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This rebalancing will incur","page_number":28,"box":{"x":228,"y":566,"width":650,"height":10}},{"id":"a9743873-f5f2-4d9d-85d3-fd1f35a6f976","block_type":"box","text":"costs which are not reflected in the theoretical calculation of the index return and, consequently,","page_number":28,"box":{"x":228,"y":581,"width":648,"height":10}},{"id":"3aba52b0-172b-4c58-bf35-6c3be3d0538c","block_type":"box","text":"may impact on the Fund’s ability to provide returns cons","page_number":28,"box":{"x":229,"y":596,"width":386,"height":11}},{"id":"cc24b963-0904-482c-b622-c882bbc25bc1","block_type":"box","text":"istent with those of the relevant index.","page_number":28,"box":{"x":617,"y":597,"width":260,"height":7}},{"id":"73d493a0-e1c8-4f90-a29b-ed60dcee97e0","block_type":"box","text":"Such costs can be direct or indirect and include (but are not limited to): transaction costs (such as","page_number":28,"box":{"x":228,"y":612,"width":650,"height":10}},{"id":"37873243-a9e5-4b9a-bd2e-f8e079b727da","block_type":"box","text":"brokerage fees), custody fees, exchange costs and commissions (including foreign exchange","page_number":28,"box":{"x":229,"y":627,"width":649,"height":10}},{"id":"ff99b6a7-9aee-490b-a5de-f13615c5e826","block_type":"box","text":"spreads), and stamp dut","page_number":28,"box":{"x":228,"y":643,"width":163,"height":10}},{"id":"ac0d93d4-275b-4312-9c96-df82183fff8f","block_type":"box","text":"y.","page_number":28,"box":{"x":391,"y":645,"width":10,"height":8}},{"id":"08ce849f-2f96-465b-96ed-136b83542ae2","block_type":"box","text":"Excess Return and Tracking Error","page_number":28,"box":{"x":229,"y":670,"width":243,"height":10}},{"id":"2128794d-b974-48a2-878e-f6f1c9cc5815","block_type":"box","text":"Excess Return","page_number":28,"box":{"x":228,"y":697,"width":105,"height":8}},{"id":"d1015ffa-8647-43be-a8fa-3e3cc8816fdb","block_type":"box","text":"Excess Return is the difference between the performance of a passively","page_number":28,"box":{"x":229,"y":724,"width":486,"height":10}},{"id":"774b267b-c3f9-46b3-98d6-4e85df68ea47","block_type":"box","text":"managed Fund and the","page_number":28,"box":{"x":721,"y":725,"width":157,"height":9}},{"id":"20884756-a269-4119-8390-e942c203e22b","block_type":"box","text":"performance of the index tracked by the Fund over a stated period of time. Excess Return can be","page_number":28,"box":{"x":229,"y":740,"width":648,"height":10}},{"id":"5015ccaa-30a5-4f80-b5ca-8373ad9f12d2","block_type":"box","text":"either positive (where the Fund outperforms the relevant index) or negative (where the Fund","page_number":28,"box":{"x":228,"y":755,"width":649,"height":10}},{"id":"f9bcfc80-1035-4eb9-9a3c-fd9f31e9257a","block_type":"box","text":"underperforms the relevant index). It is calcul","page_number":28,"box":{"x":229,"y":771,"width":302,"height":10}},{"id":"bd5da5c5-79e9-4b3a-958e-fa091953577f","block_type":"box","text":"ated as the Fund’s total return less the index’s total","page_number":28,"box":{"x":533,"y":771,"width":344,"height":7}},{"id":"da064161-a622-45fd-b600-55f78699bad0","block_type":"box","text":"return. Because a Fund’s total return includes fund expenses, Excess Return will usually be","page_number":28,"box":{"x":229,"y":786,"width":648,"height":10}},{"id":"4a1bd4d9-26f1-42a2-86c2-2b40031bc1cd","block_type":"box","text":"negative.","page_number":28,"box":{"x":229,"y":801,"width":59,"height":10}},{"id":"3bfceec5-ba5b-4922-9d2d-48da766b53fc","block_type":"box","text":"An index’s return is theoretical","page_number":28,"box":{"x":228,"y":828,"width":208,"height":8}},{"id":"a0bb3412-89b8-4f2f-8a06-615172c13942","block_type":"box","text":"–","page_number":28,"box":{"x":444,"y":833,"width":8,"height":1}},{"id":"3e7eb95d-b4b6-4c9f-9874-5507fa35d32f","block_type":"box","text":"it is reflective of the increase or decrease in the value of the","page_number":28,"box":{"x":459,"y":828,"width":419,"height":8}},{"id":"89fb78bd-5090-4250-af99-2bd163785bca","block_type":"box","text":"securities within that index. However, an index provider does not actually buy and sell these","page_number":28,"box":{"x":228,"y":844,"width":649,"height":10}},{"id":"9224f6ca-8d6f-4e57-bc95-aa754d122f39","block_type":"box","text":"securities when calculating an index’s performance. This means","page_number":28,"box":{"x":228,"y":859,"width":424,"height":10}},{"id":"c796f81f-819a-4234-9cac-bdb054f8edf4","block_type":"box","text":"that an index’s performance does","page_number":28,"box":{"x":657,"y":859,"width":221,"height":10}},{"id":"29c9f63a-b0ac-4dcb-b4e2-dbac206e81b8","block_type":"box","text":"not take into account the costs of buying and selling securities, such as brokerage fees,","page_number":28,"box":{"x":229,"y":875,"width":648,"height":10}},{"id":"3fbb8d4b-40a3-434f-a9df-8a253966b3e5","block_type":"box","text":"commissions, stamp duty, custody fees, regulatory fees, exchange fees, and spreads. A Fund","page_number":28,"box":{"x":228,"y":890,"width":649,"height":10}},{"id":"c0df787a-a09a-4e4d-840e-623d41b29d32","block_type":"box","text":"incurs all of these expenses in tracking","page_number":28,"box":{"x":229,"y":905,"width":258,"height":10}},{"id":"63ab4908-8de9-4134-8a7f-663917439066","block_type":"box","text":"an index, and these expenses will have a negative impact","page_number":28,"box":{"x":493,"y":905,"width":385,"height":10}},{"id":"87a71382-8068-4884-86f7-42570313356a","block_type":"box","text":"on the Fund’s performance relative to the index.","page_number":28,"box":{"x":228,"y":921,"width":318,"height":10}},{"id":"2619da67-ed68-4a78-8ec7-2c5a3ce745ac","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":29,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"f9193ed4-1912-4135-90a5-487649262758","block_type":"box","text":"Public","page_number":29,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"c6dfa638-71db-406c-b325-6b5595f13a12","block_type":"box","text":"In addition, an index’s performance will not always take into account the exact same costs related","page_number":29,"box":{"x":229,"y":87,"width":648,"height":10}},{"id":"54aa6f40-160f-49ef-8770-e6707630cbd8","block_type":"box","text":"to withholding tax payable on income derived from the component securities (","page_number":29,"box":{"x":228,"y":103,"width":536,"height":10}},{"id":"9c341afa-59a7-464c-9706-71985ecee205","block_type":"box","text":"i.e.,","page_number":29,"box":{"x":766,"y":103,"width":22,"height":9}},{"id":"f8632526-756b-4908-923f-ca156c6aa689","block_type":"box","text":"dividends or","page_number":29,"box":{"x":796,"y":103,"width":83,"height":8}},{"id":"bb1898d5-31a0-4d34-9ea6-3f6f64dbcb22","block_type":"box","text":"coupon payments). This can either have a positive or negative impact on the performance of a","page_number":29,"box":{"x":228,"y":118,"width":649,"height":10}},{"id":"b75be529-809b-4c7f-863b-18fe250a7f2d","block_type":"box","text":"Fund against the relevant index. Index performance also does not take into account capital gains","page_number":29,"box":{"x":229,"y":133,"width":648,"height":10}},{"id":"5c59233f-8036-40ca-a9de-5ab5dc0c0e39","block_type":"box","text":"tax arising from selling securities, which may have","page_number":29,"box":{"x":228,"y":149,"width":330,"height":10}},{"id":"369d122a-7f6b-44ac-acbe-b9aa2b26cb45","block_type":"box","text":"a negative impact on the performance of a Fund","page_number":29,"box":{"x":563,"y":149,"width":314,"height":10}},{"id":"26c15ac0-efba-4cac-906d-6122b575c204","block_type":"box","text":"against the relevant index.","page_number":29,"box":{"x":228,"y":164,"width":175,"height":10}},{"id":"5e4df6e6-f87f-4cc2-89ca-5d9e93e943ac","block_type":"box","text":"A Fund may also engage in","page_number":29,"box":{"x":228,"y":191,"width":185,"height":10}},{"id":"e91b4602-37d7-47a6-9949-a44b3f7b6b09","block_type":"box","text":"stock","page_number":29,"box":{"x":420,"y":191,"width":34,"height":8}},{"id":"c17e77bd-ff37-4458-844f-7da008c51d5b","block_type":"box","text":"lending. The net income from this lending is paid back into the","page_number":29,"box":{"x":460,"y":191,"width":418,"height":10}},{"id":"4ae8a511-418c-4a3d-a7aa-2fd7238c0600","block_type":"box","text":"Fund, and this will have a positive impact on the performance of the Fund relative to the relevant","page_number":29,"box":{"x":229,"y":207,"width":649,"height":10}},{"id":"dbd120f5-9026-4f3f-841a-83cb0ce9eae7","block_type":"box","text":"index.","page_number":29,"box":{"x":229,"y":222,"width":38,"height":8}},{"id":"5457ec82-798e-4efd-b13d-3583b3f57789","block_type":"box","text":"Excess Return can also occur when a Fund’s index tracking strategy involves a representative","page_number":29,"box":{"x":229,"y":249,"width":648,"height":10}},{"id":"b93e203d-0000-418f-a4ae-8ec3a7cd4cee","block_type":"box","text":"sampling process rather than full replication. For more information on this and other causes of","page_number":29,"box":{"x":228,"y":265,"width":650,"height":10}},{"id":"1f36293f-ec6d-466a-af8a-d6373cc93d78","block_type":"box","text":"Excess Return, please refer to “Index","page_number":29,"box":{"x":229,"y":280,"width":248,"height":10}},{"id":"872c69c6-e73d-4bbf-b28a-fa8a4daba29c","block_type":"box","text":"-","page_number":29,"box":{"x":478,"y":285,"width":4,"height":1}},{"id":"8db1b5bb-c84f-4000-b888-c286f8681349","block_type":"box","text":"related risks","page_number":29,"box":{"x":484,"y":280,"width":79,"height":8}},{"id":"b79d9ef4-dcb0-4a7d-bc87-4bceed14fb85","block_type":"box","text":"” in the Risk Factors section of this Prospectus.","page_number":29,"box":{"x":565,"y":280,"width":312,"height":10}},{"id":"6de2ad91-504a-4232-993d-15b85917714b","block_type":"box","text":"Tracking Error","page_number":29,"box":{"x":230,"y":307,"width":103,"height":10}},{"id":"e1b8ece3-b8a6-4b95-a3be-b72d2002c8fb","block_type":"box","text":"Tracking Error is the volatility of the difference between the return of a passively","page_number":29,"box":{"x":228,"y":335,"width":542,"height":10}},{"id":"60eb5b82-7fac-46bd-8fa7-295df2e89d63","block_type":"box","text":"managed Fund","page_number":29,"box":{"x":777,"y":335,"width":101,"height":10}},{"id":"25dbbba0-5d89-4291-8c3d-271e4f83ee83","block_type":"box","text":"and the return of the index tracked by the Fund. Tracking Error indicates the consistency of a","page_number":29,"box":{"x":228,"y":350,"width":649,"height":10}},{"id":"a2391aa7-edb8-445c-9d1e-98f94e72fe67","block_type":"box","text":"Fund’s Excess Return during the same stated period of time. 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In order to implement these regulations,","page_number":33,"box":{"x":228,"y":613,"width":649,"height":10}},{"id":"d36f7980-3462-40f9-94d7-891b2abdf6bc","block_type":"box","text":"investors may be asked to provide proof of identity when buy","page_number":33,"box":{"x":229,"y":629,"width":449,"height":10}},{"id":"465aa4ce-29df-49c1-bc40-35fe5f239345","block_type":"box","text":"ing,","page_number":33,"box":{"x":680,"y":629,"width":22,"height":10}},{"id":"de8120d2-03b8-4771-ab35-657d6318bed1","block_type":"box","text":"converting,","page_number":33,"box":{"x":713,"y":629,"width":72,"height":10}},{"id":"c9f748bb-c7a6-479f-8a04-5a5ca5752655","block_type":"box","text":"switching or","page_number":33,"box":{"x":795,"y":629,"width":84,"height":10}},{"id":"e71f668c-eaec-4f5b-9baf-ed9cd0459c94","block_type":"box","text":"redeeming Shares. 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Until","page_number":33,"box":{"x":586,"y":675,"width":292,"height":10}},{"id":"c572fc04-c2bc-4929-aac1-b3c88b8f1cc3","block_type":"box","text":"satisfactory proof of identity is provided, the ACD reserves the right to refuse to issue Shares, pay","page_number":33,"box":{"x":228,"y":690,"width":650,"height":10}},{"id":"b7e4e742-8864-4c3b-9aa1-f8e1355e955a","block_type":"box","text":"the proceeds of a redemption of Shares or pay income on Shares to the investor. 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If additional administration is required to complete the","page_number":33,"box":{"x":229,"y":736,"width":648,"height":10}},{"id":"ee58b28f-39c3-4c44-9a5f-04f6f2ad4b02","block_type":"box","text":"registration of an investment as a result of anti","page_number":33,"box":{"x":229,"y":752,"width":312,"height":10}},{"id":"2cfe7195-ec7c-46f5-83fa-0ddf2f698763","block_type":"box","text":"-","page_number":33,"box":{"x":543,"y":756,"width":4,"height":1}},{"id":"4e5f076f-5146-4402-92d7-4e0102063d7a","block_type":"box","text":"money laundering or fraud protec","page_number":33,"box":{"x":548,"y":752,"width":224,"height":10}},{"id":"69b1e13e-a17b-4f6c-a8a1-1772d9b446d7","block_type":"box","text":"tion checks and","page_number":33,"box":{"x":773,"y":752,"width":105,"height":8}},{"id":"62cd7689-8fa4-4d66-876b-51d39901161d","block_type":"box","text":"procedures, the ACD reserves the right to make an administration charge in connection therewith.","page_number":33,"box":{"x":229,"y":767,"width":648,"height":10}},{"id":"8ae04880-5e82-451a-bda9-c74adbc134c2","block_type":"box","text":"Minimum holdings","page_number":33,"box":{"x":229,"y":797,"width":132,"height":10}},{"id":"397d04bc-b0fc-4b7f-8e16-e00ca91b4036","block_type":"box","text":"The minimum holdings for each Fund are set out in","page_number":33,"box":{"x":228,"y":814,"width":343,"height":10}},{"id":"0642b00e-5de2-49d2-975a-1b2b1a4bf009","block_type":"box","text":"Appendix 1","page_number":33,"box":{"x":577,"y":814,"width":79,"height":10}},{"id":"aa532f19-2d07-417f-bc8c-485dae9dcfc5","block_type":"box","text":". The ACD has the right to waive","page_number":33,"box":{"x":660,"y":814,"width":218,"height":10}},{"id":"80672514-0582-43a6-acec-ffefc4052383","block_type":"box","text":"these limits. In the event that the minimum holdings are not maintained, the ACD reserves the","page_number":33,"box":{"x":228,"y":829,"width":649,"height":10}},{"id":"485caa4c-96a0-46e6-bd29-62f1ed57480f","block_type":"box","text":"further right to redeem the relevant shareholding in any Class of Shares.","page_number":33,"box":{"x":228,"y":844,"width":481,"height":10}},{"id":"6db7b920-3bd3-4329-88bc-7e46a44c5703","block_type":"box","text":"Further","page_number":33,"box":{"x":229,"y":872,"width":48,"height":8}},{"id":"e508607a-7c6b-42ee-8fb7-4977f1a5cb3e","block_type":"box","text":", if following a redemption, switch or transfer, a holding in any Class of Shares should fall","page_number":33,"box":{"x":278,"y":872,"width":599,"height":10}},{"id":"ff6c7419-c35a-4e5d-abf0-e5759a1b336c","block_type":"box","text":"below the minimum holding for that Class, as set out in","page_number":33,"box":{"x":229,"y":887,"width":370,"height":10}},{"id":"0b88f7e1-66c1-4e85-bcbe-6f6ab6503f0d","block_type":"box","text":"Appendix 1","page_number":33,"box":{"x":606,"y":887,"width":79,"height":10}},{"id":"0d02b37c-49a3-4ee6-ab9f-85c32ff7cf01","block_type":"box","text":", the ACD has the discretion","page_number":33,"box":{"x":689,"y":887,"width":189,"height":9}},{"id":"1dc1d600-1c7d-44b1-8267-d44c5dd3c818","block_type":"box","text":"10","page_number":33,"box":{"x":121,"y":924,"width":8,"height":4}},{"id":"ff26c255-6a3e-4e9b-bb9e-d31f974f6c52","block_type":"box","text":"The Administrator and Registrar may vary these times at its discretion.","page_number":33,"box":{"x":132,"y":925,"width":365,"height":7}},{"id":"c37752bc-b711-4fe4-9b70-ad8ce780b93d","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":34,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"894bdfbf-4da7-4570-91ca-1921a9973fd8","block_type":"box","text":"Public","page_number":34,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"e944b1ad-3cef-41bb-a457-24225436a9b1","block_type":"box","text":"to effect a redemption of that Shareholder’s entire holding in that Class of Shares. 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Application forms for Shares request this","page_number":35,"box":{"x":229,"y":207,"width":648,"height":10}},{"id":"bcdb8781-a140-4bef-ba71-6c4aa57a7e11","block_type":"box","text":"information. 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Should any information provided change in the future, investors are","page_number":35,"box":{"x":228,"y":268,"width":512,"height":10}},{"id":"81f3c983-e42a-4ad9-af44-26822f3d360b","block_type":"box","text":"requested to advise","page_number":35,"box":{"x":747,"y":268,"width":131,"height":10}},{"id":"cb2f37e5-9235-42f8-a8ec-fd13e902ad14","block_type":"box","text":"the ACD promptly of the changes.","page_number":35,"box":{"x":228,"y":284,"width":225,"height":10}},{"id":"a5b7a5c0-7956-4087-bb2e-03650d01b5fc","block_type":"box","text":"Valid applications to purchase Shares of a Fund will be processed at a purchase price calculated","page_number":35,"box":{"x":228,"y":311,"width":649,"height":10}},{"id":"1ddedb64-0c85-4b64-be4e-e94b5a005a08","block_type":"box","text":"with reference to the next Valuation Point for that Fund following receipt of the application, except","page_number":35,"box":{"x":228,"y":326,"width":650,"height":10}},{"id":"277d029b-89ce-4068-9600-afc60ad78dc2","block_type":"box","text":"in the case where dealing in a Fund has been suspended as","page_number":35,"box":{"x":229,"y":342,"width":406,"height":10}},{"id":"44f59dba-1ced-4639-b6ea-061a18a3f9da","block_type":"box","text":"set out below. For the avoidance of","page_number":35,"box":{"x":641,"y":342,"width":238,"height":7}},{"id":"7bac57ed-29b2-4a7b-ad7b-4960e4a7d899","block_type":"box","text":"doubt, all valid applications received before a Fund’s Cut","page_number":35,"box":{"x":228,"y":357,"width":384,"height":10}},{"id":"5d28ef5b-839b-496c-bd3c-3c7f5775bd45","block_type":"box","text":"-","page_number":35,"box":{"x":613,"y":361,"width":4,"height":1}},{"id":"7b12c6da-b199-48aa-9067-38605b5eea41","block_type":"box","text":"Off Time on a Dealing Day will receive","page_number":35,"box":{"x":619,"y":357,"width":259,"height":10}},{"id":"c55e00b0-9aa1-46a4-bd8a-af4219c9711b","block_type":"box","text":"that Dealing Day’s Valuation Point. All valid applications received after a Fund’s Cut","page_number":35,"box":{"x":228,"y":372,"width":565,"height":10}},{"id":"08d2d655-45bb-4f2d-969b-95162493e4af","block_type":"box","text":"-","page_number":35,"box":{"x":794,"y":377,"width":4,"height":1}},{"id":"bd4efb85-86b1-4f7c-9fe9-b4b2073066ad","block_type":"box","text":"Off Time on","page_number":35,"box":{"x":800,"y":372,"width":78,"height":8}},{"id":"a1814884-49a0-4062-893c-f004269895c0","block_type":"box","text":"a Dealing Day will rec","page_number":35,"box":{"x":228,"y":388,"width":145,"height":10}},{"id":"c7f111ee-76f7-4394-8ca1-8db900775e26","block_type":"box","text":"eive the next Dealing Day’s Valuation Point.","page_number":35,"box":{"x":374,"y":388,"width":291,"height":10}},{"id":"fd0b3643-3eb0-4a8f-97c2-e3ddb06d3d83","block_type":"box","text":"The ACD reserves the right to limit the issue of Shares in any Fund or Class where the liquidity","page_number":35,"box":{"x":228,"y":415,"width":650,"height":10}},{"id":"83d01fe5-e529-45cd-a181-06f20a0abcfa","block_type":"box","text":"within the Fund or Class is deemed to be detrimental to its performance by closing the Fund or","page_number":35,"box":{"x":228,"y":430,"width":650,"height":10}},{"id":"de765dd1-5919-461d-81ee-851be6463e58","block_type":"box","text":"Class to new subscriptions","page_number":35,"box":{"x":228,"y":446,"width":181,"height":9}},{"id":"7a8b1d10-1e76-4956-b9de-cbaba5d6eae4","block_type":"box","text":",","page_number":35,"box":{"x":412,"y":452,"width":1,"height":3}},{"id":"9908d57e-f2ab-44f0-bb16-59cff37894bf","block_type":"box","text":"conversions","page_number":35,"box":{"x":420,"y":446,"width":80,"height":7}},{"id":"3cb35183-c9fd-470b-b282-88b124e11880","block_type":"box","text":"or switches into it, either from existing Shareholders or","page_number":35,"box":{"x":506,"y":446,"width":373,"height":10}},{"id":"aee55704-5f1d-47c8-a04f-870a12ad49a1","block_type":"box","text":"new applicants or both. 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An order for the purchase of Shares will only be deemed to have been accepted by the","page_number":35,"box":{"x":229,"y":554,"width":648,"height":10}},{"id":"3ef4fc1d-8896-46a3-a5d7-2ebc39297081","block_type":"box","text":"Administrator and Registrar once the Administrator and Registrar is i","page_number":35,"box":{"x":228,"y":569,"width":457,"height":10}},{"id":"faa91ca6-0577-41c1-bddd-b2aa569b61fc","block_type":"box","text":"n receipt of cleared funds for","page_number":35,"box":{"x":688,"y":569,"width":191,"height":10}},{"id":"0c28c7b5-72aa-4d7f-a027-7cf38259c478","block_type":"box","text":"the application. If full settlement of purchase monies is not made within a reasonable period, then","page_number":35,"box":{"x":228,"y":585,"width":649,"height":9}},{"id":"bd1b675a-6448-4a82-80ac-fb8101286c26","block_type":"box","text":"the ACD reserves the right to make an administration charge and/or cancel any Shares sold/issued","page_number":35,"box":{"x":228,"y":600,"width":649,"height":10}},{"id":"c4c7b9c2-55e3-4e54-88be-22d0e7a63483","block_type":"box","text":"in respect of the applicatio","page_number":35,"box":{"x":229,"y":615,"width":183,"height":10}},{"id":"513e7cbb-8d4e-47f9-b0f5-6213c9a2f72a","block_type":"box","text":"n and recover any shortfall. Purchase monies must be received by","page_number":35,"box":{"x":414,"y":615,"width":464,"height":10}},{"id":"b430eb0e-5bf2-4e0a-a0df-03ab6106d276","block_type":"box","text":"telegraphic transfer or BACS transfer. The applicant shall bear all bank costs or other costs","page_number":35,"box":{"x":228,"y":631,"width":649,"height":10}},{"id":"a2ce7f29-53a1-4a0a-a97e-a0dc0744b161","block_type":"box","text":"associated which are levied on such transfer. The ACD reserves the right to accept other forms of","page_number":35,"box":{"x":228,"y":646,"width":651,"height":10}},{"id":"70f6209d-ee06-451b-8a2c-6983bb12499f","block_type":"box","text":"payment in its discretion; however, please note that no cheques will be accepted, subject to the","page_number":35,"box":{"x":229,"y":662,"width":648,"height":9}},{"id":"75c3e8d5-a41a-4973-a032-a2e737f0c452","block_type":"box","text":"ultimate discretion of the ACD.","page_number":35,"box":{"x":229,"y":677,"width":202,"height":8}},{"id":"bb3445bb-7649-4cd2-9637-5661156f96ad","block_type":"box","text":"Acceptance of applications","page_number":35,"box":{"x":228,"y":706,"width":195,"height":10}},{"id":"6039b821-f7b1-4ba7-841c-998f1fd341af","block_type":"box","text":"A purchase of Shares in writing or by telephone or any other communication media made available","page_number":35,"box":{"x":228,"y":724,"width":649,"height":10}},{"id":"ee40ebef-643f-4ea5-a47d-c35fe7ecca41","block_type":"box","text":"is a legally binding contract.","page_number":35,"box":{"x":229,"y":739,"width":183,"height":10}},{"id":"d49b0b1a-cdd6-4270-b104-87ac595c3274","block_type":"box","text":"Once made, applications to purchase are, except in the case where cancellation rights are applied,","page_number":35,"box":{"x":228,"y":766,"width":649,"height":10}},{"id":"067aeb24-34e5-447f-a44f-803a04580d53","block_type":"box","text":"irrevocable on the part of the applicant for Shares, subject to the complete discretion of the ACD","page_number":35,"box":{"x":229,"y":782,"width":648,"height":10}},{"id":"ead31d1f-403e-4867-a8fe-304ffb70f61a","block_type":"box","text":"to permit an applicant to withdraw or amend any applicatio","page_number":35,"box":{"x":228,"y":797,"width":388,"height":10}},{"id":"584b9b94-0151-4153-8dff-9e590a4f38d6","block_type":"box","text":"n after it has been submitted but before","page_number":35,"box":{"x":618,"y":797,"width":260,"height":8}},{"id":"7460d4a8-686a-4038-a2a5-c71c6efc0180","block_type":"box","text":"the Fund’s Valuation Point has been reached.","page_number":35,"box":{"x":228,"y":812,"width":304,"height":8}},{"id":"9ac99fda-d404-4308-a37e-8fb5cf50992e","block_type":"box","text":"The ACD has the right to reject, on reasonable grounds but without providing an explanation and","page_number":35,"box":{"x":228,"y":840,"width":649,"height":10}},{"id":"539457c5-421a-475b-af3b-e5bfba4f86bd","block_type":"box","text":"at any time before the Valuation Point, any application for Shares in whole or in part. In this event,","page_number":35,"box":{"x":228,"y":855,"width":649,"height":10}},{"id":"2841d683-0fe5-41df-816a-493678517f25","block_type":"box","text":"the ACD will return any money sent, or the balance of suc","page_number":35,"box":{"x":228,"y":870,"width":381,"height":10}},{"id":"f1e7d271-e4db-4292-b69a-888fb1e3b24c","block_type":"box","text":"h monies without interest. Such rejection","page_number":35,"box":{"x":610,"y":870,"width":267,"height":10}},{"id":"50c59ab2-eb16-4171-8bba-81263055299a","block_type":"box","text":"is at the risk of the applicant as is the return of any monies. The ACD may scale back applications","page_number":35,"box":{"x":229,"y":886,"width":649,"height":10}},{"id":"f51e7b02-7f62-480d-baaa-58b7b8aa53a1","block_type":"box","text":"by investors to purchase Shares on the relevant Dealing Day on such basis as it may deem","page_number":35,"box":{"x":229,"y":901,"width":648,"height":10}},{"id":"6c95ef95-594f-4b78-bfc0-2828ed7cb061","block_type":"box","text":"appropriate and may rejec","page_number":35,"box":{"x":228,"y":917,"width":177,"height":9}},{"id":"9b95624d-f4f0-4d03-b0dc-c207eda32394","block_type":"box","text":"t any application for Shares in whole or in part to give effect to such a","page_number":35,"box":{"x":406,"y":916,"width":472,"height":10}},{"id":"470bdcd1-8e25-43a7-94b0-cdf730fea3c6","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":36,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"6e96ca22-6639-47fe-9408-df921a37ee2e","block_type":"box","text":"Public","page_number":36,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"668d0428-66b1-406b-b820-5bbab920b4f8","block_type":"box","text":"scale back. In such event the ACD will return any money sent, or the balance of such monies, at","page_number":36,"box":{"x":228,"y":87,"width":650,"height":10}},{"id":"5843b1ea-038a-4681-badf-6df0b5d6d3a2","block_type":"box","text":"the risk of the applicant and without interest.","page_number":36,"box":{"x":228,"y":103,"width":293,"height":10}},{"id":"5a840711-6551-4612-a336-ba8b2e8225f5","block_type":"box","text":"The ACD, at its discretion, also has the right to cancel a purchase deal if settlement is overdue.","page_number":36,"box":{"x":228,"y":130,"width":649,"height":10}},{"id":"3654e8fa-3720-4434-b2fe-961971ddcca8","block_type":"box","text":"Any loss arising on such cancellation shall be the liability of the applicant and the ACD reserves","page_number":36,"box":{"x":228,"y":145,"width":649,"height":10}},{"id":"eb9c2a19-f769-40dc-8f6e-ff66ae484b91","block_type":"box","text":"the right to pursue the applicant for any shortfall owing","page_number":36,"box":{"x":228,"y":161,"width":360,"height":10}},{"id":"1ceb94f9-ed21-4bc7-918a-0ef07fbc52f7","block_type":"box","text":"to a Fund or the ACD together with interest","page_number":36,"box":{"x":594,"y":161,"width":285,"height":10}},{"id":"87187bc4-2934-4ec2-a488-8bb55c094559","block_type":"box","text":"(equivalent to the ACD’s cost of borrowing) thereon. Alternatively, at the ACD’s discretion, interest","page_number":36,"box":{"x":229,"y":176,"width":649,"height":10}},{"id":"c3f1007f-7a81-4cc6-a854-eff8bb351478","block_type":"box","text":"may be charged (at the ACD’s cost of borrowing) if settlement is overdue.","page_number":36,"box":{"x":229,"y":191,"width":488,"height":10}},{"id":"0399b9a2-2732-4765-8861-c9885c61c5bf","block_type":"box","text":"Any subscription monies remaining after a whole number of Shares has been issued will not be","page_number":36,"box":{"x":228,"y":219,"width":649,"height":10}},{"id":"a82594bb-e8be-46af-96b1-fb65dd7598ea","block_type":"box","text":"returned to the applicant and will instead be used to purchase fractions of whole Shares (known","page_number":36,"box":{"x":229,"y":234,"width":648,"height":10}},{"id":"69d09d78-9db7-4f14-9fd1-281462ad4da5","block_type":"box","text":"as smaller denomination Shares). A smaller denomination Share is eq","page_number":36,"box":{"x":228,"y":249,"width":507,"height":10}},{"id":"4b71c373-5e8a-46ff-a3bb-af34404acc68","block_type":"box","text":"uivalent to one","page_number":36,"box":{"x":738,"y":249,"width":105,"height":8}},{"id":"f0f01a69-b76a-49ed-8d7e-32c4088fc672","block_type":"box","text":"-","page_number":36,"box":{"x":853,"y":254,"width":4,"height":1}},{"id":"60b0de0d-be60-46f8-80b2-c9dabfa45cfa","block_type":"box","text":"ten","page_number":36,"box":{"x":858,"y":250,"width":20,"height":7}},{"id":"f959227e-084f-4d72-a06c-051298d0495f","block_type":"box","text":"thousandth of a whole Share (or to four decimal places).","page_number":36,"box":{"x":228,"y":265,"width":374,"height":10}},{"id":"dc2e03d7-e587-4949-879b-b5e2a7200d89","block_type":"box","text":"Documents the Applicant will receive","page_number":36,"box":{"x":229,"y":294,"width":266,"height":10}},{"id":"c001c692-8db9-4935-b131-5fa2433befad","block_type":"box","text":"A confirmation giving details of the price and number of Shares purchased will be issued, normally","page_number":36,"box":{"x":228,"y":311,"width":650,"height":10}},{"id":"1edffbfb-9e86-4207-83bf-293677107786","block_type":"box","text":"no later than the end of the Business Day following the Valuation Point for the relevant Fund","page_number":36,"box":{"x":229,"y":327,"width":648,"height":10}},{"id":"2fbe4a69-a187-4a37-b734-7805e4547741","block_type":"box","text":"(making reference to the determination of the price and, where","page_number":36,"box":{"x":229,"y":342,"width":447,"height":10}},{"id":"e8f8d24b-91e8-4c66-a8e9-e4bb2dee69f0","block_type":"box","text":"appropriate, a notice of the","page_number":36,"box":{"x":686,"y":342,"width":192,"height":10}},{"id":"6bbc2364-8287-4caa-9ec0-fdc2c2956968","block_type":"box","text":"applicant’s right to cancel).","page_number":36,"box":{"x":228,"y":357,"width":177,"height":11}},{"id":"b1918eaa-b723-42cc-ac31-ca1669628810","block_type":"box","text":"Registration of Shares can only be completed by the Administrator and Registrar upon receipt of","page_number":36,"box":{"x":229,"y":385,"width":650,"height":10}},{"id":"13ed26bb-c553-4d70-88c4-e719b9cfd85d","block_type":"box","text":"any required registration details and receipt of all purchase monies. These details may be supplied","page_number":36,"box":{"x":228,"y":400,"width":649,"height":10}},{"id":"f96bb882-6366-46fa-b0ca-af8cdcb1de11","block_type":"box","text":"separately in writing to the Administrator and Registrar or","page_number":36,"box":{"x":228,"y":416,"width":393,"height":10}},{"id":"9fe3fbe9-460f-41be-a729-cbf33f827a74","block_type":"box","text":"by returning to the Administrator and","page_number":36,"box":{"x":628,"y":416,"width":249,"height":10}},{"id":"d53c90ef-74af-4a67-9aec-4388a8acf540","block_type":"box","text":"Registrar the properly completed application form and copy of the confirmation.","page_number":36,"box":{"x":229,"y":431,"width":526,"height":10}},{"id":"78229200-62bc-43fe-84c9-5a0277d23abf","block_type":"box","text":"Share certificates will not be issued in respect of Shares. Ownership of Shares will be evidenced","page_number":36,"box":{"x":228,"y":458,"width":649,"height":10}},{"id":"fd849ca2-5bc4-4d75-91a9-2f2616b81a8f","block_type":"box","text":"by an entry on the Register. Tax vouchers in respect of periodic distributions (or accumulations) of","page_number":36,"box":{"x":229,"y":474,"width":650,"height":10}},{"id":"f0d718e2-0cef-4c34-b023-04de337e9f18","block_type":"box","text":"income on Shares will show the number of Shares held by t","page_number":36,"box":{"x":229,"y":489,"width":396,"height":10}},{"id":"525f2170-f93c-4662-b035-8ef23c9049fc","block_type":"box","text":"he recipient.","page_number":36,"box":{"x":626,"y":489,"width":80,"height":10}},{"id":"2372e0f9-a7ec-49f8-ad51-dca20ec4d44c","block_type":"box","text":"Minimum subscriptions","page_number":36,"box":{"x":229,"y":519,"width":168,"height":9}},{"id":"d235c261-7b32-4893-ac37-de508103d42f","block_type":"box","text":"The minimum initial subscription levels for each Class of Shares in a Fund are set out in","page_number":36,"box":{"x":228,"y":536,"width":577,"height":10}},{"id":"f44b5d6b-9e25-4a14-9e2f-27ad26165125","block_type":"box","text":"Appendix","page_number":36,"box":{"x":810,"y":536,"width":69,"height":10}},{"id":"1ab54432-7851-414a-a638-bf3286bb581a","block_type":"box","text":"1","page_number":36,"box":{"x":229,"y":551,"width":5,"height":8}},{"id":"6ec19db1-e1b1-4ef1-a702-86c2521d9d26","block_type":"box","text":". The ACD may, at its sole","page_number":36,"box":{"x":238,"y":551,"width":173,"height":10}},{"id":"e6c24e2e-74a3-4ec1-84c9-aaa8ed65bb77","block_type":"box","text":"discretion","page_number":36,"box":{"x":417,"y":551,"width":63,"height":8}},{"id":"e3721077-f82b-410f-8631-53986942b451","block_type":"box","text":", accept subscriptions lower than the minimum amount(s).","page_number":36,"box":{"x":482,"y":551,"width":384,"height":10}},{"id":"b0d7903c-9376-48c0-913f-c4992d34abd5","block_type":"box","text":"Cancellations","page_number":36,"box":{"x":229,"y":581,"width":97,"height":8}},{"id":"8733e2be-2894-4aca-87d1-9889e9b3fa29","block_type":"box","text":"Applicants who have received advice from their financial advisers may have the right to cancel","page_number":36,"box":{"x":228,"y":598,"width":649,"height":10}},{"id":"db20d130-63a7-4e80-9b70-1466e134092a","block_type":"box","text":"their application to buy Shares at any time during the 14 calendar days after the date on which they","page_number":36,"box":{"x":228,"y":613,"width":650,"height":10}},{"id":"1b193205-c467-4f46-bc4c-fea2bcb00ece","block_type":"box","text":"receive a cancellation notice from the Administrator and Reg","page_number":36,"box":{"x":229,"y":628,"width":396,"height":11}},{"id":"52eb888b-67ed-4044-9a5d-26ade463036a","block_type":"box","text":"istrar. If an applicant decides to cancel","page_number":36,"box":{"x":627,"y":628,"width":251,"height":10}},{"id":"017acea2-9e62-4790-8392-9ffc9d6a8be7","block_type":"box","text":"the contract and the value of the investment has fallen from the time of the Valuation Point to the","page_number":36,"box":{"x":228,"y":644,"width":649,"height":8}},{"id":"cd155772-9b32-46fd-acff-43268de68b08","block_type":"box","text":"time when after the Administrator and Registrar receives the completed cancellation notice, the","page_number":36,"box":{"x":228,"y":659,"width":649,"height":10}},{"id":"3f551274-8cc3-4826-9726-55f84c1d05f1","block_type":"box","text":"applicant may not","page_number":36,"box":{"x":228,"y":675,"width":121,"height":10}},{"id":"09378856-1e02-4335-bc58-0c685159445b","block_type":"box","text":"receive a full refund as an amount equal to any fall in value will be deducted","page_number":36,"box":{"x":355,"y":675,"width":522,"height":10}},{"id":"dae56710-e4a2-4295-8311-896324c04a9e","block_type":"box","text":"from the sum originally invested. No interest will be paid on refunds due to cancellations.","page_number":36,"box":{"x":228,"y":690,"width":589,"height":10}},{"id":"61d84760-fe90-4bff-b972-e4cca82669fc","block_type":"box","text":"Market timing and frequent trading","page_number":36,"box":{"x":229,"y":720,"width":247,"height":10}},{"id":"b61f3cdc-dac3-4031-b2a6-e446dd4f9b8d","block_type":"box","text":"Each of the Funds of the Company is designed and managed to support longer","page_number":36,"box":{"x":229,"y":737,"width":536,"height":10}},{"id":"0aafd80e-f59c-4075-a924-0c0f1901f4b8","block_type":"box","text":"-","page_number":36,"box":{"x":766,"y":741,"width":4,"height":1}},{"id":"b025dbdf-d663-439b-afc6-b55e1dd1ad08","block_type":"box","text":"term investment","page_number":36,"box":{"x":771,"y":737,"width":108,"height":8}},{"id":"a837a5f9-b76c-4da7-9bce-7d889c93be7e","block_type":"box","text":"and active trading in Fund Shares is discouraged. Short","page_number":36,"box":{"x":228,"y":752,"width":373,"height":10}},{"id":"3281c4f0-901f-4690-99ef-cd5cf35f7634","block_type":"box","text":"-","page_number":36,"box":{"x":602,"y":757,"width":4,"height":1}},{"id":"50dc6040-7f51-4a61-91bb-cc68aa50e805","block_type":"box","text":"term or frequent trading into and out of a","page_number":36,"box":{"x":607,"y":752,"width":271,"height":10}},{"id":"16be01f2-541d-4d97-8940-2b549f8f1d37","block_type":"box","text":"Fund as well as market timing may harm performance by disrupting f","page_number":36,"box":{"x":229,"y":767,"width":477,"height":10}},{"id":"fcf5fff6-4dd0-4cbd-b628-fea525f8f342","block_type":"box","text":"und management and