44-48d8-bb1f-96666429718f","block_type":"box","text":"Authorised Participants and market makers will","page_number":542,"box":{"x":118,"y":448,"width":364,"height":12}},{"id":"cab89ae7-4f08-4b35-9501-231dd993fb04","block_type":"box","text":"be able to accurately predict the Fund closing NAV,","page_number":542,"box":{"x":484,"y":448,"width":401,"height":12}},{"id":"82538c09-1104-4466-8c39-1f2adc105fc4","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":542,"box":{"x":118,"y":465,"width":365,"height":12}},{"id":"1fe96a20-b5ac-4052-8eb4-27ea3a322caf","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":542,"box":{"x":118,"y":500,"width":451,"height":12}},{"id":"ea907981-2496-40b5-9be9-29b87361dc0d","block_type":"box","text":"https://fund","page_number":542,"box":{"x":570,"y":500,"width":86,"height":12}},{"id":"25ecc759-a0d6-4e82-8b3e-4bffc8b3c0e2","block_type":"box","text":"-","page_number":542,"box":{"x":656,"y":505,"width":5,"height":1}},{"id":"45e931b2-c84e-474c-9638-3a421aa28b6a","block_type":"box","text":"docs.vanguard.com/portfolio","page_number":542,"box":{"x":662,"y":500,"width":213,"height":12}},{"id":"3aab1879-7299-4e27-b297-f98c35bbac17","block_type":"box","text":"holdings","page_number":542,"box":{"x":118,"y":517,"width":63,"height":12}},{"id":"cf98b7f9-872f-4012-a1d0-bdf9fa9e580b","block_type":"box","text":"-","page_number":542,"box":{"x":183,"y":523,"width":4,"height":1}},{"id":"93a5f0f1-c16a-4943-ac85-cb4e593f3db3","block_type":"box","text":"disclosure","page_number":542,"box":{"x":189,"y":517,"width":73,"height":9}},{"id":"53a59b71-d3f7-4837-b7ad-a2647720e161","block_type":"box","text":"-","page_number":542,"box":{"x":264,"y":523,"width":4,"height":1}},{"id":"e981ec4f-ff1c-434a-81a7-abc29357bb85","block_type":"box","text":"policy.pdf,","page_number":542,"box":{"x":269,"y":517,"width":77,"height":12}},{"id":"4807d3a2-5055-48e4-834b-17f76508734e","block_type":"box","text":"f, including details of the periodic disclosure of full holdings.","page_number":542,"box":{"x":346,"y":517,"width":444,"height":12}},{"id":"2f18c7ac-35aa-494d-a620-cf4738688d71","block_type":"box","text":"Primary Risks","page_number":542,"box":{"x":119,"y":552,"width":113,"height":11}},{"id":"36fc5f7f-d93b-4b14-851a-379215e1ec60","block_type":"box","text":"In addition to the risks set out below, p","page_number":542,"box":{"x":119,"y":586,"width":279,"height":12}},{"id":"de557b95-05ca-4745-a20b-5d5aaa6e6099","block_type":"box","text":"lease refer to the section of the Prospectus entitled “","page_number":542,"box":{"x":399,"y":586,"width":374,"height":12}},{"id":"a077abae-3922-4e32-8ea1-b5d3d1c7eb2c","block_type":"box","text":"Risk Factors","page_number":542,"box":{"x":774,"y":586,"width":99,"height":9}},{"id":"35d3d4a3-73e3-4dd8-b009-156cb6080a00","block_type":"box","text":"”","page_number":542,"box":{"x":874,"y":586,"width":12,"height":9}},{"id":"69313dd5-3889-4cb6-9c44-35a165d1f077","block_type":"box","text":"for information in relation to the risks applicable to an investment in the Company, including any","page_number":542,"box":{"x":119,"y":601,"width":766,"height":12}},{"id":"73abf611-4e7d-446b-9b69-7e0f4ec13c72","block_type":"box","text":"investment in the Fund","page_number":542,"box":{"x":119,"y":616,"width":175,"height":9}},{"id":"a707f265-5273-4afc-9568-e62cb45d3160","block_type":"box","text":", in particular the risk factors entitled “Index Risks”, “Index Tracking Risk”,","page_number":542,"box":{"x":295,"y":616,"width":590,"height":12}},{"id":"c157981f-1e0e-4a39-a49e-247821e20030","block_type":"box","text":"“Index Accuracy Risk”, “Index Unscheduled Rebalancing Risk”, “Index Sampling Risks” and","page_number":542,"box":{"x":119,"y":631,"width":766,"height":12}},{"id":"a757ae9a-7eff-4639-aa90-92aae41e6066","block_type":"box","text":"“Currency