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Investors should,","page_number":21,"box":{"x":119,"y":444,"width":766,"height":12}},{"id":"01d1d8c7-1fad-41fe-ab64-51412aba4c59","block_type":"box","text":"however, note the risk factor","page_number":21,"box":{"x":119,"y":459,"width":224,"height":11}},{"id":"dd07b1cb-f69d-41ce-bab4-a58433b19faf","block_type":"box","text":"The Umbrella Structure of the Company and Segregated Liability","page_number":21,"box":{"x":346,"y":459,"width":539,"height":12}},{"id":"f38dfd7c-2fc8-48f0-a126-2786c121e7a5","block_type":"box","text":"between Funds","page_number":21,"box":{"x":119,"y":474,"width":118,"height":9}},{"id":"7c1d80a8-b22f-4f71-887b-dc80530b2dd3","block_type":"box","text":"under the “","page_number":21,"box":{"x":242,"y":474,"width":81,"height":9}},{"id":"cd5662a7-622c-4012-acbc-46ad010131c2","block_type":"box","text":"Risk Factors","page_number":21,"box":{"x":324,"y":474,"width":99,"height":9}},{"id":"49dd3413-5b69-41b6-863f-dbc3e23a00c8","block_type":"box","text":"” section of this Prospectus.","page_number":21,"box":{"x":425,"y":474,"width":203,"height":12}},{"id":"0ec8bad2-0bac-4334-ac70-56c1e0dee472","block_type":"box","text":"Under the Constitution, the Directors may establish separate Funds, with separate records, for one or","page_number":21,"box":{"x":119,"y":503,"width":766,"height":12}},{"id":"000ad485-29ab-4da1-a492-2735915ac645","block_type":"box","text":"more classes of Shares in the following manner:","page_number":21,"box":{"x":119,"y":518,"width":354,"height":12}},{"id":"23b5a840-6a9f-4c31-88aa-38f2563f91c6","block_type":"box","text":"(a)","page_number":21,"box":{"x":119,"y":547,"width":20,"height":12}},{"id":"5877ceac-fd7c-4236-8989-b369718786ba","block_type":"box","text":"The Company will keep separate books of account for each Fund in the Base Currency of the","page_number":21,"box":{"x":179,"y":547,"width":706,"height":12}},{"id":"75b71b50-ddd8-48d8-a69e-0c1f4fd40504","block_type":"box","text":"relevant Fund. 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shall be segregated in the records","page_number":21,"box":{"x":179,"y":622,"width":706,"height":12}},{"id":"2535a4ea-77fe-447f-a0ea-02367d8ac426","block_type":"box","text":"of the","page_number":21,"box":{"x":179,"y":637,"width":46,"height":9}},{"id":"404b104b-7ae2-433b-9bf3-9d0bdd2706a8","block_type":"box","text":"Depositary","page_number":21,"box":{"x":226,"y":637,"width":80,"height":12}},{"id":"f6173479-71fe-4703-bd90-500f42a88a9d","block_type":"box","text":"from the assets of other Funds, and shall not (save as provided in the Act), be","page_number":21,"box":{"x":312,"y":637,"width":573,"height":12}},{"id":"8d5bdafc-6119-4f21-a693-a8bbc0b7ba84","block_type":"box","text":"used to discharge directly or indirectly the liabilities of or claims against any other Fund and","page_number":21,"box":{"x":178,"y":652,"width":707,"height":12}},{"id":"353cb546-75b8-4589-9aae-94f7a486fd74","block_type":"box","text":"shall not be available for such 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The Manager has delegated responsibility for the","page_number":22,"box":{"x":119,"y":533,"width":766,"height":12}},{"id":"85e18082-cf8a-41fa-8bd6-b88a16f26583","block_type":"box","text":"investment, management and disposal of the assets of the Fund to the relevant Investment Manager.","page_number":22,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"a388e193-f43f-489d-9237-4f7a30a7c05b","block_type":"box","text":"The Manager has delegated responsibility for the di","page_number":22,"box":{"x":119,"y":563,"width":380,"height":12}},{"id":"09214292-4ba4-46d9-aab3-7af85d041f8b","block_type":"box","text":"stribution of Shares to the Distributor.","page_number":22,"box":{"x":501,"y":563,"width":279,"height":9}},{"id":"e4e64d85-c045-4617-b126-0899cfe438f4","block_type":"box","text":"The Directors are listed below with their principal occupations. 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Any third party to whom the Depositary delegates its safekeeping functions in accordance with the","page_number":30,"box":{"x":119,"y":416,"width":766,"height":12}},{"id":"c95c69ce-701c-4966-92cc-c921e49c9f11","block_type":"box","text":"UCITS Regulations may, in turn, sub","page_number":30,"box":{"x":119,"y":431,"width":271,"height":11}},{"id":"871c6899-0656-42dd-9f67-c0c14266450c","block_type":"box","text":"-","page_number":30,"box":{"x":391,"y":436,"width":5,"height":1}},{"id":"64e6ea2b-5643-4f2c-b314-7cfe85add2b5","block_type":"box","text":"delegate those functions s","page_number":30,"box":{"x":397,"y":431,"width":187,"height":11}},{"id":"f9cefc50-67ad-4647-afe2-906808869211","block_type":"box","text":"ubject to the same requirements as apply","page_number":30,"box":{"x":585,"y":431,"width":300,"height":11}},{"id":"ef1a616b-67ec-4cb5-bd76-0f2b02d60d34","block_type":"box","text":"to any delegation effected directly by the Depositary. The liability of the Depositary under the UCITS","page_number":30,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"568e3c93-458a-47c1-a4fc-f60680678797","block_type":"box","text":"Regulations will not be affected by any delegation of its safekeeping functions.","page_number":30,"box":{"x":119,"y":461,"width":583,"height":12}},{"id":"4c4f0e6f-f168-4af2-9a43-ebc543e6fb95","block_type":"box","text":"The Depositary has delegated safekeeping of the Company’s assets to Brown Brothers Harriman & Co.","page_number":30,"box":{"x":119,"y":490,"width":766,"height":12}},{"id":"82b8768b-d63f-40de-9347-ba87e7145eec","block_type":"box","text":"(“","page_number":30,"box":{"x":119,"y":505,"width":14,"height":12}},{"id":"53eea538-0a14-4e21-a1e0-ccd67573b007","block_type":"box","text":"BBH&Co","page_number":30,"box":{"x":134,"y":505,"width":75,"height":9}},{"id":"2e54d27b-4965-4b5c-b198-44ac9a571297","block_type":"box","text":".”), its global sub","page_number":30,"box":{"x":211,"y":505,"width":126,"height":12}},{"id":"caf2a7ed-df7b-4576-a9ef-dd2e1f191b30","block_type":"box","text":"-","page_number":30,"box":{"x":338,"y":511,"width":5,"height":1}},{"id":"84825946-8871-407f-b60a-73677b396a58","block_type":"box","text":"custodian, through which it has access to BBH&Co.’s global network of","page_number":30,"box":{"x":344,"y":505,"width":541,"height":12}},{"id":"97785a31-d326-4930-a6b3-1ceba51f9152","block_type":"box","text":"sub","page_number":30,"box":{"x":120,"y":520,"width":24,"height":9}},{"id":"430b7817-e76d-4629-803b-473b74d13a27","block_type":"box","text":"-","page_number":30,"box":{"x":145,"y":526,"width":5,"height":1}},{"id":"4573b3dc-c34e-4c87-8e6a-4e53eaec0fa8","block_type":"box","text":"custodians (the “","page_number":30,"box":{"x":151,"y":520,"width":125,"height":12}},{"id":"e1b5e336-97a5-4350-8bd8-9c5a3bdae646","block_type":"box","text":"Global Custody Network","page_number":30,"box":{"x":277,"y":520,"width":198,"height":12}},{"id":"88d89927-83f6-42e0-8876-c2dcf8226265","block_type":"box","text":"”). BBH&Co.’s Global Custody Network covers more","page_number":30,"box":{"x":476,"y":520,"width":409,"height":12}},{"id":"8fa931b0-faa7-492b-9b8f-1b3ff1c5b3f7","block_type":"box","text":"than 100 markets worldwide. The entities to whom safekeeping of the Company’s assets have been sub","page_number":30,"box":{"x":119,"y":535,"width":755,"height":12}},{"id":"8152530a-300f-4047-be61-f59d80c6f0b3","block_type":"box","text":"delegated as at the date of this Prospectus are set out at","page_number":30,"box":{"x":119,"y":550,"width":410,"height":12}},{"id":"20d51736-0120-4b1b-8db2-a2433ba66ba5","block_type":"box","text":"Appendix 8","page_number":30,"box":{"x":529,"y":550,"width":91,"height":12}},{"id":"037a9a21-9cee-4c79-8648-e440372bde7e","block_type":"box","text":".","page_number":30,"box":{"x":622,"y":558,"width":2,"height":1}},{"id":"c31e76f5-21aa-4343-b01b-543495f76ed7","block_type":"box","text":"In accordance with the UCITS Regulations, the Depositary must not carry out activities with regard to","page_number":30,"box":{"x":119,"y":579,"width":766,"height":12}},{"id":"67c799b3-e5f6-4c06-9a8b-5e26c35109a1","block_type":"box","text":"the Company or with regard to the Manager acting on behalf of the Company that may create conflicts","page_number":30,"box":{"x":119,"y":594,"width":766,"height":12}},{"id":"7734ab38-502c-4716-8ae4-33492c3ff134","block_type":"box","text":"of interest between itself and (i) the Company, (ii) t","page_number":30,"box":{"x":119,"y":609,"width":389,"height":12}},{"id":"246c1afa-87d4-4971-8ab2-9d2478e0c228","block_type":"box","text":"he Shareholders and/or (iii) the Manager unless it","page_number":30,"box":{"x":508,"y":609,"width":377,"height":12}},{"id":"dfcfa58d-9bba-4775-9a89-0972aa4494a3","block_type":"box","text":"has separated the performance of its depositary tasks from its other potentially conflicting tasks in","page_number":30,"box":{"x":119,"y":624,"width":766,"height":12}},{"id":"72feee13-bb21-450e-87b2-874952b3e94b","block_type":"box","text":"accordance with the UCITS Regulations and the potential conflicts are identified, managed, monitored","page_number":30,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"0075c0ee-6a58-44ff-807c-1935dfd0daaf","block_type":"box","text":"an","page_number":30,"box":{"x":119,"y":657,"width":17,"height":7}},{"id":"6949cb9c-6239-4d4e-b467-a21d4c25f81b","block_type":"box","text":"d disclosed to Shareholders. Please refer to the section of this Prospectus entitled “","page_number":30,"box":{"x":137,"y":654,"width":649,"height":12}},{"id":"b0b3b4ec-6b35-4919-b938-b95aa410aca7","block_type":"box","text":"Conflicts of","page_number":30,"box":{"x":787,"y":655,"width":98,"height":9}},{"id":"477e65bf-96dc-4abf-8a3a-27379fd86789","block_type":"box","text":"Interest","page_number":30,"box":{"x":119,"y":670,"width":61,"height":9}},{"id":"65c17da2-c41a-4d8d-90c7-251c78e165c0","block_type":"box","text":"” for details of potential conflicts that may arise involving the Depositary.","page_number":30,"box":{"x":181,"y":669,"width":550,"height":12}},{"id":"8d846235-ede4-46ae-9f51-a9307ccfc3b2","block_type":"box","text":"Up","page_number":30,"box":{"x":119,"y":699,"width":22,"height":12}},{"id":"9265b945-e08a-4b15-8954-311b7d5b8187","block_type":"box","text":"-","page_number":30,"box":{"x":142,"y":704,"width":5,"height":1}},{"id":"14104c15-a29a-4e59-aa16-97fa7709373f","block_type":"box","text":"to","page_number":30,"box":{"x":147,"y":700,"width":14,"height":8}},{"id":"f56438d5-170d-4621-813f-d7421197add7","block_type":"box","text":"-","page_number":30,"box":{"x":163,"y":704,"width":4,"height":1}},{"id":"fcaaa97b-5b87-471d-a295-d0dfe26b5337","block_type":"box","text":"date information in relation to the Depositary, its duties, the safe","page_number":30,"box":{"x":168,"y":699,"width":476,"height":12}},{"id":"24777d5a-8c0e-4a8f-9284-8748c768a17a","block_type":"box","text":"-","page_number":30,"box":{"x":645,"y":704,"width":5,"height":1}},{"id":"8ee3abb4-b2b9-4958-91ea-b3739a5669b4","block_type":"box","text":"keeping functions delegated by","page_number":30,"box":{"x":650,"y":699,"width":235,"height":12}},{"id":"684e2abb-1ca3-47ce-af1f-0cdb2d5a575b","block_type":"box","text":"the Depositary, the list of delegates and sub","page_number":30,"box":{"x":119,"y":714,"width":345,"height":12}},{"id":"b0144ab2-5e1d-4bd8-90ee-eb8e1b2f41ee","block_type":"box","text":"-","page_number":30,"box":{"x":465,"y":719,"width":5,"height":1}},{"id":"68a82519-4825-48bd-9007-736581d7a327","block_type":"box","text":"delegates to whom safe","page_number":30,"box":{"x":471,"y":714,"width":182,"height":12}},{"id":"b999611b-0991-4b8a-839c-55b770732bcf","block_type":"box","text":"-","page_number":30,"box":{"x":655,"y":719,"width":4,"height":1}},{"id":"bb9511ed-1f88-4fff-9ea5-135e7fb48e6a","block_type":"box","text":"keeping functions have been","page_number":30,"box":{"x":660,"y":714,"width":225,"height":12}},{"id":"112aecd4-75a4-4c60-8f84-838e9c3bf653","block_type":"box","text":"delegated and any relevant conflicts of interest that","page_number":30,"box":{"x":119,"y":729,"width":385,"height":12}},{"id":"f52a808c-1c77-4a3c-87ec-76fb986ecf26","block_type":"box","text":"may arise will be made available to Shareholders","page_number":30,"box":{"x":510,"y":729,"width":375,"height":12}},{"id":"c0683c83-2054-4e9c-925e-12a60e506071","block_type":"box","text":"upon request to the Manager.","page_number":30,"box":{"x":119,"y":744,"width":214,"height":12}},{"id":"fd8581a7-96fa-4890-9126-253e4ed24fae","block_type":"box","text":"The Depositary’s fees will be paid by the Manager.","page_number":30,"box":{"x":119,"y":773,"width":378,"height":12}},{"id":"116dc99c-2827-4db0-b658-fc5db5694e43","block_type":"box","text":"Paying Agents, Local Representatives and Distributors","page_number":30,"box":{"x":119,"y":803,"width":431,"height":11}},{"id":"b667c63b-7c6b-4db6-b23a-39c1abc7a857","block_type":"box","text":"The Directors, the Manager or their duly authorised delegates may appoint such paying agents, local","page_number":30,"box":{"x":119,"y":832,"width":766,"height":11}},{"id":"dec188af-2af5-4427-90bc-891963776178","block_type":"box","text":"representatives and distributors as may be required to facilitate the authorisation or registration of the","page_number":30,"box":{"x":119,"y":846,"width":766,"height":12}},{"id":"f8b8439e-1d1b-4704-bded-aae62a9687b1","block_type":"box","text":"Company and/or the marketing of any of its Shares","page_number":30,"box":{"x":119,"y":862,"width":372,"height":11}},{"id":"33a4bbd2-cc73-4238-9f30-efc6b41762c7","block_type":"box","text":"in any jurisdiction. 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A","page_number":36,"box":{"x":119,"y":131,"width":766,"height":12}},{"id":"bf478a2e-5dcc-47bf-9436-12fb19a59eb2","block_type":"box","text":"more detailed description of the investment strategy","page_number":36,"box":{"x":119,"y":146,"width":411,"height":12}},{"id":"712377ad-d27a-4450-b8ce-10629127de10","block_type":"box","text":"pursued by any Fund employing an actively","page_number":36,"box":{"x":534,"y":146,"width":351,"height":12}},{"id":"740dc70b-b01e-4c4d-b74e-cc4ef0894d9f","block_type":"box","text":"managed strategy will be set out in the description of the investment strategies applicable to such Fund","page_number":36,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"59b9c23b-e69c-416c-afc9-9d477eff5317","block_type":"box","text":"as set out in","page_number":36,"box":{"x":119,"y":176,"width":92,"height":9}},{"id":"14ac48d7-c084-4941-9461-4f113c4516ea","block_type":"box","text":"Appendix 1","page_number":36,"box":{"x":211,"y":176,"width":90,"height":12}},{"id":"6c5c446f-c263-4e44-b07c-6d2b496d8f0b","block_type":"box","text":"to this Prospectus or otherwise in the Supplement for the relevant Fund.","page_number":36,"box":{"x":307,"y":176,"width":529,"height":12}},{"id":"1050d50d-eafe-4aba-bc7e-38709171ba8d","block_type":"box","text":"Changes to the Investment Objectives and Strategies of the Funds","page_number":36,"box":{"x":120,"y":205,"width":484,"height":12}},{"id":"2d46786d-452d-4dbc-8bb4-9ba120085680","block_type":"box","text":"Any alteration to the investment objectives or material alteration to the investment strategies of any","page_number":36,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"97b132a4-c6a5-4d15-97ed-08c94c5278ca","block_type":"box","text":"Fund at any time will be subject to","page_number":36,"box":{"x":119,"y":250,"width":252,"height":12}},{"id":"c63554bd-a196-4308-8ee0-f1604dc8e267","block_type":"box","text":"the prior approval in writing of all of the Shareholders of the relevant","page_number":36,"box":{"x":375,"y":250,"width":510,"height":12}},{"id":"b0e07926-3535-442d-a2e8-e38df7b5c184","block_type":"box","text":"Fund","page_number":36,"box":{"x":119,"y":265,"width":42,"height":9}},{"id":"94d867de-e1dc-4554-a514-6b35e275b445","block_type":"box","text":"or, if a general meeting of the Shareholders of such Fund is convened, by a majority of the votes","page_number":36,"box":{"x":162,"y":265,"width":723,"height":12}},{"id":"fd57a5f0-5a0d-4f96-8f3a-b726a6634b58","block_type":"box","text":"cast at such meeting","page_number":36,"box":{"x":119,"y":280,"width":149,"height":12}},{"id":"73b50c60-2415-45f9-8ef1-e2f90b4f6b0e","block_type":"box","text":". 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Please refer to the section below","page_number":37,"box":{"x":452,"y":280,"width":433,"height":12}},{"id":"10fd8cc8-5bb8-41bd-ae34-5fb5ad5dcee2","block_type":"box","text":"headed “","page_number":37,"box":{"x":119,"y":295,"width":64,"height":9}},{"id":"5cdcb2c7-b1f5-456b-99e2-7153c6284fc1","block_type":"box","text":"Plain Talk about Excess Return and Tracking Error","page_number":37,"box":{"x":184,"y":295,"width":413,"height":12}},{"id":"f53f674a-c7a3-43f2-b25f-50d613e6acac","block_type":"box","text":"” for further information.","page_number":37,"box":{"x":598,"y":295,"width":189,"height":9}},{"id":"f23a92de-c842-4e2b-8c39-5a64c18cbd6a","block_type":"box","text":"To realign the exposures in such a Fund, securities must be bought and sold. 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Excess return can be either positive","page_number":38,"box":{"x":128,"y":177,"width":748,"height":12}},{"id":"da982b3a-0c39-40b5-b8d7-1de667bf6667","block_type":"box","text":"(where the relevant Fund outperforms its Index) or negative (where","page_number":38,"box":{"x":129,"y":192,"width":521,"height":12}},{"id":"048b236a-46d5-4a25-ac11-4e1a30a8aebe","block_type":"box","text":"the Fund underperforms the","page_number":38,"box":{"x":657,"y":192,"width":219,"height":12}},{"id":"a8a4f53e-5d29-4dc3-9fd8-b2fe5255a9b1","block_type":"box","text":"Index). It is calculated as the Fund’s total return less the Index’s total return. Because a Fund’s total","page_number":38,"box":{"x":129,"y":207,"width":746,"height":12}},{"id":"15dba6d4-c0aa-4c51-b62f-65fe03e854b8","block_type":"box","text":"return includes Fund expenses, excess return is usually negative for index tracking Funds.","page_number":38,"box":{"x":128,"y":222,"width":663,"height":12}},{"id":"86d6ca9d-5220-46b3-89de-0b977ac2892c","block_type":"box","text":"What causes excess return?","page_number":38,"box":{"x":130,"y":252,"width":202,"height":9}},{"id":"600617f6-a92e-4634-bf76-f93657f0c591","block_type":"box","text":"An Index’s performance is theoretical","page_number":38,"box":{"x":128,"y":282,"width":286,"height":12}},{"id":"234b99d0-9c58-43a0-9542-c5cd998a1b90","block_type":"box","text":"–","page_number":38,"box":{"x":414,"y":288,"width":10,"height":0}},{"id":"6e163e3f-e551-4040-9849-5fd87a1cce90","block_type":"box","text":"it is reflective of the increase or decrease in the value of the","page_number":38,"box":{"x":429,"y":282,"width":447,"height":9}},{"id":"401b1796-f0b4-4389-bdec-11aaa98f0f2e","block_type":"box","text":"securities within the index. However, the Index Provider does not actually buy and sell these","page_number":38,"box":{"x":129,"y":297,"width":747,"height":12}},{"id":"a343df5b-6637-49f2-985d-0f62b7ad3f9a","block_type":"box","text":"securities when calculating the Index’s performance. Th","page_number":38,"box":{"x":129,"y":312,"width":420,"height":12}},{"id":"cfeea959-7ccd-4609-ab10-250aa4f99db2","block_type":"box","text":"is means that the Index’s performance does","page_number":38,"box":{"x":550,"y":312,"width":326,"height":12}},{"id":"2bbf735e-51a3-40cf-a5dc-fa223aba6611","block_type":"box","text":"not take into account the costs of buying and selling securities such as brokerage fees, commissions,","page_number":38,"box":{"x":128,"y":327,"width":748,"height":12}},{"id":"de0fc5b6-dc7c-421e-822f-e9acbd083b94","block_type":"box","text":"stamp duty, custody fees, regulatory fees, exchange fees and spreads. An index tracking Fund incurs","page_number":38,"box":{"x":129,"y":342,"width":747,"height":12}},{"id":"89b04f41-9306-45fb-9692-d59fd396cdca","block_type":"box","text":"all of the","page_number":38,"box":{"x":129,"y":357,"width":64,"height":9}},{"id":"f108d3ce-1306-4082-9edc-1209715d9742","block_type":"box","text":"se expenses in tracking an Index. These expenses will have a negative impact on the Fund’s","page_number":38,"box":{"x":194,"y":357,"width":681,"height":12}},{"id":"e6f54979-cda2-4d24-b6a1-f072e5c3219a","block_type":"box","text":"performance, relative to the Index.","page_number":38,"box":{"x":128,"y":372,"width":260,"height":12}},{"id":"4d44ad5c-f295-4c10-8569-fa6fa345adaf","block_type":"box","text":"In addition, an Index’s performance will not always take into account the exact same tax costs related","page_number":38,"box":{"x":129,"y":402,"width":747,"height":12}},{"id":"9674c96e-d0ee-42b5-b0ec-0990fa6af2e4","block_type":"box","text":"to (i) withholding tax payable on income derived from the securities (i.e. dividends or coupon","page_number":38,"box":{"x":128,"y":417,"width":748,"height":12}},{"id":"3be1b92b-ba4f-43d6-a978-66b91fa7a4d4","block_type":"box","text":"payments). This can either have a positive or negative im","page_number":38,"box":{"x":128,"y":432,"width":418,"height":12}},{"id":"6b3e0dc3-c202-49b4-99b0-d89a8da20b3d","block_type":"box","text":"pact on the performance of an index tracking","page_number":38,"box":{"x":546,"y":432,"width":330,"height":12}},{"id":"a96a57bf-5634-4c97-a8e7-99d9c253dca0","block_type":"box","text":"Fund against the Index. 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The net income from this lending is paid back into the","page_number":38,"box":{"x":128,"y":507,"width":747,"height":12}},{"id":"bce32fd6-08c0-45f8-89c9-2923631cd199","block_type":"box","text":"relevant Fund and will have a positive impact on the Fund’s performance relative to the Index.","page_number":38,"box":{"x":128,"y":522,"width":704,"height":12}},{"id":"79e692b1-ccc8-487d-8bb3-4da16172335d","block_type":"box","text":"Excess return can also occur where a Fund samples an Index rather than fully replicates it. 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This","page_number":39,"box":{"x":119,"y":309,"width":766,"height":12}},{"id":"da0d280e-8a19-4a2d-8a71-e3d252ca983a","block_type":"box","text":"consideration framework is summarised in three stages:","page_number":39,"box":{"x":119,"y":324,"width":410,"height":12}},{"id":"619e006b-439d-49cc-82fe-7d760604a891","block_type":"box","text":"•","page_number":39,"box":{"x":120,"y":357,"width":6,"height":5}},{"id":"0632969c-c288-414c-8774-1b08366d8404","block_type":"box","text":"identifying sustainability risk factors that are pertinent to the","page_number":39,"box":{"x":137,"y":354,"width":472,"height":12}},{"id":"b9fa86fb-d090-4b6b-ac1b-117c7f7831a8","block_type":"box","text":"F","page_number":39,"box":{"x":612,"y":355,"width":9,"height":8}},{"id":"d28e04f4-f688-498c-86ac-d56ec5ae6c4e","block_type":"box","text":"unds and investment styles that it","page_number":39,"box":{"x":622,"y":354,"width":263,"height":12}},{"id":"f064d48f-1c9c-41d3-a821-0a184a4be997","block_type":"box","text":"manages;","page_number":39,"box":{"x":137,"y":372,"width":68,"height":9}},{"id":"a84b84e0-0cdb-4f50-9150-bdc92149ce63","block_type":"box","text":"•","page_number":39,"box":{"x":120,"y":402,"width":6,"height":5}},{"id":"16b6947a-5493-48b5-b561-b42f78fb89ea","block_type":"box","text":"establishing processes to quantify and measure these risk factors utilising available data; and","page_number":39,"box":{"x":137,"y":399,"width":684,"height":12}},{"id":"326da3a7-9527-4242-a4a8-1b68e7da92e5","block_type":"box","text":"•","page_number":39,"box":{"x":120,"y":433,"width":6,"height":4}},{"id":"c544d7fe-8a78-4687-817f-9cc843f96037","block_type":"box","text":"regularly monitoring established sustainability metrics against relevant benchmarks.","page_number":39,"box":{"x":137,"y":430,"width":627,"height":12}},{"id":"ff9f4115-74d6-4ef5-b272-dd9223e37aca","block_type":"box","text":"Inputs from third","page_number":39,"box":{"x":119,"y":459,"width":129,"height":12}},{"id":"b0a5ba21-160a-4a8d-92bd-9e483fe52142","block_type":"box","text":"-","page_number":39,"box":{"x":249,"y":465,"width":5,"height":1}},{"id":"a9c90bd0-0351-47a6-b864-00f29bb03ecd","block_type":"box","text":"party data providers, where available, may be considered as part of the investment","page_number":39,"box":{"x":254,"y":459,"width":631,"height":12}},{"id":"7f444266-53b7-4b34-aec3-3cc0aceedff6","block_type":"box","text":"process to help inform decisions about sustainability factors.","page_number":39,"box":{"x":119,"y":474,"width":452,"height":12}},{"id":"c7e0ee38-6772-418d-ab7c-3a021c267fd6","block_type":"box","text":"This consideration framework informs the materiality the Investment Manager then places on","page_number":39,"box":{"x":119,"y":503,"width":766,"height":12}},{"id":"c3b88258-033a-4752-afdd-f3f96a63188e","block_type":"box","text":"sustainability risk as a component of investment decision making and management. 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In doing so, where permitted by their investment","page_number":42,"box":{"x":473,"y":522,"width":412,"height":12}},{"id":"a0b20f1b-5d5e-4199-bb11-4858422fedf1","block_type":"box","text":"policy, such Funds may avail of higher investment limits set out in","page_number":42,"box":{"x":119,"y":537,"width":501,"height":12}},{"id":"eb4c6408-f44b-467b-8f62-412627b2757d","block_type":"box","text":"Appendix 3","page_number":42,"box":{"x":620,"y":537,"width":90,"height":12}},{"id":"f8d45c4b-afed-4ab5-94ad-1f1e44011aef","block_type":"box","text":",","page_number":42,"box":{"x":712,"y":545,"width":9,"height":4}},{"id":"36c8610f-c761-4c1e-9a13-7938a54a2c12","block_type":"box","text":"“Investment Powers","page_number":42,"box":{"x":722,"y":537,"width":163,"height":10}},{"id":"f8e2c35f-bfd8-42ed-8240-499b0a114505","block_type":"box","text":"and Restrictions”, section (iv), ‘Index Tracking UCITS’","page_number":42,"box":{"x":119,"y":552,"width":435,"height":12}},{"id":"fc87f709-bc9a-45a4-96f1-f809cce6edbf","block_type":"box","text":". However,","page_number":42,"box":{"x":556,"y":553,"width":85,"height":10}},{"id":"5d820995-afe1-4c0b-b8d7-8330547de67a","block_type":"box","text":"Investors should note that it may","page_number":42,"box":{"x":641,"y":552,"width":244,"height":12}},{"id":"60665284-ffad-444e-ae3d-c3a4a1edbf12","block_type":"box","text":"not be possible or practicable for an index tracking Fund to purchase or gain exposure to all of the","page_number":42,"box":{"x":119,"y":567,"width":766,"height":12}},{"id":"07b8d7c8-3a4a-473a-979e-c130f694d76b","block_type":"box","text":"constituent securities of its Index in their proportionate weightings or to purchase them at all due to","page_number":42,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"6e2321b6-c2d7-4f4b-8f6b-a04c3b9eb5a3","block_type":"box","text":"various factors,","page_number":42,"box":{"x":119,"y":597,"width":120,"height":12}},{"id":"3a48ad10-9e59-4c9a-a3ad-1e5875325a13","block_type":"box","text":"including the costs and expenses involved and the concentration limits described in","page_number":42,"box":{"x":242,"y":597,"width":643,"height":12}},{"id":"b102e319-6467-45c7-8ebd-df969db35f8e","block_type":"box","text":"Appendix 3 t","page_number":42,"box":{"x":119,"y":613,"width":95,"height":11}},{"id":"30214b7c-9009-429d-9888-5049a4fd8843","block_type":"box","text":"to the Prospectus. In these circumstances, the Investment Manager of such a Fund may, in","page_number":42,"box":{"x":214,"y":612,"width":671,"height":12}},{"id":"342b5b6e-5d7b-4297-a82e-23a6aa1e900b","block_type":"box","text":"tracking the Fund’s Index, decide to hold a representative sample of the securities contained in the Index.","page_number":42,"box":{"x":119,"y":627,"width":761,"height":12}},{"id":"798595f0-28e9-412d-97db-b5127435c057","block_type":"box","text":"The Investment Manager may employ a range of techniques designed to select","page_number":42,"box":{"x":119,"y":657,"width":591,"height":12}},{"id":"7a9c7bb6-99a4-4fbb-9f85-9c6fa063a504","block_type":"box","text":"those securities which","page_number":42,"box":{"x":715,"y":657,"width":170,"height":10}},{"id":"01aedc8d-a7b9-4fae-88be-bd89a0e629aa","block_type":"box","text":"will create the representative sample that tracks the performance of the Index as closely as possible.","page_number":42,"box":{"x":119,"y":672,"width":735,"height":12}},{"id":"f093fa29-f43a-4783-8135-4ab02ac35f88","block_type":"box","text":"To create the sample either optimisation and/or stratified sampling techniques are used.","page_number":42,"box":{"x":119,"y":703,"width":659,"height":11}},{"id":"ffaba3ec-7a6f-4d04-ac91-98e0c8655d33","block_type":"box","text":"Optimisation","page_number":42,"box":{"x":785,"y":703,"width":100,"height":11}},{"id":"d100456a-9fef-4dc0-8fa3-f77ddf3ae3b0","block_type":"box","text":"is a sampling technique that seeks to minimize tracking error through proprietary quantitative portfolio","page_number":42,"box":{"x":119,"y":717,"width":766,"height":12}},{"id":"b5ca29a0-8329-43b8-b7d1-0b1951264581","block_type":"box","text":"analysis. This analysis may include consideration of matters such as: how a security’s price changes in","page_number":42,"box":{"x":119,"y":732,"width":766,"height":12}},{"id":"ad211190-15f3-4532-8cbc-e3710a2c18fe","block_type":"box","text":"relation to another over time, sc","page_number":42,"box":{"x":119,"y":748,"width":239,"height":11}},{"id":"bb56f9d1-2316-4490-9a68-1c497f1bc04a","block_type":"box","text":"enario analysis (which involves estimating the change in a portfolio’s","page_number":42,"box":{"x":359,"y":748,"width":526,"height":11}},{"id":"b38fb559-5bc2-494d-baa6-a1f029dec1a8","block_type":"box","text":"value given a change in key risk factors) and stress testing.","page_number":42,"box":{"x":119,"y":763,"width":433,"height":11}},{"id":"e128e8eb-f12c-4f9b-9f07-483495a3cb5b","block_type":"box","text":"Stratified sampling is a technique that divides the constituents of the relevant Index into distinct, non","page_number":42,"box":{"x":120,"y":793,"width":755,"height":12}},{"id":"b8addeda-7b52-4bc2-a6ae-e13020bded2d","block_type":"box","text":"overlapping risk groups called strata and selects those securities in the Index which match the risk","page_number":42,"box":{"x":119,"y":808,"width":766,"height":11}},{"id":"b2150543-9329-401c-9dda-55b91b38ef45","block_type":"box","text":"characteristic of these groups.","page_number":42,"box":{"x":119,"y":823,"width":219,"height":12}},{"id":"a20491b5-0277-4f3a-aeba-c46307d7fbbf","block_type":"box","text":"•","page_number":42,"box":{"x":150,"y":857,"width":6,"height":4}},{"id":"a8a1029d-77cd-4f30-87f1-b74f58f17853","block_type":"box","text":"Some of the strata could include, but are not limited to, the market capitalisation of the","page_number":42,"box":{"x":180,"y":854,"width":705,"height":12}},{"id":"77775862-37e8-4210-880f-3b65c1aedabb","block_type":"box","text":"companies, currency, country, industry sectors, and credit quality.","page_number":42,"box":{"x":180,"y":869,"width":485,"height":12}},{"id":"8f0bcdd8-b034-4f5c-a983-59186e3b5d13","block_type":"box","text":"43","page_number":43,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"bd68325f-c31e-467c-a669-d62134807e4b","block_type":"box","text":"VG001","page_number":43,"box":{"x":654,"y":948,"width":38,"height":7}},{"id":"0ec22304-3fd1-406d-9da5-213bf69daf68","block_type":"box","text":"-","page_number":43,"box":{"x":694,"y":952,"width":3,"height":1}},{"id":"ee9ffda8-c3a8-403c-a5cc-303e756b1b52","block_type":"box","text":"001/M85660","page_number":43,"box":{"x":698,"y":948,"width":69,"height":7}},{"id":"35303e82-2255-4b80-85be-6fea001b070f","block_type":"box","text":"-","page_number":43,"box":{"x":768,"y":952,"width":3,"height":1}},{"id":"46ae8e8d-7323-40c0-8958-bfb22a3d6a79","block_type":"box","text":"892520263","page_number":43,"box":{"x":773,"y":948,"width":58,"height":7}},{"id":"271cec7f-2494-481a-b8cb-839a9830b22f","block_type":"box","text":"-","page_number":43,"box":{"x":833,"y":952,"width":3,"height":1}},{"id":"0afdfc66-91f0-4504-a811-d48f58adbd40","block_type":"box","text":"23864/0","page_number":43,"box":{"x":837,"y":948,"width":43,"height":7}},{"id":"e31222f9-f04d-4285-94aa-5a779d19cc18","block_type":"box","text":"•","page_number":43,"box":{"x":150,"y":91,"width":6,"height":4}},{"id":"9e43bab9-278e-4048-b068-ae41d87ed58a","block_type":"box","text":"In the case of fixed income securities, strata may also include key rate duration, convexity","page_number":43,"box":{"x":180,"y":88,"width":705,"height":12}},{"id":"335581f7-44ff-4256-9ef5-3a5fe925ae10","block_type":"box","text":"(which is measure of how a change in interest rates affects the duration of a bond), capital","page_number":43,"box":{"x":180,"y":103,"width":705,"height":12}},{"id":"33cbf222-9a9a-4861-9d61-f5da04ca0e00","block_type":"box","text":"structure, and bond specific covenants.","page_number":43,"box":{"x":180,"y":118,"width":285,"height":12}},{"id":"1d4bcee5-d15a-491c-b0cd-d3f26d10dc47","block_type":"box","text":"The level of sampling used by any index tracking Fund will be determined by the nature of the Index","page_number":43,"box":{"x":119,"y":148,"width":766,"height":12}},{"id":"7e9feca1-ea4c-4bde-8c18-df8ef502526c","block_type":"box","text":"components –","page_number":43,"box":{"x":119,"y":164,"width":94,"height":11}},{"id":"781f66e1-b566-4d77-9842-fd141373cac7","block_type":"box","text":"–","page_number":43,"box":{"x":211,"y":168,"width":10,"height":1}},{"id":"7da636fc-7ed6-4713-8e5e-c17109e84dcb","block_type":"box","text":"some such Funds may use sampling extensively whilst others may only use it infrequently.","page_number":43,"box":{"x":225,"y":163,"width":660,"height":12}},{"id":"dd77627c-b25a-4ce0-b011-7452b55d2e98","block_type":"box","text":"Investors in such Funds will be exposed to the perform","page_number":43,"box":{"x":119,"y":178,"width":401,"height":12}},{"id":"9b183fad-9df3-4e1e-8387-79e459be4ab8","block_type":"box","text":"rmance of the underlying securities comprised in","page_number":43,"box":{"x":520,"y":178,"width":365,"height":12}},{"id":"2cc1c656-342c-4abd-a679-bcda6c408523","block_type":"box","text":"the relevant Fund’s Index.","page_number":43,"box":{"x":119,"y":193,"width":192,"height":9}},{"id":"e126f1bb-35f0-4b19-a2b2-ab004b614cfd","block_type":"box","text":"There may also be instances where an index tracking Fund holds securities which are not component","page_number":43,"box":{"x":119,"y":223,"width":766,"height":12}},{"id":"f71ea66b-4a42-4e75-b5dc-2b27a158676a","block_type":"box","text":"securities in the Index, if the Investment Manager believes this to be appropriate. Funds availing of the","page_number":43,"box":{"x":120,"y":238,"width":765,"height":12}},{"id":"0aacecf2-759e-404f-b800-f4304ade241e","block_type":"box","text":"increased concentration limits of Regulation 71 of","page_number":43,"box":{"x":119,"y":253,"width":401,"height":12}},{"id":"f736dfdb-5ff8-4683-a91d-e2b0d0744d85","block_type":"box","text":"the UCITS Regulations (as disclosed in their","page_number":43,"box":{"x":524,"y":253,"width":361,"height":12}},{"id":"a16d5f77-8ee6-4bca-b206-6f985893124a","block_type":"box","text":"investment strategies) will not avail of these techniques.","page_number":43,"box":{"x":119,"y":268,"width":419,"height":12}},{"id":"26f587f2-4fda-4b81-a7d2-cf3e6fb714e6","block_type":"box","text":"Changes to the composition and/or weighting of the securities constituting the Index which is tracked","page_number":43,"box":{"x":119,"y":298,"width":766,"height":12}},{"id":"46a608c9-cc51-4bd4-91df-4462e3a28804","block_type":"box","text":"or replicated by a Fund will ordinarily require that Fund to make corresponding adjustments or","page_number":43,"box":{"x":119,"y":313,"width":766,"height":12}},{"id":"19279323-8d9a-489e-9de2-76c6e226445a","block_type":"box","text":"rebalancings to its holdings in order to seek to track or r","page_number":43,"box":{"x":119,"y":328,"width":424,"height":12}},{"id":"8c43e3b9-b595-453e-b2be-3cbccbba3c4f","block_type":"box","text":"eplicate the Index. The Investment Manager","page_number":43,"box":{"x":544,"y":328,"width":341,"height":12}},{"id":"c88aaad4-c22a-4dc3-bf26-12f39df132c5","block_type":"box","text":"will in a timely manner and as efficiently as possible, but subject to its overall discretion in accordance","page_number":43,"box":{"x":119,"y":343,"width":766,"height":12}},{"id":"dc23ea23-f0de-4da7-a8b7-0d6513f52123","block_type":"box","text":"with the investment strategies of the relevant Fund, seek to rebalance the composition and/or weighting","page_number":43,"box":{"x":119,"y":358,"width":766,"height":12}},{"id":"67acf56a-74b2-433b-be9e-ccf6b791e8ed","block_type":"box","text":"of the investments held by a Fund from time to time and, to the extent practicable and possible, to","page_number":43,"box":{"x":119,"y":373,"width":766,"height":12}},{"id":"b8823b56-6c59-466f-acb4-3216fa2fb171","block_type":"box","text":"conform its exposure to the changes in the composition and/or weighting of securities constituting the","page_number":43,"box":{"x":119,"y":388,"width":766,"height":12}},{"id":"a75213a2-438f-4071-9c1a-400ad03b4cfc","block_type":"box","text":"relevant Index. Other rebalancing measures may be ta","page_number":43,"box":{"x":119,"y":403,"width":415,"height":12}},{"id":"43e7a77c-b96c-478f-817f-67d0dbefaeef","block_type":"box","text":"ken from time to time to seek to maintain the","page_number":43,"box":{"x":534,"y":403,"width":351,"height":9}},{"id":"affb0bfa-6716-4c1d-bd04-9175e2e38cd5","block_type":"box","text":"correspondence between the performance of a Fund and the performance of the Index.","page_number":43,"box":{"x":119,"y":418,"width":636,"height":12}},{"id":"0d4d883d-1ff8-4134-adc6-9c8c61f3ecec","block_type":"box","text":"Where set out in the investment strategies of an index tracking Fund, the Investment Manager may seek","page_number":43,"box":{"x":119,"y":448,"width":766,"height":12}},{"id":"64b35471-c0b1-4743-8857-081a5fbeac97","block_type":"box","text":"to gain exposure to the component securities of the Index primarily through the use of FDI, principally","page_number":43,"box":{"x":119,"y":463,"width":766,"height":12}},{"id":"7ea30001-a8cc-4c22-a398-1b5638e926c3","block_type":"box","text":"OTC swaps, which will enable the relevant Fund to","page_number":43,"box":{"x":119,"y":478,"width":405,"height":12}},{"id":"b9970ba1-8cf1-4c13-abc3-5c76fce57a10","block_type":"box","text":"receive, from a counterparty, the return of the","page_number":43,"box":{"x":526,"y":478,"width":359,"height":12}},{"id":"6339c5b7-24b2-40aa-83e3-cca86762a3bb","block_type":"box","text":"particular Index in exchange for periodic cash payments.","page_number":43,"box":{"x":119,"y":493,"width":424,"height":12}},{"id":"e7b60f2b-59cb-4d88-b8f2-1947f15710f5","block_type":"box","text":"There may be a number of circumstances where holding the component securities of an index may be","page_number":43,"box":{"x":119,"y":523,"width":766,"height":12}},{"id":"da63dee8-5257-49b3-b872-ed87acbe0d9f","block_type":"box","text":"prohibited by regulation, or may not otherwise be in the interests of investors. These include, but are","page_number":43,"box":{"x":119,"y":538,"width":766,"height":12}},{"id":"30f4ee97-0f8a-4947-815e-6e5c67ed8d58","block_type":"box","text":"not limited to, the following:","page_number":43,"box":{"x":119,"y":553,"width":211,"height":12}},{"id":"92f675dd-3d32-4a8e-8558-f42d2a4755da","block_type":"box","text":"(i)","page_number":43,"box":{"x":119,"y":583,"width":17,"height":12}},{"id":"48ab32da-8b5e-4632-a48e-ba12a0e37af9","block_type":"box","text":"restrictions on the proportion of each Fund’s value which may be held in individual securities","page_number":43,"box":{"x":178,"y":583,"width":707,"height":12}},{"id":"f20b2f1e-224f-41c0-af08-384453466978","block_type":"box","text":"arising from compliance with the UCITS Regulations and Central Bank Requirements;","page_number":43,"box":{"x":179,"y":598,"width":646,"height":12}},{"id":"abc3acaf-f8de-49c0-b632-550c4ee6e9d3","block_type":"box","text":"(ii)","page_number":43,"box":{"x":119,"y":628,"width":22,"height":11}},{"id":"26a04e44-8eac-4f69-bcb3-5fa9c7ba0536","block_type":"box","text":"the constituent securities of the index change from time to time. The Investment Manager may","page_number":43,"box":{"x":178,"y":628,"width":707,"height":12}},{"id":"e675d793-5a0c-4c1e-816c-86226278171b","block_type":"box","text":"adopt a variety of strategies when trading a Fund to bring it in line with the changed benchmark.","page_number":43,"box":{"x":179,"y":643,"width":706,"height":11}},{"id":"7aebe32f-410b-4961-88d3-4e769d75ced4","block_type":"box","text":"For example where a security which forms part of the index is no","page_number":43,"box":{"x":178,"y":658,"width":475,"height":11}},{"id":"8527f94a-01b2-4638-9e1a-23474feda460","block_type":"box","text":"t available or a market for such","page_number":43,"box":{"x":654,"y":658,"width":231,"height":9}},{"id":"e37a24c3-a6d2-415d-95e6-63f6919bf9ec","block_type":"box","text":"security does not exist, a Fund may instead hold depository receipts relating to such securities","page_number":43,"box":{"x":179,"y":673,"width":706,"height":12}},{"id":"4115a3f4-ecd2-4a2a-a97b-a839bad21b27","block_type":"box","text":"(e.g. ADRs and GDRs) or may hold FDI;","page_number":43,"box":{"x":179,"y":688,"width":303,"height":12}},{"id":"9b639cd3-7846-40cf-a5a7-8658c9549d20","block_type":"box","text":"(iii)","page_number":43,"box":{"x":119,"y":717,"width":27,"height":12}},{"id":"0c8ac842-d73a-4ad9-9922-f37b27b626d9","block_type":"box","text":"from time to time, securities in an index may be subject to corporate actions. 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The","page_number":43,"box":{"x":179,"y":761,"width":706,"height":12}},{"id":"bfb65f26-c302-4a81-bb02-5544ffb3627d","block_type":"box","text":"Investment Manager may purchase FDI, for direct investment purposes, to produce a return","page_number":43,"box":{"x":179,"y":776,"width":706,"height":12}},{"id":"2dac9041-6695-4235-bc12-42bbe2d5486c","block_type":"box","text":"similar to the return on an index;","page_number":43,"box":{"x":179,"y":791,"width":240,"height":12}},{"id":"8bdfcf3c-227e-45a0-82fd-1cd6e9b7946e","block_type":"box","text":"(v)","page_number":43,"box":{"x":119,"y":821,"width":21,"height":11}},{"id":"a6a16677-d77b-4dd9-be87-09d99de8c4f4","block_type":"box","text":"securities held by a Fund and included in an index may, from time to time, become illiquid or","page_number":43,"box":{"x":179,"y":821,"width":706,"height":11}},{"id":"b437a888-d9f7-41f3-b715-4b8683359c95","block_type":"box","text":"otherwise unobtainable at fair value. 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See the section of the Prospectus entitled “","page_number":44,"box":{"x":313,"y":415,"width":331,"height":12}},{"id":"c374e19f-5fd8-4669-b9cd-76224942285e","block_type":"box","text":"Risk Factors","page_number":44,"box":{"x":645,"y":415,"width":100,"height":9}},{"id":"53e04162-26d1-456c-8f3f-58fc981a00f3","block_type":"box","text":"” for a description","page_number":44,"box":{"x":746,"y":415,"width":139,"height":12}},{"id":"39d793c7-7099-4423-b46b-36d8ddbbb3a7","block_type":"box","text":"of the risks involved in the use of such techniques and instruments. 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On the introduction of any new Fund or class of","page_number":45,"box":{"x":119,"y":295,"width":474,"height":12}},{"id":"abeab954-2b64-47be-bf9d-e0d66501a129","block_type":"box","text":"Shares, either a revised Prospectus or a","page_number":45,"box":{"x":594,"y":295,"width":291,"height":12}},{"id":"2a7bb9b5-7567-4952-ba4a-f1faac765ce6","block_type":"box","text":"separate Supplement will be prepared, setting out the details.","page_number":45,"box":{"x":120,"y":310,"width":447,"height":12}},{"id":"9d5ba3c2-bd71-4975-b5c0-c4755d632106","block_type":"box","text":"Currency Hedging at Fund Level","page_number":45,"box":{"x":119,"y":340,"width":261,"height":11}},{"id":"7dffb19d-cbaa-460e-b7ce-addfe8c1df87","block_type":"box","text":"A Fund may enter into","page_number":45,"box":{"x":119,"y":369,"width":185,"height":12}},{"id":"ca6fd531-d8f5-486c-a49b-b91eff996576","block_type":"box","text":"FDI","page_number":45,"box":{"x":307,"y":369,"width":29,"height":9}},{"id":"136325dc-2684-4e67-aa04-16bfec3957cb","block_type":"box","text":"for the purposes of hedging the currency exposure of the underlying","page_number":45,"box":{"x":345,"y":369,"width":540,"height":12}},{"id":"9c509480-93a3-4b79-97dc-e2b8ceb39c7c","block_type":"box","text":"securities into the relevant Fund’s Base Currency. If undertaken, the aim of this hedging will be to","page_number":45,"box":{"x":120,"y":384,"width":765,"height":12}},{"id":"70e35a4a-5eef-4f0c-9691-81d45ccf6ee5","block_type":"box","text":"control the Fund’s level of currency risk. However, complete mitigation of currency ri","page_number":45,"box":{"x":119,"y":399,"width":647,"height":12}},{"id":"cb733483-f462-4e00-88c3-e93faea43537","block_type":"box","text":"sk for a Fund’s","page_number":45,"box":{"x":767,"y":399,"width":118,"height":9}},{"id":"6d4742e4-c9cf-4946-b953-24a9d4bc07a0","block_type":"box","text":"portfolio or specific assets held by a Fund may be impractical or impossible. See the “","page_number":45,"box":{"x":119,"y":414,"width":636,"height":12}},{"id":"8d97a5bc-c058-48ec-97d8-5d2915b15f1d","block_type":"box","text":"Currency Risk","page_number":45,"box":{"x":756,"y":414,"width":116,"height":12}},{"id":"ff2ad00a-42d0-41fe-9e01-0fe53a9c87b2","block_type":"box","text":"”","page_number":45,"box":{"x":873,"y":414,"width":12,"height":9}},{"id":"a4f8d178-dfb5-4148-a514-a9f72552793b","block_type":"box","text":"section of the Prospectus for more information. F","page_number":45,"box":{"x":120,"y":429,"width":350,"height":12}},{"id":"a2fac6e0-9880-44b0-8fb5-860a7e48fdec","block_type":"box","text":"FDI","page_number":45,"box":{"x":470,"y":429,"width":29,"height":9}},{"id":"39570d63-b157-48e0-97fe-b01c53a131ae","block_type":"box","text":"such as currency forwards, currency swaps, foreign","page_number":45,"box":{"x":504,"y":429,"width":381,"height":12}},{"id":"7246bb03-074c-41d0-ab47-676c7b0d122e","block_type":"box","text":"currency or currency index futures contracts, or put and call options on such contracts or on currencies","page_number":45,"box":{"x":119,"y":444,"width":766,"height":12}},{"id":"241c3b1b-7a7e-4f40-83a6-659d82527bf5","block_type":"box","text":"may be utilised if the Fund engages in such hedging.","page_number":45,"box":{"x":119,"y":459,"width":388,"height":12}},{"id":"fe9e3489-d980-4169-a800-5f605f8cbacb","block_type":"box","text":"Currency Hedging at Share Class Level","page_number":45,"box":{"x":119,"y":489,"width":317,"height":12}},{"id":"55d34005-325d-467c-9a1a-7d48a70ac7d6","block_type":"box","text":"Where disclosed in","page_number":45,"box":{"x":119,"y":518,"width":149,"height":9}},{"id":"9c0922c7-3977-40b4-854f-2173baab76ec","block_type":"box","text":"Appendix 1","page_number":45,"box":{"x":270,"y":518,"width":91,"height":12}},{"id":"88cdf77c-5055-4edc-a4f0-e69fdcf17d31","block_type":"box","text":"of this Prospectus or in a","page_number":45,"box":{"x":369,"y":518,"width":195,"height":12}},{"id":"8ed7dc0e-1f0c-44d0-baa9-dde22aef399b","block_type":"box","text":"separate","page_number":45,"box":{"x":567,"y":519,"width":59,"height":11}},{"id":"7e3e0e9d-a769-43a6-8d53-7d3cb375d168","block_type":"box","text":"Supplement","page_number":45,"box":{"x":634,"y":518,"width":92,"height":12}},{"id":"0aa83f4a-6c7a-4aba-9bf0-7c2382ecc6ac","block_type":"box","text":"to this Prospectus,","page_number":45,"box":{"x":727,"y":518,"width":143,"height":12}},{"id":"5dffd681-d46c-4ab3-b5b8-c561faeea180","block_type":"box","text":"a","page_number":45,"box":{"x":872,"y":521,"width":13,"height":6}},{"id":"3a697e04-9326-479e-b60b-337fa9031518","block_type":"box","text":"Fund may o","page_number":45,"box":{"x":119,"y":533,"width":78,"height":12}},{"id":"be0f5313-0ae1-43d6-8e7b-f2a12a7e427a","block_type":"box","text":"offer Share classes which are denominated in currencies other than the Fund’s Base Currency,","page_number":45,"box":{"x":197,"y":533,"width":688,"height":12}},{"id":"f7a713b2-9079-4a4e-8677-8e618e43a501","block_type":"box","text":"and will u","page_number":45,"box":{"x":119,"y":548,"width":63,"height":9}},{"id":"68ac4882-5d6d-48da-9357-209d14ac23a6","block_type":"box","text":"use F","page_number":45,"box":{"x":181,"y":551,"width":30,"height":6}},{"id":"b0878f22-22be-4564-90d4-7371a0d56a00","block_type":"box","text":"FDI","page_number":45,"box":{"x":210,"y":549,"width":29,"height":8}},{"id":"c37c326d-65a5-4489-a9b3-852b8eb8b6c6","block_type":"box","text":"on behalf of specific classes for currency hedging purposes (“","page_number":45,"box":{"x":244,"y":548,"width":445,"height":12}},{"id":"d89d5cd5-2ead-4706-84a1-2cb4e022e6e5","block_type":"box","text":"Hedged Share Classes","page_number":45,"box":{"x":690,"y":548,"width":171,"height":12}},{"id":"77d27da9-a862-45ef-9512-61a56c40ab4d","block_type":"box","text":"”).","page_number":45,"box":{"x":862,"y":548,"width":23,"height":12}},{"id":"e655392a-d43b-4f05-9de6-81baef584c18","block_type":"box","text":"While not the intention, nonetheless, over","page_number":45,"box":{"x":119,"y":578,"width":314,"height":11}},{"id":"8471ab5a-4d5f-481f-a170-7bcb1d861dd9","block_type":"box","text":"-","page_number":45,"box":{"x":434,"y":584,"width":4,"height":1}},{"id":"76cadfb3-95f6-4c4e-a608-1dfd516a43d6","block_type":"box","text":"hedged or under","page_number":45,"box":{"x":439,"y":578,"width":122,"height":12}},{"id":"5346b428-32ba-4f09-a68d-5918cdf787f3","block_type":"box","text":"-","page_number":45,"box":{"x":562,"y":584,"width":5,"height":1}},{"id":"024c7ac9-02af-4891-912a-e15796064b30","block_type":"box","text":"hedged positions may arise due to factors","page_number":45,"box":{"x":568,"y":578,"width":317,"height":12}},{"id":"177a35dc-4028-4351-9ed5-ba2565fec021","block_type":"box","text":"outside the control of the relevant Fund. 