by","page_number":36,"box":{"x":707,"y":768,"width":171,"height":9}},{"id":"eae12edb-9c6e-44be-a38d-8d6a8ba8afcd","block_type":"box","text":"increasing expenses. The ACD may, at its discretion, refuse to accept applications for purchase","page_number":36,"box":{"x":229,"y":783,"width":648,"height":10}},{"id":"c91bf3ca-4b54-4051-8490-978ee2b0033f","block_type":"box","text":"of, or requests for switching of, Shares, especially where transactions are deemed disruptive,","page_number":36,"box":{"x":228,"y":798,"width":649,"height":10}},{"id":"35cd9336-4fa3-4814-bdd2-f90644f1ec45","block_type":"box","text":"particularly from possible frequent traders","page_number":36,"box":{"x":229,"y":814,"width":276,"height":10}},{"id":"bda8831b-9a26-4dfa-8ff8-232136bf0f75","block_type":"box","text":"or market timers.","page_number":36,"box":{"x":511,"y":814,"width":111,"height":8}},{"id":"4f4d4f0e-aceb-47e3-abd7-f49c0eac62c6","block_type":"box","text":"In general, market timing refers to the investment behaviour of a person or group of persons buying,","page_number":36,"box":{"x":229,"y":841,"width":648,"height":10}},{"id":"88f760fc-fb58-444b-a2ad-65eb2a3e5747","block_type":"box","text":"selling or switching investments in anticipation of making a profit on the basis of predetermined","page_number":36,"box":{"x":228,"y":856,"width":649,"height":10}},{"id":"b1d7d170-4423-44ca-a71d-50bb09cd18f7","block_type":"box","text":"market indicators. Market timing may also be characterise","page_number":36,"box":{"x":229,"y":872,"width":388,"height":10}},{"id":"ef4d7348-c6c9-45d5-a498-f7d158b38bc8","block_type":"box","text":"d by transactions that seem to follow a","page_number":36,"box":{"x":619,"y":872,"width":259,"height":10}},{"id":"8cab8aaf-f6bf-48bc-9c2c-07e4e764a15f","block_type":"box","text":"timing pattern. Frequent trading is characterised by transactions in and out of funds, occurring on","page_number":36,"box":{"x":228,"y":887,"width":649,"height":10}},{"id":"e8174045-9a82-4046-a4c2-cb93449037f9","block_type":"box","text":"a frequent basis.","page_number":36,"box":{"x":228,"y":902,"width":110,"height":10}},{"id":"13190e81-8b29-4914-8d26-f555cfe3db7c","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":37,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"0b90bf9b-4426-4d18-830b-982ed989ec22","block_type":"box","text":"Public","page_number":37,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"ccd222cc-029b-4081-bbe1-d22201d1e44d","block_type":"box","text":"Market timing can include elements of frequent trading and vice","page_number":37,"box":{"x":229,"y":87,"width":428,"height":10}},{"id":"fad7fbea-f3e6-4a54-8079-302e142f4f51","block_type":"box","text":"-","page_number":37,"box":{"x":658,"y":92,"width":5,"height":1}},{"id":"264339a1-8458-4806-be57-e5f23b4344c9","block_type":"box","text":"versa. Both behaviours will tend","page_number":37,"box":{"x":663,"y":87,"width":214,"height":8}},{"id":"0fac6355-e156-472a-9b4b-234f48c67b29","block_type":"box","text":"to include frequent purchases and redemptions of Shares with a view to profiting from anticipated","page_number":37,"box":{"x":228,"y":103,"width":649,"height":10}},{"id":"38f94cca-e320-4b5f-87c3-cbcff163926b","block_type":"box","text":"changes in market prices between Valuation Points or arbitrag","page_number":37,"box":{"x":228,"y":118,"width":429,"height":10}},{"id":"9c562dc2-83d9-4162-a4bc-bd3e33e24f1a","block_type":"box","text":"ing on the basis of market price","page_number":37,"box":{"x":659,"y":118,"width":219,"height":10}},{"id":"c62e6f11-c0e8-4706-af7f-d9f91df6d15c","block_type":"box","text":"changes subsequent to those that are used in a","page_number":37,"box":{"x":228,"y":133,"width":318,"height":10}},{"id":"d067742a-dce1-4c9d-9fc3-743ab7ecec7e","block_type":"box","text":"Fund’s","page_number":37,"box":{"x":552,"y":133,"width":44,"height":8}},{"id":"039ac67f-f171-4340-bff8-6dfc0c1f949f","block_type":"box","text":"valuation.","page_number":37,"box":{"x":600,"y":133,"width":64,"height":8}},{"id":"6e8d9f3d-5f16-41fc-b542-849274265e1a","block_type":"box","text":"Such market timing and frequent trading activities are disruptive to fund management, may lead to","page_number":37,"box":{"x":228,"y":161,"width":650,"height":10}},{"id":"6a3d00f7-ffe1-44de-a12d-2d60ff813533","block_type":"box","text":"additional dealing charges","page_number":37,"box":{"x":228,"y":176,"width":177,"height":10}},{"id":"c369d3ee-9e25-4c68-ba97-28b51785727e","block_type":"box","text":"–","page_number":37,"box":{"x":411,"y":180,"width":8,"height":1}},{"id":"0b206e6f-93a2-46d1-8e62-fe28ab55ddf6","block_type":"box","text":"which cause losses/dilution to a Fund","page_number":37,"box":{"x":425,"y":176,"width":254,"height":8}},{"id":"2138b4aa-196b-4316-9e03-d6a10cc41c11","block_type":"box","text":"–","page_number":37,"box":{"x":686,"y":180,"width":8,"height":1}},{"id":"2c1a8931-8118-4026-8123-e6890241a9bd","block_type":"box","text":"and may be detrimental to","page_number":37,"box":{"x":700,"y":176,"width":178,"height":10}},{"id":"2f312ef1-d3dc-4817-b1d5-ce807e97d1ab","block_type":"box","text":"performance and to the interests of","page_number":37,"box":{"x":229,"y":191,"width":247,"height":10}},{"id":"436ae9bd-baf3-4981-a15b-a0649d749070","block_type":"box","text":"long","page_number":37,"box":{"x":484,"y":191,"width":26,"height":10}},{"id":"87032e08-ad8f-4bdb-b08d-d3aeb838ebed","block_type":"box","text":"-","page_number":37,"box":{"x":512,"y":196,"width":4,"height":1}},{"id":"5757e158-4a77-4f2d-9b95-d163f96a5934","block_type":"box","text":"term","page_number":37,"box":{"x":516,"y":192,"width":29,"height":7}},{"id":"4dc81467-b3e2-48a2-80c3-4d28f69e7883","block_type":"box","text":"Shareholders. Accordingly, the ACD may in its","page_number":37,"box":{"x":554,"y":191,"width":324,"height":10}},{"id":"ecedb4ea-7847-4bbb-9919-530eaab4cb2f","block_type":"box","text":"absolute discretion and without providing any reason, reject any application for subscription or","page_number":37,"box":{"x":228,"y":207,"width":650,"height":10}},{"id":"6cede510-4236-4e3a-b65c-8c907f094d5d","block_type":"box","text":"switching of Shares from applicants that it considers to be associated with market timing activities.","page_number":37,"box":{"x":228,"y":222,"width":649,"height":10}},{"id":"9a9d8eb1-7473-4cb9-bc04-e812a18bf5f7","block_type":"box","text":"The ACD may also combine Shares which are under common ownership or control for the","page_number":37,"box":{"x":228,"y":249,"width":649,"height":10}},{"id":"78cc7fcb-b73e-49df-a5be-56ecfd303bc9","block_type":"box","text":"purposes of determining whether the activities of Shareholders can be deemed to involve market","page_number":37,"box":{"x":229,"y":265,"width":649,"height":10}},{"id":"66a1fa54-671c-4087-9739-71a53eb9a25c","block_type":"box","text":"timing or frequent trading.","page_number":37,"box":{"x":228,"y":280,"width":171,"height":10}},{"id":"52377a80-eaa5-4f10-a8d6-9a9ef32b6828","block_type":"box","text":"Issue of Shares in exchange for in specie assets","page_number":37,"box":{"x":229,"y":310,"width":346,"height":10}},{"id":"8e334783-8177-42f6-88f9-4d257b201ba9","block_type":"box","text":"The ACD may, at its discretion, arrange for the Company to issue Shares in respect of a Fund in","page_number":37,"box":{"x":228,"y":327,"width":649,"height":10}},{"id":"0089fd1d-3dd2-4eff-be7b-50fe7e5af086","block_type":"box","text":"exchange for in","page_number":37,"box":{"x":228,"y":342,"width":104,"height":10}},{"id":"d92a9541-1cbf-40ff-9b39-8be14d6c4430","block_type":"box","text":"specie assets (that is, for securities rather than for cash). Such in specie assets","page_number":37,"box":{"x":338,"y":342,"width":539,"height":10}},{"id":"a2629dc9-c877-4797-8c9a-21ae4af33fb0","block_type":"box","text":"must be in a form in which the relevant Fund may invest in accordance with its particular investment","page_number":37,"box":{"x":229,"y":358,"width":649,"height":10}},{"id":"b664263a-9f1d-4cd4-8999-979487b939c0","block_type":"box","text":"objectives and policies as set out in","page_number":37,"box":{"x":228,"y":373,"width":235,"height":10}},{"id":"bbb031a6-19f3-41f3-972a-baae56a235a9","block_type":"box","text":"Appendix 1","page_number":37,"box":{"x":469,"y":373,"width":79,"height":10}},{"id":"b10484da-9ca4-45f8-85fc-a16022b6f3f8","block_type":"box","text":".","page_number":37,"box":{"x":552,"y":380,"width":1,"height":1}},{"id":"d4c5f752-f758-42f1-819c-fc7f600824fc","block_type":"box","text":"No Shares may be issued in exchange for such in specie assets unless the Depositary has taken","page_number":37,"box":{"x":229,"y":400,"width":648,"height":10}},{"id":"9d712a79-518b-499b-9a8a-3dd99dffce5d","block_type":"box","text":"reasonable care to ensure that the Company’s acquiring of the assets concerned would not be","page_number":37,"box":{"x":229,"y":415,"width":648,"height":11}},{"id":"40c49ae1-a77e-4c12-a5c8-14e55d3f57ea","block_type":"box","text":"likely to result in any material prejudice to the interests of Shareho","page_number":37,"box":{"x":229,"y":431,"width":439,"height":10}},{"id":"9bf52338-81f9-4e6e-81a6-fb340a2cad1c","block_type":"box","text":"lders.","page_number":37,"box":{"x":670,"y":431,"width":35,"height":8}},{"id":"ef9c5ac8-4fea-48b0-9151-9f7ab6f34bca","block_type":"box","text":"The ACD will ensure that the beneficial interest in the assets is transferred to the Company with","page_number":37,"box":{"x":228,"y":458,"width":649,"height":10}},{"id":"78a736c3-d5ca-4037-8708-2852910ea4a4","block_type":"box","text":"effect from the issue of the Shares. The ACD reserves the right to pass all costs associated with","page_number":37,"box":{"x":228,"y":474,"width":649,"height":10}},{"id":"ce2cf642-8989-401a-ad21-4c711178f520","block_type":"box","text":"the transfer of such assets, including without limitation an","page_number":37,"box":{"x":228,"y":489,"width":398,"height":10}},{"id":"c4704ca8-ed3b-4549-9156-8be56997482d","block_type":"box","text":"y applicable SDRT, directly onto the","page_number":37,"box":{"x":628,"y":489,"width":250,"height":10}},{"id":"670a6719-7c23-4c36-853a-9b31f6194a04","block_type":"box","text":"Shareholder contributing such assets in exchange for Shares.","page_number":37,"box":{"x":228,"y":504,"width":411,"height":10}},{"id":"0a338304-a8f5-4e53-a43b-425d7ab97466","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":38,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"ca621664-37a7-4476-b7fc-3a2ba119773a","block_type":"box","text":"Public","page_number":38,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"abc37112-3cd3-4107-a6ab-44bb071cdf69","block_type":"box","text":"Redeeming Shares","page_number":38,"box":{"x":230,"y":90,"width":277,"height":22}},{"id":"318f7fc6-00bb-4f85-98bf-0dbb4af4df75","block_type":"box","text":"Procedure","page_number":38,"box":{"x":229,"y":128,"width":73,"height":8}},{"id":"04c58c0c-a601-4593-a297-09796813b771","block_type":"box","text":"Every Shareholder is entitled on any Dealing Day to redeem its Shares.","page_number":38,"box":{"x":229,"y":145,"width":474,"height":10}},{"id":"a3de4c68-8166-4152-9742-9e4819e7bd51","block_type":"box","text":"Valid instructions to the Administrator and Registrar to redeem Shares in a Fund will be processed","page_number":38,"box":{"x":228,"y":172,"width":649,"height":10}},{"id":"34d14cda-f204-4fea-87bf-0a3b49f6f928","block_type":"box","text":"at a redemption price calculated with reference to the next Valuation Point for that Fund following","page_number":38,"box":{"x":228,"y":188,"width":649,"height":10}},{"id":"0c436663-7293-41ae-a399-9ec60e90959d","block_type":"box","text":"receipt of the instruction, except in the case where deal","page_number":38,"box":{"x":229,"y":203,"width":369,"height":10}},{"id":"27698774-1e85-4109-a77d-e213f9a1bdab","block_type":"box","text":"ing in a Fund has been suspended as set","page_number":38,"box":{"x":601,"y":203,"width":277,"height":10}},{"id":"99fbc9b5-58ba-4aa9-9af3-fc121a9ea1c6","block_type":"box","text":"out under the “Suspension of Dealings” section of this Prospectus. For the avoidance of doubt, all","page_number":38,"box":{"x":228,"y":219,"width":649,"height":10}},{"id":"c582eb9c-1c11-47b4-824f-ca2fef21a7a8","block_type":"box","text":"redemption instructions received before a Fund’s Cut","page_number":38,"box":{"x":229,"y":234,"width":355,"height":10}},{"id":"f6e131c6-648e-4dfd-9d31-4dd0f7bcc9dc","block_type":"box","text":"-","page_number":38,"box":{"x":585,"y":239,"width":5,"height":1}},{"id":"c6174c1a-d931-4280-b208-e391c9fa9b82","block_type":"box","text":"Off Time on a Dealing Day will receive that","page_number":38,"box":{"x":591,"y":234,"width":287,"height":10}},{"id":"9a7eee2a-9e58-4352-8419-5aaca4c7ab10","block_type":"box","text":"Dealing Day’s Valuat","page_number":38,"box":{"x":229,"y":249,"width":139,"height":10}},{"id":"9248ded2-fa79-4944-b06c-bf02c4e7b83e","block_type":"box","text":"ion Point. All redemption instructions received after a Fund’s Cut","page_number":38,"box":{"x":369,"y":249,"width":426,"height":10}},{"id":"de6eec45-8572-409c-8ce3-0e9dd9f6f8c9","block_type":"box","text":"-","page_number":38,"box":{"x":796,"y":254,"width":4,"height":1}},{"id":"bf4a054b-db22-4810-9dbd-f8142ec61e4c","block_type":"box","text":"Off Time on","page_number":38,"box":{"x":801,"y":249,"width":77,"height":8}},{"id":"f4bbf737-8da7-49c5-b140-b0fe39eced9f","block_type":"box","text":"a Dealing Day will receive the next Dealing Day’s Valuation Point. Currently, transfers of title to","page_number":38,"box":{"x":228,"y":265,"width":649,"height":10}},{"id":"01efa51a-6667-43d4-8fd9-b28c566ed609","block_type":"box","text":"Shares may not be effected on the authority of an electronic communication.","page_number":38,"box":{"x":228,"y":280,"width":508,"height":10}},{"id":"bf16bae9-8fc5-442d-b98a-97742ed1fe90","block_type":"box","text":"A redemption instruction to the Administrator and Registrar made in writing or by telephone or any","page_number":38,"box":{"x":228,"y":307,"width":650,"height":10}},{"id":"9235251b-5fcc-431a-8438-c8cd03d02afb","block_type":"box","text":"other communication media made available is a legally binding contract and is irrevocable on the","page_number":38,"box":{"x":228,"y":323,"width":649,"height":10}},{"id":"b4558e87-2786-4b04-adce-b3bc3fa4b24a","block_type":"box","text":"part of the redeeming Shareholder, subject to the complete d","page_number":38,"box":{"x":229,"y":338,"width":420,"height":10}},{"id":"70f5aafa-7903-4c6e-b386-ca7cdf6ef387","block_type":"box","text":"iscretion of the ACD to permit an","page_number":38,"box":{"x":651,"y":338,"width":227,"height":10}},{"id":"65bdf700-719a-4c05-a515-b6141f5300c4","block_type":"box","text":"applicant to withdraw or amend any application after it has been submitted but before the Fund’s","page_number":38,"box":{"x":228,"y":353,"width":649,"height":10}},{"id":"93806869-35ab-498a-9623-4b4d268c0f05","block_type":"box","text":"Valuation Point has been reached. However, an instruction to the Administrator and Registrar to","page_number":38,"box":{"x":228,"y":369,"width":649,"height":10}},{"id":"0f29bd4f-5e9b-436c-bfed-fb147ed676b1","block_type":"box","text":"redeem Shares, although irrev","page_number":38,"box":{"x":229,"y":384,"width":218,"height":10}},{"id":"02369ca9-2110-4065-9cd3-c55732373c2b","block_type":"box","text":"ocable, may not be settled by either the Company or the","page_number":38,"box":{"x":448,"y":384,"width":430,"height":10}},{"id":"c244ac5f-98ce-4f90-af6a-ec344621d6e8","block_type":"box","text":"Administrator and Registrar if the redemption represents Shares where the money due on the","page_number":38,"box":{"x":228,"y":400,"width":649,"height":10}},{"id":"fec0d07f-24a7-4c19-8b87-ccd0e5ebf4c9","block_type":"box","text":"earlier purchase of those Shares has not yet been received or if insufficient documentation or anti","page_number":38,"box":{"x":228,"y":415,"width":644,"height":10}},{"id":"d56cb96d-eb70-4ba1-87bb-3741ca2e293b","block_type":"box","text":"money lau","page_number":38,"box":{"x":229,"y":430,"width":67,"height":10}},{"id":"ce22aada-4b56-48ee-a1e3-22f810cc0085","block_type":"box","text":"ndering information has been received by the ACD.","page_number":38,"box":{"x":299,"y":430,"width":340,"height":10}},{"id":"2c85295c-85f1-42e4-85b9-83953d2e42c0","block_type":"box","text":"The amount to be paid as the proceeds of a redemption of Shares shall not be less than the price","page_number":38,"box":{"x":228,"y":458,"width":649,"height":9}},{"id":"bbc11910-f24d-41c4-bfda-019e99acdae6","block_type":"box","text":"of Shares of the relevant Class less:","page_number":38,"box":{"x":228,"y":473,"width":240,"height":8}},{"id":"7ba79a65-ef13-4bb6-a22a-e63ceaa649d8","block_type":"box","text":"(i)","page_number":38,"box":{"x":229,"y":500,"width":12,"height":10}},{"id":"df2d63a0-eaa2-4f69-92df-e5d4d3675d8e","block_type":"box","text":"any redemption charge permitted; and","page_number":38,"box":{"x":264,"y":500,"width":254,"height":10}},{"id":"79d32d4c-f510-47cc-920b-902848b46add","block_type":"box","text":"(ii)","page_number":38,"box":{"x":229,"y":527,"width":15,"height":10}},{"id":"2838f475-8b70-4dfe-aa99-fc923d609a2a","block_type":"box","text":"any SDRT permitted to be retained by the ACD (and not otherwise already paid by the","page_number":38,"box":{"x":264,"y":527,"width":613,"height":10}},{"id":"41f1cf22-9a0a-48f7-ac1a-f75050555f1a","block_type":"box","text":"Shareholder).","page_number":38,"box":{"x":264,"y":543,"width":90,"height":10}},{"id":"ffb32c29-fb8a-433b-9d2f-80705498fe94","block_type":"box","text":"The","page_number":38,"box":{"x":228,"y":570,"width":25,"height":8}},{"id":"2614444a-e0f5-4924-b143-e1420aa1a188","block_type":"box","text":"ACD reserves the right to make a charge for redemptions and details of any such applicable","page_number":38,"box":{"x":259,"y":570,"width":618,"height":10}},{"id":"03dd5c2d-1a59-4274-b192-10e8bedb2282","block_type":"box","text":"charge against the relevant Fund and Class are set out in","page_number":38,"box":{"x":228,"y":585,"width":382,"height":10}},{"id":"3ab2f5c0-748d-4e6b-bf07-b4210486f006","block_type":"box","text":"Appendix 1","page_number":38,"box":{"x":616,"y":585,"width":79,"height":10}},{"id":"d8b52575-d53a-44fe-9c74-5dba81bd0c12","block_type":"box","text":".","page_number":38,"box":{"x":699,"y":592,"width":2,"height":1}},{"id":"f7eeb79f-9419-4939-9b07-89face979368","block_type":"box","text":"Documents a redeeming Shareholder will receive","page_number":38,"box":{"x":229,"y":615,"width":351,"height":10}},{"id":"842c81f5-39b1-4e22-b94e-df078cba7323","block_type":"box","text":"A confirmation giving details of the price and number of Shares redeemed will be sent to the","page_number":38,"box":{"x":228,"y":632,"width":649,"height":10}},{"id":"702c3a36-719c-4b76-9979-891e61766b03","block_type":"box","text":"redeeming Shareholder (or the first named Shareholder, in the case of joint Shareholders) together","page_number":38,"box":{"x":229,"y":647,"width":649,"height":10}},{"id":"29572a24-fb28-4c3f-800e-b6038cd122db","block_type":"box","text":"with (if sufficient written instructions have not already been g","page_number":38,"box":{"x":228,"y":663,"width":429,"height":10}},{"id":"6caced09-b762-4376-b263-7b48c6bdaf80","block_type":"box","text":"iven) a form of renunciation for","page_number":38,"box":{"x":660,"y":663,"width":219,"height":10}},{"id":"d8a19b2d-8dcb-492d-bede-1c84517e5927","block_type":"box","text":"completion and execution by the Shareholder (or, in the case of a joint holding, by all the joint","page_number":38,"box":{"x":228,"y":678,"width":650,"height":10}},{"id":"36963286-cd3e-405d-9714-6fe04052aa30","block_type":"box","text":"Shareholders) no later than the end of the Business Day following the later of the request to redeem","page_number":38,"box":{"x":228,"y":694,"width":649,"height":10}},{"id":"4e28d66a-79b9-41b1-a344-59378aa2a9f6","block_type":"box","text":"Shares or the Valuation","page_number":38,"box":{"x":228,"y":709,"width":155,"height":8}},{"id":"1994465a-4bad-4263-a604-754c6b9618a4","block_type":"box","text":"Point of the relevant Fund by reference to which the price of the redeemed","page_number":38,"box":{"x":389,"y":709,"width":488,"height":10}},{"id":"a8ce590c-2265-4347-8af4-de1423b0bd86","block_type":"box","text":"Shares is determined.","page_number":38,"box":{"x":228,"y":724,"width":146,"height":8}},{"id":"e80a788f-40df-4619-90b8-91b05938e44a","block_type":"box","text":"Settlement","page_number":38,"box":{"x":229,"y":754,"width":76,"height":8}},{"id":"3d975853-1483-4802-ac0f-5ef6e40e5093","block_type":"box","text":"Payment of redemption proceeds will normally be made by telegraphic transfer or BACS transfer","page_number":38,"box":{"x":229,"y":771,"width":649,"height":10}},{"id":"b476cbc9-695c-47e5-b542-9e22bed5a541","block_type":"box","text":"in accordance with any instruction received (the ACD may recover any bank charge levied on such","page_number":38,"box":{"x":229,"y":786,"width":648,"height":10}},{"id":"c7cb14c8-b8db-4b78-a365-19c96fb808f2","block_type":"box","text":"transfers), or, at the ACD’s discretion, by cheque to the first na","page_number":38,"box":{"x":228,"y":802,"width":416,"height":10}},{"id":"076f8800-8846-41be-b6eb-b8122057735f","block_type":"box","text":"med Shareholder (at their risk).","page_number":38,"box":{"x":647,"y":802,"width":206,"height":10}},{"id":"41a6ab5c-4139-4b5b-bd33-64a17525e398","block_type":"box","text":"Such payment will be made within two Business Days of the later of:","page_number":38,"box":{"x":228,"y":829,"width":454,"height":10}},{"id":"b695c279-aa44-4acd-ac1e-8c5d74057f4f","block_type":"box","text":"(i)","page_number":38,"box":{"x":242,"y":856,"width":12,"height":10}},{"id":"45909469-f889-4beb-83f7-e94104ab2b75","block_type":"box","text":"receipt by the Administrator and Registrar of the form of renunciation (or other sufficient","page_number":38,"box":{"x":272,"y":856,"width":606,"height":10}},{"id":"b231356c-086c-4bf0-b16d-d709dc7059e2","block_type":"box","text":"written instructions) duly signed and completed by all the relevant Shareholders 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ICVC","page_number":39,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"e495ee8d-52ac-442c-9a5e-9ad6397062eb","block_type":"box","text":"Public","page_number":39,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"cd42ed57-ef3d-4185-bf33-3afc04877a22","block_type":"box","text":"(ii)","page_number":39,"box":{"x":242,"y":87,"width":16,"height":10}},{"id":"4df4ff12-b198-4d82-8f02-b6de247f1ae6","block_type":"box","text":"the Valuation Point of the relevant Fund at which the price for the redemption was","page_number":39,"box":{"x":269,"y":87,"width":544,"height":10}},{"id":"f83aa858-4b0c-497a-bc5c-ab6b1ff0cb74","block_type":"box","text":"determined.","page_number":39,"box":{"x":272,"y":103,"width":78,"height":8}},{"id":"f7019360-c956-42d8-a28f-0d5fbefa92fc","block_type":"box","text":"Deferred redemption","page_number":39,"box":{"x":229,"y":132,"width":147,"height":10}},{"id":"187f9f13-24a1-4a7d-8e9b-5468d3f6bc59","block_type":"box","text":"In times of high redemption, to protect the interests of continuing Shareholders, the ACD may defer","page_number":39,"box":{"x":229,"y":149,"width":650,"height":10}},{"id":"80162fff-fcdc-47e3-b975-0f3871d645f2","block_type":"box","text":"all redemptions at any Valuation Point to the next Valuation Point where requested redemptions","page_number":39,"box":{"x":228,"y":165,"width":650,"height":10}},{"id":"95280fd5-44a6-48c2-b790-f45f47c68b29","block_type":"box","text":"exceed 10% of the Fund’s value. This will allow the ACD to ma","page_number":39,"box":{"x":228,"y":180,"width":412,"height":8}},{"id":"d8e9df66-3d8c-46cd-87de-648dd3110a6c","block_type":"box","text":"tch the sale of the Scheme Property","page_number":39,"box":{"x":642,"y":180,"width":236,"height":10}},{"id":"9c5efe04-c6fa-4402-b478-2ee9f357b9b9","block_type":"box","text":"to the level of redemptions. At the next such Valuation Point all deals relating to the earlier","page_number":39,"box":{"x":228,"y":195,"width":650,"height":10}},{"id":"8a6404b6-0ded-4d15-9853-a4f249aa2ee3","block_type":"box","text":"Valuation Point will be completed before those relating to a later Valuation Point are considered.","page_number":39,"box":{"x":228,"y":211,"width":639,"height":10}},{"id":"c3543293-76e5-4f11-86b6-1b22ffedff1d","block_type":"box","text":"In specie cancellation","page_number":39,"box":{"x":229,"y":241,"width":154,"height":9}},{"id":"7748d2f1-0f8a-42d5-8a14-37faf4961082","block_type":"box","text":"In the event that a Shareholder requests the redemption or cancellation of Shares that the ACD","page_number":39,"box":{"x":229,"y":258,"width":648,"height":9}},{"id":"76a30370-c240-41f5-9b5c-6f63338cd923","block_type":"box","text":"considers substantial in relation to the total size of the Fund concerned, the ACD may, at its","page_number":39,"box":{"x":228,"y":273,"width":649,"height":10}},{"id":"b37c27a5-227c-4bde-8d9b-2e8a9c319384","block_type":"box","text":"discretion, elect to satisfy the redemption request by the transfe","page_number":39,"box":{"x":228,"y":288,"width":427,"height":10}},{"id":"5564a67c-e35b-48d0-b60d-61d2110716e8","block_type":"box","text":"r of an appropriate amount of the","page_number":39,"box":{"x":657,"y":288,"width":221,"height":10}},{"id":"312a38c6-0ced-460d-b94d-f6197416390a","block_type":"box","text":"Scheme Property in specie to the Shareholder instead of paying the price of the Shares in cash.","page_number":39,"box":{"x":228,"y":304,"width":638,"height":10}},{"id":"53d76646-e585-4237-9249-4372d5480829","block_type":"box","text":"A deal involving Shares representing 3% or more in value of a Fund will normally be considered","page_number":39,"box":{"x":228,"y":331,"width":649,"height":10}},{"id":"5f186fc7-752f-4a51-a8da-7d0e678c4fbb","block_type":"box","text":"substantial.","page_number":39,"box":{"x":228,"y":347,"width":75,"height":7}},{"id":"3820f2d9-8225-454f-bd93-e970c268fb74","block_type":"box","text":"Before the proceeds of cancellation of the Shares become payable, the ACD will give written notice","page_number":39,"box":{"x":229,"y":374,"width":649,"height":10}},{"id":"5e0efcda-8d46-4b92-a31a-d09461089c37","block_type":"box","text":"to the Shareholder that the Scheme Property will be transferred to that Shareholder.","page_number":39,"box":{"x":228,"y":389,"width":559,"height":10}},{"id":"0c858da5-5b2d-493e-8ea1-ed3e85058a4c","block_type":"box","text":"The ACD, in consultation with the Depositary, will select the Scheme Property to be transferred.","page_number":39,"box":{"x":228,"y":416,"width":649,"height":10}},{"id":"73e7c0a1-0ab0-4a19-957f-8d16c290dedb","block_type":"box","text":"They must ensure that the selection is made with a view to achieving no greater advantage or","page_number":39,"box":{"x":228,"y":432,"width":650,"height":10}},{"id":"3e4132f6-a357-48e7-a9e9-7acaeebaccaa","block_type":"box","text":"disadvantage to the redeeming Shareholder than to continuing Share","page_number":39,"box":{"x":228,"y":447,"width":457,"height":10}},{"id":"05968128-434d-4013-98ca-d580138a8aad","block_type":"box","text":"holders. Where a redemption","page_number":39,"box":{"x":687,"y":447,"width":191,"height":10}},{"id":"e2763ded-c6ff-4681-a6ae-201c67ec0307","block_type":"box","text":"request is received that is not substantial in relation to the total size of the Fund concerned, the","page_number":39,"box":{"x":229,"y":462,"width":648,"height":10}},{"id":"6ffc3f8d-64c8-4462-aec2-0a81fc5fbe60","block_type":"box","text":"ACD may, in its discretion after consultation with the Depositary, agree to an in specie cancellation","page_number":39,"box":{"x":228,"y":478,"width":649,"height":10}},{"id":"eb4eae18-ad68-42c1-919c-a5183c31cd54","block_type":"box","text":"with the relevant Shareho","page_number":39,"box":{"x":228,"y":493,"width":171,"height":8}},{"id":"1329672c-27c5-472f-800b-07417f20ead5","block_type":"box","text":"lder in accordance with the provisions set out above.","page_number":39,"box":{"x":400,"y":493,"width":349,"height":10}},{"id":"ea783799-0094-428b-87ac-3cf44ab2d57a","block_type":"box","text":"In the event of an in","page_number":39,"box":{"x":229,"y":520,"width":134,"height":8}},{"id":"336cd2d9-1ddf-46bf-8d85-85080b513a9f","block_type":"box","text":"-","page_number":39,"box":{"x":365,"y":525,"width":4,"height":1}},{"id":"46679c50-38d3-4b36-b9b9-1757039d35cc","block_type":"box","text":"specie cancellation, the ACD reserves the right to pass all costs associated","page_number":39,"box":{"x":370,"y":520,"width":507,"height":10}},{"id":"4b5428ce-7e0b-4513-bfbd-49e0103953d1","block_type":"box","text":"with the transfer of such assets, including without limitation any applicable SDRT, directly onto the","page_number":39,"box":{"x":228,"y":536,"width":650,"height":10}},{"id":"b11a9a02-aefc-4220-ab8e-f94699768c94","block_type":"box","text":"redeeming Shareholder.","page_number":39,"box":{"x":229,"y":551,"width":160,"height":10}},{"id":"8f324bd1-3dd4-4fc1-9473-cda05c6407a3","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":40,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"260c1ea7-f323-4045-9abf-62b051f1073f","block_type":"box","text":"Public","page_number":40,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"97f01476-80f7-46dc-9848-7ac600e5407d","block_type":"box","text":"Converting and","page_number":40,"box":{"x":229,"y":90,"width":230,"height":22}},{"id":"babf6ebc-6b6d-4ecf-9843-4116db7e39ad","block_type":"box","text":"Switching Shares","page_number":40,"box":{"x":461,"y":90,"width":250,"height":22}},{"id":"421e4804-62ba-4d23-8165-6ba08f9b3950","block_type":"box","text":"Subject to any instructions on eligibility of investors in a particular Share Class, Shareholders are","page_number":40,"box":{"x":228,"y":126,"width":649,"height":10}},{"id":"de0881ab-c808-49b0-a03c-4dc03096f750","block_type":"box","text":"entitled to","page_number":40,"box":{"x":228,"y":141,"width":64,"height":8}},{"id":"cd2170df-44d2-46b4-b988-0987befb6761","block_type":"box","text":"convert or","page_number":40,"box":{"x":297,"y":141,"width":66,"height":8}},{"id":"a62445b2-e7fe-44b3-98ee-97cafca453f8","block_type":"box","text":"switch some or all of their Shares of one Class (“","page_number":40,"box":{"x":367,"y":141,"width":318,"height":10}},{"id":"29f2b2ea-58a9-4fe5-8d5d-d17608732e04","block_type":"box","text":"Original Shares","page_number":40,"box":{"x":686,"y":141,"width":110,"height":10}},{"id":"844934bb-eb74-40e3-a6c2-625d1e8be74d","block_type":"box","text":"”) for Shares","page_number":40,"box":{"x":797,"y":141,"width":81,"height":10}},{"id":"bf05d622-32df-44be-8927-d7d80c98a924","block_type":"box","text":"of another Class within the same Fund or for Shares of any Class within a different Fund (“","page_number":40,"box":{"x":228,"y":156,"width":618,"height":11}},{"id":"e021f5fc-172f-4d79-a2c2-b284a3b9f469","block_type":"box","text":"New","page_number":40,"box":{"x":849,"y":157,"width":30,"height":7}},{"id":"8f124b4f-4e4f-427b-aee7-9fdb44383d18","block_type":"box","text":"Shares","page_number":40,"box":{"x":228,"y":172,"width":49,"height":8}},{"id":"79c36927-7748-4795-8d95-73e7d65cf842","block_type":"box","text":"”). A switch involves the redemption of the Original Shares and the purchase of the New","page_number":40,"box":{"x":279,"y":172,"width":599,"height":10}},{"id":"360b86ed-9d61-4ffd-be4f-38ae0ed72a39","block_type":"box","text":"Shares.","page_number":40,"box":{"x":228,"y":187,"width":51,"height":8}},{"id":"7c043447-05d3-4c79-be15-c9e5d1cc3d75","block_type":"box","text":"The number of New Shares issued will be determined by reference to the respective purchase","page_number":40,"box":{"x":228,"y":215,"width":649,"height":10}},{"id":"90c86497-87d9-4c2f-9c61-95cc5af4014a","block_type":"box","text":"prices of New Shares and redemption prices of Original Shares established with reference to the","page_number":40,"box":{"x":229,"y":230,"width":648,"height":10}},{"id":"e063f8e9-42ce-4d63-aac9-473fbf0f7875","block_type":"box","text":"Valuation Point applicable when the Original Shares are redeemed and","page_number":40,"box":{"x":228,"y":245,"width":465,"height":10}},{"id":"23446bf9-1d70-47cd-afec-26f87ae4ea02","block_type":"box","text":"the New Shares are issued.","page_number":40,"box":{"x":698,"y":245,"width":180,"height":8}},{"id":"9ad43458-ba74-4423-988a-bf0c22da4a57","block_type":"box","text":"Subject to any restrictions on eligibility of investors in a particular Share Class:","page_number":40,"box":{"x":228,"y":272,"width":521,"height":10}},{"id":"5ee2513f-7de0-4e7b-98bb-4d6091f5d5f5","block_type":"box","text":"−","page_number":40,"box":{"x":228,"y":305,"width":8,"height":1}},{"id":"6d250a9c-ac7e-405e-9634-4b8eb7ad6428","block_type":"box","text":"i","page_number":40,"box":{"x":265,"y":300,"width":2,"height":8}},{"id":"099922f1-1e0f-476f-8f16-a32239246deb","block_type":"box","text":"nstructions for","page_number":40,"box":{"x":269,"y":300,"width":98,"height":8}},{"id":"9c466732-8ea3-4b4c-baa4-30bca967a589","block_type":"box","text":"converting","page_number":40,"box":{"x":376,"y":300,"width":68,"height":10}},{"id":"207cb675-0c75-4726-98d7-00c67ff92867","block_type":"box","text":"Shares may be given by telephoning the Administrator and","page_number":40,"box":{"x":454,"y":300,"width":423,"height":10}},{"id":"5e4378e6-787c-48a5-a343-64b4ee619457","block_type":"box","text":"Registrar’s Dealing Department on telephone number 0800 408 2065 or in writing to the","page_number":40,"box":{"x":266,"y":316,"width":612,"height":10}},{"id":"294ed330-2dad-4e67-b506-e08cc58f998d","block_type":"box","text":"Administrator and Registrar on fax number 0844 620 0002","page_number":40,"box":{"x":264,"y":331,"width":389,"height":10}},{"id":"0c6a3b95-ebd8-42a7-ac92-6f00eeafc669","block_type":"box","text":";","page_number":40,"box":{"x":656,"y":333,"width":1,"height":7}},{"id":"5f12b94a-37c2-4632-a3ea-11dc6af02f77","block_type":"box","text":"−","page_number":40,"box":{"x":228,"y":364,"width":8,"height":0}},{"id":"d3bd8689-35dd-4fdf-954c-51a2e8ece1af","block_type":"box","text":"i","page_number":40,"box":{"x":265,"y":359,"width":2,"height":8}},{"id":"223c073f-0d11-401c-bf64-aa73692a7a64","block_type":"box","text":"nstructions for switching Shares may be given by “","page_number":40,"box":{"x":269,"y":359,"width":340,"height":10}},{"id":"c64e3610-46ce-4327-9250-637de6a7d079","block_type":"box","text":"per 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to the Administrator and Registrar on fax","page_number":40,"box":{"x":265,"y":390,"width":613,"height":10}},{"id":"def29b7e-7c1e-4c69-b432-d2180a36599d","block_type":"box","text":"number 0844 620 0002","page_number":40,"box":{"x":265,"y":405,"width":155,"height":8}},{"id":"9d8fcac9-7fac-42c0-b84c-c4b23e5647f9","block_type":"box","text":";","page_number":40,"box":{"x":422,"y":407,"width":2,"height":8}},{"id":"72fa4735-f01a-4f71-a03f-d7dd0693d0e9","block_type":"box","text":"−","page_number":40,"box":{"x":228,"y":438,"width":8,"height":0}},{"id":"e02c5c78-3032-44c4-ac0b-fbdfc6786f53","block_type":"box","text":"other categories of investor (including “retail investors”) may effect a switch (or conversion)","page_number":40,"box":{"x":264,"y":433,"width":613,"height":10}},{"id":"897b56a7-8982-43d2-b944-b0f112218716","block_type":"box","text":"of Shares by engaging with the Administrator and Registrar through a professional adviser or","page_number":40,"box":{"x":264,"y":449,"width":615,"height":10}},{"id":"ae1bfe48-0dcd-4faf-a6e1-bf974f6cb107","block_type":"box","text":"other intermediary.","page_number":40,"box":{"x":264,"y":464,"width":124,"height":10}},{"id":"a67ecbe6-54bd-45b1-9fe8-b1ae8e2b002b","block_type":"box","text":"If a","page_number":40,"box":{"x":229,"y":491,"width":20,"height":8}},{"id":"01cf05c8-55db-47e8-95d3-a6737bc742ac","block_type":"box","text":"conversion or","page_number":40,"box":{"x":255,"y":491,"width":91,"height":8}},{"id":"d59a903d-fa2e-4b18-91d6-4bd855f77639","block_type":"box","text":"switch would result in the Shareholder holding a number of Original Shares or","page_number":40,"box":{"x":352,"y":491,"width":527,"height":10}},{"id":"ce3ec882-7bfb-4b5f-b75c-d596f71e1d96","block_type":"box","text":"New Shares of a value which is less than the minimum holding in the Fund concerned, the ACD","page_number":40,"box":{"x":229,"y":506,"width":648,"height":10}},{"id":"cabaf582-132d-47c7-a14d-97329ad4af49","block_type":"box","text":"may, if it thinks fit,","page_number":40,"box":{"x":229,"y":522,"width":123,"height":10}},{"id":"a9946921-0b07-4fbd-b484-72fa229323fd","block_type":"box","text":"exchange","page_number":40,"box":{"x":360,"y":522,"width":64,"height":10}},{"id":"228f1769-d156-4a74-a233-ce1f54868157","block_type":"box","text":"the