{"annotation_id":"c7a1baf8-1d60-455e-a872-a4e4ba0cb0ba","file_hash":"91ec4bc7a97b2cc67c38db75c1d6b2a29af79a4a386bd9c5c6f23a94257da98f","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"deb8c3a5-bc9b-47a9-8e72-9003f500d994","block_type":"box","text":"Key Investor Information","page_number":1,"box":{"x":40,"y":56,"width":215,"height":14}},{"id":"3ed00e94-eb8c-4533-841a-66ddb3a902b9","block_type":"box","text":"This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you","page_number":1,"box":{"x":38,"y":88,"width":876,"height":9}},{"id":"2d3805b3-5a6b-4c74-a0a1-4a6fa1279ecc","block_type":"box","text":"understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest.","page_number":1,"box":{"x":39,"y":99,"width":890,"height":9}},{"id":"fece968c-5672-4f4d-abdb-4a8462b52848","block_type":"box","text":"Vanguard USD High Yield Corporate Bond","page_number":1,"box":{"x":53,"y":125,"width":410,"height":14}},{"id":"ac1b23e3-c1e5-44b6-93ac-89e287a6efb2","block_type":"box","text":"UCITS ETF (the \"Fund\")","page_number":1,"box":{"x":55,"y":142,"width":225,"height":13}},{"id":"229a38e2-a192-4158-b368-eaf193d82be8","block_type":"box","text":"A sub-fund of Vanguard Funds PLC","page_number":1,"box":{"x":53,"y":160,"width":239,"height":10}},{"id":"d066993b-3b59-4863-b714-de5732acb089","block_type":"box","text":"(USD) Accumulating Shares","page_number":1,"box":{"x":515,"y":124,"width":200,"height":10}},{"id":"649cc4fb-9af1-41e8-939c-af37cfa2a251","block_type":"box","text":"ISIN: IE000TF6B304","page_number":1,"box":{"x":515,"y":142,"width":125,"height":7}},{"id":"2f772b94-57d1-41e1-96c1-95161737778f","block_type":"box","text":"Manager: Vanguard Group (Ireland) Limited (“VGIL”)","page_number":1,"box":{"x":515,"y":159,"width":312,"height":9}},{"id":"85522307-7056-4f85-b80a-f80be0dd2b32","block_type":"box","text":"Objectives and investment policy","page_number":1,"box":{"x":39,"y":192,"width":292,"height":13}},{"id":"d4eea75d-5dfb-4670-9747-ccea0fd45dd5","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":211,"width":4,"height":3}},{"id":"16d2453c-5589-427f-bbec-1e914b305dd8","block_type":"box","text":"The Fund employs a passive management – or indexing – investment \r\nhthh hil iitif itid kttk th","page_number":1,"box":{"x":52,"y":209,"width":435,"height":9}},{"id":"d2927490-c482-4a2d-a416-2cd4d15e4cd4","block_type":"box","text":"pypgg \r\napproach, through physical acquisition of securities, and seeks to track the \r\nff thBlbUS Hih Yild 250MM 2% ICd","page_number":1,"box":{"x":52,"y":217,"width":435,"height":9}},{"id":"0e0fc805-c96d-4ca2-ad4d-29e64eadc95d","block_type":"box","text":"pp, gpyq, \r\nperformance of the Bloomberg US High Yield 250MM 2% Issuer Capped \r\nId(th“Id”)","page_number":1,"box":{"x":53,"y":225,"width":434,"height":9}},{"id":"78793213-16db-458f-8d03-a931335744d3","block_type":"box","text":"p\r\nIndex (the “Index”).","page_number":1,"box":{"x":53,"y":234,"width":111,"height":9}},{"id":"aee72a20-7000-4a40-a2ac-bbc7b0285683","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":247,"width":4,"height":2}},{"id":"202588c5-892e-424f-9ad3-4132ea1b149a","block_type":"box","text":"The Fund invests in a portfolio of USD-denominated, fixed-rate, high yield \r\ntbd(hih ildbditd llblbd) tht","page_number":1,"box":{"x":52,"y":245,"width":435,"height":9}},{"id":"4cc26e88-4087-4195-8c14-5c925b0308f6","block_type":"box","text":"p, , gy\r\ncorporate bonds (which may include subordinated or callable bonds) that, \r\nfibld tiblitf ttilf","page_number":1,"box":{"x":52,"y":253,"width":434,"height":9}},{"id":"606e1382-ca9f-4b5f-be6f-0c0040c4ca17","block_type":"box","text":"p(y ) , \r\nso far as possible and practicable, consists of a representative sample of \r\ntht itif thId","page_number":1,"box":{"x":52,"y":261,"width":436,"height":9}},{"id":"0b5351b5-f042-4700-90d3-6a8e8dc93712","block_type":"box","text":"pp, \r\nthe