Risk”","page_number":542,"box":{"x":119,"y":646,"width":122,"height":12}},{"id":"e67a38d1-45d9-4ca8-a333-c375c1fede85","block_type":"box","text":":","page_number":542,"box":{"x":243,"y":649,"width":2,"height":6}},{"id":"25cc0626-6b53-4861-928b-07084e037748","block_type":"box","text":"Risks of investment in callable bonds","page_number":542,"box":{"x":118,"y":676,"width":273,"height":12}},{"id":"da0a5477-a0bc-4653-a376-bc2988aa2065","block_type":"box","text":":","page_number":542,"box":{"x":393,"y":679,"width":2,"height":6}},{"id":"a5b18efe-a14f-426b-bd8a-d29346566dba","block_type":"box","text":"The Fund may invest in callable bonds. 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which","page_number":596,"box":{"x":246,"y":150,"width":613,"height":12}},{"id":"18ba407c-0fef-4a10-9f5d-f19f197ff738","block_type":"box","text":"it","page_number":596,"box":{"x":862,"y":150,"width":14,"height":9}},{"id":"46ba18a9-50d9-4329-8a7d-2b9583902593","block_type":"box","text":"intends to invest more than 5% of its assets;","page_number":596,"box":{"x":246,"y":165,"width":323,"height":11}},{"id":"b3ea9b8c-c247-4d1d-afa0-30e8bb88f955","block_type":"box","text":"(d)","page_number":596,"box":{"x":216,"y":180,"width":20,"height":12}},{"id":"0e6b8b8d-e36b-42a4-9108-690e12eafa5c","block_type":"box","text":"the MMF includes a prominent statement in its prospectus and marketing","page_number":596,"box":{"x":246,"y":180,"width":630,"height":12}},{"id":"123f34cb-1beb-4c8f-b1e4-02766c7e4971","block_type":"box","text":"communications drawing attention to the use of the derogation and indicating all","page_number":596,"box":{"x":246,"y":195,"width":630,"height":12}},{"id":"cc34171b-c484-4933-8887-978a22ba4824","block_type":"box","text":"administrations, institutions or organisations referred to in the first subparagraph that","page_number":596,"box":{"x":246,"y":210,"width":630,"height":12}},{"id":"eec434fe-35d2-48eb-8c01-bce2ce125a36","block_type":"box","text":"issue or guara","page_number":596,"box":{"x":246,"y":225,"width":102,"height":12}},{"id":"3ad54a7e-e9f1-404d-8da2-e5a8d7a7925b","block_type":"box","text":"ntee separately or jointly money market instruments in which it intends","page_number":596,"box":{"x":348,"y":225,"width":528,"height":12}},{"id":"de5b73aa-72a4-4c56-ada2-b956af803c21","block_type":"box","text":"to invest more than 5% of its 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In particular, sums deriving from the issue of those bonds shall be invested in","page_number":596,"box":{"x":284,"y":315,"width":592,"height":12}},{"id":"96b35a1e-daa2-4e2a-bc4d-d2d0e0bbdfe8","block_type":"box","text":"accordance with the law in assets which, during the whole period of validity of the bonds, are","page_number":596,"box":{"x":186,"y":330,"width":690,"height":12}},{"id":"ae936f43-0a6b-45bf-aad6-2bfab9870023","block_type":"box","text":"capable of covering claims attaching to the bonds and which, in the event of fa","page_number":596,"box":{"x":186,"y":345,"width":601,"height":12}},{"id":"e843c469-cf26-4fe7-ae77-6a80ddedbd7a","block_type":"box","text":"ilure of the","page_number":596,"box":{"x":788,"y":345,"width":88,"height":9}},{"id":"3985c8bd-1511-4dcd-b146-6921e7fedd69","block_type":"box","text":"issuer, would be used on a priority basis for the reimbursement of the principal and payment","page_number":596,"box":{"x":186,"y":360,"width":690,"height":12}},{"id":"02cf66be-6ca1-4816-b01e-3e8741b82d20","block_type":"box","text":"of the accrued interest.","page_number":596,"box":{"x":186,"y":375,"width":166,"height":10}},{"id":"c553268a-6d48-4251-bcdf-fae482735627","block_type":"box","text":"2.12","page_number":596,"box":{"x":129,"y":406,"width":31,"height":9}},{"id":"00f99480-0dad-4988-9ffb-f9a805598f50","block_type":"box","text":"Where an MMF invests more than 5% of its assets in the