whole of the Shareholder’s holding of Original Shares to New","page_number":40,"box":{"x":431,"y":522,"width":447,"height":10}},{"id":"9de707a4-ba46-4fb8-a0f1-81c66432f052","block_type":"box","text":"Shares or refuse to effect any","page_number":40,"box":{"x":228,"y":537,"width":195,"height":10}},{"id":"b96f82dc-898d-4f06-b2d9-6c6261e06fd5","block_type":"box","text":"conversion or","page_number":40,"box":{"x":428,"y":537,"width":90,"height":8}},{"id":"3c3240d0-6d93-4440-af86-9c9266b6aed4","block_type":"box","text":"switch of the Original Shares. No","page_number":40,"box":{"x":522,"y":537,"width":217,"height":10}},{"id":"79ea6a2f-e80c-4811-b41c-6d50f46e87d4","block_type":"box","text":"conversion or","page_number":40,"box":{"x":744,"y":537,"width":89,"height":8}},{"id":"3ffdb5b6-5b01-4cf8-b3f7-6ecbb7bccd60","block_type":"box","text":"switch","page_number":40,"box":{"x":837,"y":537,"width":41,"height":8}},{"id":"a5513ca0-c48b-45d6-9f62-684a6b591922","block_type":"box","text":"will be made during any period when the right of Shareholders to require the redemption of their","page_number":40,"box":{"x":228,"y":553,"width":650,"height":10}},{"id":"275d0277-b673-4b46-8980-6ae3cdd61b68","block_type":"box","text":"Shares is suspended. The general provisions on procedures relating to redemption will apply","page_number":40,"box":{"x":228,"y":568,"width":650,"height":10}},{"id":"3866e69d-8892-4d87-b0fc-314112018050","block_type":"box","text":"equally to a","page_number":40,"box":{"x":228,"y":583,"width":78,"height":10}},{"id":"c3c6446f-89ee-4543-b7de-2878c9256209","block_type":"box","text":"conversion or","page_number":40,"box":{"x":312,"y":583,"width":91,"height":8}},{"id":"0368778b-20a2-4927-a909-15d6d9aefbbe","block_type":"box","text":"switch. Written instructions must be received by the Administrator and","page_number":40,"box":{"x":408,"y":583,"width":469,"height":10}},{"id":"95100cc0-77a7-458a-9431-523bbf0f0d00","block_type":"box","text":"Registrar before the Cut","page_number":40,"box":{"x":229,"y":599,"width":164,"height":10}},{"id":"a5feddf0-30ff-4d78-ade9-f47c1fd2097a","block_type":"box","text":"-","page_number":40,"box":{"x":394,"y":603,"width":4,"height":1}},{"id":"7d247667-4893-4808-b1a7-555256a5b18d","block_type":"box","text":"Off Time of the relevant Fund on a Dealing Day in the Fund or Funds","page_number":40,"box":{"x":399,"y":599,"width":479,"height":10}},{"id":"184c16bd-fa35-43fe-b7f0-f34ef91c78b1","block_type":"box","text":"concerned to be dealt with at the prices at the Valuation Point of the relevant Fund on that","page_number":40,"box":{"x":228,"y":614,"width":595,"height":10}},{"id":"21319da0-6173-4ec9-8441-761e8838a2a2","block_type":"box","text":"Dealing","page_number":40,"box":{"x":829,"y":614,"width":49,"height":10}},{"id":"d68a85a1-b925-4e56-9126-86ff1284ae21","block_type":"box","text":"Day.","page_number":40,"box":{"x":229,"y":630,"width":29,"height":10}},{"id":"19a12e6b-4295-4b43-b81a-eb6e5567b44b","block_type":"box","text":"Conversion and s","page_number":40,"box":{"x":265,"y":629,"width":118,"height":8}},{"id":"f2816c4f-d4d2-414a-b572-dbe9effceda5","block_type":"box","text":"witching requests received after a Cut","page_number":40,"box":{"x":383,"y":629,"width":257,"height":11}},{"id":"cfee0829-d256-4ee7-9d37-82ab776a35d6","block_type":"box","text":"-","page_number":40,"box":{"x":641,"y":634,"width":4,"height":1}},{"id":"cf52ed3e-e8d3-46d5-bec5-2fb3e69d9b0d","block_type":"box","text":"Off Time will be held over until the","page_number":40,"box":{"x":646,"y":629,"width":232,"height":8}},{"id":"e9cac5c2-1537-4cca-996c-4e2bd8f75c3e","block_type":"box","text":"next Dealing Day in the relevant Fund or Funds.","page_number":40,"box":{"x":229,"y":645,"width":318,"height":10}},{"id":"61379bd3-5d4e-4865-b07b-0d0cbd71e1ef","block_type":"box","text":"The Administrator and Registrar may adjust the number of New Shares to be issued to reflect the","page_number":40,"box":{"x":228,"y":672,"width":649,"height":10}},{"id":"0eed9339-2a86-43da-8dba-b60d3c3c8884","block_type":"box","text":"application of any charge on switching together with any other charges or levies in respect of the","page_number":40,"box":{"x":228,"y":687,"width":649,"height":11}},{"id":"fadb0dc0-9c26-483a-9318-623ebbea2ed7","block_type":"box","text":"application for the New Shares or redemption of the Original","page_number":40,"box":{"x":228,"y":703,"width":396,"height":10}},{"id":"c961ec3a-1ea2-4457-a5a9-5def46a7af37","block_type":"box","text":"Shares as may be permitted pursuant","page_number":40,"box":{"x":630,"y":703,"width":249,"height":10}},{"id":"a7f886bd-3dff-4b8a-9233-d51a398d58e5","block_type":"box","text":"to the COLL Sourcebook.","page_number":40,"box":{"x":228,"y":718,"width":169,"height":8}},{"id":"f9ba2fb5-4be2-4542-aad7-11aaf714c552","block_type":"box","text":"Shareholders subject to U.K. tax should note that a","page_number":40,"box":{"x":228,"y":745,"width":336,"height":10}},{"id":"31668fde-c39c-47d2-9636-f53368ef9355","block_type":"box","text":"conversion or","page_number":40,"box":{"x":569,"y":745,"width":89,"height":8}},{"id":"18879d42-e889-4dd2-ae19-6cea31a52556","block_type":"box","text":"switch of Shares within the same","page_number":40,"box":{"x":662,"y":745,"width":216,"height":8}},{"id":"7b6ca04c-323c-458f-bf49-26b0d124db93","block_type":"box","text":"Fund will generally not be treated as a disposal for the purposes of capital gains taxation. Switches","page_number":40,"box":{"x":229,"y":761,"width":648,"height":10}},{"id":"799aca8d-1797-40ed-80fc-4e4a1447c0b8","block_type":"box","text":"of Shares between different Funds may be treated as a disposal for purposes of capital gains","page_number":40,"box":{"x":228,"y":776,"width":649,"height":10}},{"id":"9ff23a3a-a149-4383-bb7e-6e13d3526a15","block_type":"box","text":"taxation and so may give ris","page_number":40,"box":{"x":228,"y":792,"width":186,"height":10}},{"id":"84c14599-617e-4d57-a569-d83be32362fd","block_type":"box","text":"e to a capital gains tax liability.","page_number":40,"box":{"x":416,"y":792,"width":202,"height":10}},{"id":"f643fee4-0ff6-4bbd-96ea-1df6db14eca7","block_type":"box","text":"Cancellation rights will not be given on","page_number":40,"box":{"x":228,"y":819,"width":268,"height":10}},{"id":"4d3651fc-d03d-4b1e-98e5-29702f977db2","block_type":"box","text":"conversions or","page_number":40,"box":{"x":505,"y":819,"width":100,"height":8}},{"id":"ae37cc4d-ed21-4ffa-b186-1b5516ed5e50","block_type":"box","text":"switches. Shareholders who","page_number":40,"box":{"x":611,"y":819,"width":191,"height":8}},{"id":"57367e79-73c2-477d-8add-036d4788da02","block_type":"box","text":"convert or","page_number":40,"box":{"x":810,"y":819,"width":69,"height":8}},{"id":"992aecb8-8278-45ad-9868-19f22fdcf986","block_type":"box","text":"switch Shares of one Class for Shares of any other Class, or switch Shares of one Fund for shares","page_number":40,"box":{"x":228,"y":834,"width":650,"height":10}},{"id":"d3f429e9-f1ad-42e0-9f0a-b99102ee5595","block_type":"box","text":"of any other Fund, will not be given a right by law to withdraw from or cancel the transaction.","page_number":40,"box":{"x":228,"y":850,"width":614,"height":10}},{"id":"d4ed3778-8d52-499c-a069-5f2fe057d795","block_type":"box","text":"For the purposes of this section, “retail investors”,","page_number":40,"box":{"x":229,"y":877,"width":357,"height":10}},{"id":"c5c7bcfb-c753-44a3-a10b-6b4ce5271ca1","block_type":"box","text":"“","page_number":40,"box":{"x":596,"y":877,"width":4,"height":2}},{"id":"4d15f8f1-75a9-4c35-9c06-d51e3fde8eda","block_type":"box","text":"per se","page_number":40,"box":{"x":602,"y":879,"width":44,"height":8}},{"id":"00336277-47a4-4795-b071-554d8cc6304a","block_type":"box","text":"professional client” and “eligible","page_number":40,"box":{"x":656,"y":877,"width":222,"height":10}},{"id":"7e7cab3d-21e6-4433-a90c-4aee6bfac39a","block_type":"box","text":"counterparty” are as defined in the FCA Handbook.","page_number":40,"box":{"x":228,"y":892,"width":340,"height":10}},{"id":"0569cb79-f591-455c-b2e0-f99734bae70a","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":41,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"f9454c07-619e-444f-a4d9-a0ad3802670d","block_type":"box","text":"Public","page_number":41,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"fb902d06-0e0b-4f64-9361-a371aba9b720","block_type":"box","text":"Suspension of Dealing in Shares","page_number":41,"box":{"x":229,"y":90,"width":473,"height":22}},{"id":"6b3ac595-5ce4-43e0-98a6-03c5b5dcefa1","block_type":"box","text":"The ACD may, with the prior agreement of the Depositary or must, if the Depositary so requires,","page_number":41,"box":{"x":228,"y":126,"width":649,"height":10}},{"id":"1d710f4e-a8fc-427b-ad49-3cb8d682eaf5","block_type":"box","text":"at any time temporarily suspend the purchase, cancellation, redemption","page_number":41,"box":{"x":228,"y":141,"width":473,"height":10}},{"id":"d45c099b-0785-486d-ad01-18d4c0a02dda","block_type":"box","text":", conversion","page_number":41,"box":{"x":704,"y":141,"width":79,"height":9}},{"id":"77271938-e61a-4f2c-88c1-f97143d4ec75","block_type":"box","text":"and switching","page_number":41,"box":{"x":788,"y":141,"width":90,"height":10}},{"id":"6e910da8-0704-4ca5-80eb-2b811e448567","block_type":"box","text":"of Shares in any or all of the Funds if the ACD or the Depositary, as appropriate, is of the opinion","page_number":41,"box":{"x":228,"y":157,"width":649,"height":10}},{"id":"7e637c78-13a5-4642-96bd-3bfc93d2ed2d","block_type":"box","text":"that due to exceptional circumstances there is a good and sufficient reason to do so having regard","page_number":41,"box":{"x":228,"y":172,"width":649,"height":10}},{"id":"b14772be-7d3e-4309-bc51-15a670259c3d","block_type":"box","text":"to the interests of all Shareholders in t","page_number":41,"box":{"x":228,"y":187,"width":253,"height":8}},{"id":"963a32c9-e4ad-45c9-8e76-ff9ae8dd4d50","block_type":"box","text":"he Company and/or the relevant Fund.","page_number":41,"box":{"x":483,"y":187,"width":256,"height":10}},{"id":"287597ef-1022-4d8a-aef8-b371e1da9e12","block_type":"box","text":"If the redemption of Shares is suspended, the obligations contained in Chapter 6 of the COLL","page_number":41,"box":{"x":229,"y":215,"width":648,"height":10}},{"id":"401b7a46-9b4c-4abd-994a-765c95c88285","block_type":"box","text":"Sourcebook relating to the creation, cancellation, issue and redemption of Shares will cease to","page_number":41,"box":{"x":228,"y":230,"width":650,"height":10}},{"id":"310fa37d-1608-4886-9e63-3be08f526266","block_type":"box","text":"apply and the obligations relating to the valuation of Shares will","page_number":41,"box":{"x":228,"y":245,"width":416,"height":10}},{"id":"fdea2456-890b-4151-a6fc-f986974403b0","block_type":"box","text":"be complied with only to the extent","page_number":41,"box":{"x":650,"y":245,"width":229,"height":10}},{"id":"dd8e908f-3aba-4735-9940-a36359df0390","block_type":"box","text":"practicable in light of the suspension.","page_number":41,"box":{"x":229,"y":261,"width":245,"height":10}},{"id":"2ac68ec4-6e40-458a-b75d-734e405a2f56","block_type":"box","text":"Appropriate notification of suspension will be given to Shareholders as soon as practicable after","page_number":41,"box":{"x":228,"y":288,"width":650,"height":10}},{"id":"637b7fc8-c6c5-4941-b0ac-79927c852304","block_type":"box","text":"suspension commences. This notification will draw Shareholders’ particular attention to the","page_number":41,"box":{"x":228,"y":303,"width":649,"height":10}},{"id":"9c0260b3-a36f-4d7d-bd44-3d69e1accc97","block_type":"box","text":"exceptional circumstance which resulted in the suspension and tell","page_number":41,"box":{"x":228,"y":319,"width":459,"height":9}},{"id":"d8d71365-69d5-493d-b740-9003793ff14f","block_type":"box","text":"them how to obtain further","page_number":41,"box":{"x":696,"y":319,"width":183,"height":7}},{"id":"4ddafb12-5b57-48e6-8548-e204bd278099","block_type":"box","text":"information on the suspension, which will be published on the ACD’s website or by other general","page_number":41,"box":{"x":229,"y":334,"width":648,"height":10}},{"id":"7a29ef80-165c-4961-a0d3-740c24404642","block_type":"box","text":"means and will include sufficient details to keep Shareholders appropriately informed about the","page_number":41,"box":{"x":229,"y":349,"width":648,"height":10}},{"id":"eef5d858-2612-4e03-8a09-159ad17a3798","block_type":"box","text":"suspension including, if known, its","page_number":41,"box":{"x":228,"y":365,"width":229,"height":10}},{"id":"1f4a9ccf-7aa6-442b-87af-5ef037c974ce","block_type":"box","text":"likely duration. In accordance with the COLL Sourcebook, the","page_number":41,"box":{"x":464,"y":365,"width":414,"height":10}},{"id":"0c486e9f-bf90-4502-b550-6c4046c3b132","block_type":"box","text":"FCA will also be immediately informed of the suspension and the reasons for it.","page_number":41,"box":{"x":229,"y":380,"width":526,"height":10}},{"id":"77f9f09e-09e6-45f3-92f1-085d6bd8bce3","block_type":"box","text":"The ACD and the Depositary will review the suspension at least every 28 days and will inform the","page_number":41,"box":{"x":228,"y":407,"width":649,"height":10}},{"id":"9ee8b9ff-d8a8-40d5-9908-d9c1a184e56b","block_type":"box","text":"FCA of the results. The suspension will continue only for as long as it is justified having regard to","page_number":41,"box":{"x":229,"y":423,"width":648,"height":10}},{"id":"776a291e-352d-4581-b10b-c4e50c46afb3","block_type":"box","text":"the interests of the Shareholders and will cease as soon","page_number":41,"box":{"x":228,"y":438,"width":398,"height":8}},{"id":"aa2c3a45-4813-47ab-86bd-e7b4bf258507","block_type":"box","text":"as practicable after the exceptional","page_number":41,"box":{"x":635,"y":438,"width":243,"height":10}},{"id":"45267345-7e0b-498c-b335-20fd8249ebcd","block_type":"box","text":"circumstances which resulted in the suspension have ceased.","page_number":41,"box":{"x":228,"y":453,"width":411,"height":10}},{"id":"530874ee-bfde-4194-a0ef-24990b76c4f9","block_type":"box","text":"Recalculation of Share prices will commence at the next relevant Valuation Point immediately after","page_number":41,"box":{"x":229,"y":481,"width":649,"height":10}},{"id":"76d7a005-a32c-4e2d-a304-e107a3bd979e","block_type":"box","text":"the period of suspension ends.","page_number":41,"box":{"x":228,"y":496,"width":204,"height":10}},{"id":"802e9c4a-6aac-4431-8e83-9b570a426c0c","block_type":"box","text":"Governing Law","page_number":41,"box":{"x":229,"y":526,"width":219,"height":22}},{"id":"1545e7b1-7511-4b36-bf1a-7a4ff8224242","block_type":"box","text":"All deals in Shares are governed by English law.","page_number":41,"box":{"x":228,"y":562,"width":322,"height":10}},{"id":"a0d1100d-2724-4811-8630-3a259642657f","block_type":"box","text":"ACD Dealing as Principal","page_number":41,"box":{"x":228,"y":591,"width":365,"height":22}},{"id":"37c0d080-0a35-4ec7-b779-8fe9be798991","block_type":"box","text":"The ACD will, on the completion of the valuation of each Fund, advise the Depositary of the price","page_number":41,"box":{"x":228,"y":627,"width":649,"height":11}},{"id":"46713564-9a1e-45f0-989c-f1a8540734ee","block_type":"box","text":"of Shares of that Fund. This is the price which the ACD has to pay to the Depositary for the issue","page_number":41,"box":{"x":228,"y":643,"width":649,"height":10}},{"id":"6448c1ad-3ef1-4fe6-b30e-54c5fcf59e61","block_type":"box","text":"of Shares and which the ACD will receive from the Depositar","page_number":41,"box":{"x":228,"y":658,"width":417,"height":10}},{"id":"c26a8f02-cdb1-4d8a-bb8b-594957e76131","block_type":"box","text":"y upon the cancellation of Shares.","page_number":41,"box":{"x":645,"y":658,"width":232,"height":10}},{"id":"31c891b1-1134-47de-9252-8fd2b8500b6c","block_type":"box","text":"The ACD deals as principal in these Shares and may hold Shares for its own account. However,","page_number":41,"box":{"x":228,"y":674,"width":649,"height":10}},{"id":"609adb73-5bcc-4242-a130-8b1ed27eea28","block_type":"box","text":"Shares will generally only be held by the ACD to facilitate Share orders. Any profits or losses arising","page_number":41,"box":{"x":228,"y":689,"width":649,"height":10}},{"id":"621b961e-966b-45dd-8b86-da334b7bd493","block_type":"box","text":"from such transactions s","page_number":41,"box":{"x":228,"y":704,"width":160,"height":8}},{"id":"cfbc0343-bcf0-4e43-9354-e6d37d593ef0","block_type":"box","text":"hall accrue to the ACD and not to the Fund. 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The ACD’s decision as to whether or not to make a dilution adjustment at any","page_number":47,"box":{"x":228,"y":249,"width":650,"height":10}},{"id":"12084808-3be0-40d3-8b5e-d1d48b8775ec","block_type":"box","text":"time, and as to the level of adjustment made either in particular circumstances or generally, wi","page_number":47,"box":{"x":228,"y":265,"width":618,"height":10}},{"id":"806c71ab-ebe6-457e-8e4d-4d7c82474b0a","block_type":"box","text":"ll not","page_number":47,"box":{"x":848,"y":265,"width":31,"height":8}},{"id":"7f87126a-77c0-4475-8ee1-567883ac8981","block_type":"box","text":"prevent it from making a different decision in similar circumstances at a later time.","page_number":47,"box":{"x":229,"y":280,"width":542,"height":10}},{"id":"6f81695a-ae1f-4f7b-be73-b98cc4fa78fe","block_type":"box","text":"In the event that a dilution adjustment is applied to the Net Asset Value on any particular Dealing","page_number":47,"box":{"x":229,"y":307,"width":648,"height":10}},{"id":"c0bae454-ad7e-48d3-9989-245531ef2a92","block_type":"box","text":"Day in accordance with the criteria outlined above, the Net Asset Value per Share of each class of","page_number":47,"box":{"x":229,"y":323,"width":650,"height":10}},{"id":"9c8adf6d-37f0-44ee-b211-9c6c8a6ff1a4","block_type":"box","text":"Shares, prior to the application of the dilution adjustme","page_number":47,"box":{"x":228,"y":338,"width":379,"height":10}},{"id":"87b8382f-805e-4fe8-b418-454b1687da66","block_type":"box","text":"nt, will be available","page_number":47,"box":{"x":609,"y":338,"width":131,"height":9}},{"id":"3a4cd5f8-fd7e-4267-8aea-0ab7db3da8d8","block_type":"box","text":"to Shareholders","page_number":47,"box":{"x":748,"y":338,"width":107,"height":8}},{"id":"d6d6bffa-919a-4a4a-8634-92917aee57d1","block_type":"box","text":"on","page_number":47,"box":{"x":862,"y":340,"width":16,"height":6}},{"id":"56d29e1c-7674-4526-9331-e2318a8588f8","block_type":"box","text":"request.","page_number":47,"box":{"x":229,"y":354,"width":52,"height":9}},{"id":"819df959-b3d6-4111-b957-45b3c04b606a","block_type":"box","text":"SDRT provision","page_number":47,"box":{"x":229,"y":383,"width":112,"height":10}},{"id":"aedd70b4-9e19-4a0f-824b-3f39ad2d7b76","block_type":"box","text":"The Funds will generally owe SDRT on purchases of U.K. stocks.","page_number":47,"box":{"x":228,"y":400,"width":435,"height":10}},{"id":"a4808ba1-f081-44d5-aa13-276248858841","block_type":"box","text":"The cost of SDRT may be met directly from the Scheme Property or recovered from Shareholders","page_number":47,"box":{"x":228,"y":427,"width":650,"height":10}},{"id":"8537fbf8-b8dc-40d4-8b0d-9fea4f3541a4","block_type":"box","text":"on the purchase or redemption of Shares in a Fund.","page_number":47,"box":{"x":228,"y":443,"width":345,"height":10}},{"id":"6bd15017-3bb2-4f01-8f14-df3c4eec0261","block_type":"box","text":"The ACD’s current policy is that all SDRT charges are paid directly from the Fund’s Scheme","page_number":47,"box":{"x":228,"y":470,"width":649,"height":10}},{"id":"91d914e9-3734-48a2-87ba-e60cb2157ad9","block_type":"box","text":"Property at the applicable rate (currently 0.5%).","page_number":47,"box":{"x":229,"y":485,"width":323,"height":10}},{"id":"472e8995-393d-454d-a007-87b5a3d2ff0c","block_type":"box","text":"Where a charge to SDRT arises as a result of","page_number":47,"box":{"x":560,"y":485,"width":319,"height":10}},{"id":"84b78563-fa9a-4775-ba0a-6faafb53c04b","block_type":"box","text":"subscriptions and redemptions in the Funds, this is currently included in the dilution adjustment","page_number":47,"box":{"x":228,"y":501,"width":650,"height":10}},{"id":"a5edcb5e-2d81-4df8-97f5-d6dde7ddfdcd","block_type":"box","text":"calculation, as set out above. 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Each Fund is,","page_number":48,"box":{"x":273,"y":871,"width":604,"height":10}},{"id":"8f934e45-dadf-4526-a396-9897b67aa1d5","block_type":"box","text":"however, expected to provide investment results which, before expenses, generally","page_number":48,"box":{"x":273,"y":886,"width":605,"height":10}},{"id":"5d1d2ee8-b74c-4ca9-8585-eec2e9a9d438","block_type":"box","text":"correspond to the pri","page_number":48,"box":{"x":272,"y":902,"width":151,"height":10}},{"id":"970b4cfe-964b-4472-815c-43d7b32d268a","block_type":"box","text":"ce and yield performance of its respective index. 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The annual report of the Company will also provide","page_number":49,"box":{"x":526,"y":133,"width":352,"height":10}},{"id":"0ed044d0-c476-4d1f-8476-3a24b0de39ee","block_type":"box","text":"an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":49,"box":{"x":272,"y":149,"width":605,"height":10}},{"id":"6fbb1d57-f901-4776-9f33-d38cfd9c7db1","block_type":"box","text":"relevant period.","page_number":49,"box":{"x":273,"y":164,"width":102,"height":10}},{"id":"2c937bba-4d4d-474f-a870-a08cfd0784ff","block_type":"box","text":"The following factors may adversely affect the tracking by a Fund of its respective index:","page_number":49,"box":{"x":272,"y":191,"width":587,"height":10}},{"id":"df20da61-915e-430b-952a-ca592c189309","block_type":"box","text":"(a)","page_number":49,"box":{"x":276,"y":219,"width":17,"height":10}},{"id":"5e3092a8-6366-40e9-9026-05e07c372314","block_type":"box","text":"a Fund must pay various expenses, while an index does not reflect any expenses;","page_number":49,"box":{"x":323,"y":219,"width":546,"height":10}},{"id":"5a9dc33e-4f5e-4028-b2fb-eef3fd9d693e","block_type":"box","text":"(b)","page_number":49,"box":{"x":276,"y":234,"width":17,"height":10}},{"id":"0335635b-f628-47ac-a435-e3a7bcd386d6","block_type":"box","text":"a Fund must comply with regulatory constraints, such as the Investment and","page_number":49,"box":{"x":323,"y":234,"width":554,"height":10}},{"id":"1ec7ed1e-5b47-440f-b613-fa4b605001af","block_type":"box","text":"Borrowing Restrictions (as set out in Appendix 3), that do not affect the calculation","page_number":49,"box":{"x":324,"y":249,"width":553,"height":10}},{"id":"3c374fb8-edaf-41ab-a827-0d05c8d7169b","block_type":"box","text":"of its respective 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be","page_number":49,"box":{"x":323,"y":357,"width":554,"height":10}},{"id":"216a6916-3cbe-45ed-9965-1f115803ce8a","block_type":"box","text":"able to, or may cho","page_number":49,"box":{"x":323,"y":372,"width":128,"height":10}},{"id":"aa1136c6-8822-4820-9e2c-86a4c4bb80e5","block_type":"box","text":"o","page_number":49,"box":{"x":452,"y":374,"width":8,"height":6}},{"id":"6cec0279-4ec1-446f-95ff-7328897eff17","block_type":"box","text":"se not to, acquire;","page_number":49,"box":{"x":460,"y":372,"width":119,"height":10}},{"id":"9d940fab-95e9-4ee9-ba94-bae8e3b83a1e","block_type":"box","text":"(g)","page_number":49,"box":{"x":276,"y":388,"width":17,"height":10}},{"id":"371f3c2b-7a6d-4ab3-834b-c47256647400","block_type":"box","text":"the extent to which a Fund is not invested identically in respect of the composition","page_number":49,"box":{"x":323,"y":388,"width":554,"height":10}},{"id":"90038f44-573d-4e55-b443-602451859169","block_type":"box","text":"and/or weighting of the component 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Fund.","page_number":49,"box":{"x":323,"y":449,"width":364,"height":8}},{"id":"9a9108b2-e196-4275-a881-ce5399ab36be","block_type":"box","text":"In seeking to track an index, the Investment Adviser will not normally reduce or increase a","page_number":49,"box":{"x":277,"y":473,"width":601,"height":10}},{"id":"13ae7f37-905b-40f0-8a44-a24d02fd78b4","block_type":"box","text":"Fund’s holdings in or exposure to any component security of an index when to do so would","page_number":49,"box":{"x":277,"y":489,"width":600,"height":10}},{"id":"dd0ddafa-b3aa-47ba-b026-9c41ed131558","block_type":"box","text":"reduce the tracking accuracy. 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While the index provider does provide descriptions of what the","page_number":49,"box":{"x":276,"y":755,"width":601,"height":10}},{"id":"e7bf78a9-db52-4ddc-af34-c564115bb3a7","block_type":"box","text":"B","page_number":49,"box":{"x":276,"y":770,"width":9,"height":8}},{"id":"65767607-f450-45d2-8ea0-586b0fa03cb9","block_type":"box","text":"enchmark Index is designed to achieve, the index provider does not provide any warranty","page_number":49,"box":{"x":286,"y":770,"width":592,"height":10}},{"id":"ca2f5372-00a8-4db6-8b88-b5e146cc6ca5","block_type":"box","text":"or accept any liability in relation to the quality, accuracy or completeness of data in respect","page_number":49,"box":{"x":276,"y":785,"width":602,"height":10}},{"id":"e0d6ce4e-bc11-4dd5-b2a2-56b60da57f71","block_type":"box","text":"of the Benchmark Index, and does not guarantee that the Benchmark Index","page_number":49,"box":{"x":276,"y":801,"width":510,"height":10}},{"id":"c6a2155a-4fe6-4de5-96ba-e711fad8eb84","block_type":"box","text":"will be in line","page_number":49,"box":{"x":792,"y":801,"width":86,"height":8}},{"id":"9ff49e2f-0f83-4a5c-adce-305831cbb43d","block_type":"box","text":"with the described index methodology.","page_number":49,"box":{"x":275,"y":816,"width":256,"height":10}},{"id":"2a01ff47-af5b-408d-aec8-3878a6998b73","block_type":"box","text":"The ACD, the Investment","page_number":49,"box":{"x":276,"y":843,"width":167,"height":10}},{"id":"bb53a10c-2695-4282-b135-dcbe6a919203","block_type":"box","text":"Adviser","page_number":49,"box":{"x":447,"y":844,"width":51,"height":7}},{"id":"aa2fc6f0-b001-48c4-a47e-9a3718a01be6","block_type":"box","text":"s","page_number":49,"box":{"x":498,"y":846,"width":7,"height":5}},{"id":"75a56673-3bcc-4a89-a72c-bf5b5ab3b78f","block_type":"box","text":", the Company and affiliates do not provide any warranty","page_number":49,"box":{"x":507,"y":843,"width":371,"height":10}},{"id":"fdfc533d-e332-44c7-8dda-d1b5cfe247aa","block_type":"box","text":"or guarantee for index provider errors. 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For example, during a period where the Benchmark Index","page_number":49,"box":{"x":277,"y":920,"width":601,"height":10}},{"id":"5214f66d-d885-42bd-9f4c-ba11b4e2bcaf","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":50,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"b809b23f-d5a5-461d-bb45-ea976f285e38","block_type":"box","text":"Public","page_number":50,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"c26b6d69-1b05-4db7-906f-ada82cff4b66","block_type":"box","text":"contains incorrect constituents, a Fund tracking such published Benchmark Index would","page_number":50,"box":{"x":276,"y":87,"width":601,"height":10}},{"id":"37858d06-5145-4d5d-bfdf-aeb7f3d5a880","block_type":"box","text":"have market exposure to such constituents and would be underexposed to the constituents","page_number":50,"box":{"x":276,"y":103,"width":602,"height":10}},{"id":"2759fe98-f86a-4b82-a6af-4093755a3abe","block_type":"box","text":"that should have been included in the Benchmark Index. As such, errors may result","page_number":50,"box":{"x":276,"y":118,"width":571,"height":10}},{"id":"4aff71ae-abd7-4269-9ecc-63f7a6f27009","block_type":"box","text":"in a","page_number":50,"box":{"x":854,"y":118,"width":24,"height":8}},{"id":"b2e4f2f6-3b72-49f8-9ec4-c155738c9cec","block_type":"box","text":"negative or positive performance impact to the Funds and their investors. Investors should","page_number":50,"box":{"x":276,"y":133,"width":601,"height":10}},{"id":"0d5ad519-3cfc-43db-bef0-10a1e325ac66","block_type":"box","text":"understand that any gains from index provider errors will be kept by the Funds and their","page_number":50,"box":{"x":276,"y":149,"width":602,"height":10}},{"id":"891dce15-3f97-4879-ad31-6b3c4a416763","block_type":"box","text":"investors and any losses resulting from index provider errors will be b","page_number":50,"box":{"x":276,"y":164,"width":476,"height":10}},{"id":"e55c63ea-851c-4076-a816-38ac895ec8a1","block_type":"box","text":"orne by the Funds","page_number":50,"box":{"x":754,"y":164,"width":124,"height":10}},{"id":"f1389343-19e3-4588-8e14-0ac77b50bd21","block_type":"box","text":"and their investors.","page_number":50,"box":{"x":276,"y":180,"width":126,"height":7}},{"id":"269e7b15-5b4f-4bea-878c-b826ee1476c2","block_type":"box","text":"•","page_number":50,"box":{"x":229,"y":209,"width":3,"height":3}},{"id":"957d7123-161f-4239-8dc4-d4c2ccd6cce3","block_type":"box","text":"Unscheduled rebalancing risk","page_number":50,"box":{"x":276,"y":207,"width":218,"height":10}},{"id":"4e6f589a-e6f6-4144-9c13-0f8abb4712ab","block_type":"box","text":"–","page_number":50,"box":{"x":501,"y":211,"width":8,"height":1}},{"id":"71e8b6bd-ff4e-481c-bc54-58ffa9e3e182","block_type":"box","text":"Apart from scheduled rebalances, the index provider","page_number":50,"box":{"x":516,"y":207,"width":363,"height":10}},{"id":"b35b354d-3dcd-4c5b-9890-bf30bb349191","block_type":"box","text":"may carry out additional ad hoc rebalances to the Benchmark Index in order, for example,","page_number":50,"box":{"x":276,"y":222,"width":601,"height":10}},{"id":"ec701fdd-083a-47d6-be8b-3b7d4cf15188","block_type":"box","text":"to correct an error in the selection of index constituents. Where the Benchmark Index of a","page_number":50,"box":{"x":276,"y":237,"width":601,"height":8}},{"id":"e3cc59af-f0ce-41a5-a704-d7b0e01a1b73","block_type":"box","text":"Fund is rebalanced and t","page_number":50,"box":{"x":277,"y":253,"width":169,"height":8}},{"id":"51f590c5-5362-4ed2-acb7-c6f69935313f","block_type":"box","text":"he Fund in turn rebalances its portfolio to bring it in line with its","page_number":50,"box":{"x":447,"y":253,"width":431,"height":10}},{"id":"6711497a-a24f-4f22-a4cb-d2770f1ef30c","block_type":"box","text":"Benchmark Index, any transaction costs (including any capital gains tax and/or transaction","page_number":50,"box":{"x":276,"y":268,"width":601,"height":10}},{"id":"9f70f746-d8ab-4911-b305-c48fb4e47dc5","block_type":"box","text":"taxes) and market exposure arising from such portfolio rebalancing will be borne directly by","page_number":50,"box":{"x":276,"y":284,"width":602,"height":10}},{"id":"e1b2b939-8451-4d85-a3b4-1ee39755389b","block_type":"box","text":"th","page_number":50,"box":{"x":276,"y":299,"width":11,"height":8}},{"id":"9dd89c6d-a268-4492-9d2c-52a80381734c","block_type":"box","text":"e Fund and its investors.","page_number":50,"box":{"x":289,"y":299,"width":162,"height":8}},{"id":"21df6a97-881a-4a9b-8855-f0413e31d75f","block_type":"box","text":"Unscheduled rebalances to the Benchmark Indices may also expose the Funds to tracking","page_number":50,"box":{"x":276,"y":326,"width":601,"height":10}},{"id":"3653eeaf-645f-4503-9947-febcdade7362","block_type":"box","text":"error risk, which is the risk that its returns may not track exactly those of the Benchmark","page_number":50,"box":{"x":276,"y":342,"width":602,"height":10}},{"id":"93f80e54-da60-415c-89cf-f0af6641fdea","block_type":"box","text":"Index (see “Tracking risk” for more detail). Therefore, errors and additional","page_number":50,"box":{"x":277,"y":357,"width":541,"height":10}},{"id":"40209e33-181d-4b83-8fb7-81c84fb28dea","block_type":"box","text":"ad hoc","page_number":50,"box":{"x":829,"y":357,"width":50,"height":8}},{"id":"36be3a77-ee8d-431f-aff9-bf69e4b8942b","block_type":"box","text":"rebalances carried out by the index provider to a Benchmark Index may increase the costs","page_number":50,"box":{"x":276,"y":372,"width":602,"height":10}},{"id":"0e588374-d9fe-4e5f-91a0-7ab681c88f58","block_type":"box","text":"and market exposure risk of the relevant Fund.","page_number":50,"box":{"x":276,"y":388,"width":311,"height":9}},{"id":"9cc26fb1-7dff-48fc-9b0f-96ad2aac8158","block_type":"box","text":"•","page_number":50,"box":{"x":229,"y":417,"width":3,"height":3}},{"id":"e398c45f-93e8-430f-88e9-e81d1884a03f","block_type":"box","text":"Screening risk","page_number":50,"box":{"x":276,"y":415,"width":103,"height":10}},{"id":"676a732a-b785-4334-80c2-3bf86a24cb91","block_type":"box","text":"–","page_number":50,"box":{"x":383,"y":419,"width":8,"height":1}},{"id":"64d077a0-fd5d-495b-a06a-4c1b50c56d70","block_type":"box","text":"Where specified in Appendix 1, a Fund may track an index which screens","page_number":50,"box":{"x":395,"y":415,"width":483,"height":10}},{"id":"198c367b-ef2c-44c6-b94f-afb6143c044b","block_type":"box","text":"out possible investments if they do not meet certain criteria. This may affect the Fund’s","page_number":50,"box":{"x":276,"y":430,"width":602,"height":10}},{"id":"246c62d8-6239-4b6c-8693-59b3405bbe15","block_type":"box","text":"exposure to certain issuers and cause the Fund to forego certain investment opportunities","page_number":50,"box":{"x":276,"y":446,"width":601,"height":10}},{"id":"ff50511e-eabc-4084-9715-0009c18311aa","block_type":"box","text":"relat","page_number":50,"box":{"x":276,"y":461,"width":29,"height":8}},{"id":"1afacb56-a17d-4301-8c75-5788e1d41771","block_type":"box","text":"ive to non","page_number":50,"box":{"x":306,"y":461,"width":65,"height":8}},{"id":"f22e4530-7d5c-4963-8ee9-d9318cee3d49","block_type":"box","text":"-","page_number":50,"box":{"x":373,"y":466,"width":4,"height":0}},{"id":"6d14325e-5192-458d-b5b6-36bb8914492d","block_type":"box","text":"screened indices which cover the same broad universes but which do not","page_number":50,"box":{"x":378,"y":461,"width":500,"height":8}},{"id":"e8598cb3-65b7-4599-9f3d-ca04025bd15e","block_type":"box","text":"apply such screens. 