component securities of the Index.","page_number":1,"box":{"x":52,"y":269,"width":226,"height":9}},{"id":"471b1db5-43ce-40a0-93a0-c975949c535f","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":283,"width":4,"height":2}},{"id":"f04ece5b-d168-4b89-b622-dc559b41929c","block_type":"box","text":"The Index provides a measure of the USD-denominated, high yield, fixed\r\nttbd ktSitihtid hih ild if","page_number":1,"box":{"x":52,"y":280,"width":435,"height":9}},{"id":"3056b43d-7310-4130-a871-ed7331d3dfdf","block_type":"box","text":"p, gy, \r\nrate corporate bond market. Securities are characterised as high yield if \r\nthiddltif Md’Fith d S&P iB1/BB/BBbl","page_number":1,"box":{"x":53,"y":288,"width":435,"height":9}},{"id":"b710e817-49d2-4e5f-8cb0-847c1bcc7f19","block_type":"box","text":"pgy\r\nthe middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below. \r\nIdliiblbdt ht ttdif t lt USD","page_number":1,"box":{"x":52,"y":297,"width":434,"height":9}},{"id":"03b1ae54-ed69-4a90-873e-18cea9ea2b6f","block_type":"box","text":"g y, \r\nIndex-eligible bonds must have an amount outstanding of at least USD \r\n250 illid i’ tkt iht id t 2% f th","page_number":1,"box":{"x":53,"y":305,"width":434,"height":9}},{"id":"0ffd5d54-c7fa-4769-9766-dacb9c92f9fd","block_type":"box","text":"gg \r\n250 million and issuers’ aggregate market weight is capped at 2% of the \r\nttl idkt lBdfikt idfid","page_number":1,"box":{"x":52,"y":313,"width":435,"height":9}},{"id":"5a2cf22d-0f40-4ac4-8c59-0741b46e5875","block_type":"box","text":"ggggpp\r\ntotal index market value. Bonds from emerging market issues, as defined \r\nbthididldd fthId","page_number":1,"box":{"x":52,"y":321,"width":435,"height":9}},{"id":"0958c47d-cdf7-40f8-a460-b939f4b569c5","block_type":"box","text":"gg \r\nby the index provider, are excluded from the Index.","page_number":1,"box":{"x":53,"y":329,"width":300,"height":9}},{"id":"da9ddee1-65aa-4b71-95c2-3428232f9169","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":343,"width":4,"height":2}},{"id":"021f9de1-8835-4f17-bb68-4a8a2fd1655e","block_type":"box","text":"The Fund may hold corporate bonds, which may be fixed or floating rate \r\nd ildbditd llblbdtht t t","page_number":1,"box":{"x":52,"y":341,"width":435,"height":8}},{"id":"6c8a1fd0-dcf3-4347-a34a-450a7e118386","block_type":"box","text":"y py g \r\nand may include subordinated or callable bonds, that are not components \r\nf thIdbt hik d thtitillbl","page_number":1,"box":{"x":52,"y":349,"width":435,"height":9}},{"id":"8920b413-75e3-44df-bf00-c77e399fb7a3","block_type":"box","text":"y , p\r\nof the Index, but whose risk and return characteristics closely resemble \r\nik d thtitif tittf thIdf thId","page_number":1,"box":{"x":52,"y":357,"width":435,"height":9}},{"id":"b0956ea4-64a5-4dc0-bd9b-06aff74529f6","block_type":"box","text":", y \r\nrisk and return characteristics of constituents of the Index or of the Index","page_number":1,"box":{"x":53,"y":365,"width":434,"height":7}},{"id":"a3e55202-3464-4d74-8a44-b436eb1144c0","block_type":"box","text":"as a whole. To a lesser extent the Fund may invest in similar types of \r\nt bdtidthId","page_number":1,"box":{"x":52,"y":373,"width":436,"height":9}},{"id":"24bc6e58-502c-4706-9bf6-7fda85e33b26","block_type":"box","text":"government bonds outside the Index.","page_number":1,"box":{"x":52,"y":382,"width":220,"height":8}},{"id":"5d7a981d-2ee7-4089-bb37-c3a8f183c490","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":395,"width":4,"height":2}},{"id":"08ef66c0-b0c9-4e7a-b887-0d82094359ac","block_type":"box","text":"The Fund may use derivatives in order to reduce risk or cost and/or \r\nttithA ditiifiil tt h","page_number":1,"box":{"x":52,"y":393,"width":436,"height":8}},{"id":"e885c32c-987b-4428-beb4-dbdfa32b64e1","block_type":"box","text":"y \r\ngenerate extra income or growth. A derivative is a financial contract whose \r\nlibd thlf fiil t (h hbd","page_number":1,"box":{"x":52,"y":401,"width":435,"height":9}},{"id":"71f3ec1b-be85-4613-acf6-fec16d11585a","block_type":"box","text":"gg\r\nvalue is based on the value of a financial asset (such as a share, bond, or \r\n) kt id","page_number":1,"box":{"x":52,"y":409,"width":436,"height":9}},{"id":"4bc0aaf0-182a-42bf-9412-adc0bef34ef2","block_type":"box","text":"currency) or a market index.","page_number":1,"box":{"x":52,"y":417,"width":166,"height":9}},{"id":"6cf0d67e-c36d-41d6-b715-f9bbb92dbf3a","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":431,"width":4,"height":2}},{"id":"3adb781f-9f0d-4cf3-8bf0-dfb045ee4864","block_type":"box","text":"The base currency of the Fund is USD.","page_number":1,"box":{"x":52,"y":428,"width":231,"height":9}},{"id":"3316cda7-e2bc-4d8d-b1bf-8905860b41fb","block_type":"box","text":"•","page_number":1,"box":{"x":38,"y":442,"width":4,"height":2}},{"id":"e213faa6-0d5d-4b98-a8ef-4f3ba35babaf","block_type":"box","text":"The Fund may invest in rule 144a securities, some of which will not meet \r\nthFd’tdd liibilititid blliid","page_number":1,"box":{"x":52,"y":439,"width":435,"height":9}},{"id":"8016ec6d-00be-4f2a-9c29-6a1df6be99d9","block_type":"box","text":"y , \r\nthe Fund’s standard eligibility criteria and may be less liquid.","page_number":1,"box":{"x":52,"y":447,"width":357,"height":9}},{"id":"76eb9733-6645-47d2-b6d2-dc3ce637ef4d","block_type":"box","text":"•","page_number":1,"box":{"x":512,"y":210,"width":3,"height":2}},{"id":"b4cb10bd-bff7-41e3-8996-37bcee3dbb6f","block_type":"box","text":"The Fund attempts to remain fully invested and hold small amounts of cash \r\nt itdiktlitil iilditihth","page_number":1,"box":{"x":526,"y":208,"width":434,"height":9}},{"id":"a66a5f83-347d-4034-8cc2-54901b649f0f","block_type":"box","text":"py \r\nexcept in extraordinary market, political or similar conditions where the \r\nFd tildt fthiitt litid l","page_number":1,"box":{"x":526,"y":216,"width":435,"height":9}},{"id":"2f0eea75-ceb8-453b-a158-8640e3031c83","block_type":"box","text":"py , p\r\nFund may temporarily depart from this investment policy to avoid losses.","page_number":1,"box":{"x":527,"y":224,"width":428,"height":9}},{"id":"f92a311e-6dd8-4099-8fcf-172aa296b561","block_type":"box","text":"•","page_number":1,"box":{"x":512,"y":238,"width":3,"height":2}},{"id":"906553b7-c44a-428f-aa28-22690a95a361","block_type":"box","text":"The Fund may invest in securities which are denominated in currencies \r\nthththbMtiht","page_number":1,"box":{"x":526,"y":235,"width":435,"height":9}},{"id":"20c239d7-c979-4ec6-85eb-2025eb781228","block_type":"box","text":"y \r\nother than the base currency. Movements in currency exchange rates can \r\nfft thtf itt","page_number":1,"box":{"x":526,"y":243,"width":434,"height":9}},{"id":"a6845728-4762-4d4c-a4d3-43b91d52aaeb","block_type":"box","text":"y\r\naffect the return of investments.","page_number":1,"box":{"x":526,"y":251,"width":187,"height":8}},{"id":"43665917-9b17-4f43-9220-3a1e661aa7e4","block_type":"box","text":"•","page_number":1,"box":{"x":512,"y":265,"width":3,"height":2}},{"id":"e2bba313-794d-4377-a598-a356fc9be221","block_type":"box","text":"The Fund is appropriate for long-term investment. You should have an \r\nitt hif t lt 3","page_number":1,"box":{"x":526,"y":263,"width":434,"height":8}},{"id":"391daded-8a01-4990-b63d-da39210adef5","block_type":"box","text":"pppg\r\ninvestment horizon of at least 3 years.","page_number":1,"box":{"x":527,"y":271,"width":224,"height":9}},{"id":"a1e51795-c85f-4b77-b9a8-48181264bcea","block_type":"box","text":"•","page_number":1,"box":{"x":512,"y":284,"width":3,"height":3}},{"id":"ccf2a903-ed52-4a26-8534-efc08b794768","block_type":"box","text":"Income