bonds referred to in paragraph 2.11","page_number":596,"box":{"x":185,"y":405,"width":691,"height":12}},{"id":"55fcb016-2079-4fdc-b3b3-f65cd7bb67fc","block_type":"box","text":"issued by a single issuer, the total value of those investments shall not exceed 40% of the","page_number":596,"box":{"x":186,"y":420,"width":690,"height":12}},{"id":"c0601359-a66e-44bb-803f-0ea7423397aa","block_type":"box","text":"value of the assets of the MMF.","page_number":596,"box":{"x":185,"y":435,"width":233,"height":10}},{"id":"208dce3e-b94f-499d-89d8-ea621b564773","block_type":"box","text":"2.13","page_number":596,"box":{"x":129,"y":466,"width":31,"height":9}},{"id":"891b0b40-16cc-4ea1-9da0-22fb198561f6","block_type":"box","text":"Notwithstanding the individual limits laid down in paragraph 2.1, an MMF may invest no","page_number":596,"box":{"x":185,"y":465,"width":691,"height":12}},{"id":"478cd62a-4e7a-4083-bf68-148bc412752d","block_type":"box","text":"more than 20% of its assets in bonds issued by a single credit institution where the","page_number":596,"box":{"x":185,"y":480,"width":691,"height":12}},{"id":"3e9b57c7-6536-46a9-ba0d-cf56b62cb0f3","block_type":"box","text":"requirements set out in point (f) of Article 10(1) or point (c) of Article 11(1) of","page_number":596,"box":{"x":185,"y":495,"width":609,"height":12}},{"id":"23e9a7bf-1318-4e79-b921-9218076052dc","block_type":"box","text":"Delegated","page_number":596,"box":{"x":797,"y":495,"width":79,"height":12}},{"id":"f59e1d84-9098-4e40-92fc-3ec64c0d31f0","block_type":"box","text":"Regulation (EU) 2015/61 are met, including any possible investment in assets referred to in","page_number":596,"box":{"x":185,"y":510,"width":691,"height":12}},{"id":"0e297ae2-89cd-440e-b6da-1faed2090fd3","block_type":"box","text":"paragraph 2.11.","page_number":596,"box":{"x":185,"y":525,"width":114,"height":12}},{"id":"a4f7c6a3-957f-4ca0-9715-e85dbce80b9e","block_type":"box","text":"2.14","page_number":596,"box":{"x":129,"y":556,"width":31,"height":9}},{"id":"a17ca75d-6638-455b-ac8d-0642b3cf7a11","block_type":"box","text":"Where an MMF invests more than 5% of its assets in the bonds referred to in paragraph 2.13","page_number":596,"box":{"x":185,"y":556,"width":691,"height":11}},{"id":"3c1f5750-c154-440a-8e77-7a30fde72aed","block_type":"box","text":"issued by a single issuer, the total value of those investments shall not exceed 60% of the","page_number":596,"box":{"x":186,"y":571,"width":690,"height":11}},{"id":"2642e411-22a9-48f4-aa04-5ecf5b59547e","block_type":"box","text":"value of the assets of the MMF, including any possible investment in asse","page_number":596,"box":{"x":185,"y":586,"width":567,"height":12}},{"id":"b2d5e8b9-d13d-4eaa-888b-0f57abd91e2e","block_type":"box","text":"ts referred to in","page_number":596,"box":{"x":753,"y":586,"width":123,"height":9}},{"id":"9c816f15-28c6-4394-a3ba-45a7546e0e5e","block_type":"box","text":"paragraph 2.11, respecting the limits set out therein.","page_number":596,"box":{"x":185,"y":601,"width":383,"height":11}},{"id":"5895d793-fcf2-4aa0-ac31-ba98a271de24","block_type":"box","text":"2.15","page_number":596,"box":{"x":129,"y":631,"width":31,"height":9}},{"id":"7ad36efc-5b0c-4199-93f4-05d53a28e39c","block_type":"box","text":"Companies which are included in the same group for the purposes of consolidated accounts","page_number":596,"box":{"x":186,"y":631,"width":690,"height":12}},{"id":"70560cff-acdb-4ebd-87a5-1ff8ca176e0a","block_type":"box","text":"under Directive 2013/34/EU of the European Parliament and of the Council or in accordance","page_number":596,"box":{"x":185,"y":646,"width":691,"height":11}},{"id":"480c47c2-a64e-49f0-8b91-d03299357e19","block_type":"box","text":"with recognised international accounting rules, shall be regarded as a