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The Funds will settle through","page_number":48,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"d01aa87a-acdf-4e3b-8ce9-a7b1c4093bed","block_type":"box","text":"the relevant International Central Securities Deposi","page_number":48,"box":{"x":119,"y":176,"width":375,"height":12}},{"id":"2ae41610-23a4-4ca5-b688-f93d9f43361c","block_type":"box","text":"tary and the Common Depositary’s Nominee will act","page_number":48,"box":{"x":495,"y":176,"width":390,"height":12}},{"id":"4534a3db-f061-49e5-9302-2a0820e4ca6f","block_type":"box","text":"as the registered holder of all such ETF Shares. For further details, see the section “","page_number":48,"box":{"x":119,"y":191,"width":633,"height":12}},{"id":"1fcd789c-85c6-45f8-a995-4934670e8881","block_type":"box","text":"Global Clearing","page_number":48,"box":{"x":754,"y":191,"width":131,"height":12}},{"id":"6a859a5b-4d80-411b-a631-4e0411e66670","block_type":"box","text":"and Settlement","page_number":48,"box":{"x":119,"y":206,"width":118,"height":9}},{"id":"8dd1b3c2-050a-459d-8b0e-afa6a751fa06","block_type":"box","text":"” below.","page_number":48,"box":{"x":238,"y":206,"width":61,"height":9}},{"id":"12fa3c52-6e5c-4e6a-a62c-adecb4991003","block_type":"box","text":"Global Clearing and Settlement","page_number":48,"box":{"x":119,"y":237,"width":254,"height":11}},{"id":"5f350e7f-642a-4efb-96a3-2f2e0a090197","block_type":"box","text":"The Directors have resolved that ETF Shares","page_number":48,"box":{"x":119,"y":265,"width":337,"height":10}},{"id":"40ec7a90-aa47-4ec0-b5c9-ed7c6665bf86","block_type":"box","text":"in a Fund will not currently be issued in Dematerialised","page_number":48,"box":{"x":462,"y":265,"width":423,"height":12}},{"id":"a1f618e0-52f9-4141-af7c-213fe092578d","block_type":"box","text":"(or uncertificated) Form and no temporary documents of title or share certificates will be issued, other","page_number":48,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"73f16e31-a307-4788-93cb-9156c519dab7","block_type":"box","text":"than the Global Share Certificate required for the International Central Securities Depositar","page_number":48,"box":{"x":119,"y":295,"width":688,"height":12}},{"id":"198b7e67-1336-45e1-96c9-f7425830885c","block_type":"box","text":"ies (being","page_number":48,"box":{"x":808,"y":295,"width":77,"height":12}},{"id":"1b72e65d-6ceb-48f3-ae79-0b0150ef38d6","block_type":"box","text":"the Recognised Clearing and Settlement Systems through which the ETF Shares will be settled). The","page_number":48,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"87e3cb8d-9a23-4bcb-8d30-b29c179ccc97","block_type":"box","text":"Company will apply for admission for clearing and settlement through the applicable International","page_number":48,"box":{"x":119,"y":326,"width":766,"height":11}},{"id":"3a3aae7f-7b8c-40dd-ae6a-2494b78875a3","block_type":"box","text":"Central Securities Depositary.","page_number":48,"box":{"x":119,"y":341,"width":230,"height":11}},{"id":"c383bd8d-687d-4ef4-a687-0f297d75c2ea","block_type":"box","text":"The International Central Securities Depositaries for the Company","page_number":48,"box":{"x":359,"y":341,"width":526,"height":11}},{"id":"099de3e7-9a6a-4eaa-99c5-5420faaa8e68","block_type":"box","text":"currently are Euroclear and Clearstream and the applicable International Central Securities Depositary","page_number":48,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"2d48dce2-d204-44e4-88f1-14404e7fd871","block_type":"box","text":"for an investor is dependent on the market in which the ETF Shares are traded. All inv","page_number":48,"box":{"x":119,"y":371,"width":669,"height":11}},{"id":"b4715dc2-75ef-4804-a916-ba4c78715da7","block_type":"box","text":"estors in the","page_number":48,"box":{"x":789,"y":371,"width":96,"height":9}},{"id":"bf466314-6bb7-4a21-ae39-46b3cba1c578","block_type":"box","text":"Company will ultimately settle in an International Central Securities Depositary but may have their","page_number":48,"box":{"x":119,"y":386,"width":766,"height":11}},{"id":"240e8350-e3f9-4f64-8644-18810e2c9dd1","block_type":"box","text":"holdings within Central Securities Depositaries. A Global Share Certificate will be deposited with the","page_number":48,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"3534f127-3014-4f9d-ab50-3b434d8d21ca","block_type":"box","text":"Common Depositary (being the entity nom","page_number":48,"box":{"x":119,"y":416,"width":316,"height":12}},{"id":"8adbcbfa-044a-4651-a57f-4630a71be86e","block_type":"box","text":"inated by the International Central Securities Depositaries to","page_number":48,"box":{"x":436,"y":416,"width":449,"height":12}},{"id":"cbf02e7f-0fd3-4588-9c51-3342db28a452","block_type":"box","text":"hold the Global Share Certificate) and registered in the name of the Common Depositary’s Nominee","page_number":48,"box":{"x":119,"y":431,"width":766,"height":11}},{"id":"e7e29ca0-9f5e-4b97-abb4-79dee9c5e11e","block_type":"box","text":"(being the registered holder of the ETF Shares of the relevant Fund, as nominated by the Common","page_number":48,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"f0ae0e5b-3e32-4fae-ab06-8047ceff88cb","block_type":"box","text":"Depositary) on behalf of Euroclear and Clearstream and accepted for clearing through Euroclear and","page_number":48,"box":{"x":119,"y":461,"width":766,"height":12}},{"id":"700292f6-22b3-4f7d-b01d-d896885cf0d7","block_type":"box","text":"Clearstream. Interests in the Shares represented by the Global Share Certificate will be transferable in","page_number":48,"box":{"x":119,"y":476,"width":766,"height":12}},{"id":"f82d158d-5b60-4c88-961a-a0d3b9100894","block_type":"box","text":"accordance with applicable laws and any rules and p","page_number":48,"box":{"x":119,"y":491,"width":414,"height":12}},{"id":"c3d9f7b6-5a73-4630-8e7f-873806a4a15f","block_type":"box","text":"rocedures issued by the International Central","page_number":48,"box":{"x":533,"y":491,"width":352,"height":12}},{"id":"3c638edb-83ab-41d0-8a31-4af7c7845ca0","block_type":"box","text":"Securities Depositaries. Legal title to the ETF Shares of the relevant Fund will be held by the Common","page_number":48,"box":{"x":120,"y":506,"width":765,"height":12}},{"id":"76c0fa10-ee86-4c0b-b076-029309f9eee6","block_type":"box","text":"Depositary’s Nominee.","page_number":48,"box":{"x":119,"y":521,"width":170,"height":12}},{"id":"86e8048a-3149-4115-b187-11aa0dc39bc0","block_type":"box","text":"A purchaser of interests in Shares will not be a registered Shareholder in the Company, but will hold an","page_number":48,"box":{"x":119,"y":551,"width":766,"height":12}},{"id":"07cf9ab5-3cea-4060-ba9a-c02c1ee2249f","block_type":"box","text":"indirect beneficial interest in such Shares and the rights of such investors, where Participants, shall be","page_number":48,"box":{"x":119,"y":566,"width":766,"height":12}},{"id":"a9decd0a-c329-4e94-9ca6-3175ef0e0395","block_type":"box","text":"governed by their agreement with their Inter","page_number":48,"box":{"x":119,"y":581,"width":332,"height":12}},{"id":"d3afff92-b7f3-4da7-8c21-ad6f3b903ce2","block_type":"box","text":"national Central Securities Depositaries and otherwise by","page_number":48,"box":{"x":452,"y":581,"width":433,"height":12}},{"id":"687f86d0-b5fd-4441-b746-45b75322b981","block_type":"box","text":"the arrangement with their nominee, broker or Central Securities Depositary, as appropriate. 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The Administrator shall not pay repurchase proceeds or dividend payments where the","page_number":53,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"681c56c1-722d-42d2-b8a4-1efcd5de5c65","block_type":"box","text":"requisite documentation and/or information for verification","page_number":53,"box":{"x":119,"y":192,"width":456,"height":12}},{"id":"66bc78f4-5fbd-4bd5-af4d-9d1d6e3b04f6","block_type":"box","text":"purposes has not been produced by the","page_number":53,"box":{"x":578,"y":192,"width":307,"height":12}},{"id":"dbf236b3-9d78-4cd4-af34-6408f37fe309","block_type":"box","text":"entitled Shareholder. Any such blocked payments may be held in a Collection Account pending receipt,","page_number":53,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"440dd84b-fdcb-4378-8bfb-29290c2fedaa","block_type":"box","text":"to the satisfaction of the Administrator, of the requisite documentation and/or information. Investors","page_number":53,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"d93e0eaa-6ffe-4b65-8e84-e8e5a0ca3810","block_type":"box","text":"should refer t","page_number":53,"box":{"x":120,"y":237,"width":111,"height":9}},{"id":"8c8086d9-7e59-4f3f-8110-b3ac86d0447d","block_type":"box","text":"o the risk statement “","page_number":53,"box":{"x":232,"y":237,"width":183,"height":9}},{"id":"7c7a618e-4f10-49ed-81af-2468f54b37d3","block_type":"box","text":"Umbrella Cash Subscription and Redemption Account","page_number":53,"box":{"x":416,"y":237,"width":469,"height":12}},{"id":"f154b1d3-4238-4b9b-850a-38fce61168af","block_type":"box","text":"(“Collection Account”) Risk","page_number":53,"box":{"x":119,"y":252,"width":231,"height":12}},{"id":"890dfa22-320d-4b01-aec2-d6ea1707c9a0","block_type":"box","text":"” in the Section of this Prospectus entitled “","page_number":53,"box":{"x":350,"y":252,"width":360,"height":12}},{"id":"d04c7857-1a54-484c-8c9b-16a46d30ecb9","block_type":"box","text":"Risk Factors","page_number":53,"box":{"x":711,"y":252,"width":104,"height":9}},{"id":"1b5b145b-ce16-48ee-a655-4d18c2cb8096","block_type":"box","text":"” for an","page_number":53,"box":{"x":816,"y":252,"width":69,"height":9}},{"id":"8952f66b-071a-4245-90d3-93e91be7b3ba","block_type":"box","text":"understanding of their position vis","page_number":53,"box":{"x":119,"y":267,"width":253,"height":12}},{"id":"1b3b41da-de1a-42bb-aa16-3fdaacc51039","block_type":"box","text":"-","page_number":53,"box":{"x":373,"y":273,"width":5,"height":1}},{"id":"bb1b22a8-93f5-4499-b628-2c33b350fd16","block_type":"box","text":"a","page_number":53,"box":{"x":379,"y":270,"width":8,"height":6}},{"id":"3662f6ae-6b7a-4666-880f-9b907bb9ca2a","block_type":"box","text":"-","page_number":53,"box":{"x":387,"y":273,"width":5,"height":1}},{"id":"77b61f1b-7a96-4efc-8835-c9967075f86b","block_type":"box","text":"vis monies held in a Collection Account.","page_number":53,"box":{"x":393,"y":267,"width":300,"height":9}},{"id":"d25c5ecf-208e-498c-a3ed-8add4715185e","block_type":"box","text":"The Company, and the Administrator may take such other steps as each considers appropriate or","page_number":53,"box":{"x":119,"y":289,"width":766,"height":12}},{"id":"ba77ca80-e7e8-44af-bcb7-f7d6d7977bf7","block_type":"box","text":"necessary to discontinue the relationship with an investor where required to do so under applicable law","page_number":53,"box":{"x":119,"y":304,"width":766,"height":12}},{"id":"172e7605-09cd-466b-9f53-4feeca0e8a9b","block_type":"box","text":"and regulation.","page_number":53,"box":{"x":119,"y":319,"width":109,"height":12}},{"id":"2d31d681-a75d-41ac-b550-3269148e76f3","block_type":"box","text":"Minimum Holdings","page_number":53,"box":{"x":119,"y":349,"width":154,"height":11}},{"id":"99ee9488-ceed-41fd-b395-a6f4e073b3f5","block_type":"box","text":"The minimum holdings for each class of each Fund are set out either in","page_number":53,"box":{"x":119,"y":378,"width":533,"height":12}},{"id":"3d2e7d64-24b7-4b81-afef-a220984c20f0","block_type":"box","text":"Appendix 1","page_number":53,"box":{"x":653,"y":378,"width":89,"height":12}},{"id":"e15f043e-be99-450f-b5c3-aff15aa2e3dd","block_type":"box","text":"of this Prospectus","page_number":53,"box":{"x":749,"y":378,"width":136,"height":12}},{"id":"2c42de31-7874-44b5-861b-e1ef19440ee1","block_type":"box","text":"or otherwise in the Supplement for the relevant Fund. If the minimum holdings are not maintained, the","page_number":53,"box":{"x":119,"y":393,"width":766,"height":12}},{"id":"9faf7bac-15c9-4780-b136-d659c9cdc4cb","block_type":"box","text":"Directors reserve the further right to redeem the relevant shareholding in the relevant class of Shares.","page_number":53,"box":{"x":119,"y":408,"width":752,"height":12}},{"id":"1ecfeeb8-4d68-42cf-ab41-de4621e8c410","block_type":"box","text":"Further, if following a redemption, switch or transfer, a holding in any class of Shares should fall below","page_number":53,"box":{"x":119,"y":437,"width":766,"height":12}},{"id":"27379be6-0f83-4054-a2e5-4f209b30e204","block_type":"box","text":"the minimum holding for that class, as set out either in","page_number":53,"box":{"x":119,"y":452,"width":414,"height":12}},{"id":"5a8d4c5d-010f-4299-9db3-a47c8489a89f","block_type":"box","text":"Appendix 1","page_number":53,"box":{"x":534,"y":452,"width":90,"height":12}},{"id":"d978ce57-960b-4e1b-ace9-1dde7f67821c","block_type":"box","text":"of this Prospectus or otherwise in","page_number":53,"box":{"x":631,"y":452,"width":254,"height":12}},{"id":"9bb89698-a7aa-4b29-96d4-2e68fa06c177","block_type":"box","text":"the Supplement for the relevant Fund, the Directors may effect a mandatory redemption of that","page_number":53,"box":{"x":119,"y":467,"width":766,"height":12}},{"id":"359c7314-7856-44a9-a79e-7211e4fa474f","block_type":"box","text":"Shareholder's entire holding in that class of Shares. Failure of the Directors to do so immediately after","page_number":53,"box":{"x":120,"y":482,"width":765,"height":12}},{"id":"c54024b4-a3a1-467c-8e32-9f3e3e2ed24d","block_type":"box","text":"such redemption, sw","page_number":53,"box":{"x":120,"y":497,"width":151,"height":12}},{"id":"5b98ce7f-8b9d-452a-96d5-124a47691abe","block_type":"box","text":"itch or transfer does not remove this right.","page_number":53,"box":{"x":272,"y":497,"width":309,"height":12}},{"id":"b5dfb27f-7b93-4d64-b60f-ce018ce62b00","block_type":"box","text":"The Secondary Market","page_number":53,"box":{"x":119,"y":527,"width":182,"height":11}},{"id":"8ed61585-ab23-48db-b189-3baaaee91bf0","block_type":"box","text":"The ETF Shares may be purchased through the secondary market. It is expected that the ETF Shares","page_number":53,"box":{"x":119,"y":556,"width":766,"height":11}},{"id":"18de4d4d-f9c3-4a5a-a6ff-c50ea43fbaf8","block_type":"box","text":"will be listed on one or more relevant stock exchanges to facilitate the secondary market trading in the","page_number":53,"box":{"x":119,"y":571,"width":766,"height":12}},{"id":"b0816abe-0695-4bb8-a5fe-a478831b3352","block_type":"box","text":"ETF Shares. Secondary market sales of ETF Shares or","page_number":53,"box":{"x":119,"y":586,"width":417,"height":12}},{"id":"2fb0a964-b70f-4dc2-ab27-355cfedbd0d3","block_type":"box","text":"purchases of ETF Shares will be conducted in","page_number":53,"box":{"x":537,"y":586,"width":348,"height":11}},{"id":"a37999e2-9900-442a-8310-6991003660b9","block_type":"box","text":"accordance with the normal rules and operating procedures of the relevant stock exchange(s) and","page_number":53,"box":{"x":119,"y":601,"width":766,"height":12}},{"id":"e5592b5c-fdc4-4ed4-9b4e-7581853a86b1","block_type":"box","text":"Recognised Clearing and Settlement Systems and will be settled using the normal procedures applicable","page_number":53,"box":{"x":119,"y":616,"width":766,"height":12}},{"id":"a6c24d3f-cdce-472d-9360-f8da23fde1ac","block_type":"box","text":"to trading se","page_number":53,"box":{"x":119,"y":631,"width":95,"height":12}},{"id":"8aad2e94-b1cd-4b80-bf58-9d3c315dd57f","block_type":"box","text":"curities. 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The bid/offer spre","page_number":53,"box":{"x":120,"y":720,"width":392,"height":12}},{"id":"0adb469d-91b5-45ef-870a-e2727c30345f","block_type":"box","text":"ad is typically monitored by the relevant stock","page_number":53,"box":{"x":513,"y":720,"width":372,"height":12}},{"id":"bff1f3b2-f6b2-45ab-903b-1a4c7a9ac757","block_type":"box","text":"exchange(s). 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In addition, information will","page_number":54,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"64aaae85-f841-4c22-91df-080d7b9d83a4","block_type":"box","text":"be sent by the Company to the settlement system for transmission to the member firm or stockbroker","page_number":54,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"27c30b53-cf13-46d8-b0be-0ec02d5d8db3","block_type":"box","text":"and onward to investors but the Company has no obligat","page_number":54,"box":{"x":119,"y":117,"width":419,"height":12}},{"id":"d3262737-47c6-4ad1-9e95-3db6976e92e2","block_type":"box","text":"ions other than the delivery of the information","page_number":54,"box":{"x":539,"y":117,"width":346,"height":12}},{"id":"19ee85a5-eb95-471b-9dda-f6ac78f44ee1","block_type":"box","text":"to the settlement system and cannot control the onward dissemination of any such information.","page_number":54,"box":{"x":119,"y":132,"width":706,"height":12}},{"id":"eb7b0c63-f8dc-40e2-83a3-fafac947441c","block_type":"box","text":"The price of any ETF Shares traded on the secondary market will depend on market supply and demand,","page_number":54,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"f51a716c-888f-42ee-8e7c-1df49c65f2d3","block_type":"box","text":"movements in the value of the Fund’s portfolio holdings as well as other factors such as prevailing","page_number":54,"box":{"x":119,"y":177,"width":766,"height":12}},{"id":"f71adb22-1d55-403b-a2f2-28e7d7338307","block_type":"box","text":"financial markets, corporate, economic and political con","page_number":54,"box":{"x":119,"y":192,"width":412,"height":12}},{"id":"bd650583-1af1-4cce-81ea-a94a22416d98","block_type":"box","text":"ditions. In accordance with the requirements of","page_number":54,"box":{"x":532,"y":192,"width":353,"height":12}},{"id":"7c04adb0-038b-4d51-a878-32aaef4d8197","block_type":"box","text":"the relevant stock exchanges, market makers are expected to provide liquidity and two way prices to","page_number":54,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"6bcb392d-2e24-40d6-81b7-cc842a1492c1","block_type":"box","text":"facilitate the secondary market trading of the ETF Shares. See the “","page_number":54,"box":{"x":119,"y":222,"width":532,"height":12}},{"id":"a8c3f6eb-8e27-4943-9afd-c7a19b4e9470","block_type":"box","text":"Risk Factors","page_number":54,"box":{"x":652,"y":222,"width":102,"height":9}},{"id":"5d81184e-a5c2-4f28-88a8-5852fd4cb0c9","block_type":"box","text":"” section of this","page_number":54,"box":{"x":756,"y":222,"width":129,"height":9}},{"id":"8637b05c-f93b-45e1-b8c4-eef6f1aa5bf2","block_type":"box","text":"Prospectus for further information on the risk factors associated with secondary market trading.","page_number":54,"box":{"x":119,"y":237,"width":710,"height":12}},{"id":"5df567ed-43ce-436e-98e7-7a691aa4aaee","block_type":"box","text":"The Indicative Net Asset Value (“","page_number":54,"box":{"x":119,"y":267,"width":270,"height":12}},{"id":"696f24f9-9b4b-4052-a785-1a0c22b1d4e6","block_type":"box","text":"iNAV","page_number":54,"box":{"x":390,"y":267,"width":44,"height":9}},{"id":"84464a28-986e-4b16-84a4-ddb2b5162c4b","block_type":"box","text":"”) for each Fund is calculated at fifteen second intervals","page_number":54,"box":{"x":435,"y":267,"width":450,"height":12}},{"id":"dff17651-bd14-4539-aadb-1763acaf1d5d","block_type":"box","text":"throughout the trading day and is published on Bloomberg or Reuters. The iNAV is based on quotes and","page_number":54,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"e90e4727-aad2-4202-b681-415971fef0d9","block_type":"box","text":"last sale prices from the securities’ local market and may not reflect events that occur subsequ","page_number":54,"box":{"x":119,"y":297,"width":693,"height":12}},{"id":"6b12bb8d-5341-4d43-8348-42aa8e853dd0","block_type":"box","text":"ent to the","page_number":54,"box":{"x":813,"y":297,"width":72,"height":9}},{"id":"84e41fe3-9d2f-44f9-891b-4194937a9e14","block_type":"box","text":"local market’s close.","page_number":54,"box":{"x":119,"y":312,"width":151,"height":9}},{"id":"74acfadc-3e08-4e1a-9ac1-355c02a93679","block_type":"box","text":"Premiums and discounts between the iNAV and the market price may occur and the iNAV should not","page_number":54,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"18607e8c-bf67-473d-86e3-7cc918b5c251","block_type":"box","text":"be viewed as a “real","page_number":54,"box":{"x":119,"y":357,"width":146,"height":9}},{"id":"82b05c5c-9180-4785-a79c-2e256c13e425","block_type":"box","text":"-","page_number":54,"box":{"x":266,"y":363,"width":4,"height":1}},{"id":"13ed68fa-9c56-4bdb-9bda-b9d3bc7dba77","block_type":"box","text":"time” update of the Net Asset Value per Share, which is calculated only once a day.","page_number":54,"box":{"x":271,"y":357,"width":614,"height":12}},{"id":"4f75f2c8-3500-4ab4-b72b-e1ed222c0bd0","block_type":"box","text":"The iNAV should not be taken or relied on as the price a","page_number":54,"box":{"x":119,"y":372,"width":434,"height":12}},{"id":"e2da353b-ad5f-4f74-8933-78c804a68ddc","block_type":"box","text":"t which Shares are subscribed or redeemed.","page_number":54,"box":{"x":553,"y":372,"width":332,"height":9}},{"id":"32b0f069-435d-4a54-9f36-1840d3058b75","block_type":"box","text":"None of the Company, the Manager, or the Investment Manager or any of their affiliates, or any third","page_number":54,"box":{"x":118,"y":387,"width":767,"height":12}},{"id":"0c978c30-542c-4e0b-9563-f6506575177d","block_type":"box","text":"party calculation agents involved in, or responsible for, the calculation or publication of such iNAVs","page_number":54,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"1808009c-7633-41a9-8958-360185d4f421","block_type":"box","text":"makes any","page_number":54,"box":{"x":119,"y":417,"width":78,"height":12}},{"id":"a81886f8-0bce-4505-b282-eaa6e2395f89","block_type":"box","text":"warranty as to their accuracy or shall be liable to any person who relies on the iNAV.","page_number":54,"box":{"x":202,"y":417,"width":629,"height":12}},{"id":"cba6948a-5d7c-4459-a478-ea0d73187d2e","block_type":"box","text":"As a purchase or sale of ETF Shares on the secondary market is not a subscription for or redemption of","page_number":54,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"3fcac528-712b-4672-bab2-4b9358b69ce3","block_type":"box","text":"ETF Shares directly with a Fund, the Company does not charge any subscription or redemption fees for","page_number":54,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"7a29dce7-0e7d-499b-9a8e-c6a839440c3b","block_type":"box","text":"purchases or sales of ETF Shares on the secondary ma","page_number":54,"box":{"x":119,"y":477,"width":425,"height":12}},{"id":"a176c928-6e86-4b61-ad6d-e0eb85f85b1b","block_type":"box","text":"rket.","page_number":54,"box":{"x":544,"y":477,"width":38,"height":9}},{"id":"4cafda8e-fe60-4e7a-b127-99e5b0e85d53","block_type":"box","text":"Investors that buy ETF Shares on the","page_number":54,"box":{"x":592,"y":477,"width":293,"height":12}},{"id":"9856ab45-ae16-48b5-9328-df58d09f2276","block_type":"box","text":"secondary market (with the exception of certain secondary market investors purchasing shares on the","page_number":54,"box":{"x":120,"y":492,"width":765,"height":12}},{"id":"3bfce869-e32c-4071-9e59-9e10c3d6367d","block_type":"box","text":"London Stock Exchange) are not reflected in the Register.","page_number":54,"box":{"x":119,"y":507,"width":434,"height":12}},{"id":"1997bc18-9eef-4149-9879-7b1797d7245b","block_type":"box","text":"ETF Shares purchased on the secondary market cannot usually be sold directly back to the","page_number":54,"box":{"x":119,"y":537,"width":766,"height":12}},{"id":"da623be6-8938-4868-8af5-cc34c1f9a6a6","block_type":"box","text":"Company. Investors must buy and sell ETF Shares on a secondary market with the assistance of","page_number":54,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"351e80b3-f25a-4da3-b8a6-3bdfa99dd6bf","block_type":"box","text":"an intermediary (e.g. a stockbroker) and may incur fees for doing so. In","page_number":54,"box":{"x":119,"y":568,"width":577,"height":11}},{"id":"b89f2a3a-f80a-4cc3-b734-e645065b1041","block_type":"box","text":"addition, investors may","page_number":54,"box":{"x":697,"y":568,"width":188,"height":11}},{"id":"83e8542a-42f3-4f5b-8fb5-f2ade5ca4a88","block_type":"box","text":"pay more than the current Net Asset Value when buying ETF Shares on the secondary market","page_number":54,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"a7e087cb-fa6f-4cf1-9041-608d39fd331d","block_type":"box","text":"and may receive less than the current Net Asset Value when selling them.","page_number":54,"box":{"x":119,"y":598,"width":580,"height":11}},{"id":"fefb4a5b-249d-473b-be93-175c62a168ad","block_type":"box","text":"If the stock exchange value of ETF Shares significantly varies from their Net Asset Value, investors","page_number":54,"box":{"x":119,"y":627,"width":766,"height":12}},{"id":"857b73ac-ff83-40bc-8ca0-f7828d574c70","block_type":"box","text":"who have acquired their ETF Shares on the secondary market may redeem their ETF Shares directly to","page_number":54,"box":{"x":119,"y":642,"width":766,"height":12}},{"id":"ca672db8-76f4-446d-8bc6-c34342f38889","block_type":"box","text":"the Company, and such redemption will be subject to the","page_number":54,"box":{"x":119,"y":657,"width":426,"height":12}},{"id":"8344c0d4-01a3-46ab-aa65-87cbbad1f80c","block_type":"box","text":"provisions of this Prospectus. If a significant","page_number":54,"box":{"x":545,"y":657,"width":340,"height":12}},{"id":"6967be37-e316-4352-8380-b855d99e153a","block_type":"box","text":"variance in value arises, a stock exchange announcement will be made to Euronext Dublin, the London","page_number":54,"box":{"x":119,"y":672,"width":766,"height":12}},{"id":"f2ea6a24-1d07-43e3-8213-703bf3783a5d","block_type":"box","text":"Stock Exchange and such other exchange(s) on which the ETF Shares are traded, advising the","page_number":54,"box":{"x":120,"y":687,"width":765,"height":12}},{"id":"c06b6ff0-a419-4205-85ac-e2656514ca60","block_type":"box","text":"Shareholder of t","page_number":54,"box":{"x":120,"y":702,"width":127,"height":9}},{"id":"802188fd-ebe4-4a30-b61d-1012bba9bcb4","block_type":"box","text":"his right. Authorised Participants wishing to redeem their ETF Shares in these","page_number":54,"box":{"x":247,"y":702,"width":638,"height":12}},{"id":"bcaf5c4d-922f-4a9a-84e7-6ca39e6e8dd7","block_type":"box","text":"circumstances should contact the Portal Operator for details of the process and relevant forms. Please","page_number":54,"box":{"x":119,"y":717,"width":766,"height":12}},{"id":"37d4140e-12c2-4259-a9a9-3d1c78f8d49c","block_type":"box","text":"see the section of the Prospectus entitled “","page_number":54,"box":{"x":120,"y":732,"width":316,"height":12}},{"id":"9b368313-a0d5-4e66-ae65-5a84d3a493cc","block_type":"box","text":"Redeeming Shares","page_number":54,"box":{"x":437,"y":732,"width":146,"height":12}},{"id":"481f1806-d565-4684-94f1-2a90f99d74f3","block_type":"box","text":"” for fees payable. 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In addition,","page_number":55,"box":{"x":119,"y":851,"width":766,"height":12}},{"id":"d25c4ee0-11f6-4f04-b12e-84418e653b66","block_type":"box","text":"applicable trading charges related to stamp duty, United Kingdom stamp duty reserve tax (“","page_number":55,"box":{"x":119,"y":866,"width":698,"height":12}},{"id":"eb01f509-7407-47bf-bf21-9123d8c7b6b1","block_type":"box","text":"SDRT","page_number":55,"box":{"x":818,"y":866,"width":48,"height":9}},{"id":"749584c9-116d-42e8-b76a-b981afec1ccd","block_type":"box","text":"”)","page_number":55,"box":{"x":867,"y":866,"width":18,"height":12}},{"id":"d3564c33-e066-471f-b1c3-3596db290854","block_type":"box","text":"and other similar transfer taxes, and other duties as detailed","page_number":55,"box":{"x":119,"y":881,"width":447,"height":11}},{"id":"67677374-f1c0-4ba4-b9ad-4a94eb901d1b","block_type":"box","text":"either in","page_number":55,"box":{"x":566,"y":881,"width":66,"height":9}},{"id":"90d74213-f34f-4e00-8adb-dad4a0541cc9","block_type":"box","text":"Appendix 1","page_number":55,"box":{"x":632,"y":881,"width":90,"height":12}},{"id":"a9fac4a3-88c2-4eb5-85ef-0bc72c472e9f","block_type":"box","text":"of this Prospectus or","page_number":55,"box":{"x":729,"y":881,"width":156,"height":12}},{"id":"32a05cd6-4e87-459a-ada2-a55a20ab47e8","block_type":"box","text":"otherwise in the Supplement for the relevant Fund","page_number":55,"box":{"x":119,"y":896,"width":371,"height":12}},{"id":"288f0f7b-eeea-485d-9574-b15ac7e2e4e9","block_type":"box","text":"will also apply.","page_number":55,"box":{"x":495,"y":896,"width":117,"height":12}},{"id":"172d790f-c306-476f-9df8-9b5039390d9c","block_type":"box","text":"56","page_number":56,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"bd8709de-715a-4334-aa15-540cae75891e","block_type":"box","text":"VG001","page_number":56,"box":{"x":654,"y":948,"width":38,"height":7}},{"id":"b4f41ed2-af3f-42ff-892e-435e2d1a9a66","block_type":"box","text":"-","page_number":56,"box":{"x":694,"y":952,"width":3,"height":1}},{"id":"38801cad-e75e-4a8a-a02f-2e62d56ad34d","block_type":"box","text":"001/M85660","page_number":56,"box":{"x":698,"y":948,"width":69,"height":7}},{"id":"2d7cd03e-c580-4f3b-a147-291674d9e3ec","block_type":"box","text":"-","page_number":56,"box":{"x":768,"y":952,"width":3,"height":1}},{"id":"5b8b5388-363e-4543-90b4-3dad358ad8f5","block_type":"box","text":"892520263","page_number":56,"box":{"x":773,"y":948,"width":58,"height":7}},{"id":"39886060-8c78-44b7-a501-36c665db26d4","block_type":"box","text":"-","page_number":56,"box":{"x":833,"y":952,"width":3,"height":1}},{"id":"b7ace955-9f15-4c59-ba25-33ea30c74f84","block_type":"box","text":"23864/0","page_number":56,"box":{"x":837,"y":948,"width":43,"height":7}},{"id":"df49cfc1-47cc-479d-afa8-e333202442bd","block_type":"box","text":"The Custody Transaction Fee will be an estimate calculated by and paid to the Manager who will in turn","page_number":56,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"2af0c6bd-e578-4243-8a6c-81a517ac766a","block_type":"box","text":"pay the Custody Transaction Fee as invoiced by the Depositary. In the event that there is any excess of","page_number":56,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"6add06f2-52bc-4f75-81fc-b70cd0c3241c","block_type":"box","text":"the amount paid by the Authorised Participant to","page_number":56,"box":{"x":119,"y":132,"width":388,"height":12}},{"id":"06eef0dd-d493-4834-9d5b-58d3b4d95628","block_type":"box","text":"the Manager over the amount invoiced by the","page_number":56,"box":{"x":516,"y":132,"width":369,"height":12}},{"id":"2e62053d-0aa7-4537-a732-41f5246a8802","block_type":"box","text":"Depositary, such excess will be used in satisfaction of the total custody charges payable to the","page_number":56,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"be38c7c1-8751-485c-ab2a-2e8661509114","block_type":"box","text":"Depositary. This may result in the portion of the OCF payable by the Manager to the Depositary, in","page_number":56,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"e974e6b1-2ed8-42ea-b4bd-58d4377d9e2a","block_type":"box","text":"respect of aggr","page_number":56,"box":{"x":119,"y":177,"width":109,"height":12}},{"id":"87792ead-2342-4c4d-84c8-0e598e32445f","block_type":"box","text":"egate custody transaction fees, being reduced and accordingly the amount retained by the","page_number":56,"box":{"x":228,"y":177,"width":657,"height":12}},{"id":"bb8741df-8728-4c40-b10b-750c5eee78b9","block_type":"box","text":"Manager may be increased. Should this occur, any such reduction will be negligible. The Custody","page_number":56,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"d3b95ff2-e5a4-4e3f-99ae-3e6918d83246","block_type":"box","text":"Transaction Fee may be waived by the Manager and, in such instances, th","page_number":56,"box":{"x":119,"y":207,"width":560,"height":12}},{"id":"adb6a109-a395-4e52-9a1f-3d7196d23e4a","block_type":"box","text":"e Custody Transaction Fee","page_number":56,"box":{"x":680,"y":207,"width":205,"height":12}},{"id":"a3d50065-9839-468f-9839-384461d1747e","block_type":"box","text":"will be paid by the Manager out of its fee. Any such waiver will be notified to the Shareholder.","page_number":56,"box":{"x":119,"y":222,"width":705,"height":12}},{"id":"fc812e18-99e1-4803-80e5-f5d42e31e15c","block_type":"box","text":"The Fund Deposit is the Deposit Securities and the Cash Component together (the “","page_number":56,"box":{"x":119,"y":252,"width":635,"height":12}},{"id":"3c5a08dd-0f96-4bb2-87ec-c5295066f5d3","block_type":"box","text":"Fund Deposit","page_number":56,"box":{"x":755,"y":252,"width":107,"height":12}},{"id":"bfd4d35a-822e-4ba0-9f40-6a697b921622","block_type":"box","text":"”).","page_number":56,"box":{"x":862,"y":252,"width":23,"height":12}},{"id":"b3b6e98c-9096-4af1-bdc1-a7fe7679a745","block_type":"box","text":"The “","page_number":56,"box":{"x":119,"y":267,"width":41,"height":9}},{"id":"0c4e77fc-08b5-4670-a205-49943bfaf60c","block_type":"box","text":"Purchase Balancing Amount","page_number":56,"box":{"x":161,"y":267,"width":226,"height":12}},{"id":"15e27261-df3a-4ad0-b67b-db912bd196a6","block_type":"box","text":"” is an amount of cash equal to the difference between: (a) the Net","page_number":56,"box":{"x":388,"y":267,"width":497,"height":12}},{"id":"01657189-a2a1-4078-9054-4d6d36dcfc25","block_type":"box","text":"Asset Value of a Creation Unit; and (b) the market value of the Deposit Securities. It ensures that the","page_number":56,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"1c98db9c-a7c1-421f-80ab-64971d236e09","block_type":"box","text":"Fund Deposit (not including the Custody Transaction Fee) is identical to the Net Ass","page_number":56,"box":{"x":119,"y":297,"width":647,"height":12}},{"id":"94ed9b80-44d1-4268-b549-c50ba8d5204f","block_type":"box","text":"et Value of the","page_number":56,"box":{"x":767,"y":297,"width":118,"height":9}},{"id":"4493f452-5f13-4a93-9438-0d5224633e19","block_type":"box","text":"Creation Unit it is used to purchase. If the Purchase Balancing Amount is a positive number (i.e. the Net","page_number":56,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"4418f00c-74c4-4ed5-a85a-9ce5ed7f258a","block_type":"box","text":"Asset Value per Creation Unit exceeds the market value of the Deposit Securities), then that amount","page_number":56,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"f94ef86a-2ffa-415a-b43c-fb1d762b040f","block_type":"box","text":"will be paid by the applicant to t","page_number":56,"box":{"x":119,"y":342,"width":231,"height":12}},{"id":"ac23cdbd-ce45-4ef4-879f-8659f6938142","block_type":"box","text":"he Fund in cash. 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The Directors retain the","page_number":58,"box":{"x":688,"y":491,"width":192,"height":9}},{"id":"6f9ceda3-659b-45a3-ae30-101d33e5b666","block_type":"box","text":"discretion to accept settlements for C","page_number":58,"box":{"x":119,"y":506,"width":259,"height":12}},{"id":"a7ea93da-2557-4dbb-bd8b-a657d2be4182","block_type":"box","text":"Creation Unit subscriptions outside of the normal settlement periods.","page_number":58,"box":{"x":378,"y":506,"width":507,"height":12}},{"id":"f1400ac2-64b7-48a8-99b7-8f91fbb5e025","block_type":"box","text":"However, the settlement period for Creation Unit subscriptions shall not in any event exceed ten","page_number":58,"box":{"x":119,"y":521,"width":766,"height":12}},{"id":"88630df7-6268-42dc-8396-ae95a128895a","block_type":"box","text":"Business Days from the relevant Dealing Day.","page_number":58,"box":{"x":119,"y":536,"width":348,"height":12}},{"id":"5f1af8a1-e36f-4436-9746-174a7c28835b","block_type":"box","text":"Collection 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The fee is paid directly into the assets of the relevant","page_number":58,"box":{"x":119,"y":775,"width":766,"height":12}},{"id":"9cead7e9-3b7e-4fa0-82c8-ecf98012541c","block_type":"box","text":"Fund to offset the cost of buying and selling securities and is not a subscription fee payable to the","page_number":58,"box":{"x":119,"y":790,"width":766,"height":12}},{"id":"f4268d86-b4de-4d00-b963-f79989fe06a5","block_type":"box","text":"Manager or to any other","page_number":58,"box":{"x":119,"y":805,"width":178,"height":12}},{"id":"055d28ff-5dda-4234-90ce-b081cc3488f5","block_type":"box","text":"person. 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The amount of this charge will vary as determined by the Company at its sole","page_number":64,"box":{"x":267,"y":417,"width":618,"height":12}},{"id":"d41ac9bb-8da7-4aef-8878-d2e37d8db0a0","block_type":"box","text":"discretion, but will not be more than is reasonably needed to compensate the Fund for the transaction","page_number":64,"box":{"x":119,"y":432,"width":766,"height":12}},{"id":"4ba98d92-2c0e-4f9d-9556-b36ce8a8f849","block_type":"box","text":"costs including, if applicable, the estimated market costs of selling por","page_number":64,"box":{"x":119,"y":447,"width":550,"height":12}},{"id":"7675973a-46fa-44ef-8cba-fd9212b1a612","block_type":"box","text":"tfolio securities to raise the","page_number":64,"box":{"x":669,"y":447,"width":216,"height":9}},{"id":"e17145ed-1a01-4b0e-a6de-f62ced2e0148","block_type":"box","text":"necessary cash.","page_number":64,"box":{"x":119,"y":462,"width":118,"height":12}},{"id":"eb21cb67-14f3-4638-b3f4-550ed1bb52f2","block_type":"box","text":"See the “","page_number":64,"box":{"x":243,"y":462,"width":65,"height":9}},{"id":"d4c55d8d-1c98-4c00-b674-551e4d872ada","block_type":"box","text":"Risk Factor","page_number":64,"box":{"x":309,"y":462,"width":92,"height":9}},{"id":"8b84c812-e174-4326-b05b-b059478cba90","block_type":"box","text":"” section of this Prospectus for further information on the Basket","page_number":64,"box":{"x":402,"y":462,"width":483,"height":12}},{"id":"a11e7ad8-b37b-4e51-b0a6-5f6f0a4c261a","block_type":"box","text":"Customisation Fee.","page_number":64,"box":{"x":119,"y":477,"width":147,"height":9}},{"id":"efdfa602-4565-430b-aee8-6317393905a7","block_type":"box","text":"Redemption requests for Creation Units must be submitted to the Portal Operator through the Portal by","page_number":64,"box":{"x":119,"y":507,"width":766,"height":12}},{"id":"d7b06971-04b5-4b04-84cc-568cf234aa35","block_type":"box","text":"an Authorised Participant before the Cut","page_number":64,"box":{"x":119,"y":522,"width":299,"height":12}},{"id":"1d3dcba5-f5cc-4b6d-9a1e-c45e7180c0a2","block_type":"box","text":"-","page_number":64,"box":{"x":419,"y":528,"width":5,"height":1}},{"id":"f931769f-3994-437a-a145-6fc9010c72dd","block_type":"box","text":"Off Time for the relevant Dealing Day. An order to redeem a","page_number":64,"box":{"x":425,"y":522,"width":460,"height":12}},{"id":"66bf9491-2a6d-41b7-97e4-e097c06009ae","block_type":"box","text":"Creation Unit is deemed received for a Dealing Day i","page_number":64,"box":{"x":119,"y":537,"width":399,"height":12}},{"id":"c37a4d2c-9cc6-41a7-8ead-5bc7e0be932c","block_type":"box","text":"f (1) such order is received by the Portal prior to","page_number":64,"box":{"x":519,"y":537,"width":366,"height":12}},{"id":"2d70e6f8-af7c-437a-ab74-acea3ac1ecaa","block_type":"box","text":"the Cut","page_number":64,"box":{"x":119,"y":552,"width":54,"height":10}},{"id":"923f162e-900d-41f5-9a20-da974052ecc1","block_type":"box","text":"-","page_number":64,"box":{"x":174,"y":558,"width":5,"height":1}},{"id":"b43b3195-be65-4cdf-9701-1ce1f618f292","block_type":"box","text":"Off Time for such Dealing Day; and (2) all other procedures set forth in the Application Form","page_number":64,"box":{"x":180,"y":552,"width":705,"height":12}},{"id":"0bac6f59-d145-4ee7-bd94-98f12450ce6a","block_type":"box","text":"are properly followed. If a redemption order in proper form is submitted to the Portal Operator throu","page_number":64,"box":{"x":119,"y":567,"width":743,"height":12}},{"id":"2e488641-3562-4c21-bf3d-932c04925661","block_type":"box","text":"gh","page_number":64,"box":{"x":863,"y":567,"width":22,"height":12}},{"id":"9200c44c-7eb8-4a1c-9898-c2ae6282e9fd","block_type":"box","text":"the Portal by an Authorised Participant prior to the Cut","page_number":64,"box":{"x":119,"y":582,"width":404,"height":12}},{"id":"d7085492-b5de-4685-954e-acadb60169c0","block_type":"box","text":"-","page_number":64,"box":{"x":523,"y":588,"width":5,"height":1}},{"id":"e11e1772-3330-4e04-aaa1-61da2d05979a","block_type":"box","text":"Off Time for the relevant Dealing Day, then the","page_number":64,"box":{"x":529,"y":582,"width":356,"height":12}},{"id":"9e7b979d-85a7-4b4f-a203-2fbbe9a611bc","block_type":"box","text":"value of the Redemption Securities and the Redemption Balancing Amount will be determined by the","page_number":64,"box":{"x":119,"y":597,"width":766,"height":12}},{"id":"ac263fc5-517b-4e30-8a3c-9ee7799c479b","block_type":"box","text":"Fund on such Dealing Day. A redemption request is c","page_number":64,"box":{"x":119,"y":612,"width":425,"height":12}},{"id":"1421131c-e94a-4ac8-9be6-e4a33701b3bd","block_type":"box","text":"onsidered to be in “proper form” if: (1) an","page_number":64,"box":{"x":545,"y":612,"width":340,"height":12}},{"id":"fe3d78ed-5323-4ede-8b61-9113c98d0d75","block_type":"box","text":"Authorised Participant has transferred or caused to be transferred to the Administrator the Creation Unit","page_number":64,"box":{"x":119,"y":627,"width":766,"height":12}},{"id":"a199fc66-4a0b-4fdb-bea5-0a0ae3ea39fa","block_type":"box","text":"being redeemed through the book","page_number":64,"box":{"x":119,"y":642,"width":252,"height":12}},{"id":"ba5ad580-23a0-4cb2-aba5-0a0611ce4dcd","block_type":"box","text":"-","page_number":64,"box":{"x":372,"y":648,"width":4,"height":1}},{"id":"e1ef33b9-060d-42c4-9aac-509fa3625b27","block_type":"box","text":"entry system of the Recognised Clearing and Settlement System so","page_number":64,"box":{"x":378,"y":642,"width":507,"height":12}},{"id":"344cbd34-4e35-46ad-96e6-f4fc7a5e5a53","block_type":"box","text":"as to be","page_number":64,"box":{"x":119,"y":657,"width":61,"height":10}},{"id":"f8ab9696-db3e-4f2b-a241-f467016bba74","block_type":"box","text":"effective by the deadline for settlement of redemptions as specified for the relevant Fund either","page_number":64,"box":{"x":180,"y":657,"width":705,"height":12}},{"id":"2ee5105d-e608-44d4-b22d-7ff49fe241c6","block_type":"box","text":"in A","page_number":64,"box":{"x":119,"y":672,"width":19,"height":10}},{"id":"ffb48dab-1e83-4bef-a62b-840fc234b089","block_type":"box","text":"Appendix 1","page_number":64,"box":{"x":138,"y":673,"width":88,"height":11}},{"id":"5d7d9ad3-1b64-4bd6-b659-6d790ac8df1f","block_type":"box","text":"to this Prospectus or otherwise in the relevant Supplement; and (2) a request satisfactory","page_number":64,"box":{"x":232,"y":672,"width":653,"height":12}},{"id":"28ee3f58-3d91-47f4-971d-dd83cd9ffe52","block_type":"box","text":"to the Company is received by the Portal Operator through the Portal from the Authorised Participant","page_number":64,"box":{"x":119,"y":687,"width":766,"height":12}},{"id":"8c81c7a2-feda-4dfc-ac74-d8073c8db8aa","block_type":"box","text":"within the time periods specified herein.","page_number":64,"box":{"x":119,"y":703,"width":302,"height":11}},{"id":"a851de5d-afa6-4dfc-8058-a9d1471436a1","block_type":"box","text":"An Authorised Participant must deliver to the Fund, the ETF Shares it is seeking to redeem by the","page_number":64,"box":{"x":119,"y":732,"width":766,"height":12}},{"id":"0dad7d4e-da12-40d3-8692-8926488e160c","block_type":"box","text":"relevant deadline for settlement of redemptions. If an Authorised Participant has failed to deliver all of","page_number":64,"box":{"x":119,"y":748,"width":766,"height":11}},{"id":"ae496539-1403-4e78-a58d-d9e3587a011d","block_type":"box","text":"the ETF Shares it is seeking to redeem by the rele","page_number":64,"box":{"x":119,"y":763,"width":383,"height":11}},{"id":"45b108f0-f5b2-402e-91dc-c678446c9c19","block_type":"box","text":"vant time, the Fund shall be entitled to cancel the","page_number":64,"box":{"x":503,"y":763,"width":382,"height":11}},{"id":"89cebf1f-0db3-4f3e-9b14-65087523b263","block_type":"box","text":"redemption order","page_number":64,"box":{"x":119,"y":778,"width":127,"height":12}},{"id":"998e11aa-ac21-4b12-ad3d-44e17bc73c72","block_type":"box","text":"or may require the Authorised Participant to pay to it, in cash, a collateral sum at least","page_number":64,"box":{"x":251,"y":778,"width":634,"height":12}},{"id":"876ec756-eebd-44a4-a78d-dcfa7cc60a54","block_type":"box","text":"equal to 103% of the closing value of such undelivered ETF Shares on the relevant Dealing Day, until","page_number":64,"box":{"x":119,"y":793,"width":766,"height":12}},{"id":"15166916-d8aa-4f4d-aeb6-dadaaabde78a","block_type":"box","text":"the date of delivery of all such undelivered ETF Shares. The r","page_number":64,"box":{"x":119,"y":808,"width":480,"height":11}},{"id":"06a19ac7-1776-4829-be16-57be64e7d93a","block_type":"box","text":"eceipt of this will be deemed to have","page_number":64,"box":{"x":599,"y":808,"width":286,"height":11}},{"id":"c6d39319-297d-4a61-b761-4300cc8ceed9","block_type":"box","text":"settled the redemption in full. Cash collateral will be used following the default on the delivery of the","page_number":64,"box":{"x":120,"y":823,"width":765,"height":12}},{"id":"623a349e-fd41-4fd6-ab0d-7dae1f67f9e8","block_type":"box","text":"ETF Shares.","page_number":64,"box":{"x":119,"y":838,"width":90,"height":9}},{"id":"c4bc2fb2-ef3a-4cd8-b14d-b183beeffafb","block_type":"box","text":"In all cases the Company shall be entitled to charge the redeeming investor for any costs","page_number":64,"box":{"x":221,"y":838,"width":664,"height":12}},{"id":"cb5d68eb-7c1a-4967-b4a7-089db4167a1d","block_type":"box","text":"sustained by the Fund as a result of the late delivery or failure to deliver.","page_number":64,"box":{"x":120,"y":853,"width":559,"height":12}},{"id":"d606af5a-7571-4624-a393-6760ad3bccff","block_type":"box","text":"The cash collateral will be","page_number":64,"box":{"x":681,"y":853,"width":204,"height":9}},{"id":"c48108ac-0529-439e-85a8-3484f5739fba","block_type":"box","text":"marked","page_number":64,"box":{"x":119,"y":868,"width":55,"height":9}},{"id":"40233b47-372b-4f39-9503-c1e34b5e91b0","block_type":"box","text":"-","page_number":64,"box":{"x":175,"y":873,"width":5,"height":1}},{"id":"d16bc11a-3cc4-4415-bef9-aba58c16dfbd","block_type":"box","text":"to","page_number":64,"box":{"x":181,"y":869,"width":13,"height":8}},{"id":"f6e42fad-879d-43ad-90a5-71a2c3ae3302","block_type":"box","text":"-","page_number":64,"box":{"x":196,"y":873,"width":4,"height":1}},{"id":"1b4b2c46-f213-458f-95cc-8b89d0fffaac","block_type":"box","text":"market on a daily basis and additional collateral will be requested if the value of the ETF","page_number":64,"box":{"x":201,"y":868,"width":684,"height":12}},{"id":"2aa892a6-2999-461a-9744-629fc20e7f03","block_type":"box","text":"Shares exceeds the value of the cash initially received. 