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The use of","page_number":54,"box":{"x":645,"y":176,"width":234,"height":8}},{"id":"385a7146-258a-445e-a3c4-ef740594f33d","block_type":"box","text":"derivatives","page_number":54,"box":{"x":228,"y":191,"width":71,"height":8}},{"id":"838d44ad-194b-4293-ab92-5db754e65010","block_type":"box","text":"requires an understanding not only of the underlying instrument but also of the","page_number":54,"box":{"x":309,"y":191,"width":569,"height":10}},{"id":"ff0662ba-c19a-4184-a59f-5b0f66181c59","block_type":"box","text":"derivative","page_number":54,"box":{"x":228,"y":207,"width":64,"height":8}},{"id":"cd552c68-330f-4ce1-93aa-dd08de0adb23","block_type":"box","text":"itself, without the benefit of observing the performance of the","page_number":54,"box":{"x":297,"y":207,"width":394,"height":10}},{"id":"ae28715f-af8b-46ef-b53d-31d76b65d273","block_type":"box","text":"derivative","page_number":54,"box":{"x":696,"y":207,"width":63,"height":8}},{"id":"44820e5a-d92d-445c-bce2-9e93fe3986a6","block_type":"box","text":"under all possible","page_number":54,"box":{"x":764,"y":207,"width":114,"height":10}},{"id":"ceb3300e-e912-497d-881e-e96ffed82ddb","block_type":"box","text":"market conditions.","page_number":54,"box":{"x":229,"y":222,"width":120,"height":8}},{"id":"1282bd66-6c79-4e4f-a08b-35986ea7dbb1","block_type":"box","text":"Credit risk.","page_number":54,"box":{"x":229,"y":249,"width":74,"height":8}},{"id":"66203dab-ec88-40d5-8049-e8f87a79d670","block_type":"box","text":"k.","page_number":54,"box":{"x":303,"y":256,"width":3,"height":1}},{"id":"77e00256-2492-47d0-98f5-05130519a1f9","block_type":"box","text":"The use of","page_number":54,"box":{"x":311,"y":249,"width":71,"height":8}},{"id":"480853c8-1a9c-4619-ad93-a0332f76abee","block_type":"box","text":"derivatives","page_number":54,"box":{"x":386,"y":249,"width":71,"height":8}},{"id":"8fcb9367-82f6-4a4c-b8fd-dafaa55d2d8d","block_type":"box","text":"involves the risk that a loss may be sustained as a result of the","page_number":54,"box":{"x":463,"y":249,"width":415,"height":10}},{"id":"1d8846f0-1ea6-4d13-9c7c-2f0897c467bf","block_type":"box","text":"failure of another party to the contract (","page_number":54,"box":{"x":228,"y":265,"width":261,"height":10}},{"id":"1ea01a97-2fa3-4ef0-9df0-083336a274be","block_type":"box","text":"usually","page_number":54,"box":{"x":491,"y":265,"width":46,"height":10}},{"id":"d9d10ce2-443b-4c9d-ab53-2ca1e4d8b85d","block_type":"box","text":"referred to as the “counterparty”) to make required","page_number":54,"box":{"x":542,"y":265,"width":335,"height":10}},{"id":"855338fd-4805-49d8-9835-4a937fa1a5a6","block_type":"box","text":"payments or otherwise comply with the contract’s terms. Counterparties to these transactions are","page_number":54,"box":{"x":229,"y":280,"width":648,"height":10}},{"id":"116a724c-27b1-4883-b78a-9dd54e8615b1","block_type":"box","text":"therefore required to provide collateral, in the form of cash or securities, to protect the Company","page_number":54,"box":{"x":228,"y":295,"width":650,"height":10}},{"id":"1c915508-d452-4461-a35e-99fde2fe7ea0","block_type":"box","text":"and th","page_number":54,"box":{"x":228,"y":311,"width":41,"height":8}},{"id":"1f7257b4-2c78-4cbe-b83d-a47e6196c262","block_type":"box","text":"e relevant Fund against the risk of the counterparty’s default.","page_number":54,"box":{"x":270,"y":311,"width":404,"height":10}},{"id":"17233322-74d8-470f-bb14-f7bcd350db10","block_type":"box","text":"There is also the risk that, due to a significant change in the value of the","page_number":54,"box":{"x":228,"y":338,"width":499,"height":10}},{"id":"02cd98a0-04ae-446f-8291-ff674dcce5ea","block_type":"box","text":"derivative","page_number":54,"box":{"x":734,"y":338,"width":64,"height":8}},{"id":"9e92abc5-ec89-41f5-bd25-ab3abffa0854","block_type":"box","text":"because of","page_number":54,"box":{"x":805,"y":338,"width":74,"height":8}},{"id":"a947c3de-e80b-43c9-940e-389dc30e62e5","block_type":"box","text":"market conditions, the collateral posted by the counterparty would not be sufficient to cover the","page_number":54,"box":{"x":229,"y":353,"width":648,"height":10}},{"id":"be01d475-e721-496f-8b3e-e3cbee6e74f4","block_type":"box","text":"counterparty’s obligations under the","page_number":54,"box":{"x":228,"y":369,"width":253,"height":10}},{"id":"8435a029-5bd3-41aa-b9ba-810dccc08ae6","block_type":"box","text":"derivatives","page_number":54,"box":{"x":491,"y":369,"width":71,"height":8}},{"id":"0b28ee1f-34af-412f-8111-6f13325d0d0a","block_type":"box","text":", should the counterparty become insolvent,","page_number":54,"box":{"x":564,"y":369,"width":313,"height":10}},{"id":"c9052799-d4f5-451f-8b01-14bcc6dc77a6","block_type":"box","text":"bankrupt or default prior to the receipt of additional collateral. This may result in substantial losses","page_number":54,"box":{"x":229,"y":384,"width":648,"height":10}},{"id":"833397e0-7d60-47c6-b15b-979495582d0a","block_type":"box","text":"to the Company and the relevant Fund. The Company maintains collateralisation policies to","page_number":54,"box":{"x":228,"y":399,"width":650,"height":10}},{"id":"2a7addad-d4bf-4137-8217-6182dc288511","block_type":"box","text":"mitigate counterp","page_number":54,"box":{"x":229,"y":415,"width":114,"height":10}},{"id":"cc3c71c7-5ab5-40ba-9404-7f55fd373095","block_type":"box","text":"arty risk, including as follows:","page_number":54,"box":{"x":344,"y":415,"width":194,"height":10}},{"id":"3b87cd05-172e-4295-a2bc-d0dff3f4f7e3","block_type":"box","text":"•","page_number":54,"box":{"x":234,"y":445,"width":3,"height":2}},{"id":"a49d3cf7-8b95-441a-b177-3ba7082b94fe","block_type":"box","text":"cash or securities held by the relevant Fund or by the counterparty, as applicable, are posted","page_number":54,"box":{"x":263,"y":442,"width":614,"height":10}},{"id":"73ce9931-e1a8-48d4-8761-c3af760c5162","block_type":"box","text":"as collateral to cover daily mark","page_number":54,"box":{"x":263,"y":458,"width":215,"height":9}},{"id":"7c4a2080-28de-4a30-b97e-caa6af2fb3a0","block_type":"box","text":"-","page_number":54,"box":{"x":479,"y":462,"width":4,"height":1}},{"id":"f25ffc52-8551-4c86-82da-6e4bc77b4052","block_type":"box","text":"to","page_number":54,"box":{"x":484,"y":458,"width":12,"height":7}},{"id":"3f3c8053-3663-470b-931c-ea7b4a745dc2","block_type":"box","text":"-","page_number":54,"box":{"x":497,"y":462,"width":4,"height":1}},{"id":"cebe0a48-d3e8-4208-9325-beab80c5db40","block_type":"box","text":"market changes to the value of the","page_number":54,"box":{"x":502,"y":457,"width":236,"height":10}},{"id":"7c7cd6bd-afe9-44e9-be66-e230bfcc4549","block_type":"box","text":"derivatives","page_number":54,"box":{"x":744,"y":458,"width":71,"height":7}},{"id":"21063f81-9d9e-46be-8458-1835cd58c300","block_type":"box","text":"portfolio","page_number":54,"box":{"x":822,"y":457,"width":52,"height":10}},{"id":"aa3e8e7c-e7d2-47c3-8c88-ffad33011e35","block_type":"box","text":",","page_number":54,"box":{"x":876,"y":464,"width":2,"height":3}},{"id":"fa7ffe7d-be6e-4ef2-856b-13b997f66d0f","block_type":"box","text":"and specific haircut policies will apply depending on collateral type and risk associated with","page_number":54,"box":{"x":263,"y":473,"width":614,"height":10}},{"id":"47e6c151-bc32-40d2-a187-8c6da09cb28b","block_type":"box","text":"the underlying security;","page_number":54,"box":{"x":263,"y":488,"width":154,"height":10}},{"id":"335e9bb1-6a86-4c1b-9f4e-4167b9e8ea9e","block_type":"box","text":"•","page_number":54,"box":{"x":234,"y":518,"width":3,"height":3}},{"id":"491b1e44-8a31-4938-a098-dbd1f242223d","block_type":"box","text":"based on changes in the market value of each","page_number":54,"box":{"x":264,"y":515,"width":309,"height":10}},{"id":"30c205dd-81a4-44b9-a4fd-fc986d7c80fb","block_type":"box","text":"derivative","page_number":54,"box":{"x":580,"y":516,"width":63,"height":7}},{"id":"1854b84d-1303-48ad-87fc-334169bbef13","block_type":"box","text":"transaction, collateral is posted, or","page_number":54,"box":{"x":649,"y":516,"width":230,"height":9}},{"id":"accab9f8-3022-4840-af13-4270a64887dc","block_type":"box","text":"received, daily on a net basis, to ensure that the value of the collateral covers the relevant","page_number":54,"box":{"x":264,"y":531,"width":614,"height":10}},{"id":"d1272c2a-60c1-479d-a1a9-1a3448daaf2f","block_type":"box","text":"Fund’s mark","page_number":54,"box":{"x":264,"y":546,"width":82,"height":8}},{"id":"5bd79f49-95c3-49a8-94eb-9b9db4adcd47","block_type":"box","text":"-","page_number":54,"box":{"x":347,"y":551,"width":4,"height":1}},{"id":"8ee21986-f70a-4564-a31f-af748ba71853","block_type":"box","text":"to","page_number":54,"box":{"x":351,"y":547,"width":12,"height":7}},{"id":"07928cbf-fff6-4d5b-8eae-9aecce08fabf","block_type":"box","text":"-","page_number":54,"box":{"x":364,"y":551,"width":4,"height":1}},{"id":"940b2980-94f8-407b-ad8d-6a1e30f01e3c","block_type":"box","text":"market exposure to the counterparty; and","page_number":54,"box":{"x":370,"y":546,"width":274,"height":10}},{"id":"e6294e3e-a9f8-4c16-b098-71a3646264d0","block_type":"box","text":"•","page_number":54,"box":{"x":234,"y":576,"width":3,"height":3}},{"id":"34110720-a4f4-4c7e-9fea-e707aefbd8da","block_type":"box","text":"in the event of a counterparty default, collateral held is immediately available (without","page_number":54,"box":{"x":264,"y":573,"width":614,"height":10}},{"id":"454edec0-0773-4228-b558-75b060fe45c2","block_type":"box","text":"recourse) to cover the relevant Fund’s current mark","page_number":54,"box":{"x":264,"y":589,"width":342,"height":10}},{"id":"d9cce017-61d6-4c17-beea-0e3d6c38fbf4","block_type":"box","text":"-","page_number":54,"box":{"x":607,"y":593,"width":4,"height":1}},{"id":"0a55cd0d-adbd-4b9b-93ca-6fb9cab98590","block_type":"box","text":"to","page_number":54,"box":{"x":612,"y":589,"width":12,"height":8}},{"id":"b904fc43-84f2-4a10-8bb0-67d9ec0cb486","block_type":"box","text":"-","page_number":54,"box":{"x":625,"y":593,"width":4,"height":1}},{"id":"c9c910a2-6205-4d13-bcb1-598cede45c6b","block_type":"box","text":"market exposure to a counterparty.","page_number":54,"box":{"x":630,"y":589,"width":232,"height":10}},{"id":"f73f536a-461f-49ff-8f01-a8c9c9e0e1b6","block_type":"box","text":"Additionally, credit default swaps could result in losses if the Investment Adviser does not correctly","page_number":54,"box":{"x":228,"y":616,"width":650,"height":10}},{"id":"96524739-4f5b-4ffc-8612-200f5a72a6bf","block_type":"box","text":"evaluate the creditworthiness of the company on which the credit default swap is based.","page_number":54,"box":{"x":228,"y":631,"width":585,"height":10}},{"id":"9b50b713-240b-4c3b-9ee4-d98fdf0c2e60","block_type":"box","text":"Collateral reinvestment risk","page_number":54,"box":{"x":229,"y":659,"width":201,"height":8}},{"id":"b849ed2d-ea26-46cb-a621-77a0177c9d5d","block_type":"box","text":"There is a risk that cash collateral reinvestment could result in a","page_number":54,"box":{"x":436,"y":659,"width":442,"height":8}},{"id":"6e8e1602-55d0-4b43-98b8-123abdc69b0e","block_type":"box","text":"reduction of the value of the collateral capital (because the investment declines in value). This, in","page_number":54,"box":{"x":229,"y":674,"width":648,"height":10}},{"id":"3c15f368-5a97-41b6-91eb-323512b4db1e","block_type":"box","text":"turn, may cause losses to the Company and the relevant Fund because they are obliged","page_number":54,"box":{"x":228,"y":689,"width":589,"height":10}},{"id":"877b17f5-52ad-4ffc-b696-448c8399d447","block_type":"box","text":"t","page_number":54,"box":{"x":823,"y":690,"width":4,"height":7}},{"id":"ee65b472-cabf-47fa-bb1b-c3dba7cbe273","block_type":"box","text":"o","page_number":54,"box":{"x":827,"y":691,"width":8,"height":6}},{"id":"9dc17d6c-abd7-46d8-8ef9-5e70f9c12120","block_type":"box","text":"return","page_number":54,"box":{"x":840,"y":690,"width":38,"height":7}},{"id":"a32275ca-55c6-49a4-84cd-b63c85d3fded","block_type":"box","text":"collateral to the counterparty. In order to manage this risk, the Company reinvests cash collateral","page_number":54,"box":{"x":228,"y":705,"width":649,"height":10}},{"id":"067f32b8-6881-4922-96aa-0e4beb45b958","block_type":"box","text":"in accordance with the guidelines set out in","page_number":54,"box":{"x":229,"y":720,"width":286,"height":10}},{"id":"7bbd421f-4e6d-4a64-8277-71ea6d575bc9","block_type":"box","text":"Appendix 4","page_number":54,"box":{"x":520,"y":720,"width":81,"height":10}},{"id":"45dd3e5d-dc0a-46ab-b329-8edc21a6db98","block_type":"box","text":".","page_number":54,"box":{"x":603,"y":727,"width":2,"height":1}},{"id":"7b88177b-cc34-4471-93b5-7e6018d755f8","block_type":"box","text":"Liquidity risk","page_number":54,"box":{"x":228,"y":747,"width":97,"height":10}},{"id":"6565543a-289a-451c-ac94-4a63e2d92413","block_type":"box","text":"This risk exists when a particular","page_number":54,"box":{"x":332,"y":747,"width":231,"height":10}},{"id":"88f4551c-ee74-4d1a-b9f3-3baa051ab069","block_type":"box","text":"derivative","page_number":54,"box":{"x":570,"y":747,"width":64,"height":8}},{"id":"6899827f-b548-46df-aed0-d0dbfd9633ae","block_type":"box","text":"is difficult to purchase or sell. If a","page_number":54,"box":{"x":642,"y":747,"width":236,"height":10}},{"id":"7a57cdc3-4124-4ec7-9f34-aa1b76ee476c","block_type":"box","text":"derivative transaction is particularly large or if the relevant","page_number":54,"box":{"x":228,"y":763,"width":395,"height":10}},{"id":"56daaf8b-9726-4eed-a77c-84eb6d7300d3","block_type":"box","text":"market","page_number":54,"box":{"x":630,"y":763,"width":45,"height":8}},{"id":"6f741d77-02f3-42d8-9c00-dee0d84458d8","block_type":"box","text":"is illiquid (as in the case with","page_number":54,"box":{"x":682,"y":763,"width":196,"height":10}},{"id":"44359d76-f84d-48bc-b2ff-3b0b3e859c51","block_type":"box","text":"many OTC derivatives), it may not be possible to initiate a transaction or liquidate a position at an","page_number":54,"box":{"x":229,"y":778,"width":648,"height":10}},{"id":"c2917eba-6a89-49d4-8a58-7ead83e2f08d","block_type":"box","text":"advantageous time or price.","page_number":54,"box":{"x":228,"y":794,"width":185,"height":9}},{"id":"66a2cbd2-c15b-442c-ad28-b3a9fc13dcf1","block_type":"box","text":"Pricing risk","page_number":54,"box":{"x":228,"y":821,"width":87,"height":10}},{"id":"700efd5c-82f9-4375-afe6-90441f46ee8e","block_type":"box","text":"This risk exists when a particular","page_number":54,"box":{"x":322,"y":821,"width":236,"height":10}},{"id":"72e2c64a-ad82-4868-be95-1d9ed2e70a93","block_type":"box","text":"derivative","page_number":54,"box":{"x":567,"y":821,"width":63,"height":8}},{"id":"655e1a55-5df5-4047-84fc-1996c39ac12f","block_type":"box","text":"becomes extraordinarily expensive","page_number":54,"box":{"x":640,"y":821,"width":238,"height":10}},{"id":"f34bfe15-64ac-4e4c-a242-dd31162f9a71","block_type":"box","text":"relative to historical prices or the prices of corresponding","page_number":54,"box":{"x":229,"y":836,"width":378,"height":10}},{"id":"afd7b4b4-4670-4d7e-bf6e-a9c5bcd01dbf","block_type":"box","text":"cash","page_number":54,"box":{"x":614,"y":836,"width":30,"height":8}},{"id":"e358c67d-fa0d-4a59-acaa-fc9367600a32","block_type":"box","text":"market instruments. Under certain","page_number":54,"box":{"x":651,"y":836,"width":227,"height":8}},{"id":"f14c9eeb-d68c-49eb-b71b-26ec8fd2a0be","block_type":"box","text":"market conditions, it may not be economically feasible to initiate a transaction or liquidate a position","page_number":54,"box":{"x":229,"y":851,"width":648,"height":10}},{"id":"a6d8e981-161b-4a1c-aea5-a5329a171fbf","block_type":"box","text":"in time to avoid a loss or to take advantage of an opportunity.","page_number":54,"box":{"x":229,"y":867,"width":406,"height":10}},{"id":"d2d03e5c-f935-482d-949a-431c3c97af46","block_type":"box","text":"Gearing (or leverage) risk","page_number":54,"box":{"x":229,"y":894,"width":190,"height":10}},{"id":"a8db1ddc-dc53-454e-a633-acca028b889d","block_type":"box","text":"Because many","page_number":54,"box":{"x":426,"y":894,"width":101,"height":10}},{"id":"a8aed94f-5cad-42e8-b2e9-82af78dddba2","block_type":"box","text":"derivatives","page_number":54,"box":{"x":534,"y":894,"width":71,"height":8}},{"id":"455c82c2-2cfc-4239-9fe9-a7704fc295f9","block_type":"box","text":"have a leveraged component, adverse","page_number":54,"box":{"x":613,"y":894,"width":265,"height":10}},{"id":"42e41aba-bf3d-466a-8959-79717dcf6cc0","block_type":"box","text":"changes in the value or level of the underlying asset, reference rate or index can result in a loss","page_number":54,"box":{"x":228,"y":909,"width":649,"height":10}},{"id":"814e61ad-87af-41cc-8345-0a78f641efe4","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":55,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"7e2fc7ef-5372-4a2b-b602-69e86920c31b","block_type":"box","text":"Public","page_number":55,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"1813e319-f31b-4fab-bf78-3a12ee7a11a0","block_type":"box","text":"substantially greater than the amount","page_number":55,"box":{"x":228,"y":87,"width":251,"height":10}},{"id":"7a3b8b64-275c-441a-8fff-22cc8321ab22","block_type":"box","text":"invested","page_number":55,"box":{"x":486,"y":87,"width":54,"height":8}},{"id":"959eae0b-a899-4b63-a84c-abda5dfde6e4","block_type":"box","text":"in the","page_number":55,"box":{"x":547,"y":87,"width":36,"height":8}},{"id":"838bbcfb-f285-4130-b31a-8794198f3fc0","block_type":"box","text":"derivative","page_number":55,"box":{"x":589,"y":87,"width":64,"height":8}},{"id":"4e63cc25-7e0c-44a7-a6a6-37bad1b43588","block_type":"box","text":"itself. The Company’s Funds are","page_number":55,"box":{"x":659,"y":87,"width":219,"height":10}},{"id":"475e8456-6ecd-433f-a3f4-7c80990e209f","block_type":"box","text":"managed on a non","page_number":55,"box":{"x":229,"y":103,"width":124,"height":10}},{"id":"8c89f6d6-d171-4a26-b45e-b349c7f92b08","block_type":"box","text":"-","page_number":55,"box":{"x":355,"y":107,"width":4,"height":1}},{"id":"a074bb00-6f54-41c2-bb0c-58719b76a0a6","block_type":"box","text":"geared basis unless otherwise specified for any Fund in","page_number":55,"box":{"x":359,"y":103,"width":371,"height":10}},{"id":"140c3d88-81e7-454b-93a8-b7dbe30f9ff6","block_type":"box","text":"Appendix 1","page_number":55,"box":{"x":736,"y":103,"width":78,"height":9}},{"id":"bcaad11a-758a-435e-a038-7dd0827c6504","block_type":"box","text":".","page_number":55,"box":{"x":818,"y":109,"width":2,"height":1}},{"id":"22149955-9bfe-438e-80ee-cc93f6982985","block_type":"box","text":"Market risk","page_number":55,"box":{"x":228,"y":130,"width":81,"height":8}},{"id":"171274e3-b21c-4624-a11c-67709b72a5d2","block_type":"box","text":"Like most other investments,","page_number":55,"box":{"x":314,"y":130,"width":191,"height":9}},{"id":"78886a8c-caed-4de2-858a-2f1dbf48fd0f","block_type":"box","text":"derivatives","page_number":55,"box":{"x":511,"y":130,"width":71,"height":8}},{"id":"9d1cf8d7-f6cc-4cff-a33c-3960068cd25a","block_type":"box","text":"are subject to the risk that the market value","page_number":55,"box":{"x":588,"y":130,"width":290,"height":10}},{"id":"64fa9c2c-36d9-4895-b076-18822ed7d5c3","block_type":"box","text":"of the instrument will change in a way detrimental to the Fund’s interests. While hedging strategies","page_number":55,"box":{"x":228,"y":145,"width":649,"height":10}},{"id":"8bf3212a-f6b1-486c-93a3-790cd7f48ac3","block_type":"box","text":"involving","page_number":55,"box":{"x":229,"y":161,"width":57,"height":10}},{"id":"2e364c13-290c-4907-8c33-27864d33278f","block_type":"box","text":"derivatives","page_number":55,"box":{"x":292,"y":161,"width":71,"height":8}},{"id":"e8007659-a267-4a30-8908-77ead72b3c73","block_type":"box","text":"can reduce the risk of loss, they can also reduce the opportunity for gain or","page_number":55,"box":{"x":369,"y":161,"width":509,"height":10}},{"id":"902f9816-0bdc-4c02-8892-10ffb8bd79a2","block_type":"box","text":"even result in losses by offsetting favourable price movements in other portfolio investments. A","page_number":55,"box":{"x":228,"y":176,"width":650,"height":10}},{"id":"67f1fe26-03c8-4429-9125-adf761d01991","block_type":"box","text":"Fund may also have to buy or sell a security at a disadvantageous time or price b","page_number":55,"box":{"x":229,"y":191,"width":528,"height":10}},{"id":"bd0fd483-2efe-4f62-941b-dfd32f43bdd3","block_type":"box","text":"ecause it is legally","page_number":55,"box":{"x":759,"y":191,"width":119,"height":10}},{"id":"2166f34e-122c-42a3-a6db-3008f2b5709c","block_type":"box","text":"required to maintain offsetting positions or asset coverage in connection with certain","page_number":55,"box":{"x":229,"y":207,"width":578,"height":10}},{"id":"9e30fd40-10c4-4a8c-a6c0-7dd7b4935014","block_type":"box","text":"derivative","page_number":55,"box":{"x":815,"y":207,"width":63,"height":8}},{"id":"12a9558b-829e-45d0-8ecb-2eef404b5aff","block_type":"box","text":"transactions.","page_number":55,"box":{"x":228,"y":222,"width":84,"height":8}},{"id":"f869cf62-afda-4021-8bc0-a7d058e28ff1","block_type":"box","text":"Settlement risk","page_number":55,"box":{"x":229,"y":249,"width":109,"height":8}},{"id":"311b4224-c8fa-4f92-9a05-c9e72469740f","block_type":"box","text":"Derivative markets will have different clearance and settlement procedures and","page_number":55,"box":{"x":343,"y":249,"width":534,"height":10}},{"id":"1d504269-d364-417d-a895-79982beb6d41","block_type":"box","text":"in certain markets there have been times when settlements have been unable to keep pace with","page_number":55,"box":{"x":229,"y":265,"width":648,"height":10}},{"id":"284e9a0c-ba50-4880-82bb-c211c42ea804","block_type":"box","text":"the volume of transactions, thereby making","page_number":55,"box":{"x":228,"y":280,"width":300,"height":10}},{"id":"6afc9258-9fc8-4784-ae40-ea549105339c","block_type":"box","text":"it","page_number":55,"box":{"x":537,"y":280,"width":6,"height":8}},{"id":"303d07af-b99c-451d-b6ec-8479fb01d630","block_type":"box","text":"difficult to conduct such transactions. 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Inability to dispose of portfolio securities due","page_number":55,"box":{"x":286,"y":326,"width":592,"height":10}},{"id":"920e3304-2640-408f-80e7-75a25789fda2","block_type":"box","text":"to settlement problems could result either in losses to the Fund due to subsequent declines in the","page_number":55,"box":{"x":228,"y":342,"width":649,"height":9}},{"id":"18ec8f1b-96fd-4f7f-acc8-d0140af45c8e","block_type":"box","text":"value of the security or, if the Fund has entered into a contra","page_number":55,"box":{"x":228,"y":357,"width":401,"height":10}},{"id":"af8e04aa-7839-4b4e-8501-e5d78ee2db8f","block_type":"box","text":"ct to sell the security, it could result in","page_number":55,"box":{"x":630,"y":357,"width":248,"height":10}},{"id":"783d0109-7cf4-401c-bbc9-9ddc6febf8f5","block_type":"box","text":"a possible liability of it to the purchaser.","page_number":55,"box":{"x":228,"y":372,"width":262,"height":10}},{"id":"6b3e9d29-21cb-489a-b466-3936d92ba8f4","block_type":"box","text":"Legal risk","page_number":55,"box":{"x":228,"y":400,"width":72,"height":9}},{"id":"78f81b75-4778-4b9a-a423-23e63ac0b3bc","block_type":"box","text":"The terms of OTC","page_number":55,"box":{"x":305,"y":399,"width":123,"height":8}},{"id":"b88bb310-68b9-451c-b0e3-1d8f0a2e9e05","block_type":"box","text":"derivatives","page_number":55,"box":{"x":434,"y":400,"width":71,"height":7}},{"id":"ee1c7a14-7efa-4776-9a99-b0d2735675a8","block_type":"box","text":"are generally established through negotiation between","page_number":55,"box":{"x":512,"y":400,"width":365,"height":9}},{"id":"bd0a642f-558b-4c60-b4e5-8564fd79ffe3","block_type":"box","text":"the parties thereto. 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There may also be a","page_number":55,"box":{"x":672,"y":461,"width":206,"height":10}},{"id":"66aab2b2-a225-467f-8f2b-ecccc2d64fc7","block_type":"box","text":"legal or documentation risk that the parties to the OTC","page_number":55,"box":{"x":229,"y":476,"width":365,"height":10}},{"id":"746a834a-a0e9-429b-aa15-d193bc7d6847","block_type":"box","text":"derivatives","page_number":55,"box":{"x":600,"y":477,"width":71,"height":7}},{"id":"9b15d9a7-9db2-44f9-8a6e-60edccbaa988","block_type":"box","text":"may disagree as to the proper","page_number":55,"box":{"x":677,"y":477,"width":202,"height":9}},{"id":"fab5115e-893f-4a40-9f1b-dba20543ade9","block_type":"box","text":"interpretation of its terms. If such a dispute occurs, the cost and unpredictability of the legal","page_number":55,"box":{"x":229,"y":492,"width":648,"height":10}},{"id":"4415f57c-14de-49ff-b87b-d7830b24ce3e","block_type":"box","text":"proceedings required for a Fund to enforce its contractual rights may lead the Fund to decide not","page_number":55,"box":{"x":229,"y":507,"width":649,"height":10}},{"id":"16a01ed4-5b02-43a9-8db0-4dd96d74bf68","block_type":"box","text":"to pursue its claims under the","page_number":55,"box":{"x":228,"y":523,"width":193,"height":9}},{"id":"4101e610-7e96-4bfa-b2d8-94936f6902e7","block_type":"box","text":"OTC","page_number":55,"box":{"x":426,"y":522,"width":31,"height":8}},{"id":"03b77e30-667b-45eb-ba55-e1b0cdb823ce","block_type":"box","text":"derivatives","page_number":55,"box":{"x":462,"y":523,"width":71,"height":7}},{"id":"f322968c-0b03-4e15-b720-09598d2f89d7","block_type":"box","text":". A Fund thus assumes the risk that it may be unable","page_number":55,"box":{"x":535,"y":523,"width":343,"height":9}},{"id":"d1d633a1-fe6d-4a6d-b134-552408c07588","block_type":"box","text":"to obtain payments owed to it under OTC arrangements, and that those payments may be delayed","page_number":55,"box":{"x":228,"y":538,"width":649,"height":10}},{"id":"fb62f014-4453-4225-9617-92c1fceeae19","block_type":"box","text":"or made only after the Fund has incurred the costs of litigation. Further, legal, tax and regulatory","page_number":55,"box":{"x":228,"y":553,"width":650,"height":10}},{"id":"bcdc9fc2-cdf9-4174-afde-b5d9209a208e","block_type":"box","text":"changes c","page_number":55,"box":{"x":228,"y":569,"width":69,"height":9}},{"id":"aee4ead6-4d1f-4018-81c4-360be445a621","block_type":"box","text":"ould occur which may adversely affect a Fund. The regulatory and tax environment for","page_number":55,"box":{"x":298,"y":568,"width":580,"height":10}},{"id":"113296f1-9e92-411e-ba2e-b0198b5f80d6","block_type":"box","text":"derivatives","page_number":55,"box":{"x":228,"y":584,"width":71,"height":8}},{"id":"f21e1180-81f7-441a-8bb6-d2ccc9c159d5","block_type":"box","text":"is evolving, and changes in the regulation or taxation of","page_number":55,"box":{"x":304,"y":584,"width":360,"height":10}},{"id":"8f8dcb5f-41d4-49b0-ae55-50b324c090c7","block_type":"box","text":"derivatives","page_number":55,"box":{"x":667,"y":584,"width":71,"height":8}},{"id":"17006753-f167-4257-bbe4-5561fa068f2e","block_type":"box","text":"may adversely affect","page_number":55,"box":{"x":743,"y":584,"width":136,"height":10}},{"id":"6f4b2285-bbec-4101-9fde-87039f2359a5","block_type":"box","text":"the value of such instruments held by the Fund and the Fund’s ability to pursue its trading","page_number":55,"box":{"x":228,"y":599,"width":649,"height":10}},{"id":"17267fdb-136d-4bc9-aa58-f70e57eec244","block_type":"box","text":"strategies.","page_number":55,"box":{"x":228,"y":615,"width":68,"height":10}},{"id":"06e1b59f-c0f4-4548-a6cf-4e088871ce09","block_type":"box","text":"The Company employs a risk management process which enables it to accurately identify,","page_number":55,"box":{"x":228,"y":642,"width":649,"height":10}},{"id":"fc2aff0a-646e-4210-8880-9514fe05ba89","block_type":"box","text":"measure, monitor and manage the various risks associated with its own use of","page_number":55,"box":{"x":229,"y":657,"width":539,"height":10}},{"id":"7b3391b2-b24e-4cde-8136-e0c3343daf46","block_type":"box","text":"derivatives","page_number":55,"box":{"x":775,"y":657,"width":71,"height":8}},{"id":"02ca71a0-e375-4b6a-ba0f-187ec5d975ba","block_type":"box","text":". For","page_number":55,"box":{"x":848,"y":657,"width":31,"height":8}},{"id":"535872ed-3ec6-4938-9f9a-dcf79eb360d6","block_type":"box","text":"further information, see “Risk Management” in","page_number":55,"box":{"x":228,"y":672,"width":306,"height":11}},{"id":"854a32bd-b968-4be2-8c6c-ca67fa1a7d89","block_type":"box","text":"Appendix 3","page_number":55,"box":{"x":540,"y":673,"width":80,"height":9}},{"id":"b8efa19c-bedc-4cd0-8a8a-ffa4cd95e9a3","block_type":"box","text":".","page_number":55,"box":{"x":623,"y":679,"width":1,"height":1}},{"id":"a96ee299-f5a9-44af-89fe-2eb7d2322fff","block_type":"box","text":"Derivatives held in Funds will be accounted for and taxed in accordance with the Statement of","page_number":55,"box":{"x":229,"y":700,"width":650,"height":8}},{"id":"a182be59-619f-4e76-9035-cdde056f7ce5","block_type":"box","text":"Recommended Practice for Open","page_number":55,"box":{"x":229,"y":715,"width":223,"height":10}},{"id":"844759cc-812c-47c2-9be6-610c59c4b30b","block_type":"box","text":"-","page_number":55,"box":{"x":454,"y":720,"width":4,"height":1}},{"id":"3c0887e8-fd6c-4ce6-92cf-50d22fc001f8","block_type":"box","text":"Ended","page_number":55,"box":{"x":460,"y":715,"width":41,"height":8}},{"id":"61288b5a-2f1f-43e4-af98-0a54b7c293b0","block_type":"box","text":"Investment","page_number":55,"box":{"x":509,"y":715,"width":72,"height":8}},{"id":"183f8278-0536-4975-8486-4c44d745bac3","block_type":"box","text":"Companies. The way in which HMRC taxes","page_number":55,"box":{"x":587,"y":715,"width":291,"height":10}},{"id":"7d2d25b4-6ed2-44dd-b790-92e67dc8408f","block_type":"box","text":"derivatives held in collective investment schemes may change, which could adversely affect the","page_number":55,"box":{"x":228,"y":731,"width":649,"height":10}},{"id":"5df01d79-4d31-4e14-a838-055636a045b4","block_type":"box","text":"tax paid by these Funds.","page_number":55,"box":{"x":228,"y":746,"width":163,"height":10}},{"id":"83ff76b5-3eb2-430b-b49f-33d85c250a80","block_type":"box","text":"Plain Talk About Derivatives","page_number":55,"box":{"x":241,"y":778,"width":201,"height":7}},{"id":"a5faf273-251b-4378-94b2-dbcdfd8874a0","block_type":"box","text":"Derivatives can take many forms. Some forms of derivatives, such as exchange","page_number":55,"box":{"x":241,"y":805,"width":531,"height":10}},{"id":"8dcdf159-0eed-49af-8b83-6a50c3a4e225","block_type":"box","text":"-","page_number":55,"box":{"x":773,"y":810,"width":4,"height":1}},{"id":"51cffc24-bff8-4525-97d9-897121c6253e","block_type":"box","text":"traded futures","page_number":55,"box":{"x":778,"y":805,"width":92,"height":8}},{"id":"8b1e859f-cdee-4068-a41e-896556a97656","block_type":"box","text":"and options on securities or indexes, have been trading on regulated exchanges for decades.","page_number":55,"box":{"x":240,"y":821,"width":622,"height":10}},{"id":"e26384a1-c1dd-44a5-92d9-35da63e7c560","block_type":"box","text":"These types of derivatives are standardised contracts that can easily be","page_number":55,"box":{"x":240,"y":836,"width":479,"height":10}},{"id":"69ff482b-b846-46f5-8be3-873c7a5a6a9c","block_type":"box","text":"bought and sold, and","page_number":55,"box":{"x":725,"y":836,"width":139,"height":10}},{"id":"2b4eb4f9-1dea-4e33-a712-5dc6fa35817d","block_type":"box","text":"whose market values are determined and published daily. Non","page_number":55,"box":{"x":240,"y":851,"width":416,"height":10}},{"id":"141afc71-fbfc-4410-8a1d-6a47c20a0192","block_type":"box","text":"-","page_number":55,"box":{"x":658,"y":856,"width":4,"height":1}},{"id":"b2877031-4b9e-462e-8e1d-250888956c13","block_type":"box","text":"standardised derivatives (such","page_number":55,"box":{"x":663,"y":851,"width":203,"height":10}},{"id":"b92e8259-1a75-41bc-9d7c-7153898b406d","block_type":"box","text":"as swap agreements), on the other hand, tend to be more specialised or complex, and may be","page_number":55,"box":{"x":240,"y":867,"width":629,"height":10}},{"id":"6f77b7c3-7f34-4246-8e98-09ac52ca29f5","block_type":"box","text":"harder to value, and the impact to a Fund may be gre","page_number":55,"box":{"x":241,"y":882,"width":354,"height":10}},{"id":"1da0d402-0bd8-402c-a965-08f9cbea0960","block_type":"box","text":"ater where complex derivatives are used.","page_number":55,"box":{"x":597,"y":882,"width":273,"height":10}},{"id":"a1699346-75a0-47e0-b6de-79c5c049999d","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":56,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"899d821f-f5fe-49d3-9f56-28a1a13a084e","block_type":"box","text":"Public","page_number":56,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"962c6c62-dcaf-45f4-a2fd-aa9f738bc8c3","block_type":"box","text":"Futures contracts risk","page_number":56,"box":{"x":229,"y":87,"width":158,"height":8}},{"id":"9076bbdf-a876-4304-babe-795c7b91b960","block_type":"box","text":"Positions in futures contracts may be closed out only on an exchange that provides a secondary","page_number":56,"box":{"x":229,"y":119,"width":649,"height":10}},{"id":"fa290cea-f508-4369-a3ff-98fb1627f086","block_type":"box","text":"market for such futures. However, there can be no assurance that a liquid secondary market will","page_number":56,"box":{"x":229,"y":134,"width":648,"height":10}},{"id":"f0a32812-58dc-4c04-8720-b8f8ddbfdf94","block_type":"box","text":"exist for any particular futures contract at any specific time. T","page_number":56,"box":{"x":228,"y":150,"width":404,"height":10}},{"id":"0e79c7ac-4aba-41d3-98bb-84ae4992ed04","block_type":"box","text":"hus, it may not be possible to close a","page_number":56,"box":{"x":634,"y":150,"width":244,"height":10}},{"id":"7b763375-10b5-4b21-a33e-c60d04588417","block_type":"box","text":"futures position. In the event of adverse price movements,","page_number":56,"box":{"x":228,"y":165,"width":391,"height":10}},{"id":"99fb1500-5da7-461f-b938-802bb7080500","block_type":"box","text":"a","page_number":56,"box":{"x":626,"y":167,"width":8,"height":6}},{"id":"359e03fb-5351-4d94-a8d7-91f608067d10","block_type":"box","text":"Fund would continue to be required","page_number":56,"box":{"x":640,"y":165,"width":238,"height":10}},{"id":"623efb01-e862-4e8e-8a52-cf96b95b4417","block_type":"box","text":"to make daily cash payments to maintain its required margin. In such situations, if the Fund has","page_number":56,"box":{"x":228,"y":180,"width":649,"height":10}},{"id":"14c10526-d261-4c78-9268-1635f1e62467","block_type":"box","text":"insufficient cash, it may have to sell portfolio securities to meet daily margin requirements at a time","page_number":56,"box":{"x":229,"y":196,"width":648,"height":10}},{"id":"d039f391-04a8-4c60-acc5-8feb100e362e","block_type":"box","text":"when it may be disad","page_number":56,"box":{"x":228,"y":211,"width":140,"height":10}},{"id":"a471c17c-ec15-47ed-a5ec-83588594ce9b","block_type":"box","text":"vantageous to do so. In addition, a Fund may be required to make delivery of","page_number":56,"box":{"x":369,"y":211,"width":510,"height":10}},{"id":"8690207c-2ecf-40cd-b240-1984c6bd7402","block_type":"box","text":"the instruments underlying the futures contracts it holds. The inability to close options and futures","page_number":56,"box":{"x":228,"y":226,"width":649,"height":11}},{"id":"bb1ba101-1ffb-420e-b48a-74e82f27443c","block_type":"box","text":"positions also could have an adverse impact on the ability to effectively hed","page_number":56,"box":{"x":229,"y":242,"width":501,"height":10}},{"id":"ed8fe5ef-75e9-4a61-9351-9591b69fb7fb","block_type":"box","text":"ge the Fund.","page_number":56,"box":{"x":732,"y":242,"width":83,"height":10}},{"id":"86129932-7415-4f0b-a8f8-fe9f30777686","block_type":"box","text":"A Fund may minimise the risk that it will be unable to close out a futures contract by entering into","page_number":56,"box":{"x":228,"y":269,"width":649,"height":10}},{"id":"97befb1f-0cbf-4b48-8040-a2ca12cf196f","block_type":"box","text":"contracts that are traded on eligible futures exchanges and for which there appears to be a liquid","page_number":56,"box":{"x":228,"y":285,"width":649,"height":10}},{"id":"a93ac3f2-7f16-4a04-a4b8-a235a9219d16","block_type":"box","text":"secondary market.","page_number":56,"box":{"x":228,"y":300,"width":123,"height":10}},{"id":"c690d542-32a6-4c08-bd2e-3e14b367a9aa","block_type":"box","text":"The risk of loss in trading futures contracts in some strategies can be substantial, due both to the","page_number":56,"box":{"x":228,"y":327,"width":649,"height":10}},{"id":"a69605b5-536f-42a0-9445-40e7b04b059a","block_type":"box","text":"low margin deposits required and the extremely high degree of leverage involved in futures pricing.","page_number":56,"box":{"x":229,"y":343,"width":648,"height":10}},{"id":"3b22e97f-03e1-4ca2-883e-70419fddd370","block_type":"box","text":"As a result, a relatively small price movement in a fut","page_number":56,"box":{"x":228,"y":358,"width":363,"height":10}},{"id":"8df7c4fb-04f6-43f7-bbf4-d97a97636954","block_type":"box","text":"ures contract may result in immediate and","page_number":56,"box":{"x":593,"y":358,"width":284,"height":10}},{"id":"f56d6665-ea59-484b-aed8-65b9ae08bbe8","block_type":"box","text":"substantial loss (or gain) to the investor. Thus, a purchase or sale of a futures contract may result","page_number":56,"box":{"x":228,"y":373,"width":650,"height":10}},{"id":"e1169db0-7614-4df4-918a-0d2b94418ebd","block_type":"box","text":"in losses in excess of the amount of investment in the contract itself. The relevant Fund also bears","page_number":56,"box":{"x":229,"y":389,"width":649,"height":7}},{"id":"c383af28-fe61-4d58-82d6-44200449aace","block_type":"box","text":"the risk th","page_number":56,"box":{"x":228,"y":404,"width":67,"height":8}},{"id":"b1faf5d7-3f1f-4093-9249-142652579323","block_type":"box","text":"at the Investment Adviser will incorrectly predict future stock market trends. However,","page_number":56,"box":{"x":296,"y":404,"width":581,"height":10}},{"id":"977a3193-b176-42b9-abee-ad165c3e0dcb","block_type":"box","text":"because the futures strategies of each Fund are currently engaged in only for efficient portfolio","page_number":56,"box":{"x":229,"y":419,"width":648,"height":10}},{"id":"3bb44028-6e28-4c2e-a71c-2e1d668cc227","block_type":"box","text":"management purposes, the Company does not believe that the Funds are s","page_number":56,"box":{"x":229,"y":435,"width":511,"height":10}},{"id":"a21f4b68-99e7-400b-a3c6-68d0545301a8","block_type":"box","text":"ubject to the risks of","page_number":56,"box":{"x":743,"y":435,"width":136,"height":10}},{"id":"fc664cac-d702-4837-80e9-71bf9666e342","block_type":"box","text":"loss frequently associated with futures transactions.","page_number":56,"box":{"x":229,"y":450,"width":343,"height":10}},{"id":"7325db57-3c7e-4843-afe1-b886eb93c2b0","block_type":"box","text":"A Fund would generally have sustained comparable losses if, instead of the futures contract, it had","page_number":56,"box":{"x":228,"y":477,"width":649,"height":10}},{"id":"096a199e-519a-4d4c-aab7-500f2481411c","block_type":"box","text":"invested in the underlying financial instrument and sold it after the decline.","page_number":56,"box":{"x":229,"y":493,"width":492,"height":10}},{"id":"382b86f8-0f2c-4044-93a3-094c9e8dd26d","block_type":"box","text":"Utilisation