single","page_number":596,"box":{"x":185,"y":661,"width":583,"height":12}},{"id":"faf1e6c1-10a1-4dba-9f7b-d4af00cfce13","block_type":"box","text":"body for the","page_number":596,"box":{"x":777,"y":661,"width":99,"height":12}},{"id":"4aa9a713-c507-4c79-b8d7-16efacd6b239","block_type":"box","text":"purpose of calculating the limits referred to in paragraphs 2.1 to 2.8.","page_number":596,"box":{"x":185,"y":676,"width":503,"height":12}},{"id":"426d3724-1c33-4151-a3f5-22229973a24d","block_type":"box","text":"3","page_number":596,"box":{"x":128,"y":707,"width":8,"height":9}},{"id":"e4f70a0b-f3b6-4204-b710-74baffbd95b0","block_type":"box","text":"Eligible units or shares of MMFs","page_number":596,"box":{"x":185,"y":707,"width":259,"height":11}},{"id":"9c0a0036-0e95-42fb-b5f2-cb85f9fdb7e4","block_type":"box","text":"3.1","page_number":596,"box":{"x":128,"y":722,"width":22,"height":9}},{"id":"22b2b5c6-bdda-44b3-bdab-b08e12ccb19a","block_type":"box","text":"An MMF may acquire the units or shares of any other MMF (‘targeted MMF’) provided that","page_number":596,"box":{"x":185,"y":722,"width":686,"height":12}},{"id":"0d66440b-2700-4ac9-81f0-4f7245a85683","block_type":"box","text":"all of the following conditions are fulfilled:","page_number":596,"box":{"x":186,"y":737,"width":318,"height":12}},{"id":"1d8ef794-ae72-4614-ac62-5f94a80c831c","block_type":"box","text":"a)","page_number":596,"box":{"x":216,"y":752,"width":13,"height":12}},{"id":"30ad6cdf-319f-4c61-827e-a23fe27e36f1","block_type":"box","text":"no more than 10% of the assets of the targeted MMF are able, according to its fund","page_number":596,"box":{"x":246,"y":752,"width":630,"height":12}},{"id":"91ab85a6-dbe3-4b43-b608-4624abdb86a5","block_type":"box","text":"rules or instruments of incorporation, to be invested in aggregate in units or shares of","page_number":596,"box":{"x":246,"y":767,"width":630,"height":12}},{"id":"15bd27ce-6778-4d96-a867-2cde31b65683","block_type":"box","text":"other MMFs;","page_number":596,"box":{"x":246,"y":782,"width":96,"height":11}},{"id":"6fa2f529-8ce8-4542-8d3f-ba98320297f3","block_type":"box","text":"b)","page_number":596,"box":{"x":215,"y":797,"width":15,"height":12}},{"id":"667e8c8e-8f80-4e93-8065-04f84c02fbf6","block_type":"box","text":"the targeted MMF does not hold units or shares in the acquiring MMF.","page_number":596,"box":{"x":246,"y":797,"width":521,"height":12}},{"id":"0c514bab-c93f-40a4-8dbd-200d91f6d17e","block_type":"box","text":"3.2","page_number":596,"box":{"x":128,"y":827,"width":22,"height":9}},{"id":"4c506b3c-fc0d-4b51-bc24-49d739386c82","block_type":"box","text":"An MMF whose units or shares have been acquired shall not invest in the acquiring MMF","page_number":596,"box":{"x":185,"y":827,"width":691,"height":12}},{"id":"411ce467-a7d3-4759-be49-d1366639aee7","block_type":"box","text":"during the period in which the acquiring MMF holds units or shares in it.","page_number":596,"box":{"x":186,"y":842,"width":538,"height":12}},{"id":"c3f17f82-6401-4cd1-aedc-335ee7f95968","block_type":"box","text":"3.3","page_number":596,"box":{"x":128,"y":872,"width":22,"height":10}},{"id":"7f3d8c9b-2230-4764-ab48-d22b2cf0c4d0","block_type":"box","text":"An MMF may acquire the units or shares of other MMFs, provided that no more than 5% of","page_number":596,"box":{"x":185,"y":872,"width":691,"height":12}},{"id":"a726cd5e-3fe6-411e-915d-90d4c2f681ab","block_type":"box","text":"its assets are invested in units or shares of a single MMF.","page_number":596,"box":{"x":186,"y":887,"width":420,"height":12}},{"id":"f6faabe0-90aa-47eb-917b-0e460db60055","block_type":"box","text":"15","page_number":597,"box":{"x":494,"y":948,"width":13,"height":7}},{"id":"ee4547ee-c5c6-4fb5-bfcc-673c3621f354","block_type":"box","text":"3.4","page_number":597,"box":{"x":128,"y":90,"width":23,"height":9}},{"id":"60c15d4d-7b32-4b83-9a16-ce3e4baae41f","block_type":"box","text":"An 