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In such cases, the","page_number":65,"box":{"x":120,"y":282,"width":379,"height":12}},{"id":"a856ca5e-845b-454f-887e-99292ed7a057","block_type":"box","text":"investor would receive securities equal to the Net","page_number":65,"box":{"x":506,"y":282,"width":379,"height":12}},{"id":"5ba57125-ee9d-4298-ae30-72c1b97a359a","block_type":"box","text":"Asset Value of its ETF Shares based on the Net Asset Value of those ETF shares as at the relevant","page_number":65,"box":{"x":119,"y":297,"width":766,"height":9}},{"id":"232a1e06-16c6-48d9-8362-c89384fbf79d","block_type":"box","text":"Dealing Day in respect of which a request received in proper form relates (minus a Custody Transaction","page_number":65,"box":{"x":119,"y":312,"width":766,"height":12}},{"id":"844ed6e6-f72e-4b2a-8efe-7b74074c69e0","block_type":"box","text":"Fee","page_number":65,"box":{"x":119,"y":327,"width":26,"height":9}},{"id":"895aa8ed-0008-4522-81b9-c6f824180371","block_type":"box","text":"and a Basket Customisation Fee, if any).","page_number":65,"box":{"x":151,"y":327,"width":303,"height":12}},{"id":"f14216b0-0d86-48c9-850d-475f4e114348","block_type":"box","text":"Where an investor who has subscribed for ETF Shares in cash subsequently submits a redemption","page_number":65,"box":{"x":119,"y":357,"width":766,"height":12}},{"id":"69fd59c6-bddf-4216-817b-bd6119038dde","block_type":"box","text":"request, the Company and the investor may agree that such redemption will be paid in","page_number":65,"box":{"x":119,"y":372,"width":651,"height":12}},{"id":"779f942c-729f-431f-a0d9-0358ddc222dd","block_type":"box","text":"-","page_number":65,"box":{"x":771,"y":378,"width":5,"height":1}},{"id":"591d5fc2-93c1-4895-a1aa-8572629b272d","block_type":"box","text":"kind provided","page_number":65,"box":{"x":777,"y":372,"width":108,"height":12}},{"id":"c0a19daf-e2ad-4218-a0ac-4d4d56a818e7","block_type":"box","text":"the asset allocation for the redemption in","page_number":65,"box":{"x":119,"y":387,"width":295,"height":12}},{"id":"07b02f73-9194-4dec-85a3-d364932825b6","block_type":"box","text":"-","page_number":65,"box":{"x":415,"y":393,"width":5,"height":1}},{"id":"1e784ae1-ae27-4100-ae2f-d8f76213029b","block_type":"box","text":"kind is approved by t","page_number":65,"box":{"x":420,"y":387,"width":148,"height":12}},{"id":"97d77c80-ebc4-4867-869c-cdb174ffe3d1","block_type":"box","text":"the D","page_number":65,"box":{"x":567,"y":387,"width":27,"height":9}},{"id":"8ce30b1f-4356-4482-aa70-194cf7fa7db2","block_type":"box","text":"Depositary","page_number":65,"box":{"x":593,"y":387,"width":81,"height":12}},{"id":"928fe591-ee6c-40dd-9a88-3d888d725bd0","block_type":"box","text":". If a redeeming Shareholder","page_number":65,"box":{"x":675,"y":387,"width":210,"height":12}},{"id":"7f702a7c-405a-44a8-a7ed-c6e52965fc2c","block_type":"box","text":"requests redemption of a number of shares representing 5% or more of the Net Asset Value of a Fund","page_number":65,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"3fc53094-9477-4469-9474-f8dac1d63935","block_type":"box","text":"as at the Dealing Day in respect of which a request in proper form relates, the Directors may, in their","page_number":65,"box":{"x":119,"y":417,"width":766,"height":12}},{"id":"5e038ea1-2e1a-483e-b218-64dab4787eea","block_type":"box","text":"sole discretion redeem t","page_number":65,"box":{"x":120,"y":432,"width":180,"height":9}},{"id":"6c84082a-996e-4fa9-8d14-4710d30fc5f4","block_type":"box","text":"he shares by way of a redemption in","page_number":65,"box":{"x":300,"y":432,"width":278,"height":12}},{"id":"0b1ac3cd-6b93-4e7c-9ff7-093ebb904ccb","block_type":"box","text":"-","page_number":65,"box":{"x":579,"y":438,"width":5,"height":1}},{"id":"9720fbf7-6339-4dec-8a78-a9aaa188d093","block_type":"box","text":"kind. In such cases, the investor would","page_number":65,"box":{"x":585,"y":432,"width":300,"height":11}},{"id":"1829a084-58f5-4152-92f8-f0e66a83408a","block_type":"box","text":"receive securities equal to the Net Asset Value of its ETF Shares based on the Net Asset Value of those","page_number":65,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"b4bfaa91-503d-4c21-b2a1-fcb34b77d504","block_type":"box","text":"ETF Shares as at the relevant Dealing Day in respect of which a request rece","page_number":65,"box":{"x":119,"y":462,"width":565,"height":12}},{"id":"42808af2-ed26-4e4d-9c64-f5e0f2a48370","block_type":"box","text":"ived in proper form relates","page_number":65,"box":{"x":684,"y":462,"width":201,"height":12}},{"id":"219ec087-3836-4d27-8db4-9cf0b8913989","block_type":"box","text":"(minus a Custody Transaction Fee and a Basket Customisation Fee, if any). In addition, the Directors","page_number":65,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"8cbcf952-ed11-4ccb-9660-1b3c0621c402","block_type":"box","text":"will, if requested by the redeeming Shareholder, sell the securities, the subject of the redemption, on","page_number":65,"box":{"x":119,"y":492,"width":766,"height":12}},{"id":"6c58198b-93ab-4aaf-bad4-b220a2de7b6a","block_type":"box","text":"behalf of the Sharehold","page_number":65,"box":{"x":119,"y":507,"width":175,"height":9}},{"id":"653cc1e9-300c-4289-a1a8-f6b94de7efa5","block_type":"box","text":"er. The cost of the sale can be charged to the Shareholder.","page_number":65,"box":{"x":294,"y":507,"width":432,"height":12}},{"id":"2d96b421-027f-4cd9-b0c3-74500352a0b5","block_type":"box","text":"Redemption in kind","page_number":65,"box":{"x":733,"y":507,"width":152,"height":12}},{"id":"e8d61ac4-3c8f-4810-a617-bb9dd5a89b3b","block_type":"box","text":"is a mechanism that can be used for liquidity management and can be employed by the Manager but it","page_number":65,"box":{"x":119,"y":522,"width":766,"height":12}},{"id":"9b4f8175-92d7-4d7a-85f9-18e7c72a5423","block_type":"box","text":"has n","page_number":65,"box":{"x":119,"y":537,"width":29,"height":10}},{"id":"aecd6065-1f6b-422d-85b4-ab0c6b750887","block_type":"box","text":"not b","page_number":65,"box":{"x":148,"y":539,"width":28,"height":8}},{"id":"8020bca0-1554-4132-a3f3-f8b02f295f5d","block_type":"box","text":"been","page_number":65,"box":{"x":175,"y":537,"width":35,"height":10}},{"id":"d805c8e8-34de-451e-846b-452a16e09432","block_type":"box","text":"selected","page_number":65,"box":{"x":215,"y":537,"width":59,"height":10}},{"id":"a104ce15-6ae1-47e7-9836-34dbba30362d","block_type":"box","text":"by the Manager","page_number":65,"box":{"x":278,"y":537,"width":116,"height":12}},{"id":"a2f5ce6f-e410-4c59-87cc-f07f216c6b03","block_type":"box","text":"as","page_number":65,"box":{"x":399,"y":540,"width":19,"height":7}},{"id":"84e0ec9c-fb06-4a2f-a0a4-4bab3aec1e25","block_type":"box","text":"an LMT (as defined below)","page_number":65,"box":{"x":418,"y":537,"width":200,"height":12}},{"id":"f8314482-1069-489c-bd61-80788210b2e2","block_type":"box","text":"for the purpose of compliance with","page_number":65,"box":{"x":624,"y":537,"width":261,"height":12}},{"id":"20df13b5-f418-4e58-9299-fb9c5d25bbe5","block_type":"box","text":"the UCITS Regulations. The ability to use this redemption in kind mechanism is without prejudice to","page_number":65,"box":{"x":119,"y":552,"width":766,"height":12}},{"id":"fef609f3-d539-4fbd-95d0-ce24b86f1c60","block_type":"box","text":"the Company’s ability to","page_number":65,"box":{"x":119,"y":567,"width":186,"height":12}},{"id":"04ca9c37-cb93-40a8-b08c-8056c88b468c","block_type":"box","text":"deliver, during the course of regular ETF dealing activities, in whole or in part,","page_number":65,"box":{"x":305,"y":567,"width":580,"height":12}},{"id":"184fd3e8-e1d4-4135-a1f9-21f16723719a","block_type":"box","text":"underlying securities held by, or on behalf of, the Company to an Authorised Participant or market","page_number":65,"box":{"x":119,"y":582,"width":766,"height":12}},{"id":"4f1c3c97-8396-4996-919f-fae70e503f68","block_type":"box","text":"maker to satisfy redemption orders, which shall not be considered an activ","page_number":65,"box":{"x":119,"y":597,"width":551,"height":12}},{"id":"92ed0165-ba68-4b5e-8cee-644ff4b44646","block_type":"box","text":"ation of an LMT (as defined","page_number":65,"box":{"x":671,"y":597,"width":214,"height":12}},{"id":"cb30602e-e20d-4f76-90ad-1b69cef43e42","block_type":"box","text":"below)","page_number":65,"box":{"x":119,"y":612,"width":50,"height":12}},{"id":"5010210d-e8e2-49e5-8649-f04f6c23e28d","block_type":"box","text":".","page_number":65,"box":{"x":171,"y":620,"width":2,"height":2}},{"id":"83ccd7df-b6a9-4388-b2f3-637bbc5694c5","block_type":"box","text":"If a redeeming investor (or an Authorised Participant through which it is acting) is subject to a legal","page_number":65,"box":{"x":119,"y":642,"width":766,"height":12}},{"id":"8f0337a0-bc11-4ceb-9176-e99fc6fde801","block_type":"box","text":"restriction with respect to a particular security included in the basket of Redemption Securities, such","page_number":65,"box":{"x":119,"y":657,"width":766,"height":12}},{"id":"635d0afb-793b-43dc-9713-1b0e3551b0ef","block_type":"box","text":"investor may be paid an equivalent amount of cas","page_number":65,"box":{"x":119,"y":672,"width":365,"height":12}},{"id":"888d8cc5-7627-4828-9622-730b78aaf4d1","block_type":"box","text":"h","page_number":65,"box":{"x":485,"y":672,"width":9,"height":9}},{"id":"c9426e25-4fc8-48ad-b433-e559af876dd7","block_type":"box","text":"-","page_number":65,"box":{"x":495,"y":677,"width":5,"height":1}},{"id":"4e8283d2-4425-4fe8-8d7c-a547812adafa","block_type":"box","text":"in","page_number":65,"box":{"x":501,"y":672,"width":14,"height":9}},{"id":"9faa1e69-1a0d-4d64-afef-0413433e060d","block_type":"box","text":"-","page_number":65,"box":{"x":516,"y":677,"width":4,"height":1}},{"id":"b6aee142-90f2-4039-9527-a99147f001b1","block_type":"box","text":"lieu of the security.","page_number":65,"box":{"x":522,"y":672,"width":147,"height":12}},{"id":"4005c985-fa0d-4c8c-ae6b-1affccacecfe","block_type":"box","text":"Deliveries of redemption proceeds by the Funds will normally be made within the time periods specified","page_number":65,"box":{"x":119,"y":702,"width":766,"height":12}},{"id":"f21e646a-5796-4ccd-a668-7d0aa390f5b9","block_type":"box","text":"for each Fund either in","page_number":65,"box":{"x":119,"y":717,"width":175,"height":9}},{"id":"7d6dfc9b-81fe-446b-9a29-274efd4f1309","block_type":"box","text":"Appendix 1","page_number":65,"box":{"x":295,"y":717,"width":90,"height":12}},{"id":"a1a9d624-7780-4b79-96e3-b1b0886052e6","block_type":"box","text":"to this Prospectus or otherwise in the Supplement for the relevant","page_number":65,"box":{"x":392,"y":717,"width":493,"height":12}},{"id":"d1d28288-aaa8-409b-97b7-05b455f046d9","block_type":"box","text":"Fund. 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no more than 10% of the relevant Fund’s Net Asse","page_number":67,"box":{"x":119,"y":295,"width":455,"height":12}},{"id":"2e446a7b-6fd3-45d0-a608-73517d571970","block_type":"box","text":"t Value or no more than 10% of the total","page_number":67,"box":{"x":574,"y":295,"width":311,"height":10}},{"id":"598796ca-1133-470f-9b2f-bde2b753f812","block_type":"box","text":"number of Shares of that Fund in issue on that Dealing Day or such higher percentage as the Manager","page_number":67,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"101f3734-90ef-4896-8386-27a1287d8d41","block_type":"box","text":"in its sole discretion may determine. Any part of a redemption request to which effect is not given by","page_number":67,"box":{"x":119,"y":326,"width":766,"height":11}},{"id":"405047ed-2f90-4bb0-994d-7c618129eea7","block_type":"box","text":"reason of th","page_number":67,"box":{"x":119,"y":341,"width":87,"height":9}},{"id":"780245fb-bf9d-4062-a409-63a96ccf8ef3","block_type":"box","text":"e exercise of this power shall be carried forward to the next (and, if necessary, subsequent)","page_number":67,"box":{"x":207,"y":341,"width":678,"height":11}},{"id":"05633d15-15c8-4561-9497-82c5f10a1d0b","block_type":"box","text":"Dealing Day(s) (in relation to which the Manager shall have the same power) and redeemed in","page_number":67,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"1ebf6caf-965d-450b-8b83-1e3b7dc62d7e","block_type":"box","text":"accordance with the","page_number":67,"box":{"x":119,"y":371,"width":157,"height":9}},{"id":"392cd422-d264-4800-b3c4-7d36a4b7b44c","block_type":"box","text":"Constitution","page_number":67,"box":{"x":280,"y":371,"width":90,"height":9}},{"id":"550c4439-f22d-44c2-ade0-9b577e3e6d8b","block_type":"box","text":"until all the Shares of the Fund to which the original redemption","page_number":67,"box":{"x":377,"y":371,"width":508,"height":11}},{"id":"03e3ecf7-d569-471a-a9e9-0ea48beb5300","block_type":"box","text":"request related have been redeemed. A Shareholder may, by notice in writing to the Distributor,","page_number":67,"box":{"x":119,"y":386,"width":766,"height":11}},{"id":"92f9480e-fae2-4b24-9f5b-c83e80fc4b24","block_type":"box","text":"withdraw any part of a redemption request to which effect is not given on the Dealing Day in r","page_number":67,"box":{"x":119,"y":401,"width":690,"height":12}},{"id":"e9ea768e-f1c5-4799-b171-cf0144ae7a83","block_type":"box","text":"respect of","page_number":67,"box":{"x":808,"y":401,"width":77,"height":12}},{"id":"83b6623c-b080-4367-86dd-ec311b762921","block_type":"box","text":"which the request was originally made as a result of the Manager’s exercise of this discretion.","page_number":67,"box":{"x":119,"y":416,"width":691,"height":12}},{"id":"05ee1308-874c-4de4-8f60-948a7c0a90c9","block_type":"box","text":"Mandatory Redemption","page_number":67,"box":{"x":119,"y":446,"width":195,"height":12}},{"id":"f99e5623-5029-4229-b196-9f25ef64b4fe","block_type":"box","text":"The Company may upon such notice as may be required by law or regulation redeem all of the issued","page_number":67,"box":{"x":119,"y":475,"width":766,"height":12}},{"id":"c11f9558-c7d7-4dd7-a79d-101e2d4f82b6","block_type":"box","text":"Shares of any class if a Special Resolution of that class is passed providing for such redemption at a","page_number":67,"box":{"x":120,"y":490,"width":765,"height":12}},{"id":"abed98e3-bbee-4d49-82c0-93932c860c2c","block_type":"box","text":"general shareholder meeting of the holders of the Share","page_number":67,"box":{"x":119,"y":505,"width":406,"height":12}},{"id":"fa440335-cc8c-49fb-b64d-89da97de580e","block_type":"box","text":"s of that class, or if the redemption of the Shares","page_number":67,"box":{"x":527,"y":505,"width":358,"height":12}},{"id":"8010df46-4e56-48a8-9c4f-f0cc5ab9b74e","block_type":"box","text":"in that class is approved by a resolution in writing signed by all of the holders of the Shares in that 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Each such Fund is, however, expected to provide","page_number":80,"box":{"x":119,"y":333,"width":766,"height":12}},{"id":"764d2fb7-a201-4098-8a20-a32bddb74bc7","block_type":"box","text":"investment results that, before expenses, gen","page_number":80,"box":{"x":119,"y":348,"width":331,"height":12}},{"id":"745338b6-e590-4296-a3dd-a8f6e11ce629","block_type":"box","text":"erally correspond to the price and yield performance of its","page_number":80,"box":{"x":450,"y":348,"width":435,"height":12}},{"id":"219ecc55-124f-45de-913c-5f89c42ba5ef","block_type":"box","text":"respective Index. Although the Investment Manager will regularly monitor the level of correspondence","page_number":80,"box":{"x":119,"y":363,"width":766,"height":12}},{"id":"bf1265ec-bcf3-4b5e-ae47-4fd2c239ae25","block_type":"box","text":"of the performance of an index tracking Fund with the performance of the relevant Index (i.e.","page_number":80,"box":{"x":119,"y":378,"width":736,"height":12}},{"id":"ae8bef73-0784-4c9d-a0e1-35b77dad634b","block_type":"box","text":"the","page_number":80,"box":{"x":858,"y":378,"width":27,"height":9}},{"id":"0cd61249-be95-46cf-a2ac-8eb3d42aaed2","block_type":"box","text":"“tracking accuracy”), there can be no assurance that any such Fund will achieve any particular level of","page_number":80,"box":{"x":119,"y":393,"width":766,"height":12}},{"id":"146b7950-ddf8-4e9f-b8d3-6cdab4f40bd7","block_type":"box","text":"tracking accuracy. The annual and semi","page_number":80,"box":{"x":119,"y":408,"width":300,"height":12}},{"id":"48e15de2-c39d-485b-97d3-13a52460a1c2","block_type":"box","text":"-","page_number":80,"box":{"x":420,"y":413,"width":4,"height":1}},{"id":"e70f2855-a570-4192-87e1-db0fe1ea9a53","block_type":"box","text":"annual reports of the Company, together with the factsheet in","page_number":80,"box":{"x":426,"y":408,"width":459,"height":12}},{"id":"2d9dfb1c-8f4e-40e5-b8f0-69c881a41707","block_type":"box","text":"respect of an index tracking Fund published by","page_number":80,"box":{"x":119,"y":423,"width":366,"height":12}},{"id":"b600c541-5394-445b-bb01-b076d09b038f","block_type":"box","text":"the Investment Manager, will disclose the level of","page_number":80,"box":{"x":493,"y":423,"width":392,"height":12}},{"id":"9d569bd9-7a5d-4f97-8ff1-2495c91b4dc5","block_type":"box","text":"tracking accuracy for each such Fund over the relevant periods.","page_number":80,"box":{"x":119,"y":438,"width":473,"height":12}},{"id":"6e7d3efa-5da1-4cd1-8944-8ee96dc6d6d5","block_type":"box","text":"The following factors may adversely affect the tracking by any such Fund of its respective Index:","page_number":80,"box":{"x":119,"y":468,"width":718,"height":12}},{"id":"adde1d07-d1e4-47d4-9f9e-46487b70eead","block_type":"box","text":"(a)","page_number":80,"box":{"x":119,"y":498,"width":20,"height":12}},{"id":"e5114fd8-4cb7-4378-936f-2965c7d09191","block_type":"box","text":"a","page_number":80,"box":{"x":179,"y":501,"width":12,"height":6}},{"id":"ad65c0bf-7784-4217-a340-f32752dfeca9","block_type":"box","text":"Fund","page_number":80,"box":{"x":191,"y":498,"width":38,"height":9}},{"id":"f75fcb12-cc4d-4ff9-abba-3213b30467fc","block_type":"box","text":"must pay various expenses, while its Index does not reflect any expenses;","page_number":80,"box":{"x":234,"y":498,"width":541,"height":12}},{"id":"d8a20362-0c3b-4033-a2a8-d426ef23d8f8","block_type":"box","text":"(b)","page_number":80,"box":{"x":119,"y":528,"width":21,"height":12}},{"id":"f56f2477-72dd-4b27-9e00-afe3feca5352","block_type":"box","text":"a Fund must comply with regulatory constraints, such as the Investment and Borrowing","page_number":80,"box":{"x":179,"y":528,"width":706,"height":12}},{"id":"8be58e51-f83b-4ff8-bbb9-9ac6a7dcfa03","block_type":"box","text":"Restrictions (as set out in A","page_number":80,"box":{"x":178,"y":543,"width":190,"height":12}},{"id":"0c60487b-5add-4e2e-b298-bfada0a939ea","block_type":"box","text":"Appendix 3","page_number":80,"box":{"x":368,"y":543,"width":89,"height":12}},{"id":"7bb03940-d717-41c3-abb0-22de11cf4129","block_type":"box","text":"), that do not affect the calculation of its respective Index;","page_number":80,"box":{"x":458,"y":543,"width":421,"height":12}},{"id":"3b98f5a0-5a50-41f8-a3cf-519734cc3590","block_type":"box","text":"(c)","page_number":80,"box":{"x":119,"y":573,"width":20,"height":12}},{"id":"cdd5e217-f641-49a8-a50e-d420bc8ce424","block_type":"box","text":"the existence of uninvested assets in the Fund (including cash and deferred expenses);","page_number":80,"box":{"x":178,"y":573,"width":634,"height":12}},{"id":"1dc01818-0ca1-48d2-ae76-9afe058e87b2","block_type":"box","text":"(d)","page_number":80,"box":{"x":119,"y":603,"width":21,"height":12}},{"id":"13a6f2e7-384f-4beb-b45a-41182a08baaa","block_type":"box","text":"the timing difference between when the Index reflects the event of dividends and when a Fund","page_number":80,"box":{"x":178,"y":603,"width":707,"height":12}},{"id":"841b96d9-78ae-435f-86f7-ae553256e8ae","block_type":"box","text":"reflects the event of dividends;","page_number":80,"box":{"x":178,"y":618,"width":227,"height":11}},{"id":"29bb1df3-538e-45d9-a8fa-bc7bfe4f4bdd","block_type":"box","text":"(e)","page_number":80,"box":{"x":119,"y":648,"width":20,"height":12}},{"id":"2a023a85-9614-4bbf-97ea-fa0eee2ebee2","block_type":"box","text":"the temporary unavailability of certain securities comprising the Index;","page_number":80,"box":{"x":178,"y":648,"width":530,"height":12}},{"id":"31fb2373-3baf-4a6d-aaef-164558223955","block_type":"box","text":"(f)","page_number":80,"box":{"x":119,"y":678,"width":18,"height":12}},{"id":"4c6a76b4-083c-4f31-b413-7523594af70b","block_type":"box","text":"the presence of small, illiquid components in the Index which the Fund may not be able to, or","page_number":80,"box":{"x":178,"y":678,"width":707,"height":12}},{"id":"e19731cc-4294-485b-b6f4-c636c8dbfd28","block_type":"box","text":"may choose not to, acquire; and","page_number":80,"box":{"x":178,"y":693,"width":240,"height":12}},{"id":"379d7235-7f49-4f98-90a3-a7bef5b120a1","block_type":"box","text":"(g)","page_number":80,"box":{"x":119,"y":723,"width":21,"height":12}},{"id":"815497a9-a549-40db-8d86-83175513ba50","block_type":"box","text":"the extent that a Fund is not invested identically in respect of the composition and/or weighting","page_number":80,"box":{"x":178,"y":723,"width":707,"height":12}},{"id":"07bc461a-4590-429c-baa8-99b20eff7f82","block_type":"box","text":"of the constituent securities of its respective Index, and securities in which it is underweighted","page_number":80,"box":{"x":179,"y":738,"width":706,"height":12}},{"id":"04e1850f-9e19-4183-a894-93d55de5adfb","block_type":"box","text":"or overweighted in relation to its respective Index perform","page_number":80,"box":{"x":179,"y":753,"width":431,"height":12}},{"id":"a74cf6b2-ecdb-4edd-85da-f9588842a5f4","block_type":"box","text":"differently from its respective Index","page_number":80,"box":{"x":615,"y":753,"width":270,"height":12}},{"id":"7d5ceca5-95e6-4199-a87a-755834fb23c9","block_type":"box","text":"as a whole.","page_number":80,"box":{"x":179,"y":768,"width":81,"height":9}},{"id":"4b74b740-c131-471c-80ef-4b203494e9b7","block_type":"box","text":"Screening Risk","page_number":80,"box":{"x":119,"y":798,"width":111,"height":12}},{"id":"53067417-bec5-4e40-9d7e-ee27b0ee7635","block_type":"box","text":"Where specified in the relevant Supplement, a Fund may track an ESG index which screens out possible","page_number":80,"box":{"x":119,"y":828,"width":766,"height":12}},{"id":"0ebc3853-3945-4c13-9abb-7f11dcf3e92c","block_type":"box","text":"investments if such investments do not meet certain ESG criteria or may apply a separate screen to","page_number":80,"box":{"x":119,"y":843,"width":766,"height":12}},{"id":"2ba27092-3b4b-430e-a567-96c193de3b66","block_type":"box","text":"exclude securities from investment by the relevant Fund","page_number":80,"box":{"x":119,"y":858,"width":441,"height":12}},{"id":"31388db2-2e28-4414-af00-f5cc7597cc35","block_type":"box","text":"that would otherwise be part of the non","page_number":80,"box":{"x":563,"y":858,"width":311,"height":12}},{"id":"852bcd4d-592b-4985-b276-667b503611b8","block_type":"box","text":"screened parent index. 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Therefore, the relevant Fund","page_number":81,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"e15faed6-e429-4ecb-a7b1-f5e5312f21ea","block_type":"box","text":"may: (a) perform differently to other funds, including underperforming funds that track non","page_number":81,"box":{"x":119,"y":102,"width":713,"height":12}},{"id":"174cba55-166e-45a9-849b-fbcb83b5d534","block_type":"box","text":"-","page_number":81,"box":{"x":833,"y":107,"width":5,"height":1}},{"id":"0ad73ba1-fc12-448d-85d5-78af0df421df","block_type":"box","text":"ESG","page_number":81,"box":{"x":846,"y":102,"width":39,"height":9}},{"id":"c64536d3-f1c1-461f-aeb7-aff49273f944","block_type":"box","text":"indices which do not seek to screen investments in this","page_number":81,"box":{"x":119,"y":117,"width":435,"height":9}},{"id":"6d787310-87a1-469f-b746-2343d884acfa","block_type":"box","text":"way, or (b) experience a higher degree of","page_number":81,"box":{"x":557,"y":117,"width":328,"height":12}},{"id":"3763a8ef-d75d-4656-8ffb-7bb85f467a9b","block_type":"box","text":"Tracking Error from the non","page_number":81,"box":{"x":119,"y":132,"width":206,"height":12}},{"id":"fe1dc1a1-e320-4be7-9bf1-5ed72ef450c0","block_type":"box","text":"-","page_number":81,"box":{"x":325,"y":137,"width":5,"height":1}},{"id":"14678a24-e64d-45e3-97cb-cf9f3699b226","block_type":"box","text":"screened parent index as a result of the application of the screen as excluded","page_number":81,"box":{"x":332,"y":132,"width":553,"height":12}},{"id":"12f9b1d3-8523-4bcc-b5bc-39cdac4520d2","block_type":"box","text":"companies may, or may not contribute significantly to the non","page_number":81,"box":{"x":119,"y":147,"width":509,"height":12}},{"id":"2b64bf12-3e4e-4e56-89a4-7573845b08d6","block_type":"box","text":"-","page_number":81,"box":{"x":629,"y":152,"width":4,"height":1}},{"id":"27975a9b-7753-47f6-ab21-583d5c852c3f","block_type":"box","text":"screened parent index’s overall","page_number":81,"box":{"x":635,"y":147,"width":250,"height":12}},{"id":"5db7db13-6239-4750-9814-fc948922b4f0","block_type":"box","text":"performance.","page_number":81,"box":{"x":119,"y":162,"width":102,"height":12}},{"id":"7bc5e818-ec75-416f-83fc-c51639f985a6","block_type":"box","text":"Details of the screening process for the relevant Funds can be found in the relevant","page_number":81,"box":{"x":232,"y":162,"width":653,"height":12}},{"id":"bf962b5c-3ce8-41ff-adf0-5dee7b5f1cfc","block_type":"box","text":"Supplement.","page_number":81,"box":{"x":120,"y":177,"width":90,"height":12}},{"id":"05e04fd3-a089-4e06-8e83-09d9bac13cbb","block_type":"box","text":"Investors should also note that where a Fund uses FDI, such FDI on an index (e.g. swaps, futures) may","page_number":81,"box":{"x":119,"y":207,"width":766,"height":12}},{"id":"42bddc4c-cb76-4bb8-a67a-303058656706","block_type":"box","text":"provide indirect exposure to some underlying constituents which may not meet the relevant ESG criteria","page_number":81,"box":{"x":119,"y":222,"width":766,"height":12}},{"id":"fc485553-7a96-499f-bfac-95f18f4c0e33","block_type":"box","text":"applied by the relevant index tracked by the Fund o","page_number":81,"box":{"x":119,"y":237,"width":397,"height":12}},{"id":"ba7aa305-b301-4703-b0ac-e07280f76216","block_type":"box","text":"r which would otherwise be excluded through a","page_number":81,"box":{"x":516,"y":237,"width":369,"height":12}},{"id":"78492d13-4e80-4abb-b4e7-7a649e1427f3","block_type":"box","text":"Fund’s screening process on the constituents of the relevant index. 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For avoidance of any doubt, it is at the discretion of the Investment Manager as to when to","page_number":81,"box":{"x":119,"y":432,"width":766,"height":12}},{"id":"4aa277fc-29b9-46ef-8e17-849e04e10072","block_type":"box","text":"dispo","page_number":81,"box":{"x":119,"y":447,"width":39,"height":12}},{"id":"2d26448b-7ab1-4daf-8a60-4d3c1ffc92ac","block_type":"box","text":"se of the constituent security after it ceases to form part of that Index","page_number":81,"box":{"x":160,"y":447,"width":507,"height":12}},{"id":"b875fc57-93b2-41de-a518-d162119fbbf4","block_type":"box","text":".","page_number":81,"box":{"x":668,"y":455,"width":9,"height":1}},{"id":"afc16fff-c7ee-45aa-a13e-a7aafd4576f1","block_type":"box","text":"Index Unscheduled Rebalancing Risk","page_number":81,"box":{"x":119,"y":477,"width":295,"height":12}},{"id":"b6961c69-4fe6-4ca8-8ba9-96156d21c7de","block_type":"box","text":"Apart from scheduled rebalances, the relevant Index Provider may carry out additional ad hoc rebalances","page_number":81,"box":{"x":119,"y":506,"width":766,"height":12}},{"id":"8a899a65-85bd-4914-bbf3-97d9d990a482","block_type":"box","text":"to the Index in order, for example, to correct an error in the selection of Index constituents. 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Such investments","page_number":81,"box":{"x":338,"y":776,"width":547,"height":12}},{"id":"56ceefb3-0c8a-46af-a68c-a133f716c9a8","block_type":"box","text":"expose a Fund to the risk that, in falling interest rate markets, it may be forced to reinvest recouped","page_number":81,"box":{"x":119,"y":791,"width":766,"height":12}},{"id":"53c3d796-e547-4f87-814f-7a5ff4b100be","block_type":"box","text":"principal (i.e. from bonds that have been called) at lower interest rates,","page_number":81,"box":{"x":119,"y":806,"width":530,"height":12}},{"id":"8984f3a4-05ea-494e-a255-0b32807566d1","block_type":"box","text":"with the result that the Fund’s","page_number":81,"box":{"x":656,"y":806,"width":229,"height":9}},{"id":"db5f40ee-f241-4abf-a25a-654eee23ec94","block_type":"box","text":"income is reduced.","page_number":81,"box":{"x":119,"y":821,"width":138,"height":9}},{"id":"0298eedd-b2a2-4885-ab7a-f0b440e670d1","block_type":"box","text":"A Fund may also invest in subordinate bonds, which are a 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Such securities","page_number":86,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"a5bd83e0-9009-41b0-9512-74167f245b0b","block_type":"box","text":"are generally considered more speculative and are subject to a higher risk of loss of income and capital,","page_number":86,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"c72f7468-8bfe-4e8b-a220-6c6ef46b6df1","block_type":"box","text":"compared to securities or investments that hav","page_number":86,"box":{"x":119,"y":117,"width":342,"height":12}},{"id":"256de23c-59b0-4257-82d5-23de94d9c427","block_type":"box","text":"e a higher credit rating.","page_number":86,"box":{"x":462,"y":117,"width":170,"height":12}},{"id":"e3534c75-18e5-4264-a88b-e9878ab0c865","block_type":"box","text":"Consequently, high yield bonds are subject to increased risk that an issuer is unable to meet principal","page_number":86,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"a9791992-2325-4c5d-9ebd-3a550e1f6378","block_type":"box","text":"and interest payments (credit risk) and are more vulnerable to adverse changes in the issuer’s financial","page_number":86,"box":{"x":119,"y":161,"width":766,"height":12}},{"id":"cc688554-582f-49be-b8dd-c4d5ff057c83","block_type":"box","text":"condition or in general economic conditions. Du","page_number":86,"box":{"x":119,"y":176,"width":366,"height":12}},{"id":"78846438-c421-484b-a94f-03ce9225726e","block_type":"box","text":"ring periods of economic downturn or rising interest","page_number":86,"box":{"x":485,"y":176,"width":400,"height":12}},{"id":"9039176b-6bb4-41b3-96af-6087f57d71bc","block_type":"box","text":"rates, issuers of high yield b","page_number":86,"box":{"x":119,"y":191,"width":198,"height":12}},{"id":"e7148d89-bd77-4226-ab78-ab66c0e4abc3","block_type":"box","text":"bonds","page_number":86,"box":{"x":317,"y":191,"width":49,"height":9}},{"id":"309d38ff-c2ad-4b17-b201-2bd97ce025c6","block_type":"box","text":"may experience financial stress, which may increase the likelihood of","page_number":86,"box":{"x":366,"y":191,"width":519,"height":12}},{"id":"cd2cf99e-4a4a-4ec7-b96a-cd3b10b538aa","block_type":"box","text":"default or restructuring.","page_number":86,"box":{"x":119,"y":206,"width":173,"height":12}},{"id":"40383616-eae8-4878-b249-67102670e87b","block_type":"box","text":"The market value of high yield bonds may be particularly sensitive to changes in credit spreads and","page_number":86,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"eae0f82e-c362-49ce-abdf-6444a815f52e","block_type":"box","text":"investor sentiment. Negative perceptions of the issuer’s creditworthiness, whether justified or not, may","page_number":86,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"682ac7c0-4588-49ae-9613-affe0db799bb","block_type":"box","text":"lead to sharp price declines and increased volatili","page_number":86,"box":{"x":119,"y":265,"width":368,"height":12}},{"id":"d19db24a-cdd8-4904-873b-2f5b0fe3fcbb","block_type":"box","text":"ty. In the event of default, recovery of principal may","page_number":86,"box":{"x":487,"y":265,"width":398,"height":12}},{"id":"28ef26f9-40a7-4bbf-b509-f8929617546b","block_type":"box","text":"be uncertain or significantly delayed.","page_number":86,"box":{"x":119,"y":281,"width":273,"height":11}},{"id":"0d8a0a24-366a-4fec-9f0c-2cc379ba2a58","block_type":"box","text":"Please refer to “","page_number":86,"box":{"x":119,"y":310,"width":118,"height":9}},{"id":"3b3f62ff-b283-470c-9277-86d5d7670e9e","block_type":"box","text":"Liquidity consideration","page_number":86,"box":{"x":238,"y":310,"width":184,"height":12}},{"id":"0fdba8fd-759b-4bb5-a7fc-05fe6e6668be","block_type":"box","text":"” above for further information.","page_number":86,"box":{"x":423,"y":310,"width":239,"height":9}},{"id":"8b1f771e-4bae-408b-9e08-e46c6b72490c","block_type":"box","text":"Currency Risk","page_number":86,"box":{"x":119,"y":339,"width":117,"height":12}},{"id":"51cba5ba-e513-421a-bd49-99864734bd9e","block_type":"box","text":"The Net Asset Value per Share will be computed in the base currency of the relevant Fund whereas the","page_number":86,"box":{"x":119,"y":368,"width":766,"height":12}},{"id":"d0730905-052b-4ee3-944e-53cf6255f2c6","block_type":"box","text":"investments held for the account of that Fund may be acquired in other currencies. The base currency","page_number":86,"box":{"x":119,"y":383,"width":766,"height":12}},{"id":"ccbc5022-d460-4143-b430-12cc2328e725","block_type":"box","text":"value of the investments of a Fund designated in anoth","page_number":86,"box":{"x":119,"y":398,"width":403,"height":12}},{"id":"802cad4d-2f99-42c2-ae68-0f9cf0d44b5e","block_type":"box","text":"ther currency may rise and fall due to exchange","page_number":86,"box":{"x":521,"y":398,"width":353,"height":12}},{"id":"be5c1b0c-b8e5-4aaf-ac7d-608d51156835","block_type":"box","text":"rate fluctuations in respect of the relevant currencies. Adverse movements in currency exchange rates","page_number":86,"box":{"x":119,"y":413,"width":766,"height":12}},{"id":"76046b99-b960-4ad2-b2be-47f9c063d284","block_type":"box","text":"can result in a decrease in return and a loss of capital. The investments of each Fund may be fully","page_number":86,"box":{"x":119,"y":428,"width":766,"height":12}},{"id":"b39030a5-53cc-46bb-94a1-2e05a3b1847d","block_type":"box","text":"hedge","page_number":86,"box":{"x":119,"y":443,"width":43,"height":12}},{"id":"0ebbf116-6381-4190-89b5-cc23f80c6589","block_type":"box","text":"d to its base currency. In addition, currency hedging transactions, while potentially reducing the","page_number":86,"box":{"x":164,"y":443,"width":721,"height":12}},{"id":"774a2b26-e1e0-4c89-bcdb-2680dc24c4b2","block_type":"box","text":"currency risks to which a Fund would otherwise be exposed, involve certain other risks, including the","page_number":86,"box":{"x":119,"y":458,"width":766,"height":12}},{"id":"3da23941-c3ef-4b13-8541-1d088cce99ff","block_type":"box","text":"risk of a default by a counterparty.","page_number":86,"box":{"x":119,"y":473,"width":259,"height":12}},{"id":"0e57628b-ad27-40b8-ade2-9ab7c5720bbe","block_type":"box","text":"Where a Fund enters into “cross hedging” transactions (for example, utilising currency different from","page_number":86,"box":{"x":119,"y":503,"width":766,"height":12}},{"id":"05fe24cb-0792-4b7c-8ac5-a08edb6a0819","block_type":"box","text":"the currency in which the security being hedged is denominated), the Fund will be exposed to the risk","page_number":86,"box":{"x":119,"y":518,"width":766,"height":12}},{"id":"e0fc8aaa-a956-45c9-953f-3c9e8b6a4a1f","block_type":"box","text":"that changes in the value of the currency used to he","page_number":86,"box":{"x":119,"y":533,"width":385,"height":12}},{"id":"a23ff7d6-bee9-47d4-8526-84562c94eea7","block_type":"box","text":"dge will not correlate with changes in the value of","page_number":86,"box":{"x":505,"y":533,"width":380,"height":12}},{"id":"70a21274-e6be-41ee-9f70-1212f570840d","block_type":"box","text":"the currency in which the securities are denominated, which could result in losses for both the hedging","page_number":86,"box":{"x":119,"y":548,"width":766,"height":12}},{"id":"2373ac10-8222-4d4f-813e-6c75d7dde696","block_type":"box","text":"transaction and the Fund securities.","page_number":86,"box":{"x":119,"y":563,"width":260,"height":9}},{"id":"680bb3fd-244c-4d9a-bd33-94f84a223b58","block_type":"box","text":"Derivative Instruments Risk","page_number":86,"box":{"x":119,"y":592,"width":224,"height":9}},{"id":"ec2a93b5-3d3e-453a-82a2-d57d7bc3dbac","block_type":"box","text":"Derivatives risk","page_number":86,"box":{"x":118,"y":744,"width":120,"height":9}},{"id":"e11be43e-5d78-4163-be44-54a75389c9d3","block_type":"box","text":".","page_number":86,"box":{"x":238,"y":752,"width":8,"height":1}},{"id":"9aac9823-5b11-4fb2-a03b-2f438668fcc3","block_type":"box","text":"Generally, a derivative is a financial contract in which the value depends upon, or is","page_number":86,"box":{"x":253,"y":744,"width":632,"height":12}},{"id":"1e9c3939-32da-4182-92be-5632bcaf14d2","block_type":"box","text":"derived from, the value of an underlying asset, reference rate or index, and may relate to stocks, bonds,","page_number":86,"box":{"x":119,"y":759,"width":766,"height":12}},{"id":"7ef1594c-053d-4299-8331-702a78ce3321","block_type":"box","text":"interest rates, currencies or currency exchange rates, commodit","page_number":86,"box":{"x":119,"y":774,"width":481,"height":12}},{"id":"7e1d4f09-0378-423d-80a3-84150ffb236b","block_type":"box","text":"ies, and related indices. There is no","page_number":86,"box":{"x":601,"y":774,"width":284,"height":12}},{"id":"a3bb54b8-b7bd-4890-8268-d97fec49aac2","block_type":"box","text":"assurance that any derivative strategy used by a Fund will succeed. The risks associated with the use of","page_number":86,"box":{"x":119,"y":789,"width":766,"height":12}},{"id":"1ad9ed07-8a17-4526-93c2-2a6ff444583f","block_type":"box","text":"derivatives are different from, or possibly greater than, the risks associated with investing directly in","page_number":86,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"505c83ff-e4c6-4f97-9b8b-544696e8700f","block_type":"box","text":"securi","page_number":86,"box":{"x":120,"y":819,"width":42,"height":10}},{"id":"5b9adfb5-28de-4715-9575-8ed0cd31b8fa","block_type":"box","text":"ties and other traditional investments. These additional risks include: the value of the derivative","page_number":86,"box":{"x":163,"y":819,"width":722,"height":10}},{"id":"254ef673-8d14-4ab7-9b0c-6cbfb1de36b8","block_type":"box","text":"may fail to move in line with the underlying asset (a performance difference), the potential lack of","page_number":86,"box":{"x":119,"y":834,"width":766,"height":12}},{"id":"80e7e27d-663a-44d6-8568-673f19017b8e","block_type":"box","text":"liquidity of the derivative, the Fund may not be able t","page_number":86,"box":{"x":119,"y":849,"width":403,"height":12}},{"id":"c42b6c8e-bcbb-4646-aa05-1cbd555ee08a","block_type":"box","text":"o meet payment obligations as they arise, or the","page_number":86,"box":{"x":522,"y":849,"width":363,"height":12}},{"id":"4e3cbe3b-301b-420c-a784-ae1d84ad359f","block_type":"box","text":"counterparties to the derivative contract may not be able to meet their contractual obligations. A","page_number":86,"box":{"x":119,"y":864,"width":766,"height":12}},{"id":"dc06e7ca-a8ba-4502-80f4-d6ea2f7156b5","block_type":"box","text":"derivative contract may also give rise to counterparty and collateral risks. Where a Fund seeks to obtain","page_number":86,"box":{"x":119,"y":879,"width":766,"height":12}},{"id":"2a7f0572-a197-4747-9390-f2c47e14ec69","block_type":"box","text":"ec","page_number":86,"box":{"x":119,"y":897,"width":16,"height":7}},{"id":"053c6af1-10d8-4d36-bf97-c5e6b767bb0a","block_type":"box","text":"onomic exposure to certain securities through derivatives, this may be more costly than owning","page_number":86,"box":{"x":136,"y":894,"width":749,"height":12}},{"id":"5a26d147-c3ab-401c-bf74-89415314e469","block_type":"box","text":"Plain Talk About Derivatives","page_number":86,"box":{"x":132,"y":632,"width":228,"height":9}},{"id":"0144a936-a867-4a27-bf79-657dbd5138da","block_type":"box","text":". D","page_number":86,"box":{"x":361,"y":640,"width":9,"height":1}},{"id":"f76133af-76e2-4b34-aec6-442d627b5746","block_type":"box","text":"Derivatives can take many forms. Some forms of derivatives, such","page_number":86,"box":{"x":370,"y":632,"width":496,"height":12}},{"id":"fc9606b7-111b-4e85-9edc-6cc7e44bf5ac","block_type":"box","text":"as exchange","page_number":86,"box":{"x":132,"y":647,"width":91,"height":12}},{"id":"90977a4a-8c68-45a4-93ab-23ae70f40898","block_type":"box","text":"-","page_number":86,"box":{"x":224,"y":652,"width":5,"height":1}},{"id":"759ad7d9-c9c7-4abc-86b5-80b118c97439","block_type":"box","text":"traded futures and options on securities or indexes, have been trading on regulated","page_number":86,"box":{"x":230,"y":647,"width":637,"height":12}},{"id":"06f97317-f52f-44d0-ae4b-7ad81fd5c460","block_type":"box","text":"exchanges for decades. These types of derivatives are standardised contracts that can easily","page_number":86,"box":{"x":132,"y":662,"width":711,"height":12}},{"id":"796c7231-ddcc-4066-996c-ca4c9db1246b","block_type":"box","text":"be","page_number":86,"box":{"x":845,"y":662,"width":22,"height":9}},{"id":"675ceaa1-c7a7-4fcb-9d8e-7a78617a41f2","block_type":"box","text":"bought and sold, and whose market values are determined and published daily. Non","page_number":86,"box":{"x":131,"y":677,"width":632,"height":12}},{"id":"ecc7e4cf-2b7e-42ca-ad25-fca0408c3265","block_type":"box","text":"-","page_number":86,"box":{"x":764,"y":683,"width":5,"height":1}},{"id":"ac46829b-8cbe-48df-9ee1-f6ae64075d96","block_type":"box","text":"standardised","page_number":86,"box":{"x":770,"y":677,"width":96,"height":9}},{"id":"e9e4b5bb-fe3f-4664-b3e2-ce651942aefa","block_type":"box","text":"derivatives (such as swap agreements) on the other hand, tend to be more specialised or complex,","page_number":86,"box":{"x":132,"y":692,"width":734,"height":12}},{"id":"9508c9c9-d375-45ca-8569-3c5dbe820bfa","block_type":"box","text":"and may be harder to value.","page_number":86,"box":{"x":132,"y":707,"width":203,"height":12}},{"id":"b5e95765-7d8e-4dfd-b436-3a0535013579","block_type":"box","text":"87","page_number":87,"box":{"x":494,"y":937,"width":12,"height":7}},{"id":"ad364dda-8659-4e69-b228-22d95fb807a1","block_type":"box","text":"VG001","page_number":87,"box":{"x":654,"y":948,"width":38,"height":7}},{"id":"f0c4c39f-51e1-45cb-b011-d94e188b0c35","block_type":"box","text":"-","page_number":87,"box":{"x":694,"y":952,"width":3,"height":1}},{"id":"51a9ba1f-2801-4951-a740-b3a92d0ff452","block_type":"box","text":"001/M85660","page_number":87,"box":{"x":698,"y":948,"width":69,"height":7}},{"id":"35ec7328-3936-4369-85d7-ba92dce16bfd","block_type":"box","text":"-","page_number":87,"box":{"x":768,"y":952,"width":3,"height":1}},{"id":"330472f6-fdb9-4772-82c7-7318152dc77b","block_type":"box","text":"892520263","page_number":87,"box":{"x":773,"y":948,"width":58,"height":7}},{"id":"74d71b2b-fce2-4bd6-868e-e8c5505e6025","block_type":"box","text":"-","page_number":87,"box":{"x":833,"y":952,"width":3,"height":1}},{"id":"fc3d6005-d454-4772-a9fb-c5da1ca7833b","block_type":"box","text":"23864/0","page_number":87,"box":{"x":837,"y":948,"width":43,"height":7}},{"id":"c00f6e71-4248-4c3c-9dbc-4c8c0810731e","block_type":"box","text":"securities of the issuer directly and / or result in unanticipated tax consequences to a Fund that may","page_number":87,"box":{"x":120,"y":87,"width":765,"height":12}},{"id":"6663ff79-d01d-459d-8b65-d0f5bc44bd75","block_type":"box","text":"affect the amount, timing and character of distributions to Shareholders. The taxation of derivatives can","page_number":87,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"4c5d907b-8b0e-4bcc-a2c9-6ac35668efe7","block_type":"box","text":"be complex and, depending upon the type and amo","page_number":87,"box":{"x":119,"y":117,"width":396,"height":12}},{"id":"3b336cbe-ae01-488c-b678-cb1a8aad0260","block_type":"box","text":"unt of derivatives employed by a Fund, the tax","page_number":87,"box":{"x":516,"y":117,"width":369,"height":12}},{"id":"ab80b41f-bf4a-4395-9da9-bf269f2e2ccf","block_type":"box","text":"consequences of using derivatives could be worse than the tax consequences that result from direct","page_number":87,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"1ab24ab7-d614-430c-b8bf-223b35dfd374","block_type":"box","text":"exposure to impacted securities.","page_number":87,"box":{"x":119,"y":147,"width":236,"height":12}},{"id":"02443db0-e941-4ced-ab66-f1f09385d264","block_type":"box","text":"Management risk","page_number":87,"box":{"x":118,"y":176,"width":131,"height":12}},{"id":"0c3d6f72-ab19-4bf7-af70-166950c8737b","block_type":"box","text":". FDI are highly specialised instruments that require investment techniques and risk","page_number":87,"box":{"x":250,"y":176,"width":635,"height":12}},{"id":"d24be419-39a1-49b6-8fc4-b52521d193f3","block_type":"box","text":"analyses different from those associated with stocks and bonds. The use of FDI requires an","page_number":87,"box":{"x":119,"y":191,"width":766,"height":12}},{"id":"328d3f44-c438-407e-a398-3f4c7d4f80c8","block_type":"box","text":"understanding not only of the underlying instrument but also of the derivative","page_number":87,"box":{"x":119,"y":206,"width":572,"height":12}},{"id":"77fdde62-1864-41a4-918a-6f6b7256fef0","block_type":"box","text":"itself, without the benefit","page_number":87,"box":{"x":696,"y":206,"width":189,"height":11}},{"id":"ae5db003-ee79-4fac-b1d4-127aa1ebfba8","block_type":"box","text":"of observing the performance of the derivative under all possible market