of futures transactions by a Fund involves the risk of imperfect or no correlation where","page_number":56,"box":{"x":229,"y":520,"width":648,"height":10}},{"id":"aa03939e-1dba-4d99-adb8-993746feaa2f","block_type":"box","text":"the securities underlying the futures contracts have different maturities than the securities being","page_number":56,"box":{"x":228,"y":535,"width":649,"height":10}},{"id":"1b62741a-ea18-4a28-a74d-3b968b430acd","block_type":"box","text":"hedged. It is also possible that a Fund could both lose","page_number":56,"box":{"x":229,"y":551,"width":356,"height":10}},{"id":"c7733421-d850-415d-bde9-2657f4272690","block_type":"box","text":"money on futures contracts and experience","page_number":56,"box":{"x":591,"y":551,"width":287,"height":10}},{"id":"4c061158-1550-40c4-9d88-736116dce2d5","block_type":"box","text":"a decline in the value of its securities. There is also a risk of loss by a Fund of margin deposits in","page_number":56,"box":{"x":228,"y":566,"width":649,"height":10}},{"id":"89ce8ac3-7f43-44b1-aa8c-e70b2bde3713","block_type":"box","text":"the event of the bankruptcy of a broker with whom the Fund has an open position in a futures","page_number":56,"box":{"x":228,"y":581,"width":649,"height":10}},{"id":"be4fa18f-99c6-471c-a5dd-5066d3e32886","block_type":"box","text":"contract or relat","page_number":56,"box":{"x":228,"y":597,"width":105,"height":8}},{"id":"86e66305-3d85-490b-b07a-14355bc87d0b","block_type":"box","text":"ed option.","page_number":56,"box":{"x":333,"y":597,"width":65,"height":10}},{"id":"4d2217c6-44c4-4017-8e24-9a793ef8d647","block_type":"box","text":"Investment techniques risk","page_number":56,"box":{"x":229,"y":627,"width":194,"height":9}},{"id":"64e90744-4ac1-4294-b09c-1f3abd016d5b","block_type":"box","text":"There are certain investment risks that apply in relation to techniques and instruments that the","page_number":56,"box":{"x":228,"y":658,"width":649,"height":10}},{"id":"d2b63554-3bdc-4ab6-b24e-4a8e3edfb1f4","block_type":"box","text":"Investment Adviser may employ for efficient portfolio management purposes, as described in","page_number":56,"box":{"x":229,"y":674,"width":648,"height":10}},{"id":"610c9dc9-27dd-4de5-9acd-63ac649882d5","block_type":"box","text":"Appendix 4","page_number":56,"box":{"x":228,"y":689,"width":86,"height":10}},{"id":"596b6f26-80d1-4843-a007-8e2d888dc45a","block_type":"box","text":". To the extent that the Investment Adviser's expectations in employing such","page_number":56,"box":{"x":316,"y":689,"width":561,"height":10}},{"id":"051428be-2eec-48d9-90c5-9d75139f9eeb","block_type":"box","text":"techniques and instruments are incorrect, a Fund may suffer a substantial loss with an adverse","page_number":56,"box":{"x":228,"y":704,"width":649,"height":10}},{"id":"e893a582-f673-41c6-a9b1-a8d3a89c5d7a","block_type":"box","text":"effect on the Net Asset Value per Share.","page_number":56,"box":{"x":228,"y":720,"width":269,"height":9}},{"id":"08dc6076-8b48-4123-b1eb-acb8d58598e2","block_type":"box","text":"A Fund's ability to use such techniques and instruments may be limited by market conditions,","page_number":56,"box":{"x":228,"y":747,"width":649,"height":10}},{"id":"df95c95a-2ccf-4e7d-80ed-df17c6ce7d75","block_type":"box","text":"regulatory limits, and tax considerations. Use of these techniques involves certain special risks (in","page_number":56,"box":{"x":229,"y":762,"width":648,"height":10}},{"id":"745b2191-30c3-4db4-84c2-1b4bc6006ac8","block_type":"box","text":"addition to those described elsewhere in this “Risk Factors”","page_number":56,"box":{"x":228,"y":777,"width":395,"height":9}},{"id":"20d3a7ca-435b-4dc4-abe2-f573f76684a5","block_type":"box","text":"section), including:","page_number":56,"box":{"x":628,"y":778,"width":124,"height":10}},{"id":"fb762dba-5cd8-4442-b40c-009fffa0c9ae","block_type":"box","text":"(i)","page_number":56,"box":{"x":241,"y":805,"width":12,"height":10}},{"id":"6f06565f-e373-4781-8c86-be9ab230a870","block_type":"box","text":"dependence on the Investment Adviser's ability to predict movements in the price of","page_number":56,"box":{"x":276,"y":805,"width":603,"height":10}},{"id":"6101df3a-0015-48d4-b506-b67a42001025","block_type":"box","text":"securities being hedged and movements in interest rates;","page_number":56,"box":{"x":276,"y":820,"width":381,"height":10}},{"id":"3ec446ca-1d74-43a9-8ded-2780febf42ff","block_type":"box","text":"(ii)","page_number":56,"box":{"x":241,"y":836,"width":14,"height":10}},{"id":"91c5ca82-d804-46b7-a56a-ba329d791e57","block_type":"box","text":"imperfect correlation between movements in the securities or currency on which a futures or","page_number":56,"box":{"x":276,"y":836,"width":603,"height":10}},{"id":"37adabfe-9f09-49be-a5d9-176909d890ce","block_type":"box","text":"options contract is based and movements in the securities or currencies in the relevant Fund;","page_number":56,"box":{"x":276,"y":851,"width":588,"height":10}},{"id":"670657a0-ac4c-40a4-bc49-7d48384fb8a3","block_type":"box","text":"(iii)","page_number":56,"box":{"x":241,"y":866,"width":18,"height":10}},{"id":"3847ebfb-db68-4b26-9b09-4e166e956adc","block_type":"box","text":"the absence of a liquid market or of accurate pricing information for any particular instrument","page_number":56,"box":{"x":276,"y":866,"width":602,"height":10}},{"id":"a40ac57e-2afd-47e1-827a-bb9500e1f8ff","block_type":"box","text":"at any particular time;","page_number":56,"box":{"x":276,"y":882,"width":142,"height":10}},{"id":"95778797-e7cd-4b1a-b7a8-4f9a05576301","block_type":"box","text":"(iv)","page_number":56,"box":{"x":241,"y":897,"width":19,"height":10}},{"id":"78abf29b-d5e1-4f42-9866-e8490c73ed04","block_type":"box","text":"the fact that, while a Fund may not be leveraged or geared in any way through the use of","page_number":56,"box":{"x":276,"y":897,"width":603,"height":10}},{"id":"77b8bd30-2907-4bc9-b072-c0d605b5ad87","block_type":"box","text":"derivatives, the degree of leverage inherent in futures trading (that is, the low margin","page_number":56,"box":{"x":276,"y":912,"width":601,"height":10}},{"id":"675d4ae0-945f-4030-a65d-bd0107ead513","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":57,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"f9b8c319-8de5-4886-a1d5-7829e41ee164","block_type":"box","text":"Public","page_number":57,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"bba91b30-7558-44fe-9c02-642876b5bbfe","block_type":"box","text":"deposits normally required in futures trading) means that a relatively small price movement","page_number":57,"box":{"x":276,"y":87,"width":602,"height":10}},{"id":"ec161a7b-faa4-4491-85f1-74ef20fd3241","block_type":"box","text":"in a futures contract may result in an immediate and substantial loss to the Fund; and","page_number":57,"box":{"x":276,"y":103,"width":567,"height":10}},{"id":"f7d659dd-bef5-4b74-9802-49eb327702f3","block_type":"box","text":"(v)","page_number":57,"box":{"x":241,"y":118,"width":16,"height":10}},{"id":"c2a85899-a4f2-4ad8-a240-45add7b6ff55","block_type":"box","text":"possible impediments to effective portfolio management or the ability to meet redemption","page_number":57,"box":{"x":276,"y":118,"width":601,"height":10}},{"id":"51e11129-e739-4581-b729-a4466e13ca3f","block_type":"box","text":"requests or other short","page_number":57,"box":{"x":276,"y":133,"width":159,"height":10}},{"id":"97b713d3-74e5-4e5d-955c-364191280dae","block_type":"box","text":"-","page_number":57,"box":{"x":436,"y":138,"width":4,"height":1}},{"id":"e3d32760-83be-4f3e-bd87-2605a3806c7b","block_type":"box","text":"term obligations because of the percentage of a Fund's assets","page_number":57,"box":{"x":440,"y":133,"width":438,"height":10}},{"id":"96254f05-9312-4360-8222-d015141bac14","block_type":"box","text":"segregated to cover its obligations.","page_number":57,"box":{"x":276,"y":149,"width":231,"height":10}},{"id":"58293bba-7254-4c3a-a3a3-19af60108848","block_type":"box","text":"Repurchase and reverse repurchase agreements risk","page_number":57,"box":{"x":229,"y":178,"width":380,"height":10}},{"id":"46251068-53fd-4d7f-a06e-cc09f0c7d93b","block_type":"box","text":"If the seller of a repurchase agreement fails to fulfil its commitment to repurchase the security in","page_number":57,"box":{"x":229,"y":207,"width":648,"height":10}},{"id":"47b8dd8c-4978-4b6f-b946-430a60568b7e","block_type":"box","text":"accordance with the terms of the agreement, the relevant Fund may incur a loss to the extent that","page_number":57,"box":{"x":228,"y":223,"width":650,"height":10}},{"id":"eb18baa8-5790-49e2-9d7c-da34d0e97ad3","block_type":"box","text":"the proceeds realised on the sale of the securities are l","page_number":57,"box":{"x":228,"y":238,"width":366,"height":10}},{"id":"0cdbe803-78ff-4f63-87b6-5fe2e8c87c2b","block_type":"box","text":"ess than the repurchase price. If the seller","page_number":57,"box":{"x":597,"y":238,"width":282,"height":10}},{"id":"a8f3d7c1-018e-4106-8057-a1de0c269474","block_type":"box","text":"becomes insolvent,","page_number":57,"box":{"x":229,"y":254,"width":128,"height":9}},{"id":"bae4a663-a32e-489b-8c8c-a436b046fd10","block_type":"box","text":"the transaction may be subject to regulatory stays and moratoriums, which","page_number":57,"box":{"x":365,"y":254,"width":512,"height":9}},{"id":"898fcff1-4201-4dbb-8601-c372ae83caf5","block_type":"box","text":"may result in a delay in a Fund’s ability to liquidate the collateral notwithstanding the title transfer","page_number":57,"box":{"x":229,"y":269,"width":649,"height":10}},{"id":"b6f0430d-63d4-4ed3-84bf-dc590cc54aca","block_type":"box","text":"provided under the terms of the agreement","page_number":57,"box":{"x":229,"y":284,"width":296,"height":10}},{"id":"4915d795-9269-44d8-9a1e-5e50a94ee786","block_type":"box","text":". The relevant Fund may experience both delays in","page_number":57,"box":{"x":527,"y":284,"width":350,"height":10}},{"id":"84842780-6966-408b-ae8b-38c27aaf4f03","block_type":"box","text":"liquidating the underlying securities and losses during the period while it seeks to enforce its rights","page_number":57,"box":{"x":229,"y":299,"width":649,"height":10}},{"id":"bb826ce2-812b-4a9b-a38b-efb66c01074b","block_type":"box","text":"thereto, including possible sub","page_number":57,"box":{"x":228,"y":315,"width":205,"height":10}},{"id":"06bb3b33-108c-49c2-a957-e12d4c46b2ac","block_type":"box","text":"-","page_number":57,"box":{"x":435,"y":319,"width":4,"height":1}},{"id":"d4ece792-41c3-4f1f-a595-51e85cd7c148","block_type":"box","text":"normal levels of income and lack of access to income during the","page_number":57,"box":{"x":440,"y":315,"width":438,"height":10}},{"id":"d7a4fcf0-ce0b-419e-8491-a35e4ab624aa","block_type":"box","text":"period","page_number":57,"box":{"x":229,"y":330,"width":40,"height":10}},{"id":"1482953d-a9a2-452b-a984-e265aa95d8ca","block_type":"box","text":"and expenses in enforcing its rights.","page_number":57,"box":{"x":275,"y":330,"width":239,"height":10}},{"id":"ee34f9b6-0f5b-414d-b988-317a2ae57765","block_type":"box","text":"Likewise with","page_number":57,"box":{"x":229,"y":358,"width":89,"height":7}},{"id":"9a6374a5-af36-46be-883a-50db811ce4f6","block_type":"box","text":"reverse","page_number":57,"box":{"x":328,"y":360,"width":48,"height":5}},{"id":"a9ebb6a2-5030-4ddb-967e-8fd5ebe5974f","block_type":"box","text":"repurchase agreements","page_number":57,"box":{"x":385,"y":358,"width":161,"height":10}},{"id":"dda9d245-4f21-46b8-9cd5-af0ffc34ca79","block_type":"box","text":",","page_number":57,"box":{"x":548,"y":364,"width":1,"height":3}},{"id":"170d9b58-f5f4-4ba6-8e22-049873ccc3a7","block_type":"box","text":"there are risks of counterparty insolvency and","page_number":57,"box":{"x":558,"y":358,"width":319,"height":10}},{"id":"f9a61572-9344-4ecf-a9ea-9a605f43c5fa","block_type":"box","text":"decline in the market value of the securities at which","page_number":57,"box":{"x":228,"y":373,"width":369,"height":8}},{"id":"a193489b-979c-47a0-87e0-715f3ad20f8d","block_type":"box","text":"the Fund is obliged to repurchase such","page_number":57,"box":{"x":605,"y":373,"width":272,"height":10}},{"id":"ca20c678-2c0c-4cdc-b451-2a996d612989","block_type":"box","text":"securities under the agreement.","page_number":57,"box":{"x":228,"y":388,"width":211,"height":10}},{"id":"311a31f0-b770-4f49-b845-db4da1b4c0c1","block_type":"box","text":"Stock","page_number":57,"box":{"x":229,"y":418,"width":40,"height":8}},{"id":"b9daf611-647c-4534-906c-01e65b837b0c","block_type":"box","text":"lending arrangements risk","page_number":57,"box":{"x":275,"y":418,"width":187,"height":10}},{"id":"40e71572-1e5a-4657-bf3b-44dcf06538b9","block_type":"box","text":"Counterparty risk:","page_number":57,"box":{"x":229,"y":450,"width":120,"height":10}},{"id":"52d493e3-4e46-4680-96dc-d6aeeb8e4325","block_type":"box","text":"Counterparty risk exists when a Fund may be exposed to credit risk on the","page_number":57,"box":{"x":356,"y":450,"width":521,"height":10}},{"id":"522b2131-7a01-4380-8dc4-9464b8514d73","block_type":"box","text":"counterparties with which it makes","page_number":57,"box":{"x":228,"y":465,"width":234,"height":10}},{"id":"f0263966-5b83-4876-922e-e50aab5211b6","block_type":"box","text":"stock","page_number":57,"box":{"x":469,"y":465,"width":35,"height":8}},{"id":"02daab1b-85ef-40d0-9342-031db4bee4a7","block_type":"box","text":"lending arrangements. The risk is that the borrower of","page_number":57,"box":{"x":511,"y":465,"width":368,"height":10}},{"id":"fe918a85-efb9-4ca3-acb7-36093c9fe26c","block_type":"box","text":"securities will default on its obligation to return the securities, which could result in losses to the","page_number":57,"box":{"x":228,"y":480,"width":649,"height":10}},{"id":"08a366a4-f45f-4079-baa1-204c07dd70e0","block_type":"box","text":"Company and the relevant Fund. Borrowers are therefore required to provide collateral in the form","page_number":57,"box":{"x":228,"y":496,"width":649,"height":10}},{"id":"7c7107ee-6b20-41e5-9dcf-2a352b22bcbb","block_type":"box","text":"of cash or securities to protect the Company against the risk of default.","page_number":57,"box":{"x":228,"y":511,"width":470,"height":10}},{"id":"b69d793c-5837-40cb-9403-d4af00593f92","block_type":"box","text":"The Company maintains collateralisation policies to mitigate counterparty risk, including the","page_number":57,"box":{"x":228,"y":538,"width":649,"height":10}},{"id":"9d153477-edbc-48c6-b83f-6c217eb246de","block_type":"box","text":"following:","page_number":57,"box":{"x":228,"y":554,"width":62,"height":10}},{"id":"0e07bd8f-1d9d-4d77-a047-d067bb47066a","block_type":"box","text":"•","page_number":57,"box":{"x":234,"y":584,"width":3,"height":2}},{"id":"b9855dca-6b03-4efa-8cba-8f82a0cd7fa2","block_type":"box","text":"ensuring that the value of the collateral required exceeds the market value of securities on","page_number":57,"box":{"x":263,"y":581,"width":614,"height":10}},{"id":"4cb05b48-032e-4a84-822f-105dfe0f5cb4","block_type":"box","text":"loan for each security loan entered into by the Company;","page_number":57,"box":{"x":264,"y":596,"width":376,"height":10}},{"id":"e2c1c531-113b-4c93-9003-888cc38e83aa","block_type":"box","text":"•","page_number":57,"box":{"x":234,"y":626,"width":3,"height":3}},{"id":"f8f1d018-9244-4419-9b2b-d58eaea362a0","block_type":"box","text":"collateral is posted, or received, on a daily basis, based on changes in the market value of","page_number":57,"box":{"x":263,"y":624,"width":615,"height":10}},{"id":"5b1c9725-0f4a-4311-8ad3-d6b9f42f30a6","block_type":"box","text":"each security loan, to ensure that the value of the collateral held exceeds the market value of","page_number":57,"box":{"x":263,"y":639,"width":616,"height":10}},{"id":"1705e7ea-5b6f-40e1-a1ea-50284d218b7e","block_type":"box","text":"the securities on loan; and","page_number":57,"box":{"x":263,"y":654,"width":175,"height":10}},{"id":"10ea834c-c206-4bec-8e97-8d003e2aecdd","block_type":"box","text":"•","page_number":57,"box":{"x":234,"y":684,"width":3,"height":3}},{"id":"084c72f8-8daf-4943-ab38-faea999a800e","block_type":"box","text":"in the event of counterparty default, the collateral held is immediately available to the","page_number":57,"box":{"x":264,"y":682,"width":613,"height":10}},{"id":"b6e2ac9c-7bb2-4479-a06e-8fb67f1671f3","block_type":"box","text":"Company (without recourse) and it will be used to buy the securities lent but not returned.","page_number":57,"box":{"x":264,"y":697,"width":594,"height":10}},{"id":"e5cf0188-48ff-4998-bd6a-5c8c264456ac","block_type":"box","text":"While the Funds engage in conservative collateralisation policies intended to ensure that all","page_number":57,"box":{"x":228,"y":724,"width":609,"height":10}},{"id":"b5ecca04-279d-4d8c-93e6-fb787d5c64df","block_type":"box","text":"stock","page_number":57,"box":{"x":844,"y":724,"width":35,"height":8}},{"id":"b6de7a80-ad1c-43eb-900a-4f46274d1356","block_type":"box","text":"lending is fully collateralised, to the extent that any","page_number":57,"box":{"x":229,"y":740,"width":352,"height":10}},{"id":"457f5e1b-8755-43fe-9608-a12d433b6694","block_type":"box","text":"stock","page_number":57,"box":{"x":588,"y":740,"width":35,"height":7}},{"id":"18305316-823d-4474-9602-5760ad4a00bb","block_type":"box","text":"lending is not fully collateralised (for","page_number":57,"box":{"x":630,"y":740,"width":249,"height":10}},{"id":"b921756d-4672-4578-abde-d5ec5098e340","block_type":"box","text":"example, due to timing lags associated with the posting of cash collateral), a Fund will have a credit","page_number":57,"box":{"x":228,"y":755,"width":650,"height":10}},{"id":"0db86ede-50b6-472e-bc62-dceeea8ba775","block_type":"box","text":"risk exposure to the counterparty of a","page_number":57,"box":{"x":229,"y":770,"width":248,"height":10}},{"id":"643abc07-f705-4f85-9433-74ecb93fca1f","block_type":"box","text":"stock","page_number":57,"box":{"x":482,"y":770,"width":35,"height":8}},{"id":"110f3704-b2df-4633-9661-ae3bd778db4d","block_type":"box","text":"lending contract.","page_number":57,"box":{"x":522,"y":770,"width":109,"height":10}},{"id":"098f5072-947a-47ce-a409-e86e434af7ff","block_type":"box","text":"Additional risk mitigation against counterparty default is provided through: (i) contractual","page_number":57,"box":{"x":228,"y":798,"width":649,"height":10}},{"id":"26b78ace-90d3-41b5-bf6e-3cddeea021f4","block_type":"box","text":"protections in the event of default of a counterparty; 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The Net Asset Value of a fund may require","page_number":59,"box":{"x":299,"y":832,"width":578,"height":10}},{"id":"ab9658cd-5dee-4cdf-8964-ef02709d7ed5","block_type":"box","text":"further adjustment to take into account any retrospective application of new tax regulations and","page_number":59,"box":{"x":228,"y":847,"width":649,"height":10}},{"id":"3c5748a6-2e96-493c-b88c-90bc09d4a3a8","block_type":"box","text":"development, including change in interpretation of the relevant regula","page_number":59,"box":{"x":228,"y":863,"width":479,"height":10}},{"id":"00ee039f-2f33-4b97-b8eb-710138c73696","block_type":"box","text":"tions by the Chinese tax","page_number":59,"box":{"x":709,"y":863,"width":170,"height":10}},{"id":"8a5edbb4-ca0d-4d70-be7f-9fb4345ffa45","block_type":"box","text":"authorities.","page_number":59,"box":{"x":228,"y":878,"width":72,"height":8}},{"id":"2d55a7b9-a8c3-4b31-acf8-0bb1194f997c","block_type":"box","text":"Issuer Risk","page_number":59,"box":{"x":228,"y":905,"width":83,"height":8}},{"id":"88c5b0b9-eca3-41b9-b314-d731b20b00f5","block_type":"box","text":": In the event of a default or credit rating downgrade of the issuers of the debt, the","page_number":59,"box":{"x":311,"y":905,"width":567,"height":10}},{"id":"a1634023-786a-40d2-b1ad-f3658da60362","block_type":"box","text":"bonds’ value will be adversely affected and investors may suffer a substantial loss as a result. 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As a result, if the issuer becomes ban","page_number":60,"box":{"x":228,"y":161,"width":372,"height":10}},{"id":"24ddc52d-e94d-4834-ad78-c72d8d538655","block_type":"box","text":"krupt, proceeds from the liquidation of the","page_number":60,"box":{"x":602,"y":161,"width":276,"height":10}},{"id":"4ed4926e-c05c-451c-9502-fc913612b3e7","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":60,"box":{"x":229,"y":176,"width":648,"height":10}},{"id":"3196ef53-d42d-4f48-aa8e-bb8e8bbcbbaf","block_type":"box","text":"claims have been satisfied in full. The funds will be fully exposed to the credit/insolvency risk of its","page_number":60,"box":{"x":228,"y":191,"width":650,"height":10}},{"id":"4b5b09c3-e254-4a14-9c55-77aff1d58008","block_type":"box","text":"trea","page_number":60,"box":{"x":228,"y":207,"width":25,"height":8}},{"id":"5501df5f-9bae-4cdd-8188-db5867f98a54","block_type":"box","text":"sury bonds and policy bank bonds issuer counterparties as an unsecured creditor.","page_number":60,"box":{"x":254,"y":207,"width":546,"height":10}},{"id":"f086f179-79f9-456c-9d42-759c09c51a5f","block_type":"box","text":"Charges to capital","page_number":60,"box":{"x":229,"y":236,"width":129,"height":10}},{"id":"81ea9481-1589-45f4-a557-7da773bedfcd","block_type":"box","text":"Where this Prospectus states that all or part of the ACD’s fee and/or other charges in respect of a","page_number":60,"box":{"x":228,"y":268,"width":650,"height":10}},{"id":"a3d1914b-9d8d-4e77-9330-6f44bdadd8d9","block_type":"box","text":"Fund and/or 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capital.","page_number":60,"box":{"x":229,"y":299,"width":596,"height":10}},{"id":"3d81e218-14c9-4fe6-a32f-b148d38afe03","block_type":"box","text":"Further","page_number":60,"box":{"x":832,"y":299,"width":47,"height":8}},{"id":"b88969dc-bfdf-485a-82a2-62100530be28","block_type":"box","text":"information regarding charging to capital and income is set out in the “","page_number":60,"box":{"x":229,"y":314,"width":493,"height":10}},{"id":"d4804f35-6609-42ff-9f19-ced14491e4de","block_type":"box","text":"Allocation of expenses","page_number":60,"box":{"x":723,"y":314,"width":155,"height":10}},{"id":"6dabd9ca-deb8-48a8-a8ee-fe738fc3b7fe","block_type":"box","text":"between capital and income","page_number":60,"box":{"x":229,"y":330,"width":187,"height":9}},{"id":"a21cd81a-0224-4edb-9374-6d48320935db","block_type":"box","text":"” section of this Prospectus.","page_number":60,"box":{"x":418,"y":329,"width":187,"height":10}},{"id":"62a96385-acbe-42a6-ac1e-0f184726847f","block_type":"box","text":"Details of whether charges are made to","page_number":60,"box":{"x":612,"y":330,"width":266,"height":10}},{"id":"ebe1bd58-f1cb-4d08-a52e-775c9bc3f05c","block_type":"box","text":"capital or income for each Fund","page_number":60,"box":{"x":228,"y":345,"width":228,"height":10}},{"id":"2ce2892a-93f0-4f37-9019-9119c86a466d","block_type":"box","text":"and/or Class of Shares","page_number":60,"box":{"x":465,"y":345,"width":163,"height":8}},{"id":"61920e1d-5e0a-444d-9159-013dfa323e1e","block_type":"box","text":"are set out in","page_number":60,"box":{"x":637,"y":345,"width":97,"height":8}},{"id":"aea5a0cf-55af-4847-b87d-7e1396e51221","block_type":"box","text":"Appendix 1","page_number":60,"box":{"x":743,"y":345,"width":82,"height":10}},{"id":"4590249b-5c69-4523-9ad5-451bf775d2cf","block_type":"box","text":"of this","page_number":60,"box":{"x":836,"y":345,"width":42,"height":8}},{"id":"f7474d14-7b1f-4d40-863b-4f730904f6d5","block_type":"box","text":"Prospectus.","page_number":60,"box":{"x":229,"y":360,"width":77,"height":10}},{"id":"060da341-f817-45b1-b3f4-7606b413a763","block_type":"box","text":"Suspension of dealings in Shares","page_number":60,"box":{"x":229,"y":390,"width":240,"height":10}},{"id":"141687cd-6991-4131-9b02-9309855a8604","block_type":"box","text":"Investors are reminded that in certain circumstances their right to redeem Shares (including a","page_number":60,"box":{"x":229,"y":422,"width":648,"height":10}},{"id":"f2b8394d-2b31-4502-b619-b7ae42980f4c","block_type":"box","text":"redemption by way of switching) may be suspended.","page_number":60,"box":{"x":229,"y":437,"width":349,"height":10}},{"id":"72f85bfa-2991-4868-9c70-33ff6512adfd","block_type":"box","text":"Dilution adjustment 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In such cases, investors should be aware that the application of a","page_number":60,"box":{"x":433,"y":545,"width":445,"height":9}},{"id":"9cfb99b3-5e64-4b21-b123-f296f36b94f9","block_type":"box","text":"dilution adjustment may not always prevent the dilution of the","page_number":60,"box":{"x":228,"y":560,"width":411,"height":10}},{"id":"d2975876-3cda-48d0-aaaf-758bfab111a7","block_type":"box","text":"NAV","page_number":60,"box":{"x":646,"y":560,"width":29,"height":8}},{"id":"6d6ea3b0-738e-423c-82c0-40302868530f","block_type":"box","text":"through transaction and other","page_number":60,"box":{"x":680,"y":560,"width":199,"height":10}},{"id":"5c7b9cf8-939f-45b2-8129-eecdc6a7a86b","block_type":"box","text":"dealing costs and the adjustments made to the","page_number":60,"box":{"x":228,"y":575,"width":314,"height":10}},{"id":"d481baac-840b-4f92-8070-9b5c151fd54c","block_type":"box","text":"NAV","page_number":60,"box":{"x":549,"y":575,"width":29,"height":8}},{"id":"8def3d68-635d-460a-9ad8-50dd728c3902","block_type":"box","text":"may also benefit certain investors relative to","page_number":60,"box":{"x":584,"y":575,"width":294,"height":10}},{"id":"af2edadb-beaf-4d86-a3b5-9f06ee1f18da","block_type":"box","text":"the Shareholders in the Fund as a whole. In the event that the ACD determines not to make a","page_number":60,"box":{"x":228,"y":591,"width":649,"height":7}},{"id":"82778e28-2e14-4c41-a3fa-0b7df53b3fb2","block_type":"box","text":"dilution adjustment, this may have the effect of constraining capital growth.","page_number":60,"box":{"x":228,"y":606,"width":496,"height":10}},{"id":"d5f69536-c092-463a-89b4-237ee4a2c772","block_type":"box","text":"Liabilities of the Company","page_number":60,"box":{"x":229,"y":636,"width":187,"height":10}},{"id":"ab6a8a13-8fb3-431d-b4a2-b539f5f42965","block_type":"box","text":"Each Fund is treated as a separate entity, with its own segregated portfolio of assets and liabilities.","page_number":60,"box":{"x":229,"y":667,"width":648,"height":10}},{"id":"6db4707a-c866-4f6e-baac-fad5841063e7","block_type":"box","text":"Accordingly, the assets of a Fund belong exclusively to that Fund and shall not be made available","page_number":60,"box":{"x":228,"y":683,"width":649,"height":10}},{"id":"49cbd4ee-4d27-405d-b289-fed0a552e180","block_type":"box","text":"to discharge (directly or indirectly) the liabilities","page_number":60,"box":{"x":228,"y":698,"width":319,"height":10}},{"id":"a9fe4b34-6fd8-4196-8f4c-ee91d038c3c3","block_type":"box","text":"of, or claims against, any other person or body,","page_number":60,"box":{"x":554,"y":698,"width":323,"height":10}},{"id":"54dccccd-65af-4533-be97-b990b8456c38","block_type":"box","text":"including the Company or any other Fund, and shall not be available for any such purpose.","page_number":60,"box":{"x":229,"y":713,"width":603,"height":10}},{"id":"7cfe9620-8625-40de-82af-d152cf7a623e","block_type":"box","text":"While the OEIC Regulations and the Instrument of Incorporation provide for segregated liability","page_number":60,"box":{"x":228,"y":741,"width":650,"height":10}},{"id":"e0273b8e-9de3-4d6b-aa38-e4892fd42ad6","block_type":"box","text":"between the Funds, the concept of segregated liability is relatively new and may not be recognised","page_number":60,"box":{"x":229,"y":756,"width":648,"height":10}},{"id":"b8a6cfe0-a8c5-447e-b478-faa9d4239a62","block_type":"box","text":"and upheld by a court in certain contexts. 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Before making any such charge the ACD will provide prior notice to","page_number":63,"box":{"x":229,"y":227,"width":648,"height":10}},{"id":"7321e3d4-6816-494e-af60-6dc9967fae86","block_type":"box","text":"Shareholders in accordance with the COLL Sourcebook (currently 60 days).","page_number":63,"box":{"x":228,"y":242,"width":505,"height":10}},{"id":"34d006c9-9820-42b3-ba20-93a1eee595be","block_type":"box","text":"Redemption Charge","page_number":63,"box":{"x":229,"y":270,"width":142,"height":10}},{"id":"b888f278-7c8b-4d54-9daa-3c045f7fd6ee","block_type":"box","text":"The ACD currently makes no redemption charge on a Shareholder’s redemption of Shares.","page_number":63,"box":{"x":228,"y":297,"width":606,"height":10}},{"id":"3a5f5ac3-ca34-4efb-bf39-13368c7fbf3f","block_type":"box","text":"The ACD reserves the right to make a redemption charge, which would be deducted from the","page_number":63,"box":{"x":228,"y":324,"width":649,"height":10}},{"id":"32d2459b-a514-4bd2-8ceb-7937d958bd3f","block_type":"box","text":"redemption price of the Shares. 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The ACD is not able to provide tax advice and cannot determine the impact or compliance","page_number":70,"box":{"x":229,"y":345,"width":649,"height":10}},{"id":"a8cb4718-ae7b-48e0-a348-7edf443d2c4c","block_type":"box","text":"obligations of FATCA or an applicable IGA for investors’ busines","page_number":70,"box":{"x":228,"y":360,"width":445,"height":10}},{"id":"807eb804-66fc-423b-9911-a5cd26da06ea","block_type":"box","text":"s activities. 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This information may","page_number":70,"box":{"x":229,"y":596,"width":649,"height":10}},{"id":"56b2711e-19aa-4244-8a0b-f7855c47689b","block_type":"box","text":"be shared with tax authorities in jurisdictions which implement the OECD’s CRS.","page_number":70,"box":{"x":229,"y":611,"width":534,"height":10}},{"id":"a28b9f9d-bfa1-40be-9581-e6fa0f228be6","block_type":"box","text":"Investors should consult their own tax advisers regarding any potential obligations that the CRS","page_number":70,"box":{"x":229,"y":638,"width":648,"height":10}},{"id":"ef6cc674-18b9-4fac-9650-0afa32de711e","block_type":"box","text":"may impose on them.","page_number":70,"box":{"x":229,"y":654,"width":142,"height":10}},{"id":"6fd3de9c-e760-449a-8245-c20cc827650a","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":71,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"aecaa198-6484-441e-bbbc-e10b292514d1","block_type":"box","text":"Public","page_number":71,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"a9297877-1e64-4b03-8e95-4a106f81ecd4","block_type":"box","text":"Appendix 1: The Funds","page_number":71,"box":{"x":228,"y":90,"width":347,"height":21}},{"id":"27c2f2b4-a7ef-45e8-bf1c-f96f46c21e4c","block_type":"box","text":"Vanguard FTSE U.K. Equity Income Index","page_number":71,"box":{"x":228,"y":128,"width":620,"height":22}},{"id":"a964f47a-c43d-4aa2-a22f-e4c182edf370","block_type":"box","text":"Fund","page_number":71,"box":{"x":236,"y":155,"width":69,"height":17}},{"id":"91d0f377-b5b1-4003-bc2d-1487ef265a39","block_type":"box","text":"Investment objective and policy","page_number":71,"box":{"x":229,"y":193,"width":227,"height":10}},{"id":"f0bcadf9-5b43-49fb-9738-e70572d3c74e","block_type":"box","text":"The Vanguard FTSE U.K. Equity Income Index Fund (the “","page_number":71,"box":{"x":228,"y":225,"width":391,"height":10}},{"id":"1cbf1d52-0c89-4a5d-ad28-3d276663f100","block_type":"box","text":"Fund","page_number":71,"box":{"x":621,"y":225,"width":35,"height":8}},{"id":"8adb67d4-3ab5-4be5-aa0c-2db36cb6e261","block_type":"box","text":"”) seeks to track the performance","page_number":71,"box":{"x":657,"y":225,"width":221,"height":10}},{"id":"a02390b3-5aa4-49a9-a122-a8c5184969a8","block_type":"box","text":"of the FTSE U.K. Equity Income Index (the “","page_number":71,"box":{"x":228,"y":240,"width":294,"height":10}},{"id":"6579da63-f962-4124-8402-b1a1366ad9c5","block_type":"box","text":"Index","page_number":71,"box":{"x":524,"y":241,"width":38,"height":7}},{"id":"cc112458-f484-4834-b32c-4469e8ee73ee","block_type":"box","text":"”).","page_number":71,"box":{"x":563,"y":240,"width":12,"height":10}},{"id":"71db8988-4e35-465c-822c-597c7a41e608","block_type":"box","text":"The Index consists of common shares of companies listed on the London Stock Exchange’s main","page_number":71,"box":{"x":228,"y":268,"width":649,"height":10}},{"id":"e2b58cef-5d3c-42ff-ba5b-ec56650e3727","block_type":"box","text":"market, that are expected to pay dividends that generally are higher than average. Further","page_number":71,"box":{"x":229,"y":283,"width":649,"height":10}},{"id":"fbc94350-50f1-486d-854b-21ee8a802d32","block_type":"box","text":"information on the composition of the Index may be obtained 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Fund is a passive fund with an investment strategy designed to replicate the performance of","page_number":71,"box":{"x":228,"y":356,"width":651,"height":10}},{"id":"468f6263-e32e-4bf2-a81a-441fd343632d","block_type":"box","text":"the Index by investing in all of the component shares of the Index, holding each share in","page_number":71,"box":{"x":228,"y":372,"width":649,"height":10}},{"id":"7adf456a-1167-4623-b21a-da8b61e12eab","block_type":"box","text":"approximately the same proportion as its weighting in the Index","page_number":71,"box":{"x":228,"y":387,"width":427,"height":10}},{"id":"ba9063f3-22b7-4cee-bbdc-42af7d4bb67d","block_type":"box","text":".","page_number":71,"box":{"x":657,"y":394,"width":1,"height":1}},{"id":"49433051-021a-46ba-9d51-25bc09f547a9","block_type":"box","text":"The Fund","page_number":71,"box":{"x":665,"y":387,"width":67,"height":8}},{"id":"442f6610-6bec-4ccb-95aa-2c9dd756cee3","block_type":"box","text":"may have 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investors of this tracking strategy, please see below and refer to the “Index","page_number":71,"box":{"x":229,"y":448,"width":598,"height":11}},{"id":"bc64f2f0-569f-47a3-95f9-0991d994e154","block_type":"box","text":"-","page_number":71,"box":{"x":828,"y":453,"width":4,"height":1}},{"id":"9180fbb2-26d2-4db0-a402-11e3fa6fb1c8","block_type":"box","text":"related","page_number":71,"box":{"x":834,"y":449,"width":44,"height":7}},{"id":"35d0bb06-3f06-4a23-bae7-5fbdaa4457f2","block_type":"box","text":"risk","page_number":71,"box":{"x":229,"y":464,"width":22,"height":8}},{"id":"385910ec-97fb-4768-b16f-bcfc41d3da83","block_type":"box","text":"s","page_number":71,"box":{"x":252,"y":466,"width":6,"height":6}},{"id":"1a8f6c85-29f5-460c-a770-7d03b37fdf81","block_type":"box","text":"” section of this Prospectus.","page_number":71,"box":{"x":259,"y":464,"width":184,"height":10}},{"id":"aa1e60f8-7ce9-4608-8539-9fcd2960d13a","block_type":"box","text":"To track the Index as closely as possible, the Fund attempts to remain fully invested in shares. The","page_number":71,"box":{"x":228,"y":491,"width":650,"height":10}},{"id":"3557bd0c-1a77-4e29-9834-d296ac67e017","block_type":"box","text":"Fund may also use derivatives in order to reduce risk or cost and/or generate extra income or","page_number":71,"box":{"x":229,"y":507,"width":649,"height":10}},{"id":"4c1418b1-4964-4c21-a153-e6923afb7e1b","block_type":"box","text":"growth (often referred to as ‘efficient portfolio management’","page_number":71,"box":{"x":228,"y":522,"width":394,"height":10}},{"id":"1815f14b-2839-4b43-9fc8-4e0aef38c357","block_type":"box","text":"). Generally speaking, a derivative is a","page_number":71,"box":{"x":624,"y":522,"width":254,"height":10}},{"id":"90560e5c-dcc3-447a-a13b-b7a10c97b1f8","block_type":"box","text":"financial contract whose value is based on the value of a financial asset (such as a share, bond,","page_number":71,"box":{"x":228,"y":537,"width":649,"height":10}},{"id":"9f35e06d-0b57-4678-87da-162a4ec59164","block_type":"box","text":"or currency) or a market index. The Fund will not use derivatives for speculative purposes, and","page_number":71,"box":{"x":228,"y":553,"width":649,"height":10}},{"id":"d2148ced-76d0-4f20-b7c0-e2a48fd0dfd4","block_type":"box","text":"only a limited percen","page_number":71,"box":{"x":228,"y":568,"width":145,"height":10}},{"id":"825fb7ac-5f8d-499f-8a7f-e4f1627e2d64","block_type":"box","text":"tage of its assets is committed to them. The Fund may also use certain","page_number":71,"box":{"x":374,"y":568,"width":503,"height":10}},{"id":"ec854836-7f76-41c7-9002-fd79c208e9a2","block_type":"box","text":"techniques and instruments in accordance with the limits and conditions specified under","page_number":71,"box":{"x":228,"y":583,"width":577,"height":10}},{"id":"833106ee-e3ea-4145-8cc4-e9a51e8f1023","block_type":"box","text":"“Portfolio","page_number":71,"box":{"x":810,"y":583,"width":68,"height":8}},{"id":"ab5cf9db-cd45-4344-ad2c-d376044dbf02","block_type":"box","text":"Investment Techniques”","page_number":71,"box":{"x":229,"y":599,"width":173,"height":10}},{"id":"de4c891d-8822-4068-b536-10896ae1d095","block_type":"box","text":"in","page_number":71,"box":{"x":409,"y":599,"width":9,"height":7}},{"id":"c23a6481-9651-4b27-abc0-b0e6ee50ab05","block_type":"box","text":"Appendix 4","page_number":71,"box":{"x":423,"y":599,"width":82,"height":10}},{"id":"5670e3bd-48fc-4b89-ac03-71a1e48ad7d8","block_type":"box","text":".","page_number":71,"box":{"x":507,"y":605,"width":1,"height":1}},{"id":"3a3a67e9-9478-4154-a134-9c7e7ed1cc27","block_type":"box","text":"Further details on the investment powers and restrictions for the Fund are set out in Appendix 3","page_number":71,"box":{"x":229,"y":626,"width":648,"height":10}},{"id":"d1419ff3-fb6a-44c2-bc54-c3d0f131d883","block_type":"box","text":"headed “Investment Powers and Restrictions”.","page_number":71,"box":{"x":229,"y":641,"width":307,"height":8}},{"id":"fb6151d4-fc8c-4bdb-b093-dae06bc9cf0e","block_type":"box","text":"Tracking Error","page_number":71,"box":{"x":228,"y":669,"width":104,"height":10}},{"id":"7b808515-17d9-4a29-ba08-3737bcae4a33","block_type":"box","text":"In tracking the performance of the Index, the Fund attempts to replicate the Index by investing all,","page_number":71,"box":{"x":229,"y":696,"width":648,"height":10}},{"id":"e7ef86d4-c46e-4202-ad3b-0b8b39c5d758","block_type":"box","text":"or substantially all, of its assets in the securities which make up the Index, holding each security in","page_number":71,"box":{"x":228,"y":711,"width":649,"height":10}},{"id":"093016ac-d35a-4bc8-8182-8e4decb1f559","block_type":"box","text":"approximately the same proportion as its weighting","page_number":71,"box":{"x":228,"y":727,"width":334,"height":10}},{"id":"d8a8dac3-df95-4fbb-92b0-971da4ad5b62","block_type":"box","text":"in the Index. 