from the ETF Shares will be reinvested and reflected in the price \r\nf hithETF","page_number":1,"box":{"x":527,"y":282,"width":434,"height":9}},{"id":"3661bab3-511b-43c1-9ba5-d80268c3b20e","block_type":"box","text":"of shares in the ETF.","page_number":1,"box":{"x":526,"y":290,"width":123,"height":7}},{"id":"2a549981-8f55-4b93-b25a-24bee4775367","block_type":"box","text":"•","page_number":1,"box":{"x":512,"y":303,"width":3,"height":3}},{"id":"6598ba8e-23f9-41be-8e16-0ff7b3d48719","block_type":"box","text":"Portfolio transaction costs will have an impact on performance.","page_number":1,"box":{"x":527,"y":301,"width":370,"height":9}},{"id":"6370fca4-3172-4ef0-a873-73a3861acc54","block_type":"box","text":"•","page_number":1,"box":{"x":512,"y":314,"width":3,"height":3}},{"id":"a2dbd6c4-5281-4921-a203-d7482c458889","block_type":"box","text":"ETF Shares in the Fund can be bought or sold on a daily basis (save on \r\ntibk / blihlidd bjt ttititidibd","page_number":1,"box":{"x":527,"y":312,"width":433,"height":9}},{"id":"b3c13209-7ebc-4669-94c5-a2058141a6b0","block_type":"box","text":"gy (\r\ncertain bank / public holidays and subject to certain restrictions described \r\niAdi1 f thPtitSlt)ETF Sh","page_number":1,"box":{"x":526,"y":320,"width":434,"height":9}},{"id":"820fce70-b426-407e-9aba-fcce0bf61db0","block_type":"box","text":"pyj\r\nin Appendix 1 of the Prospectus or in a separate Supplement). ETF Shares \r\nlitd tk h()Sbjt ttiti","page_number":1,"box":{"x":527,"y":328,"width":434,"height":9}},{"id":"71309877-290a-471e-8bf1-a02eb1356344","block_type":"box","text":"pppppp)\r\nare listed on one or more stock exchange(s). Subject to certain exceptions \r\nt t ithPtitht Athid Ptiit","page_number":1,"box":{"x":526,"y":337,"width":435,"height":9}},{"id":"31a00175-9e40-4e6e-81f7-62363c42066d","block_type":"box","text":"g()jp\r\nset out in the Prospectus, investors who are not Authorised Participants \r\nlbll ETF Shthh tht ibf","page_number":1,"box":{"x":526,"y":345,"width":435,"height":9}},{"id":"6df46f6d-d250-4a11-98a9-302d067b91cf","block_type":"box","text":"p, p\r\nmay only buy or sell ETF Shares through a company that is a member of \r\nlt tk ht tihtht tk hi","page_number":1,"box":{"x":527,"y":353,"width":435,"height":9}},{"id":"21a6b98d-0699-4778-a1b2-882303967a80","block_type":"box","text":"y y y gpy \r\na relevant stock exchange at any time when that stock exchange is open \r\nfbiA lit f thdhih hithFd t b","page_number":1,"box":{"x":526,"y":361,"width":434,"height":9}},{"id":"bbb8708c-df9e-402c-ac3e-280cf8e565fa","block_type":"box","text":"gy gp\r\nfor business. A list of the days on which shares in the Fund cannot be \r\nbht ld iilblhtt//fddd/hlid","page_number":1,"box":{"x":526,"y":369,"width":435,"height":9}},{"id":"a195a206-2c94-417a-a7c9-236f9c44fba4","block_type":"box","text":"y\r\nbought or sold is available on \r\nlddfdlET","page_number":1,"box":{"x":527,"y":378,"width":188,"height":9}},{"id":"069559c4-4c10-4bb4-b71f-083fda3988e9","block_type":"box","text":"https://fund-docs.vanguard.com/holiday\r\nFdf","page_number":1,"box":{"x":723,"y":378,"width":238,"height":9}},{"id":"662480d1-32cf-4c30-a560-f1d5a66034b0","block_type":"box","text":"gp\r\ncalendar-vanguard-funds-plc-ETFs.pdf","page_number":1,"box":{"x":526,"y":386,"width":230,"height":9}},{"id":"5cf11431-5610-4d34-86cf-c492abdbe452","block_type":"box","text":"For further information about the objectives and investment policy of \r\nthFdll thliitd ltihiith thIdid","page_number":1,"box":{"x":512,"y":399,"width":450,"height":9}},{"id":"8bc6d568-b783-486a-8187-96bf11edf32f","block_type":"box","text":"jpy \r\nthe Fund, as well as the limited relationship with the Index provider, \r\nlthlt fthFd (\"Slt\") d Adi","page_number":1,"box":{"x":512,"y":407,"width":448,"height":9}},{"id":"ad812c76-ca14-4d96-b71a-fb8a64b6f84f","block_type":"box","text":", p