conditions.","page_number":87,"box":{"x":119,"y":221,"width":619,"height":12}},{"id":"a97f55c3-971e-4f27-a1cb-d0273347dbc2","block_type":"box","text":"Liquidity risk","page_number":87,"box":{"x":118,"y":250,"width":100,"height":12}},{"id":"12859336-a821-4c52-9288-0edf1d339953","block_type":"box","text":". Liquidity risk exists when a particular FDI is difficult to purchase or sell. If a derivative","page_number":87,"box":{"x":219,"y":250,"width":666,"height":12}},{"id":"ab191f71-27e9-4c24-b115-23223bd3c76d","block_type":"box","text":"transaction is particularly large or if the relevant market is illiquid (as in the case with many OTC","page_number":87,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"1afabb9b-2ddb-4d36-a9dd-297a34c871e7","block_type":"box","text":"derivatives), it may not be possible to initiate a trans","page_number":87,"box":{"x":119,"y":280,"width":396,"height":12}},{"id":"50aced73-0099-4e13-b23e-d9aad73c30fb","block_type":"box","text":"action or liquidate a position at an advantageous","page_number":87,"box":{"x":517,"y":280,"width":368,"height":12}},{"id":"c0fed88f-b973-453b-89cd-a5252bcc8182","block_type":"box","text":"time or price.","page_number":87,"box":{"x":119,"y":296,"width":98,"height":12}},{"id":"f59621f6-6e68-45b0-9df3-275ba2b9b394","block_type":"box","text":"Pricing risk","page_number":87,"box":{"x":118,"y":325,"width":91,"height":12}},{"id":"723998ea-f952-43be-ade0-973a6cb9f1d9","block_type":"box","text":". Pricing risk exists when a particular FDI becomes extraordinarily expensive relative to","page_number":87,"box":{"x":209,"y":325,"width":676,"height":12}},{"id":"91595cca-ef46-465a-b22c-a92a1710fa72","block_type":"box","text":"historical prices or the prices of corresponding cash market instruments. Under certain market","page_number":87,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"81710657-fa75-4359-9ed1-9aaefe7effad","block_type":"box","text":"conditions, it may not be economically feasible to initiate a transac","page_number":87,"box":{"x":119,"y":355,"width":492,"height":12}},{"id":"a42ad6ef-6529-4f4e-84a1-c66bb7013a13","block_type":"box","text":"tion or liquidate a position in time to","page_number":87,"box":{"x":611,"y":355,"width":274,"height":12}},{"id":"61da12ea-6051-49bd-9ef3-0b41390fefac","block_type":"box","text":"avoid a loss or to take advantage of an opportunity.","page_number":87,"box":{"x":119,"y":370,"width":377,"height":12}},{"id":"23c76727-d4fe-4f37-b232-001f6aac63de","block_type":"box","text":"Counterparty risk","page_number":87,"box":{"x":120,"y":399,"width":132,"height":12}},{"id":"3b93e375-b145-420c-b701-9c71f224a37d","block_type":"box","text":". Counterparty risk exists when a Fund may be exposed to credit risk and settlement","page_number":87,"box":{"x":252,"y":399,"width":633,"height":12}},{"id":"3717254c-8272-43cd-bf65-05c809a8b59a","block_type":"box","text":"risk on the counterparties with which it trades in relation to options, futures, swap contracts and other","page_number":87,"box":{"x":119,"y":414,"width":766,"height":12}},{"id":"d926fde9-9747-427b-9f08-e7954dd86df4","block_type":"box","text":"FDI that are not traded on a Regulated Market. Counterparties do","page_number":87,"box":{"x":119,"y":429,"width":500,"height":12}},{"id":"e87957da-c244-4adf-82af-393b5f706ec4","block_type":"box","text":"not afford the same protections as","page_number":87,"box":{"x":625,"y":429,"width":260,"height":12}},{"id":"3922d537-1221-4d71-8aa7-790cc70e7481","block_type":"box","text":"may apply to participants trading futures or options on recognised exchanges, such as the performance","page_number":87,"box":{"x":119,"y":444,"width":766,"height":12}},{"id":"37c7fc29-f589-4be1-bf4b-c9d3b4125038","block_type":"box","text":"guarantee of an exchange clearing house. Each Fund will be subject to the possibility of the insolvency,","page_number":87,"box":{"x":119,"y":459,"width":766,"height":12}},{"id":"2b1bbb87-f162-4c92-b80e-a0e4cdb67034","block_type":"box","text":"bankruptcy o","page_number":87,"box":{"x":119,"y":474,"width":96,"height":12}},{"id":"253c9148-85f9-4a59-9e00-a10e5c01aebd","block_type":"box","text":"r default of a counterparty with which the Fund trades such instruments, which could result","page_number":87,"box":{"x":215,"y":474,"width":670,"height":12}},{"id":"4022c579-dbc8-4427-ab37-edfb65c62a2f","block_type":"box","text":"in substantial losses to the Company and the relevant Fund. Counterparties to these transactions are","page_number":87,"box":{"x":119,"y":489,"width":766,"height":12}},{"id":"af545065-60cf-4681-bcce-bd5f49bdd9f1","block_type":"box","text":"therefore required to provide collateral, in the form of cash","page_number":87,"box":{"x":119,"y":504,"width":434,"height":12}},{"id":"c97a950d-7cae-409e-8bf7-92bf6315b1de","block_type":"box","text":"or securities, to protect the Company and the","page_number":87,"box":{"x":553,"y":504,"width":332,"height":12}},{"id":"75bb27f4-9ea1-4594-9b2e-d1d3fb05d852","block_type":"box","text":"relevant Fund against the risk of that counterparty’s default.","page_number":87,"box":{"x":119,"y":519,"width":441,"height":12}},{"id":"bb3240de-f1c2-4706-b3da-04acc5725398","block_type":"box","text":"There is also the risk that, due to a significant change in the value of the FDI due to market conditions,","page_number":87,"box":{"x":119,"y":551,"width":766,"height":12}},{"id":"30a8b8d0-5086-4399-9b28-3c37547d8141","block_type":"box","text":"the collateral posted by the counterparty would not be sufficient to cover the counterparty’s obligations","page_number":87,"box":{"x":119,"y":566,"width":766,"height":12}},{"id":"2d246316-c4a6-44a2-bdb5-944f7a1c264d","block_type":"box","text":"under the FDI transactions, should the coun","page_number":87,"box":{"x":119,"y":581,"width":327,"height":11}},{"id":"c34f4777-2fdd-48bb-981e-72cf216dbfae","block_type":"box","text":"terparty become insolvent, bankrupt or default prior to the","page_number":87,"box":{"x":446,"y":581,"width":439,"height":12}},{"id":"a1bc1013-ca79-48c2-b60a-42fd59ac9c20","block_type":"box","text":"receipt of additional collateral. This may result in substantial losses to the Company and the relevant","page_number":87,"box":{"x":119,"y":596,"width":766,"height":12}},{"id":"3291df22-bc5b-4710-b79b-7a92b8538a7e","block_type":"box","text":"Fund. The Company maintains collateralisation policies to mitigate counterparty risk, incl","page_number":87,"box":{"x":119,"y":611,"width":669,"height":12}},{"id":"1551b1d8-ffd8-49d3-b9ff-1a446791d4f8","block_type":"box","text":"uding:","page_number":87,"box":{"x":789,"y":611,"width":45,"height":12}},{"id":"9640a40b-df54-4b9d-8c50-58c5f9990dc3","block_type":"box","text":"-","page_number":87,"box":{"x":149,"y":648,"width":5,"height":1}},{"id":"9a8f86c9-7588-4db9-adb0-75fcc706a1e3","block_type":"box","text":"cash or securities held by the relevant Fund or by the counterparty, as applicable, are posted as","page_number":87,"box":{"x":180,"y":642,"width":705,"height":12}},{"id":"71a106bf-4d83-46a0-838d-cf127d3090c9","block_type":"box","text":"collateral to cover daily mark","page_number":87,"box":{"x":180,"y":657,"width":228,"height":12}},{"id":"93042ff3-5132-4078-8286-348f82e77306","block_type":"box","text":"-","page_number":87,"box":{"x":409,"y":663,"width":4,"height":1}},{"id":"9766d38d-d0c5-424a-b09f-ff5d3893afcc","block_type":"box","text":"to","page_number":87,"box":{"x":414,"y":659,"width":14,"height":7}},{"id":"256aa094-aab9-4bfd-b5e1-1bb30da39150","block_type":"box","text":"-","page_number":87,"box":{"x":429,"y":663,"width":5,"height":1}},{"id":"e59113ed-f4d5-45e6-ac3a-b0a72c5ba935","block_type":"box","text":"market changes to the value of the FDI. Specific haircut","page_number":87,"box":{"x":435,"y":657,"width":450,"height":12}},{"id":"3ab6c2fb-d008-4d9a-aea9-54126c1570a7","block_type":"box","text":"policies will apply depending on collateral type and risk associat","page_number":87,"box":{"x":179,"y":672,"width":470,"height":12}},{"id":"3efd37ba-9e61-4996-88cc-1e83a436dbdc","block_type":"box","text":"ed with the underlying security;","page_number":87,"box":{"x":650,"y":672,"width":230,"height":12}},{"id":"5b873c35-5769-4645-bbb7-ca4b2a1b99f3","block_type":"box","text":"-","page_number":87,"box":{"x":149,"y":708,"width":5,"height":1}},{"id":"463c6727-0991-4194-91d8-a4dadca2bd2a","block_type":"box","text":"based on changes in the market value of each FDI transaction, collateral is posted, or received,","page_number":87,"box":{"x":179,"y":702,"width":706,"height":12}},{"id":"af54895e-c225-4b47-84e1-cdca26b750ee","block_type":"box","text":"daily on a net basis, to ensure that the value of the collateral covers the relevant Fund's mark","page_number":87,"box":{"x":180,"y":717,"width":695,"height":12}},{"id":"053d1c18-533a-4919-b1e7-93d70504eb35","block_type":"box","text":"to","page_number":87,"box":{"x":179,"y":734,"width":14,"height":8}},{"id":"12492efd-7029-4ea6-a958-e854dea6b9ed","block_type":"box","text":"-","page_number":87,"box":{"x":194,"y":738,"width":5,"height":1}},{"id":"4a583a83-4340-4626-867d-7b26d4b6a1d4","block_type":"box","text":"market exposure to the counterparty; and","page_number":87,"box":{"x":200,"y":732,"width":303,"height":12}},{"id":"949c237a-ff69-44fd-85af-bb551689fdb3","block_type":"box","text":"-","page_number":87,"box":{"x":149,"y":768,"width":5,"height":1}},{"id":"069bf23c-9bf4-43d8-8f56-2ef1526ec09b","block_type":"box","text":"in the event of a counterparty default, collateral held is immediately available (without recourse)","page_number":87,"box":{"x":180,"y":762,"width":705,"height":12}},{"id":"bc1b8d21-56c5-42bc-9531-ab0762a1590d","block_type":"box","text":"to cover","page_number":87,"box":{"x":179,"y":779,"width":60,"height":8}},{"id":"2184dc91-d6bf-4e98-a748-b5695911f6c6","block_type":"box","text":"the relevant Fund's current mark","page_number":87,"box":{"x":244,"y":777,"width":239,"height":10}},{"id":"9e757a9e-db3e-4cbc-971d-853a8401fe8d","block_type":"box","text":"-","page_number":87,"box":{"x":484,"y":783,"width":5,"height":1}},{"id":"9ee070da-9504-4df7-8ab6-26996b8d2dfb","block_type":"box","text":"to","page_number":87,"box":{"x":490,"y":779,"width":13,"height":8}},{"id":"403d9dc1-b2b0-479b-ac5c-4e8885b2d642","block_type":"box","text":"-","page_number":87,"box":{"x":505,"y":783,"width":4,"height":1}},{"id":"88a5d8a5-e0d5-4359-b1e7-89011100b5b7","block_type":"box","text":"market exposure to a counterparty.","page_number":87,"box":{"x":510,"y":777,"width":262,"height":12}},{"id":"9e8f348a-55bf-4f46-a692-8439cc588267","block_type":"box","text":"Collateral Reinvestment Risk","page_number":87,"box":{"x":120,"y":809,"width":217,"height":9}},{"id":"5041c0d5-ca9b-402f-ba72-0696acdfb3d1","block_type":"box","text":". The risk that cash collateral reinvestment could result in a reduction of","page_number":87,"box":{"x":337,"y":809,"width":548,"height":9}},{"id":"d0632944-e951-4482-adbe-6660e583cac9","block_type":"box","text":"the value of the collateral capital (because the investment declines in value). This, in turn may cause","page_number":87,"box":{"x":119,"y":824,"width":766,"height":12}},{"id":"abefbc12-301e-408a-ac17-9b5f4c5cec65","block_type":"box","text":"losses to the Company and the relevant Fund because it is obliged to return","page_number":87,"box":{"x":119,"y":839,"width":534,"height":12}},{"id":"73a78e96-89dc-4ece-8ad3-f95ffeda9a44","block_type":"box","text":"rn collateral to the counterparty.","page_number":87,"box":{"x":653,"y":839,"width":232,"height":12}},{"id":"7fd68239-982e-4687-8434-9bcaefde3d46","block_type":"box","text":"In order to manage this risk, the Company reinvests cash collateral in accordance with the guidelines set","page_number":87,"box":{"x":119,"y":854,"width":766,"height":12}},{"id":"ce8aa8ee-67e4-4cef-9b01-fc864b747d6a","block_type":"box","text":"out in","page_number":87,"box":{"x":119,"y":869,"width":47,"height":9}},{"id":"925bff1a-dfb0-44d8-9157-3a6313ee783f","block_type":"box","text":"Appendix 4.","page_number":87,"box":{"x":166,"y":869,"width":95,"height":12}},{"id":"dc0f95ff-1a15-4c2b-a895-9b8eb74a65da","block_type":"box","text":"88","page_number":88,"box":{"x":494,"y":937,"width":12,"height":7}},{"id":"cccafb11-dbed-4575-91df-7d99739069d1","block_type":"box","text":"VG001","page_number":88,"box":{"x":654,"y":948,"width":38,"height":7}},{"id":"01ed2921-0a15-4b57-8c16-97fb652d7944","block_type":"box","text":"-","page_number":88,"box":{"x":694,"y":952,"width":3,"height":1}},{"id":"51b04473-8557-443b-b3cb-938cf2bd832d","block_type":"box","text":"001/M85660","page_number":88,"box":{"x":698,"y":948,"width":69,"height":7}},{"id":"47de1e5f-c2bc-49fb-81de-16094fad563a","block_type":"box","text":"-","page_number":88,"box":{"x":768,"y":952,"width":3,"height":1}},{"id":"c4c3b2db-981d-43d7-814c-3ef6b6ce31d4","block_type":"box","text":"892520263","page_number":88,"box":{"x":773,"y":948,"width":58,"height":7}},{"id":"8c1faccd-e9c3-4402-8824-7b8952f7c103","block_type":"box","text":"-","page_number":88,"box":{"x":833,"y":952,"width":3,"height":1}},{"id":"55ef94ca-fb6d-4d35-bab8-1d5abf2640f8","block_type":"box","text":"23864/0","page_number":88,"box":{"x":837,"y":948,"width":43,"height":7}},{"id":"01c90290-fc53-4e34-ab4d-e1e4afcf5514","block_type":"box","text":"Correlation risk.","page_number":88,"box":{"x":120,"y":87,"width":128,"height":9}},{"id":"e9df76cc-b2f6-44ef-bbd1-e620dd0c4d74","block_type":"box","text":"Correlation risk exists when there is a lack of correlation between the change in the","page_number":88,"box":{"x":255,"y":87,"width":630,"height":12}},{"id":"15f92785-4359-4db8-8297-c918fb76b584","block_type":"box","text":"value of the underlying asset and that of the value of the derivative instruments used by a Fund.","page_number":88,"box":{"x":119,"y":102,"width":711,"height":12}},{"id":"9cae3a25-977e-40ae-a2fa-07ce1a34df19","block_type":"box","text":"Funding risk.","page_number":88,"box":{"x":118,"y":133,"width":99,"height":12}},{"id":"32145f3d-dfc8-4803-809c-4be9def28dc6","block_type":"box","text":"Funding risk exists when the capacity of a Fund to fund the payment under an FDI is at","page_number":88,"box":{"x":229,"y":133,"width":656,"height":12}},{"id":"6909f604-77cf-4d43-b48a-c30d60a0553d","block_type":"box","text":"risk due to higher funding costs or lack of cash flow.","page_number":88,"box":{"x":119,"y":148,"width":388,"height":12}},{"id":"364bcb16-ea3c-4d71-90a2-65ca61ec6f9c","block_type":"box","text":"Leverage risk","page_number":88,"box":{"x":118,"y":177,"width":103,"height":12}},{"id":"261e7362-4b24-4268-a43d-3e084bb8aefa","block_type":"box","text":". Because many FDI have a leveraged component, adverse changes in the value or level","page_number":88,"box":{"x":222,"y":177,"width":663,"height":12}},{"id":"388a4700-e145-4f5f-acf1-74bc68cfe124","block_type":"box","text":"of the underlying asset, reference rate or index can result in a loss substantially greater than the amount","page_number":88,"box":{"x":119,"y":192,"width":766,"height":12}},{"id":"e7e5c234-467c-4301-ae2a-d4ca955fa2cb","block_type":"box","text":"invested in the derivative itself.","page_number":88,"box":{"x":119,"y":208,"width":237,"height":9}},{"id":"7c6ec839-fc93-4c5a-809d-2e42e950eae9","block_type":"box","text":"Market risk","page_number":88,"box":{"x":118,"y":237,"width":90,"height":9}},{"id":"9bc60637-0ddc-4595-ae84-95fe2dc49d40","block_type":"box","text":". Like most other investments, FDI are subject to the risk that the market value of the","page_number":88,"box":{"x":208,"y":237,"width":677,"height":12}},{"id":"41f51afa-9bcc-4f10-bc6c-786ceadf0347","block_type":"box","text":"instrument will change in a way detrimental to a Fund’s interests. While hedging strategies involving","page_number":88,"box":{"x":119,"y":252,"width":766,"height":12}},{"id":"b3d3c34e-d5e1-46f3-8bfc-c6ac4e6b1dbe","block_type":"box","text":"FDI can reduce the risk of loss, they can also reduce the opport","page_number":88,"box":{"x":119,"y":267,"width":466,"height":12}},{"id":"cb7bd68a-bd3b-4828-8354-f0e68440b284","block_type":"box","text":"unity for gain or even result in losses by","page_number":88,"box":{"x":585,"y":267,"width":300,"height":12}},{"id":"58edd3d5-0d04-45f9-9a7b-5499d6f4ff32","block_type":"box","text":"offsetting favourable price movements in other portfolio investments. A Fund may also have to buy or","page_number":88,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"d270fa83-7b45-4607-8255-532ab413e4b0","block_type":"box","text":"sell a security at a disadvantageous time or price because it is legally required to maintain offsetting","page_number":88,"box":{"x":120,"y":297,"width":765,"height":12}},{"id":"de4b0a22-0074-46ba-93df-556e07bbdaed","block_type":"box","text":"positi","page_number":88,"box":{"x":119,"y":312,"width":40,"height":12}},{"id":"01395092-809f-4e78-9254-5f48414ad99e","block_type":"box","text":"ons or asset coverage in connection with certain FDI transactions.","page_number":88,"box":{"x":161,"y":312,"width":484,"height":12}},{"id":"20a3165f-f0ec-4059-a16f-3a01ffa7ba30","block_type":"box","text":"Settlement risk","page_number":88,"box":{"x":119,"y":341,"width":112,"height":9}},{"id":"bfaedee3-046e-499d-a2b0-6984b32b0f01","block_type":"box","text":". Derivative markets will have different clearance and settlement procedures and in","page_number":88,"box":{"x":232,"y":341,"width":653,"height":12}},{"id":"4a1dbf0b-d890-4784-bc8f-1dac4ac63e2e","block_type":"box","text":"certain markets there have been times when settlements have been unable to keep pace with the volume","page_number":88,"box":{"x":119,"y":356,"width":766,"height":12}},{"id":"6f356500-94fd-4a81-97e2-0c3212ee5d64","block_type":"box","text":"of transactions, thereby making it difficult to conduct such transacti","page_number":88,"box":{"x":119,"y":371,"width":516,"height":12}},{"id":"b25836a5-ede3-44e0-aaf9-6c9fe9a2a11f","block_type":"box","text":"ons. Delays in settlement could","page_number":88,"box":{"x":636,"y":371,"width":249,"height":12}},{"id":"06068ced-ab15-4179-8249-ad0abd091f8c","block_type":"box","text":"result in temporary periods when assets of a Fund are uninvested and no return is earned thereon. A","page_number":88,"box":{"x":119,"y":386,"width":766,"height":12}},{"id":"afdb5191-e55d-4a01-8f49-4d1947c9d44f","block_type":"box","text":"Fund’s inability to make intended purchases due to settlement problems could cause it to miss attractive","page_number":88,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"b27e4e1b-fef2-41d9-bb55-7605eb44e8f2","block_type":"box","text":"investment opport","page_number":88,"box":{"x":119,"y":416,"width":134,"height":12}},{"id":"85db9991-e812-4c07-91ed-95950919ad2a","block_type":"box","text":"unities. Inability to dispose of portfolio securities due to settlement problems could","page_number":88,"box":{"x":253,"y":416,"width":632,"height":12}},{"id":"45962122-3868-404b-a153-dc56ddd3e21c","block_type":"box","text":"result either in losses to a Fund due to subsequent declines in value of the security or, if it has entered","page_number":88,"box":{"x":119,"y":431,"width":766,"height":12}},{"id":"bb6aa8a9-c8db-4a0f-b81e-72f9c054d8b1","block_type":"box","text":"into a contract to sell the security it could result in a po","page_number":88,"box":{"x":119,"y":446,"width":406,"height":12}},{"id":"1ef248a1-7ce2-4072-ac41-2540c38545ec","block_type":"box","text":"ssible liability of it to the purchaser.","page_number":88,"box":{"x":526,"y":446,"width":264,"height":12}},{"id":"8b6a4584-262e-4c55-a36a-8eb8679820d7","block_type":"box","text":"Legal risk","page_number":88,"box":{"x":118,"y":475,"width":77,"height":12}},{"id":"5ae475c0-a279-4c6b-813c-555e1f3e5733","block_type":"box","text":". The terms of OTC FDI are generally established through negotiation between the parties","page_number":88,"box":{"x":196,"y":475,"width":689,"height":12}},{"id":"5f84bac1-9841-428d-bc34-3fe690801e95","block_type":"box","text":"thereto. 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These types of restrictions could impact a Fund’s performance.","page_number":92,"box":{"x":119,"y":741,"width":627,"height":12}},{"id":"501b626c-9566-45b4-bf41-4ff27ebbf164","block_type":"box","text":"When a Vanguard fund is impacted by an ownership limitation, the Vanguard Group of Companies will","page_number":92,"box":{"x":119,"y":770,"width":766,"height":12}},{"id":"675f77d3-4973-46d0-bfdb-f2fd154cb0d1","block_type":"box","text":"typically seek permission to exceed the limitation. Such permission may come with conditions such as","page_number":92,"box":{"x":119,"y":785,"width":766,"height":12}},{"id":"2c2045a7-92e1-42d6-a5dc-e1db2c2cedf5","block_type":"box","text":"limiting or altering the exercise of rights on behalf of","page_number":92,"box":{"x":119,"y":800,"width":420,"height":12}},{"id":"5bc6ffa3-3ff2-4b93-bcb9-68dbec1ea779","block_type":"box","text":"a Fund, including voting rights. 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In such circumstances, the Investment","page_number":92,"box":{"x":119,"y":815,"width":766,"height":12}},{"id":"da34a684-134e-4e8b-afa1-9ef57c23e8b5","block_type":"box","text":"Manager or Sub","page_number":92,"box":{"x":119,"y":830,"width":118,"height":12}},{"id":"67423c21-32fb-43c2-8a68-fb0ec2aff085","block_type":"box","text":"-","page_number":92,"box":{"x":238,"y":836,"width":5,"height":1}},{"id":"da7e894c-b8b9-4f46-829d-b577e5675e0c","block_type":"box","text":"Investment Manager (where appointed) on behalf of the Fund could be required to sell","page_number":92,"box":{"x":244,"y":830,"width":641,"height":12}},{"id":"486fe8f9-de5b-4d0b-aadc-a1f6565978d3","block_type":"box","text":"or otherwis","page_number":92,"box":{"x":119,"y":845,"width":83,"height":9}},{"id":"3df5b06a-e45c-485e-981b-98d4ba573e9b","block_type":"box","text":"e dispose of holdings in one or more issuers to comply with limitations.","page_number":92,"box":{"x":203,"y":845,"width":527,"height":12}},{"id":"9ac17924-e943-4a15-8641-62fc18c379d9","block_type":"box","text":"If the Fund’s Investment Manager or Sub","page_number":92,"box":{"x":119,"y":874,"width":302,"height":12}},{"id":"76c7a366-7ede-4b87-89e5-c9d8609d4b24","block_type":"box","text":"-","page_number":92,"box":{"x":422,"y":880,"width":5,"height":1}},{"id":"62347dce-ae9f-48b3-8e90-274bcb3dce61","block_type":"box","text":"Investment Manager (where appointed) is unable to purchase,","page_number":92,"box":{"x":428,"y":874,"width":457,"height":12}},{"id":"d54b0e9a-b0ec-4408-b3a6-bd2afee8efd9","block_type":"box","text":"or if a Fund is unable to directly hold, a particular security due to an ownership limitation, it may seek","page_number":92,"box":{"x":119,"y":889,"width":766,"height":12}},{"id":"a62afc8d-de0e-4a4f-8ae0-c9c833681b5d","block_type":"box","text":"93","page_number":93,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"3242e27b-7947-4102-8aae-26605346ae7d","block_type":"box","text":"VG001","page_number":93,"box":{"x":654,"y":948,"width":38,"height":7}},{"id":"f65038ce-c3a8-40c7-9551-2944b2e9a2fe","block_type":"box","text":"-","page_number":93,"box":{"x":694,"y":952,"width":3,"height":1}},{"id":"d5bd2c86-e390-44b6-a7e6-fcd03dae218e","block_type":"box","text":"001/M85660","page_number":93,"box":{"x":698,"y":948,"width":69,"height":7}},{"id":"1983c4dc-4f06-40a4-87ad-3ce3ae088cdc","block_type":"box","text":"-","page_number":93,"box":{"x":768,"y":952,"width":3,"height":1}},{"id":"4cec6206-6576-483a-977a-341b33ac8a2c","block_type":"box","text":"892520263","page_number":93,"box":{"x":773,"y":948,"width":58,"height":7}},{"id":"6fa61f9c-d309-4bb5-ad5c-0d5f255a5b21","block_type":"box","text":"-","page_number":93,"box":{"x":833,"y":952,"width":3,"height":1}},{"id":"49c6c955-8461-45b5-89be-577c232ebe15","block_type":"box","text":"23864/0","page_number":93,"box":{"x":837,"y":948,"width":43,"height":7}},{"id":"aaa45968-532b-427f-9d93-5d013a5a6b01","block_type":"box","text":"to obtain economic exposure to that security through alternative means such as through total return","page_number":93,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"17080ddb-2bd9-40d5-9ccb-e331c9f9a510","block_type":"box","text":"swaps or other similar derivatives. Such exposure may be more costly than owning securities of the","page_number":93,"box":{"x":120,"y":102,"width":765,"height":12}},{"id":"6f4fa0bb-26d5-4093-930a-d7350660086f","block_type":"box","text":"issuer directly or have tax consequences. See","page_number":93,"box":{"x":119,"y":117,"width":374,"height":12}},{"id":"22bda59d-2901-41b3-96a5-6b29cde5826e","block_type":"box","text":"“","page_number":93,"box":{"x":500,"y":117,"width":7,"height":3}},{"id":"fa0d2507-e594-41e0-8643-edb844265f35","block_type":"box","text":"Derivative Instruments Risk","page_number":93,"box":{"x":508,"y":117,"width":220,"height":9}},{"id":"7ce7118b-da48-4e5d-898c-46d21b8502d1","block_type":"box","text":"” section","page_number":93,"box":{"x":729,"y":117,"width":71,"height":9}},{"id":"ac847ca9-a5c8-4c5d-9ead-a7e95d67a44a","block_type":"box","text":"for more","page_number":93,"box":{"x":811,"y":117,"width":74,"height":9}},{"id":"a284dc5f-f085-4020-aaff-0d0f73b52685","block_type":"box","text":"information.","page_number":93,"box":{"x":119,"y":132,"width":90,"height":9}},{"id":"91a0da4d-73ec-43be-8250-e92bfc71133c","block_type":"box","text":"Futures Contracts","page_number":93,"box":{"x":119,"y":161,"width":143,"height":9}},{"id":"f5002dfb-7d07-4d59-a83d-9e906f6c4420","block_type":"box","text":"Positions in futures contracts may be closed out only on an exchange that provides a secondary market","page_number":93,"box":{"x":119,"y":190,"width":766,"height":12}},{"id":"cda8101e-4d1c-4a24-b8ac-c617ca31f810","block_type":"box","text":"for such futures. However, there can be no assurance that a liquid secondary market will exist for any","page_number":93,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"16075b0e-8f9d-4f89-b115-43145c1078d1","block_type":"box","text":"particular futures contract at any specific time.","page_number":93,"box":{"x":119,"y":220,"width":349,"height":12}},{"id":"abea0036-21e3-424f-95a6-8ca559302f31","block_type":"box","text":"Thus, it may not be possible to close a futures position.","page_number":93,"box":{"x":473,"y":220,"width":412,"height":12}},{"id":"45a9b5ae-1b82-4d58-9814-eea23d5182bc","block_type":"box","text":"In the event of adverse price movements, a Fund would continue to be required to make daily cash","page_number":93,"box":{"x":119,"y":235,"width":766,"height":12}},{"id":"ac0f01f8-f70f-4a4e-8fd2-a1b27892848b","block_type":"box","text":"payments to maintain its required margin. In such situations, if a Fund has insufficient cash, it m","page_number":93,"box":{"x":119,"y":250,"width":705,"height":12}},{"id":"1b4da533-3967-4628-8783-351f475fecd3","block_type":"box","text":"ay have","page_number":93,"box":{"x":825,"y":250,"width":60,"height":12}},{"id":"89cb52d1-1747-4f8d-82ea-a2bf2f3db323","block_type":"box","text":"to sell portfolio securities to meet daily margin requirements at a time when it may be disadvantageous","page_number":93,"box":{"x":119,"y":265,"width":766,"height":12}},{"id":"fec34a1d-9b5e-4614-a9fb-d2927ee8c03d","block_type":"box","text":"to do so. In addition, a Fund may be required to make delivery of the instruments underlying futures","page_number":93,"box":{"x":119,"y":280,"width":766,"height":12}},{"id":"eec2060d-22fc-42eb-8d4a-a9f3bcaa2afe","block_type":"box","text":"contracts it holds. The inability to clos","page_number":93,"box":{"x":119,"y":295,"width":284,"height":12}},{"id":"0accd493-21ad-477e-a7e1-239be4eb9c93","block_type":"box","text":"e options and futures positions also could have an adverse impact","page_number":93,"box":{"x":404,"y":295,"width":481,"height":12}},{"id":"a37fb8d5-b31b-49fd-9c1b-7ed31232dec4","block_type":"box","text":"on the ability to effectively hedge the Fund.","page_number":93,"box":{"x":119,"y":311,"width":322,"height":12}},{"id":"fd0aac4a-e9fd-4977-a5d4-935edd496de4","block_type":"box","text":"A Fund will minimise the risk that it will be unable to close out a futures contract by only entering into","page_number":93,"box":{"x":119,"y":340,"width":766,"height":12}},{"id":"0e739298-61e5-4004-9813-b8868ddfd39e","block_type":"box","text":"futures that are traded on national futures exchanges and for which there appears to be a liquid secondary","page_number":93,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"abe72cad-b67f-4fff-9b1e-fd094f31b8c1","block_type":"box","text":"market.","page_number":93,"box":{"x":119,"y":370,"width":54,"height":9}},{"id":"9d41b686-7c33-4ca5-a5b2-5ce020781142","block_type":"box","text":"The risk of loss in trading futures contracts in some strategies can be substantial, due both to the low","page_number":93,"box":{"x":119,"y":399,"width":766,"height":12}},{"id":"3224a425-6c47-4195-8385-dfd20c39d0ed","block_type":"box","text":"margin deposits required and the extremely high degree of leverage involved in futures pricing. As a","page_number":93,"box":{"x":119,"y":414,"width":766,"height":12}},{"id":"143b42a3-d584-4f5b-b130-3540650226a4","block_type":"box","text":"result, a relatively small price movement in a fu","page_number":93,"box":{"x":119,"y":429,"width":359,"height":12}},{"id":"ce7c420d-38af-4ab6-9b80-f36565abea3d","block_type":"box","text":"tures contract may result in immediate and substantial","page_number":93,"box":{"x":478,"y":429,"width":407,"height":12}},{"id":"154d5e99-af62-420d-864a-51feb94ebe6f","block_type":"box","text":"loss (as well as gain) to the investor. Thus, a purchase or sale of a futures contract may result in losses","page_number":93,"box":{"x":119,"y":444,"width":766,"height":12}},{"id":"ce558310-09b3-491e-bcbe-2c153f835c29","block_type":"box","text":"in excess of the amount of investment in the contract. The relevant Fund also incurs the ri","page_number":93,"box":{"x":119,"y":459,"width":683,"height":9}},{"id":"d4b83a99-58ad-4f75-82f0-c7edf45a8e3f","block_type":"box","text":"sk that the","page_number":93,"box":{"x":803,"y":459,"width":82,"height":9}},{"id":"07dcddb5-4904-4963-a379-58179e1bc40b","block_type":"box","text":"Investment Manager will incorrectly predict future stock market trends. However, because the futures","page_number":93,"box":{"x":119,"y":474,"width":766,"height":12}},{"id":"b7c555a5-7d12-421a-b17a-fa3c02a940b4","block_type":"box","text":"strategies of each Fund are engaged in only for hedging purposes, the Company does not believe that","page_number":93,"box":{"x":120,"y":489,"width":765,"height":12}},{"id":"a2fe171e-f43e-4281-a99d-c5750784c705","block_type":"box","text":"the Funds are subject to the risks of loss","page_number":93,"box":{"x":119,"y":504,"width":294,"height":12}},{"id":"7b6f1b5d-3f45-4d9a-8beb-63f9d39dc09f","block_type":"box","text":"frequently associated with futures transactions. A Fund would","page_number":93,"box":{"x":419,"y":504,"width":466,"height":12}},{"id":"a4269b28-590a-444f-9ae0-f4f0a10bc0e8","block_type":"box","text":"generally have sustained comparable losses if, instead of the futures contract, it had invested in the","page_number":93,"box":{"x":119,"y":519,"width":766,"height":12}},{"id":"c9b057b5-0024-413a-b18e-8d4e53881169","block_type":"box","text":"underlying financial instrument and sold it after the decline.","page_number":93,"box":{"x":119,"y":534,"width":441,"height":12}},{"id":"a68da4da-7b32-4999-a228-38e0f1fb6daa","block_type":"box","text":"Utilisation of futures transactions by a Fund does involve the risk of imperfect or no correlation where","page_number":93,"box":{"x":119,"y":563,"width":766,"height":12}},{"id":"2aadcac1-00ed-4b67-9082-11d6ac0b4cb3","block_type":"box","text":"the securities underlying the futures contracts have different maturities than the Fund securities being","page_number":93,"box":{"x":119,"y":578,"width":766,"height":12}},{"id":"d491da83-b912-44bb-858c-801ef8d35a5d","block_type":"box","text":"hedged. It is also possible that a Fund could b","page_number":93,"box":{"x":119,"y":594,"width":327,"height":11}},{"id":"0c1e0bdc-9d7e-4574-a2eb-d609cb4652c0","block_type":"box","text":"both lose money on futures contracts and also experience a","page_number":93,"box":{"x":446,"y":594,"width":439,"height":11}},{"id":"562fc26a-d21b-4dfb-891c-ae57d3479ee8","block_type":"box","text":"decline in the value of its Fund securities. There is also a risk of loss by a Fund of margin deposits in","page_number":93,"box":{"x":119,"y":609,"width":766,"height":11}},{"id":"e3a33892-e7bd-49fa-8073-9b13feef36fc","block_type":"box","text":"the event of the bankruptcy of a broker with whom a Fund has an open position in a futures","page_number":93,"box":{"x":119,"y":623,"width":677,"height":12}},{"id":"ed033d3b-03dd-43d9-8d37-21f5690ff1ce","block_type":"box","text":"contract or","page_number":93,"box":{"x":802,"y":625,"width":83,"height":8}},{"id":"492e1b5e-327c-47c6-94e9-2665aa73d267","block_type":"box","text":"related option.","page_number":93,"box":{"x":119,"y":639,"width":111,"height":12}},{"id":"224bcca3-cbbb-4800-8a0f-3716fc7e2672","block_type":"box","text":"Repurchase and Reverse Repurchase Agreements","page_number":93,"box":{"x":119,"y":668,"width":391,"height":12}},{"id":"a64962ae-1e36-4774-af8a-948f90fce6dd","block_type":"box","text":"Repurchase agreements involve the risk that the market value of the securities sold by the Fund may","page_number":93,"box":{"x":119,"y":697,"width":766,"height":12}},{"id":"2b7eac69-e95f-42c3-afdf-f0115a0e02ea","block_type":"box","text":"decline below the prices at which the Fund is obliged to repurchase such securities under the agreement.","page_number":93,"box":{"x":119,"y":712,"width":766,"height":12}},{"id":"6e00151a-fe7b-42e4-950b-01b5d1339b3d","block_type":"box","text":"In the event that the buyer of securities under a","page_number":93,"box":{"x":119,"y":727,"width":365,"height":12}},{"id":"b2ee28b5-3a31-4fd1-a9d5-0ca799e1224f","block_type":"box","text":"repurchase agreement files for bankruptcy or proves","page_number":93,"box":{"x":486,"y":727,"width":399,"height":12}},{"id":"dea29fb3-f996-4931-af26-3e5c4c372002","block_type":"box","text":"insolvent, the Fund’s use of proceeds from the agreement may be restricted pending the determination","page_number":93,"box":{"x":119,"y":742,"width":766,"height":12}},{"id":"606f550e-49d5-468a-bfe2-4b4a233974dc","block_type":"box","text":"by the other party or its trustee or receiver whether to enforce the obligation to repurchase the secur","page_number":93,"box":{"x":119,"y":757,"width":726,"height":12}},{"id":"1b0fec41-86ba-4500-8f5b-d70515d34415","block_type":"box","text":"ities.","page_number":93,"box":{"x":846,"y":757,"width":39,"height":10}},{"id":"268c3dc7-a49d-4b88-8c18-3668e7f64bb5","block_type":"box","text":"If the seller of a reverse repurchase agreement fails to fulfil its commitment to repurchase the security","page_number":93,"box":{"x":119,"y":786,"width":766,"height":12}},{"id":"4d3ca323-a714-4f3d-a094-4d93d5ecbc7c","block_type":"box","text":"in accordance with the terms of the agreement, the relevant Fund may incur a loss to the extent that the","page_number":93,"box":{"x":119,"y":801,"width":766,"height":12}},{"id":"7167bb73-aa68-4a64-88aa-74cac0a69b62","block_type":"box","text":"proceeds realised on the sale of the securiti","page_number":93,"box":{"x":119,"y":817,"width":322,"height":11}},{"id":"212937ac-293f-487a-9ead-5de6d9e411f5","block_type":"box","text":"es are less than the repurchase price. If the seller becomes","page_number":93,"box":{"x":442,"y":817,"width":443,"height":11}},{"id":"f0e2403c-2c84-4fb2-836f-e8c1821978c7","block_type":"box","text":"insolvent, a bankruptcy court may determine that the securities do not belong to the Fund and order that","page_number":93,"box":{"x":119,"y":832,"width":766,"height":11}},{"id":"ee906dd0-7b0d-4e7a-86bc-f5f6ef6f83fe","block_type":"box","text":"the securities be sold to pay off the seller’s debts. The relevant Fund may experience b","page_number":93,"box":{"x":119,"y":846,"width":664,"height":12}},{"id":"9aa9ff63-4ea6-4642-8300-9704a8e3a4c6","block_type":"box","text":"oth delays in","page_number":93,"box":{"x":784,"y":846,"width":101,"height":12}},{"id":"610a9178-26fe-4d63-a365-365975bd3f13","block_type":"box","text":"liquidating the underlying securities and losses during the period while it seeks to enforce its rights","page_number":93,"box":{"x":119,"y":862,"width":766,"height":11}},{"id":"480eba28-cd45-47ac-9b5e-6ad41974304d","block_type":"box","text":"thereto, including possible sub","page_number":93,"box":{"x":119,"y":877,"width":225,"height":11}},{"id":"4adac2c3-ccd6-4260-a30e-2610f0ea16c1","block_type":"box","text":"-","page_number":93,"box":{"x":346,"y":882,"width":4,"height":1}},{"id":"40d46921-27f2-491c-b9b7-29609e6d2570","block_type":"box","text":"normal levels of income and lack of access to income during the period","page_number":93,"box":{"x":351,"y":877,"width":534,"height":11}},{"id":"567d5d63-59d8-497c-8a0a-bcc4976aa66e","block_type":"box","text":"and expenses in enforcing its right","page_number":93,"box":{"x":119,"y":892,"width":254,"height":12}},{"id":"d1d74bca-dc63-476a-bd9a-769bd8498881","block_type":"box","text":"s.","page_number":93,"box":{"x":374,"y":895,"width":9,"height":6}},{"id":"de7493cd-6cea-4883-b7fc-158888f48433","block_type":"box","text":"94","page_number":94,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"0caf456d-5049-4d47-a43a-c2726c1fb6db","block_type":"box","text":"VG001","page_number":94,"box":{"x":654,"y":948,"width":38,"height":7}},{"id":"ee116bc8-c60b-413f-a9f2-0dd291d024bc","block_type":"box","text":"-","page_number":94,"box":{"x":694,"y":952,"width":3,"height":1}},{"id":"949cb8f3-7395-48b3-89b9-46ba2ae349e8","block_type":"box","text":"001/M85660","page_number":94,"box":{"x":698,"y":948,"width":69,"height":7}},{"id":"646a7ab5-15b8-431e-a874-8d8c52e269fe","block_type":"box","text":"-","page_number":94,"box":{"x":768,"y":952,"width":3,"height":1}},{"id":"683e4f37-30e0-407b-8ec0-af763e847a8e","block_type":"box","text":"892520263","page_number":94,"box":{"x":773,"y":948,"width":58,"height":7}},{"id":"79c99e3b-259e-43f1-8090-076958a4e90a","block_type":"box","text":"-","page_number":94,"box":{"x":833,"y":952,"width":3,"height":1}},{"id":"f2b5d8bc-675f-4235-bd3f-66306c54ada8","block_type":"box","text":"23864/0","page_number":94,"box":{"x":837,"y":948,"width":43,"height":7}},{"id":"ac3b9a10-5889-4c59-9048-05d6d2be3c20","block_type":"box","text":"See the section entitled “","page_number":94,"box":{"x":120,"y":87,"width":202,"height":9}},{"id":"69dbf10b-bac9-42b3-baf4-6c1b76707bae","block_type":"box","text":"Use of Repurchase/Reverse Repurchase Agreements and Securities","page_number":94,"box":{"x":323,"y":87,"width":562,"height":12}},{"id":"60781ca0-44a6-40d9-9c24-8df82ffe1d21","block_type":"box","text":"Lending Arrangements","page_number":94,"box":{"x":119,"y":102,"width":183,"height":12}},{"id":"21104308-cf4a-4a92-99b3-e37a41c9f87e","block_type":"box","text":"” as set out in","page_number":94,"box":{"x":304,"y":102,"width":104,"height":9}},{"id":"d1e2a37c-a990-42ff-a00a-f115d9a99d8d","block_type":"box","text":"Appendix 4","page_number":94,"box":{"x":408,"y":102,"width":90,"height":12}},{"id":"0c5df01f-cf0e-4e84-8b82-f46d923e9e07","block_type":"box","text":"of this Prospectus for further information.","page_number":94,"box":{"x":504,"y":102,"width":313,"height":12}},{"id":"c0ffe767-c9f8-404e-a11d-4aa1afcda437","block_type":"box","text":"Securities Lending Arrangements","page_number":94,"box":{"x":120,"y":131,"width":264,"height":12}},{"id":"a64fc7d5-1ef6-451e-aa92-e4ba9b7e22e8","block_type":"box","text":"Counterparty Risk","page_number":94,"box":{"x":120,"y":160,"width":140,"height":12}},{"id":"39df9876-ab76-4d0e-aacc-c52b5923d050","block_type":"box","text":". Counterparty risk exists when a Fund may be exposed to credit risk on the","page_number":94,"box":{"x":261,"y":160,"width":624,"height":12}},{"id":"d6e79e31-c166-46c1-8d19-39c26146713e","block_type":"box","text":"counterparties with which it lends securities. The risk is that the borrower of a security will default on","page_number":94,"box":{"x":119,"y":175,"width":766,"height":12}},{"id":"1f68bb6a-94bc-4fe1-883b-8ea8e6f287a9","block_type":"box","text":"its obligation to return the securities, which could result in losses to","page_number":94,"box":{"x":119,"y":190,"width":491,"height":12}},{"id":"05b0feac-4279-462a-b800-6f4e1bd60e57","block_type":"box","text":"the Company and the relevant Fund.","page_number":94,"box":{"x":615,"y":190,"width":270,"height":12}},{"id":"e2b627c5-a477-4881-bf35-d439190bf453","block_type":"box","text":"Borrowers are therefore required to provide collateral, in the form of cash or securities, to protect the","page_number":94,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"01e09b96-43e6-4201-a2c2-489e2e9fa57d","block_type":"box","text":"Company against the risk of default.","page_number":94,"box":{"x":119,"y":221,"width":267,"height":11}},{"id":"a7073c42-576d-4053-b406-b27b14a82daf","block_type":"box","text":"The Company maintains collateralisation policies to mitigate counterparty risk, including:","page_number":94,"box":{"x":119,"y":250,"width":663,"height":12}},{"id":"5fcf3cf8-796d-48cd-9b1d-e1f30197529c","block_type":"box","text":"•","page_number":94,"box":{"x":120,"y":283,"width":6,"height":5}},{"id":"b97636c5-f949-44f6-9c8c-d6ad9c71623a","block_type":"box","text":"ensuring that the value of the collateral required exceeds the market value of securities on loan for","page_number":94,"box":{"x":150,"y":280,"width":735,"height":12}},{"id":"7f7a6775-76d0-421b-9fbc-73aff9004649","block_type":"box","text":"each security loan entered into by the Company.","page_number":94,"box":{"x":150,"y":295,"width":362,"height":12}},{"id":"73729e8e-c53c-44da-a261-c15b6fc75f19","block_type":"box","text":"Specific haircut policies will apply depending on","page_number":94,"box":{"x":519,"y":295,"width":366,"height":12}},{"id":"89477327-24f4-4bee-a4b4-e9d3e95cb821","block_type":"box","text":"collateral type and type of security lent;","page_number":94,"box":{"x":150,"y":310,"width":291,"height":12}},{"id":"0e4dd389-fc9b-4313-9b8b-ca0165546302","block_type":"box","text":"•","page_number":94,"box":{"x":120,"y":344,"width":6,"height":5}},{"id":"b3bcc94b-6787-4fba-99d3-1a7875af5b7d","block_type":"box","text":"based on changes in the market value of each security loan, collateral is posted, or received, on a","page_number":94,"box":{"x":149,"y":341,"width":736,"height":12}},{"id":"68fb5325-d420-4b34-b284-32f889cac464","block_type":"box","text":"daily basis, to ensure that the value of the collateral held exceeds the market value of the securities","page_number":94,"box":{"x":149,"y":356,"width":736,"height":12}},{"id":"a6e56f39-3ee5-4ea7-8b53-8cc81b48bd1b","block_type":"box","text":"on loan; and","page_number":94,"box":{"x":150,"y":371,"width":90,"height":11}},{"id":"6eebb645-c7f8-4030-b87b-72677990a872","block_type":"box","text":"•","page_number":94,"box":{"x":120,"y":405,"width":6,"height":5}},{"id":"30130c1c-0ef3-4fb4-94f0-0bee1598dd84","block_type":"box","text":"in the event of counterparty default, the collateral held is immediately available to the Company","page_number":94,"box":{"x":149,"y":402,"width":736,"height":12}},{"id":"53c8e451-434b-44d3-97aa-85d2a7e5f420","block_type":"box","text":"(without recourse) to purchase securities lent but not returned.","page_number":94,"box":{"x":150,"y":417,"width":457,"height":12}},{"id":"6a902b3c-8654-4a03-ad90-625686de0657","block_type":"box","text":"While the Fund engages in conservative collateralisation policies intended to ensure that all securities","page_number":94,"box":{"x":119,"y":447,"width":766,"height":12}},{"id":"2970ccd6-9a30-40dc-a4af-c7957bad1c27","block_type":"box","text":"lending is fully collateralised, to the extent that any securities lending is not fully collateralised (for","page_number":94,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"7238a3c2-5173-4fe9-a7fa-077d9085def9","block_type":"box","text":"example, due to timing lags associated with","page_number":94,"box":{"x":119,"y":477,"width":326,"height":12}},{"id":"896296f3-d9ad-4afb-9c9a-999d5add4540","block_type":"box","text":"the posting of cash collateral), the Fund will have a credit","page_number":94,"box":{"x":450,"y":477,"width":435,"height":12}},{"id":"73154768-09aa-42bd-ba4d-62f07975bb5c","block_type":"box","text":"risk exposure to the counterparty of a securities lending contract.","page_number":94,"box":{"x":119,"y":492,"width":478,"height":12}},{"id":"3e71683c-e030-4660-ab8d-0e7b1d2cec51","block_type":"box","text":"Additional risk mitigation against counterparty default is provided through: (i) contractual protections","page_number":94,"box":{"x":119,"y":521,"width":766,"height":12}},{"id":"fddc1cfc-237b-45ee-b765-d1c48d5f96ef","block_type":"box","text":"in the event of default by a counterparty; and (ii) ongoing monitoring of creditworthiness of","page_number":94,"box":{"x":119,"y":536,"width":766,"height":12}},{"id":"88c19acc-58d7-445e-abf0-f5b83ef7621b","block_type":"box","text":"counterparties.","page_number":94,"box":{"x":119,"y":551,"width":114,"height":12}},{"id":"f0a8741e-39b1-4282-bd22-6981c98d24b5","block_type":"box","text":"Collateral Reinvestment Risk","page_number":94,"box":{"x":120,"y":581,"width":217,"height":9}},{"id":"3b057839-b4b8-4670-bbfa-8473ffebafdc","block_type":"box","text":".","page_number":94,"box":{"x":338,"y":588,"width":2,"height":2}},{"id":"71c16235-8d69-46bb-9a12-5a5cd9bc44de","block_type":"box","text":"The risk that cash collateral reinvestment could result in a reduction of","page_number":94,"box":{"x":347,"y":581,"width":538,"height":9}},{"id":"89355557-3d4c-458a-8ca8-d3a3b69b622a","block_type":"box","text":"the value of the collateral capital (because the investment declines in value). This, in turn may cause","page_number":94,"box":{"x":119,"y":596,"width":766,"height":11}},{"id":"97ef10f3-38a1-45bb-b512-7a35e81e432d","block_type":"box","text":"losses to the Company and the relevant Fund because it is obliged to return","page_number":94,"box":{"x":119,"y":611,"width":564,"height":11}},{"id":"6e5459f9-ce79-445f-bc20-b53f2e2c5637","block_type":"box","text":"collateral equivalent to the","page_number":94,"box":{"x":684,"y":611,"width":201,"height":11}},{"id":"073f4c21-bd22-492d-a78d-b235cdc98a5e","block_type":"box","text":"value of the returned security. In order to manage this risk, the Company reinvests cash collateral in","page_number":94,"box":{"x":119,"y":626,"width":766,"height":12}},{"id":"8557d718-f34f-40ad-8565-d511e589fc9b","block_type":"box","text":"accordance with the guidelines set out in","page_number":94,"box":{"x":119,"y":641,"width":305,"height":12}},{"id":"554b7e64-a1c3-4bcc-8847-b9a1af79500d","block_type":"box","text":"Appendix 4.","page_number":94,"box":{"x":424,"y":641,"width":95,"height":12}},{"id":"1a7fbdf0-dd53-4058-b282-7abac7d317f6","block_type":"box","text":"It is important to understand that when a securities lending contract is entered into, the lender has the","page_number":94,"box":{"x":119,"y":670,"width":766,"height":12}},{"id":"88c54e79-cc61-48b2-88f7-bd9740cb5636","block_type":"box","text":"ability to recall the loan at any time, and the borrower has the ability to return the security to the lender","page_number":94,"box":{"x":119,"y":685,"width":766,"height":12}},{"id":"30007d80-0dc2-49fb-ab9d-2879fde3d6ca","block_type":"box","text":"at any time. To the extent that collate","page_number":94,"box":{"x":119,"y":700,"width":287,"height":12}},{"id":"d8216af5-e9c2-49c1-8f71-7c00a759e272","block_type":"box","text":"ral may need to be returned at any time, it is important that