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and","page_number":729,"box":{"x":149,"y":629,"width":106,"height":12}},{"id":"7507f099-f0e5-4207-8685-ca2f92910a97","block_type":"box","text":"","page_number":729,"box":{"x":120,"y":662,"width":6,"height":5}},{"id":"890fcac5-5931-40e6-a72a-a7607f919e4d","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":729,"box":{"x":150,"y":659,"width":735,"height":12}},{"id":"2dbd8d4f-6ac8-49e2-8481-865a799cb457","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":729,"box":{"x":149,"y":674,"width":736,"height":12}},{"id":"f0dbfdf7-08cf-4bf3-ad43-32b44e70965b","block_type":"box","text":"cost efficiencies.","page_number":729,"box":{"x":149,"y":689,"width":129,"height":10}},{"id":"5a82b85c-dd25-4dae-859b-cb6d2a753663","block_type":"box","text":"See","page_number":729,"box":{"x":120,"y":719,"width":30,"height":9}},{"id":"fe59fd46-8079-4d48-a30e-13caae4b3120","block_type":"box","text":"Appendix 4","page_number":729,"box":{"x":151,"y":719,"width":90,"height":12}},{"id":"450137c5-cecc-431d-b818-a42bb338dfb6","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will","page_number":729,"box":{"x":242,"y":719,"width":643,"height":12}},{"id":"1ad0cf9b-dde6-42af-b033-d24742bf0c36","block_type":"box","text":"not use FDI for investment purposes, and only a limited percentage of its assets may be committed to","page_number":729,"box":{"x":119,"y":734,"width":766,"height":12}},{"id":"bf84a3d9-1bb4-443a-94f8-abe225ec1671","block_type":"box","text":"FDI usage at any time. See","page_number":729,"box":{"x":119,"y":749,"width":207,"height":12}},{"id":"e9473395-941f-4891-8e67-48bdc6bf986c","block_type":"box","text":"Appendix 4","page_number":729,"box":{"x":327,"y":749,"width":91,"height":12}},{"id":"cd898465-f5b5-404a-a22a-fee23190afe5","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":729,"box":{"x":419,"y":749,"width":466,"height":12}},{"id":"776d3961-be90-406c-b12c-6850c1747a94","block_type":"box","text":"calculation of global exposure.","page_number":729,"box":{"x":119,"y":764,"width":232,"height":12}},{"id":"050a7da2-9a81-4945-a6e4-a1387f526ebe","block_type":"box","text":"The Fund may invest in foreign exchange spots. 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See","page_number":729,"box":{"x":119,"y":882,"width":367,"height":12}},{"id":"bf9cf082-b99d-4eb4-8251-e041fe29ef2c","block_type":"box","text":"Appendix 3","page_number":729,"box":{"x":489,"y":882,"width":94,"height":12}},{"id":"e2794c47-b678-4455-a0f1-30a38cb0d353","block_type":"box","text":"of the Prospectus for information on","page_number":729,"box":{"x":584,"y":882,"width":301,"height":12}},{"id":"586a3d39-a7ed-4b69-9062-84c4ea78396c","block_type":"box","text":"investment in collective investment schemes, including other funds of the Company.","page_number":729,"box":{"x":119,"y":897,"width":630,"height":12}},{"id":"75327604-5e1b-41eb-bb66-51ce6f041ea0","block_type":"box","text":"4","page_number":730,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"75227e27-4d12-4bd7-882d-3f3f91cd421c","block_type":"box","text":"VG001-001/M85660-892520263-22910/1","page_number":730,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"afd8f05a-6311-4d22-bc93-fa3e6f1e0414","block_type":"box","text":"The Fund may also enter into repurchase agreements, reverse repurchase agreements and securities","page_number":730,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"c7054d83-e604-4212-90be-fbc6bba9cbb6","block_type":"box","text":"lending arrangements for the purposes of efficient portfolio management in accordance with the limits","page_number":730,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"62652870-03c2-484c-bfb0-8593842f7f77","block_type":"box","text":"and conditions specified under the heading “","page_number":730,"box":{"x":119,"y":117,"width":331,"height":12}},{"id":"c80e7dfd-e6d0-4da8-a858-9cc937bb534d","block_type":"box","text":"Portfolio Investment Techniques","page_number":730,"box":{"x":451,"y":117,"width":257,"height":12}},{"id":"1854cea0-2041-4113-b809-2a1bfd2a0eaa","block_type":"box","text":"” in","page_number":730,"box":{"x":709,"y":117,"width":32,"height":9}},{"id":"642300e0-d3c0-4c5e-938e-1dc8b6c2a51f","block_type":"box","text":"Appendix 4","page_number":730,"box":{"x":741,"y":117,"width":91,"height":12}},{"id":"20a6f583-1b49-4b8a-bded-3d5d4fd7d637","block_type":"box","text":"of the","page_number":730,"box":{"x":833,"y":117,"width":52,"height":9}},{"id":"00c162fe-21a1-49dc-b0a7-f37309707c82","block_type":"box","text":"Prospectus.","page_number":730,"box":{"x":119,"y":132,"width":89,"height":12}},{"id":"dd35e6cd-dc4d-4018-a141-7be48826392e","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":730,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"85c48f7a-395d-4e98-a781-89e65e0cff49","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":730,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"4eab5a5b-7d72-4db9-b4dc-6046adac9ed7","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":730,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"1ba07314-3ee6-48b1-bada-8789731960fe","block_type":"box","text":"Temporary Investment Measures","page_number":730,"box":{"x":119,"y":221,"width":268,"height":11}},{"id":"f62dabc9-b3b6-467f-b268-3e95f74bba6f","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":730,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"07e6d316-ea53-4e5e-b261-dce0072616ae","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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Please see the section of the Prospectus headed “","page_number":730,"box":{"x":119,"y":865,"width":591,"height":12}},{"id":"f6e0bb55-bb51-4e44-90f6-f183ff0275e4","block_type":"box","text":"Currency Hedging at","page_number":730,"box":{"x":711,"y":866,"width":174,"height":11}},{"id":"2761fe33-3253-44d0-b84d-0273c7af0a9a","block_type":"box","text":"Share Class Level","page_number":730,"box":{"x":120,"y":881,"width":139,"height":9}},{"id":"03bcefa9-08d9-45ad-836e-f24e6fdf1914","block_type":"box","text":"” for further details.","page_number":730,"box":{"x":260,"y":880,"width":150,"height":10}},{"id":"d61bb883-c506-4d88-ae94-6c043c2ffec1","block_type":"box","text":"5","page_number":731,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"0e806c4c-3944-4003-8a8b-8cf1d263cecb","block_type":"box","text":"VG001-001/M85660-892520263-22910/1","page_number":731,"box":{"x":654,"y":948,"width":225,"height":7}},{"id":"0e998ab3-a771-42f1-9c90-b853a617c512","block_type":"box","text":"Fund 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These prices are excluding","page_number":731,"box":{"x":414,"y":466,"width":462,"height":13}},{"id":"89fff48d-95a1-4bdc-a1e0-424fea8f686e","block_type":"box","text":"custody and transaction fees (as detailed in the table entitled","page_number":731,"box":{"x":414,"y":481,"width":462,"height":12}},{"id":"7687409a-f44d-4c3f-becf-c8b5b45dfdb4","block_type":"box","text":"“","page_number":731,"box":{"x":414,"y":497,"width":7,"height":3}},{"id":"68d2b05c-c4ff-46da-a6fd-8cfa269c878f","block_type":"box","text":"ETF Shares","page_number":731,"box":{"x":422,"y":497,"width":93,"height":9}},{"id":"13504e1a-e1eb-4b6d-a373-296bfb0afc09","block_type":"box","text":"” below).","page_number":731,"box":{"x":516,"y":497,"width":67,"height":12}},{"id":"eb442bf4-1004-4413-9935-219dcf9781de","block_type":"box","text":"Initial Offer Period","page_number":731,"box":{"x":128,"y":527,"width":158,"height":9}},{"id":"5d9d211b-4787-4a0a-9666-d4ae4e51827d","block_type":"box","text":"ETF Shares – Creation 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