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For more information on","page_number":74,"box":{"x":694,"y":410,"width":184,"height":8}},{"id":"b743019a-7d60-48cb-8d3b-5d0ede24516c","block_type":"box","text":"the potential implications for investors of this tracking strategy, please see below and refer to the","page_number":74,"box":{"x":228,"y":425,"width":649,"height":10}},{"id":"8cf9cb6f-8093-4717-abb3-ed46273505b8","block_type":"box","text":"“Index","page_number":74,"box":{"x":228,"y":441,"width":42,"height":8}},{"id":"1e41016d-c605-446f-8c6b-6157428e2d74","block_type":"box","text":"-","page_number":74,"box":{"x":270,"y":445,"width":4,"height":1}},{"id":"347ebaa3-4620-423a-9fe5-c544cb8aa207","block_type":"box","text":"related risks","page_number":74,"box":{"x":276,"y":441,"width":80,"height":8}},{"id":"a336e4bd-38a9-4d2e-8a6c-66c3259bdf76","block_type":"box","text":"” section of this Prospectus.","page_number":74,"box":{"x":357,"y":441,"width":184,"height":10}},{"id":"2c109f22-6349-4ab3-8eb7-682b8ca713ac","block_type":"box","text":"To track the Index as closely as possible, the Fund attempts to remain fully invested in shares. The","page_number":74,"box":{"x":228,"y":468,"width":650,"height":10}},{"id":"f94e7a6a-3cf4-4541-b657-89bc98bf0d2d","block_type":"box","text":"Fund may also use derivatives in order to reduce risk or cost and/or generate extra income or","page_number":74,"box":{"x":229,"y":483,"width":649,"height":10}},{"id":"5b32b4ac-ff4d-47ee-980b-70404799df42","block_type":"box","text":"growth (often referred to as ‘efficient portfolio management’","page_number":74,"box":{"x":228,"y":499,"width":394,"height":10}},{"id":"3ecadb65-70d9-4d21-a9e7-5ea932f40a3e","block_type":"box","text":"). Generally speaking, a derivative is a","page_number":74,"box":{"x":624,"y":499,"width":254,"height":10}},{"id":"465d9d36-cb08-4c0a-abfa-e7213d07c33e","block_type":"box","text":"financial contract whose value is based on the value of a financial asset (such as a share, bond,","page_number":74,"box":{"x":228,"y":514,"width":649,"height":10}},{"id":"f767e0bf-7906-4bbd-aad9-2b9ac1fcd9c0","block_type":"box","text":"or currency) or a market index. Tracking Error reflects the volatility in the difference of performance","page_number":74,"box":{"x":228,"y":530,"width":649,"height":10}},{"id":"8af1ecf3-9d54-4c7e-b1de-c0f12834649f","block_type":"box","text":"between the F","page_number":74,"box":{"x":229,"y":545,"width":94,"height":8}},{"id":"1cfa61c5-68ff-425c-91c8-8b6aab7f4e17","block_type":"box","text":"und and the Index. The Fund will not use derivatives for speculative purposes, and","page_number":74,"box":{"x":325,"y":545,"width":552,"height":10}},{"id":"7d58e9c2-15b3-46c7-8ab1-c78a8d082368","block_type":"box","text":"only a limited percentage of its assets is committed to them. The Fund may also use certain","page_number":74,"box":{"x":228,"y":560,"width":649,"height":10}},{"id":"6f9a975c-f5e9-4ce2-8787-90531d50f012","block_type":"box","text":"techniques and instruments in accordance with the limits and conditions specified","page_number":74,"box":{"x":228,"y":576,"width":534,"height":10}},{"id":"5f9fdded-7a6c-4a89-893f-89189bf10870","block_type":"box","text":"under","page_number":74,"box":{"x":768,"y":576,"width":38,"height":8}},{"id":"8cb6bed7-34d0-44a5-b05f-e67fad5bf394","block_type":"box","text":"“Portfolio","page_number":74,"box":{"x":810,"y":575,"width":68,"height":9}},{"id":"64fe7122-94a4-4242-87ec-56746fce89da","block_type":"box","text":"Investment Techniques”","page_number":74,"box":{"x":229,"y":591,"width":173,"height":10}},{"id":"03b280b8-1871-4b43-aa3a-6cf52d032a92","block_type":"box","text":"in","page_number":74,"box":{"x":409,"y":591,"width":9,"height":8}},{"id":"927cd5cd-ccc2-4e3c-abc4-69e73cea2567","block_type":"box","text":"Appendix 4","page_number":74,"box":{"x":423,"y":591,"width":82,"height":10}},{"id":"79809db5-2af6-4715-9794-69a35c7f707a","block_type":"box","text":".","page_number":74,"box":{"x":507,"y":598,"width":1,"height":1}},{"id":"e02128c1-0bed-4602-bf26-7fbea17a4a87","block_type":"box","text":"Further details on the investment powers and restrictions for the Fund are set out in Appendix 3","page_number":74,"box":{"x":229,"y":618,"width":648,"height":10}},{"id":"fe636d04-0461-4cb6-a0d6-33182c7369f9","block_type":"box","text":"headed “Investment Powers and Restrictions”.","page_number":74,"box":{"x":229,"y":634,"width":307,"height":8}},{"id":"ef726e70-9b03-4309-a38c-51b13be6823a","block_type":"box","text":"Tracking Error","page_number":74,"box":{"x":228,"y":661,"width":104,"height":10}},{"id":"eae08f83-5048-4c96-9c78-1c4086226f9c","block_type":"box","text":"In tracking the performance of the Index, the Fund attempts to replicate the Index by investing all,","page_number":74,"box":{"x":229,"y":688,"width":648,"height":10}},{"id":"da82faca-5994-4b46-bccf-85bcdb07ea8d","block_type":"box","text":"or substantially all, of its assets in the securities which make up the Index, holding each security in","page_number":74,"box":{"x":228,"y":703,"width":649,"height":10}},{"id":"f3e421c9-5a79-4c79-8d5a-4b63966d5928","block_type":"box","text":"approximately the same proportion as its weighting","page_number":74,"box":{"x":228,"y":719,"width":334,"height":10}},{"id":"47ae4c0a-987c-4038-8b90-0449e153d581","block_type":"box","text":"in the Index. Tracking Error reflects the volatility","page_number":74,"box":{"x":567,"y":719,"width":312,"height":10}},{"id":"6638db97-02c8-4dc0-8551-acf2bd8c796d","block_type":"box","text":"in the difference of performance between the Fund and the Index. Realised (ex","page_number":74,"box":{"x":229,"y":734,"width":547,"height":10}},{"id":"05689963-ae57-491c-882c-1ce44db8196d","block_type":"box","text":"-","page_number":74,"box":{"x":777,"y":739,"width":4,"height":1}},{"id":"737fc51d-c569-4116-946e-83332ac4c727","block_type":"box","text":"post) Tracking","page_number":74,"box":{"x":782,"y":734,"width":96,"height":10}},{"id":"86d10091-f35c-4661-84c4-4a17529c56de","block_type":"box","text":"Error may vary from time to time depending on a range of circumstances that may introduce either","page_number":74,"box":{"x":229,"y":749,"width":650,"height":11}},{"id":"1f516ca1-2e01-4a8d-b183-ed93defcf9aa","block_type":"box","text":"positive or n","page_number":74,"box":{"x":229,"y":765,"width":82,"height":10}},{"id":"db0cd230-a774-43f8-827e-681555a3cd95","block_type":"box","text":"egative Tracking Error. These include transaction costs,","page_number":74,"box":{"x":313,"y":765,"width":379,"height":10}},{"id":"120e2d7a-c0da-4a18-87db-4d849cd8e143","block_type":"box","text":"stock","page_number":74,"box":{"x":700,"y":765,"width":35,"height":8}},{"id":"3c053e8c-04c9-4904-951a-4b13c0dbfd85","block_type":"box","text":"lending income, and","page_number":74,"box":{"x":742,"y":765,"width":136,"height":10}},{"id":"e9a4c0f9-a588-4fd5-98ba-a6d5c78a259f","block_type":"box","text":"withholding tax differences.","page_number":74,"box":{"x":228,"y":780,"width":191,"height":10}},{"id":"feb87494-4061-4949-8b45-b81863ec1541","block_type":"box","text":"It is anticipated that, under normal market circumstances, the","page_number":74,"box":{"x":431,"y":780,"width":447,"height":10}},{"id":"57f583c5-ac37-4abe-99ad-60937fbc8ece","block_type":"box","text":"annualised ex","page_number":74,"box":{"x":228,"y":796,"width":94,"height":8}},{"id":"01ff9e4a-8e61-49cf-b29f-24d00b4151e1","block_type":"box","text":"-","page_number":74,"box":{"x":322,"y":800,"width":4,"height":1}},{"id":"922df886-4ff8-442e-829b-a9fd6fb48126","block_type":"box","text":"post Tracking Error of the Fund, will be up to","page_number":74,"box":{"x":328,"y":796,"width":301,"height":10}},{"id":"484d8297-fb76-4a03-9714-0be267ac8dd3","block_type":"box","text":"0.","page_number":74,"box":{"x":636,"y":796,"width":11,"height":8}},{"id":"b426b188-b89f-4f42-94da-f3776c29f0cc","block_type":"box","text":"2","page_number":74,"box":{"x":648,"y":796,"width":7,"height":7}},{"id":"2ea265a1-307b-49f8-9a83-d6c9945539c7","block_type":"box","text":"%","page_number":74,"box":{"x":657,"y":796,"width":12,"height":8}},{"id":"d027ad64-1a6c-471c-8ca9-7dc38d7b115d","block_type":"box","text":".","page_number":74,"box":{"x":671,"y":802,"width":2,"height":1}},{"id":"d364240e-d06b-4897-a9c5-8482ffb245ba","block_type":"box","text":"While it is anticipated that the","page_number":74,"box":{"x":679,"y":796,"width":199,"height":10}},{"id":"5c43b3ee-9da7-4536-877e-2cafb2a13cac","block_type":"box","text":"ex","page_number":74,"box":{"x":228,"y":813,"width":16,"height":6}},{"id":"d59934b7-f1c3-400c-94e7-7ba64697519d","block_type":"box","text":"-","page_number":74,"box":{"x":244,"y":816,"width":4,"height":0}},{"id":"c9e94b99-54a4-41e3-b5de-020a1c6f54cd","block_type":"box","text":"post Tracking Error of the Fund will not vary significantly from this level under normal","page_number":74,"box":{"x":250,"y":811,"width":627,"height":10}},{"id":"63e74a6c-3b48-41c4-9369-0bf46d29899b","block_type":"box","text":"circumstances, there is no guarantee that this level of Tracking Error will be realised, and the","page_number":74,"box":{"x":228,"y":826,"width":649,"height":10}},{"id":"7a3ba208-0a63-44fe-8d8d-0b59f04a7357","block_type":"box","text":"Investment Adviser will not be lia","page_number":74,"box":{"x":229,"y":842,"width":218,"height":8}},{"id":"3c8e6d45-4ed8-4120-91c3-bb43d5841224","block_type":"box","text":"ble for any discrepancies between the anticipated Tracking Error","page_number":74,"box":{"x":448,"y":842,"width":431,"height":10}},{"id":"31cd04c9-8d7a-48da-9da3-e35e076334bd","block_type":"box","text":"and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":74,"box":{"x":228,"y":857,"width":649,"height":10}},{"id":"8d0a6eb0-728a-460f-916d-b64fb7db944a","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":74,"box":{"x":229,"y":873,"width":648,"height":10}},{"id":"9620ca09-103a-4ce7-b28c-73bbf92f7aae","block_type":"box","text":"r","page_number":74,"box":{"x":229,"y":890,"width":4,"height":6}},{"id":"ba27ae09-abb6-484e-a254-e9dacdf98b68","block_type":"box","text":"elevant period. Please refer to the “Excess Return and Tracking Error” section of this Prospectus","page_number":74,"box":{"x":233,"y":888,"width":644,"height":10}},{"id":"c8e38512-014d-4fd9-843d-4f3c35beefe4","block_type":"box","text":"for further information on Tracking Error.","page_number":74,"box":{"x":228,"y":903,"width":268,"height":10}},{"id":"a21dd7bf-756d-41f6-a5a9-7c2650d80774","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":75,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"0622fdf7-76c9-43e2-840d-cc360daf2f1b","block_type":"box","text":"Public","page_number":75,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"4d819510-183c-4718-894e-c03f73e37c42","block_type":"box","text":"The Index rebalances on a semi","page_number":75,"box":{"x":228,"y":87,"width":223,"height":8}},{"id":"285eaee2-9b30-45e4-a8b9-8700c8e07148","block_type":"box","text":"-","page_number":75,"box":{"x":453,"y":92,"width":4,"height":1}},{"id":"0b41a6e3-da6e-4b26-b55d-ff67307a1d21","block_type":"box","text":"annual basis in March and September. 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For more information on the","page_number":80,"box":{"x":688,"y":430,"width":190,"height":8}},{"id":"4956bcc6-3149-43f3-892c-613abc536a8a","block_type":"box","text":"potential implications for investors of this tracking strategy, please see below and refer also to the","page_number":80,"box":{"x":229,"y":446,"width":648,"height":10}},{"id":"51a38dcd-67bb-4912-9781-70a990b197a6","block_type":"box","text":"“Index","page_number":80,"box":{"x":228,"y":461,"width":42,"height":8}},{"id":"32933fef-ed61-4d0a-b44a-1f129f0b0315","block_type":"box","text":"-","page_number":80,"box":{"x":270,"y":466,"width":4,"height":0}},{"id":"b520b53f-e0cb-4fa4-b24f-cfbd227c97fd","block_type":"box","text":"related","page_number":80,"box":{"x":276,"y":461,"width":44,"height":8}},{"id":"90d22969-611f-48e6-a9d8-c4f72ffd2853","block_type":"box","text":"risk","page_number":80,"box":{"x":326,"y":461,"width":23,"height":8}},{"id":"081e3943-4bcd-4cb1-87f4-7d28b5da9848","block_type":"box","text":"s","page_number":80,"box":{"x":349,"y":463,"width":7,"height":6}},{"id":"170189c2-ed12-4e64-8d80-71c9d3a27ac3","block_type":"box","text":"” section of this Prospectus.","page_number":80,"box":{"x":357,"y":461,"width":184,"height":10}},{"id":"5ed937c1-2a59-4425-b23a-411714e9bb44","block_type":"box","text":"To track the Index as closely as possible, the Fund attempts to remain fully invested in shares. The","page_number":80,"box":{"x":228,"y":488,"width":650,"height":10}},{"id":"5f396b90-4564-4199-a110-7339eca641cd","block_type":"box","text":"Fund may also use derivatives in order to reduce risk or cost and/or generate extra income or","page_number":80,"box":{"x":229,"y":504,"width":649,"height":10}},{"id":"4d142ab0-fc85-4ebd-8465-748ed426ffd5","block_type":"box","text":"growth (often referred to as ‘efficient portfolio management’","page_number":80,"box":{"x":228,"y":519,"width":394,"height":10}},{"id":"861816ae-4148-497e-a9c9-d436d39c137b","block_type":"box","text":"). 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The Fund may also use certain","page_number":80,"box":{"x":374,"y":565,"width":503,"height":10}},{"id":"fd7f77cd-553f-4cc4-9ecd-66640d31d7b7","block_type":"box","text":"techniques and instruments in accordance with the limits and conditions specified under","page_number":80,"box":{"x":228,"y":580,"width":577,"height":10}},{"id":"facec2c2-a0b9-4d75-a186-ad44e8f6ec0f","block_type":"box","text":"“Portfolio","page_number":80,"box":{"x":810,"y":580,"width":68,"height":8}},{"id":"0c39bb0f-e481-46ce-a67d-0e76d98d5f14","block_type":"box","text":"Investment Techniques”","page_number":80,"box":{"x":229,"y":596,"width":173,"height":10}},{"id":"2777036d-d819-4d88-a86d-82e7819b6046","block_type":"box","text":"in","page_number":80,"box":{"x":409,"y":596,"width":9,"height":7}},{"id":"efa26fba-ceb1-497c-b9e5-a81bfefa6270","block_type":"box","text":"Appendix 4","page_number":80,"box":{"x":423,"y":596,"width":82,"height":10}},{"id":"12b337eb-e068-4d7f-b026-1ebb46dffba7","block_type":"box","text":".","page_number":80,"box":{"x":507,"y":602,"width":1,"height":1}},{"id":"5245a673-c181-4f5e-8a8e-06df2afc8f04","block_type":"box","text":"Further details on the investment powers and restrictions for the Fund are set out in Appendix 3","page_number":80,"box":{"x":229,"y":623,"width":648,"height":10}},{"id":"0ba3ac8e-b4e6-445c-a314-f04f96dc4035","block_type":"box","text":"headed “Investment Powers and Restrictions”.","page_number":80,"box":{"x":229,"y":638,"width":307,"height":8}},{"id":"161933f5-a8ec-4827-9a63-bd5f4a1c7077","block_type":"box","text":"Tracking Error","page_number":80,"box":{"x":228,"y":666,"width":104,"height":10}},{"id":"369a8746-84f2-42e9-84ab-f4d72ce11786","block_type":"box","text":"Tracking Error reflects the volatility in the difference of performance between the Fund and the","page_number":80,"box":{"x":228,"y":693,"width":649,"height":10}},{"id":"c9dfb235-6b42-471a-99a5-5d303428bf9e","block_type":"box","text":"Index. 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These include","page_number":80,"box":{"x":710,"y":724,"width":168,"height":10}},{"id":"9f45dbfa-c0b7-44f9-8f0b-e0fbc001b6f6","block_type":"box","text":"transaction costs,","page_number":80,"box":{"x":228,"y":739,"width":119,"height":9}},{"id":"d2a0144e-0e2c-42b8-820a-a9e7b13cf17d","block_type":"box","text":"stock","page_number":80,"box":{"x":355,"y":739,"width":35,"height":8}},{"id":"f38b15ae-9f60-4845-8f57-8aa755655bba","block_type":"box","text":"lending income, and withholding tax differences.","page_number":80,"box":{"x":397,"y":739,"width":332,"height":10}},{"id":"455cdcd7-1083-4c78-9499-42971632477a","block_type":"box","text":"It is anticipated that,","page_number":80,"box":{"x":739,"y":739,"width":139,"height":10}},{"id":"2dd8bfdb-dccf-40c7-995c-65a3e4bef38c","block_type":"box","text":"under normal market circumstances, the annualised ex","page_number":80,"box":{"x":229,"y":754,"width":365,"height":10}},{"id":"2bf5c14e-cd02-4eb1-b86b-5d02e632ac19","block_type":"box","text":"-","page_number":80,"box":{"x":595,"y":759,"width":4,"height":1}},{"id":"911c1e67-d423-4c43-ae91-b66f2ed834e2","block_type":"box","text":"post Tracking Error of the Fund, will be up","page_number":80,"box":{"x":600,"y":754,"width":278,"height":10}},{"id":"a0fe3a3d-dcb0-4b7c-8a2c-5e50a6f3dbfd","block_type":"box","text":"to","page_number":80,"box":{"x":228,"y":770,"width":12,"height":8}},{"id":"a00b8234-a403-46fe-83a1-380c8a74ab2c","block_type":"box","text":"0.2","page_number":80,"box":{"x":245,"y":770,"width":20,"height":8}},{"id":"5065736f-aaa3-463f-9150-a7e71b64d899","block_type":"box","text":"%","page_number":80,"box":{"x":266,"y":770,"width":12,"height":8}},{"id":"6614c703-f95e-4f84-bd06-8579d212e2ef","block_type":"box","text":".","page_number":80,"box":{"x":280,"y":776,"width":2,"height":2}},{"id":"f4b55ef8-ba6e-4f89-94da-58f24e5a963b","block_type":"box","text":"While it is anticipated that the ex","page_number":80,"box":{"x":287,"y":770,"width":214,"height":10}},{"id":"ed164a53-5dc3-4727-ab2b-bb5d86de5fd7","block_type":"box","text":"-","page_number":80,"box":{"x":502,"y":774,"width":4,"height":1}},{"id":"9edcd569-bc9a-45ea-93fd-fa355a53ae87","block_type":"box","text":"post Tracking Error of the Fund will not vary significantly","page_number":80,"box":{"x":508,"y":770,"width":370,"height":10}},{"id":"03219fa6-c329-422d-af58-0870d7360124","block_type":"box","text":"from this level under normal circumstances, there is no guarantee that this level of Tracking Error","page_number":80,"box":{"x":228,"y":785,"width":650,"height":10}},{"id":"144123bf-295c-4ba3-b26c-e6fd62eb74e0","block_type":"box","text":"will be realised, and the Investment Adviser will not be lia","page_number":80,"box":{"x":228,"y":801,"width":391,"height":9}},{"id":"94207689-8fd3-47ca-bf12-5d0823cd69f4","block_type":"box","text":"ble for any discrepancies between the","page_number":80,"box":{"x":621,"y":800,"width":257,"height":10}},{"id":"d7cc3a4a-d044-474e-b16c-46cf68c4755a","block_type":"box","text":"anticipated Tracking Error and the level of Tracking Error subsequently observed. The annual","page_number":80,"box":{"x":228,"y":816,"width":649,"height":10}},{"id":"cef2d240-14f1-4e46-ac0d-9309d682e502","block_type":"box","text":"report of the Company will provide an explanation of any divergence between anticipated and","page_number":80,"box":{"x":229,"y":831,"width":648,"height":10}},{"id":"8cd66047-69ef-442b-8b88-930db64e9a69","block_type":"box","text":"realised Tracking Error for the r","page_number":80,"box":{"x":229,"y":847,"width":214,"height":10}},{"id":"2a403d83-b3fa-4c56-95c6-08fd6ffa59fb","block_type":"box","text":"elevant period. Please refer to the “Excess Return and Tracking","page_number":80,"box":{"x":443,"y":846,"width":434,"height":11}},{"id":"329b89f1-f0d4-471c-ba3e-7c8761571906","block_type":"box","text":"Error” section of this Prospectus for further information on Tracking Error.","page_number":80,"box":{"x":229,"y":862,"width":486,"height":10}},{"id":"fc3d33f8-589e-47df-99e6-328b1f34434d","block_type":"box","text":"The Index rebalances on a","page_number":80,"box":{"x":228,"y":889,"width":185,"height":8}},{"id":"ad746ff1-f133-4047-a60e-d26235cce5d4","block_type":"box","text":"quarterly basis","page_number":80,"box":{"x":420,"y":889,"width":99,"height":10}},{"id":"cfa1b504-342a-41e0-84e7-46607eebddbc","block_type":"box","text":"in March","page_number":80,"box":{"x":527,"y":889,"width":57,"height":8}},{"id":"c39030db-2f74-413f-8bd0-2f29fb4bce38","block_type":"box","text":", June","page_number":80,"box":{"x":587,"y":889,"width":41,"height":9}},{"id":"e2468ce8-1730-4018-9606-feed45ef12e7","block_type":"box","text":", September","page_number":80,"box":{"x":630,"y":889,"width":83,"height":10}},{"id":"af9ebc5e-0c34-4df9-8b5d-ec2d06d472f7","block_type":"box","text":"and","page_number":80,"box":{"x":719,"y":889,"width":23,"height":8}},{"id":"47db7eb5-32e8-4b0d-b351-9a0a69638ff6","block_type":"box","text":"Dec","page_number":80,"box":{"x":751,"y":889,"width":25,"height":8}},{"id":"6adb3d00-b05d-47b9-aba5-8e76f69dbfe1","block_type":"box","text":"ember. 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While it is anticipated that the ex","page_number":83,"box":{"x":527,"y":758,"width":219,"height":10}},{"id":"57352eb8-9549-4df3-a0b9-3dab85293335","block_type":"box","text":"-","page_number":83,"box":{"x":747,"y":763,"width":4,"height":1}},{"id":"329e9ba6-e3c6-4854-94f4-ca2454081100","block_type":"box","text":"post Tracking Error","page_number":83,"box":{"x":753,"y":758,"width":126,"height":10}},{"id":"b59bd8e4-b95c-4465-8694-17c31819c29f","block_type":"box","text":"of the Fund will not vary significantly from this level under normal circumstances, there is no","page_number":83,"box":{"x":228,"y":774,"width":649,"height":10}},{"id":"f7ba80b3-df55-4574-870e-086eaabe8476","block_type":"box","text":"guarantee that this level of Tracking Error will be realised, and the Investment Adviser will not be","page_number":83,"box":{"x":228,"y":789,"width":649,"height":10}},{"id":"d75d9e60-6314-4b9e-887c-8e088be32492","block_type":"box","text":"l","page_number":83,"box":{"x":229,"y":805,"width":1,"height":7}},{"id":"594151a8-7968-40aa-bd02-bd4bebcbd025","block_type":"box","text":"iable for any discrepancies between the anticipated Tracking Error and the level of Tracking Error","page_number":83,"box":{"x":232,"y":805,"width":646,"height":10}},{"id":"967fa271-87f5-493b-b591-c4771e27ba5e","block_type":"box","text":"subsequently observed. The annual report of the Company will provide an explanation of any","page_number":83,"box":{"x":228,"y":820,"width":650,"height":10}},{"id":"f89569d0-d3c2-463c-b38e-73bb49e9f78c","block_type":"box","text":"divergence between anticipated and realised Tracking Error for the","page_number":83,"box":{"x":228,"y":835,"width":452,"height":10}},{"id":"52f34575-7a50-4f02-b1c2-ec540491254b","block_type":"box","text":"relevant period. 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For more information on the potential implica","page_number":86,"box":{"x":228,"y":380,"width":414,"height":10}},{"id":"0736ccc2-4b81-4f03-b794-285e24c1f8b6","block_type":"box","text":"tions for investors of this tracking","page_number":86,"box":{"x":643,"y":380,"width":235,"height":10}},{"id":"16d17258-0faf-4168-8cc5-07fac8885098","block_type":"box","text":"strategy, please see below and refer also to the “Index","page_number":86,"box":{"x":228,"y":395,"width":363,"height":10}},{"id":"e51b3f9e-7aa3-43c6-aabc-2af611959aa0","block_type":"box","text":"-","page_number":86,"box":{"x":592,"y":400,"width":4,"height":1}},{"id":"010caa3f-3fc6-401a-97b7-3216897c8735","block_type":"box","text":"related","page_number":86,"box":{"x":598,"y":396,"width":44,"height":7}},{"id":"4460e6b3-ec56-471d-b8a6-a4001ccc5600","block_type":"box","text":"risk","page_number":86,"box":{"x":648,"y":396,"width":23,"height":7}},{"id":"df9501ed-438d-4782-a679-7f0126e1dec5","block_type":"box","text":"s","page_number":86,"box":{"x":671,"y":398,"width":7,"height":5}},{"id":"e1006e8e-94c5-4743-842f-5c03572d79d1","block_type":"box","text":"” section of this Prospectus.","page_number":86,"box":{"x":679,"y":395,"width":183,"height":10}},{"id":"469cae7c-b183-4903-850f-012147b28645","block_type":"box","text":"To track the Index as closely as possible, the Fund attempts to remain fully invested in bonds. The","page_number":86,"box":{"x":228,"y":423,"width":649,"height":10}},{"id":"3f913b30-812b-4968-a959-4f1d002b23cd","block_type":"box","text":"Fund may also use derivatives in order to reduce risk or cost and/or generate extra income or","page_number":86,"box":{"x":229,"y":438,"width":649,"height":10}},{"id":"d299fb91-9f03-404e-98be-2df71a324dda","block_type":"box","text":"growth (often referred to as ‘efficient portfolio management’)","page_number":86,"box":{"x":228,"y":453,"width":399,"height":10}},{"id":"b2b0aad9-9e6c-4965-b3d0-9148b8d8562c","block_type":"box","text":". Generally speaking, a derivative is a","page_number":86,"box":{"x":630,"y":453,"width":248,"height":10}},{"id":"63deb536-2a86-4040-b330-b0ee8cf02103","block_type":"box","text":"financial contract whose value is based on the value of a financial asset (such as a share, bond,","page_number":86,"box":{"x":228,"y":469,"width":649,"height":10}},{"id":"06b83124-e3ee-42ea-b3a7-3fdf8b31e6cd","block_type":"box","text":"or currency) or a market index. The Fund will not use derivatives for speculative purposes, and","page_number":86,"box":{"x":228,"y":484,"width":649,"height":10}},{"id":"d95c1657-fe30-422a-84a8-608c1dc8b72d","block_type":"box","text":"only a limited percent","page_number":86,"box":{"x":228,"y":500,"width":150,"height":9}},{"id":"71dbf404-9418-4b8a-9a92-22b70202bf9d","block_type":"box","text":"age of its assets is committed to them. The Fund may also use certain","page_number":86,"box":{"x":379,"y":499,"width":498,"height":10}},{"id":"66dd0354-71de-422e-b72f-3b2e5e25d913","block_type":"box","text":"techniques and instruments in accordance with the limits and conditions specified under","page_number":86,"box":{"x":228,"y":515,"width":577,"height":10}},{"id":"c46f02e2-c680-4355-a47d-a93985f2f806","block_type":"box","text":"“Portfolio","page_number":86,"box":{"x":810,"y":515,"width":68,"height":8}},{"id":"979a9de2-6461-467d-ba3e-3b22ad4f7200","block_type":"box","text":"Investment Techniques”","page_number":86,"box":{"x":229,"y":530,"width":173,"height":10}},{"id":"ab5f2fe1-3480-45f8-b31e-03cc2d2a49a5","block_type":"box","text":"in","page_number":86,"box":{"x":409,"y":530,"width":9,"height":8}},{"id":"e21c90a2-b5d0-40a7-841a-93d885b7add5","block_type":"box","text":"Appendix","page_number":86,"box":{"x":423,"y":530,"width":69,"height":10}},{"id":"cf98e2b6-ae75-4162-a7cc-a0d2fd1a93b8","block_type":"box","text":"4","page_number":86,"box":{"x":497,"y":530,"width":8,"height":8}},{"id":"18d4a6f8-6606-4289-ad31-b75c834a3578","block_type":"box","text":".","page_number":86,"box":{"x":507,"y":537,"width":1,"height":1}},{"id":"174a7b15-4cc9-476a-91b8-bcca495e9c7b","block_type":"box","text":"More than 35% in value of the property of the Fund may be invested in government and","page_number":86,"box":{"x":229,"y":558,"width":648,"height":10}},{"id":"d7ab000e-d981-479c-a187-fb3b96dbad66","block_type":"box","text":"public securities issued or guaranteed by the Government of the United Kingdom.","page_number":86,"box":{"x":229,"y":573,"width":586,"height":10}},{"id":"2f5dff64-f7be-4823-ab53-a16619af345c","block_type":"box","text":"Further details on the investment powers and restrictions for the Fund are set out in Appendix 3","page_number":86,"box":{"x":229,"y":600,"width":648,"height":10}},{"id":"f0fc2a2d-ac77-47a3-858e-0b412319cdbb","block_type":"box","text":"headed “Investment Powers and Restrictions”.","page_number":86,"box":{"x":229,"y":615,"width":307,"height":8}},{"id":"ab436573-954a-47a9-bc20-e8bd66088774","block_type":"box","text":"Tracking Error","page_number":86,"box":{"x":228,"y":643,"width":104,"height":10}},{"id":"319f6364-7185-4a6c-924d-9540c3e20fa3","block_type":"box","text":"The Fund attempts to select those securities which will create the representative sample that tracks","page_number":86,"box":{"x":228,"y":670,"width":650,"height":10}},{"id":"230f0302-ea8c-4746-ae40-cb503f554cba","block_type":"box","text":"the performance of the Index as closely as possible.","page_number":86,"box":{"x":228,"y":685,"width":360,"height":10}},{"id":"06f6040f-b4be-4d61-97fb-8d2105cfd390","block_type":"box","text":"Tracking Error reflects the volatility in the","page_number":86,"box":{"x":596,"y":685,"width":282,"height":10}},{"id":"8c6e2270-72ed-4e9c-86fc-48dede8281f4","block_type":"box","text":"difference of performance between the Fund and the Index. Realised (ex","page_number":86,"box":{"x":228,"y":701,"width":480,"height":10}},{"id":"264f52e9-3aff-48f6-8b23-6a148f3a4a91","block_type":"box","text":"-","page_number":86,"box":{"x":710,"y":705,"width":4,"height":1}},{"id":"5650f387-533a-40ea-a439-9108e0a29cec","block_type":"box","text":"post) Tracking Error may","page_number":86,"box":{"x":715,"y":701,"width":164,"height":10}},{"id":"af806648-b17b-4acd-ac16-1d5c429a67d4","block_type":"box","text":"vary from time to time depending on a range of circumstances that may introduce either positive","page_number":86,"box":{"x":228,"y":716,"width":650,"height":10}},{"id":"38aae721-05d4-43a1-b5c2-accedb6c066a","block_type":"box","text":"or negative Tracki","page_number":86,"box":{"x":228,"y":732,"width":118,"height":9}},{"id":"ad98bf0d-83ba-4996-b699-d6b2818ef998","block_type":"box","text":"ng Error. These include transaction costs,","page_number":86,"box":{"x":348,"y":732,"width":273,"height":9}},{"id":"2d12a383-e750-42a2-a848-20e794ddc2e1","block_type":"box","text":"stock","page_number":86,"box":{"x":627,"y":732,"width":35,"height":7}},{"id":"fb47d939-c817-4319-bd0f-ab0a35f82350","block_type":"box","text":"lending income, and withholding","page_number":86,"box":{"x":667,"y":732,"width":211,"height":9}},{"id":"661d605e-3f9f-4e23-9bcf-579c620f2b71","block_type":"box","text":"tax differences.","page_number":86,"box":{"x":228,"y":747,"width":101,"height":8}},{"id":"f425805c-bf27-4c3c-b9b4-410a3a94ccf8","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex","page_number":86,"box":{"x":337,"y":747,"width":507,"height":10}},{"id":"9bf14f4a-d13d-47b5-a274-4bbdd0788078","block_type":"box","text":"-","page_number":86,"box":{"x":846,"y":751,"width":4,"height":1}},{"id":"230b795d-c3f1-4931-82fa-ff44f735c0c0","block_type":"box","text":"post","page_number":86,"box":{"x":851,"y":747,"width":28,"height":10}},{"id":"740830bd-49c0-4a1f-829f-ea3978fbb12b","block_type":"box","text":"Tracking Error of the Fund, will be up to","page_number":86,"box":{"x":228,"y":762,"width":259,"height":10}},{"id":"5d1f496e-2c24-4380-90e0-e34da0230340","block_type":"box","text":"0.5","page_number":86,"box":{"x":492,"y":762,"width":20,"height":8}},{"id":"ca556703-2f7c-45cb-b616-6f6c7e8b6bb5","block_type":"box","text":"%","page_number":86,"box":{"x":513,"y":762,"width":12,"height":8}},{"id":"b539b55b-84e9-4cff-a18d-ce2d2f05b706","block_type":"box","text":". While it is anticipated that the ex","page_number":86,"box":{"x":527,"y":762,"width":219,"height":10}},{"id":"91ddc4ab-cd76-44c6-b441-ddb6278ed985","block_type":"box","text":"-","page_number":86,"box":{"x":747,"y":767,"width":4,"height":1}},{"id":"1b50f209-6435-4a05-b273-b3e37115b45f","block_type":"box","text":"post Tracking Error","page_number":86,"box":{"x":753,"y":762,"width":126,"height":10}},{"id":"a6582e9f-b9c8-4541-a820-b046132aee92","block_type":"box","text":"of the Fund will not vary significantly from this level under normal circumstances, there is no","page_number":86,"box":{"x":228,"y":778,"width":649,"height":10}},{"id":"0adfe6cb-2032-4703-9ff4-a767f1ebafd5","block_type":"box","text":"guarantee that this level of Tracking Error will be realised, and the Investment Adviser will not be","page_number":86,"box":{"x":228,"y":793,"width":649,"height":10}},{"id":"845eb4b3-b02e-48ca-8453-05864714fd89","block_type":"box","text":"l","page_number":86,"box":{"x":229,"y":808,"width":1,"height":8}},{"id":"e6036d26-5bb1-47c9-b36c-272dbf8415ef","block_type":"box","text":"iable for any discrepancies between the anticipated Tracking Error and the level of Tracking Error","page_number":86,"box":{"x":232,"y":808,"width":646,"height":10}},{"id":"00c23a8f-ce1b-45f0-9fa8-75462b06e7c9","block_type":"box","text":"subsequently observed. The annual report of the Company will provide an explanation of any","page_number":86,"box":{"x":228,"y":824,"width":650,"height":10}},{"id":"27c00e7c-29ae-46f8-8412-831b1f311ea4","block_type":"box","text":"divergence between anticipated and realised Tracking Error for the","page_number":86,"box":{"x":228,"y":839,"width":452,"height":10}},{"id":"17930732-4aae-4df3-aca8-43f9b36151a8","block_type":"box","text":"relevant period. Please refer","page_number":86,"box":{"x":687,"y":839,"width":192,"height":10}},{"id":"c8d2b61a-10be-4940-b429-d969a107aab7","block_type":"box","text":"to the “Excess Return and Tracking Error” section of this Prospectus for further information on","page_number":86,"box":{"x":228,"y":854,"width":649,"height":10}},{"id":"106d626e-b6be-41cf-88af-7ae65f054f99","block_type":"box","text":"Tracking Error.","page_number":86,"box":{"x":228,"y":870,"width":98,"height":10}},{"id":"ef47c3eb-48c7-4a67-a92b-b27b3c63736b","block_type":"box","text":"The Index rebalances on a monthly basis. For the potential cost impact of rebalancing, please see","page_number":86,"box":{"x":228,"y":897,"width":649,"height":10}},{"id":"6e2a5019-af89-4ad5-8b78-a0357c383ed8","block_type":"box","text":"the “Index rebalancing and costs” section of this Prospectus.","page_number":86,"box":{"x":228,"y":912,"width":402,"height":10}},{"id":"45bb9964-7b6c-4e69-bf8d-848fc9d51eac","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":87,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"a1b064ee-c505-4485-9315-66760772e5fb","block_type":"box","text":"Public","page_number":87,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"b55efff3-88a5-4271-b5d5-a1b545613244","block_type":"box","text":"Change of Index","page_number":87,"box":{"x":228,"y":87,"width":117,"height":10}},{"id":"ef4f643c-bdc3-42b8-b1cd-e7ae4821067b","block_type":"box","text":"The Fund reserves the right to substitute a different index for the Index it currently tracks if the","page_number":87,"box":{"x":228,"y":114,"width":649,"height":10}},{"id":"bfb47360-97a9-45de-8ff2-84a5a45af9b8","block_type":"box","text":"Index is discontinued, if the Fund’s agreement with the sponsor of the Index is terminated, or for","page_number":87,"box":{"x":229,"y":130,"width":649,"height":10}},{"id":"7f96374f-a90a-4f51-af49-a80d5dad9d5b","block_type":"box","text":"any other reason determined in good faith by the ACD. In","page_number":87,"box":{"x":228,"y":145,"width":383,"height":10}},{"id":"b2d17ad7-721f-45dc-af10-f8cd1d7cc18a","block_type":"box","text":"any such instance, the substitute index","page_number":87,"box":{"x":618,"y":145,"width":261,"height":10}},{"id":"b84c4316-6c66-4858-a6a3-14f49017c8d1","block_type":"box","text":"would measure substantially the same market segment as the Index.","page_number":87,"box":{"x":228,"y":161,"width":458,"height":10}},{"id":"8f716500-a492-4954-b417-9e9437e8b3a4","block_type":"box","text":"Temporary Investment Measures","page_number":87,"box":{"x":228,"y":188,"width":235,"height":10}},{"id":"db5dc5fb-1d32-4eb9-a699-b943d8de9648","block_type":"box","text":"The Fund may temporarily depart from this investment policy in response to the Investment","page_number":87,"box":{"x":228,"y":215,"width":650,"height":10}},{"id":"2f5a2c26-7eb4-481b-a050-e27dce839231","block_type":"box","text":"Adviser’s perception of extraordinary market, political or similar conditions. 