the","page_number":94,"box":{"x":406,"y":700,"width":479,"height":12}},{"id":"4fa8b286-2963-4a88-b5bd-bd3def54f98b","block_type":"box","text":"collateral be available to return to securities borrowers. The Company maintains collateral reinvestment","page_number":94,"box":{"x":119,"y":715,"width":766,"height":12}},{"id":"bd25ffea-c04e-4c96-aa22-9994a18b70b6","block_type":"box","text":"policies to mitigate this risk. These policies aim to preserve collateral capital an","page_number":94,"box":{"x":119,"y":730,"width":605,"height":12}},{"id":"8bb9fdbf-7873-448d-b5b0-60ccc9e02a0d","block_type":"box","text":"and provide sufficient","page_number":94,"box":{"x":724,"y":730,"width":161,"height":12}},{"id":"80cd481d-acc4-43af-840d-73e624fdce6c","block_type":"box","text":"liquidity for the Company to: (i) fund redemption orders and (ii) return collateral to borrowers who","page_number":94,"box":{"x":119,"y":745,"width":766,"height":12}},{"id":"edaddbf0-83cb-4cec-a5e7-4bd38424b91e","block_type":"box","text":"return the loaned securities.","page_number":94,"box":{"x":119,"y":760,"width":209,"height":9}},{"id":"74562e46-bf52-4d2e-a4f1-a6a1bd997432","block_type":"box","text":"Conflict of interest risk","page_number":94,"box":{"x":120,"y":789,"width":179,"height":12}},{"id":"4cecb693-5787-4c96-a72e-3b4f352297d5","block_type":"box","text":". The Company does not enter into securities lending transactions with any","page_number":94,"box":{"x":299,"y":789,"width":586,"height":12}},{"id":"b30f4d10-ac97-4b73-ad26-f55b82fb85e5","block_type":"box","text":"entities within the Vanguard Group of Companies.","page_number":94,"box":{"x":119,"y":804,"width":373,"height":12}},{"id":"af4635cc-f176-4306-ae82-7831497d04c1","block_type":"box","text":"A Fund will have a credit risk on a counterparty to any securities","page_number":94,"box":{"x":119,"y":834,"width":474,"height":12}},{"id":"364ce5a4-0690-4775-8630-2a10f4e5ede9","block_type":"box","text":"-","page_number":94,"box":{"x":595,"y":840,"width":4,"height":1}},{"id":"5b6b961d-c934-44b1-a569-e9ab6ffe9b4a","block_type":"box","text":"lending contract. The risks associated","page_number":94,"box":{"x":601,"y":834,"width":284,"height":12}},{"id":"860418ba-051e-461f-b9b1-d6edf4477b82","block_type":"box","text":"with lending Fund securities include the possible loss of rights against the securities should the borrower","page_number":94,"box":{"x":119,"y":849,"width":766,"height":12}},{"id":"f783de4e-9364-42c9-b48b-2b57363eab6b","block_type":"box","text":"fail financially. Collateral is obtained","page_number":94,"box":{"x":119,"y":864,"width":295,"height":12}},{"id":"8c77c144-db4f-4ebf-936a-7831afa3232a","block_type":"box","text":"from the counterparties to minimise this risk. Collateral is","page_number":94,"box":{"x":422,"y":864,"width":463,"height":12}},{"id":"4de02c20-854e-4337-bf30-a3c5bebba713","block_type":"box","text":"marked","page_number":94,"box":{"x":119,"y":879,"width":55,"height":10}},{"id":"021e2d1f-0938-4b29-881a-9630ea970593","block_type":"box","text":"-","page_number":94,"box":{"x":175,"y":885,"width":5,"height":1}},{"id":"5b6846c8-0d54-44d0-9c25-2a916326ff39","block_type":"box","text":"to","page_number":94,"box":{"x":181,"y":881,"width":13,"height":8}},{"id":"262527b9-402c-4ec4-a5b8-b4870953c8e3","block_type":"box","text":"-","page_number":94,"box":{"x":196,"y":885,"width":4,"height":1}},{"id":"8899360b-3c38-4985-a8b1-b394cbaded32","block_type":"box","text":"market daily, and is immediately available (without recourse) to purchase securities in the","page_number":94,"box":{"x":201,"y":879,"width":684,"height":12}},{"id":"aa380006-c416-48d8-a7e7-f7612f015600","block_type":"box","text":"event of counterparty default. A Fund could lose money in the event of a decline in the va","page_number":94,"box":{"x":119,"y":894,"width":689,"height":12}},{"id":"5b848237-8b46-44ae-bc50-8445add5ba7d","block_type":"box","text":"lue of the","page_number":94,"box":{"x":809,"y":894,"width":76,"height":10}},{"id":"53ec22b7-525b-4fb9-b3fc-70d77bbce2af","block_type":"box","text":"95","page_number":95,"box":{"x":493,"y":937,"width":12,"height":7}},{"id":"30f7f3db-81ad-4474-82c2-5bb276b51305","block_type":"box","text":"VG001","page_number":95,"box":{"x":654,"y":948,"width":38,"height":7}},{"id":"71f78193-0dc7-4f4e-baa3-a66ed89f2e01","block_type":"box","text":"-","page_number":95,"box":{"x":694,"y":952,"width":3,"height":1}},{"id":"e46d3de7-26e9-4c46-bca5-4392b13e08c1","block_type":"box","text":"001/M85660","page_number":95,"box":{"x":698,"y":948,"width":69,"height":7}},{"id":"6f4f86bb-c2a8-46a4-8611-4d82a67015bb","block_type":"box","text":"-","page_number":95,"box":{"x":768,"y":952,"width":3,"height":1}},{"id":"a0812283-8d92-4b59-a2da-67040a5c68dc","block_type":"box","text":"892520263","page_number":95,"box":{"x":773,"y":948,"width":58,"height":7}},{"id":"263ec18a-0a99-45b6-bf65-3f1593a0aa5c","block_type":"box","text":"-","page_number":95,"box":{"x":833,"y":952,"width":3,"height":1}},{"id":"09e76ca5-e922-4ab2-b310-26e375e37cb4","block_type":"box","text":"23864/0","page_number":95,"box":{"x":837,"y":948,"width":43,"height":7}},{"id":"956cb71d-ef40-4030-9b37-e91a78f9bcab","block_type":"box","text":"collateral provided for the loaned securities or of the investments made with cash collateral. See the","page_number":95,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"7558a411-9073-404b-bff4-d3c47bd7d4e5","block_type":"box","text":"section entitled","page_number":95,"box":{"x":120,"y":102,"width":120,"height":9}},{"id":"1c8ebe58-f11a-44de-86d4-a5dac0d64732","block_type":"box","text":"“Use of Repurchase/Reverse Repurchase Agreements and Securities Lending","page_number":95,"box":{"x":245,"y":102,"width":640,"height":12}},{"id":"b5cce9b6-7ebf-420a-a1bf-41f9b2c44254","block_type":"box","text":"Arrangements”","page_number":95,"box":{"x":119,"y":117,"width":122,"height":12}},{"id":"dc31600d-d824-400a-8936-2fd754d8c0fe","block_type":"box","text":"as set out in","page_number":95,"box":{"x":247,"y":117,"width":92,"height":9}},{"id":"902ae3ec-3605-4b25-a10e-b6175819bf14","block_type":"box","text":"Appendix 4","page_number":95,"box":{"x":339,"y":117,"width":90,"height":12}},{"id":"91776015-f3e0-4180-ac78-4f9320ae1a3d","block_type":"box","text":"of this Prospectus for further information.","page_number":95,"box":{"x":435,"y":117,"width":307,"height":12}},{"id":"65ecbd8d-eac9-46d5-a655-a4445d95e067","block_type":"box","text":"Past performance","page_number":95,"box":{"x":119,"y":147,"width":139,"height":12}},{"id":"851412b5-715d-41e6-b56f-9e6444377979","block_type":"box","text":"Past performance does not necessarily indicate future performance. It can in no way provide a guarantee","page_number":95,"box":{"x":119,"y":176,"width":766,"height":12}},{"id":"07d7e852-20fa-4c2c-8edd-0e16002e2117","block_type":"box","text":"of future returns.","page_number":95,"box":{"x":119,"y":191,"width":123,"height":9}},{"id":"da876adf-5790-40e7-b1c3-278a4b6744fe","block_type":"box","text":"Stock market risk","page_number":95,"box":{"x":120,"y":221,"width":141,"height":9}},{"id":"ce4cabce-d4b7-4e7f-aa95-e6b96b3e6694","block_type":"box","text":"Funds that invest in stocks are subject to stock market risk, which is the chance that stock prices overall,","page_number":95,"box":{"x":119,"y":250,"width":766,"height":12}},{"id":"aa28e93d-0bee-4c84-977a-a09799c50c9f","block_type":"box","text":"will decline. 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The","page_number":107,"box":{"x":119,"y":488,"width":766,"height":11}},{"id":"4ebb43c2-5a67-4244-bf81-7c935d6eed2a","block_type":"box","text":"information must be reported by persons who have acted as “intermediaries” in such tra","page_number":107,"box":{"x":119,"y":503,"width":656,"height":12}},{"id":"f6700849-9f58-40bb-b616-f8d56c62aa8d","block_type":"box","text":"nsactions and,","page_number":107,"box":{"x":775,"y":503,"width":110,"height":11}},{"id":"9df921e9-ce8b-4f68-98b3-db85f6a9e907","block_type":"box","text":"in certain cases, taxpayers themselves. An “intermediary” for these purposes includes any person that","page_number":107,"box":{"x":119,"y":518,"width":766,"height":12}},{"id":"9cfa27e3-6941-4954-bdde-74bdfd0b1d9a","block_type":"box","text":"has designed, marketed or managed the implementation of a reportable arrangement. 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Information","page_number":107,"box":{"x":119,"y":578,"width":730,"height":12}},{"id":"03490a04-5eb1-47cf-96e2-0fdf0a705fe9","block_type":"box","text":"that","page_number":107,"box":{"x":853,"y":578,"width":32,"height":9}},{"id":"6469d688-562c-4fb8-9611-3149613c0641","block_type":"box","text":"must be shared by intermediaries in respect of reportable arrangements includes details of any taxpayers","page_number":107,"box":{"x":119,"y":593,"width":766,"height":12}},{"id":"012326bf-40d3-4dc3-ad7d-f56869768358","block_type":"box","text":"to whom that arrangement was made available.","page_number":107,"box":{"x":119,"y":608,"width":347,"height":12}},{"id":"1278ce22-941d-4657-a0ea-2d6e6d81c979","block_type":"box","text":"Details of reportable cross","page_number":107,"box":{"x":119,"y":638,"width":195,"height":12}},{"id":"9ad0388b-c7eb-4af4-badc-28fd9e5006c2","block_type":"box","text":"-","page_number":107,"box":{"x":316,"y":643,"width":4,"height":1}},{"id":"bb298de9-9dc9-4272-ba99-9a6f81c9004b","block_type":"box","text":"border arrangements that occur from 1 January 2021 need to be reported to","page_number":107,"box":{"x":321,"y":638,"width":564,"height":12}},{"id":"ef29bc18-3774-42b2-a1b0-9bab0cc786ff","block_type":"box","text":"the Irish Revenue Commissioners within a prescribed 30 days timeline. Other jurisdictions may have","page_number":107,"box":{"x":119,"y":653,"width":766,"height":12}},{"id":"119f7ad3-4d15-4da4-9973-3ce821ca1541","block_type":"box","text":"differences in how they have implemented DAC6 and may h","page_number":107,"box":{"x":119,"y":668,"width":480,"height":12}},{"id":"9397498d-d5cd-4d51-9879-eb0654abf769","block_type":"box","text":"ave different deadlines for reporting","page_number":107,"box":{"x":600,"y":668,"width":285,"height":12}},{"id":"935b525a-b5bd-4897-8bfe-855dbce471b8","block_type":"box","text":"transactions.","page_number":107,"box":{"x":119,"y":683,"width":91,"height":9}},{"id":"d11ab97b-fc3e-4b33-93f3-e41ce8a3186b","block_type":"box","text":"It is important to note that, unlike the domestic Irish mandatory disclosure rules, there are a limited","page_number":107,"box":{"x":119,"y":712,"width":766,"height":12}},{"id":"13f49e12-9ac0-42cd-b7ff-6775a76665ed","block_type":"box","text":"number of exclusions for specific types of transactions (none 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or the person taking the","page_number":107,"box":{"x":119,"y":861,"width":319,"height":12}},{"id":"0108e9f3-4972-46f1-b28f-6dc75cc40bf1","block_type":"box","text":"gift or inheritance is Irish resident or ordinarily resident.","page_number":107,"box":{"x":439,"y":861,"width":415,"height":12}},{"id":"1ee14c0e-74f4-42b4-8cd0-22ab7c0dd0b5","block_type":"box","text":"108","page_number":108,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"5b453e4d-17f9-4574-a3ab-355e9fae46d2","block_type":"box","text":"VG001","page_number":108,"box":{"x":654,"y":948,"width":38,"height":7}},{"id":"e8bee3cc-0956-4fcd-9f1a-deaa02699760","block_type":"box","text":"-","page_number":108,"box":{"x":694,"y":952,"width":3,"height":1}},{"id":"a66f636c-d79a-4c46-b576-f6780a1e3db4","block_type":"box","text":"001/M85660","page_number":108,"box":{"x":698,"y":948,"width":69,"height":7}},{"id":"b39c0015-155d-421c-af3e-5a491ebd6e56","block_type":"box","text":"-","page_number":108,"box":{"x":768,"y":952,"width":3,"height":1}},{"id":"5f25bca8-62a9-4cf5-9ea6-e67f6891a79b","block_type":"box","text":"892520263","page_number":108,"box":{"x":773,"y":948,"width":58,"height":7}},{"id":"4456dcda-eead-48db-9cbc-b0209a454995","block_type":"box","text":"-","page_number":108,"box":{"x":833,"y":952,"width":3,"height":1}},{"id":"5e2aef6a-ba66-4a0c-9431-a1b0ac128f77","block_type":"box","text":"23864/0","page_number":108,"box":{"x":837,"y":948,"width":43,"height":7}},{"id":"37d170b2-acf3-4a6f-aaff-c0f070ba95ed","block_type":"box","text":"The 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To the extent that dividends are not paid","page_number":112,"box":{"x":423,"y":861,"width":462,"height":12}},{"id":"3a2a6f1b-03c7-46d8-8e72-0356bec5d071","block_type":"box","text":"in respect of a class with reporting fund status, reportable income under the reporting fund rules will be","page_number":112,"box":{"x":119,"y":876,"width":766,"height":12}},{"id":"9f0fff64-ab06-4acf-ba68-e27a4dc6bb41","block_type":"box","text":"attributed only to those Shareholders who remain as Shareholders at the end of the re","page_number":112,"box":{"x":119,"y":891,"width":630,"height":12}},{"id":"93fe5b95-1e27-4d3c-a2f8-84cdf7e81cdc","block_type":"box","text":"levant accounting","page_number":112,"box":{"x":750,"y":891,"width":135,"height":12}},{"id":"a4ff5e21-c9cc-40ef-aefd-3613fb7b2096","block_type":"box","text":"113","page_number":113,"box":{"x":491,"y":937,"width":18,"height":7}},{"id":"d47f1856-e84a-422e-81d7-140b7c38a005","block_type":"box","text":"VG001","page_number":113,"box":{"x":654,"y":948,"width":38,"height":7}},{"id":"a80d26bb-a1d2-4c3e-8ef5-8e5d3c3150bd","block_type":"box","text":"-","page_number":113,"box":{"x":694,"y":952,"width":3,"height":1}},{"id":"de559b9d-e434-430d-a2f1-e5364ac714f2","block_type":"box","text":"001/M85660","page_number":113,"box":{"x":698,"y":948,"width":69,"height":7}},{"id":"a5da791d-ba2a-431e-9938-0d0663627a48","block_type":"box","text":"-","page_number":113,"box":{"x":768,"y":952,"width":3,"height":1}},{"id":"06b05756-fc6e-4296-90a3-f5deab5185cc","block_type":"box","text":"892520263","page_number":113,"box":{"x":773,"y":948,"width":58,"height":7}},{"id":"40afc411-a63d-4948-b8bb-8a7dfc35913e","block_type":"box","text":"-","page_number":113,"box":{"x":833,"y":952,"width":3,"height":1}},{"id":"46846ffa-1df5-42ed-a724-a97393717183","block_type":"box","text":"23864/0","page_number":113,"box":{"x":837,"y":948,"width":43,"height":7}},{"id":"8a64b7c5-ec00-49f8-836e-ed541d4320c7","block_type":"box","text":"period. As a consequence, Shareholders could receive a greater or lesser share of reportable income","page_number":113,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"824a5e1e-4384-452c-8aa7-0da57501aa88","block_type":"box","text":"than anticipated in certain circumstances such as when, respectively, class size is shrinking or expanding","page_number":113,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"028c7b6b-5339-4b2a-9b41-37e04c8fd4d8","block_type":"box","text":"prior to the end of an accounting period. Regul","page_number":113,"box":{"x":119,"y":117,"width":348,"height":12}},{"id":"7963d402-32bf-4f25-96ae-d54e76425f7b","block_type":"box","text":"ations enable (but do not oblige) reporting funds to elect","page_number":113,"box":{"x":468,"y":117,"width":417,"height":12}},{"id":"c37c2989-a2aa-48a8-83ef-e4f75e6882b2","block_type":"box","text":"to operate dividend equalisation or to make income adjustments, which should minimise this effect. The","page_number":113,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"4b3edee4-2d82-4f3c-b5d3-6e837696ec5c","block_type":"box","text":"Directors have chosen to apply equalisation in respect of all classes with reporting fund sta","page_number":113,"box":{"x":119,"y":147,"width":671,"height":12}},{"id":"69fb9e4a-0ea7-45bb-bd99-583483154c4d","block_type":"box","text":"tus.","page_number":113,"box":{"x":790,"y":148,"width":31,"height":8}},{"id":"0846baf3-8b1a-464f-91ce-cb1fff8a8969","block_type":"box","text":"Chapter 6 of Part 3 of the Regulations provides that specified transactions carried out by a UCITS fund,","page_number":113,"box":{"x":119,"y":168,"width":766,"height":12}},{"id":"32227dd2-e173-43b8-a1b8-74d974fac9dc","block_type":"box","text":"such as the Company, will not generally be treated as trading transactions for the purposes of calculating","page_number":113,"box":{"x":120,"y":183,"width":765,"height":12}},{"id":"f2c30736-5138-4990-aa95-34ed3e0e17c7","block_type":"box","text":"the reportable income of reporting funds tha","page_number":113,"box":{"x":119,"y":198,"width":339,"height":12}},{"id":"1bf9592c-d7b7-4a8e-901d-aea29b8cc77b","block_type":"box","text":"t meet a genuine diversity of ownership condition. The","page_number":113,"box":{"x":458,"y":198,"width":427,"height":12}},{"id":"aea1e11f-0009-4463-9865-bca46ff2a247","block_type":"box","text":"Directors intend to elect for reporting fund status for all classes","page_number":113,"box":{"x":119,"y":213,"width":483,"height":12}},{"id":"aec74e32-df5d-416b-b0b4-c0e517c1e021","block_type":"box","text":". The Directors confirm that all such","page_number":113,"box":{"x":604,"y":213,"width":281,"height":9}},{"id":"5dbeebea-2692-4289-97cf-eb01e6b6ae8c","block_type":"box","text":"classes are primarily intended for and marketed to retail and institutional investors. For the purposes of","page_number":113,"box":{"x":119,"y":228,"width":766,"height":12}},{"id":"c4f019b9-6021-4260-b455-6a11ec7b6ad2","block_type":"box","text":"the Regulations, the Directors undertake that all classes in the Company will be widely available and","page_number":113,"box":{"x":119,"y":243,"width":766,"height":12}},{"id":"6516234d-d526-42bf-88c6-334b3a9ff841","block_type":"box","text":"will be m","page_number":113,"box":{"x":119,"y":258,"width":69,"height":9}},{"id":"542f9b37-41fd-4edd-88d3-97a765968809","block_type":"box","text":"arketed and made available sufficiently widely to reach the intended category of investors and","page_number":113,"box":{"x":189,"y":258,"width":696,"height":12}},{"id":"90a166bb-c666-4ffd-9369-9d275af6d77c","block_type":"box","text":"in a manner appropriate to attract those kinds of investors.","page_number":113,"box":{"x":119,"y":273,"width":428,"height":12}},{"id":"efad5324-4c7b-4289-b903-68220d91ce7a","block_type":"box","text":"Chapter 3 of Part 6 of CTA 2009 provides that, if at any time in an accounting period a corporate investor","page_number":113,"box":{"x":119,"y":301,"width":766,"height":12}},{"id":"f91bf473-854e-4456-ad9e-ab1f5c25d390","block_type":"box","text":"within the charge to United Kingdom corporation tax holds an interest in an offshore fund and there is","page_number":113,"box":{"x":119,"y":316,"width":766,"height":12}},{"id":"4f20eb99-dc9f-482d-92e7-b5c58bea01af","block_type":"box","text":"a time in that period when that fund fails to","page_number":113,"box":{"x":119,"y":331,"width":324,"height":12}},{"id":"c9230882-aab5-4a42-8dbb-c8c6fc58bcfd","block_type":"box","text":"satisfy the “qualifying investment test”, the interest held by","page_number":113,"box":{"x":443,"y":331,"width":442,"height":12}},{"id":"1650c694-734b-446d-81c4-6c7c8b7ae46b","block_type":"box","text":"such corporate investor will be treated for the accounting period as if it were rights under a creditor","page_number":113,"box":{"x":120,"y":346,"width":765,"height":12}},{"id":"6f4050c6-0fa7-45da-b036-eabe9a90a45f","block_type":"box","text":"relationship for the purposes of the rules relating to the taxation of most corporate deb","page_number":113,"box":{"x":119,"y":361,"width":657,"height":12}},{"id":"ff10c7e0-4913-4cb3-a51e-68ec35097e4a","block_type":"box","text":"t contained in","page_number":113,"box":{"x":777,"y":361,"width":108,"height":9}},{"id":"2d4a8287-8789-4b8e-ae21-b0a371dee803","block_type":"box","text":"CTA 2009 (the “","page_number":113,"box":{"x":119,"y":376,"width":121,"height":12}},{"id":"5d73b10b-5ac7-4f3d-aba7-14ebe67fb610","block_type":"box","text":"Corporate Debt Regime","page_number":113,"box":{"x":241,"y":376,"width":186,"height":12}},{"id":"7f6dc17e-c99f-4ce7-bbcd-7f066ff0a46e","block_type":"box","text":"”). Acquisitions of Shares will (as explained above) constitute","page_number":113,"box":{"x":428,"y":376,"width":457,"height":12}},{"id":"8cfdd991-4f12-40ef-b6d2-35c414722927","block_type":"box","text":"interests in an offshore fund and, based on the current investment strategies of the Funds, it may be that","page_number":113,"box":{"x":119,"y":391,"width":766,"height":12}},{"id":"5072e170-a9df-49b3-b5e9-ddbfa8615525","block_type":"box","text":"some Funds will not meet the “qualifying investment test”. In circumstances where th","page_number":113,"box":{"x":120,"y":406,"width":668,"height":12}},{"id":"b9d371b3-e7d2-4ae9-8671-6c38eeefa200","block_type":"box","text":"e test is not","page_number":113,"box":{"x":789,"y":406,"width":96,"height":9}},{"id":"2df52898-b982-42f9-a36e-9361de64e5d0","block_type":"box","text":"satisfied (for example where the relevant sub","page_number":113,"box":{"x":120,"y":421,"width":333,"height":12}},{"id":"53633394-6958-4464-9b5d-9d151e29af30","block_type":"box","text":"-","page_number":113,"box":{"x":454,"y":427,"width":5,"height":1}},{"id":"26fbf50e-aba8-4ecf-a42e-73958a163c9d","block_type":"box","text":"fund or class invests in debt instruments, securities, cash","page_number":113,"box":{"x":460,"y":421,"width":425,"height":11}},{"id":"c4fe3d08-a6fc-4880-8980-cf8936b14e8e","block_type":"box","text":"or open","page_number":113,"box":{"x":119,"y":439,"width":55,"height":9}},{"id":"5fc86c79-8e70-49c2-9915-e477046ed1b7","block_type":"box","text":"-","page_number":113,"box":{"x":175,"y":442,"width":4,"height":1}},{"id":"058062d8-2ef9-498b-937b-cfd06e7617cf","block_type":"box","text":"ended companies that themselves do not satisfy the “qualifying investments test” and the market","page_number":113,"box":{"x":181,"y":436,"width":704,"height":12}},{"id":"ef6c793a-15df-4837-a3ea-42aad6537ca1","block_type":"box","text":"value of such investments exceed","page_number":113,"box":{"x":119,"y":451,"width":247,"height":9}},{"id":"7c08cc00-f6c2-4d40-9ac5-43e8d93705f6","block_type":"box","text":"s 60 per cent. of the market value of all its investments) shares will be","page_number":113,"box":{"x":366,"y":451,"width":519,"height":12}},{"id":"8dc964e6-5efc-4f3a-83f6-6b6946390354","block_type":"box","text":"treated for corporation tax purposes as within the Corporate Debt Regime. As a consequence, where the","page_number":113,"box":{"x":119,"y":466,"width":766,"height":12}},{"id":"bb94be5d-5c6f-4290-842e-806ded878146","block_type":"box","text":"test is not met all returns on the shares in respect of each corporate investor’","page_number":113,"box":{"x":119,"y":481,"width":562,"height":12}},{"id":"372dc8e6-f25b-4ae7-9de9-a3064a1b4456","block_type":"box","text":"s accounting period during","page_number":113,"box":{"x":684,"y":481,"width":201,"height":12}},{"id":"2fdf5781-c68d-4985-b27a-def4a614deac","block_type":"box","text":"which the test is not met (including gains, profits and deficits and exchange gains and losses) will be","page_number":113,"box":{"x":119,"y":496,"width":766,"height":12}},{"id":"b1faf7c3-6a82-4d53-a037-318abbb4a9e8","block_type":"box","text":"taxed or relieved as an income receipt or expense on a fair value accounting basis. Accordingly, a","page_number":113,"box":{"x":119,"y":511,"width":766,"height":12}},{"id":"8a6220f6-c3e9-4804-a739-bd4dc304407d","block_type":"box","text":"corporate investor in the","page_number":113,"box":{"x":119,"y":526,"width":197,"height":12}},{"id":"f321571c-2527-44ee-8dfd-e9d146e3879e","block_type":"box","text":"Company may, depending on its own circumstances, incur a charge to","page_number":113,"box":{"x":321,"y":526,"width":564,"height":12}},{"id":"dff5e5f3-35a7-47ba-b426-3fcdf01b6660","block_type":"box","text":"corporation tax on an unrealised increase in the value of its holding of Shares (and, likewise, obtain","page_number":113,"box":{"x":119,"y":541,"width":766,"height":12}},{"id":"d235ee97-163b-40c1-857d-512cce2f4415","block_type":"box","text":"relief against corporation tax for an unrealised reduction in the value of its holding","page_number":113,"box":{"x":119,"y":556,"width":600,"height":12}},{"id":"8346cc21-2d93-4e8f-b603-7a434dbce48d","block_type":"box","text":"of Shares). The effect","page_number":113,"box":{"x":723,"y":556,"width":162,"height":12}},{"id":"b0c50b1d-e69f-4861-b94e-858b532b55c9","block_type":"box","text":"of the provisions relating to holdings in controlled foreign companies (outlined below) would then be","page_number":113,"box":{"x":119,"y":571,"width":766,"height":12}},{"id":"4d44bba0-afc3-4393-8f77-cb7ded09d658","block_type":"box","text":"substantially mitigated.","page_number":113,"box":{"x":120,"y":586,"width":170,"height":12}},{"id":"a6b141ad-08be-402a-8395-72eb8cdd1802","block_type":"box","text":"The attention of individual Shareholders resident in the United Kingdom is drawn to the provisions of","page_number":113,"box":{"x":119,"y":614,"width":766,"height":12}},{"id":"ac78da0c-f521-4285-a406-a66868c9dff5","block_type":"box","text":"Chapter 2 of Part 13 of the Income Tax Act 2007 under which the income accruing to the Company may","page_number":113,"box":{"x":119,"y":629,"width":766,"height":12}},{"id":"aae3ce82-8008-4a24-b580-b8da572f97db","block_type":"box","text":"be attributed to such a Shareholder and may render them","page_number":113,"box":{"x":119,"y":644,"width":412,"height":12}},{"id":"9609314b-f906-47d8-88ba-0facca27a51b","block_type":"box","text":"liable to taxation in respect of the undistributed","page_number":113,"box":{"x":536,"y":644,"width":349,"height":12}},{"id":"07c974fa-fc2d-46cd-890d-d1bb483a21e5","block_type":"box","text":"income and profits of the Company. 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See A","page_number":161,"box":{"x":119,"y":312,"width":141,"height":12}},{"id":"fa430323-7921-4690-b05f-13f60e85874e","block_type":"box","text":"Appendix 3","page_number":161,"box":{"x":258,"y":312,"width":89,"height":12}},{"id":"fa04e338-4b67-4538-825c-86142422ba36","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":161,"box":{"x":352,"y":312,"width":533,"height":12}},{"id":"99afdc2b-3c33-4320-95c2-3a04d6ec24b5","block_type":"box","text":"schemes, including other funds of the Company.","page_number":161,"box":{"x":120,"y":327,"width":356,"height":12}},{"id":"17f383df-1bfc-4939-86dd-e66804c1b6fe","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short","page_number":161,"box":{"x":119,"y":357,"width":678,"height":12}},{"id":"33581238-78da-4c7a-b496-ac70c77db99a","block_type":"box","text":"-","page_number":161,"box":{"x":798,"y":363,"width":5,"height":1}},{"id":"9db90a9c-6ec0-457e-8ce1-65ce1487d45d","block_type":"box","text":"term, high","page_number":161,"box":{"x":803,"y":357,"width":82,"height":12}},{"id":"03d1ac17-dfcc-4519-b7de-479a4883402b","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":161,"box":{"x":119,"y":372,"width":766,"height":12}},{"id":"e5f4f5e8-879c-43a3-b41f-bd6f1d9cfc7f","block_type":"box","text":"engage in overnight repurchase agreements) and/or money m","page_number":161,"box":{"x":119,"y":387,"width":432,"height":12}},{"id":"6faed2e7-6278-4369-ad6b-731b330983ae","block_type":"box","text":"market funds for cash management purposes.","page_number":161,"box":{"x":550,"y":387,"width":335,"height":12}},{"id":"55757405-9b30-479c-88d7-78c2b8b1af64","block_type":"box","text":"Temporary Investment Measures","page_number":161,"box":{"x":119,"y":433,"width":263,"height":11}},{"id":"ae31f1e4-92ac-49ad-9f45-176b68d516a5","block_type":"box","text":"The Fund may temporarily depart from these investment strategies in response to the Investment","page_number":161,"box":{"x":119,"y":462,"width":766,"height":12}},{"id":"8d05b619-323d-48d1-b302-f9186c96aec6","block_type":"box","text":"Manager's perception of extraordinary market, political or similar conditions. 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See A","page_number":167,"box":{"x":119,"y":386,"width":141,"height":11}},{"id":"1295e372-cb71-4c9c-9af4-4624ac37ac59","block_type":"box","text":"Appendix 3","page_number":167,"box":{"x":259,"y":386,"width":88,"height":11}},{"id":"33c01431-2d03-4708-9108-0f8ba2b8463a","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":167,"box":{"x":352,"y":386,"width":533,"height":11}},{"id":"e58ea645-8c82-4073-9077-2d56e378f408","block_type":"box","text":"schemes, including other funds of the Company.","page_number":167,"box":{"x":120,"y":401,"width":356,"height":12}},{"id":"c488d43d-17ae-4a77-b487-933e9806fb20","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short","page_number":167,"box":{"x":119,"y":430,"width":678,"height":12}},{"id":"7315c628-533b-49ba-b43f-4b115fe4d127","block_type":"box","text":"-","page_number":167,"box":{"x":798,"y":436,"width":5,"height":0}},{"id":"dd46f1de-e567-41ae-ae31-288139b14854","block_type":"box","text":"term, high","page_number":167,"box":{"x":803,"y":430,"width":82,"height":12}},{"id":"ddb08752-294e-4d5d-983c-5e12f586c34c","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits, or","page_number":167,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"c5c2119b-cf99-47c7-abd5-7ff7344937a6","block_type":"box","text":"engage in overnight repurchase agreements) and/or money","page_number":167,"box":{"x":119,"y":460,"width":428,"height":12}},{"id":"552ea9a2-3871-4796-a04a-d42f66afd3f6","block_type":"box","text":"market funds for cash management purposes.","page_number":167,"box":{"x":550,"y":460,"width":329,"height":12}},{"id":"6d35404a-6dd8-4405-b815-04c7787326f8","block_type":"box","text":"Where the Fund invests in securities in the Peoples Republic of China, it may do so via the Shanghai","page_number":167,"box":{"x":119,"y":490,"width":755,"height":12}},{"id":"b5f46274-a62d-461f-bffc-65f7dc6e4944","block_type":"box","text":"Hong Kong Stock Connect.","page_number":167,"box":{"x":119,"y":505,"width":208,"height":12}},{"id":"0f0181d5-1190-4245-8e64-a4280135370d","block_type":"box","text":"Temporary Investment Measures","page_number":167,"box":{"x":119,"y":535,"width":263,"height":11}},{"id":"1dc4b63f-0c8b-4f36-acee-d57f4fcbf2a0","block_type":"box","text":"The Fund may temporarily depart from this investment strategies in response to the Investment","page_number":167,"box":{"x":119,"y":563,"width":766,"height":12}},{"id":"1cc31835-5e9f-4840-ab1e-b3a32d7d0d2e","block_type":"box","text":"Manager's perception of extraordinary market, political or similar conditions. 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See A","page_number":173,"box":{"x":119,"y":341,"width":141,"height":12}},{"id":"145b7e82-ecd5-439e-8f3f-3b9607b31fb6","block_type":"box","text":"Appendix 3","page_number":173,"box":{"x":258,"y":341,"width":89,"height":12}},{"id":"4e6d569a-0862-4f24-9f98-fb337d54ecca","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":173,"box":{"x":352,"y":341,"width":533,"height":12}},{"id":"2a5befb9-ecb5-4deb-bc10-95f321f1aa2a","block_type":"box","text":"schemes, including other funds of the Company.","page_number":173,"box":{"x":120,"y":356,"width":356,"height":12}},{"id":"d87ff9da-bace-43f7-8aa8-0b3e57fc3995","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short","page_number":173,"box":{"x":119,"y":386,"width":678,"height":11}},{"id":"742a8d3c-b990-44db-a652-8601b9e53454","block_type":"box","text":"-","page_number":173,"box":{"x":798,"y":391,"width":5,"height":1}},{"id":"95c22958-14dd-44e2-8d9a-d4d085f5651f","block_type":"box","text":"term, high","page_number":173,"box":{"x":803,"y":386,"width":82,"height":11}},{"id":"dc39ca65-a811-45e9-bcde-3f697980be6e","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":173,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"2c596a72-8350-4129-831e-9bc3bc3f2aea","block_type":"box","text":"engage in overnight repurchase agreements) and/or money m","page_number":173,"box":{"x":119,"y":416,"width":432,"height":12}},{"id":"21cf3be9-19c9-4b6a-b9cf-6bce420422f6","block_type":"box","text":"market funds for cash management purposes.","page_number":173,"box":{"x":550,"y":416,"width":329,"height":12}},{"id":"dae69074-7afc-4edd-988e-05534e67c331","block_type":"box","text":"See the “","page_number":173,"box":{"x":120,"y":445,"width":70,"height":9}},{"id":"0359b176-f451-4531-a0eb-d76d80778204","block_type":"box","text":"The Funds","page_number":173,"box":{"x":191,"y":445,"width":86,"height":9}},{"id":"41a9ae42-a616-4b6a-89f6-b22b937e83c0","block_type":"box","text":"” section of this Prospectus for further information, in particular in relation to","page_number":173,"box":{"x":278,"y":445,"width":607,"height":12}},{"id":"51ec6b3b-b008-4163-bf23-87119df66e03","block_type":"box","text":"optimisation and sampling techniques used in tracking the performance of the Index.","page_number":173,"box":{"x":119,"y":460,"width":624,"height":12}},{"id":"d0f8515b-21d1-46a4-a3c3-082880d33e99","block_type":"box","text":"Temporary Investment Measures","page_number":173,"box":{"x":119,"y":490,"width":263,"height":11}},{"id":"cb896531-129a-4671-b720-e5aad9586694","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":173,"box":{"x":119,"y":524,"width":766,"height":12}},{"id":"cfa1c363-fe43-427e-9854-8536c3df2d1a","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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See A","page_number":185,"box":{"x":119,"y":386,"width":141,"height":11}},{"id":"7aaae0c5-7ac9-43cc-b3cc-fb990097b9d4","block_type":"box","text":"Appendix 3","page_number":185,"box":{"x":258,"y":386,"width":89,"height":11}},{"id":"c5c43759-b61a-41b8-89f2-bf10c52fce99","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":185,"box":{"x":352,"y":386,"width":533,"height":11}},{"id":"69b2e3f6-b015-48a6-ad1c-0887c74d922b","block_type":"box","text":"schemes, including other funds of the Company.","page_number":185,"box":{"x":120,"y":401,"width":356,"height":12}},{"id":"e9acb227-bb79-4b45-a879-ea2fdb19b305","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short","page_number":185,"box":{"x":119,"y":430,"width":678,"height":12}},{"id":"cc9efe1f-0f21-4b01-85a3-bf4ad1a416bb","block_type":"box","text":"-","page_number":185,"box":{"x":798,"y":436,"width":5,"height":0}},{"id":"6b6882bc-7ea0-4a47-bf84-3a500828fddc","block_type":"box","text":"term, high","page_number":185,"box":{"x":803,"y":430,"width":82,"height":12}},{"id":"aeddee83-257f-4f12-a4c9-0b41d86f7805","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":185,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"db336f71-3ee4-43e0-a0dd-fb1f9028d2e4","block_type":"box","text":"engage in overnight repurchase agreements) and/or money m","page_number":185,"box":{"x":119,"y":460,"width":432,"height":12}},{"id":"0773dcdc-9a24-449e-b4ba-1818df1100c8","block_type":"box","text":"market funds for cash management purposes.","page_number":185,"box":{"x":550,"y":460,"width":329,"height":12}},{"id":"ef9a3afd-cf4f-4316-9447-bb512c024631","block_type":"box","text":"Temporary Investment Measures","page_number":185,"box":{"x":119,"y":490,"width":263,"height":11}},{"id":"defed876-317e-405b-a852-ca7d1d1db1b0","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":185,"box":{"x":119,"y":518,"width":766,"height":12}},{"id":"ddbe6ace-a9db-40fb-9d20-0a6c6b767163","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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See A","page_number":191,"box":{"x":119,"y":386,"width":141,"height":11}},{"id":"5e3c4e69-91a7-442e-9079-ab94ca90527e","block_type":"box","text":"Appendix 3","page_number":191,"box":{"x":258,"y":386,"width":89,"height":11}},{"id":"476920d5-c13a-48ef-9164-fab867f83205","block_type":"box","text":"of this Prospectus for information on investment in collective investment","page_number":191,"box":{"x":352,"y":386,"width":533,"height":11}},{"id":"991747ca-3be7-437f-a551-7484fa78d6c7","block_type":"box","text":"schemes, including other funds of the Company.","page_number":191,"box":{"x":120,"y":401,"width":356,"height":12}},{"id":"6ff24830-8591-4b59-907f-f554c250da29","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short","page_number":191,"box":{"x":119,"y":430,"width":678,"height":12}},{"id":"eeb589e4-211b-4023-ad16-364222be8c2b","block_type":"box","text":"-","page_number":191,"box":{"x":798,"y":436,"width":5,"height":0}},{"id":"9bc90b78-4700-4249-9ad3-4ce7840aa63a","block_type":"box","text":"term, high","page_number":191,"box":{"x":803,"y":430,"width":82,"height":12}},{"id":"d5fe7c62-bc3e-4759-8d37-22d8b34c4c88","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":191,"box":{"x":119,"y":445,"width":766,"height":12}},{"id":"7b3e0adf-18fb-4acd-886b-65b920e4c442","block_type":"box","text":"engage in overnight repurchase agreements) and/or money m","page_number":191,"box":{"x":119,"y":460,"width":432,"height":12}},{"id":"998d7d17-f357-4916-9b43-5b3d38869df0","block_type":"box","text":"market funds for cash management purposes.","page_number":191,"box":{"x":550,"y":460,"width":329,"height":12}},{"id":"ee550d43-e929-4355-9508-e075ab8061c7","block_type":"box","text":"Temporary Investment Measures","page_number":191,"box":{"x":119,"y":490,"width":263,"height":11}},{"id":"15dab234-108d-4cb5-aaea-9b1281a3c9de","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":191,"box":{"x":119,"y":519,"width":766,"height":12}},{"id":"16a81bd5-de5c-42d3-8e5f-b733baf89f42","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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It is not possible to comprehensively list all the","page_number":210,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"5c0377a3-9b2a-4603-8770-596f1d3a6fa5","block_type":"box","text":"counterparties as they have not, as of the d","page_number":210,"box":{"x":119,"y":117,"width":316,"height":12}},{"id":"717806ce-625d-471f-8013-fed8f6550634","block_type":"box","text":"ate of issue of this Prospectus, been appointed and they may","page_number":210,"box":{"x":435,"y":117,"width":450,"height":12}},{"id":"68b74e1b-611a-4e2e-a74a-9562ef8215cc","block_type":"box","text":"change from time to time. The relevant counterparty will not assume any discretion over the assets or","page_number":210,"box":{"x":119,"y":132,"width":766,"height":12}},{"id":"37fca5b6-8772-4633-8320-4bd9a2fb0ac4","block_type":"box","text":"management of the Fund or over the underlying of the FDIs and their approval will not be requ","page_number":210,"box":{"x":119,"y":147,"width":713,"height":12}},{"id":"491c08f5-8769-4a26-9a34-d7505dbc9a5a","block_type":"box","text":"ired in","page_number":210,"box":{"x":833,"y":147,"width":52,"height":9}},{"id":"55752ea8-082f-44a4-84ed-806687eccf29","block_type":"box","text":"respect of any FDI related transaction. The relevant Fund will be exposed to credit risk in respect of the","page_number":210,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"a4c70882-43c3-4704-8f26-4e8768c0a05d","block_type":"box","text":"relevant counterparty. Please see","page_number":210,"box":{"x":119,"y":177,"width":247,"height":12}},{"id":"0e6529ed-d8c2-400e-bf3a-480933d36c6e","block_type":"box","text":"Counterparty Risk","page_number":210,"box":{"x":367,"y":177,"width":153,"height":12}},{"id":"f5701768-bbd0-488e-b244-2f29d3fc637a","block_type":"box","text":"in the","page_number":210,"box":{"x":520,"y":177,"width":46,"height":9}},{"id":"5df56483-8ad0-4e62-b42d-9a3b466206fc","block_type":"box","text":"Risk Factors","page_number":210,"box":{"x":566,"y":177,"width":99,"height":9}},{"id":"d755cde6-19f0-41c6-8ac3-8c3da44f4f6e","block_type":"box","text":"section of the Prospectus.","page_number":210,"box":{"x":671,"y":177,"width":187,"height":12}},{"id":"06e6f2af-5002-4e9a-b748-b66c4ff28c30","block_type":"box","text":"USE OF REPURCHASE/ REVERSE REPURCHASE AGREEMENTS AND SECURITIES","page_number":210,"box":{"x":119,"y":206,"width":766,"height":9}},{"id":"4c70a0c5-5f62-4532-8bc3-024be7f928cc","block_type":"box","text":"LENDING ARRANGEMENTS","page_number":210,"box":{"x":119,"y":221,"width":249,"height":10}},{"id":"8be4d3d3-fd95-48ef-92a3-11fce18158c4","block_type":"box","text":"With the exception of the Vanguard EUR Cash UCITS ETF,","page_number":210,"box":{"x":119,"y":250,"width":483,"height":12}},{"id":"5af322b0-a016-4e71-987c-fe755e6303ae","block_type":"box","text":"s","page_number":210,"box":{"x":607,"y":254,"width":5,"height":6}},{"id":"af452683-0b9e-4980-a75a-f2aacdafa16c","block_type":"box","text":"ubject to the conditions and limits","page_number":210,"box":{"x":613,"y":250,"width":272,"height":12}},{"id":"427a3cb8-758c-4c23-b137-6637dd89f633","block_type":"box","text":"prescribed by Central Bank Requirements a Fund","page_number":210,"box":{"x":119,"y":265,"width":364,"height":12}},{"id":"6d9a537e-3d80-4c7f-be25-d243f89b309e","block_type":"box","text":"d","page_number":210,"box":{"x":483,"y":275,"width":5,"height":0}},{"id":"c8df611e-9cd4-44ee-a0db-197ba8635149","block_type":"box","text":"may enter into repurchase agreements and/or reverse","page_number":210,"box":{"x":492,"y":265,"width":393,"height":12}},{"id":"0c228003-77c8-4376-a82a-c50677954aea","block_type":"box","text":"repurchase agreements (together “","page_number":210,"box":{"x":119,"y":280,"width":263,"height":12}},{"id":"a472f589-8e2a-4173-a5fd-14d249e2eb2b","block_type":"box","text":"repo contracts","page_number":210,"box":{"x":384,"y":281,"width":115,"height":11}},{"id":"5886fe78-9a26-46e7-9445-93d0c076b5ce","block_type":"box","text":"”) and/or securities lending arrangements for the","page_number":210,"box":{"x":501,"y":280,"width":384,"height":12}},{"id":"08ab2cd8-2aa0-42a4-87d9-de2570631777","block_type":"box","text":"purposes of efficient portfolio management.","page_number":210,"box":{"x":119,"y":295,"width":340,"height":12}},{"id":"ac17a7d2-1708-4b75-becb-5a5fc96a76ea","block_type":"box","text":"The Vanguard EUR Cash UCITS ETF may enter into","page_number":210,"box":{"x":463,"y":295,"width":422,"height":12}},{"id":"ff99d034-66dd-4fc1-bbbe-c0ba51780828","block_type":"box","text":"repurchase and/or reverse repurchase agreements in accordance with the investment policy and","page_number":210,"box":{"x":119,"y":310,"width":766,"height":12}},{"id":"11c067f3-7acb-4326-ab1b-b8cce5b3a917","block_type":"box","text":"restrictions set out in its Supplement.","page_number":210,"box":{"x":119,"y":326,"width":273,"height":11}},{"id":"0e8286e8-b6f9-459f-95be-2d0e2e4af41d","block_type":"box","text":"A Fund may enter into repurchase agreements under which it sells a security and agrees to repurchase","page_number":210,"box":{"x":119,"y":355,"width":766,"height":12}},{"id":"bdb87aeb-fd8c-412f-b52f-1ad2eff23217","block_type":"box","text":"it at a mutually agreed upon date and price. The resale price reflects the purchase price plus an agreed","page_number":210,"box":{"x":119,"y":371,"width":766,"height":11}},{"id":"ebe576bb-3031-4cf1-94dc-2c528de9997a","block_type":"box","text":"upon market rate of interest which is unrelated t","page_number":210,"box":{"x":119,"y":386,"width":353,"height":11}},{"id":"d381eb7b-f0a7-4890-91f7-46ee4ad434a4","block_type":"box","text":"o the coupon rate or maturity of the purchased security.","page_number":210,"box":{"x":473,"y":386,"width":412,"height":11}},{"id":"b01abf39-087a-48f6-a298-a6f4c73d213a","block_type":"box","text":"Where a Fund enters into a repurchase agreement, the Fund will have the right to recall any securities","page_number":210,"box":{"x":119,"y":401,"width":766,"height":12}},{"id":"a205b862-abb6-4f6c-a3ad-9165e0f7aa6a","block_type":"box","text":"subject to the agreement or to terminate the repurchase agreement at any time.","page_number":210,"box":{"x":120,"y":416,"width":576,"height":12}},{"id":"c429455e-07b8-47da-8e37-5f7f709570a1","block_type":"box","text":"Under a reverse repurchase agreement, the Fund acquires securities from a seller (for example, a bank","page_number":210,"box":{"x":119,"y":446,"width":766,"height":12}},{"id":"a86c88ee-36d9-4894-a6a5-3b9c19acfb4a","block_type":"box","text":"or securities dealer) who agrees, at the time of sale, to repurchase the securities at a mutually agreed","page_number":210,"box":{"x":119,"y":461,"width":756,"height":12}},{"id":"45bf9844-9c94-447f-9d03-c8ea4ef7d845","block_type":"box","text":"upon date (usually not more than seven days from","page_number":210,"box":{"x":119,"y":476,"width":375,"height":12}},{"id":"34890864-5dfd-4164-945c-594c3b6ccf23","block_type":"box","text":"the date of purchase) and price, thereby determining","page_number":210,"box":{"x":494,"y":476,"width":391,"height":12}},{"id":"f93434f1-d90f-4fcb-82bd-a35a8057bc4a","block_type":"box","text":"the yield to the relevant Fund during the term of the reverse repurchase agreement. Where a Fund enters","page_number":210,"box":{"x":119,"y":491,"width":766,"height":12}},{"id":"835e3fc5-34d2-49fb-a776-b3a845e22839","block_type":"box","text":"into a reverse repurchase agreement, it will have the right to recall the full amount of cash or to","page_number":210,"box":{"x":119,"y":506,"width":687,"height":12}},{"id":"853e9016-84ad-4c64-8ea1-e004fba775be","block_type":"box","text":"terminate","page_number":210,"box":{"x":811,"y":506,"width":74,"height":9}},{"id":"4ea16b8f-0cf3-4e28-bf43-1376b3df5066","block_type":"box","text":"the reverse repurchase agreement on either an accrued or a mark","page_number":210,"box":{"x":119,"y":521,"width":486,"height":12}},{"id":"2320dc26-764b-4d16-95e6-0100eb14e5fe","block_type":"box","text":"-","page_number":210,"box":{"x":606,"y":526,"width":4,"height":1}},{"id":"0b275c9d-51d7-440c-ba6b-2f004f9de950","block_type":"box","text":"to","page_number":210,"box":{"x":611,"y":522,"width":14,"height":8}},{"id":"90feea14-38fd-4c15-b42d-a73ec6b70c2f","block_type":"box","text":"-","page_number":210,"box":{"x":626,"y":526,"width":5,"height":1}},{"id":"43290da5-59ed-447e-8b36-81cf07bee429","block_type":"box","text":"market basis at any time. Where","page_number":210,"box":{"x":632,"y":521,"width":253,"height":12}},{"id":"63e70c8e-47c3-4470-b7e0-aa591715fed5","block_type":"box","text":"the cash is recallable at any time on a mark","page_number":210,"box":{"x":119,"y":536,"width":331,"height":12}},{"id":"1a0b81f7-05c2-4060-9582-700f7c8a7b2b","block_type":"box","text":"-","page_number":210,"box":{"x":450,"y":541,"width":5,"height":1}},{"id":"acf4f758-284d-42ea-92b4-a985a517d004","block_type":"box","text":"to","page_number":210,"box":{"x":456,"y":537,"width":14,"height":8}},{"id":"836b7dd1-d3b2-4fed-8ec3-e229f01e9cbd","block_type":"box","text":"-","page_number":210,"box":{"x":471,"y":541,"width":5,"height":1}},{"id":"fb70a3c5-c76d-46ef-9407-760c57866c53","block_type":"box","text":"market basis, the mark","page_number":210,"box":{"x":476,"y":536,"width":172,"height":11}},{"id":"638e49c0-e5a2-450c-80bd-15384aded99a","block_type":"box","text":"-","page_number":210,"box":{"x":648,"y":541,"width":5,"height":1}},{"id":"937ebb7e-2700-4b75-b159-beb0d62d9847","block_type":"box","text":"to","page_number":210,"box":{"x":654,"y":537,"width":13,"height":8}},{"id":"2eba6e27-be99-46ef-8623-b9764118870b","block_type":"box","text":"-","page_number":210,"box":{"x":669,"y":541,"width":5,"height":1}},{"id":"ba60cccf-5f62-4886-8bb6-9eb2d88ecd76","block_type":"box","text":"market value of the reverse","page_number":210,"box":{"x":674,"y":536,"width":211,"height":9}},{"id":"1efccd81-5873-4f0c-a0fd-e7cc463368af","block_type":"box","text":"repurchase agreement shall be used for the","page_number":210,"box":{"x":119,"y":551,"width":328,"height":12}},{"id":"01d85a5a-f9e7-493c-8f19-4886e22de2df","block_type":"box","text":"purposes of the calculation of the Net Asset Value of the","page_number":210,"box":{"x":448,"y":551,"width":437,"height":12}},{"id":"72df58a0-51fb-45e1-b94b-42575dde89bf","block_type":"box","text":"relevant Fund.","page_number":210,"box":{"x":119,"y":566,"width":111,"height":9}},{"id":"e960ddc4-c0c7-4584-8798-b1f5178ecf72","block_type":"box","text":"Fixed term repo contracts which do not exceed seven days shall be regarded as