p, \r\nplease see the supplement for the Fund (\"Supplement\") and Appendix \r\n6 f thVd Fdlt(th\"Pt\")","page_number":1,"box":{"x":512,"y":416,"width":449,"height":8}},{"id":"e659bfaa-ee1b-422f-8ca5-66e706088a8f","block_type":"box","text":"ppp(pp) pp\r\n6 of the Vanguard Funds plc prospectus (the \"Prospectus\") on our \r\nbitt htt//lbld","page_number":1,"box":{"x":512,"y":424,"width":450,"height":9}},{"id":"dca76e03-c909-4dfb-a10b-3a8d558cda64","block_type":"box","text":"website at","page_number":1,"box":{"x":511,"y":432,"width":65,"height":7}},{"id":"4cb6e5d6-d6ea-49f2-afe9-adcce99215b4","block_type":"box","text":"gppp\r\nhttps://global.vanguard.com","page_number":1,"box":{"x":581,"y":432,"width":178,"height":9}},{"id":"c37f8973-4d29-418c-b8e3-a82c64a15809","block_type":"box","text":"Risk and reward profile","page_number":1,"box":{"x":40,"y":464,"width":203,"height":13}},{"id":"04294bd0-a891-4305-ae1c-801bfb26b0ab","block_type":"box","text":"Lower risk","page_number":1,"box":{"x":58,"y":483,"width":53,"height":6}},{"id":"86957897-bb0c-4157-af9d-58b5c04b72e6","block_type":"box","text":"Higher risk","page_number":1,"box":{"x":414,"y":483,"width":55,"height":8}},{"id":"5e8ff4e5-d6c9-4959-8865-881b98aef33c","block_type":"box","text":"Typically lower rewards","page_number":1,"box":{"x":57,"y":503,"width":122,"height":8}},{"id":"e1d14230-8ff3-446d-b909-3a297784ab43","block_type":"box","text":"Typically higher 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indicator is based on historical data and may not be a reliable \r\niditif thftik filf thFd","page_number":1,"box":{"x":53,"y":549,"width":435,"height":9}},{"id":"b7416a16-2073-4bb9-b45f-81005b45fc4b","block_type":"box","text":"indication of the future risk profile of the Fund.","page_number":1,"box":{"x":53,"y":558,"width":271,"height":8}},{"id":"90c72d09-0495-4c9a-85a1-229ca948157a","block_type":"box","text":"•","page_number":1,"box":{"x":39,"y":571,"width":3,"height":2}},{"id":"94f41d1e-e67a-4cf6-b642-ac35f6e3fd72","block_type":"box","text":"The risk category shown is not guaranteed and may change over time.","page_number":1,"box":{"x":53,"y":569,"width":417,"height":8}},{"id":"168d4cb8-8d3b-43bd-a605-09963ab936bc","block_type":"box","text":"•","page_number":1,"box":{"x":39,"y":582,"width":3,"height":2}},{"id":"275226d9-59b1-44a6-8847-567aa021c982","block_type":"box","text":"The lowest category does not mean “risk 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This means the Fund is more sensitive to any localised \r\niktlitil ltt","page_number":1,"box":{"x":53,"y":654,"width":434,"height":9}},{"id":"3e06230e-548b-46d3-ab94-f5b3c1a461b6","block_type":"box","text":"p\r\neconomic, market, political or regulatory events.","page_number":1,"box":{"x":53,"y":662,"width":283,"height":9}},{"id":"584f2338-562e-4ea6-bb41-1b446845b8a0","block_type":"box","text":"- Use of derivatives. 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The insolvency of any institutions providing services \r\nh fkif ttitttditi","page_number":1,"box":{"x":527,"y":530,"width":435,"height":9}},{"id":"9546d6c7-8bc4-4eb9-8d93-82f8bd2e6b5c","block_type":"box","text":"py y y pg \r\nsuch as safekeeping of assets or acting as counterparty to derivatives or \r\nthittthFd tfiil l","page_number":1,"box":{"x":527,"y":539,"width":436,"height":9}},{"id":"6eed3c76-dfb6-44c5-823a-6c7dac88dba2","block_type":"box","text":"pg g py \r\nother instruments, may expose the Fund to financial loss.","page_number":1,"box":{"x":527,"y":547,"width":338,"height":9}},{"id":"295b45f6-d193-4364-87bf-8d21392ad9c1","block_type":"box","text":"•","page_number":1,"box":{"x":513,"y":560,"width":3,"height":3}},{"id":"d90b649f-e791-470a-a1b7-a34f3229f2df","block_type":"box","text":"Liquidity risk. Lower liquidity means there