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For more information on the potential implic","page_number":89,"box":{"x":228,"y":338,"width":406,"height":10}},{"id":"1a2af8b1-11ac-402a-aa65-527a0ac3c464","block_type":"box","text":"ations for investors of this tracking","page_number":89,"box":{"x":635,"y":338,"width":243,"height":10}},{"id":"42883d2b-aad8-49fa-9199-feeca3de7e01","block_type":"box","text":"strategy, please see below and refer also to the “Index","page_number":89,"box":{"x":228,"y":353,"width":363,"height":10}},{"id":"868c5e11-30ad-447b-ac54-54796f98ed13","block_type":"box","text":"-","page_number":89,"box":{"x":592,"y":358,"width":4,"height":1}},{"id":"02093f27-ae6a-46aa-9834-301c1eb3f7b1","block_type":"box","text":"related","page_number":89,"box":{"x":598,"y":354,"width":44,"height":7}},{"id":"568e2fd2-bf71-4d9a-ab22-ce67a60b6653","block_type":"box","text":"risk","page_number":89,"box":{"x":648,"y":354,"width":23,"height":7}},{"id":"b81102d1-ec7d-47f3-b316-265a3325079e","block_type":"box","text":"s","page_number":89,"box":{"x":671,"y":355,"width":7,"height":6}},{"id":"3d983fda-b96b-4bf4-a243-31a3f5426f76","block_type":"box","text":"” section of this Prospectus.","page_number":89,"box":{"x":679,"y":353,"width":183,"height":10}},{"id":"23852965-5680-4b24-8f13-393e894e50ca","block_type":"box","text":"To track the Index as closely as possible, the Fund attempts to remain fully invested in shares. 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The Fund may also use certain","page_number":89,"box":{"x":374,"y":458,"width":503,"height":10}},{"id":"ba22f48a-0e35-4c78-b54c-7ede0c1f5a4c","block_type":"box","text":"techniques and instruments in accordance with the limits and conditions specified under","page_number":89,"box":{"x":228,"y":473,"width":577,"height":10}},{"id":"11f81525-b758-4b64-8960-8f4eba8de870","block_type":"box","text":"“Portfolio","page_number":89,"box":{"x":810,"y":473,"width":68,"height":8}},{"id":"30286681-445b-4f7b-8786-f81260fff300","block_type":"box","text":"Investment Techniques”","page_number":89,"box":{"x":229,"y":488,"width":173,"height":10}},{"id":"bd2a8017-50d2-450c-ba99-9941c15895cb","block_type":"box","text":"in","page_number":89,"box":{"x":409,"y":488,"width":9,"height":8}},{"id":"c32dff33-d94d-45e3-8fe9-3330f9a7f520","block_type":"box","text":"Appendix","page_number":89,"box":{"x":423,"y":488,"width":69,"height":10}},{"id":"cede4807-a268-4675-a42e-6e019fa4801d","block_type":"box","text":"4","page_number":89,"box":{"x":497,"y":488,"width":8,"height":8}},{"id":"333d1a4c-53ff-48fc-980b-bf281392d086","block_type":"box","text":".","page_number":89,"box":{"x":507,"y":495,"width":1,"height":1}},{"id":"73017287-b9d3-4ca8-9961-b3990a8ff5ac","block_type":"box","text":"Further details on the investment powers and restrictions for the Fund are set out in Appendix 3","page_number":89,"box":{"x":229,"y":515,"width":648,"height":10}},{"id":"8801d8d8-63ba-4376-b4d0-b6a8de0b9346","block_type":"box","text":"headed “Investment Powers and Restrictions”.","page_number":89,"box":{"x":229,"y":531,"width":307,"height":8}},{"id":"356c69ce-e978-41c7-b9f0-009bef9283f4","block_type":"box","text":"Tracking Error","page_number":89,"box":{"x":228,"y":558,"width":104,"height":10}},{"id":"84837a1f-cfb4-4fd8-8eb8-b08447d8b0d2","block_type":"box","text":"The Fund attempts to select those securities which will create the representative sample that tracks","page_number":89,"box":{"x":228,"y":585,"width":650,"height":10}},{"id":"d40b6dbd-7ea3-4cd6-a3d3-9affec23a347","block_type":"box","text":"the performance of the Index as closely as possible.","page_number":89,"box":{"x":228,"y":601,"width":360,"height":10}},{"id":"30581d78-09c4-4542-944e-4d1065cd6cf5","block_type":"box","text":"Tracking Error reflects the volatility in the","page_number":89,"box":{"x":596,"y":601,"width":282,"height":10}},{"id":"913b0ddb-5c42-49c7-8a8e-fe7fd15a772e","block_type":"box","text":"difference of performance between the Fund and the Index. 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The annual report of the Company will provide an explanation of any","page_number":89,"box":{"x":228,"y":739,"width":650,"height":10}},{"id":"1097a610-bc78-45cc-b2e0-232b73297764","block_type":"box","text":"divergence between anticipated and realised Tracking Error for the r","page_number":89,"box":{"x":228,"y":754,"width":463,"height":10}},{"id":"681c3b7d-606e-4ad8-b680-506ed05528a7","block_type":"box","text":"elevant period. 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The Fund may also use certain","page_number":93,"box":{"x":374,"y":442,"width":503,"height":10}},{"id":"8fc6b9ed-059c-49da-ac8d-2af25ba5f149","block_type":"box","text":"techniques and instruments in accordance with the limits and conditions specified under","page_number":93,"box":{"x":228,"y":457,"width":577,"height":10}},{"id":"612336a6-bf64-42ab-8c50-58faa0171988","block_type":"box","text":"“Portfolio","page_number":93,"box":{"x":810,"y":457,"width":68,"height":8}},{"id":"0a9ca4e4-eab1-45e5-984d-5f249913e250","block_type":"box","text":"Investment Techniques”","page_number":93,"box":{"x":229,"y":473,"width":173,"height":10}},{"id":"d666d0e3-b686-453b-880f-27c7f1ba6dc2","block_type":"box","text":"in","page_number":93,"box":{"x":409,"y":473,"width":9,"height":8}},{"id":"c1f95233-8703-4a33-b2f8-3aa745508124","block_type":"box","text":"Appendix 4","page_number":93,"box":{"x":423,"y":473,"width":82,"height":10}},{"id":"a77c8881-0fb2-446b-a4f1-bedc26125dfa","block_type":"box","text":".","page_number":93,"box":{"x":507,"y":480,"width":1,"height":1}},{"id":"04b5bce4-a877-477c-8c0d-6e80ed1a0e59","block_type":"box","text":"Further details on the investment powers and restrictions for the Fund are set out in Appendix 3","page_number":93,"box":{"x":229,"y":500,"width":648,"height":10}},{"id":"c215c332-74fa-4e98-9426-df67cadeca27","block_type":"box","text":"headed “Investment Powers and Restrictions”.","page_number":93,"box":{"x":229,"y":515,"width":307,"height":8}},{"id":"f3cd2c6c-8608-46f3-85e1-cc397c7c0874","block_type":"box","text":"Temporary Investment Measures","page_number":93,"box":{"x":230,"y":543,"width":219,"height":10}},{"id":"326c0578-a237-49fd-a540-fd2d862d3ed7","block_type":"box","text":"The Fund may temporarily depart from its investment policy in response to the Investment Adviser’s","page_number":93,"box":{"x":228,"y":570,"width":650,"height":10}},{"id":"6906f143-2ace-4f9e-a7e0-724e6b357eb1","block_type":"box","text":"perception of extraordinary market, political or similar conditions. 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The Fund’s country, sector and industry weightings are not driven by","page_number":97,"box":{"x":358,"y":519,"width":477,"height":10}},{"id":"4c5795ab-800b-478e-bb66-1a70a3534f23","block_type":"box","text":"views","page_number":97,"box":{"x":841,"y":519,"width":37,"height":8}},{"id":"d7f5bd31-f43d-4626-aef8-4fb4abb2e77e","block_type":"box","text":"that look at the big picture first,","page_number":97,"box":{"x":228,"y":534,"width":203,"height":10}},{"id":"21d7987e-675c-4d7a-8987-ce1ae1176186","block_type":"box","text":"e.g.,","page_number":97,"box":{"x":437,"y":537,"width":28,"height":7}},{"id":"67a6581e-b4e9-4fe7-8d69-26bf2c3737f7","block_type":"box","text":"the economy as a whole","page_number":97,"box":{"x":470,"y":535,"width":162,"height":9}},{"id":"1887011d-3e00-4031-81c0-6a62928a8ca4","block_type":"box","text":". The Fund’s holdings will comprise a","page_number":97,"box":{"x":634,"y":534,"width":244,"height":10}},{"id":"84f75c80-cd9d-42c6-bb49-9a56132dd624","block_type":"box","text":"mix of","page_number":97,"box":{"x":229,"y":550,"width":40,"height":8}},{"id":"a3a2ee25-4cae-4d02-8e68-41eda03783a6","block_type":"box","text":"investments in companies whose earnings are expected to grow faster than their peers in","page_number":97,"box":{"x":275,"y":550,"width":602,"height":10}},{"id":"32f0b0fe-f28b-48c7-9f8b-0ad7a480f9d5","block_type":"box","text":"the market (known as ‘growth stocks’) and those that are considered to have been undervalued by","page_number":97,"box":{"x":228,"y":565,"width":650,"height":10}},{"id":"49f7224e-d394-4664-b655-5dd63ce44355","block_type":"box","text":"the market (known as ‘value stocks’) selected from the world’s emerging","page_number":97,"box":{"x":228,"y":580,"width":481,"height":10}},{"id":"792967ca-ca2e-4cb1-a458-6d5e3fa5037f","block_type":"box","text":"markets","page_number":97,"box":{"x":715,"y":581,"width":53,"height":7}},{"id":"93f530a9-69eb-4054-8742-20505dce4932","block_type":"box","text":".","page_number":97,"box":{"x":770,"y":587,"width":1,"height":1}},{"id":"159729bb-3986-4c7a-a5b1-006ca2a5750c","block_type":"box","text":"The Fund may also have exposure to bonds and other fixed income securities, other collective","page_number":97,"box":{"x":228,"y":608,"width":649,"height":10}},{"id":"e8ccd9c7-803f-48b4-a0c6-6bd7398b9a58","block_type":"box","text":"investment schemes (which themselves invest in securities which are consistent with the Fund’s","page_number":97,"box":{"x":229,"y":623,"width":648,"height":10}},{"id":"af0416ca-3b3d-44bd-9dae-7a06c25d9700","block_type":"box","text":"objective), money market instruments and deposits, and warrants.","page_number":97,"box":{"x":228,"y":638,"width":440,"height":10}},{"id":"3e7eec78-a30a-4760-821c-28ccb9519368","block_type":"box","text":"Money market instruments are","page_number":97,"box":{"x":675,"y":639,"width":203,"height":9}},{"id":"93f05720-7c14-4999-88c5-aef63bb4b414","block_type":"box","text":"investments usually issued by banks or governments that are a short term loan to the issuer by the","page_number":97,"box":{"x":229,"y":654,"width":648,"height":10}},{"id":"d272050b-0b04-4329-b1de-affc520462d5","block_type":"box","text":"buyer.","page_number":97,"box":{"x":229,"y":669,"width":39,"height":10}},{"id":"40fe68ec-d4b8-49f6-b28a-1b7a01172aa1","block_type":"box","text":"The buyer receives interest and the return of the original amount at the end of a certain","page_number":97,"box":{"x":276,"y":669,"width":601,"height":10}},{"id":"dbfd4d1d-245d-4ad2-90c4-ff6290d0d3ad","block_type":"box","text":"period. A deposit is a fixed term investment that gathers interest over the period of its term.","page_number":97,"box":{"x":229,"y":685,"width":648,"height":10}},{"id":"97ae879d-90a4-414b-a1d4-fa50fc83f16a","block_type":"box","text":"Warrants provide the holder with the right, but not the obligation, to purchase a share at a fixed","page_number":97,"box":{"x":228,"y":700,"width":649,"height":10}},{"id":"14fbeedd-c095-461d-9258-9b057f44928e","block_type":"box","text":"price or amount at a fixed time in the future.","page_number":97,"box":{"x":229,"y":715,"width":289,"height":10}},{"id":"d4291034-b119-41f8-a8e2-92bc3fd3f06e","block_type":"box","text":"The Fund may also use derivatives in order to reduce risk or cost and/or generate extra income or","page_number":97,"box":{"x":228,"y":743,"width":651,"height":10}},{"id":"b231eeeb-eaa0-46d5-ab45-09a16f0f5bbe","block_type":"box","text":"growth (often referred to as ‘","page_number":97,"box":{"x":228,"y":758,"width":188,"height":10}},{"id":"ccc67051-7aa8-47fe-a04b-37f8484f04da","block_type":"box","text":"efficient portfolio management’)","page_number":97,"box":{"x":418,"y":758,"width":210,"height":10}},{"id":"7fe611b9-8840-46bb-8240-d085b1834f96","block_type":"box","text":". Generally speaking, a derivative is a","page_number":97,"box":{"x":630,"y":758,"width":248,"height":10}},{"id":"776f0d1f-db4a-4b1b-843c-55d9246db9b0","block_type":"box","text":"financial contract whose value is based on the value of a financial asset (such as a","page_number":97,"box":{"x":228,"y":773,"width":560,"height":10}},{"id":"cc7575de-52f1-4524-b544-79b92edc1275","block_type":"box","text":"share","page_number":97,"box":{"x":795,"y":773,"width":37,"height":8}},{"id":"0d80a5e5-e800-452a-8056-086b48b204c0","block_type":"box","text":", bond,","page_number":97,"box":{"x":834,"y":773,"width":44,"height":10}},{"id":"3c734db1-093c-42c1-ac03-7fb4df81d1e9","block_type":"box","text":"or currency) or a market index. The Fund will not use derivatives for speculative purposes, and","page_number":97,"box":{"x":228,"y":789,"width":649,"height":10}},{"id":"d097763c-af30-4669-98a0-62f6f591d240","block_type":"box","text":"only a limited percentage of its assets is committed to them. The Fund may also use certain","page_number":97,"box":{"x":228,"y":804,"width":649,"height":10}},{"id":"3bd289f1-4dfa-4042-90b3-22b8a9ad860e","block_type":"box","text":"techniques and instruments in accordance with the limits and","page_number":97,"box":{"x":228,"y":820,"width":400,"height":9}},{"id":"6508ceb4-c33f-4f38-b6fc-36e494285f23","block_type":"box","text":"conditions specified under","page_number":97,"box":{"x":633,"y":819,"width":173,"height":10}},{"id":"a5d72bfb-1704-4747-bcab-556c7ed9f08a","block_type":"box","text":"“Portfolio","page_number":97,"box":{"x":810,"y":819,"width":68,"height":8}},{"id":"ef4d40a2-2db3-4821-a761-be9932a62bf4","block_type":"box","text":"Investment Techniques”","page_number":97,"box":{"x":229,"y":835,"width":173,"height":10}},{"id":"ab110d60-4345-4380-874b-24ea2b96d7b8","block_type":"box","text":"in","page_number":97,"box":{"x":409,"y":835,"width":9,"height":8}},{"id":"82e5fee4-c216-4a74-9e19-aaea4bd7790a","block_type":"box","text":"Appendix 4","page_number":97,"box":{"x":423,"y":835,"width":82,"height":10}},{"id":"005a5900-7bfe-4640-8607-a936b861bf9b","block_type":"box","text":".","page_number":97,"box":{"x":507,"y":841,"width":1,"height":2}},{"id":"aa723bdb-76b2-47f2-92dc-75c8bed23337","block_type":"box","text":"Further details of the investment powers and restrictions for the Fund are set out in","page_number":97,"box":{"x":229,"y":862,"width":561,"height":10}},{"id":"99ed39df-ea57-4a98-ad6f-1a068493ea90","block_type":"box","text":"Appendix 3","page_number":97,"box":{"x":797,"y":862,"width":81,"height":10}},{"id":"8e668456-218b-4c1c-9688-618a7c166ccb","block_type":"box","text":"headed","page_number":97,"box":{"x":229,"y":878,"width":48,"height":7}},{"id":"bf24f79b-2143-4378-8cf2-b79037c28fc0","block_type":"box","text":"“Investment Powers and Restrictions”","page_number":97,"box":{"x":284,"y":877,"width":273,"height":8}},{"id":"32c02f97-e262-4d27-b00f-d18aa67c3b76","block_type":"box","text":".","page_number":97,"box":{"x":560,"y":884,"width":1,"height":1}},{"id":"909ac0b0-f8e7-4555-ac12-6416b8c4736d","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":98,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"a464b735-37e7-4809-aa49-6afd78adbd1c","block_type":"box","text":"Public","page_number":98,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"813a974a-14a6-4053-b541-ef0d02ba04c5","block_type":"box","text":"Temporary Investment Measures","page_number":98,"box":{"x":228,"y":87,"width":235,"height":10}},{"id":"bbe88c5b-f5af-401a-954b-8532d13e6278","block_type":"box","text":"The Fund may temporarily depart from this investment policy in response to the Investment","page_number":98,"box":{"x":228,"y":114,"width":650,"height":10}},{"id":"7dfa955e-4ad9-4d74-8cce-0b4b00235e62","block_type":"box","text":"Adviser’s perception of extraordinary market, political or similar conditions. During these periods","page_number":98,"box":{"x":228,"y":130,"width":649,"height":10}},{"id":"639231f8-e03d-4019-89da-cd32a0927d97","block_type":"box","text":"and for as long as the Investment Adviser deems it necessary, the","page_number":98,"box":{"x":229,"y":145,"width":438,"height":10}},{"id":"ae7095e3-cdd4-4d94-8c85-0192281cc0b1","block_type":"box","text":"Fund may increase its holdings","page_number":98,"box":{"x":673,"y":145,"width":205,"height":10}},{"id":"473337f5-418b-47b0-ba9d-6179a49d1d12","block_type":"box","text":"of cash and near cash. In doing so, the Fund may succeed in avoiding losses, but may otherwise","page_number":98,"box":{"x":229,"y":161,"width":648,"height":10}},{"id":"41923c21-cbf7-4f89-9399-4774c243affa","block_type":"box","text":"fail to achieve its investment objective.","page_number":98,"box":{"x":228,"y":176,"width":256,"height":10}},{"id":"3c3b600b-1099-494d-903d-b9386307ae36","block_type":"box","text":"Investment Advisers","page_number":98,"box":{"x":229,"y":206,"width":146,"height":7}},{"id":"6cfa1810-a5e4-4491-bb86-02aaa5b4cf4d","block_type":"box","text":"The ACD has appointed Vanguard Global Advisers LLC (VGA) as Investment Adviser for the Fund.","page_number":98,"box":{"x":228,"y":223,"width":649,"height":10}},{"id":"93dd22ce-54eb-4afd-be14-f3e2c97b4a2c","block_type":"box","text":"VGA","page_number":98,"box":{"x":228,"y":250,"width":32,"height":8}},{"id":"1aa1ce1b-472b-4535-95b1-14970a7e130a","block_type":"box","text":"has appointed","page_number":98,"box":{"x":265,"y":250,"width":93,"height":10}},{"id":"7bc23ec6-071e-48ab-a226-32c895718d8e","block_type":"box","text":"Baillie Gifford Overseas Limited and Pzena Investment Management, LLC","page_number":98,"box":{"x":365,"y":250,"width":495,"height":10}},{"id":"02e5611c-5e24-44a4-825b-b7ede50aff78","block_type":"box","text":"to","page_number":98,"box":{"x":866,"y":250,"width":12,"height":8}},{"id":"fdbb8a79-b13f-41eb-930c-e580f1c59185","block_type":"box","text":"act","page_number":98,"box":{"x":228,"y":266,"width":20,"height":7}},{"id":"4d5b3d36-f819-4e33-82d6-483625627532","block_type":"box","text":"as sub","page_number":98,"box":{"x":258,"y":265,"width":49,"height":8}},{"id":"4e174b23-c0cc-4956-b791-6222911b2bd2","block_type":"box","text":"-","page_number":98,"box":{"x":308,"y":270,"width":5,"height":1}},{"id":"4ff4e19d-342e-4c35-9f19-2e6b8a62f5b2","block_type":"box","text":"investment","page_number":98,"box":{"x":314,"y":265,"width":72,"height":8}},{"id":"3bb6a61c-f342-429f-ad1a-a3875d378eb5","block_type":"box","text":"advisers","page_number":98,"box":{"x":396,"y":265,"width":55,"height":8}},{"id":"75738033-f085-41a9-8571-1c6675adbde0","block_type":"box","text":"to","page_number":98,"box":{"x":462,"y":266,"width":12,"height":7}},{"id":"801d9d85-ea32-4616-8ac0-938be78f8703","block_type":"box","text":"separately manage an assigned portion of the Fund’s","page_number":98,"box":{"x":484,"y":265,"width":394,"height":10}},{"id":"719b6713-8056-4f3c-9a24-090519d31341","block_type":"box","text":"investments. For further information, please refer to the","page_number":98,"box":{"x":229,"y":281,"width":363,"height":10}},{"id":"0586e277-867a-4e03-9033-cd2264f90b16","block_type":"box","text":"section of this Prospectus with the heading","page_number":98,"box":{"x":597,"y":281,"width":281,"height":10}},{"id":"a6226a82-a30d-419a-9df0-e800a1d04472","block_type":"box","text":"“Independent Sub","page_number":98,"box":{"x":228,"y":296,"width":119,"height":10}},{"id":"640e8f52-0921-41f4-8ed5-ed7b63ac1011","block_type":"box","text":"-","page_number":98,"box":{"x":349,"y":301,"width":4,"height":1}},{"id":"847c1a05-2149-4984-beab-0a6339c776da","block_type":"box","text":"Investment Advisers”.","page_number":98,"box":{"x":355,"y":296,"width":142,"height":8}},{"id":"6d03df56-84d3-422a-84b4-2af1c7b1b667","block_type":"box","text":"Performance","page_number":98,"box":{"x":229,"y":326,"width":91,"height":8}},{"id":"5d330bb0-56db-4de4-8647-2f9e3bb7ceba","block_type":"box","text":"The performance of the Fund may be compared against the FTSE Emerging Index","page_number":98,"box":{"x":228,"y":355,"width":556,"height":10}},{"id":"9c96d73d-bb98-407a-8f8a-d6559aeda681","block_type":"box","text":"(the “","page_number":98,"box":{"x":791,"y":355,"width":34,"height":10}},{"id":"e7cae5f7-fa2a-482f-91e0-c994f334ec53","block_type":"box","text":"Index","page_number":98,"box":{"x":826,"y":355,"width":38,"height":8}},{"id":"0f9d1dcd-2f64-44e9-942c-bba46f43fe82","block_type":"box","text":"”).","page_number":98,"box":{"x":865,"y":355,"width":13,"height":10}},{"id":"43437d91-cfec-477b-81f8-ef64484e818c","block_type":"box","text":"Whilst the Fund may invest in components of the Index, it is not tracking the Index and the Fund","page_number":98,"box":{"x":228,"y":370,"width":649,"height":10}},{"id":"8fcbe173-fe92-43d6-9b07-eda9f4a2c1a4","block_type":"box","text":"will hold investments that are not components of the Index","page_number":98,"box":{"x":228,"y":385,"width":380,"height":10}},{"id":"0e437aed-67fd-4cd3-95b8-dc827a4baefa","block_type":"box","text":".","page_number":98,"box":{"x":610,"y":392,"width":2,"height":1}},{"id":"85b59411-695a-42d4-9c19-fc1b2c6df4cf","block_type":"box","text":"The ACD considers that this benchmark","page_number":98,"box":{"x":617,"y":385,"width":261,"height":8}},{"id":"656f9eff-67cd-4863-bb06-8305978b65f9","block_type":"box","text":"is representative of the investment universe of the Fund and","page_number":98,"box":{"x":229,"y":401,"width":395,"height":10}},{"id":"812036f6-637e-4c60-83aa-31be18c21eef","block_type":"box","text":"reflects the investment strategy of the","page_number":98,"box":{"x":631,"y":401,"width":247,"height":10}},{"id":"c3a4e9b5-c538-46cd-a288-090c3d2fdb59","block_type":"box","text":"Fund","page_number":98,"box":{"x":229,"y":416,"width":32,"height":8}},{"id":"457e63c9-a029-47de-89df-1297d1382c8b","block_type":"box","text":"and therefore can be used to","page_number":98,"box":{"x":267,"y":416,"width":192,"height":8}},{"id":"d233cfb2-d8a0-41a4-a01c-1400eb797f21","block_type":"box","text":"assess the performance of the Fund.","page_number":98,"box":{"x":465,"y":416,"width":244,"height":10}},{"id":"b2ac8e8d-9532-4544-9f3d-2baeb53908dc","block_type":"box","text":"Peer Group: Many funds sold in the UK are grouped into sectors to help investors to compare","page_number":98,"box":{"x":229,"y":443,"width":648,"height":10}},{"id":"87108036-d0d5-43ac-846d-b55fc98dbb77","block_type":"box","text":"funds with broadly similar characteristics. 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(ii) a person authorised by a Home State","page_number":155,"box":{"x":276,"y":630,"width":601,"height":10}},{"id":"b2833032-9d67-4c49-9810-b8e8ff19e703","block_type":"box","text":"regulator; (iii) a person regisrered","page_number":155,"box":{"x":276,"y":645,"width":230,"height":10}},{"id":"5d3a3744-3fc3-4e04-bab3-3723fdc77cd2","block_type":"box","text":"as a broker dealer with the Securities and Exchange","page_number":155,"box":{"x":514,"y":645,"width":364,"height":10}},{"id":"f25fbe03-74dc-43e9-8605-fe71308de185","block_type":"box","text":"Commission of the U.S.; (iv) a bank, or a branch of a bank, supervised and authorized to","page_number":155,"box":{"x":276,"y":660,"width":601,"height":10}},{"id":"d449097d-7f43-47b3-9c7a-fa58e4843bf6","block_type":"box","text":"deal in investments as principal, with respect to OTC derivatives by at least one of the","page_number":155,"box":{"x":276,"y":676,"width":602,"height":10}},{"id":"4498e0af-b460-436a-83d2-b342c1857278","block_type":"box","text":"following federal banking","page_number":155,"box":{"x":275,"y":691,"width":177,"height":10}},{"id":"a227c177-d6a7-4b97-93ac-8b2ff3e72348","block_type":"box","text":"supervisory authorities of the U.S.: (a) the Office of the","page_number":155,"box":{"x":463,"y":691,"width":415,"height":10}},{"id":"4f605e01-bdc0-47e7-979d-3d4f0bb182c2","block_type":"box","text":"Comptroller of the Currency; (B) the Federal Deposit Insurance Corporation; and the Board","page_number":155,"box":{"x":276,"y":707,"width":601,"height":10}},{"id":"a9c0577d-526e-4520-93e0-2b7652c0251e","block_type":"box","text":"of Governors of the Federal Reserve System; and","page_number":155,"box":{"x":276,"y":722,"width":332,"height":10}},{"id":"5bf8c2b1-6b40-4c01-9ec7-d509a95e263f","block_type":"box","text":"(c)","page_number":155,"box":{"x":229,"y":737,"width":16,"height":10}},{"id":"bba9b2f4-2c1d-42c7-b3bd-9a95787c7406","block_type":"box","text":"high quality and liquid collateral is obtained to secure the obligation of the counterparty","page_number":155,"box":{"x":276,"y":737,"width":602,"height":10}},{"id":"462d8f04-8748-4267-b6a6-4f29555dc5a6","block_type":"box","text":"under the terms referred to in (a) and the collateral is: (i) acceptable to the Depositary; (ii)","page_number":155,"box":{"x":276,"y":753,"width":602,"height":10}},{"id":"8e1ebc70-e1d8-4f07-8bfb-c655a923625f","block_type":"box","text":"adequate; and (iii) sufficiently immediate.","page_number":155,"box":{"x":276,"y":768,"width":272,"height":10}},{"id":"f9b3e4f3-1476-49bd-be4f-1dddbea759a0","block_type":"box","text":"The Company will have the right to terminate a stock lending arrangement at any time and demand","page_number":155,"box":{"x":228,"y":795,"width":649,"height":10}},{"id":"45c58788-fe7d-41e3-a227-5dc4c2173eaa","block_type":"box","text":"the return of any or all of the securities loaned. 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A Fund will limit its use of stock lending","page_number":155,"box":{"x":317,"y":872,"width":560,"height":10}},{"id":"08f93edc-a348-4363-bcf1-4fad15aaa196","block_type":"box","text":"so that no more than 50% of its net assets are subject to stock lending arrangements and that no","page_number":155,"box":{"x":228,"y":887,"width":649,"height":11}},{"id":"340b7804-0f12-43ad-baa3-8536e899ede5","block_type":"box","text":"more than 20% of its net assets are subject to stock lending arrangements","page_number":155,"box":{"x":229,"y":903,"width":535,"height":10}},{"id":"40193e28-8210-4326-95e3-af6a9c9edd0a","block_type":"box","text":"with any single","page_number":155,"box":{"x":773,"y":903,"width":105,"height":10}},{"id":"e3ddbd5f-29b3-47bb-9b89-0caf016ffcce","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":156,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"ff1bc17e-80e0-4788-bca3-a741f8bb668c","block_type":"box","text":"Public","page_number":156,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"29c9cda8-d69e-405b-8767-05411579b76d","block_type":"box","text":"counterparty. 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certain","page_number":156,"box":{"x":228,"y":204,"width":252,"height":10}},{"id":"5a85aa33-f2e8-4890-aee7-83ceaedcad48","block_type":"box","text":"Fund","page_number":156,"box":{"x":486,"y":204,"width":32,"height":8}},{"id":"f83e8cc4-f0e5-46c5-8301-e3801790bb0f","block_type":"box","text":"s","page_number":156,"box":{"x":520,"y":206,"width":6,"height":6}},{"id":"42c597ff-3ca6-404e-b113-18b8698e2b42","block_type":"box","text":"may utilise total return swaps (“","page_number":156,"box":{"x":531,"y":204,"width":204,"height":10}},{"id":"392bc4ce-5c3f-4f44-bc5a-15d471f8e4d1","block_type":"box","text":"TRS","page_number":156,"box":{"x":736,"y":204,"width":29,"height":8}},{"id":"6865b52e-2233-4735-8f04-4486e8492ceb","block_type":"box","text":"”) for the purpose","page_number":156,"box":{"x":766,"y":204,"width":112,"height":10}},{"id":"ed1aac35-85c6-466f-9fdf-3c2e840efd89","block_type":"box","text":"of efficient portfolio management, within the limits and conditions specified in this Appendix 4.","page_number":156,"box":{"x":228,"y":219,"width":649,"height":10}},{"id":"c19b4d82-a866-455d-9299-5fe29ee94882","block_type":"box","text":"Utilising TRS for efficient portfolio management enables a Fund to manage exposures to certain","page_number":156,"box":{"x":229,"y":235,"width":648,"height":10}},{"id":"b9a3b6f3-699c-458e-b407-c912855fc3f6","block_type":"box","text":"individual securities, a basket of securitie","page_number":156,"box":{"x":229,"y":250,"width":271,"height":9}},{"id":"88f4afd5-123a-462b-a2ce-6c740750cd25","block_type":"box","text":"s, or securities indices,","page_number":156,"box":{"x":501,"y":250,"width":151,"height":9}},{"id":"e10e1bd9-f137-415c-b340-058c0dfccf30","block_type":"box","text":"including","page_number":156,"box":{"x":659,"y":250,"width":57,"height":10}},{"id":"afde6684-a16b-4a48-b781-4127c9f89ad3","block_type":"box","text":"in circumstances 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Passively","page_number":156,"box":{"x":228,"y":354,"width":645,"height":10}},{"id":"06f64bb0-7368-4bf1-bed3-96cc0406edeb","block_type":"box","text":"managed Funds will not use TRS to gain exposure outside of the relevant index being tracked.","page_number":156,"box":{"x":229,"y":369,"width":628,"height":11}},{"id":"a62b8cb0-ae04-40f6-88af-e1686272ba68","block_type":"box","text":"A TRS is an agreement between two parties whereby one party makes payments to the other","page_number":156,"box":{"x":228,"y":397,"width":651,"height":10}},{"id":"d3f853e8-99bf-4776-a4cf-86dfa2e3e245","block_type":"box","text":"based on an agreed rate, while the other party makes payments to the first party based on the","page_number":156,"box":{"x":229,"y":412,"width":648,"height":10}},{"id":"576c221d-191b-41a6-9170-dd3ceb5fc155","block_type":"box","text":"return of an underlying asset or assets, such as one or more securities, a","page_number":156,"box":{"x":229,"y":427,"width":483,"height":10}},{"id":"f9cf83a3-86bb-4afd-8491-b06729b76efe","block_type":"box","text":"currency, an index or an","page_number":156,"box":{"x":718,"y":427,"width":160,"height":10}},{"id":"048a4b7c-aa7a-48d0-9208-3f0df14694f7","block_type":"box","text":"interest rate. The reference assets underlying the TRS, if any, may be any security or basket of","page_number":156,"box":{"x":229,"y":443,"width":650,"height":10}},{"id":"05254622-e0fa-4277-8d8c-e95e2bb6c96c","block_type":"box","text":"securities which are consistent with the investment policies of the Fund. A TRS allows one party","page_number":156,"box":{"x":228,"y":458,"width":650,"height":10}},{"id":"79d04ce4-8e94-4c9f-ae89-49452819362b","block_type":"box","text":"to derive the economic benefit of ow","page_number":156,"box":{"x":228,"y":474,"width":249,"height":7}},{"id":"d9f60efd-cf3c-445c-a165-d1b4aa55b3d6","block_type":"box","text":"ning an asset or index without buying directly that asset or","page_number":156,"box":{"x":479,"y":474,"width":400,"height":10}},{"id":"fb3b2206-d6ac-4819-bfbf-d3eb8a23342e","block_type":"box","text":"index.","page_number":156,"box":{"x":229,"y":489,"width":38,"height":8}},{"id":"09a0d38f-2580-4edb-8db8-961313653f8d","block_type":"box","text":"Collateral","page_number":156,"box":{"x":229,"y":519,"width":67,"height":7}},{"id":"49afe423-6588-4737-8660-07c6f7027004","block_type":"box","text":"General","page_number":156,"box":{"x":228,"y":548,"width":55,"height":7}},{"id":"3d5074c3-a39d-4305-b7de-0793cd23a2b0","block_type":"box","text":"Subject to the COLL Sourcebook, a Fund may enter into Portfolio Investment Techniques provided","page_number":156,"box":{"x":228,"y":575,"width":649,"height":10}},{"id":"9691fcac-36c8-42d2-a994-12d6384c1721","block_type":"box","text":"that collateral obtained under the relevant Portfolio Investment Technique complies at all times","page_number":156,"box":{"x":228,"y":590,"width":649,"height":10}},{"id":"7ff6a488-b23b-4d10-a681-6fd4f7347e18","block_type":"box","text":"with the following criteria:","page_number":156,"box":{"x":228,"y":606,"width":167,"height":10}},{"id":"2ef19781-c2b2-4e30-9a98-c7b244119e28","block_type":"box","text":"(i)","page_number":156,"box":{"x":229,"y":633,"width":12,"height":10}},{"id":"327f8165-c8fa-49ce-b8d3-f925c5ba5ecf","block_type":"box","text":"Liquidity: collateral (other than cash) must be highly liquid and traded on a regulated","page_number":156,"box":{"x":276,"y":633,"width":559,"height":10}},{"id":"d0585aa7-8471-47c8-bcc9-e7bdd8b9cd2f","block_type":"box","text":"market or multi","page_number":156,"box":{"x":276,"y":647,"width":98,"height":8}},{"id":"ed94040a-4348-4f11-801d-b474b672bdb7","block_type":"box","text":"-","page_number":156,"box":{"x":376,"y":651,"width":4,"height":1}},{"id":"95eaf054-f3bb-4369-892d-8b8b8dc60c62","block_type":"box","text":"lateral trading facility with transparent pricing in order that it can be sold","page_number":156,"box":{"x":382,"y":647,"width":473,"height":10}},{"id":"36ecfb52-4874-49f4-8ff5-7d0c5786dd4a","block_type":"box","text":"quickly at a price that is close to its pre","page_number":156,"box":{"x":276,"y":661,"width":257,"height":10}},{"id":"e5c2f46b-582f-4661-a434-8adc8268b8b8","block_type":"box","text":"-","page_number":156,"box":{"x":535,"y":666,"width":4,"height":0}},{"id":"8e1c7df3-f8c4-474d-be81-726fa8380c7d","block_type":"box","text":"sale valuation. Collateral sh","page_number":156,"box":{"x":540,"y":661,"width":183,"height":8}},{"id":"43ed02b4-bc4b-4fed-914f-06293ec80897","block_type":"box","text":"ould comply with","page_number":156,"box":{"x":725,"y":661,"width":110,"height":10}},{"id":"3280272d-5b56-49fc-b27e-98fdb4ec95a3","block_type":"box","text":"the","page_number":156,"box":{"x":840,"y":661,"width":21,"height":8}},{"id":"cbcf3ec4-d585-437b-8589-5172d7962fe3","block_type":"box","text":"provisions of the COLL Sourcebook","page_number":156,"box":{"x":276,"y":675,"width":238,"height":10}},{"id":"fd1e6f6a-72a5-4dfa-a473-efb843cb7346","block_type":"box","text":".","page_number":156,"box":{"x":515,"y":682,"width":2,"height":1}},{"id":"ccea18e1-75f8-4a8b-a5f3-c1f2b81e5598","block_type":"box","text":"(ii)","page_number":156,"box":{"x":229,"y":689,"width":15,"height":10}},{"id":"60c99534-d8cc-49f7-b9b5-4d8d515943df","block_type":"box","text":"Valuation: collateral must be capable of being valued on a daily basis, and assets that","page_number":156,"box":{"x":275,"y":689,"width":603,"height":10}},{"id":"746954a1-8567-48a2-a7e2-48261eec841b","block_type":"box","text":"exhibit high price volatility shall not be accepted as collateral unless suitably conservative","page_number":156,"box":{"x":276,"y":705,"width":601,"height":10}},{"id":"013d1eab-795d-4e59-8906-b39d778b116d","block_type":"box","text":"haircuts are in place.","page_number":156,"box":{"x":276,"y":720,"width":137,"height":10}},{"id":"cf9416b8-1932-4449-b375-e69086784946","block_type":"box","text":"(iii)","page_number":156,"box":{"x":229,"y":735,"width":18,"height":10}},{"id":"6fa96800-ce76-4804-b18e-32cc2580f59d","block_type":"box","text":"Issuer credit quality: collateral must be of high quality.","page_number":156,"box":{"x":277,"y":735,"width":356,"height":10}},{"id":"03c2332b-72bb-42fa-907e-34f678053d41","block_type":"box","text":"(iv)","page_number":156,"box":{"x":229,"y":751,"width":19,"height":10}},{"id":"b4a6c41d-c9d7-4d75-959f-e1435c2a0b9d","block_type":"box","text":"Correlation: collateral must be issued by an entity that is independent from the counterparty","page_number":156,"box":{"x":276,"y":751,"width":602,"height":10}},{"id":"e6991bc7-b09f-47bb-bdd5-0c261460450e","block_type":"box","text":"and is expected not to display a high correlation with the performance of the counterparty.","page_number":156,"box":{"x":276,"y":766,"width":597,"height":10}},{"id":"d4e15af8-4477-44a1-8bba-fe46185a8b8f","block_type":"box","text":"(v)","page_number":156,"box":{"x":229,"y":781,"width":16,"height":10}},{"id":"6fe0c6fb-2c02-45db-a7e9-6655526caeea","block_type":"box","text":"Diversification: collateral must be sufficiently diversified in terms of country, markets and","page_number":156,"box":{"x":276,"y":781,"width":601,"height":10}},{"id":"0d54fabc-1e1f-4831-bd9f-308e87919b6f","block_type":"box","text":"issuers.","page_number":156,"box":{"x":276,"y":797,"width":50,"height":8}},{"id":"1e7f8a4a-a8e6-425c-86a4-52f15bc4b1b3","block_type":"box","text":"All assets received in respect of a Fund in the context of Portfolio Investment Techniques will be","page_number":156,"box":{"x":228,"y":824,"width":649,"height":10}},{"id":"5ac15c31-a222-49c4-bf7b-2e74f91e4cc1","block_type":"box","text":"considered as collateral for the purposes of the COLL Sourcebook and will comply with the criteria","page_number":156,"box":{"x":228,"y":839,"width":650,"height":10}},{"id":"1bb97996-de77-40f8-bc3c-c652c89ee03b","block_type":"box","text":"above. Risks linked to the management of collateral, including operational and legal risks, are","page_number":156,"box":{"x":228,"y":855,"width":649,"height":10}},{"id":"5a0bbd56-7868-4bc1-99db-30c36d7fcc22","block_type":"box","text":"identified and mitigated by risk management procedures employ","page_number":156,"box":{"x":229,"y":870,"width":427,"height":10}},{"id":"7e345f59-ce5a-4242-8b50-ebd1d20aff02","block_type":"box","text":"ed by the Company.","page_number":156,"box":{"x":657,"y":870,"width":133,"height":10}},{"id":"b694fa68-71b6-4dcd-8e34-efb3548ced92","block_type":"box","text":"Where there is a title transfer, the collateral received will be held by the Depositary, or its agent.","page_number":156,"box":{"x":228,"y":897,"width":649,"height":10}},{"id":"9b628038-ad8c-4f32-8616-7625612ed07b","block_type":"box","text":"For other types of collateral arrangement, the collateral may be held by a