arrangements on terms","page_number":210,"box":{"x":119,"y":595,"width":766,"height":12}},{"id":"ea1e9463-09e0-4744-943b-84f3c1e71c6a","block_type":"box","text":"which allow the assets to be recalled at any time by the relevant Fund.","page_number":210,"box":{"x":119,"y":610,"width":523,"height":12}},{"id":"a8b49ede-09aa-47a1-a4c6-66b4b940fd88","block_type":"box","text":"A Fund may lend its securities to brokers, dealers and other financial institutions. The Company will","page_number":210,"box":{"x":119,"y":639,"width":766,"height":12}},{"id":"569c9e22-2e28-468a-8497-7c0a963c97d8","block_type":"box","text":"have the right at any time to terminate any securities lending arrangement into which it has entered or","page_number":210,"box":{"x":119,"y":654,"width":766,"height":12}},{"id":"a21078a1-67ea-4673-b5ba-392797e11fac","block_type":"box","text":"to demand the return of any or all of the securiti","page_number":210,"box":{"x":119,"y":669,"width":343,"height":12}},{"id":"8cdbcb62-e1e0-417c-a037-d9ba27bc5b95","block_type":"box","text":"es loaned. The securities lending agreement must provide","page_number":210,"box":{"x":464,"y":669,"width":421,"height":12}},{"id":"f4d37589-11d2-4a85-84fe-7b49a4d14c58","block_type":"box","text":"that once such notice is given, the borrower is obligated to redeliver the securities within five business","page_number":210,"box":{"x":119,"y":684,"width":766,"height":12}},{"id":"8acc834f-8cd0-4ffd-8f4b-6b5c1747216e","block_type":"box","text":"days or other period as normal market practice dictates. Securities lending arrangements wi","page_number":210,"box":{"x":119,"y":699,"width":681,"height":12}},{"id":"a1ff264d-777f-4848-9f2e-ef0bc5a1979b","block_type":"box","text":"ll typically","page_number":210,"box":{"x":801,"y":699,"width":84,"height":12}},{"id":"a3953f4f-8b3d-4959-ba5c-5ffe64089c4b","block_type":"box","text":"include provisions to protect the counterparty, or any agent through which securities are lent, against","page_number":210,"box":{"x":119,"y":714,"width":766,"height":12}},{"id":"32929ec4-cf63-4496-909e-4ebfcbb48c05","block_type":"box","text":"any losses incurred by them that are caused by any default by the Company. A Fund will limit its use of","page_number":210,"box":{"x":119,"y":729,"width":766,"height":12}},{"id":"2de35f68-4456-4377-b64a-f37ad0f6922e","block_type":"box","text":"securities lending so that no more","page_number":210,"box":{"x":120,"y":744,"width":278,"height":12}},{"id":"14ef65e0-1ab8-46c7-abaa-937fc26f5fa4","block_type":"box","text":"than 50% of its net assets are subject to securities lending","page_number":210,"box":{"x":404,"y":744,"width":481,"height":12}},{"id":"dd39e707-6c9c-4e82-9621-507ecf30a124","block_type":"box","text":"arrangements and that no more than 20% of its net assets are subject to securities lending arrangements","page_number":210,"box":{"x":119,"y":760,"width":766,"height":11}},{"id":"669e0199-b75e-4c6d-b923-5cbb06e8c202","block_type":"box","text":"with any single counterparty.","page_number":210,"box":{"x":119,"y":775,"width":220,"height":12}},{"id":"72d505e7-e07a-450f-9e4b-f332d3f593c8","block_type":"box","text":"Repo contracts, stock borrowing or securities lending do not constitute borrowing or lending for the","page_number":210,"box":{"x":119,"y":804,"width":766,"height":12}},{"id":"9c329baf-33a0-4b18-b735-30c3e68d0e52","block_type":"box","text":"purposes of the UCITS Regulations.","page_number":210,"box":{"x":119,"y":819,"width":267,"height":12}},{"id":"a542d5e3-025f-4707-b98c-28ca667e857a","block_type":"box","text":"MANAGEMENT OF COLLATERAL","page_number":210,"box":{"x":119,"y":848,"width":308,"height":9}},{"id":"a2bae876-4966-484e-91a3-776af11811d9","block_type":"box","text":"211","page_number":211,"box":{"x":490,"y":937,"width":18,"height":7}},{"id":"58f26a76-8837-467a-983a-f0dc05e2e7a9","block_type":"box","text":"VG001","page_number":211,"box":{"x":654,"y":948,"width":38,"height":7}},{"id":"e785f61c-6ab2-438f-8bc6-b74ef59411ff","block_type":"box","text":"-","page_number":211,"box":{"x":694,"y":952,"width":3,"height":1}},{"id":"6e9568c2-8397-48ed-86e2-55afa27c29c0","block_type":"box","text":"001/M85660","page_number":211,"box":{"x":698,"y":948,"width":69,"height":7}},{"id":"980eb353-2a23-47ca-9e58-daa1d556f1e4","block_type":"box","text":"-","page_number":211,"box":{"x":768,"y":952,"width":3,"height":1}},{"id":"fd80cedc-6318-4263-8651-f9be1a67a939","block_type":"box","text":"892520263","page_number":211,"box":{"x":773,"y":948,"width":58,"height":7}},{"id":"b76a4453-5e51-435a-82bd-669311608f59","block_type":"box","text":"-","page_number":211,"box":{"x":833,"y":952,"width":3,"height":1}},{"id":"494a75c7-b499-42b7-b159-4f7903173446","block_type":"box","text":"23864/0","page_number":211,"box":{"x":837,"y":948,"width":43,"height":7}},{"id":"63839718-542e-4a78-843e-0a38fb7dd265","block_type":"box","text":"S","page_number":211,"box":{"x":120,"y":87,"width":8,"height":9}},{"id":"69318912-1507-475b-8778-555826e3388e","block_type":"box","text":"ubject to the Central Bank Requirements a Fund","page_number":211,"box":{"x":129,"y":87,"width":381,"height":12}},{"id":"c0cd9494-6823-412e-8709-a591a0bb2ec0","block_type":"box","text":"may enter into Portfolio Investment Techniques","page_number":211,"box":{"x":513,"y":87,"width":372,"height":12}},{"id":"51140e2a-c53f-4a51-80ed-4df4e84ddba2","block_type":"box","text":"provided that collateral obtained under the relevant Portfolio Investment Technique complies at all times","page_number":211,"box":{"x":119,"y":102,"width":766,"height":12}},{"id":"dd950798-1bab-4e41-88ad-94c91ae4455a","block_type":"box","text":"with the following criteria:","page_number":211,"box":{"x":119,"y":117,"width":197,"height":12}},{"id":"3d326898-6411-43fc-9963-21007459c9ce","block_type":"box","text":"(i)","page_number":211,"box":{"x":119,"y":146,"width":17,"height":12}},{"id":"767e5f9b-6148-4f8d-a25e-827ce7159479","block_type":"box","text":"Liquidity","page_number":211,"box":{"x":179,"y":146,"width":74,"height":12}},{"id":"3053cba9-2f98-4e3a-884a-0a5656595679","block_type":"box","text":": collateral (other than cash) must be highly liquid and traded on a regulated market","page_number":211,"box":{"x":255,"y":146,"width":630,"height":12}},{"id":"3e364fce-16e0-482f-9a73-8a6e727707ee","block_type":"box","text":"or multi","page_number":211,"box":{"x":180,"y":161,"width":58,"height":9}},{"id":"723882f3-6d31-40fe-9306-4658282fb477","block_type":"box","text":"-","page_number":211,"box":{"x":240,"y":167,"width":4,"height":1}},{"id":"5bb774a8-1552-4b4d-9008-aa7107991fb5","block_type":"box","text":"lateral trading facility with transparent pricing in order that it can be sold quickly at a","page_number":211,"box":{"x":245,"y":161,"width":640,"height":12}},{"id":"cd22b906-d5da-4d55-966c-a39c421f625a","block_type":"box","text":"robust price that is close to its pre","page_number":211,"box":{"x":179,"y":176,"width":248,"height":12}},{"id":"4e92f7bf-eef5-4ee2-8840-d14fc20d954f","block_type":"box","text":"-","page_number":211,"box":{"x":428,"y":182,"width":4,"height":1}},{"id":"7744c74e-9f49-40d5-92ef-53420f362694","block_type":"box","text":"sale valuation. Collateral sho","page_number":211,"box":{"x":434,"y":176,"width":217,"height":9}},{"id":"82640f31-9ffa-49ca-ab5c-4753b6452626","block_type":"box","text":"uld comply with the provisions","page_number":211,"box":{"x":652,"y":176,"width":233,"height":12}},{"id":"a15c6bba-00ab-4852-a8b7-f8d28d4e83ee","block_type":"box","text":"of Article 56 of the Directive;","page_number":211,"box":{"x":180,"y":191,"width":218,"height":11}},{"id":"21fbdd15-e020-4a8c-8036-0c3cfba3edf8","block_type":"box","text":"(ii)","page_number":211,"box":{"x":119,"y":220,"width":22,"height":12}},{"id":"aa8b5b85-eb78-4f8b-9c18-d136f7017669","block_type":"box","text":"Valuation","page_number":211,"box":{"x":179,"y":221,"width":78,"height":9}},{"id":"054d003d-b7be-4c32-98b6-462730cf8856","block_type":"box","text":": in accordance with applicable regulatory requirements, collateral must be valued on","page_number":211,"box":{"x":259,"y":220,"width":626,"height":12}},{"id":"56e17e39-09a2-4371-9e7a-830c01af30b4","block_type":"box","text":"at least a daily basis and assets that exhibit high price volatility shall not be accepted as collateral","page_number":211,"box":{"x":180,"y":235,"width":705,"height":12}},{"id":"3ae4ab4f-2bc6-48dd-8808-ae8ce522a87a","block_type":"box","text":"unless suitably conservative haircuts are in place. Collateral m","page_number":211,"box":{"x":179,"y":250,"width":464,"height":12}},{"id":"ddaf8753-d00b-445c-addc-97a5c11c03ba","block_type":"box","text":"ay be marked to market daily by","page_number":211,"box":{"x":644,"y":250,"width":241,"height":12}},{"id":"7c8851c7-40b0-48ab-826f-7b8e148f98d4","block_type":"box","text":"the counterparty using its procedures, subject to any agreed haircuts, reflecting market values","page_number":211,"box":{"x":179,"y":265,"width":706,"height":12}},{"id":"04083eee-73fc-4f94-af8c-ee203f286f72","block_type":"box","text":"and liquidity risk and may be subject to variation margin requirements.","page_number":211,"box":{"x":180,"y":281,"width":523,"height":11}},{"id":"a7ad6bd3-c1e3-4e4e-a363-3579d4d26b14","block_type":"box","text":"(iii)","page_number":211,"box":{"x":119,"y":310,"width":27,"height":12}},{"id":"1a4b9c33-ac75-442d-86e3-a840f7ebc7b1","block_type":"box","text":"Issuer Credit Quality","page_number":211,"box":{"x":179,"y":310,"width":168,"height":12}},{"id":"b28bc4b1-1c46-463a-81c0-a2b9eeb06634","block_type":"box","text":": collateral must be of high quality. The Manager will ensure that:","page_number":211,"box":{"x":349,"y":310,"width":484,"height":12}},{"id":"d61bba19-0b79-4ee6-a92d-955054d6e658","block_type":"box","text":"(a)","page_number":211,"box":{"x":178,"y":339,"width":19,"height":12}},{"id":"193c985c-050f-4648-947b-186a99885403","block_type":"box","text":"where the issuer was subject to a credit rating by an agency registered and supervised","page_number":211,"box":{"x":238,"y":339,"width":647,"height":12}},{"id":"654ea3eb-6bf7-45fa-8077-52671f9013d4","block_type":"box","text":"by ESMA that rating shall be taken into account by the Manager in the credit assessment","page_number":211,"box":{"x":238,"y":354,"width":647,"height":12}},{"id":"5010bbc5-62f8-4f2d-9a3b-297567c908f4","block_type":"box","text":"process; and","page_number":211,"box":{"x":238,"y":369,"width":92,"height":12}},{"id":"bde93cc9-46ea-42be-8893-8bc15f6bedb0","block_type":"box","text":"(b)","page_number":211,"box":{"x":178,"y":397,"width":20,"height":12}},{"id":"7bd4f708-93ed-4b1b-ac1b-e04023c4cacb","block_type":"box","text":"where an issuer is downgraded below the two highest short","page_number":211,"box":{"x":238,"y":397,"width":446,"height":12}},{"id":"c9a734c3-af80-41ec-ba98-8af5b7fb34c3","block_type":"box","text":"-","page_number":211,"box":{"x":685,"y":403,"width":5,"height":1}},{"id":"d9306210-fb3a-4413-895f-1de1290d003a","block_type":"box","text":"term credit ratings by the","page_number":211,"box":{"x":691,"y":397,"width":194,"height":12}},{"id":"8f529f6b-bcdf-457f-941e-827f8dfe1ddd","block_type":"box","text":"credit rating agency referred to in subparagraph (a) immediately above this shall result","page_number":211,"box":{"x":238,"y":412,"width":647,"height":12}},{"id":"10c218b2-12b2-4410-872a-8e2fca60ea47","block_type":"box","text":"in a new credit assessment being conducted of the issuer by the Manager without de","page_number":211,"box":{"x":238,"y":427,"width":614,"height":12}},{"id":"920a069c-97fd-4b9e-9dd8-4bc62d7dae97","block_type":"box","text":"lay;","page_number":211,"box":{"x":854,"y":427,"width":26,"height":12}},{"id":"76f927f9-6faa-4409-849c-6fbf68436c05","block_type":"box","text":"(iv)","page_number":211,"box":{"x":119,"y":455,"width":26,"height":12}},{"id":"1be1edde-c2d2-44d1-8d3e-ae01ffc363ff","block_type":"box","text":"Correlation","page_number":211,"box":{"x":180,"y":455,"width":91,"height":9}},{"id":"2caca1be-7877-4eb6-9e9c-7ab4c4395b15","block_type":"box","text":": collateral must be issued by an entity that is independent from the counterparty.","page_number":211,"box":{"x":273,"y":455,"width":612,"height":12}},{"id":"d8988b6b-0809-4c34-be66-dfcaf0808f41","block_type":"box","text":"There must be a reasonable ground for the Manager to expect that it would not display a high","page_number":211,"box":{"x":180,"y":470,"width":705,"height":12}},{"id":"91b1c9f1-a835-4ead-9c20-62fbda59b33b","block_type":"box","text":"correlation with the performance of the counterparty; and","page_number":211,"box":{"x":180,"y":485,"width":428,"height":12}},{"id":"85690140-6d88-4a75-a67b-730bf8f1d209","block_type":"box","text":"(v)","page_number":211,"box":{"x":119,"y":515,"width":21,"height":12}},{"id":"fb023459-4f77-4333-92b9-841d5e05f3dc","block_type":"box","text":"Diversification","page_number":211,"box":{"x":179,"y":515,"width":116,"height":9}},{"id":"304058ea-d38a-4b88-a3ab-a231267ea7d6","block_type":"box","text":":","page_number":211,"box":{"x":297,"y":518,"width":8,"height":6}},{"id":"cfe01d40-2b8e-496e-b3e1-4d335c564631","block_type":"box","text":"(a)","page_number":211,"box":{"x":178,"y":544,"width":19,"height":12}},{"id":"3852d252-1df4-40d2-bd4f-a30a9e26b3a0","block_type":"box","text":"subject to subparagraph (b) immediately below, collateral must be sufficiently","page_number":211,"box":{"x":239,"y":544,"width":646,"height":12}},{"id":"d68cd35f-bb9e-4b2f-ad44-becd3ace3db1","block_type":"box","text":"diversified in terms of country, markets and issuers with a maximum exposure to any","page_number":211,"box":{"x":238,"y":559,"width":647,"height":12}},{"id":"e4209e34-d8be-44a8-adfc-8c0c1641c7bd","block_type":"box","text":"one issuer of 20% of the relevant Fund’s Net Asset Value. When the Fund is exposed","page_number":211,"box":{"x":238,"y":574,"width":647,"height":12}},{"id":"2b7f0a48-6f14-461f-a661-682a8a0d8c3c","block_type":"box","text":"to a vari","page_number":211,"box":{"x":238,"y":589,"width":61,"height":9}},{"id":"2eb1832a-5c15-4943-9257-327bd6b0cf47","block_type":"box","text":"ety of different counterparties, the various baskets of collateral are aggregated","page_number":211,"box":{"x":300,"y":589,"width":585,"height":12}},{"id":"430f8fbe-2e62-43f1-9d39-d1b5e9c9eecf","block_type":"box","text":"to ensure exposure to a single issuer does not exceed 20% of the Fund’s Net Asset","page_number":211,"box":{"x":238,"y":604,"width":647,"height":12}},{"id":"39bceb94-6f31-4ee7-acaa-fb41717e8469","block_type":"box","text":"Value.","page_number":211,"box":{"x":238,"y":619,"width":53,"height":9}},{"id":"05c1351f-3c00-4e5c-b529-b930ad97a8e3","block_type":"box","text":"(b)","page_number":211,"box":{"x":178,"y":647,"width":20,"height":12}},{"id":"e37cf097-896e-4083-b31f-b0998026025a","block_type":"box","text":"a Fund may be fully collateralised in different Transferable Securities and Money","page_number":211,"box":{"x":238,"y":647,"width":647,"height":12}},{"id":"d7ec2044-b1d6-4cee-bb53-c692086067eb","block_type":"box","text":"Market Instruments issued or guaranteed by a Member State, its local authorities, non","page_number":211,"box":{"x":238,"y":662,"width":637,"height":12}},{"id":"3d85c94d-e16c-4cdd-84c2-70121ca503bb","block_type":"box","text":"Member States or public international bodies of which one or more Member States are","page_number":211,"box":{"x":238,"y":677,"width":647,"height":12}},{"id":"5f72502e-a115-45b8-8471-4b3379a5889e","block_type":"box","text":"memb","page_number":211,"box":{"x":238,"y":692,"width":46,"height":9}},{"id":"426045aa-f06a-4dba-bbec-acaa591cb682","block_type":"box","text":"ers provided such Fund receives securities from at least 6 different issues and","page_number":211,"box":{"x":285,"y":692,"width":600,"height":12}},{"id":"27ed43a4-e585-41a6-9387-bb6e9c0e12b0","block_type":"box","text":"securities from any single issue do not account for more than 30% of the relevant Fund’s","page_number":211,"box":{"x":239,"y":707,"width":646,"height":12}},{"id":"a64892f0-4a6c-4c63-a710-5c4900648b81","block_type":"box","text":"net value. The Member States, local authorities, non","page_number":211,"box":{"x":238,"y":722,"width":437,"height":11}},{"id":"7f4e6cee-0ab4-4062-96b8-5f31b8c23e0c","block_type":"box","text":"-","page_number":211,"box":{"x":676,"y":728,"width":4,"height":1}},{"id":"51ffe883-9c0e-48d5-a3a3-584bb2c611d7","block_type":"box","text":"Member States or public","page_number":211,"box":{"x":681,"y":722,"width":204,"height":12}},{"id":"d1b69149-c61f-4297-8387-96903f4e9ef5","block_type":"box","text":"internati","page_number":211,"box":{"x":238,"y":737,"width":61,"height":9}},{"id":"d92780ea-0eb5-4a0d-a49e-4af2bb8b4d96","block_type":"box","text":"onal bodies issuing or guaranteeing securities that may be accepted as collateral","page_number":211,"box":{"x":300,"y":737,"width":585,"height":12}},{"id":"87b5a1bf-d3e0-4437-ad67-0938b3a7216e","block_type":"box","text":"for more than 20% of a Fund’s Net Asset Value are identified in paragraph (ii)l of","page_number":211,"box":{"x":239,"y":752,"width":646,"height":12}},{"id":"d97a2a9c-0f7a-43be-9d4b-7815c6b0a6c3","block_type":"box","text":"Appendix 3","page_number":211,"box":{"x":238,"y":767,"width":90,"height":12}},{"id":"6db271ef-fbdf-48aa-b0e4-d914b2a2051b","block_type":"box","text":".","page_number":211,"box":{"x":330,"y":775,"width":8,"height":2}},{"id":"5e4a3416-8b3a-4790-9a3d-9615a0fafd84","block_type":"box","text":"All assets received in respect of a Fund in the context of Portfolio Investment Techniques will be","page_number":211,"box":{"x":119,"y":795,"width":766,"height":12}},{"id":"f59a5200-9dca-4d61-99e4-a53bf33a0964","block_type":"box","text":"considered as collateral for the purposes of the UCITS Regulations and will comply with the criteria","page_number":211,"box":{"x":119,"y":810,"width":766,"height":12}},{"id":"09ff5f44-d9a0-464a-912e-f49b926b7116","block_type":"box","text":"above. Risks linked to the management of collateral, in","page_number":211,"box":{"x":119,"y":825,"width":405,"height":12}},{"id":"e3185dba-1d47-4ead-998d-8b562c48adf6","block_type":"box","text":"cluding operational and legal risks, are identified","page_number":211,"box":{"x":524,"y":825,"width":361,"height":12}},{"id":"659b0f8d-1045-42a8-9028-d164a9090c19","block_type":"box","text":"and mitigated by risk management procedures employed by the Company. The Company ensures that","page_number":211,"box":{"x":119,"y":840,"width":766,"height":12}},{"id":"23329790-0048-4f93-9fc9-0912aa8be838","block_type":"box","text":"the value of the collateral required exceeds the market value of securities on loan for each security loan","page_number":211,"box":{"x":119,"y":855,"width":766,"height":12}},{"id":"63b441ce-0547-4b95-bd83-4a2e89e929b3","block_type":"box","text":"en","page_number":211,"box":{"x":119,"y":873,"width":17,"height":7}},{"id":"fdc9bd89-abfe-4da9-9cd0-49acf779ba7e","block_type":"box","text":"tered into by the Company","page_number":211,"box":{"x":136,"y":870,"width":195,"height":12}},{"id":"807d8397-c755-428f-ab0a-5c2b15e7006e","block_type":"box","text":".","page_number":211,"box":{"x":333,"y":878,"width":9,"height":2}},{"id":"4023bb1a-59c9-453a-a35e-d503c83904ef","block_type":"box","text":"Specific haircut policies will apply depending on collateral type and type","page_number":211,"box":{"x":347,"y":870,"width":538,"height":12}},{"id":"c165b305-9a98-4001-bae0-ba0c65b6e6b8","block_type":"box","text":"of security lent. In addition, based on changes in the market value of each security loan, collateral is","page_number":211,"box":{"x":119,"y":885,"width":766,"height":12}},{"id":"10fb5ac6-b4de-426f-a415-e95af745010c","block_type":"box","text":"posted or received, on a daily basis, to ensure that the value of the colla","page_number":211,"box":{"x":119,"y":900,"width":542,"height":12}},{"id":"5560ecc0-d123-4ce3-ab8e-95b54da304b6","block_type":"box","text":"teral held exceeds the market","page_number":211,"box":{"x":661,"y":900,"width":224,"height":10}},{"id":"9b9ef3a9-86bc-4e3e-ba05-ac043abd0683","block_type":"box","text":"212","page_number":212,"box":{"x":490,"y":937,"width":19,"height":7}},{"id":"c938fb6a-08b7-4782-9694-c1e07c45d663","block_type":"box","text":"VG001","page_number":212,"box":{"x":654,"y":948,"width":38,"height":7}},{"id":"338d56f9-85d0-419c-9ec9-25f899016eb2","block_type":"box","text":"-","page_number":212,"box":{"x":694,"y":952,"width":3,"height":1}},{"id":"a1c543db-b6ee-41b3-bce7-1f4040889a89","block_type":"box","text":"001/M85660","page_number":212,"box":{"x":698,"y":948,"width":69,"height":7}},{"id":"a5deaac2-b139-484e-add9-0e8fda198679","block_type":"box","text":"-","page_number":212,"box":{"x":768,"y":952,"width":3,"height":1}},{"id":"b34a1d45-6919-47f5-b383-2be619930171","block_type":"box","text":"892520263","page_number":212,"box":{"x":773,"y":948,"width":58,"height":7}},{"id":"349d7ad1-f6c4-4f78-9e00-0764b6cc2320","block_type":"box","text":"-","page_number":212,"box":{"x":833,"y":952,"width":3,"height":1}},{"id":"c9327220-dd2d-4499-a2e6-719dcd3b0afe","block_type":"box","text":"23864/0","page_number":212,"box":{"x":837,"y":948,"width":43,"height":7}},{"id":"cb6d214f-a128-450b-b98a-f78e0bece7b9","block_type":"box","text":"value of the securities on loan. See the section of the Prospectus headed “","page_number":212,"box":{"x":119,"y":87,"width":541,"height":12}},{"id":"a2014115-4858-4967-8ad0-58ffe7cad0bf","block_type":"box","text":"Risk Factors","page_number":212,"box":{"x":661,"y":87,"width":99,"height":9}},{"id":"18742c14-59fa-49a8-a4f5-d45b52ef0175","block_type":"box","text":"” for risk factors","page_number":212,"box":{"x":761,"y":87,"width":124,"height":9}},{"id":"8957ec96-bc04-4b0e-8e3e-062f7fb1de2b","block_type":"box","text":"pertaining to the use of collateral, including the reinvestment of cash collateral.","page_number":212,"box":{"x":119,"y":102,"width":590,"height":12}},{"id":"a822837a-a67d-46d8-8494-af8375db197c","block_type":"box","text":"Where title to collateral transfers, the collateral received will be held by the D","page_number":212,"box":{"x":119,"y":131,"width":557,"height":12}},{"id":"c7e32bd3-ecf7-472e-8b9c-6f845126bd08","block_type":"box","text":"Depositary","page_number":212,"box":{"x":676,"y":131,"width":81,"height":12}},{"id":"a65b4e00-bbde-4ec2-84bf-911ca7c7e3f8","block_type":"box","text":". For other types","page_number":212,"box":{"x":758,"y":131,"width":127,"height":12}},{"id":"ad59e647-b9af-4542-a655-6d94623efdfe","block_type":"box","text":"of collateral arrangements the collateral may be held by a third party depositary/custodian which is","page_number":212,"box":{"x":119,"y":146,"width":766,"height":12}},{"id":"bc537df0-810f-43b7-8d76-d0fe65e12da7","block_type":"box","text":"subject to prudential supervision and which is unrelated and unconnected to the provider of the","page_number":212,"box":{"x":120,"y":161,"width":765,"height":12}},{"id":"636abc10-5898-4b85-b01f-0d8797efaa72","block_type":"box","text":"collateral.","page_number":212,"box":{"x":119,"y":176,"width":78,"height":9}},{"id":"289772fe-2965-46de-889c-1e00da31103c","block_type":"box","text":"Collateral received shall be capable of being fully enforced by a Fund at any time without reference to","page_number":212,"box":{"x":119,"y":205,"width":766,"height":12}},{"id":"37b8ee96-03ce-4f36-aa6d-dff7cc19126b","block_type":"box","text":"or approval from the counterparty. 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The Funds’ use of SFTs, and where relevant t","page_number":213,"box":{"x":119,"y":727,"width":377,"height":11}},{"id":"296427ce-362b-4aaa-94a2-583079ec1342","block_type":"box","text":"total return swaps,","page_number":213,"box":{"x":496,"y":727,"width":134,"height":12}},{"id":"388e2ddb-c2e8-43b1-bfeb-c7e7a52eb715","block_type":"box","text":"is consistent with their respective","page_number":213,"box":{"x":636,"y":727,"width":249,"height":12}},{"id":"fa731717-fde7-4243-b5bc-fa6a807a8cda","block_type":"box","text":"investment objectives and policies, and accordingly SFTs and","page_number":213,"box":{"x":119,"y":742,"width":461,"height":12}},{"id":"50c2ff8b-ae17-4e2f-8d81-9ddcd25e839c","block_type":"box","text":"total return swaps","page_number":213,"box":{"x":580,"y":742,"width":130,"height":12}},{"id":"95f18166-1da5-45b8-a9b8-ff7691f3564e","block_type":"box","text":"may be used to reduce","page_number":213,"box":{"x":716,"y":742,"width":169,"height":12}},{"id":"97396142-16eb-4345-9121-040f2e9783c4","block_type":"box","text":"risk, reduce cost and/or generate additional capital or income with a risk level that is consistent with that","page_number":213,"box":{"x":119,"y":757,"width":766,"height":12}},{"id":"7f189eec-f534-4d3f-95f7-a35516389de3","block_type":"box","text":"of the relevant Fund.","page_number":213,"box":{"x":119,"y":772,"width":158,"height":10}},{"id":"034d645f-9357-4663-8ccd-61ca67d4a5a2","block_type":"box","text":"S","page_number":213,"box":{"x":120,"y":803,"width":8,"height":9}},{"id":"3e7b208a-684f-44cc-a60d-025fec792ba6","block_type":"box","text":"ubject to the limitations referred to above any assets of a Fun","page_number":213,"box":{"x":129,"y":802,"width":448,"height":12}},{"id":"e1ffeee0-56d1-40a4-a967-166d1ddb5ab7","block_type":"box","text":"d","page_number":213,"box":{"x":578,"y":802,"width":9,"height":10}},{"id":"15736aba-c56c-4b54-96eb-e5d0b78ba49e","block_type":"box","text":"may be subject to SFTs and total return","page_number":213,"box":{"x":591,"y":802,"width":294,"height":12}},{"id":"27ddebbc-7bc7-44fc-a76d-3cfefa1abaef","block_type":"box","text":"swaps. Up to 50% of a Fund’s assets may be the subject of SFTs, with an expectation that at any time","page_number":213,"box":{"x":120,"y":817,"width":765,"height":12}},{"id":"ab11069e-e987-4535-ba6d-727e7e8efaf1","block_type":"box","text":"less than 25% of a Fund’s assets will be subject to such arrangements. Up to 5% of a Fund’s assets may","page_number":213,"box":{"x":119,"y":832,"width":766,"height":12}},{"id":"79a22ec6-2edb-44f0-90f0-e3c802e9b395","block_type":"box","text":"be the subj","page_number":213,"box":{"x":119,"y":847,"width":74,"height":10}},{"id":"a061241e-9681-4871-bed9-1e8ce1d9827e","block_type":"box","text":"bject of total return swaps, with an expectation that at any time less than 2% of a Fund’s assets","page_number":213,"box":{"x":192,"y":847,"width":693,"height":12}},{"id":"dbaf3ae7-c301-43d2-a215-218697fbfc22","block_type":"box","text":"will be subject to such arrangements.","page_number":213,"box":{"x":119,"y":862,"width":272,"height":12}},{"id":"9a34c6d2-9873-4306-b1ef-0f4c51735662","block_type":"box","text":"214","page_number":214,"box":{"x":490,"y":937,"width":19,"height":7}},{"id":"254b8da6-28fb-4c6c-aa75-26928ecfa200","block_type":"box","text":"VG001","page_number":214,"box":{"x":654,"y":948,"width":38,"height":7}},{"id":"b81fd0c4-7a99-4764-b739-9cd34042b4fd","block_type":"box","text":"-","page_number":214,"box":{"x":694,"y":952,"width":3,"height":1}},{"id":"9dad84c2-3319-48fe-ba88-fda4978ac29e","block_type":"box","text":"001/M85660","page_number":214,"box":{"x":698,"y":948,"width":69,"height":7}},{"id":"77e525bb-07e5-4d31-a365-f00882a946e4","block_type":"box","text":"-","page_number":214,"box":{"x":768,"y":952,"width":3,"height":1}},{"id":"7db44c19-c890-4d31-b302-e400d029707c","block_type":"box","text":"892520263","page_number":214,"box":{"x":773,"y":948,"width":58,"height":7}},{"id":"d0db735c-8e15-42b2-8c5e-6f9a3458af31","block_type":"box","text":"-","page_number":214,"box":{"x":833,"y":952,"width":3,"height":1}},{"id":"32be4140-6e7f-4cd1-b941-584659ab4f4a","block_type":"box","text":"23864/0","page_number":214,"box":{"x":837,"y":948,"width":43,"height":7}},{"id":"cb70bb16-94c3-4a47-9b8d-edd634948d89","block_type":"box","text":"The types of acceptable counterparty, acceptable collateral, as well as the diversification requirements,","page_number":214,"box":{"x":119,"y":87,"width":766,"height":12}},{"id":"8ef2d9a5-506f-4b2f-9e3f-df28bfc40d7c","block_type":"box","text":"are explained above in this A","page_number":214,"box":{"x":119,"y":102,"width":203,"height":12}},{"id":"18d17e5e-b306-4ad3-8007-e837c9e9575d","block_type":"box","text":"Appendix 4","page_number":214,"box":{"x":322,"y":102,"width":90,"height":12}},{"id":"1e1ef727-1f56-44c6-a549-e31b432b7ad4","block_type":"box","text":". A Fund may only enter into SFTs and total return swaps with","page_number":214,"box":{"x":414,"y":102,"width":471,"height":12}},{"id":"e5d3b699-fb80-463d-839a-a75d493202b6","block_type":"box","text":"counterparties that have been selected and assessed in accordance with Central Bank Requirements. The","page_number":214,"box":{"x":119,"y":117,"width":766,"height":12}},{"id":"2d667eb9-ff44-4e35-8c7b-812a27cddfbf","block_type":"box","text":"acceptable counterparties will be entities with legal personality and located in OECD juri","page_number":214,"box":{"x":119,"y":132,"width":646,"height":12}},{"id":"12b694f3-5fdb-4c01-aa7c-8c1f968b3cdc","block_type":"box","text":"sdictions. They","page_number":214,"box":{"x":766,"y":132,"width":119,"height":12}},{"id":"db4f7eb2-7ea9-4b77-844d-3f6c45ed1d4a","block_type":"box","text":"will be subject to ongoing supervision by a public authority, be financially sound and have the necessary","page_number":214,"box":{"x":119,"y":147,"width":766,"height":12}},{"id":"a4f83093-daa7-4ea9-98de-72569b9555c6","block_type":"box","text":"organisational structure and resources for the relevant type of transaction. Any collateral obtained by a","page_number":214,"box":{"x":119,"y":162,"width":766,"height":12}},{"id":"323153d1-61dc-48f8-af26-13e06470af60","block_type":"box","text":"Fund pursuant to an SFT an","page_number":214,"box":{"x":119,"y":177,"width":208,"height":12}},{"id":"9177cb27-8f5f-4d74-b8dc-0c86ec124491","block_type":"box","text":"d / or a total return swap will be valued in accordance with the Manager’s","page_number":214,"box":{"x":328,"y":177,"width":557,"height":12}},{"id":"44f43d6f-dca6-4483-8d9f-b67679af2497","block_type":"box","text":"valuation and haircut policy.","page_number":214,"box":{"x":119,"y":192,"width":216,"height":12}},{"id":"681a8998-f8ab-4810-9f15-f549d52cddd1","block_type":"box","text":"The section of this Prospectus entitled “","page_number":214,"box":{"x":119,"y":222,"width":304,"height":12}},{"id":"ee7c8332-f2ad-460f-9dbd-d906f925128a","block_type":"box","text":"Risk Factors","page_number":214,"box":{"x":424,"y":222,"width":101,"height":9}},{"id":"59a9af29-0dab-4734-be00-529d2c56654a","block_type":"box","text":"” provides a description of the risks associated","page_number":214,"box":{"x":526,"y":222,"width":359,"height":12}},{"id":"5fbeee6e-41db-4052-addc-81b713f169d7","block_type":"box","text":"with the use of derivatives, securities lending, repurchase and reverse repurchase agreements, and other","page_number":214,"box":{"x":119,"y":237,"width":766,"height":12}},{"id":"ff7f9af8-91ee-4886-9f39-2b3523d07a57","block_type":"box","text":"investment techniques which are likely to fall within the definition of SFTs and total return swaps.","page_number":214,"box":{"x":119,"y":252,"width":726,"height":12}},{"id":"f0f3f157-89ce-4aa7-b8a5-761e150798b7","block_type":"box","text":"The assets of a Fund that are subject to SFTs and total return swaps and any collateral received are held","page_number":214,"box":{"x":119,"y":282,"width":766,"height":12}},{"id":"8e2f2ff8-9f6d-4474-bc95-375cf29dadfb","block_type":"box","text":"by the Depositary.","page_number":214,"box":{"x":119,"y":297,"width":135,"height":12}},{"id":"174f9a41-f943-4a40-9635-63935e3e6544","block_type":"box","text":"The Vanguard EUR Cash UCITS ETF may only invest in repurchase and reverse repurchase","page_number":214,"box":{"x":119,"y":327,"width":766,"height":12}},{"id":"aff01adb-8a02-4e75-9c5d-c9677a79636d","block_type":"box","text":"agreements, subject to the requirements specified in its Supplement, and will not invest in other SFTs","page_number":214,"box":{"x":119,"y":342,"width":766,"height":12}},{"id":"df04021a-3edd-46ef-a536-0f0d4c39ce45","block_type":"box","text":"or total return swaps. Therefore this section should be read accordi","page_number":214,"box":{"x":119,"y":357,"width":493,"height":12}},{"id":"1bce14af-857d-4c69-9530-61a381accd4a","block_type":"box","text":"ngly for this Fund.","page_number":214,"box":{"x":612,"y":357,"width":136,"height":12}},{"id":"7cd3ab58-67e2-448e-89ef-645302d6d5e0","block_type":"box","text":"The Company may enter into Portfolio Investment Techniques with certain brokers, securities lending","page_number":214,"box":{"x":119,"y":387,"width":766,"height":12}},{"id":"dea85013-03be-4870-a555-50b525015193","block_type":"box","text":"agents, derivative counterparties and financial institutions. It is the Company’s policy that all of the","page_number":214,"box":{"x":119,"y":402,"width":766,"height":12}},{"id":"33872241-d808-446e-be49-cc32ee3f9005","block_type":"box","text":"revenues arising from techniques and instruments en","page_number":214,"box":{"x":119,"y":417,"width":411,"height":12}},{"id":"f4c4fa71-4ee5-4ebd-9e6b-4ffb86281d85","block_type":"box","text":"tered into, on behalf of a Fund, for efficient","page_number":214,"box":{"x":530,"y":417,"width":355,"height":11}},{"id":"94bfffd0-a744-4b0e-9d09-e8b9f48e0ed2","block_type":"box","text":"portfolio management purposes, including in particular securities lending transactions, will be returned","page_number":214,"box":{"x":119,"y":432,"width":766,"height":12}},{"id":"8fb6a652-9523-4d3d-b916-60777df73b62","block_type":"box","text":"to the relevant Fund net of any direct and indirect operational costs/fees incurred in respect thereof.","page_number":214,"box":{"x":119,"y":447,"width":741,"height":12}},{"id":"7d683e29-9888-4f4a-af1b-48e552479e69","block_type":"box","text":"As","page_number":214,"box":{"x":860,"y":447,"width":25,"height":9}},{"id":"b08af454-b529-4ce3-9c4e-0eec2ac24003","block_type":"box","text":"shall be disclosed in the Company’s audited annual accounts, certain operational costs arising from the","page_number":214,"box":{"x":120,"y":462,"width":765,"height":12}},{"id":"3a986486-0521-47ca-a9cf-a534de403cd4","block_type":"box","text":"entry into securities lending transactions will be deducted from the related revenue delivered to the","page_number":214,"box":{"x":119,"y":477,"width":766,"height":12}},{"id":"02c2db49-6366-49cc-9d4b-1b7d56ba8913","block_type":"box","text":"relevant Fund and paid to the Company’s securit","page_number":214,"box":{"x":119,"y":492,"width":381,"height":12}},{"id":"65c51142-4029-4212-964a-6d70fd178543","block_type":"box","text":"ies lending agent. 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In the event that, as regards any class","page_number":221,"box":{"x":238,"y":87,"width":647,"height":12}},{"id":"9bbbaa5b-465a-4e9b-8437-56efd3338d04","block_type":"box","text":"of Shares, there are insufficient assets available in the relevant Fund to enable such","page_number":221,"box":{"x":238,"y":102,"width":647,"height":11}},{"id":"f1b0470d-22db-462e-956b-a13a53f98e3a","block_type":"box","text":"payment to be made recourse shall be had:","page_number":221,"box":{"x":238,"y":117,"width":313,"height":12}},{"id":"35933aae-ffbd-438e-b03f-5bb13b1b9e16","block_type":"box","text":"(A)","page_number":221,"box":{"x":239,"y":146,"width":24,"height":12}},{"id":"d4bffb3f-cce7-4705-8d10-47083e4b2430","block_type":"box","text":"first, to the assets of the Company not comprised within any of the Funds; and","page_number":221,"box":{"x":298,"y":146,"width":578,"height":12}},{"id":"136df951-c884-443e-a91e-b3b80993cada","block_type":"box","text":"(B)","page_number":221,"box":{"x":239,"y":175,"width":23,"height":12}},{"id":"fcc399b1-25dc-4364-ad71-29db7a5bae66","block_type":"box","text":"secondly, to the assets remaining in the Funds for the other classes of Shares","page_number":221,"box":{"x":298,"y":175,"width":587,"height":12}},{"id":"1413d856-58b5-4ba9-8a2c-699f5bbf5027","block_type":"box","text":"after payment to the holders of the Shares of the class to which they relate of","page_number":221,"box":{"x":298,"y":190,"width":587,"height":12}},{"id":"6c441f23-a6ad-4239-97e5-726b8df4505d","block_type":"box","text":"the amounts to which they are respectively entitled under this paragraph (1) pro","page_number":221,"box":{"x":297,"y":205,"width":588,"height":12}},{"id":"217a6a31-4db4-40f4-a774-bead7be63e7c","block_type":"box","text":"rata to the tota","page_number":221,"box":{"x":297,"y":221,"width":107,"height":9}},{"id":"49339d4a-52a0-423a-93ba-053e9170bae4","block_type":"box","text":"l value of such assets remaining within each such Fund.","page_number":221,"box":{"x":404,"y":221,"width":410,"height":11}},{"id":"012a25d4-9333-4b1c-9cc8-54b1e5b8b673","block_type":"box","text":"(2)","page_number":221,"box":{"x":179,"y":250,"width":20,"height":11}},{"id":"a815a68b-fb63-4da1-80a9-f6aeb74f398c","block_type":"box","text":"Secondly, in the payment to the holders of the Subscriber Shares of sums up to the","page_number":221,"box":{"x":239,"y":250,"width":646,"height":12}},{"id":"959722c8-b084-44be-a06e-b3554917cca9","block_type":"box","text":"nominal amount paid thereon out of the assets of the Company not comprised within","page_number":221,"box":{"x":238,"y":265,"width":647,"height":12}},{"id":"48305c61-d0b5-48bc-979c-237195c69867","block_type":"box","text":"any Funds remaining after any recourse thereto under sub","page_number":221,"box":{"x":238,"y":280,"width":430,"height":12}},{"id":"3ae29d2c-28d3-4f4b-8a6a-e78db488ff13","block_type":"box","text":"-","page_number":221,"box":{"x":669,"y":285,"width":5,"height":1}},{"id":"7cf46ff4-9c89-4f2a-a90c-eedac2a266da","block_type":"box","text":"paragraph (1)(A) above. 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To the best of the knowledge and belief of the Directors (who have taken all","page_number":239,"box":{"x":228,"y":128,"width":650,"height":12}},{"id":"8fa7e8f9-746f-43cf-ae13-5e84cca0481c","block_type":"box","text":"reasonable care to ensure that such is the case), the information in the Prospectus and this Supplement","page_number":239,"box":{"x":119,"y":145,"width":761,"height":12}},{"id":"683a1775-bc34-4d71-bb1b-6ab8092f4f51","block_type":"box","text":"accords with the facts and does not omit anything likely to affect the import of such information. The","page_number":239,"box":{"x":119,"y":162,"width":760,"height":12}},{"id":"36a2e7d2-8666-4326-ab62-7fc8cc409b18","block_type":"box","text":"Directors accept responsibility accordingly.","page_number":239,"box":{"x":119,"y":180,"width":320,"height":11}},{"id":"56709ae9-3f13-4d9e-b070-073ec4a531cc","block_type":"box","text":"________________________________________________________________________________","page_number":239,"box":{"x":119,"y":207,"width":739,"height":0}},{"id":"05a5e857-dfc4-45f5-a4cb-a9a933b19433","block_type":"box","text":"Capitalised terms used and not defined in this Supplement shall have the meaning given to them in the","page_number":239,"box":{"x":120,"y":227,"width":758,"height":12}},{"id":"faac2a9e-b135-41f2-a883-a6dce6124a5e","block_type":"box","text":"Prospectus.","page_number":239,"box":{"x":119,"y":242,"width":89,"height":12}},{"id":"76b64728-0355-48d8-9a5d-05fe0f4e13fa","block_type":"box","text":"VANGUARD EUR CORPORATE BOND UCITS ETF","page_number":239,"box":{"x":283,"y":317,"width":432,"height":9}},{"id":"3358c8ad-0b37-46b8-9de3-041952e3054f","block_type":"box","text":"(a Fund of Vanguard Funds plc, an open- ended investment company with variable capital","page_number":239,"box":{"x":144,"y":347,"width":711,"height":12}},{"id":"24d7da81-7015-4bba-8cb7-5c1d8602e3ed","block_type":"box","text":"structured as an umbrella fund with segregated liability between Funds)","page_number":239,"box":{"x":216,"y":369,"width":567,"height":12}},{"id":"6283d0fd-9d54-477b-b02c-de709959b41a","block_type":"box","text":"SUPPLEMENT DATED 15 OCTOBER 2026","page_number":239,"box":{"x":322,"y":430,"width":356,"height":9}},{"id":"9a8290eb-2adc-458f-84d8-ea6d31d2b38e","block_type":"box","text":"TO THE PROSPECTUS FOR VANGUARD FUNDS PLC DATED 15 OCTOBER 2026","page_number":239,"box":{"x":154,"y":452,"width":691,"height":9}},{"id":"81487c28-b293-4681-a9ec-c5af8efbd901","block_type":"box","text":"This Supplement forms part of, and should be read in the context of, and together with, the","page_number":239,"box":{"x":119,"y":542,"width":760,"height":12}},{"id":"24ef6580-ef5d-46bd-9ceb-143b8c916912","block_type":"box","text":"Company’s Prospectus dated 15 October","page_number":239,"box":{"x":120,"y":559,"width":317,"height":12}},{"id":"b00fb5b7-4208-4ef5-a627-e80c516057e1","block_type":"box","text":"2026","page_number":239,"box":{"x":442,"y":560,"width":36,"height":9}},{"id":"56e40cc9-5d61-42c4-b5d2-bb8bbc9fd8c6","block_type":"box","text":". Investors should also refer to the Company’s latest","page_number":239,"box":{"x":479,"y":559,"width":401,"height":12}},{"id":"4df81c4f-19db-4a99-96f7-c355423b05c7","block_type":"box","text":"published annual reports and audited financial statements and, if published after such report, a","page_number":239,"box":{"x":119,"y":576,"width":760,"height":12}},{"id":"7f041e46-6703-40dc-b045-4b3f897077ae","block_type":"box","text":"copy of the latest semi-annual report and unaudited financial statements.","page_number":239,"box":{"x":119,"y":594,"width":573,"height":12}},{"id":"d8602581-5b78-4999-9d68-cb505d97935d","block_type":"box","text":"An investment in the Fund should be viewed as medium to long term.","page_number":239,"box":{"x":119,"y":628,"width":544,"height":12}},{"id":"d7d4426f-f62b-408c-b286-96259a0ee103","block_type":"box","text":"If you are in any doubt about the action to be taken or the contents of this supplement, please","page_number":239,"box":{"x":119,"y":663,"width":759,"height":12}},{"id":"76d86940-efbc-4706-8d11-5371eff0c62d","block_type":"box","text":"consult your stockbroker, bank manager, lawyer, accountant or other independent professional","page_number":239,"box":{"x":119,"y":680,"width":760,"height":12}},{"id":"6e953827-ab5c-4959-b96c-80b78e14a0cc","block_type":"box","text":"adviser.","page_number":239,"box":{"x":119,"y":697,"width":66,"height":9}},{"id":"7cba95f7-899e-423a-b1b2-5bf7f8ed96f7","block_type":"box","text":"2","page_number":240,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"87c5e2c3-22d5-44ef-9c3f-299fbb019711","block_type":"box","text":"VG001-001/M85660-892520263-23545/1","page_number":240,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"da297739-5806-4b2d-9d55-aa5dd21d03fb","block_type":"box","text":"Benchmark Index","page_number":240,"box":{"x":119,"y":76,"width":146,"height":9}},{"id":"615936d2-d2fd-4b7e-a1dc-79897a2896c4","block_type":"box","text":"Bloomberg Euro Corporate Index (the “","page_number":240,"box":{"x":119,"y":108,"width":294,"height":12}},{"id":"3f9c1320-969a-4b91-842e-d866a0f5bce0","block_type":"box","text":"Index","page_number":240,"box":{"x":414,"y":108,"width":45,"height":10}},{"id":"51d0aa8e-978c-441b-bfcf-b19a3908d74b","block_type":"box","text":"”).","page_number":240,"box":{"x":460,"y":108,"width":22,"height":12}},{"id":"bea62fd1-cb7b-4264-8da9-20ab9007d0b8","block_type":"box","text":"Investment Objective","page_number":240,"box":{"x":119,"y":138,"width":168,"height":12}},{"id":"c99136eb-0831-45b5-a878-686f98ef925a","block_type":"box","text":"This Fund seeks to track the performance of the Index.","page_number":240,"box":{"x":119,"y":171,"width":408,"height":12}},{"id":"fc847789-7612-4972-a532-ed8f71af0d00","block_type":"box","text":"Primary Investment Strategies","page_number":240,"box":{"x":119,"y":201,"width":241,"height":12}},{"id":"b460b066-3f82-4120-a6ce-5c5b3b47316a","block_type":"box","text":"In seeking to achieve its investment objective, the Fund aims to provide a return (comprising both","page_number":240,"box":{"x":119,"y":233,"width":760,"height":12}},{"id":"14611c75-d306-4e7d-a23e-852ec46ba381","block_type":"box","text":"income and capital appreciation) which, before application of fees and expenses, is similar to the return","page_number":240,"box":{"x":119,"y":248,"width":762,"height":12}},{"id":"906f4343-2023-484e-89db-5d683b7e8f13","block_type":"box","text":"of the Index. 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See the “","page_number":240,"box":{"x":119,"y":382,"width":728,"height":12}},{"id":"b67bac64-8435-4366-a99b-44ef1ef978b7","block_type":"box","text":"The","page_number":240,"box":{"x":850,"y":383,"width":30,"height":9}},{"id":"5dde3074-d74f-43dc-b591-24c784101e03","block_type":"box","text":"Funds","page_number":240,"box":{"x":119,"y":398,"width":49,"height":9}},{"id":"f16d8fde-e5bf-4849-b523-c1c10ec787b4","block_type":"box","text":"” section of the Prospectus for further information, in particular in relation to optimisation and","page_number":240,"box":{"x":169,"y":397,"width":709,"height":12}},{"id":"181b5845-c160-4226-a60d-23e1247783b6","block_type":"box","text":"sampling techniques used in tracking the performance of the Index.","page_number":240,"box":{"x":120,"y":412,"width":495,"height":12}},{"id":"ad0061c6-45f9-4b86-8b84-6aa5f5cdea85","block_type":"box","text":"Where consistent with its investment objective, the Fund may also hold","page_number":240,"box":{"x":119,"y":442,"width":552,"height":12}},{"id":"59bd0111-b5e3-4ecb-88e2-f6bca0282e08","block_type":"box","text":"fixed-rate government and","page_number":240,"box":{"x":680,"y":442,"width":200,"height":12}},{"id":"5d7218d3-664d-4703-9139-aaed84de4312","block_type":"box","text":"corporate bonds (including subordinated and callable bonds)","page_number":240,"box":{"x":119,"y":457,"width":454,"height":12}},{"id":"7c167953-1305-4258-a316-5213efd47763","block_type":"box","text":"that are not component securities of the","page_number":240,"box":{"x":575,"y":457,"width":304,"height":12}},{"id":"53b569dd-4bd5-453f-9243-18b05f5f1459","block_type":"box","text":"Index, but whose risk and return characteristics closely resemble the risk and return characteristics of","page_number":240,"box":{"x":119,"y":472,"width":760,"height":12}},{"id":"28d100e0-10bb-4769-9d95-60b1ddec007e","block_type":"box","text":"constituents of the Index or of the Index as a whole. For example, the Investment Manager may acquire","page_number":240,"box":{"x":119,"y":487,"width":761,"height":12}},{"id":"a4861b50-7206-4cb4-8192-349019fd3b7d","block_type":"box","text":"newly issued bonds which meet all of the requirements for inclusion in the Index in anticipation of such","page_number":240,"box":{"x":119,"y":502,"width":762,"height":12}},{"id":"c336b635-6a17-444c-b4e9-4dbc7b975cc7","block_type":"box","text":"bonds being represented in the Index when it next rebalances or government bonds may be acquired as a","page_number":240,"box":{"x":119,"y":517,"width":761,"height":12}},{"id":"72310cd5-ccbb-4ac6-be5d-da882c2b783b","block_type":"box","text":"proxy or substitute for the duration component of the Index (being a measure of the sensitivity of the","page_number":240,"box":{"x":119,"y":532,"width":759,"height":12}},{"id":"fe49541e-8773-4565-8624-921fce3dd0d1","block_type":"box","text":"price of bonds represented in the Index to a change in interest rates) where the duration of the","page_number":240,"box":{"x":119,"y":547,"width":759,"height":12}},{"id":"1aa9cd3a-549f-413c-aacc-f3aca4ba9fcd","block_type":"box","text":"government bonds is likely to resemble that of constituents of the Index or of the Index as a whole.","page_number":240,"box":{"x":120,"y":562,"width":728,"height":12}},{"id":"1bd3d3a9-a637-4598-aa7f-56b1461f1ee6","block_type":"box","text":"The bonds in which the Fund will invest will meet the credit rating requirements of the Index (generally,","page_number":240,"box":{"x":119,"y":592,"width":761,"height":12}},{"id":"56f39fbc-b283-42cf-8914-1f6927b6bd21","block_type":"box","text":"investment grade). 