are insufficient buyers or sellers \r\ntllthFd tll bittdilThild th","page_number":1,"box":{"x":527,"y":558,"width":435,"height":9}},{"id":"b689f31a-2909-4742-9747-abacc1a6a4df","block_type":"box","text":"qy qy y\r\nto allow the Fund to sell or buy investments readily. This could cause the \r\nFd tihihthbilliittld","page_number":1,"box":{"x":527,"y":566,"width":435,"height":9}},{"id":"6a97683e-3bd8-4aa5-a081-c3055cf516dd","block_type":"box","text":"y y\r\nFund to incur higher costs when buying or selling investments or could \r\ntht thFd it bltbll itthit ld","page_number":1,"box":{"x":528,"y":574,"width":433,"height":9}},{"id":"c8b3a36b-e504-48f3-8c47-2db82db391e0","block_type":"box","text":"gyg g \r\nmean that the Fund is not able to buy or sell investments when it would \r\nliktd","page_number":1,"box":{"x":527,"y":583,"width":434,"height":8}},{"id":"5ee97971-88b3-4131-9f98-c718e7d716c7","block_type":"box","text":"like to do so.","page_number":1,"box":{"x":527,"y":591,"width":74,"height":7}},{"id":"d3c415f5-a5d9-4679-b8b0-d42e183cfa76","block_type":"box","text":"•","page_number":1,"box":{"x":513,"y":604,"width":3,"height":2}},{"id":"1a043a05-1045-4fea-a8e0-697b542ee919","block_type":"box","text":"High Yield Bonds Risk. High yield bonds are issued by lower-rated \r\nid hihik tht thit bblt","page_number":1,"box":{"x":527,"y":602,"width":434,"height":9}},{"id":"ac52327b-8dad-4334-901b-b05bdb68020e","block_type":"box","text":"ggyy \r\ncompanies and carry a higher risk that the issuer may not be able to repay \r\nht it Thittlbfftd bi","page_number":1,"box":{"x":527,"y":610,"width":435,"height":9}},{"id":"64277b56-68ef-4db3-8bf6-36c39900b74b","block_type":"box","text":"py gy py \r\nwhat it owes. These investments can also be more affected by economic \r\nditiithilid fll hld th","page_number":1,"box":{"x":526,"y":618,"width":436,"height":9}},{"id":"ee5a57c2-cae5-4ff4-b829-2db816152cda","block_type":"box","text":"y \r\nconditions, meaning their value may rise and fall more sharply and the \r\nFd ld il","page_number":1,"box":{"x":527,"y":626,"width":435,"height":9}},{"id":"2a95dac7-f766-486d-86c9-86d961d77c8c","block_type":"box","text":"g \r\nFund could incur losses.","page_number":1,"box":{"x":528,"y":635,"width":142,"height":7}},{"id":"330dfa4b-fffe-49b6-9891-574eee99d055","block_type":"box","text":"For further information on risks please see the “Risk Factors” section \r\nf thPtbitt htt//lbld","page_number":1,"box":{"x":513,"y":646,"width":448,"height":8}},{"id":"6713a4da-fdaa-4c82-bd63-feb805b5d244","block_type":"box","text":"p\r\nof the Prospectus on our website at","page_number":1,"box":{"x":513,"y":654,"width":227,"height":9}},{"id":"071aa530-4448-4f5e-acdd-f2c0ea04201e","block_type":"box","text":"https://global.vanguard.com","page_number":1,"box":{"x":745,"y":654,"width":178,"height":9}},{"id":"ec03c5ab-abdd-4ac1-b906-264cc8f90ff9","block_type":"box","text":"Charges","page_number":2,"box":{"x":39,"y":35,"width":74,"height":13}},{"id":"7c3d155c-9cee-4190-8eb3-fe59d937a3a5","block_type":"box","text":"The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential \r\nth f itt","page_number":2,"box":{"x":38,"y":52,"width":923,"height":9}},{"id":"eb614887-f42f-4289-928f-ebb607daac10","block_type":"box","text":"gypy \r\ngrowth of your investment.","page_number":2,"box":{"x":38,"y":60,"width":156,"height":9}},{"id":"90ba3dcd-091a-48f3-9815-ba4fc7c6056c","block_type":"box","text":"One-off charges taken before or after you invest","page_number":2,"box":{"x":42,"y":74,"width":285,"height":9}},{"id":"39ec6946-e06c-41c7-9e5f-e2e3f90bc232","block_type":"box","text":"Entry charge*","page_number":2,"box":{"x":51,"y":92,"width":80,"height":9}},{"id":"f7571f12-b568-4f09-9c98-74aa0c7f536a","block_type":"box","text":"None","page_number":2,"box":{"x":452,"y":92,"width":31,"height":7}},{"id":"79af056c-fca5-41ee-8c95-0865ee1ef6db","block_type":"box","text":"Exit