third","page_number":156,"box":{"x":229,"y":913,"width":539,"height":10}},{"id":"5348a455-9f8f-4cff-a486-eb82e8fd83e5","block_type":"box","text":"-","page_number":156,"box":{"x":770,"y":917,"width":4,"height":1}},{"id":"3216c3ee-37ab-4832-8e47-19b4f88465b9","block_type":"box","text":"party custodian","page_number":156,"box":{"x":776,"y":913,"width":102,"height":10}},{"id":"17bd2fa3-9444-4267-98a0-67da8f43a158","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":157,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"feefc9d4-9984-4b62-baf7-f308bcde0970","block_type":"box","text":"Public","page_number":157,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"73b386f5-f1a8-4903-89b5-aa4d86bbb616","block_type":"box","text":"which is which is subject to prudential supervision and which is unrelated to the provider of the","page_number":157,"box":{"x":228,"y":87,"width":649,"height":10}},{"id":"120cb506-fbe9-4dbe-bbe8-9babfbba3e17","block_type":"box","text":"collateral.","page_number":157,"box":{"x":228,"y":103,"width":63,"height":8}},{"id":"dfc879b7-6b98-4f1a-9ae7-61dc189de464","block_type":"box","text":"Collateral received shall be capable of being fully enforced by the Fund at any time without","page_number":157,"box":{"x":228,"y":130,"width":650,"height":10}},{"id":"fd940219-9c48-4b39-b697-6ebb1b790006","block_type":"box","text":"reference to or approval from the counterparty. Accordingly, collateral will be immediately available","page_number":157,"box":{"x":229,"y":145,"width":648,"height":10}},{"id":"a6525d80-6c96-44e3-8acb-4740be5c1c8e","block_type":"box","text":"to the Fund without recourse to the counterparty in the event","page_number":157,"box":{"x":228,"y":161,"width":404,"height":10}},{"id":"52510fa1-0b82-478d-a139-2b35398ead8a","block_type":"box","text":"of default by that entity.","page_number":157,"box":{"x":637,"y":161,"width":154,"height":10}},{"id":"07b8c7a8-d634-4647-ab67-a859ef13c812","block_type":"box","text":"Permitted types of collateral","page_number":157,"box":{"x":229,"y":188,"width":200,"height":10}},{"id":"008f7d33-053b-41d0-988c-8f2b480b7025","block_type":"box","text":"Collateral is adequate for the purposes of this section if it is","page_number":157,"box":{"x":228,"y":215,"width":394,"height":10}},{"id":"bd147332-6cea-4556-9c5a-fbfc2a378f8f","block_type":"box","text":":","page_number":157,"box":{"x":624,"y":217,"width":2,"height":6}},{"id":"850df7e6-b516-41e4-9641-75f9632ee089","block_type":"box","text":"(i)","page_number":157,"box":{"x":229,"y":242,"width":12,"height":10}},{"id":"f24f3b5c-9917-4c7e-8f1a-1425f73c7d6c","block_type":"box","text":"cash;","page_number":157,"box":{"x":276,"y":242,"width":34,"height":10}},{"id":"1bf417c1-fddb-4bc1-a2ab-8287f4da31a1","block_type":"box","text":"(ii)","page_number":157,"box":{"x":229,"y":257,"width":15,"height":10}},{"id":"a4b52402-b82f-4ccc-903b-30f16d0fac49","block_type":"box","text":"government or other public securities","page_number":157,"box":{"x":276,"y":257,"width":255,"height":10}},{"id":"12ef4951-9b8a-4f02-8458-b16f6c9d1c62","block_type":"box","text":"denominated in the currency of the country of its","page_number":157,"box":{"x":539,"y":257,"width":339,"height":10}},{"id":"85daa084-d784-4cfb-844e-ee14ca1cdbc4","block_type":"box","text":"issuer","page_number":157,"box":{"x":276,"y":272,"width":40,"height":8}},{"id":"d3904a5c-f17c-4fce-9cf2-d738631ec3b7","block_type":"box","text":";","page_number":157,"box":{"x":317,"y":274,"width":2,"height":7}},{"id":"023aef9b-badd-44e1-875c-cef319267179","block_type":"box","text":"(iii)","page_number":157,"box":{"x":229,"y":286,"width":18,"height":11}},{"id":"76d4344e-35eb-43ba-8fb6-64d4e5aa65b4","block_type":"box","text":"certificates of deposit;","page_number":157,"box":{"x":276,"y":286,"width":144,"height":10}},{"id":"5399d5bb-943d-42f4-8239-5ee8bb0fe632","block_type":"box","text":"(iv)","page_number":157,"box":{"x":229,"y":301,"width":19,"height":10}},{"id":"f6f9eff9-530e-4cf3-81f5-ffdaacd9c9e5","block_type":"box","text":"letters of credit with a residual maturity of three months or less, which are unconditional and","page_number":157,"box":{"x":276,"y":301,"width":601,"height":10}},{"id":"99741fe2-595f-4059-922e-e5c0deb06b9a","block_type":"box","text":"irrevocable and which are issued by Relevant Institutions;","page_number":157,"box":{"x":276,"y":316,"width":383,"height":10}},{"id":"383936b5-50d3-49e1-8317-e12038918341","block_type":"box","text":"(v)","page_number":157,"box":{"x":229,"y":331,"width":16,"height":10}},{"id":"87f75d5a-c2b7-42ae-b441-63868afd3cb6","block_type":"box","text":"commercial paper with no embedded derivative content;","page_number":157,"box":{"x":276,"y":331,"width":372,"height":10}},{"id":"3186eea7-e3f1-4181-8e23-d38c308f6d08","block_type":"box","text":"(vi)","page_number":157,"box":{"x":229,"y":346,"width":19,"height":10}},{"id":"14fcb3e9-c367-4f66-8581-567a64a8eb33","block_type":"box","text":"any other security which is: (i","page_number":157,"box":{"x":276,"y":346,"width":195,"height":10}},{"id":"6b92208d-5c16-46fe-a007-8bb555a53e3e","block_type":"box","text":") admitted to official trading on an exchange in the UK or an","page_number":157,"box":{"x":474,"y":346,"width":403,"height":10}},{"id":"63bf52e7-ddd4-463c-883e-8bb2b3a2285a","block_type":"box","text":"EEA Member State; (ii) regularly traded on or under the rules of an exchange in the UK or","page_number":157,"box":{"x":276,"y":360,"width":602,"height":10}},{"id":"40e1ddf9-ccee-44d7-9c4f-8bae874ff688","block_type":"box","text":"an EEA Member State; or (iii) regularly traded on or under the rules of a recognised","page_number":157,"box":{"x":276,"y":375,"width":601,"height":10}},{"id":"8e6b11c2-2722-457a-b002-06cb854b8979","block_type":"box","text":"investment exchange","page_number":157,"box":{"x":276,"y":390,"width":142,"height":10}},{"id":"82a54ec3-6e92-4379-91fd-9a59fed66d75","block_type":"box","text":"or designated investment exchange; or","page_number":157,"box":{"x":423,"y":390,"width":260,"height":10}},{"id":"692e517f-528b-4201-a11d-6d6296560f7c","block_type":"box","text":"(vii)","page_number":157,"box":{"x":229,"y":405,"width":23,"height":10}},{"id":"cf5a3a74-8899-4919-b404-0bc0325c6023","block_type":"box","text":"a qualifying money market fund.","page_number":157,"box":{"x":276,"y":405,"width":212,"height":10}},{"id":"b324a2f3-cdcd-47d2-9931-ba7c31a35c40","block_type":"box","text":"Reinvestment of collateral","page_number":157,"box":{"x":234,"y":431,"width":186,"height":8}},{"id":"7f5ec45f-6039-4688-99ee-07f99008d334","block_type":"box","text":"The use of","page_number":157,"box":{"x":228,"y":458,"width":75,"height":8}},{"id":"ba209ef7-821e-41d5-9f7d-1b0c70da9fe4","block_type":"box","text":"stock lending","page_number":157,"box":{"x":307,"y":458,"width":88,"height":10}},{"id":"e7bf3832-6519-478b-a73a-852b88502912","block_type":"box","text":"or the reinvestment of cash collateral should not result in a change of","page_number":157,"box":{"x":401,"y":458,"width":478,"height":10}},{"id":"d62ba0c1-6c42-4886-baee-45c56522eecd","block_type":"box","text":"the","page_number":157,"box":{"x":228,"y":476,"width":20,"height":8}},{"id":"381836c0-217f-48ba-8d68-dd181dc9c414","block_type":"box","text":"declared investment objectives or add substantial supplementary risks to the","page_number":157,"box":{"x":254,"y":476,"width":537,"height":10}},{"id":"4d5ee2f5-1075-464e-9068-4d5dfcf0f1ac","block_type":"box","text":"Fund's","page_number":157,"box":{"x":798,"y":474,"width":53,"height":10}},{"id":"ed425d14-b950-40d3-a47a-63d2d156c6b9","block_type":"box","text":"risk","page_number":157,"box":{"x":857,"y":476,"width":22,"height":8}},{"id":"4992094f-92ce-4c51-8a16-e49da1504f08","block_type":"box","text":"profile. Collateral taking the form of cash may only be invested in one of the investments listed","page_number":157,"box":{"x":229,"y":492,"width":648,"height":10}},{"id":"4fd4a0f2-5839-4f17-8069-47110af97383","block_type":"box","text":"above.","page_number":157,"box":{"x":228,"y":507,"width":44,"height":8}},{"id":"73e416f4-fa0b-4247-ac89-13fe07488475","block_type":"box","text":"Reinvested cash collateral will be diversified in accordance with the diversification","page_number":157,"box":{"x":284,"y":507,"width":593,"height":8}},{"id":"41c8b02d-e4a3-4ea1-bb9a-0a599aad09b7","block_type":"box","text":"requirements applicable to non","page_number":157,"box":{"x":229,"y":523,"width":211,"height":10}},{"id":"c9b560fe-051b-4b03-9c67-92ee391ab9c8","block_type":"box","text":"-","page_number":157,"box":{"x":442,"y":527,"width":4,"height":1}},{"id":"300b5705-f888-4e1c-a0e8-aec1bfbd8866","block_type":"box","text":"cash collateral. 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They may also use TRS. The limitations on the use of SFTs and TRS are","page_number":158,"box":{"x":229,"y":485,"width":649,"height":10}},{"id":"c1e10a27-9cc5-4eed-982b-bbad3e1b247d","block_type":"box","text":"explained above and in Appendix 3. The Funds’ use of SFTs and TRS is consistent with their","page_number":158,"box":{"x":228,"y":500,"width":650,"height":10}},{"id":"13de457f-68f1-4803-b0a9-cd6884ef894b","block_type":"box","text":"respective investment objectives and","page_number":158,"box":{"x":229,"y":515,"width":250,"height":10}},{"id":"2149b6ec-24d3-4d79-8516-c1cd3dc9dc78","block_type":"box","text":"policies, and accordingly SFTs and TRS may be used to","page_number":158,"box":{"x":487,"y":515,"width":391,"height":10}},{"id":"acf4e979-2b53-432e-93e2-64a0f4b7f4fe","block_type":"box","text":"reduce risk, reduce cost and/or generate additional capital or income with a risk level that is","page_number":158,"box":{"x":229,"y":531,"width":648,"height":10}},{"id":"290aa4e7-9e80-47cc-a495-06a93046e604","block_type":"box","text":"consistent with that of the relevant Fund and the risk diversification rules laid down in the COLL","page_number":158,"box":{"x":228,"y":546,"width":649,"height":8}},{"id":"d43a7ee4-4d79-4c41-a58c-0b4575a5ccca","block_type":"box","text":"Sourceb","page_number":158,"box":{"x":228,"y":561,"width":55,"height":8}},{"id":"32e2e2ca-b3eb-46f0-90a9-20413b6ad586","block_type":"box","text":"ook.","page_number":158,"box":{"x":285,"y":562,"width":26,"height":7}},{"id":"50f16cdd-4b87-427e-af6c-043f9c0140f9","block_type":"box","text":"Subject to the limitations referred to above, any assets of a Fund may be subject to SFTs and / or","page_number":158,"box":{"x":228,"y":589,"width":650,"height":10}},{"id":"0a6c61f3-e22b-46b3-93bc-96cc7f30fccf","block_type":"box","text":"TRS.","page_number":158,"box":{"x":228,"y":604,"width":33,"height":8}},{"id":"558e8472-c8cf-4321-8bbc-8741ac59598b","block_type":"box","text":"Up to 100% of a Fund’s assets may be the subject of","page_number":158,"box":{"x":267,"y":604,"width":351,"height":10}},{"id":"7efbfd5f-0c01-44f3-8c32-f1dac76d2c41","block_type":"box","text":"SFT","page_number":158,"box":{"x":622,"y":604,"width":28,"height":8}},{"id":"3555e0b4-8735-49c6-9c58-f6859820ac46","block_type":"box","text":"(s), with an expectation that at any","page_number":158,"box":{"x":651,"y":604,"width":228,"height":10}},{"id":"df5a5df2-a182-458a-bae6-445461800aa7","block_type":"box","text":"time up to 5% of a Fund’s assets may be subject to such arrangements.","page_number":158,"box":{"x":228,"y":619,"width":496,"height":11}},{"id":"589c78d6-decb-4add-8a42-0ee9412478d1","block_type":"box","text":"Up to 5% of a Fund’s","page_number":158,"box":{"x":732,"y":619,"width":146,"height":10}},{"id":"691ecc6b-9d32-4b54-a9b4-27cc3e71c6e5","block_type":"box","text":"assets may be the subject of TRS, with an expectation that at any time less than 2% of a Fund’s","page_number":158,"box":{"x":228,"y":635,"width":649,"height":10}},{"id":"85a4b13c-952c-46c6-b842-3689d9378a74","block_type":"box","text":"assets will be subject to such arrangements. SFT(s) and TRS combined shall not exceed 100% of","page_number":158,"box":{"x":228,"y":650,"width":651,"height":10}},{"id":"7dfe7f66-8d60-4435-abe7-5ba851c1b578","block_type":"box","text":"a Fund’s assets.","page_number":158,"box":{"x":228,"y":665,"width":107,"height":8}},{"id":"e39ff9bb-d32d-40a1-99db-01ab4f8ce6e7","block_type":"box","text":"SFTs and TRS will only be entered into with “approved counterparties” as defined","page_number":158,"box":{"x":341,"y":665,"width":536,"height":11}},{"id":"e8f3a668-faab-4ee8-bd51-4cf37ac1b3ff","block_type":"box","text":"in the FCA Handbook. Other than this restriction, there are no pre","page_number":158,"box":{"x":229,"y":681,"width":427,"height":10}},{"id":"55ed4d95-5c57-48c3-9f62-7e76244c43f4","block_type":"box","text":"-","page_number":158,"box":{"x":658,"y":685,"width":4,"height":1}},{"id":"b758541b-17d6-477b-aa4f-1f93c49fa9b8","block_type":"box","text":"specified restrictions on the legal","page_number":158,"box":{"x":663,"y":681,"width":215,"height":10}},{"id":"6bd102c1-eb9a-48fb-ae32-a06ece109472","block_type":"box","text":"status, country of origin or minimum credit rating of any counterparty i","page_number":158,"box":{"x":228,"y":696,"width":462,"height":10}},{"id":"975d21cc-f68c-4134-8051-24fddb1acf69","block_type":"box","text":"n such transactions.","page_number":158,"box":{"x":693,"y":696,"width":132,"height":8}},{"id":"8f20d3e8-8385-4910-a5aa-7cc1e4019097","block_type":"box","text":"The types of acceptable collateral, as well as the diversification requirements, are explained above","page_number":158,"box":{"x":228,"y":724,"width":649,"height":10}},{"id":"1968d7a1-5a56-475d-a2cf-ff8ef064cf61","block_type":"box","text":"under the sub","page_number":158,"box":{"x":229,"y":739,"width":91,"height":8}},{"id":"cda7fb37-0fbc-462c-96a3-cb82ca134389","block_type":"box","text":"-","page_number":158,"box":{"x":321,"y":743,"width":4,"height":1}},{"id":"59008d5e-d870-4475-b4c4-e2b031de85f6","block_type":"box","text":"heading “Collateral”.","page_number":158,"box":{"x":327,"y":739,"width":134,"height":10}},{"id":"735258ba-517e-4626-b54d-4ee8cef0b6b0","block_type":"box","text":"Any collateral obtained by a Fund pursuant to an SFT or TRS","page_number":158,"box":{"x":467,"y":739,"width":411,"height":10}},{"id":"50bc5404-bfa2-469d-ad31-6d669966e0f7","block_type":"box","text":"will be valued in accordance with the ACD’s valuation and haircut policy detailed above. Such","page_number":158,"box":{"x":228,"y":754,"width":649,"height":10}},{"id":"1627599f-a1c9-4f6b-b8db-245dd02e3cb1","block_type":"box","text":"haircut policy allows for the fact that the valuation of the collateral or liquidity profile may deter","page_number":158,"box":{"x":229,"y":770,"width":612,"height":10}},{"id":"61d9947a-a706-4d02-b117-57d27f17381a","block_type":"box","text":"iorate","page_number":158,"box":{"x":842,"y":770,"width":36,"height":7}},{"id":"b5ff01b3-2507-496d-a4b4-89432bd767c0","block_type":"box","text":"over time.","page_number":158,"box":{"x":228,"y":785,"width":65,"height":8}},{"id":"504d200d-f841-479c-8b9e-ab45ab21850a","block_type":"box","text":"The section of this Prospectus entitled “Risk Factors” provides a description of the risks associated","page_number":158,"box":{"x":228,"y":812,"width":649,"height":10}},{"id":"33bb9250-0ae6-4b42-99e5-ff2294da003f","block_type":"box","text":"with the use of derivatives,","page_number":158,"box":{"x":228,"y":828,"width":181,"height":9}},{"id":"6d349e04-fc49-4cbe-acd0-e6af69b5f3ba","block_type":"box","text":"stock","page_number":158,"box":{"x":417,"y":828,"width":35,"height":8}},{"id":"7bda5ef7-7a2b-42aa-999a-e15d7081ffa2","block_type":"box","text":"lending, repurchase and reverse repurchase agreements, and","page_number":158,"box":{"x":458,"y":828,"width":419,"height":10}},{"id":"a9711415-f6f9-4837-98ea-6891259641b3","block_type":"box","text":"other investment techniques which are likely to fall within the definition of SFT or apply equally to","page_number":158,"box":{"x":228,"y":843,"width":649,"height":10}},{"id":"7351955d-43c5-439a-bf93-52c4af8b0b75","block_type":"box","text":"TRS.","page_number":158,"box":{"x":228,"y":858,"width":33,"height":8}},{"id":"0815d0bb-978a-4381-9d08-7ccc87e937d4","block_type":"box","text":"The section ‘Collateral’ of this Appendix 4 sets out a description of the acceptable collateral.","page_number":158,"box":{"x":267,"y":858,"width":610,"height":10}},{"id":"972702c3-0303-4fd8-9859-7d49f3df57fc","block_type":"box","text":"The section ‘General’ of this Appendix 4 sets out the policy on sharing of return","page_number":158,"box":{"x":228,"y":874,"width":546,"height":10}},{"id":"0655496b-1355-4af8-a0bc-f7a39719e275","block_type":"box","text":"s","page_number":158,"box":{"x":777,"y":876,"width":6,"height":6}},{"id":"bf27864e-4703-4aba-8824-a91f5f39dacc","block_type":"box","text":"generated by","page_number":158,"box":{"x":790,"y":874,"width":89,"height":10}},{"id":"c5c41fc4-2a2b-4054-81b7-2daecb4c3a54","block_type":"box","text":"SFTs and total return swaps, and other relevant information.","page_number":158,"box":{"x":228,"y":889,"width":401,"height":10}},{"id":"4d69edc3-193e-4e28-8bf9-b263899de649","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":159,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"9669a559-463e-48f2-9024-4382a6acd718","block_type":"box","text":"Public","page_number":159,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"3bd0da65-14f9-4a7c-a3f7-8d6e796d6968","block_type":"box","text":"The assets of a Fund that are subject to SFTs and TRS, and any collateral received, are held by","page_number":159,"box":{"x":228,"y":87,"width":650,"height":10}},{"id":"cc6ad0c1-19e3-4117-839e-cd808f1d0f79","block_type":"box","text":"the Depositary.","page_number":159,"box":{"x":228,"y":103,"width":100,"height":10}},{"id":"2aa317a9-1991-4f9b-9683-cda639db9718","block_type":"box","text":"While t","page_number":159,"box":{"x":228,"y":130,"width":48,"height":8}},{"id":"2692b72b-fcef-4c5f-97f1-1d43d2eba9db","block_type":"box","text":"he reuse of collateral is limited by the COLL Sourcebook to certain asset classes","page_number":159,"box":{"x":277,"y":130,"width":559,"height":10}},{"id":"c4bdccf7-b502-4e3f-9dd8-2910c2d99cde","block_type":"box","text":",","page_number":159,"box":{"x":838,"y":137,"width":2,"height":2}},{"id":"2e434015-94ab-4339-ae4f-db38ee7644c6","block_type":"box","text":"s","page_number":159,"box":{"x":848,"y":132,"width":6,"height":6}},{"id":"31997ea2-2f0a-435e-ab9c-8a0d57a13136","block_type":"box","text":"uch","page_number":159,"box":{"x":856,"y":130,"width":22,"height":8}},{"id":"5ee6ec5c-7859-44f3-b365-4b4053884e03","block_type":"box","text":"reuse should not result in a change to a Fund’s investment objectives nor increase substantially a","page_number":159,"box":{"x":229,"y":145,"width":648,"height":10}},{"id":"6d4b39ff-2d9c-47c9-b096-595a21555c02","block_type":"box","text":"Fund’s risk profile.","page_number":159,"box":{"x":229,"y":161,"width":125,"height":10}},{"id":"addad7f9-34cc-4f97-899f-b5b346d2e22b","block_type":"box","text":"For the avoidance of doubt, the assets received as collateral by the Fund","page_number":159,"box":{"x":363,"y":161,"width":514,"height":10}},{"id":"19cc10f7-9dd8-4017-af48-0dca3063fd61","block_type":"box","text":"pursuant to a reverse repurchase agreement shall not be sold, reinvested, pledged or otherwise","page_number":159,"box":{"x":229,"y":176,"width":648,"height":10}},{"id":"13d08c99-320e-49e5-a802-8e55e1781e30","block_type":"box","text":"transferred in accordance with COLL Sourcebook.","page_number":159,"box":{"x":228,"y":191,"width":340,"height":8}},{"id":"f7cbe35c-b8a2-4f4d-abff-307793636221","block_type":"box","text":"The relevant diversification requirements are","page_number":159,"box":{"x":576,"y":191,"width":302,"height":10}},{"id":"29632b5e-f50f-487a-a02b-df5f1de68cfb","block_type":"box","text":"set out above under the sub","page_number":159,"box":{"x":228,"y":207,"width":186,"height":8}},{"id":"2031ddb9-f4d8-4108-9e69-673ffc7e8910","block_type":"box","text":"-","page_number":159,"box":{"x":416,"y":211,"width":4,"height":1}},{"id":"cb2e21c9-7058-4111-9a17-d0da430d508c","block_type":"box","text":"heading “Collateral”.","page_number":159,"box":{"x":421,"y":207,"width":134,"height":10}},{"id":"f56b22bc-ff1e-404d-9143-7a8e070db250","block_type":"box","text":"All of the revenues arising from SFTs","page_number":159,"box":{"x":228,"y":234,"width":248,"height":10}},{"id":"493ca8ed-94fa-45fc-8463-1a74de419f1d","block_type":"box","text":"and TRS","page_number":159,"box":{"x":481,"y":234,"width":59,"height":8}},{"id":"4f784d34-ffc8-44d4-ad38-3887225f19fe","block_type":"box","text":", net of direct and indirect operational costs, will be","page_number":159,"box":{"x":542,"y":234,"width":336,"height":10}},{"id":"7f5142bc-0b3a-4864-8771-5e6cb4bb976e","block_type":"box","text":"retained by the relevant Fund.","page_number":159,"box":{"x":229,"y":249,"width":198,"height":10}},{"id":"65b3a8de-0eb2-4d74-b8a2-6e774421710c","block_type":"box","text":"The ACD will disclose in the Company’s annual report certain information regarding its use of SFTs","page_number":159,"box":{"x":228,"y":276,"width":650,"height":11}},{"id":"30816a79-90a1-4145-b9e7-c4397601813c","block_type":"box","text":"and TRS.","page_number":159,"box":{"x":228,"y":292,"width":62,"height":8}},{"id":"cdb26574-0ce0-484e-a354-8256fda5da33","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":160,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"7f1de873-e634-4a36-8bea-69de7663317f","block_type":"box","text":"Public","page_number":160,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"4532d91a-f975-4940-99f7-d5790d607b29","block_type":"box","text":"Appendix 5: General 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It may be inspected by any Shareholder or his","page_number":160,"box":{"x":228,"y":179,"width":649,"height":10}},{"id":"d5a277ca-3c93-4cb8-9fa9-cc814630d62f","block_type":"box","text":"duly authorised","page_number":160,"box":{"x":228,"y":195,"width":101,"height":10}},{"id":"ec1548bc-8734-46d2-95b1-c01cf9eed49a","block_type":"box","text":"agent during normal business hours at that address, without charge. Copies of the","page_number":160,"box":{"x":334,"y":195,"width":544,"height":10}},{"id":"7e5f7b4e-4105-4ac2-b766-930784031a4b","block_type":"box","text":"entries in the Register relating to a Shareholder are available on request by that Shareholder","page_number":160,"box":{"x":228,"y":210,"width":651,"height":10}},{"id":"51aea0d1-4dd5-46f7-9253-14d42b6c6893","block_type":"box","text":"without charge. The Company has the power to close the Register for any period","page_number":160,"box":{"x":228,"y":225,"width":550,"height":10}},{"id":"5d2ca646-dd43-4f42-b248-31bffecd5a9f","block_type":"box","text":"or periods not","page_number":160,"box":{"x":785,"y":225,"width":94,"height":10}},{"id":"99ba0aab-f599-4d20-aaca-09f8effcf0d3","block_type":"box","text":"exceeding 30 days in any one year.","page_number":160,"box":{"x":228,"y":241,"width":236,"height":10}},{"id":"5cda5e3c-b6cc-4d61-910b-5c807a75516c","block_type":"box","text":"Accounting periods and annual and interim reports","page_number":160,"box":{"x":228,"y":270,"width":367,"height":10}},{"id":"b241b6b9-c608-482c-8065-dcf92358ea69","block_type":"box","text":"The annual accounting period of the Company ends each year on 31 October, and the interim","page_number":160,"box":{"x":228,"y":299,"width":649,"height":10}},{"id":"31ff56ef-b7c9-4993-a424-419c82a4488d","block_type":"box","text":"accounting period ends on 30 April each year.","page_number":160,"box":{"x":228,"y":315,"width":306,"height":10}},{"id":"d88d178c-bf67-4daa-8798-e2abc7ca136b","block_type":"box","text":"Reports for each Fund of the Company in respect of each annual accounting period will be","page_number":160,"box":{"x":229,"y":342,"width":648,"height":10}},{"id":"98857e77-ec38-4f71-986c-ec9eb23408af","block_type":"box","text":"published in accordance with the Regulations not later than the last day of February each year.","page_number":160,"box":{"x":229,"y":357,"width":648,"height":10}},{"id":"72b5e67d-3865-4ad7-b0f9-b5dec75da11f","block_type":"box","text":"Half yearly reports for each Fund of the Company will be published in a","page_number":160,"box":{"x":229,"y":373,"width":516,"height":10}},{"id":"1606f207-7bca-4d06-954c-a122607fdf82","block_type":"box","text":"ccordance with the","page_number":160,"box":{"x":747,"y":373,"width":131,"height":8}},{"id":"f0df0b58-20a0-46e2-8ee9-666bce36a3de","block_type":"box","text":"Regulations not later than 30 June each year.","page_number":160,"box":{"x":229,"y":388,"width":302,"height":10}},{"id":"d108d05d-efba-42ed-a801-3fb00fc70bf5","block_type":"box","text":"Copies of reports may be obtained from the ACD, free of charge, on request or inspected at the","page_number":160,"box":{"x":228,"y":415,"width":649,"height":10}},{"id":"d2227380-7812-4ba1-826c-a3b1557e56bf","block_type":"box","text":"ACD’s offices at 4th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF.","page_number":160,"box":{"x":228,"y":431,"width":563,"height":10}},{"id":"1befd116-a261-4cc6-b92f-e08e1a77329b","block_type":"box","text":"Shareholder meetings and voting rights","page_number":160,"box":{"x":229,"y":460,"width":284,"height":10}},{"id":"687fa54a-f9b4-46d7-9b9c-165e4231c63c","block_type":"box","text":"General Meetings","page_number":160,"box":{"x":228,"y":489,"width":125,"height":10}},{"id":"5fe8d702-bef3-4b3a-936e-7d08589ce3b4","block_type":"box","text":"Notice of the date, place and time of general meetings will be given to Shareholders.","page_number":160,"box":{"x":229,"y":517,"width":561,"height":10}},{"id":"57b29857-2c06-4fc9-8bdf-00011ce16aae","block_type":"box","text":"The convening and conduct of Shareholders’ meetings and the voting rights of Shareholders at","page_number":160,"box":{"x":228,"y":544,"width":650,"height":10}},{"id":"1708c968-b890-428d-9430-93b2530982e2","block_type":"box","text":"those meetings are governed by the Company’s Instrument of Incorporation and the COLL","page_number":160,"box":{"x":228,"y":559,"width":649,"height":10}},{"id":"a3eb1600-f32c-40cb-9a34-0f7f7306a50d","block_type":"box","text":"Sourcebook, which are summarised below.","page_number":160,"box":{"x":228,"y":574,"width":287,"height":10}},{"id":"c8eda670-19e2-4093-9a01-3fa07829193e","block_type":"box","text":"Where Shareholders are corporations rather than individuals, the following will 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The","page_number":162,"box":{"x":228,"y":458,"width":226,"height":10}},{"id":"67a33bb6-6f16-40d5-8865-485e0c297eef","block_type":"box","text":"Company may not be wound up under the COLL Sourcebook if","page_number":162,"box":{"x":460,"y":458,"width":419,"height":10}},{"id":"d5edf3cb-3f9c-415c-b7b7-17d04c648e39","block_type":"box","text":"there is a vacancy in the position of","page_number":162,"box":{"x":228,"y":474,"width":236,"height":10}},{"id":"d7085608-adde-4911-844e-654351c95f7b","block_type":"box","text":"authorised corporate director at the relevant time.","page_number":162,"box":{"x":469,"y":474,"width":328,"height":9}},{"id":"f8217b7c-a5e7-41f9-9ced-88a8dd96557d","block_type":"box","text":"The Company may be wound up or a Fund terminated under the COLL 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the","page_number":162,"box":{"x":288,"y":559,"width":590,"height":10}},{"id":"7fc7b5e6-b628-4c23-94e3-5a1a8d4e4b82","block_type":"box","text":"Instrument of Incorporation provides that the Company or Fund is to be wound up","page_number":162,"box":{"x":289,"y":574,"width":560,"height":10}},{"id":"5bf915a9-16cc-42ec-83a8-890086cffe9c","block_type":"box","text":"(for","page_number":162,"box":{"x":857,"y":574,"width":22,"height":10}},{"id":"ad685382-bd44-4bdb-9996-69a19434f74c","block_type":"box","text":"example, if the share capital of the Company is below its prescribed minimum or (in","page_number":162,"box":{"x":288,"y":589,"width":589,"height":10}},{"id":"973ae704-d001-4cdb-9440-45f09f9965d2","block_type":"box","text":"relation to any Fund) if the value of the Fund is less than £50 million or the equivalent in","page_number":162,"box":{"x":288,"y":605,"width":589,"height":10}},{"id":"4e734383-7400-4961-9118-ac1e0a5aefc6","block_type":"box","text":"the currency of denomination at any time on or after one year from the dat","page_number":162,"box":{"x":287,"y":620,"width":497,"height":10}},{"id":"02d745dd-95b7-4bc7-a67b-6286abe759c3","block_type":"box","text":"e of first issue","page_number":162,"box":{"x":786,"y":620,"width":92,"height":8}},{"id":"be36dd25-57c6-44fe-8c1f-57f2391895b6","block_type":"box","text":"of Shares in that Fund, or if a change in the laws or regulations of any country means that,","page_number":162,"box":{"x":288,"y":636,"width":589,"height":10}},{"id":"1baed3dd-f856-4c3b-a8f5-85409b060557","block_type":"box","text":"in the ACD’s opinion, it is desirable to terminate the Fund); or","page_number":162,"box":{"x":288,"y":651,"width":408,"height":10}},{"id":"b8fb7334-c4da-4a62-ad3f-f7f2d753f41d","block_type":"box","text":"(c)","page_number":162,"box":{"x":229,"y":666,"width":16,"height":10}},{"id":"1aaf021b-39e6-4d7e-9f37-7f278ed9886a","block_type":"box","text":"on the effective date of an agreement by the FCA in response to a request by the ACD","page_number":162,"box":{"x":288,"y":666,"width":589,"height":10}},{"id":"dd29e186-9f81-4e53-bf68-cac7c5eb3b82","block_type":"box","text":"for the winding up of the Company or the termination of the Fund; or","page_number":162,"box":{"x":287,"y":682,"width":455,"height":10}},{"id":"e902b11c-b8a7-42de-b1dc-39e811a6756d","block_type":"box","text":"(d)","page_number":162,"box":{"x":229,"y":697,"width":17,"height":10}},{"id":"c3da277b-77f6-40f6-bd34-c198caa4f5fd","block_type":"box","text":"on the effective date of a duly approved scheme of arrangement which is to result in the","page_number":162,"box":{"x":288,"y":697,"width":589,"height":10}},{"id":"4f4c4a0f-3f2c-4a09-bbad-fcb848e0d382","block_type":"box","text":"Company ceasing to hold any Scheme Property; or","page_number":162,"box":{"x":288,"y":712,"width":341,"height":10}},{"id":"4152a0cf-1d29-4467-9f7c-9fdd8a3557a8","block_type":"box","text":"(e)","page_number":162,"box":{"x":229,"y":728,"width":17,"height":10}},{"id":"9e416114-a910-44f5-a4a5-19e647c489d0","block_type":"box","text":"in the case of a Fund, on the effective date of a duly approved scheme of arrangement","page_number":162,"box":{"x":288,"y":728,"width":590,"height":10}},{"id":"f5af1dc9-8748-4a7c-ac5e-e5ba6054a463","block_type":"box","text":"which is to result in the Fund ceasing to hold any Scheme Property; or","page_number":162,"box":{"x":287,"y":743,"width":469,"height":10}},{"id":"08fc8580-5a7d-4eb3-920e-0e018a2550fc","block_type":"box","text":"(f)","page_number":162,"box":{"x":229,"y":758,"width":12,"height":10}},{"id":"af6787a9-a020-49b2-a925-d64a232967bd","block_type":"box","text":"on the date on which all of the Funds fall within (e) or have otherwise ceased to hold any","page_number":162,"box":{"x":288,"y":758,"width":590,"height":10}},{"id":"c581526c-3b29-49c6-bdf9-fc50db6f12ff","block_type":"box","text":"Scheme Property, notwithstanding that the Company may have assets and liabilities that","page_number":162,"box":{"x":288,"y":774,"width":590,"height":10}},{"id":"6fc7d88b-b816-435b-b971-d772b6b250e1","block_type":"box","text":"are not attributable to any particular Fund.","page_number":162,"box":{"x":288,"y":789,"width":278,"height":10}},{"id":"d99a41f3-fec5-4cf7-a73b-08c94ecd8c0a","block_type":"box","text":"A Fund may also be terminated in accordance with the terms of a scheme of amalgamation or","page_number":162,"box":{"x":228,"y":817,"width":650,"height":10}},{"id":"ddd30057-ab22-4602-80a8-5d774aa8542b","block_type":"box","text":"reconstruction, in which case Shareholders in the Fund will become entitled to receive shares or","page_number":162,"box":{"x":229,"y":832,"width":649,"height":9}},{"id":"56784fb4-de59-4859-93d3-499723816e3a","block_type":"box","text":"units in another regulated collective investment scheme in exchange f","page_number":162,"box":{"x":229,"y":847,"width":465,"height":10}},{"id":"045fb183-23b3-4e9d-8d2a-7cded3ec74df","block_type":"box","text":"or their Shares in the Fund.","page_number":162,"box":{"x":694,"y":847,"width":181,"height":8}},{"id":"391032eb-6675-4f47-837c-ca468dd53d01","block_type":"box","text":"On the occurrence of any of the events in paragraphs (a) to (c) above and provided the FCA has","page_number":162,"box":{"x":228,"y":875,"width":649,"height":10}},{"id":"6c5e5ff4-c4fe-4a1d-bfcc-37bb9571924a","block_type":"box","text":"given its approval:","page_number":162,"box":{"x":228,"y":890,"width":120,"height":10}},{"id":"df3df421-31de-413f-b9af-6cf037c26efd","block_type":"box","text":"(i)","page_number":162,"box":{"x":229,"y":917,"width":12,"height":10}},{"id":"c3e4c5e5-fbc7-4e7f-ae09-c51b3534ae64","block_type":"box","text":"chapter 5 and sections 6.2 and 6.3 of the COLL Sourcebook (relating to investment and","page_number":162,"box":{"x":276,"y":917,"width":601,"height":10}},{"id":"795e58fb-9227-48c9-b0ff-5018c5bcd4f3","block_type":"box","text":"Vanguard Investments Funds ICVC","page_number":163,"box":{"x":232,"y":44,"width":184,"height":8}},{"id":"507c51ca-4fd9-4225-bac5-bb3f638944bf","block_type":"box","text":"Public","page_number":163,"box":{"x":35,"y":969,"width":43,"height":7}},{"id":"1d189bd9-1fec-46f4-8412-fb6ce3f1f733","block_type":"box","text":"borrowing powers and pricing and dealing) will cease to apply to the Company or the 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cancel","page_number":163,"box":{"x":275,"y":118,"width":602,"height":10}},{"id":"d978f7b5-6c0d-4754-b533-d7992587a27f","block_type":"box","text":"them;","page_number":163,"box":{"x":276,"y":133,"width":36,"height":10}},{"id":"58670e99-5087-4cc8-9ec5-2ab66b12e8d6","block_type":"box","text":"(iii)","page_number":163,"box":{"x":229,"y":149,"width":18,"height":10}},{"id":"6b863573-2d37-4d2b-b3d0-956bf7a805ae","block_type":"box","text":"no transfer of a Share shall be registered and no other change to the Register shall be made","page_number":163,"box":{"x":276,"y":149,"width":602,"height":10}},{"id":"6bcf49b1-c94e-4d71-9249-fbb0fa497cc6","block_type":"box","text":"without the sanction of the ACD;","page_number":163,"box":{"x":275,"y":164,"width":215,"height":9}},{"id":"406f9b79-30f2-48d5-a101-5a307b909f3a","block_type":"box","text":"(iv)","page_number":163,"box":{"x":229,"y":179,"width":19,"height":10}},{"id":"0da51a9f-7250-4f0c-b5f8-42708b046017","block_type":"box","text":"where the Company is being wound up, the Company shall cease to carry on its business","page_number":163,"box":{"x":275,"y":179,"width":602,"height":10}},{"id":"db9fcdc9-715b-4c98-a5f3-1c33083ab82e","block_type":"box","text":"except for its beneficial winding up; and","page_number":163,"box":{"x":276,"y":195,"width":262,"height":10}},{"id":"74a202ec-13aa-4141-8300-c797091ae76b","block_type":"box","text":"(v)","page_number":163,"box":{"x":229,"y":210,"width":16,"height":10}},{"id":"dd006f34-4fb0-4c95-9b0d-759fedc9f053","block_type":"box","text":"the corporate status and powers of the Company and, subject to the provisions of paragraph","page_number":163,"box":{"x":276,"y":210,"width":601,"height":10}},{"id":"dd080859-d122-4397-ade0-2c69338740ef","block_type":"box","text":"(i) and (iv) above, the powers of the ACD shall remain until the Company is 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Where sufficient liquid funds are available after making","page_number":163,"box":{"x":228,"y":284,"width":649,"height":10}},{"id":"d64a5992-2760-4eac-96da-431338074dff","block_type":"box","text":"adequate provision for the expenses of the winding up or termination and the discharge of the","page_number":163,"box":{"x":228,"y":299,"width":649,"height":10}},{"id":"374f1503-3cac-42c0-8112-685e8ab51e4e","block_type":"box","text":"Company’s or the Fund’s remain","page_number":163,"box":{"x":228,"y":314,"width":221,"height":10}},{"id":"e5612a91-83dd-4155-b754-80d0295a983c","block_type":"box","text":"ing liabilities, the ACD may arrange for the Depositary to make","page_number":163,"box":{"x":452,"y":314,"width":426,"height":10}},{"id":"66e75768-b17a-49d5-9ad7-955896be6deb","block_type":"box","text":"one or more interim distributions out of the proceeds to Shareholders proportionately to the right","page_number":163,"box":{"x":228,"y":330,"width":650,"height":10}},{"id":"321f4425-df4c-47ef-bb93-1051ed8c567c","block_type":"box","text":"of their Shares to participate in the Scheme Property at the commencement of the winding up o","page_number":163,"box":{"x":228,"y":345,"width":645,"height":10}},{"id":"7b3cf9f8-4bcc-4e03-8a9f-59eb4d64b444","block_type":"box","text":"r","page_number":163,"box":{"x":875,"y":347,"width":4,"height":6}},{"id":"af2b96a9-d9d8-4df8-a275-1d2a85fd0e1e","block_type":"box","text":"termination. 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