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As at the date of this Prospectus, 0.00%","page_number":240,"box":{"x":119,"y":696,"width":762,"height":12}},{"id":"7e98f9ff-49af-40a7-9644-bc3a6f079d93","block_type":"box","text":"of the Index, as it is currently constituted, comprised such securities. 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For potential cost impacts of rebalancing, please see the","page_number":240,"box":{"x":119,"y":772,"width":760,"height":12}},{"id":"8bda7708-c56b-437f-8db9-3a5bbf404908","block_type":"box","text":"section of the Prospectus headed “","page_number":240,"box":{"x":120,"y":787,"width":250,"height":12}},{"id":"4bfb4439-011e-430b-a014-517008610407","block_type":"box","text":"Index rebalancing and costs","page_number":240,"box":{"x":371,"y":787,"width":218,"height":12}},{"id":"3e84d8c7-daef-48d7-aac9-b2bd5b5aa7ff","block_type":"box","text":"”. Further information in relation to the","page_number":240,"box":{"x":590,"y":787,"width":290,"height":9}},{"id":"e3f20414-0b4a-420a-8a7d-95ecef4e3aaf","block_type":"box","text":"Index, including details as to its exact composition, can be obtained at","page_number":240,"box":{"x":119,"y":802,"width":761,"height":12}},{"id":"6e572abf-6cce-4830-99b5-a106176dd158","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/bloomberg-fixed-income-indices/#/ucits","page_number":240,"box":{"x":119,"y":817,"width":728,"height":12}},{"id":"98306394-f2ed-44e5-a649-af2f4908f02c","block_type":"box","text":".","page_number":240,"box":{"x":850,"y":824,"width":2,"height":2}},{"id":"f0ada495-7137-4de5-8cb5-8c2e015e08e3","block_type":"box","text":"Other Investment Strategies","page_number":240,"box":{"x":120,"y":849,"width":221,"height":12}},{"id":"17c94123-1e53-4bef-a6df-d2735baa8400","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":240,"box":{"x":119,"y":883,"width":705,"height":12}},{"id":"763e5fb3-00e6-4443-8f3f-1f60b9599acc","block_type":"box","text":"OTC","page_number":240,"box":{"x":827,"y":884,"width":38,"height":9}},{"id":"b4f9b321-4f12-4c18-8217-643ddca802fe","block_type":"box","text":"”)","page_number":240,"box":{"x":867,"y":883,"width":13,"height":12}},{"id":"e81861a6-9480-45e4-b7d3-2100d6cdc214","block_type":"box","text":"financial derivative instruments (“","page_number":240,"box":{"x":119,"y":898,"width":259,"height":12}},{"id":"496c5222-a977-4d5f-b520-be19146d4911","block_type":"box","text":"FDI","page_number":240,"box":{"x":380,"y":899,"width":31,"height":9}},{"id":"e1506a8c-03af-40b7-ab27-f36a768b2f78","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":240,"box":{"x":412,"y":898,"width":467,"height":12}},{"id":"337cebf7-805c-43ce-80bf-cf0b13b48bb9","block_type":"box","text":"3","page_number":241,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"a09841fa-1632-47d2-be2e-196d971090a9","block_type":"box","text":"VG001-001/M85660-892520263-23545/1","page_number":241,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"c429fc95-8004-462d-82ec-a536f3f6e907","block_type":"box","text":"efficient portfolio management purposes only and in accordance with","page_number":241,"box":{"x":119,"y":76,"width":511,"height":12}},{"id":"2efb8803-7577-4d07-bce2-edd8a75a8e5b","block_type":"box","text":"Appendix 4","page_number":241,"box":{"x":630,"y":76,"width":90,"height":12}},{"id":"87ed7ea3-a888-4cd4-8e9f-efed7607617a","block_type":"box","text":"of the Prospectus and","page_number":241,"box":{"x":720,"y":76,"width":161,"height":12}},{"id":"93ba955c-ed08-4420-a2bd-24b3b037b085","block_type":"box","text":"the requirements of the Central Bank. Investments in OTC FDI shall be with UCITS-eligible","page_number":241,"box":{"x":119,"y":91,"width":760,"height":12}},{"id":"df634960-2dd2-4ae9-a7ae-6b9d4e0d06c0","block_type":"box","text":"counterparties that have been selected taking into account considerations including best execution and","page_number":241,"box":{"x":119,"y":106,"width":760,"height":12}},{"id":"e3f87984-3384-4fc1-b7c7-f60d7602c172","block_type":"box","text":"the extent of any counterparty risk exposure applying to the Fund at the time of investment.","page_number":241,"box":{"x":119,"y":121,"width":674,"height":12}},{"id":"1a605288-a988-4196-b2e2-03e7b4a82bb7","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":241,"box":{"x":120,"y":150,"width":407,"height":12}},{"id":"684b1bf3-7cfc-4d5d-a3ab-182415f144f6","block_type":"box","text":"","page_number":241,"box":{"x":119,"y":182,"width":6,"height":4}},{"id":"b0e54c36-5772-4eed-b7cd-c65eb2c697ce","block_type":"box","text":"single name credit default swaps (“","page_number":241,"box":{"x":150,"y":180,"width":267,"height":12}},{"id":"da277f5c-f6db-4d6f-b8d2-6187bba698a0","block_type":"box","text":"CDS","page_number":241,"box":{"x":419,"y":180,"width":35,"height":9}},{"id":"d2d623b1-03ea-4ff1-b7ac-d190a00545ba","block_type":"box","text":"”) and","page_number":241,"box":{"x":456,"y":180,"width":53,"height":12}},{"id":"027b9d7b-43be-46c8-b045-7e88973df2fc","block_type":"box","text":"credit-default swap indices (for example, iTraxx)","page_number":241,"box":{"x":509,"y":180,"width":370,"height":12}},{"id":"21772c45-06b9-4ff3-a459-b2c6ab53c254","block_type":"box","text":"which may be used to hedge credit exposure to a particular issuer, maturity or seniority of debt","page_number":241,"box":{"x":149,"y":195,"width":730,"height":12}},{"id":"3651d5d9-35b9-40b3-8c3b-ebcea597f825","block_type":"box","text":"issuance represented in the Index or, in the case of CDS indices, to a particular sector of the fixed","page_number":241,"box":{"x":149,"y":210,"width":730,"height":12}},{"id":"5e2d6762-b1cc-4dd5-a8b5-fb874bb41e74","block_type":"box","text":"income market or to gain efficient exposure to the foregoing from a costs and/or risk perspective, for","page_number":241,"box":{"x":149,"y":225,"width":732,"height":12}},{"id":"11381a4d-2bc9-435d-a52e-3a3d1e472ad4","block_type":"box","text":"example during periods of illiquidity in the bond markets;","page_number":241,"box":{"x":150,"y":240,"width":425,"height":12}},{"id":"a4ea834a-1f43-4c91-abc3-6c85b32357eb","block_type":"box","text":"","page_number":241,"box":{"x":119,"y":271,"width":6,"height":5}},{"id":"426ac182-197d-4c30-9086-57aa79240e61","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":241,"box":{"x":149,"y":269,"width":730,"height":12}},{"id":"a1a99a6e-95e3-45ef-b0f1-6ada10e0eb50","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":241,"box":{"x":150,"y":284,"width":731,"height":12}},{"id":"dead4c0a-5933-489f-b0b6-b003ff510942","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":241,"box":{"x":149,"y":299,"width":731,"height":12}},{"id":"113b1fd5-5adb-4103-851a-ddbc0bdef312","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":241,"box":{"x":149,"y":314,"width":729,"height":12}},{"id":"c2d8b7f7-3e3b-4ff6-a69e-9c0b2ff78dc0","block_type":"box","text":"tracking error;","page_number":241,"box":{"x":149,"y":329,"width":105,"height":12}},{"id":"22e318c9-485e-4a51-96b5-e79a807232c9","block_type":"box","text":"","page_number":241,"box":{"x":119,"y":361,"width":6,"height":4}},{"id":"f236027c-43bc-4809-a286-d7be8ef4d9d4","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":241,"box":{"x":149,"y":358,"width":730,"height":12}},{"id":"f10da627-68ef-4ac5-8d01-795c52aeebf3","block_type":"box","text":"portfolio; and","page_number":241,"box":{"x":149,"y":373,"width":101,"height":12}},{"id":"4de39d6b-0542-49f3-afce-3e53cb4cf97f","block_type":"box","text":"","page_number":241,"box":{"x":119,"y":405,"width":6,"height":5}},{"id":"cea76522-779a-44ba-a612-66c7be314f79","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":241,"box":{"x":150,"y":403,"width":739,"height":12}},{"id":"f44a1492-9cf5-4d1a-9885-8615a6c99155","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":241,"box":{"x":149,"y":418,"width":731,"height":12}},{"id":"6f730089-d2bc-4338-8398-a569224f2061","block_type":"box","text":"cost efficiencies.","page_number":241,"box":{"x":150,"y":433,"width":122,"height":9}},{"id":"9996c0c9-6b9e-4d56-8727-b56488303629","block_type":"box","text":"See","page_number":241,"box":{"x":120,"y":463,"width":29,"height":8}},{"id":"001713ac-4ecd-40cb-8513-dcef24091e74","block_type":"box","text":"Appendix 4","page_number":241,"box":{"x":149,"y":462,"width":90,"height":12}},{"id":"7acf187e-d9f1-4613-b5eb-bee6fac5cf73","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":241,"box":{"x":239,"y":462,"width":642,"height":12}},{"id":"c763c67f-f9a6-43d3-aae7-7bd516458c45","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":241,"box":{"x":119,"y":477,"width":760,"height":12}},{"id":"d77e44d9-0331-4e0a-947c-51d72c590f9c","block_type":"box","text":"usage at any time. See","page_number":241,"box":{"x":119,"y":493,"width":175,"height":11}},{"id":"d8c2b61e-ebe1-498d-a421-a9b79aad10c7","block_type":"box","text":"Appendix 4","page_number":241,"box":{"x":303,"y":492,"width":93,"height":12}},{"id":"2f3d89f3-dc0c-4c4d-b096-55f93accb0b3","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":241,"box":{"x":397,"y":492,"width":482,"height":12}},{"id":"5e3c129f-e57c-482f-a0c6-ac76a2031667","block_type":"box","text":"calculation of global exposure.","page_number":241,"box":{"x":119,"y":507,"width":226,"height":12}},{"id":"0c011253-14b3-4750-acbe-59a00024d02f","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":241,"box":{"x":119,"y":536,"width":760,"height":12}},{"id":"392d5f1c-7275-4f6b-8032-d3422aaa74ad","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":241,"box":{"x":119,"y":551,"width":759,"height":12}},{"id":"3e49eeb8-0cd7-4359-80e8-e66ebae979bb","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":241,"box":{"x":119,"y":567,"width":759,"height":12}},{"id":"8f755eec-e3cc-42d3-851d-5c262c014e1a","block_type":"box","text":"the Company. See","page_number":241,"box":{"x":119,"y":582,"width":137,"height":12}},{"id":"5170d1db-62a9-426a-98e9-fc71a9e34441","block_type":"box","text":"Appendix 3","page_number":241,"box":{"x":257,"y":582,"width":89,"height":12}},{"id":"79c261e0-b9b8-4719-8acb-ce54421d6554","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":241,"box":{"x":347,"y":582,"width":533,"height":12}},{"id":"e94b3140-013c-4624-bf7a-17660b78dcf5","block_type":"box","text":"schemes, including other funds of the Company.","page_number":241,"box":{"x":120,"y":597,"width":356,"height":12}},{"id":"3fb7e6db-9737-46c1-a5c1-cffa19165ca1","block_type":"box","text":"The Fund may also enter into reverse repurchase agreements for the purpose of efficient portfolio","page_number":241,"box":{"x":119,"y":626,"width":760,"height":12}},{"id":"f90f1598-00df-4c81-a672-da33c703f6ab","block_type":"box","text":"management.","page_number":241,"box":{"x":119,"y":643,"width":97,"height":10}},{"id":"317cd974-2a2b-4d37-b0af-990d7be1febb","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":241,"box":{"x":119,"y":670,"width":760,"height":12}},{"id":"d15d098b-bfd3-49bb-8789-4dfc634e5e56","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":241,"box":{"x":119,"y":685,"width":760,"height":12}},{"id":"d6562e33-64d0-4743-983d-5170a61c53f5","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":241,"box":{"x":119,"y":700,"width":760,"height":12}},{"id":"0457817c-56cf-4173-aa04-27b6b5774e80","block_type":"box","text":"Temporary Investment Measures","page_number":241,"box":{"x":119,"y":730,"width":263,"height":11}},{"id":"60de409c-8998-4548-8411-6dbb40845c97","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":241,"box":{"x":119,"y":764,"width":760,"height":12}},{"id":"bf2d13ad-085f-4672-bf2c-d1ddd36d5f40","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":242,"box":{"x":119,"y":126,"width":760,"height":12}},{"id":"21ef3e35-5413-4f3b-b019-3b5cd7df1505","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":242,"box":{"x":119,"y":141,"width":760,"height":12}},{"id":"bbb102dc-36c2-4de3-a0f0-51405f354f4e","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":242,"box":{"x":119,"y":156,"width":759,"height":12}},{"id":"87e12045-7026-4517-9b08-fe335325b9a2","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":242,"box":{"x":119,"y":171,"width":760,"height":12}},{"id":"0573b71f-8f2a-4102-aeac-c1278b635bbc","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":242,"box":{"x":119,"y":186,"width":760,"height":12}},{"id":"88aec4e6-680f-4463-80f5-672e3f549543","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":242,"box":{"x":119,"y":201,"width":759,"height":12}},{"id":"3eb4c72d-f2c7-4063-8fc6-f2f2a90e8ed0","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “","page_number":242,"box":{"x":119,"y":216,"width":511,"height":12}},{"id":"7057ab2f-20cc-4718-bc3a-636ea3f8d102","block_type":"box","text":"Plain Talk about Excess Return","page_number":242,"box":{"x":631,"y":216,"width":249,"height":9}},{"id":"e3867506-8633-4432-870e-b94d890f81d0","block_type":"box","text":"and Tracking Error","page_number":242,"box":{"x":119,"y":231,"width":157,"height":12}},{"id":"3c4b3ed6-c541-4689-99e5-897ddb200e55","block_type":"box","text":"” for further information on Tracking Error.","page_number":242,"box":{"x":278,"y":231,"width":321,"height":12}},{"id":"0baf6ffb-3db5-4cb6-8bd1-48ebc9614409","block_type":"box","text":"Portfolio Information","page_number":242,"box":{"x":119,"y":261,"width":170,"height":9}},{"id":"891baffd-95dd-44da-9616-61116b7eebdf","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. 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The Directors accept","page_number":249,"box":{"x":119,"y":179,"width":761,"height":12}},{"id":"305506a4-70c2-4584-87d9-143ac98fd645","block_type":"box","text":"responsibility accordingly.","page_number":249,"box":{"x":119,"y":197,"width":195,"height":12}},{"id":"a4308d04-eb13-48a2-a99e-41532af406be","block_type":"box","text":"________________________________________________________________________________","page_number":249,"box":{"x":119,"y":224,"width":739,"height":1}},{"id":"7104ef89-a225-4cc1-b2c7-48826ecc6838","block_type":"box","text":"Capitalised terms used and not defined in this Supplement shall have the meaning given to them in the","page_number":249,"box":{"x":120,"y":244,"width":758,"height":12}},{"id":"e24baf42-f740-4274-aac2-2f2bf21f5794","block_type":"box","text":"Prospectus.","page_number":249,"box":{"x":119,"y":260,"width":89,"height":11}},{"id":"82a0a9d6-cb14-475e-a973-959ff608cea4","block_type":"box","text":"VANGUARD EUR EUROZONE GOVERNMENT BOND UCITS 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The Fund employs a “passive management” – or indexing – investment approach, through","page_number":250,"box":{"x":119,"y":265,"width":761,"height":12}},{"id":"413897d4-41e4-465f-a570-bc623ce79a7d","block_type":"box","text":"physical acquisition of securities, designed to track the performance of the Index. The Index is a widely","page_number":250,"box":{"x":119,"y":280,"width":762,"height":12}},{"id":"b0b35cd6-2559-4151-9c31-c3d6f43b24b9","block_type":"box","text":"recognised benchmark designed to reflect the total universe of publically-traded, fixed-coupon, Euro","page_number":250,"box":{"x":119,"y":295,"width":760,"height":12}},{"id":"32c20c0b-c9b4-4c8d-a14a-a3f5e2c2cf19","block_type":"box","text":"denominated Eurozone treasury securities with maturities greater than one year and which have a","page_number":250,"box":{"x":119,"y":310,"width":760,"height":12}},{"id":"9aafa0ce-c367-4b7e-b21c-6dd54381493e","block_type":"box","text":"minimum issue size of €300 million.","page_number":250,"box":{"x":119,"y":325,"width":275,"height":10}},{"id":"2b7cc157-8a75-4493-8b26-36dc057f47c1","block_type":"box","text":"In tracking the performance of the Index, the Fund will invest in a portfolio of fixed-rate bonds issued","page_number":250,"box":{"x":119,"y":355,"width":761,"height":12}},{"id":"19451054-669b-42bd-8319-4ffe638a7987","block_type":"box","text":"and/or guaranteed by the governments of Eurozone member countries that so far as possible and","page_number":250,"box":{"x":119,"y":370,"width":760,"height":12}},{"id":"c01da704-e7f5-4b8c-8bee-76195b614120","block_type":"box","text":"practicable consists of a representative sample of the component securities of the Index. See the “","page_number":250,"box":{"x":119,"y":385,"width":728,"height":12}},{"id":"6d5294e0-deaf-4e3a-8015-1a1c59c5b66f","block_type":"box","text":"The","page_number":250,"box":{"x":850,"y":385,"width":30,"height":9}},{"id":"8246bd0a-face-4436-a951-034d05b60c24","block_type":"box","text":"Funds","page_number":250,"box":{"x":119,"y":400,"width":49,"height":9}},{"id":"386331a0-6124-4d10-8104-1c2c0c8d854c","block_type":"box","text":"” section of the Prospectus for further information, in particular in relation to optimisation and","page_number":250,"box":{"x":169,"y":400,"width":709,"height":12}},{"id":"a075803d-a97c-41c4-9ce1-1b2fce60e7d7","block_type":"box","text":"sampling techniques used in tracking the performance of the Index.","page_number":250,"box":{"x":120,"y":415,"width":495,"height":12}},{"id":"9f01f2c4-0bcf-4f3e-9e2a-da60d124e0bb","block_type":"box","text":"Where consistent with its investment objective, the Fund may also hold","page_number":250,"box":{"x":119,"y":444,"width":545,"height":12}},{"id":"b43dfd11-7c03-4650-b7d2-22c39b73fb0b","block_type":"box","text":"fixed-rate government bonds","page_number":250,"box":{"x":665,"y":444,"width":215,"height":12}},{"id":"c40a87e2-371a-4517-af00-0aba6064c001","block_type":"box","text":"that are not component securities of the Index, but whose risk and return characteristics closely resemble","page_number":250,"box":{"x":119,"y":459,"width":761,"height":12}},{"id":"fad32091-c0a6-463e-965d-7a9b9343c269","block_type":"box","text":"risk and return characteristics of constituents of the Index or of the Index as a whole. For example, the","page_number":250,"box":{"x":119,"y":474,"width":759,"height":12}},{"id":"f1e69431-14e6-4bdd-96f7-a6f86353de29","block_type":"box","text":"Investment Manager may acquire newly issued bonds which meet all of the requirements for inclusion in","page_number":250,"box":{"x":119,"y":489,"width":761,"height":12}},{"id":"49ce366a-4fb8-4b1a-841f-6d8350a3eb6d","block_type":"box","text":"the Index in anticipation of such bonds being represented in the Index when it next rebalances.","page_number":250,"box":{"x":119,"y":504,"width":697,"height":12}},{"id":"4554f8d2-90a7-428e-9fc4-84d112215a78","block_type":"box","text":"The bonds in which the Fund will invest will meet the credit rating requirements of the Index (generally,","page_number":250,"box":{"x":119,"y":534,"width":761,"height":12}},{"id":"b4d645f7-da3e-43bc-a9fa-f63373e5881e","block_type":"box","text":"investment grade). In circumstances where constituent securities of the Index that are held by the Fund","page_number":250,"box":{"x":119,"y":549,"width":761,"height":12}},{"id":"2a6d79f8-3e74-4c70-8e61-7da0ad781c64","block_type":"box","text":"are downgraded or have their rating withdrawn, such securities may continue to be held by the Fund until","page_number":250,"box":{"x":119,"y":564,"width":762,"height":12}},{"id":"d408f4dc-0ac6-437c-aa8e-fbc712824cf0","block_type":"box","text":"such time as they cease to form part of the Index and the positions can be liquidated by the Investment","page_number":250,"box":{"x":120,"y":579,"width":759,"height":12}},{"id":"85396dcb-a02b-4e1c-bcc8-6c444539e97c","block_type":"box","text":"Manager bearing in mind the best interests of Shareholders.","page_number":250,"box":{"x":119,"y":594,"width":445,"height":12}},{"id":"5631c318-5d07-4863-8a1b-7f0272eb4adf","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":250,"box":{"x":119,"y":624,"width":759,"height":11}},{"id":"39505e95-f28c-4400-9352-ed6d5d9a9980","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":250,"box":{"x":119,"y":639,"width":382,"height":11}},{"id":"ed59e8c4-d859-40d6-9c21-f9e876215bde","block_type":"box","text":"Appendix 5","page_number":250,"box":{"x":502,"y":639,"width":90,"height":11}},{"id":"63a8420c-0d27-4954-b753-09a325fc04d5","block_type":"box","text":"of the Prospectus.","page_number":250,"box":{"x":592,"y":638,"width":136,"height":12}},{"id":"e22aff0f-8828-4ce3-9e05-fd1d97bda4c1","block_type":"box","text":"The Index rebalances on a monthly basis. 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See","page_number":251,"box":{"x":119,"y":418,"width":175,"height":12}},{"id":"a53b6084-52a8-4c1e-b7aa-d66517fbabd9","block_type":"box","text":"Appendix 4","page_number":251,"box":{"x":303,"y":418,"width":93,"height":12}},{"id":"5aa61293-a9ea-4968-a76b-9e47ad53408f","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":251,"box":{"x":397,"y":418,"width":482,"height":12}},{"id":"29f85c79-2c9f-4203-9f96-26410b78430a","block_type":"box","text":"calculation of global exposure.","page_number":251,"box":{"x":119,"y":433,"width":226,"height":12}},{"id":"bf75e0a4-6a1c-43f6-8f32-650c7457e9f0","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":251,"box":{"x":119,"y":462,"width":760,"height":12}},{"id":"b5cc07b1-2049-4eab-b43c-ded2bf7f8769","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":251,"box":{"x":119,"y":477,"width":759,"height":12}},{"id":"db865483-2ffd-48aa-a8b3-52f9952c08e2","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":251,"box":{"x":119,"y":492,"width":759,"height":12}},{"id":"8dfc3118-fa56-4eb5-abaa-945eb141869c","block_type":"box","text":"the Company. See","page_number":251,"box":{"x":119,"y":507,"width":137,"height":12}},{"id":"bc2ab3e0-e008-42dc-92ac-dc01919108f7","block_type":"box","text":"Appendix 3","page_number":251,"box":{"x":257,"y":507,"width":89,"height":12}},{"id":"99ccdc1a-03b2-4345-a85c-52665745e053","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":251,"box":{"x":347,"y":507,"width":533,"height":12}},{"id":"8bc97295-7839-4147-9f7c-a3395bd01f57","block_type":"box","text":"schemes, including other funds of the Company.","page_number":251,"box":{"x":120,"y":522,"width":356,"height":12}},{"id":"b8228cf8-853c-4147-b9af-e5da6e7e1247","block_type":"box","text":"The Fund may also enter into reverse repurchase agreements for the purpose of efficient portfolio","page_number":251,"box":{"x":119,"y":551,"width":760,"height":12}},{"id":"623dafd7-73f1-41ef-82fb-e6cab58e8911","block_type":"box","text":"management.","page_number":251,"box":{"x":119,"y":568,"width":97,"height":11}},{"id":"d695e717-ceb9-444f-bf34-ba187e5e4c5a","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":251,"box":{"x":119,"y":596,"width":760,"height":12}},{"id":"c4893267-a174-49a6-9252-e480c044cb1c","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":251,"box":{"x":119,"y":611,"width":760,"height":12}},{"id":"519b737a-1bef-476e-b41b-711a6e2ba851","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":251,"box":{"x":119,"y":626,"width":760,"height":12}},{"id":"1577ec7d-796f-4d6f-bb23-cd909e8c4d92","block_type":"box","text":"See the “","page_number":251,"box":{"x":120,"y":655,"width":70,"height":9}},{"id":"7f0002fb-f173-4a3f-b604-a88464fc2f57","block_type":"box","text":"The Funds","page_number":251,"box":{"x":191,"y":655,"width":87,"height":9}},{"id":"4c6bbb03-7c93-480b-994b-056c5f42ae93","block_type":"box","text":"” section of the Prospectus for further information, in particular in relation to","page_number":251,"box":{"x":279,"y":655,"width":599,"height":12}},{"id":"9c444b99-38aa-4c1d-95b4-9f6c5546c1bf","block_type":"box","text":"optimisation and sampling techniques used in tracking the performance of the Index.","page_number":251,"box":{"x":119,"y":670,"width":624,"height":12}},{"id":"74503bf7-bf4c-454b-a1ce-ff1c7a12ce43","block_type":"box","text":"4","page_number":252,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"7677feda-fd8a-4695-9cac-57e23820b4b3","block_type":"box","text":"VG001-001/M85660-892520263-23546/1","page_number":252,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"4622f760-34e2-43d3-9c4f-9841ea390379","block_type":"box","text":"Temporary Investment Measures","page_number":252,"box":{"x":119,"y":77,"width":263,"height":11}},{"id":"9a0cafd1-6ccf-427c-ad53-093e43ace5e7","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":252,"box":{"x":119,"y":111,"width":760,"height":12}},{"id":"a326e347-dadf-4b0c-8364-6bd0fad355c1","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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The annual report of the Company will","page_number":252,"box":{"x":119,"y":307,"width":760,"height":12}},{"id":"b4e65659-6ffd-4d29-8a53-f436c9ace7ea","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":252,"box":{"x":119,"y":322,"width":759,"height":12}},{"id":"ce37601a-01f9-4a0c-943e-86ee7550a520","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “","page_number":252,"box":{"x":119,"y":337,"width":511,"height":12}},{"id":"23490382-e446-4e24-a565-55ab8ca56db3","block_type":"box","text":"Plain Talk about Excess Return","page_number":252,"box":{"x":631,"y":337,"width":249,"height":10}},{"id":"1fa7341c-8d5e-4a53-b9ef-a6b207667990","block_type":"box","text":"and Tracking Error","page_number":252,"box":{"x":119,"y":352,"width":157,"height":12}},{"id":"6c1a7d3a-dd79-496b-8d3e-2e8b2d981518","block_type":"box","text":"” for further information on Tracking Error.","page_number":252,"box":{"x":278,"y":352,"width":321,"height":12}},{"id":"a7a96741-f050-4653-ac58-6638744110c2","block_type":"box","text":"Portfolio Information","page_number":252,"box":{"x":119,"y":382,"width":170,"height":9}},{"id":"09130b85-803b-43d4-86fc-e1a43ea2428e","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. 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The Fund employs a “passive management” – or indexing – investment approach, through","page_number":260,"box":{"x":119,"y":274,"width":761,"height":12}},{"id":"cfe9bf5b-21d1-4e58-bc14-fb29c4895433","block_type":"box","text":"physical acquisition of securities, designed to track the performance of the Index. The Index is a widely","page_number":260,"box":{"x":119,"y":289,"width":762,"height":12}},{"id":"50a56c67-058d-4c63-9de3-db4b7e6d1a4e","block_type":"box","text":"recognised benchmark designed to reflect the total universe of publically-traded, fixed-coupon, US","page_number":260,"box":{"x":119,"y":304,"width":759,"height":12}},{"id":"154bc2cf-e049-4fae-b744-d0e714b7e2bd","block_type":"box","text":"Dollar-denominated investment grade corporate bonds with maturities greater than one year and which","page_number":260,"box":{"x":119,"y":319,"width":760,"height":12}},{"id":"698a2708-7d4a-4baa-a73e-90fe0001bf7e","block_type":"box","text":"have a minimum issue size of US$250 million.","page_number":260,"box":{"x":119,"y":333,"width":351,"height":11}},{"id":"e62c7703-9935-4e5d-aeab-8fa5704e9d40","block_type":"box","text":"In tracking the performance of the Index, the Fund will invest in a portfolio of fixed-rate US Dollar","page_number":260,"box":{"x":119,"y":363,"width":759,"height":12}},{"id":"5c11186a-f414-4846-aa50-fecbd9bd39f8","block_type":"box","text":"denominated corporate bonds (including subordinated and callable bonds) that so far as possible and","page_number":260,"box":{"x":119,"y":378,"width":760,"height":12}},{"id":"581e9b3d-b951-444a-87fb-8f8b0a218a26","block_type":"box","text":"practicable consists of a representative sample of the component securities of the Index. See the “","page_number":260,"box":{"x":119,"y":393,"width":728,"height":12}},{"id":"e222a1f5-6708-4bb6-ab4f-79233875646c","block_type":"box","text":"The","page_number":260,"box":{"x":850,"y":393,"width":30,"height":9}},{"id":"0fbd2ab4-9eb2-4087-b7ef-233dc535d822","block_type":"box","text":"Funds","page_number":260,"box":{"x":119,"y":408,"width":49,"height":9}},{"id":"fa0f2828-2e66-44fc-8faa-a043c4690b4e","block_type":"box","text":"” section of the Prospectus for further information, in particular in relation to optimisation and","page_number":260,"box":{"x":169,"y":408,"width":709,"height":12}},{"id":"1b5a2b11-1e59-45d7-814a-fc4c78ddc305","block_type":"box","text":"sampling techniques used in tracking the performance of the Index.","page_number":260,"box":{"x":120,"y":423,"width":495,"height":12}},{"id":"528c0c94-3875-4b11-9855-dddab5a694f1","block_type":"box","text":"Where consistent with its investment objective, the Fund may also hold","page_number":260,"box":{"x":119,"y":452,"width":552,"height":12}},{"id":"d5dfb32a-8c0d-4434-9b19-e51ff20c6677","block_type":"box","text":"fixed-rate government and","page_number":260,"box":{"x":680,"y":452,"width":200,"height":12}},{"id":"252ceae1-87a6-4fca-b016-3e7aa6136bfb","block_type":"box","text":"corporate bonds (including subordinated and callable bonds)","page_number":260,"box":{"x":119,"y":468,"width":454,"height":11}},{"id":"1af2d36f-6e9b-45fa-b8b8-bb2654178832","block_type":"box","text":"that are not component securities of the","page_number":260,"box":{"x":575,"y":467,"width":304,"height":12}},{"id":"8f038bca-f614-42fb-b861-e65c80c78d14","block_type":"box","text":"Index, but whose risk and return characteristics closely resemble risk and return characteristics of","page_number":260,"box":{"x":119,"y":482,"width":760,"height":12}},{"id":"985d5f1a-60d4-4956-abe9-a1bb7c1f0cc7","block_type":"box","text":"constituents of the Index or of the Index as a whole. For example, the Investment Manager may acquire","page_number":260,"box":{"x":119,"y":497,"width":761,"height":12}},{"id":"e0b1e359-77e4-47f5-95be-9eb5a9b07b8d","block_type":"box","text":"newly issued bonds which meet all of the requirements for inclusion in the Index in anticipation of such","page_number":260,"box":{"x":119,"y":512,"width":762,"height":12}},{"id":"6e652f66-579e-4b75-a2cf-ced242bb2aa5","block_type":"box","text":"bonds being represented in the Index when it next rebalances or government bonds may be acquired as a","page_number":260,"box":{"x":119,"y":528,"width":761,"height":11}},{"id":"07155f07-d467-40bf-813d-b002cf525507","block_type":"box","text":"proxy or substitute for the duration component of the Index (being a measure of the sensitivity of the","page_number":260,"box":{"x":119,"y":543,"width":759,"height":12}},{"id":"a53c927b-69fa-4e9f-9889-bd9bf67737fd","block_type":"box","text":"price of bonds represented in the Index to a change in interest rates) where the duration of the","page_number":260,"box":{"x":119,"y":558,"width":759,"height":12}},{"id":"9256cdf1-b248-47af-81d6-ab60c4e61174","block_type":"box","text":"government bonds is likely to resemble that of constituents of the Index or of the Index as a whole.","page_number":260,"box":{"x":120,"y":573,"width":728,"height":12}},{"id":"c17591f6-edce-4298-b8d1-7944784ada52","block_type":"box","text":"The bonds in which the Fund will invest will meet the credit rating requirements of the Index (generally,","page_number":260,"box":{"x":119,"y":603,"width":761,"height":12}},{"id":"4ef3df1b-703c-4613-8d6c-62c7b701e225","block_type":"box","text":"investment grade). In circumstances where constituent securities of the Index that are held by the Fund","page_number":260,"box":{"x":119,"y":618,"width":761,"height":12}},{"id":"9b0ddd9c-708f-43e8-8569-62d6b19cca86","block_type":"box","text":"are downgraded or have their rating withdrawn, such securities may continue to be held by the Fund until","page_number":260,"box":{"x":119,"y":633,"width":762,"height":12}},{"id":"96926f81-7640-461a-868e-c2ecefaace50","block_type":"box","text":"such time as they cease to form part of the Index and the positions can be liquidated by the Investment","page_number":260,"box":{"x":120,"y":648,"width":759,"height":12}},{"id":"6a24f374-2367-4970-9033-ca0cfcaf9551","block_type":"box","text":"Manager bearing in mind the best interests of Shareholders.","page_number":260,"box":{"x":119,"y":663,"width":445,"height":12}},{"id":"bebb2f76-79eb-456c-91b4-b52d6928d0cd","block_type":"box","text":"In tracking the Index, the Fund may on occasion invest directly in Russian securities in accordance with","page_number":260,"box":{"x":119,"y":692,"width":762,"height":12}},{"id":"396df93f-0dc9-4d57-b770-dc603a56f496","block_type":"box","text":"the weighting attributed to such securities if present in the Index. As at the date of this Prospectus, 0.00%","page_number":260,"box":{"x":119,"y":707,"width":762,"height":12}},{"id":"dd9c2870-529d-4fc8-90a5-dd7950bc0ea2","block_type":"box","text":"of the Index, as it is currently constituted, comprised such securities. The securities in which the Fund","page_number":260,"box":{"x":119,"y":722,"width":759,"height":12}},{"id":"0a6e5c68-f27a-4ad8-a116-6253e588381a","block_type":"box","text":"will invest shall, to the extent required by the UCITS Regulations, be listed or traded on the Regulated","page_number":260,"box":{"x":119,"y":737,"width":760,"height":12}},{"id":"15192c88-7bb7-49be-aa27-437b42d19a1d","block_type":"box","text":"Markets set out in","page_number":260,"box":{"x":119,"y":752,"width":137,"height":9}},{"id":"f44fa9f3-7aa5-41bc-975e-8266afb15a63","block_type":"box","text":"Appendix 5","page_number":260,"box":{"x":256,"y":752,"width":90,"height":12}},{"id":"20894fc2-4cdf-408e-9e88-53465231b5c2","block_type":"box","text":"of the Prospectus.","page_number":260,"box":{"x":347,"y":752,"width":135,"height":12}},{"id":"db2b7119-62bd-430b-89de-c9b20e90680a","block_type":"box","text":"The Index rebalances on a monthly basis. For potential cost impacts of rebalancing, please see the","page_number":260,"box":{"x":119,"y":781,"width":760,"height":12}},{"id":"8a385866-93a8-4b95-ad3c-432e49d8245a","block_type":"box","text":"section of the Prospectus headed “","page_number":260,"box":{"x":120,"y":796,"width":250,"height":12}},{"id":"67834a9c-e4ed-41d8-9219-ffe7fac075e0","block_type":"box","text":"Index rebalancing and costs","page_number":260,"box":{"x":371,"y":797,"width":218,"height":11}},{"id":"b46c66fc-7235-4e8e-aacb-9b18f20f0e1e","block_type":"box","text":"”. Further information in relation to the","page_number":260,"box":{"x":590,"y":796,"width":290,"height":10}},{"id":"988d69bf-01bf-438f-91fa-e8077d097838","block_type":"box","text":"Index, including details as to its exact composition, can be obtained at","page_number":260,"box":{"x":119,"y":812,"width":761,"height":11}},{"id":"aa9998df-5440-4ce0-b8eb-1019ae6b858f","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/bloomberg-fixed-income-indices/#/ucits","page_number":260,"box":{"x":119,"y":826,"width":728,"height":12}},{"id":"658d339c-799b-48ea-998e-8f59a1a47d6c","block_type":"box","text":".","page_number":260,"box":{"x":850,"y":834,"width":2,"height":2}},{"id":"769093cf-2585-46b3-a79a-e886c4209eef","block_type":"box","text":"Other Investment Strategies","page_number":260,"box":{"x":120,"y":857,"width":221,"height":12}},{"id":"37d1ad88-2898-43af-83fa-024b94eba172","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":260,"box":{"x":119,"y":887,"width":705,"height":12}},{"id":"7cf2b52a-fef2-48b2-9f00-6d4397d182b5","block_type":"box","text":"OTC","page_number":260,"box":{"x":827,"y":887,"width":38,"height":9}},{"id":"a2dfc190-074e-4217-801b-bd510c8d73df","block_type":"box","text":"”)","page_number":260,"box":{"x":867,"y":887,"width":13,"height":12}},{"id":"fa30b9bc-b0be-49e4-b02f-ef1ac3815cf8","block_type":"box","text":"financial derivative instruments (“","page_number":260,"box":{"x":119,"y":902,"width":259,"height":12}},{"id":"2da435c2-1dba-4d71-9063-891f09fec0d6","block_type":"box","text":"FDI","page_number":260,"box":{"x":380,"y":902,"width":31,"height":9}},{"id":"769d886f-e364-4457-84bc-c5d0529e8cc3","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":260,"box":{"x":412,"y":902,"width":467,"height":12}},{"id":"45e0bab9-9ee0-4247-8b21-ace398c9ef30","block_type":"box","text":"3","page_number":261,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"b7c87226-5545-46a5-b635-f7f305492f53","block_type":"box","text":"VG001-001/M85660-892520263-23547/1","page_number":261,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"ae5528a2-fa7b-4b02-b51b-54417d268a3a","block_type":"box","text":"efficient portfolio management purposes only and in accordance with","page_number":261,"box":{"x":119,"y":87,"width":511,"height":12}},{"id":"7def2517-d4c2-4961-acb3-06bcaef55a14","block_type":"box","text":"Appendix 4","page_number":261,"box":{"x":630,"y":87,"width":90,"height":12}},{"id":"5df31692-3d57-480a-92ea-ba3e5bfaa417","block_type":"box","text":"of the Prospectus and","page_number":261,"box":{"x":720,"y":87,"width":161,"height":12}},{"id":"82423e5c-b453-46da-a832-8ee28345dcc1","block_type":"box","text":"the requirements of the Central Bank. Investments in OTC FDI shall be with UCITS-eligible","page_number":261,"box":{"x":119,"y":102,"width":759,"height":12}},{"id":"69e3eb8b-29d4-40fe-bc08-eacf8c60eaf1","block_type":"box","text":"counterparties that have been selected taking into account considerations including best execution and","page_number":261,"box":{"x":119,"y":117,"width":760,"height":12}},{"id":"d5c7f95e-aab2-4da7-a30b-f1c3d9cd1de4","block_type":"box","text":"the extent of any counterparty risk exposure applying to the Fund at the time of investment.","page_number":261,"box":{"x":119,"y":132,"width":674,"height":12}},{"id":"81af7981-ceb1-4a2e-a29c-8fb4a9cd464c","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":261,"box":{"x":120,"y":162,"width":407,"height":12}},{"id":"25510c3a-a4cf-417a-939d-59d856a022fb","block_type":"box","text":"","page_number":261,"box":{"x":119,"y":193,"width":6,"height":5}},{"id":"75ff010d-7140-4014-9f76-2ac71a340801","block_type":"box","text":"single name credit default swaps (“","page_number":261,"box":{"x":150,"y":191,"width":271,"height":12}},{"id":"692da19f-4ec0-48ec-8a43-7f27e0700db3","block_type":"box","text":"CDS","page_number":261,"box":{"x":423,"y":192,"width":35,"height":8}},{"id":"da636a92-21ec-4133-9595-d52c22fc9e9b","block_type":"box","text":"”) and","page_number":261,"box":{"x":460,"y":191,"width":47,"height":12}},{"id":"580d28f4-5550-4d1f-9603-637cc02d18d2","block_type":"box","text":"credit-default swap indices (for example, CDX)","page_number":261,"box":{"x":515,"y":191,"width":364,"height":12}},{"id":"ba2e1c34-a19d-40d8-a795-b4bba8627017","block_type":"box","text":"which may be used to hedge credit exposure to a particular issuer, maturity or seniority of debt","page_number":261,"box":{"x":149,"y":206,"width":730,"height":12}},{"id":"526fd89d-a765-4c45-97b0-fb4fb8dc787b","block_type":"box","text":"issuance represented in the Index or, in the case of CDS indices, to a particular sector of the fixed","page_number":261,"box":{"x":149,"y":221,"width":730,"height":12}},{"id":"caec50b5-4a18-4de0-b707-4a9a2403fa24","block_type":"box","text":"income market or to gain efficient exposure to the foregoing from a costs and/or risk perspective, for","page_number":261,"box":{"x":149,"y":236,"width":732,"height":12}},{"id":"d4fc073a-d643-4e32-9b92-feb519425ec3","block_type":"box","text":"example during periods of illiquidity in the bond markets;","page_number":261,"box":{"x":150,"y":251,"width":425,"height":12}},{"id":"1365eb7e-3a81-455d-98c5-03f09e04290e","block_type":"box","text":"","page_number":261,"box":{"x":119,"y":283,"width":6,"height":4}},{"id":"39183d87-5926-4f7f-bfc1-5ba457856966","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":261,"box":{"x":149,"y":280,"width":730,"height":12}},{"id":"a7a6b5bd-ea17-4dbd-b5d1-c8fc05912045","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":261,"box":{"x":150,"y":296,"width":731,"height":11}},{"id":"0553475e-7309-4c26-9754-ebcfb91b8d3a","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":261,"box":{"x":149,"y":311,"width":731,"height":12}},{"id":"5f347040-a067-400f-943b-f8c1e5b2ea4f","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":261,"box":{"x":149,"y":326,"width":729,"height":12}},{"id":"f98d5acd-5809-490c-8161-2610ef9759d0","block_type":"box","text":"tracking error;","page_number":261,"box":{"x":149,"y":341,"width":105,"height":12}},{"id":"fcbd14b1-fc37-4c4d-acc4-f6d92db5aefa","block_type":"box","text":"","page_number":261,"box":{"x":119,"y":372,"width":6,"height":5}},{"id":"d352ce99-cf4f-40a0-bea8-2075bb7f8f73","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":261,"box":{"x":149,"y":370,"width":730,"height":12}},{"id":"54152947-8e81-41d5-80ef-741ec56434d6","block_type":"box","text":"portfolio; and","page_number":261,"box":{"x":149,"y":385,"width":101,"height":12}},{"id":"6d6b87f1-be9c-47ef-bbda-d60ec87345e8","block_type":"box","text":"","page_number":261,"box":{"x":119,"y":417,"width":6,"height":4}},{"id":"0db96f75-2ef7-45df-9d3f-f559c33bba61","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":261,"box":{"x":150,"y":414,"width":739,"height":12}},{"id":"4c4dc891-2583-4bbd-a566-3e992f29a0d5","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":261,"box":{"x":149,"y":429,"width":731,"height":12}},{"id":"0b772d89-ebf9-4b28-970e-7875d58f2b9d","block_type":"box","text":"cost efficiencies.","page_number":261,"box":{"x":150,"y":444,"width":128,"height":10}},{"id":"85961df9-d3eb-4927-8ed5-07759ccf014a","block_type":"box","text":"See","page_number":261,"box":{"x":120,"y":474,"width":29,"height":9}},{"id":"bf45c75f-8c31-44cd-a30d-355ba250834b","block_type":"box","text":"Appendix 4","page_number":261,"box":{"x":149,"y":474,"width":90,"height":11}},{"id":"a6ca8e58-68cd-4c0a-a0d6-7b90627efa9c","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":261,"box":{"x":239,"y":474,"width":642,"height":11}},{"id":"03e7824d-5d24-439d-80bf-8c6a77ac64ac","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":261,"box":{"x":119,"y":489,"width":760,"height":12}},{"id":"ddeefb75-6a80-4dff-a62c-2c8755087bff","block_type":"box","text":"usage at any time. See","page_number":261,"box":{"x":119,"y":504,"width":175,"height":12}},{"id":"1556e5b3-2e44-4e79-af99-93682d0b66be","block_type":"box","text":"Appendix 4","page_number":261,"box":{"x":303,"y":504,"width":93,"height":12}},{"id":"3b7c2e7b-b0cd-45ec-9caf-47b1386a7047","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":261,"box":{"x":397,"y":504,"width":482,"height":12}},{"id":"ded869ca-a399-415a-a065-83d7a0842318","block_type":"box","text":"calculation of global exposure.","page_number":261,"box":{"x":119,"y":519,"width":226,"height":12}},{"id":"290c0795-b6e9-45dd-8563-75bb00bad5c5","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":261,"box":{"x":119,"y":548,"width":760,"height":12}},{"id":"a01a505f-1473-4757-a6b7-a837f7068f3c","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":261,"box":{"x":119,"y":563,"width":759,"height":12}},{"id":"897b083e-da82-4bb6-b3e5-4d64577f3a04","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":261,"box":{"x":119,"y":578,"width":759,"height":12}},{"id":"bdfad0c7-325a-4820-8ae8-a07176c39e64","block_type":"box","text":"the Company. See","page_number":261,"box":{"x":119,"y":593,"width":137,"height":12}},{"id":"36372e49-c011-4cbf-b2d3-506be2619290","block_type":"box","text":"Appendix 3","page_number":261,"box":{"x":257,"y":593,"width":89,"height":12}},{"id":"9ea858a8-bdc0-41ad-b5ec-7a4259c9005f","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":261,"box":{"x":347,"y":593,"width":533,"height":12}},{"id":"55a59623-316e-41b8-b6e6-ba6c54ca565a","block_type":"box","text":"schemes, including other funds of the Company.","page_number":261,"box":{"x":120,"y":608,"width":356,"height":12}},{"id":"4b9e1888-1db6-4966-b24c-764fda37b050","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":261,"box":{"x":119,"y":637,"width":760,"height":12}},{"id":"ef0508d1-d7a4-44b0-841f-6dada0583e03","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":261,"box":{"x":119,"y":652,"width":760,"height":12}},{"id":"f22a02d5-1052-4a65-b34b-1b36e1444f4a","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":261,"box":{"x":119,"y":667,"width":760,"height":12}},{"id":"0cedf650-9338-448f-96b2-edbfc60fc918","block_type":"box","text":"Temporary Investment Measures","page_number":261,"box":{"x":119,"y":697,"width":263,"height":12}},{"id":"5fc70653-2f5c-4e79-a19d-4f6d2f1e3a43","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":261,"box":{"x":119,"y":726,"width":760,"height":12}},{"id":"cb76f1fc-537f-4e2b-855e-7459a96a87fc","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":261,"box":{"x":119,"y":741,"width":760,"height":12}},{"id":"a32edd43-160a-4eb2-839d-f4c95925bf3a","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":261,"box":{"x":119,"y":756,"width":760,"height":12}},{"id":"523823ba-7493-4661-b70a-8befa6e15328","block_type":"box","text":"interests of Shareholders, the Fund may increase its holdings of cash and ancillary liquid assets. In doing","page_number":261,"box":{"x":119,"y":771,"width":762,"height":12}},{"id":"3a4a1032-1a5e-4eb8-8071-bbebf9a49b47","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":261,"box":{"x":120,"y":786,"width":760,"height":12}},{"id":"07de8935-abff-4e64-be80-ed7d75cdbaeb","block_type":"box","text":"4","page_number":262,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"70356d0c-6cda-4452-b8c8-9a90bb35f9b1","block_type":"box","text":"VG001-001/M85660-892520263-23547/1","page_number":262,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"23d3b958-fd4e-4014-b040-ee5dbaa2021a","block_type":"box","text":"Tracking Error","page_number":262,"box":{"x":119,"y":87,"width":123,"height":12}},{"id":"074c0a31-b228-4aba-b180-e9dee7ed62a6","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":262,"box":{"x":119,"y":121,"width":759,"height":12}},{"id":"d0ec4931-b47d-4b15-83f6-5af76d14a4b9","block_type":"box","text":"Fund, will be up to 0.50%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":262,"box":{"x":119,"y":136,"width":760,"height":12}},{"id":"47e55a49-73f9-4a7f-a537-4a088bcdcf4d","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":262,"box":{"x":119,"y":151,"width":760,"height":12}},{"id":"24bbcdd8-b250-4a82-8c0e-5bdb8afdb8e2","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":262,"box":{"x":119,"y":166,"width":759,"height":12}},{"id":"e829c167-b6b2-426e-be65-e26846f904ff","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":262,"box":{"x":119,"y":181,"width":760,"height":12}},{"id":"637339e0-0980-4623-95c3-584378e2bbf4","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":262,"box":{"x":119,"y":196,"width":760,"height":12}},{"id":"fcc03ce8-c943-483c-8ce8-6d8bf81453b7","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":262,"box":{"x":119,"y":211,"width":759,"height":12}},{"id":"ea7a3a07-87ab-404b-ad8f-1e2efdf25945","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “","page_number":262,"box":{"x":119,"y":226,"width":511,"height":12}},{"id":"76181fea-0c44-4b79-8e04-575807c034f8","block_type":"box","text":"Plain Talk about Excess Return","page_number":262,"box":{"x":631,"y":226,"width":249,"height":10}},{"id":"1a1baae9-2337-4edd-9440-6981dffa50f1","block_type":"box","text":"and Tracking Error","page_number":262,"box":{"x":119,"y":241,"width":157,"height":12}},{"id":"68ad4b0e-a0be-4e2b-b410-e62c808bf7ac","block_type":"box","text":"” for further information on Tracking Error.","page_number":262,"box":{"x":278,"y":241,"width":321,"height":12}},{"id":"dbb61a26-5cbc-4f79-82d7-b7e5e9e325a9","block_type":"box","text":"Portfolio Information","page_number":262,"box":{"x":119,"y":271,"width":170,"height":10}},{"id":"a982a730-3fc5-47b5-a9bd-8c73e8e11052","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. This file contains a","page_number":262,"box":{"x":119,"y":304,"width":761,"height":12}},{"id":"d12d795a-2607-4b6a-83ec-a2687031f11f","block_type":"box","text":"basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":262,"box":{"x":119,"y":319,"width":760,"height":12}},{"id":"745d1d27-c645-4645-96c1-6855dc58081b","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":262,"box":{"x":119,"y":334,"width":759,"height":12}},{"id":"24d86893-e003-447a-816d-ca9a4c251cf0","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":262,"box":{"x":119,"y":349,"width":364,"height":12}},{"id":"f479ba79-877d-4e3f-9299-6429270bd3fb","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":262,"box":{"x":119,"y":379,"width":450,"height":12}},{"id":"952f9d89-94de-49af-af8b-04c4c8db3a2a","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":262,"box":{"x":570,"y":379,"width":310,"height":12}},{"id":"e03779d7-ae9f-4bf4-bdf5-00e435d85351","block_type":"box","text":"holdings-disclosure-policy.pdf","page_number":262,"box":{"x":119,"y":394,"width":226,"height":12}},{"id":"02b29c7a-d2a4-42e6-9d3d-67a1a5130afe","block_type":"box","text":", including details of the periodic disclosure of full holdings.","page_number":262,"box":{"x":346,"y":394,"width":444,"height":12}},{"id":"22770300-ddff-477d-8b00-63fc295f12a1","block_type":"box","text":"Primary Risks","page_number":262,"box":{"x":119,"y":424,"width":119,"height":12}},{"id":"c702de7b-8d2f-4e15-8d56-b5405c2e35c1","block_type":"box","text":"In addition to the risks set out below, please refer to the section of the Prospectus entitled “","page_number":262,"box":{"x":119,"y":456,"width":654,"height":12}},{"id":"6ffc395d-1b84-4a85-ba03-f483881cec9b","block_type":"box","text":"Risk Factors","page_number":262,"box":{"x":774,"y":456,"width":98,"height":9}},{"id":"7c94e8cc-eca3-42ab-ab87-109dfb3842d2","block_type":"box","text":"”","page_number":262,"box":{"x":873,"y":457,"width":7,"height":3}},{"id":"bf7a9a77-679d-41ca-8b7f-838769b17522","block_type":"box","text":"for information in relation to the risks applicable to an investment in the Company, including any","page_number":262,"box":{"x":119,"y":471,"width":760,"height":12}},{"id":"86270419-c8eb-4a11-855a-0d4854721167","block_type":"box","text":"investment in the Fund:","page_number":262,"box":{"x":119,"y":486,"width":173,"height":10}},{"id":"55e67aa8-6027-48ac-8536-3f390bc43d7a","block_type":"box","text":"Risks of investment in subordinate and callable bonds","page_number":262,"box":{"x":119,"y":516,"width":398,"height":12}},{"id":"3e13132a-712a-4b05-bc16-66c83c7451e0","block_type":"box","text":":","page_number":262,"box":{"x":519,"y":519,"width":2,"height":7}},{"id":"67e16b9b-ec43-40c3-98ca-47d8a7caa089","block_type":"box","text":"The Fund may invest in callable bonds. A callable bond is a bond that may be redeemed or ‘called’ by its","page_number":262,"box":{"x":119,"y":546,"width":761,"height":12}},{"id":"8b5148fc-af44-4300-923c-e13955614e44","block_type":"box","text":"issuer (i.e. by returning the principal to the investor and ceasing coupon payments) before it matures,","page_number":262,"box":{"x":119,"y":561,"width":759,"height":12}},{"id":"46dd81f2-c383-47fb-9141-27ed91518331","block_type":"box","text":"usually subject to certain conditions or limits. 