charge*","page_number":2,"box":{"x":51,"y":110,"width":71,"height":9}},{"id":"ea8cb161-31d8-4f1d-be11-542d1b27f03c","block_type":"box","text":"None","page_number":2,"box":{"x":452,"y":110,"width":31,"height":7}},{"id":"cf04e606-3fe5-4998-b3b2-b831f623f1d6","block_type":"box","text":"This is the maximum that might be taken out of your money before it is","page_number":2,"box":{"x":48,"y":126,"width":430,"height":9}},{"id":"7999e171-a771-4c63-a841-49b6b82ec8d8","block_type":"box","text":"invested / before the proceeds of your investment are paid out.","page_number":2,"box":{"x":48,"y":137,"width":371,"height":9}},{"id":"50e9731f-0ed1-487d-b32d-6f0616fbaaae","block_type":"box","text":"Charges taken from the Fund over a year","page_number":2,"box":{"x":42,"y":151,"width":245,"height":9}},{"id":"7bb85df4-5ffb-4c3d-9150-418a2f321ec5","block_type":"box","text":"Ongoing charges","page_number":2,"box":{"x":51,"y":169,"width":101,"height":9}},{"id":"1e125f86-adf5-4883-8dd5-1e9538f4c730","block_type":"box","text":"0.15%","page_number":2,"box":{"x":446,"y":169,"width":36,"height":7}},{"id":"57a9abea-9008-4b32-9dca-ac674fe56c51","block_type":"box","text":"Charges taken from the Fund under certain specific conditions","page_number":2,"box":{"x":42,"y":186,"width":369,"height":9}},{"id":"795c20ae-4c70-431d-925b-408a57b00384","block_type":"box","text":"Performance fee","page_number":2,"box":{"x":51,"y":207,"width":98,"height":7}},{"id":"bfb899da-c8f5-4b56-899c-3ab058e04b3b","block_type":"box","text":"None","page_number":2,"box":{"x":452,"y":201,"width":31,"height":7}},{"id":"8558f482-f5c3-42e5-abe6-858b9c31780e","block_type":"box","text":"Investors who are not Authorised Participants (\"APs\") may have to pay fees \r\nttkbkhbll tk h()Thf","page_number":2,"box":{"x":513,"y":72,"width":449,"height":9}},{"id":"bbbff99a-1f2e-4bfb-bde2-8de648b93a52","block_type":"box","text":"p() y py \r\nto a stockbroker when you buy or sell on stock exchange(s). The fees are \r\nilblditlftkbkd t hd bbl","page_number":2,"box":{"x":512,"y":81,"width":450,"height":8}},{"id":"3f049702-1a51-41be-b118-a30b4d41d832","block_type":"box","text":"yy g()\r\navailable directly from your stockbroker and are not charged by, or payable \r\ntthFd","page_number":2,"box":{"x":513,"y":89,"width":449,"height":9}},{"id":"435e299a-2df5-46de-b643-1168593e6827","block_type":"box","text":"to, the Fund.","page_number":2,"box":{"x":512,"y":97,"width":74,"height":8}},{"id":"51872867-2c4e-4865-9316-6a4482782694","block_type":"box","text":"The entry and exit charges shown are maximum figures and in some cases \r\niht lItfid t thtl td it h","page_number":2,"box":{"x":512,"y":108,"width":450,"height":9}},{"id":"967faace-271e-4ad0-9655-8b573833dd0a","block_type":"box","text":"y gg\r\nyou might pay less. Investors can find out the actual entry and exit charges \r\nfthiditibtd di","page_number":2,"box":{"x":512,"y":116,"width":450,"height":9}},{"id":"9ad04e36-cabf-4333-a40b-1dd57b3113f0","block_type":"box","text":"ygpy \r\nfrom their distributor and or adviser.","page_number":2,"box":{"x":512,"y":124,"width":211,"height":7}},{"id":"d94457ab-a464-4630-97b1-6e1445fb3e7b","block_type":"box","text":"APs dealing directly with the Fund will pay related transaction costs. For cash \r\ntidtithbh ttiff i","page_number":2,"box":{"x":512,"y":136,"width":449,"height":8}},{"id":"cb2c33fe-dff9-4e08-a500-07def20b810f","block_type":"box","text":"g y py \r\ncreations or redemptions there may be a cash transaction fee of a maximum \r\nf 2% hih iid tthFdd ll ttiill hitd","page_number":2,"box":{"x":513,"y":144,"width":449,"height":9}},{"id":"4944e332-d92f-44bc-b59b-f858d35ddac5","block_type":"box","text":"py \r\nof 2% which is paid to the Fund, and all transactions will have associated \r\nttitItht APill t thft","page_number":2,"box":{"x":513,"y":152,"width":448,"height":9}},{"id":"5a555762-d2f9-4c6e-a97c-40102fa3a5ab","block_type":"box","text":"p, \r\ntransaction costs. Investors who are not APs will not pay these fees or costs.","page_number":2,"box":{"x":512,"y":160,"width":449,"height":9}},{"id":"31b7ac9c-3ff0-4d46-a9f3-8e420bea095d","block_type":"box","text":"* In the case of a large subscription or redemption by an investor, that \r\nithtdditil h(tidiltil) tth","page_number":2,"box":{"x":513,"y":171,"width":449,"height":9}},{"id":"9ea96839-ed5a-472c-8b82-d751d1880e33","block_type":"box","text":"gppy , \r\ninvestor may have to pay an additional charge (e.g. anti-dilution levy) to the \r\nFd tttitid","page_number":2,"box":{"x":513,"y":179,"width":449,"height":9}},{"id":"a9f6f3c0-7d8f-413c-9ee5-d34873a41172","block_type":"box","text":"y py \r\nFund to cover transaction costs incurred.","page_number":2,"box":{"x":513,"y":188,"width":241,"height":6}},{"id":"7f47a70b-6108-4440-a88d-5745fe16bc29","block_type":"box","text":"Ongoing charges have not been based on an ex-post calculation as the \r\nhllhd lthldOih","page_number":2,"box":{"x":513,"y":199,"width":449,"height":8}},{"id":"99cee787-c81c-4b3a-bd08-756729e537e4","block_type":"box","text":"gg gp\r\nshare class was launched less than one calendar year ago. Ongoing charges \r\nhdilbtitd bd thtd ttl f htht","page_number":2,"box":{"x":513,"y":207,"width":449,"height":9}},{"id":"fc676352-4056-4b6a-9527-3e1c97ef2848","block_type":"box","text":"yggg g\r\nhave accordingly been estimated based on the expected total of charges that \r\nill btkfthtf thFd thf It","page_number":2,"box":{"x":513,"y":215,"width":449,"height":9}},{"id":"70890340-4939-4809-8e32-da40be427a39","block_type":"box","text":"gy pg\r\nwill be taken from the assets of the Fund over the course of a year. It \r\nldtflittit","page_number":2,"box":{"x":512,"y":223,"width":450,"height":9}},{"id":"e56e46e1-a62e-456d-8995-d2400b8af19a","block_type":"box","text":"excludes portfolio transaction costs.","page_number":2,"box":{"x":513,"y":231,"width":211,"height":9}},{"id":"8262c3e6-c6bd-4269-8285-2e9f71e02407","block_type":"box","text":"For further information about charges, please see the Supplement and \r\nthtititld “BiSh”“RdiSh”d “F","page_number":2,"box":{"x":513,"y":242,"width":449,"height":9}},{"id":"ceab34ec-e882-4189-b278-db8d6894d848","block_type":"box","text":"g, ppp\r\nthe sections entitled “Buying Shares”, “Redeeming Shares”, and “Fees \r\nd E” ithPtbitt","page_number":2,"box":{"x":512,"y":251,"width":450,"height":8}},{"id":"c4f396d4-e3d7-418d-85ae-a063b828a253","block_type":"box","text":"yg , g , \r\nand Expenses” in the Prospectus on our website at 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share class has not yet launched.","page_number":2,"box":{"x":527,"y":339,"width":227,"height":9}},{"id":"f34f9e65-cc78-4b2d-ae9a-5d08cfd9c54b","block_type":"box","text":"Practical information","page_number":2,"box":{"x":40,"y":587,"width":179,"height":11}},{"id":"35ee7f39-f6dd-4a07-b649-e649c31fd198","block_type":"box","text":"•","page_number":2,"box":{"x":39,"y":606,"width":3,"height":3}},{"id":"24640a83-c02e-4ef0-96b9-ab34ae68bd20","block_type":"box","text":"Depositary:","page_number":2,"box":{"x":53,"y":604,"width":72,"height":9}},{"id":"d1effc1d-330c-4821-8c85-65c9b567c43d","block_type":"box","text":"Brown Brothers Harriman Trustee Services (Ireland) Limited.","page_number":2,"box":{"x":131,"y":604,"width":359,"height":9}},{"id":"d69e6b4a-1877-4c4f-9f85-3359b4041c84","block_type":"box","text":"•","page_number":2,"box":{"x":39,"y":617,"width":3,"height":3}},{"id":"bcb8801f-49d3-4fd2-9168-faa29e280a65","block_type":"box","text":"Documents, prices of shares and further information: 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