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The Directors accept","page_number":270,"box":{"x":119,"y":173,"width":761,"height":12}},{"id":"eb56f7e3-aed3-48c3-a420-fed0faf6716e","block_type":"box","text":"responsibility accordingly.","page_number":270,"box":{"x":119,"y":190,"width":195,"height":12}},{"id":"2bb9aaff-133b-4b2d-b445-3685ee1e45a9","block_type":"box","text":"________________________________________________________________________________","page_number":270,"box":{"x":119,"y":217,"width":739,"height":1}},{"id":"4c9781fd-668c-42ca-a184-30647777ac7a","block_type":"box","text":"Capitalised terms used and not defined in this Supplement shall have the meaning given to them in the","page_number":270,"box":{"x":120,"y":237,"width":758,"height":12}},{"id":"b06130fc-d20c-43f2-8bec-4c74ee937f00","block_type":"box","text":"Prospectus.","page_number":270,"box":{"x":119,"y":253,"width":89,"height":11}},{"id":"eac6bfe1-4925-4143-af05-7673067e581e","block_type":"box","text":"VANGUARD USD TREASURY BOND UCITS ETF","page_number":270,"box":{"x":292,"y":298,"width":414,"height":9}},{"id":"6ca54e49-5442-4a17-8ebf-eab4c745b05a","block_type":"box","text":"(a Fund of Vanguard Funds plc, an open- ended investment company with variable capital","page_number":270,"box":{"x":144,"y":327,"width":711,"height":13}},{"id":"3fe0e4c7-4b6b-4efd-a24b-c9fd7a13d748","block_type":"box","text":"structured as an umbrella fund with segregated liability between Funds)","page_number":270,"box":{"x":216,"y":350,"width":567,"height":12}},{"id":"f1dd067e-b987-4257-bee8-5413aba40012","block_type":"box","text":"SUPPLEMENT DATED 15 OCTOBER 2026","page_number":270,"box":{"x":322,"y":411,"width":356,"height":8}},{"id":"243e97d4-7554-4f0b-a4a2-5780f73b6f95","block_type":"box","text":"TO THE PROSPECTUS FOR VANGUARD FUNDS PLC DATED 15 OCTOBER 2026","page_number":270,"box":{"x":154,"y":433,"width":691,"height":9}},{"id":"79eb3b24-a9cc-423b-9cc8-758d19e6f812","block_type":"box","text":"This Supplement forms part of, and should be read in the context of, and together with, the","page_number":270,"box":{"x":119,"y":478,"width":760,"height":12}},{"id":"b6dd10d8-ad3f-4689-a289-a5d531032bcc","block_type":"box","text":"Company’s Prospectus dated","page_number":270,"box":{"x":120,"y":495,"width":231,"height":12}},{"id":"22503a3a-5c47-4d82-8e09-f4c6d3596367","block_type":"box","text":"15 October 2026. Investors should also refer to the Company’s latest","page_number":270,"box":{"x":352,"y":495,"width":528,"height":12}},{"id":"facadedd-00b0-48f6-a478-e2eb039c6ee4","block_type":"box","text":"published annual reports and audited financial statements and, if published after such report, a","page_number":270,"box":{"x":119,"y":512,"width":760,"height":12}},{"id":"c52d5e02-e622-4b6f-8801-6113ef8ad088","block_type":"box","text":"copy of the latest semi-annual report and unaudited financial statements.","page_number":270,"box":{"x":119,"y":529,"width":573,"height":12}},{"id":"44c58bf9-66ef-4dd5-84e6-353dd3a4c95f","block_type":"box","text":"An investment in the Fund should be viewed as medium to long term.","page_number":270,"box":{"x":119,"y":564,"width":544,"height":12}},{"id":"87fdcf5f-8358-419f-8d19-dd8a61882b6b","block_type":"box","text":"If you are in any doubt about the action to be taken or the contents of this supplement, please","page_number":270,"box":{"x":119,"y":598,"width":759,"height":12}},{"id":"f1ded569-7f1f-42eb-bc37-fef49338b081","block_type":"box","text":"consult your stockbroker, bank manager, lawyer, accountant or other independent professional","page_number":270,"box":{"x":119,"y":615,"width":760,"height":12}},{"id":"3d94ef9e-20eb-45cd-8760-2a2a30f69d5a","block_type":"box","text":"adviser.","page_number":270,"box":{"x":119,"y":633,"width":66,"height":9}},{"id":"ca68435d-f6db-4c9d-88e9-c17e6839e677","block_type":"box","text":"2","page_number":271,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"a562b9a1-70a8-40d1-9445-290883a22bb2","block_type":"box","text":"VG001-001/M85660-892520263-23548/1","page_number":271,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"e14b6797-d372-4959-9118-2c6e79feea22","block_type":"box","text":"Benchmark Index","page_number":271,"box":{"x":119,"y":87,"width":146,"height":9}},{"id":"b8a0fdd6-c09d-4948-a2cc-12db22c11289","block_type":"box","text":"Bloomberg Global Aggregate US Treasury Float Adjusted Index (the “","page_number":271,"box":{"x":119,"y":119,"width":524,"height":12}},{"id":"d3e56c70-f9d7-4946-85dd-6718327c57d6","block_type":"box","text":"Index","page_number":271,"box":{"x":644,"y":119,"width":45,"height":9}},{"id":"17a735eb-1636-4538-aa38-24240b7f4810","block_type":"box","text":"”).","page_number":271,"box":{"x":690,"y":119,"width":22,"height":12}},{"id":"4027ccbc-a4bf-4f6b-a046-73e56725e2f9","block_type":"box","text":"Investment Objective","page_number":271,"box":{"x":119,"y":149,"width":168,"height":12}},{"id":"39acdc67-6863-4f38-96ff-1807528a78b1","block_type":"box","text":"This Fund seeks to track the performance of the Index.","page_number":271,"box":{"x":119,"y":181,"width":408,"height":12}},{"id":"80e6f737-3cc4-4888-98a4-eaf4dd258488","block_type":"box","text":"Primary Investment Strategies","page_number":271,"box":{"x":119,"y":214,"width":241,"height":12}},{"id":"fc439c26-8f30-4c95-866a-56cca016114f","block_type":"box","text":"In seeking to achieve its investment objective, the Fund aims to provide a return (comprising both","page_number":271,"box":{"x":119,"y":246,"width":760,"height":12}},{"id":"79cdcd03-3d5f-4c92-a82e-fa0ccfab0de3","block_type":"box","text":"income and capital appreciation) which, before application of fees and expenses, is similar to the return","page_number":271,"box":{"x":119,"y":261,"width":762,"height":12}},{"id":"26469f25-b2da-4606-935c-ee088aecf5d9","block_type":"box","text":"of the Index. The Fund employs a “passive management” – or indexing – investment approach, through","page_number":271,"box":{"x":119,"y":276,"width":761,"height":12}},{"id":"51bb9978-0d26-45ec-83ae-d8d765f34309","block_type":"box","text":"physical acquisition of securities, designed to track the performance of the Index. The Index is a widely","page_number":271,"box":{"x":119,"y":291,"width":762,"height":12}},{"id":"66ca0cf1-0b0b-450b-bda3-f87006114e63","block_type":"box","text":"recognised benchmark designed to reflect the total universe of publically-traded, fixed-coupon, US","page_number":271,"box":{"x":119,"y":306,"width":759,"height":12}},{"id":"68bc9d3a-6acc-46bb-bc9c-a5aac0b52769","block_type":"box","text":"Dollar-denominated US treasury securities with maturities greater than one year and which have a","page_number":271,"box":{"x":119,"y":321,"width":760,"height":12}},{"id":"98739c73-3773-41b2-ba09-e7de7d281908","block_type":"box","text":"minimum issue size of US$300 million.","page_number":271,"box":{"x":119,"y":336,"width":299,"height":10}},{"id":"4573a43e-9e8c-43fc-804d-a71978927d54","block_type":"box","text":"In tracking the performance of the Index, the Fund will invest in a portfolio of fixed-rate US Dollar","page_number":271,"box":{"x":119,"y":365,"width":759,"height":12}},{"id":"5555cf56-0d37-4e28-8173-92b1bb3639a2","block_type":"box","text":"denominated US government bonds that so far as possible and practicable consists of a representative","page_number":271,"box":{"x":119,"y":380,"width":760,"height":12}},{"id":"7d0f8a80-3a24-4877-a360-2c23fc904c66","block_type":"box","text":"sample of the component securities of the Index. See the “","page_number":271,"box":{"x":120,"y":395,"width":442,"height":12}},{"id":"7401edfc-2565-4ba7-bad3-32916189e08f","block_type":"box","text":"The Funds","page_number":271,"box":{"x":564,"y":395,"width":86,"height":10}},{"id":"59de76d9-20cc-46aa-b932-daa7e0f88168","block_type":"box","text":"” section of the Prospectus for","page_number":271,"box":{"x":651,"y":395,"width":229,"height":12}},{"id":"7f637be5-8929-442a-8af6-41d8c46c750f","block_type":"box","text":"further information, in particular in relation to optimisation and sampling techniques used in tracking the","page_number":271,"box":{"x":119,"y":410,"width":761,"height":12}},{"id":"478a0496-171e-4e70-ad6c-9e93547e9e8a","block_type":"box","text":"performance of the Index.","page_number":271,"box":{"x":119,"y":425,"width":190,"height":12}},{"id":"aa0b6da8-75d8-43ab-887b-9616f4370e4c","block_type":"box","text":"Where consistent with its investment objective, the Fund may also hold","page_number":271,"box":{"x":119,"y":455,"width":545,"height":12}},{"id":"ba58c902-2a0a-4c2d-b420-011b9347e94c","block_type":"box","text":"fixed-rate government bonds","page_number":271,"box":{"x":665,"y":455,"width":215,"height":12}},{"id":"4e695c1a-c9a6-4bb1-8f54-80d43e52822f","block_type":"box","text":"that are not component securities of the Index, but whose risk and return characteristics closely resemble","page_number":271,"box":{"x":119,"y":470,"width":761,"height":12}},{"id":"fd4be7d6-a201-44b7-b875-6e2acb6f8877","block_type":"box","text":"risk and return characteristics of constituents of the Index or of the Index as a whole. For example, the","page_number":271,"box":{"x":119,"y":485,"width":759,"height":12}},{"id":"f64367f0-3df6-4f4a-831c-b4470513dca0","block_type":"box","text":"Investment Manager may acquire newly issued bonds which meet all of the requirements for inclusion in","page_number":271,"box":{"x":119,"y":500,"width":761,"height":12}},{"id":"5a4cd829-961f-49c2-b326-a145dc71ad5b","block_type":"box","text":"the Index in anticipation of such bonds being represented in the Index when it next rebalances.","page_number":271,"box":{"x":119,"y":515,"width":697,"height":12}},{"id":"8431bce7-a39c-473f-b4c0-8a911ff99839","block_type":"box","text":"The bonds in which the Fund will invest will meet the credit rating requirements of the Index (generally,","page_number":271,"box":{"x":119,"y":545,"width":761,"height":12}},{"id":"5dda16e9-3579-4a54-9cd7-a3844a2617ce","block_type":"box","text":"investment grade). In circumstances where constituent securities of the Index that are held by the Fund","page_number":271,"box":{"x":119,"y":560,"width":761,"height":12}},{"id":"2a9e3f17-be65-46a4-af3c-b07373bae61c","block_type":"box","text":"are downgraded or have their rating withdrawn, such securities may continue to be held by the Fund until","page_number":271,"box":{"x":119,"y":575,"width":762,"height":12}},{"id":"294b760d-2e4c-432f-8e5a-6e0f145ecfec","block_type":"box","text":"such time as they cease to form part of the Index and the positions can be liquidated by the Investment","page_number":271,"box":{"x":120,"y":590,"width":759,"height":12}},{"id":"6e19700e-a7e7-4ca5-8e1f-d3d7dcd22272","block_type":"box","text":"Manager bearing in mind the best interests of Shareholders.","page_number":271,"box":{"x":119,"y":605,"width":445,"height":12}},{"id":"abc5057e-371d-4451-a69b-c0e52ecc90f9","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":271,"box":{"x":119,"y":634,"width":759,"height":12}},{"id":"f336cfff-d7a5-4be6-a10a-c8f7726e1166","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":271,"box":{"x":119,"y":649,"width":382,"height":12}},{"id":"d9517af5-d178-4a38-aa99-b7d45ddff3d2","block_type":"box","text":"Appendix 5","page_number":271,"box":{"x":502,"y":649,"width":90,"height":12}},{"id":"018c4291-2c0f-4b03-b001-9c8c0e54db1e","block_type":"box","text":"of the Prospectus.","page_number":271,"box":{"x":592,"y":649,"width":136,"height":12}},{"id":"fb18561d-a9c1-451d-9fbd-33b58aa894bd","block_type":"box","text":"The Index rebalances on a monthly basis. For potential cost impacts of rebalancing, please see the","page_number":271,"box":{"x":119,"y":678,"width":760,"height":12}},{"id":"064a680a-1905-4761-bb6b-fa34475fe3ac","block_type":"box","text":"section of the Prospectus headed “","page_number":271,"box":{"x":120,"y":693,"width":250,"height":12}},{"id":"be1132dd-d63b-4ef2-9082-c198f6bf10e8","block_type":"box","text":"Index rebalancing and costs","page_number":271,"box":{"x":371,"y":694,"width":218,"height":11}},{"id":"52b2ba60-8469-45f2-9486-9ea0284b3170","block_type":"box","text":"”. Further information in relation to the","page_number":271,"box":{"x":590,"y":693,"width":290,"height":10}},{"id":"670eb337-1a50-48d3-a4e8-6fc390cb3aed","block_type":"box","text":"Index, including details as to its exact composition, can be obtained at","page_number":271,"box":{"x":119,"y":709,"width":761,"height":11}},{"id":"ff3d96c9-28ba-4d80-8616-c94c8ff40043","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/bloomberg-fixed-income-indices/#/ucits","page_number":271,"box":{"x":119,"y":723,"width":728,"height":12}},{"id":"c4299c86-3442-4f47-825b-257904db3df3","block_type":"box","text":".","page_number":271,"box":{"x":850,"y":731,"width":2,"height":2}},{"id":"40dac444-3e49-4c7a-9659-d2a7b2f082d4","block_type":"box","text":"Other Investment Strategies","page_number":271,"box":{"x":120,"y":756,"width":221,"height":12}},{"id":"f82da5d8-96db-4ed7-96db-2c5f85317935","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":271,"box":{"x":119,"y":790,"width":705,"height":12}},{"id":"ce2856ad-4fe8-48b2-aaba-e465df834577","block_type":"box","text":"OTC","page_number":271,"box":{"x":827,"y":791,"width":38,"height":8}},{"id":"2e4dc357-ad2f-4290-b065-3e4dcb2d689d","block_type":"box","text":"”)","page_number":271,"box":{"x":867,"y":790,"width":13,"height":12}},{"id":"724326f3-9b18-487e-9dfe-b0104928dd98","block_type":"box","text":"financial derivative instruments (“","page_number":271,"box":{"x":119,"y":805,"width":259,"height":12}},{"id":"ad6699c4-7451-4bb0-bf3e-e94d83117a00","block_type":"box","text":"FDI","page_number":271,"box":{"x":380,"y":806,"width":31,"height":8}},{"id":"4fa54b17-5be0-449d-99c6-e36566840014","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":271,"box":{"x":412,"y":805,"width":467,"height":12}},{"id":"fd44a8be-55ee-4c26-919a-d6f0fa8f83be","block_type":"box","text":"efficient portfolio management purposes only and in accordance with","page_number":271,"box":{"x":119,"y":820,"width":511,"height":12}},{"id":"d31f6950-cadf-43c1-bcb2-b4a14733899b","block_type":"box","text":"Appendix 4","page_number":271,"box":{"x":630,"y":820,"width":90,"height":12}},{"id":"446d145e-e670-461a-ac9b-cc29d4ed4f70","block_type":"box","text":"of the Prospectus and","page_number":271,"box":{"x":720,"y":820,"width":161,"height":12}},{"id":"0b4f039b-88fd-4819-8b85-ebe9c5b12cd8","block_type":"box","text":"the requirements of the Central Bank. Investments in OTC FDI shall be with UCITS-eligible","page_number":271,"box":{"x":119,"y":835,"width":759,"height":12}},{"id":"4167ddb0-ad31-4787-9378-83590a0fa01d","block_type":"box","text":"counterparties that have been selected taking into account considerations including best execution and","page_number":271,"box":{"x":119,"y":850,"width":760,"height":12}},{"id":"1d3bc419-f11a-468b-906c-c244f0fc3777","block_type":"box","text":"the extent of any counterparty risk exposure applying to the Fund at the time of investment.","page_number":271,"box":{"x":119,"y":865,"width":674,"height":12}},{"id":"171afe45-e887-45f7-b06b-4f7c0af7aa01","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":271,"box":{"x":120,"y":895,"width":407,"height":12}},{"id":"c5c4e3bf-5779-44dc-aa4e-a4c4d8b94248","block_type":"box","text":"3","page_number":272,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"44a43403-389a-41f2-a001-ccf8fee7bd83","block_type":"box","text":"VG001-001/M85660-892520263-23548/1","page_number":272,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"1fb253d1-228d-4cf7-b378-1bc4caa82f63","block_type":"box","text":"","page_number":272,"box":{"x":119,"y":89,"width":6,"height":4}},{"id":"71d3a1ec-463b-4a2c-97f8-640675419493","block_type":"box","text":"single name credit default swaps (“","page_number":272,"box":{"x":150,"y":87,"width":271,"height":12}},{"id":"fc9c299d-15d9-40b1-ac89-9fedc0db1224","block_type":"box","text":"CDS","page_number":272,"box":{"x":423,"y":87,"width":35,"height":9}},{"id":"8b858e0c-1d56-4f18-bec9-235b5aad309b","block_type":"box","text":"”) and","page_number":272,"box":{"x":460,"y":87,"width":47,"height":12}},{"id":"e5254069-3f25-46f4-adad-b90e02ea167c","block_type":"box","text":"credit-default swap indices (for example, CDX)","page_number":272,"box":{"x":515,"y":87,"width":364,"height":12}},{"id":"5a106f74-ae55-4aed-b2e1-aac16b2bdc1e","block_type":"box","text":"which may be used to hedge credit exposure to a particular issuer, maturity or seniority of debt","page_number":272,"box":{"x":149,"y":102,"width":730,"height":12}},{"id":"c003197b-1bf1-4d59-90e8-29aebaba967e","block_type":"box","text":"issuance represented in the Index or, in the case of CDS indices, to a particular sector of the fixed","page_number":272,"box":{"x":149,"y":117,"width":730,"height":12}},{"id":"a9f98ecb-04ed-4b82-952d-beb95ba32881","block_type":"box","text":"income market or to gain efficient exposure to the foregoing from a costs and/or risk perspective, for","page_number":272,"box":{"x":149,"y":132,"width":732,"height":12}},{"id":"f0f11be3-ddca-4519-839d-abea101b68ae","block_type":"box","text":"example during periods of illiquidity in the bond markets;","page_number":272,"box":{"x":150,"y":147,"width":425,"height":12}},{"id":"c2196b97-2978-4030-bbea-58b711b0ab32","block_type":"box","text":"","page_number":272,"box":{"x":119,"y":178,"width":6,"height":5}},{"id":"0c8e8a92-9d14-4b71-89e7-31669dcd4962","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":272,"box":{"x":149,"y":176,"width":730,"height":12}},{"id":"efe2e319-69fa-436d-b514-204c0dcbe799","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":272,"box":{"x":150,"y":191,"width":731,"height":12}},{"id":"cec98ee0-f5e6-412c-aa59-d3376381a826","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":272,"box":{"x":149,"y":206,"width":731,"height":12}},{"id":"4c39f779-1f36-46a1-b0cc-5661f43ea914","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":272,"box":{"x":149,"y":221,"width":729,"height":12}},{"id":"7f3aa2e6-6893-4909-b3d2-60fb1bc0a36c","block_type":"box","text":"tracking error;","page_number":272,"box":{"x":149,"y":236,"width":105,"height":12}},{"id":"dcd2278c-2359-443f-8d96-df956551ecd4","block_type":"box","text":"","page_number":272,"box":{"x":119,"y":268,"width":6,"height":4}},{"id":"41d7a2cf-b543-4468-9073-39972bdb8425","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":272,"box":{"x":149,"y":265,"width":730,"height":12}},{"id":"7815d992-5a17-4af8-bd9a-548a0aedc153","block_type":"box","text":"portfolio; 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For example, the Investment Manager may acquire newly issued bonds which meet all","page_number":281,"box":{"x":119,"y":528,"width":762,"height":11}},{"id":"71d7de02-c734-40a1-a278-cf64759bd582","block_type":"box","text":"of the requirements for inclusion in the Index in anticipation of such bonds being represented in the","page_number":281,"box":{"x":119,"y":543,"width":760,"height":12}},{"id":"86c2ff45-a58c-481f-a150-6daac7dd65a8","block_type":"box","text":"Index when it next rebalances.","page_number":281,"box":{"x":119,"y":558,"width":229,"height":9}},{"id":"6a3bd333-0030-4245-b12d-786c5dd2cd26","block_type":"box","text":"No particular credit rating constraints are applied to the securities that may be represented in the Index","page_number":281,"box":{"x":119,"y":588,"width":760,"height":12}},{"id":"7c73bafe-1fb7-488c-bd99-c2ecd1432032","block_type":"box","text":"and the Fund may therefore, from time to time, be substantially invested in below investment grade","page_number":281,"box":{"x":119,"y":603,"width":759,"height":12}},{"id":"c8f42062-8b0e-4af0-86ba-5ec78e3661d3","block_type":"box","text":"and/or unrated securities, but only to the extent that such securities are represented in the Index. Below","page_number":281,"box":{"x":119,"y":618,"width":761,"height":12}},{"id":"032f194e-1462-4779-9a7e-ae67c27f1c99","block_type":"box","text":"investment grade and unrated securities may be held by the Fund until such time as they cease to form","page_number":281,"box":{"x":119,"y":633,"width":760,"height":12}},{"id":"79422c90-5b02-4462-a881-120db871a5d8","block_type":"box","text":"part of the Index and the positions can be liquidated by the Investment Manager bearing in mind the best","page_number":281,"box":{"x":119,"y":648,"width":762,"height":12}},{"id":"e4ab6660-4949-4513-94f1-f6fdf6b0e842","block_type":"box","text":"interests of Shareholders.","page_number":281,"box":{"x":119,"y":663,"width":186,"height":9}},{"id":"d68d4a1f-0f2d-4f45-882b-089681a12278","block_type":"box","text":"In tracking the Index, the Fund may on occasion invest directly in Russian securities in accordance with","page_number":281,"box":{"x":119,"y":693,"width":762,"height":12}},{"id":"8f0ac764-7250-4946-b266-dbdecc0a26e9","block_type":"box","text":"the weighting attributed to such securities if present in the Index. As at the date of this Prospectus, 0.00%","page_number":281,"box":{"x":119,"y":708,"width":762,"height":12}},{"id":"d46845f2-841e-4d3b-acef-8432ddb1f222","block_type":"box","text":"of the Index, as it is currently constituted, comprised such securities. The securities in which the Fund","page_number":281,"box":{"x":119,"y":723,"width":759,"height":12}},{"id":"d37585f5-b9fb-4734-9881-0c145414d9ec","block_type":"box","text":"will invest shall, to the extent required by the UCITS Regulations, be listed or traded on the Regulated","page_number":281,"box":{"x":119,"y":738,"width":760,"height":12}},{"id":"99366217-1368-438c-bac7-3769c5862c18","block_type":"box","text":"Markets set out in","page_number":281,"box":{"x":119,"y":753,"width":137,"height":9}},{"id":"eacccb2c-1625-4b85-888d-2e60032f0090","block_type":"box","text":"Appendix 5","page_number":281,"box":{"x":256,"y":753,"width":90,"height":12}},{"id":"01ff1614-2757-4242-8beb-fbc241e0ef6a","block_type":"box","text":"of the Prospectus.","page_number":281,"box":{"x":347,"y":753,"width":135,"height":12}},{"id":"c0e75e7c-d88b-4b0c-8d05-8482b3457ad3","block_type":"box","text":"The Index rebalances on a monthly basis. For potential cost impacts of rebalancing, please see the","page_number":281,"box":{"x":119,"y":783,"width":760,"height":12}},{"id":"7e2a3663-f9a7-438f-a8b7-1f134b5f555c","block_type":"box","text":"section of the Prospectus headed “","page_number":281,"box":{"x":120,"y":798,"width":250,"height":12}},{"id":"ec98cab3-68ba-4e1e-95a0-93ba6dea3733","block_type":"box","text":"Index rebalancing and costs","page_number":281,"box":{"x":371,"y":798,"width":218,"height":12}},{"id":"82aa7cbe-bdb2-4e4c-bb48-0b4b5758ac80","block_type":"box","text":"”. Further information in relation to the","page_number":281,"box":{"x":590,"y":798,"width":290,"height":9}},{"id":"272ad16c-2ad1-4838-99a2-49f3f8db5e7f","block_type":"box","text":"Index, including details as to its exact composition, can be obtained at","page_number":281,"box":{"x":119,"y":813,"width":761,"height":12}},{"id":"ea8b47a1-b01c-4666-a6b8-44e4e9caf6c8","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/bloomberg-fixed-income-indices/#/ucits","page_number":281,"box":{"x":119,"y":828,"width":728,"height":12}},{"id":"b590cd34-ef83-4f0a-adac-06bc8d56d277","block_type":"box","text":".","page_number":281,"box":{"x":850,"y":836,"width":2,"height":1}},{"id":"44d43e52-9abd-468f-84c9-dc15e4a45eab","block_type":"box","text":"Other Investment Strategies","page_number":281,"box":{"x":120,"y":860,"width":221,"height":12}},{"id":"e216a4a3-126e-4fe1-be0f-0b8544968034","block_type":"box","text":"3","page_number":282,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"a188dd72-19fb-4722-b3c2-1002e703417d","block_type":"box","text":"VG001-001/M85660-892520263-23549/1","page_number":282,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"1f9550a1-2ad6-4416-b2cb-c4196a85eab8","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":282,"box":{"x":119,"y":87,"width":705,"height":12}},{"id":"e28f7127-4294-4b3b-9ea2-c15dfe3cae90","block_type":"box","text":"OTC","page_number":282,"box":{"x":827,"y":87,"width":38,"height":9}},{"id":"cf56ef3e-f8d1-4f2b-938b-05c08dbb3703","block_type":"box","text":"”)","page_number":282,"box":{"x":867,"y":87,"width":13,"height":12}},{"id":"c9ae1138-77ef-41b2-95bc-4a19801feae2","block_type":"box","text":"financial derivative instruments (“","page_number":282,"box":{"x":119,"y":102,"width":259,"height":12}},{"id":"95a6ffee-19f6-4018-b27a-e9357103318c","block_type":"box","text":"FDI","page_number":282,"box":{"x":380,"y":102,"width":31,"height":9}},{"id":"0971af66-afb2-449e-a2a9-8fb2af4a9c5b","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":282,"box":{"x":412,"y":102,"width":467,"height":12}},{"id":"64ecea78-ac80-42ff-8f8c-3db3e1444b38","block_type":"box","text":"efficient portfolio management purposes only and in accordance with","page_number":282,"box":{"x":119,"y":117,"width":511,"height":12}},{"id":"bc941d21-2e6c-4836-910e-d8ae2f0d8bcf","block_type":"box","text":"Appendix 4","page_number":282,"box":{"x":630,"y":117,"width":90,"height":12}},{"id":"3ac2b3b2-500e-44ad-b354-d33e7cd39b97","block_type":"box","text":"of the Prospectus and","page_number":282,"box":{"x":720,"y":117,"width":161,"height":12}},{"id":"53e0ef39-144b-469e-8cb5-dacbc393fb34","block_type":"box","text":"the requirements of the Central Bank. Investments in OTC FDI shall be with UCITS–eligible","page_number":282,"box":{"x":119,"y":132,"width":760,"height":12}},{"id":"e68977a2-7f20-45ab-988f-8675bdd2a954","block_type":"box","text":"counterparties that have been selected taking into account considerations including best execution and","page_number":282,"box":{"x":119,"y":147,"width":760,"height":12}},{"id":"99caef82-11a3-4414-9caf-34a39c8c026c","block_type":"box","text":"the extent of any counterparty risk exposure applying to the Fund at the time of investment.","page_number":282,"box":{"x":119,"y":162,"width":674,"height":12}},{"id":"98cdfd6c-bf41-47c7-9ebf-c8d105408327","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":282,"box":{"x":120,"y":191,"width":407,"height":12}},{"id":"f6c22af3-a2b0-4a9c-84e7-dcf76daba1c4","block_type":"box","text":"","page_number":282,"box":{"x":119,"y":223,"width":6,"height":4}},{"id":"0458b8cf-95ca-4a80-ac2b-d7e4ab509931","block_type":"box","text":"single name credit default swaps (“","page_number":282,"box":{"x":150,"y":220,"width":271,"height":12}},{"id":"5b644b77-60e8-4c90-84bc-03ba680b2e01","block_type":"box","text":"CDS","page_number":282,"box":{"x":423,"y":221,"width":35,"height":9}},{"id":"4b66d6dc-37d4-4b66-bdf4-f4816ceef07e","block_type":"box","text":"”) and","page_number":282,"box":{"x":460,"y":221,"width":47,"height":11}},{"id":"924c8285-9adf-4d46-a971-0313b7431d61","block_type":"box","text":"credit-default swap indices (for example, CDX)","page_number":282,"box":{"x":515,"y":220,"width":364,"height":12}},{"id":"d5b53ab7-b571-468e-8c4c-4b6d4c5e41eb","block_type":"box","text":"which may be used to hedge credit exposure to a particular issuer, maturity or seniority of debt","page_number":282,"box":{"x":149,"y":235,"width":730,"height":12}},{"id":"e968a85b-c646-4a0a-913a-fb761c7c59a7","block_type":"box","text":"issuance represented in the Index or, in the case of CDS indices, to a particular sector of the fixed","page_number":282,"box":{"x":149,"y":250,"width":730,"height":12}},{"id":"26202db8-1877-4cc9-ad33-c480a726d469","block_type":"box","text":"income market or to gain efficient exposure to the foregoing from a costs and/or risk perspective, for","page_number":282,"box":{"x":149,"y":265,"width":732,"height":12}},{"id":"672badea-661d-46ae-b7c6-035d38eb2587","block_type":"box","text":"example during periods of illiquidity in the bond markets;","page_number":282,"box":{"x":150,"y":280,"width":425,"height":12}},{"id":"160a6507-a5ef-49ec-8c19-dc903c8d5dfe","block_type":"box","text":"","page_number":282,"box":{"x":119,"y":312,"width":6,"height":5}},{"id":"094a8fd2-9df3-4978-b0c3-6c014ffd7734","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":282,"box":{"x":149,"y":310,"width":730,"height":12}},{"id":"bde4a8f0-3fb3-4d3c-9c42-52d010ced238","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":282,"box":{"x":150,"y":325,"width":731,"height":12}},{"id":"69a9f111-058e-4f28-a65d-9b9d30e37b05","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":282,"box":{"x":149,"y":340,"width":731,"height":12}},{"id":"70762adb-2754-409c-baba-7bf323afefa4","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":282,"box":{"x":149,"y":355,"width":729,"height":12}},{"id":"89b4c53d-4f05-4cf6-82b4-a0b7c49f32ee","block_type":"box","text":"tracking error;","page_number":282,"box":{"x":149,"y":370,"width":105,"height":12}},{"id":"8caf0322-fde6-44ac-b75d-a92dbda5b81a","block_type":"box","text":"","page_number":282,"box":{"x":119,"y":402,"width":6,"height":4}},{"id":"66e21532-cb07-4a03-8958-e4bd05aef01a","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":282,"box":{"x":149,"y":399,"width":730,"height":12}},{"id":"fc820554-d5a4-405a-bfa5-80c8b7a56427","block_type":"box","text":"portfolio; and","page_number":282,"box":{"x":149,"y":414,"width":101,"height":12}},{"id":"d7cab7d1-2c51-462c-98a8-0d0bb94330d5","block_type":"box","text":"","page_number":282,"box":{"x":119,"y":446,"width":6,"height":4}},{"id":"f447ed16-d07e-4662-aa47-f6edc9565ae1","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":282,"box":{"x":150,"y":443,"width":739,"height":12}},{"id":"3231f856-aab1-4fa3-b545-5e3f9b40b3fd","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":282,"box":{"x":149,"y":458,"width":731,"height":12}},{"id":"6621a070-f4d9-43d3-bc94-b71250685060","block_type":"box","text":"cost efficiencies.","page_number":282,"box":{"x":150,"y":474,"width":122,"height":9}},{"id":"130991fe-1a59-4bf5-8a5b-9fea25f538f0","block_type":"box","text":"See","page_number":282,"box":{"x":120,"y":503,"width":29,"height":9}},{"id":"5bc398cf-3d57-4691-ba8a-ef2d999fd6da","block_type":"box","text":"Appendix 4","page_number":282,"box":{"x":149,"y":503,"width":90,"height":12}},{"id":"f26db641-8448-4bb8-8ecd-fed3a72fc391","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":282,"box":{"x":239,"y":503,"width":642,"height":12}},{"id":"9e7a85c4-3712-4348-9489-4a9b4e5ccef6","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":282,"box":{"x":119,"y":518,"width":760,"height":12}},{"id":"a7c11cd4-7ede-44cb-b440-2a0594c1cecc","block_type":"box","text":"usage at any time. See","page_number":282,"box":{"x":119,"y":533,"width":175,"height":12}},{"id":"dccf6267-84b3-4dc4-bafc-e7ab25f13a6c","block_type":"box","text":"Appendix 4","page_number":282,"box":{"x":303,"y":533,"width":93,"height":12}},{"id":"7720f81d-256e-4518-87f1-9ba26bf1f89d","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":282,"box":{"x":397,"y":533,"width":482,"height":12}},{"id":"22a61eb2-301c-4491-8469-3a47f35f0efd","block_type":"box","text":"calculation of global exposure.","page_number":282,"box":{"x":119,"y":548,"width":226,"height":12}},{"id":"071948d7-c657-4d10-8dc7-abd655a01255","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":282,"box":{"x":119,"y":577,"width":760,"height":12}},{"id":"164d4c99-7faa-4f47-a66b-6370378f71a1","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":282,"box":{"x":119,"y":592,"width":759,"height":12}},{"id":"36855327-855f-4e21-9baa-22948389cbcc","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":282,"box":{"x":119,"y":607,"width":759,"height":12}},{"id":"87698b9f-75d0-4fa8-ad3d-9fea724e668f","block_type":"box","text":"the Company. See","page_number":282,"box":{"x":119,"y":622,"width":137,"height":12}},{"id":"2bf6f152-c0e9-4aac-b47c-5555c3407d31","block_type":"box","text":"Appendix 3","page_number":282,"box":{"x":257,"y":622,"width":89,"height":12}},{"id":"8840dd2c-768b-40ea-8182-53560f934551","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":282,"box":{"x":347,"y":622,"width":533,"height":12}},{"id":"8aeca1ad-96a6-494e-b2c0-576861a34eed","block_type":"box","text":"schemes, including other funds of the Company.","page_number":282,"box":{"x":120,"y":637,"width":356,"height":12}},{"id":"a018c874-e958-4538-9847-d06ca95cdaff","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":282,"box":{"x":119,"y":667,"width":760,"height":12}},{"id":"9f97a6cb-0b80-46ee-9a1f-7b5cc8a84b66","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":282,"box":{"x":119,"y":682,"width":760,"height":12}},{"id":"7cdb102c-bef5-4ef8-8fab-4327daaa2146","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":282,"box":{"x":119,"y":697,"width":760,"height":12}},{"id":"f0b15163-57da-4327-b9d6-a2dd0d3d528e","block_type":"box","text":"Temporary Investment Measures","page_number":282,"box":{"x":119,"y":726,"width":263,"height":12}},{"id":"a9a37f40-e725-47c6-91bc-1ef033d45ef7","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":282,"box":{"x":119,"y":760,"width":760,"height":12}},{"id":"d7e64ec4-772f-4194-849f-04d8da58c885","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":282,"box":{"x":119,"y":775,"width":760,"height":12}},{"id":"899da871-6bf2-4b80-bb23-349db37e0882","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":282,"box":{"x":119,"y":790,"width":760,"height":12}},{"id":"b0dd5e46-8e55-4894-9456-6f1e1fb02934","block_type":"box","text":"interests of Shareholders, the Fund may increase its holdings of cash and ancillary liquid assets. 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For potential cost impacts of rebalancing, please see the","page_number":291,"box":{"x":119,"y":746,"width":760,"height":12}},{"id":"69943a7c-57a0-4c63-b3e9-733852b82cf3","block_type":"box","text":"section of the Prospectus headed “","page_number":291,"box":{"x":120,"y":761,"width":250,"height":12}},{"id":"187f2b19-e634-42b8-9554-be8799668f53","block_type":"box","text":"Index rebalancing and costs","page_number":291,"box":{"x":371,"y":761,"width":218,"height":12}},{"id":"1e9885d8-05f1-4a50-b104-dfd2e55cb61d","block_type":"box","text":"”. Further information in relation to the","page_number":291,"box":{"x":590,"y":761,"width":290,"height":9}},{"id":"f3c6a10e-11cb-4485-ac77-31dfcf45e5d7","block_type":"box","text":"Index, including details as to its exact composition, can be obtained at","page_number":291,"box":{"x":119,"y":776,"width":761,"height":12}},{"id":"32c7da5c-907b-4cfb-99f1-519a3ee8e87a","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/bloomberg-fixed-income-indices/#/ucits","page_number":291,"box":{"x":119,"y":791,"width":728,"height":12}},{"id":"65aa3b0f-cb69-49ca-afa3-2db0021f9842","block_type":"box","text":".","page_number":291,"box":{"x":850,"y":798,"width":2,"height":2}},{"id":"09fd2409-a76d-467b-8900-350321b16ce4","block_type":"box","text":"Other Investment Strategies","page_number":291,"box":{"x":120,"y":820,"width":221,"height":12}},{"id":"b4768352-6416-4b29-b6c8-572a097ba98f","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":291,"box":{"x":119,"y":850,"width":705,"height":12}},{"id":"a3615cc7-6702-4fdb-850f-893085832eab","block_type":"box","text":"OTC","page_number":291,"box":{"x":827,"y":850,"width":38,"height":9}},{"id":"42ddaab9-6a55-4515-b20e-da1a8a192aed","block_type":"box","text":"”)","page_number":291,"box":{"x":867,"y":850,"width":13,"height":12}},{"id":"5a84a973-d09a-48fe-aeb9-8860300cf880","block_type":"box","text":"financial derivative instruments (“","page_number":291,"box":{"x":119,"y":865,"width":259,"height":12}},{"id":"e0a9506d-be87-446a-b033-4d59802e4016","block_type":"box","text":"FDI","page_number":291,"box":{"x":380,"y":866,"width":31,"height":8}},{"id":"c9fa9a18-a12f-4761-b064-ea74cc04a4a5","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":291,"box":{"x":412,"y":865,"width":467,"height":12}},{"id":"ec636888-1344-46d3-b31a-19b1a9de5697","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":291,"box":{"x":119,"y":880,"width":759,"height":12}},{"id":"62588f43-7ce9-4ac9-997e-415704e9f796","block_type":"box","text":"Appendix 4","page_number":291,"box":{"x":119,"y":895,"width":90,"height":12}},{"id":"b0aa838c-7605-47dd-b8b4-b402584eb061","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":291,"box":{"x":209,"y":895,"width":671,"height":12}},{"id":"87accf53-abf1-4f22-b487-d0c35d7b8485","block_type":"box","text":"3","page_number":292,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"d4b36493-bd78-435f-9b1c-ff17184a7ceb","block_type":"box","text":"VG001-001/M85660-892520263-23550/1","page_number":292,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"e5378ade-7a83-474f-ba8e-9655cadf6cdd","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":292,"box":{"x":119,"y":87,"width":759,"height":12}},{"id":"5524cb0c-4047-4348-9b9f-e68082733ccc","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":292,"box":{"x":119,"y":102,"width":759,"height":12}},{"id":"63137edf-bd28-49f5-bf58-96f9ecadc8e4","block_type":"box","text":"time of investment.","page_number":292,"box":{"x":119,"y":117,"width":147,"height":9}},{"id":"5f6ecd11-136c-48a8-a6ab-ac4ec73a5e8a","block_type":"box","text":"Specifically, the Fund may invest in the following FDI","page_number":292,"box":{"x":120,"y":146,"width":403,"height":12}},{"id":"33e15437-062b-482f-87a7-fe1a2996ffc1","block_type":"box","text":":","page_number":292,"box":{"x":525,"y":149,"width":2,"height":6}},{"id":"19e5bb24-6607-405c-a3f5-eaa71ed1b358","block_type":"box","text":"","page_number":292,"box":{"x":119,"y":178,"width":6,"height":4}},{"id":"efc1e9a9-7245-410e-9acc-0a3dc6ad0224","block_type":"box","text":"single name credit default swaps (“","page_number":292,"box":{"x":150,"y":175,"width":260,"height":12}},{"id":"525f8c7b-4ed9-40ea-b78f-8aa6a0546115","block_type":"box","text":"CDS","page_number":292,"box":{"x":412,"y":176,"width":36,"height":9}},{"id":"1e33e11e-dbe0-46a9-b56a-923df6d81e8f","block_type":"box","text":"”) and","page_number":292,"box":{"x":449,"y":175,"width":50,"height":12}},{"id":"cc364b66-7c1b-41a9-a28f-5b055483e999","block_type":"box","text":"credit-default swap indices (for example, CDX and","page_number":292,"box":{"x":500,"y":175,"width":379,"height":12}},{"id":"de339db3-5035-45a3-953f-a6033f8f49a4","block_type":"box","text":"iTraxx) which may be used to hedge credit exposure to a particular issuer, maturity or seniority of","page_number":292,"box":{"x":149,"y":190,"width":730,"height":12}},{"id":"9f294071-a4b2-40c4-be57-7e53c695ae09","block_type":"box","text":"debt issuance represented in the Index or, in the case of CDS indices, to a particular sector of the","page_number":292,"box":{"x":150,"y":205,"width":729,"height":12}},{"id":"4ccdcded-5c6a-47ae-8d6c-5556b53fd674","block_type":"box","text":"fixed income market or to gain efficient exposure to the foregoing from a costs and/or risk","page_number":292,"box":{"x":150,"y":220,"width":729,"height":12}},{"id":"5c0b7d22-c408-4def-a4bb-2386fa893887","block_type":"box","text":"perspective, for example during periods of illiquidity in the bond markets;","page_number":292,"box":{"x":149,"y":235,"width":546,"height":12}},{"id":"c661e4f5-4ec6-4aa9-aea6-42dfb754f950","block_type":"box","text":"","page_number":292,"box":{"x":119,"y":267,"width":6,"height":4}},{"id":"864b6fcd-fe73-4405-a6b6-3171cef82749","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":292,"box":{"x":149,"y":265,"width":730,"height":12}},{"id":"dcaa8735-aed4-4abc-b09c-6633a8d5d887","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":292,"box":{"x":150,"y":280,"width":731,"height":12}},{"id":"41513729-865c-4071-a4a6-7849cdd65869","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":292,"box":{"x":149,"y":295,"width":731,"height":12}},{"id":"b2787011-6d5d-4570-9af4-2973b64efd66","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":292,"box":{"x":149,"y":310,"width":729,"height":12}},{"id":"91739ec1-bcc8-4958-8e60-0e65dc7549f5","block_type":"box","text":"tracking error;","page_number":292,"box":{"x":149,"y":325,"width":105,"height":12}},{"id":"a0f226e2-7679-481b-8d99-0333319414ea","block_type":"box","text":"","page_number":292,"box":{"x":119,"y":356,"width":6,"height":5}},{"id":"ea31d334-79b3-4d28-8267-0e64b78794f9","block_type":"box","text":"FX swaps","page_number":292,"box":{"x":150,"y":355,"width":77,"height":11}},{"id":"618a63d3-22cc-432d-8955-9efc7efb075a","block_type":"box","text":"to manage exchange rate/currency risk arising in the portfolio or to benefit directly from","page_number":292,"box":{"x":227,"y":354,"width":652,"height":12}},{"id":"ff251c4d-7aee-4d3b-893e-1033ce2d1c6e","block_type":"box","text":"changes in currency exchange rates","page_number":292,"box":{"x":150,"y":369,"width":260,"height":12}},{"id":"1f390ac4-ed5f-433e-b185-37fa7c82d89b","block_type":"box","text":";","page_number":292,"box":{"x":412,"y":372,"width":2,"height":8}},{"id":"ec10b5c4-bd0f-41a9-9fa6-4ef78a663985","block_type":"box","text":"","page_number":292,"box":{"x":119,"y":401,"width":6,"height":4}},{"id":"39d5f50d-c9f5-4503-a59d-84f2118fc688","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":292,"box":{"x":149,"y":398,"width":730,"height":12}},{"id":"c78496a1-7e47-4bd6-84a0-6b0b7cd21ca3","block_type":"box","text":"portfolio;","page_number":292,"box":{"x":149,"y":413,"width":74,"height":12}},{"id":"10f2291c-dd36-4833-9bf6-67b5377651b3","block_type":"box","text":"","page_number":292,"box":{"x":119,"y":445,"width":6,"height":4}},{"id":"9b7ff043-1434-499c-9a26-859e0279f5d7","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":292,"box":{"x":150,"y":443,"width":739,"height":12}},{"id":"528f55d9-5529-48da-9fe9-94cf0024f513","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":292,"box":{"x":149,"y":458,"width":731,"height":12}},{"id":"e6b8df51-9045-495f-addc-ebcc666d3cc4","block_type":"box","text":"cost efficiencies; and","page_number":292,"box":{"x":150,"y":473,"width":159,"height":11}},{"id":"e057d9c8-378c-4ed6-8f63-c6022a8fdc58","block_type":"box","text":"","page_number":292,"box":{"x":119,"y":504,"width":6,"height":5}},{"id":"bf39180b-3f0c-4225-9d65-3eec2457df29","block_type":"box","text":"forward foreign exchange contracts, which are agreements between parties to exchange fixed","page_number":292,"box":{"x":150,"y":502,"width":729,"height":12}},{"id":"47d4962d-3e10-4c5b-a538-af546591dd80","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":292,"box":{"x":150,"y":517,"width":729,"height":12}},{"id":"441fc34d-3676-4c2f-8aa2-5ea653be94b8","block_type":"box","text":"foreign exchange contracts are similar to currency futures, except that they are not exchange-traded,","page_number":292,"box":{"x":150,"y":532,"width":730,"height":12}},{"id":"e970acef-8be8-4a0e-b21d-901dec7aebcb","block_type":"box","text":"but are instead over the counter instruments. Forward foreign exchange contracts may be used to","page_number":292,"box":{"x":149,"y":547,"width":730,"height":12}},{"id":"24053865-6ca0-45c1-b94b-4d2545cef6bd","block_type":"box","text":"manage currency exposures.","page_number":292,"box":{"x":149,"y":565,"width":214,"height":9}},{"id":"df10fd6b-42e0-4567-a6b2-df70dbd127fb","block_type":"box","text":"See","page_number":292,"box":{"x":120,"y":592,"width":29,"height":9}},{"id":"6a5f54ed-cd06-4a5b-83b0-aa0840aeccd2","block_type":"box","text":"Appendix 4","page_number":292,"box":{"x":149,"y":592,"width":90,"height":11}},{"id":"cae51679-6a88-4de9-af8b-f7c238a6ee65","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":292,"box":{"x":239,"y":591,"width":642,"height":12}},{"id":"49c5110b-0326-4d38-b86e-3880f5d48608","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":292,"box":{"x":119,"y":606,"width":760,"height":12}},{"id":"fe8c221d-f69a-4159-89dd-7f661e4206b8","block_type":"box","text":"usage at any time. See","page_number":292,"box":{"x":119,"y":622,"width":175,"height":11}},{"id":"6baec6a2-d9c5-41fe-b2cc-5fb43552e1d6","block_type":"box","text":"Appendix 4","page_number":292,"box":{"x":303,"y":622,"width":93,"height":11}},{"id":"defc656d-1724-47db-9699-790118940546","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":292,"box":{"x":397,"y":621,"width":482,"height":12}},{"id":"e55667f0-b187-4c1c-a037-f513c42c66c0","block_type":"box","text":"calculation of global exposure.","page_number":292,"box":{"x":119,"y":636,"width":226,"height":12}},{"id":"c24961bb-e441-4829-a23a-7b6df1cbaf8a","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":292,"box":{"x":119,"y":666,"width":762,"height":12}},{"id":"1561ab34-06ee-4261-b980-fd392b305501","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":292,"box":{"x":120,"y":681,"width":740,"height":12}},{"id":"66f07855-f7b1-4cc2-b300-22bb58bbb4b8","block_type":"box","text":"In addition, in tracking the performance of the Index, the Fund may, in accordance with the requirements","page_number":292,"box":{"x":119,"y":710,"width":761,"height":12}},{"id":"5e9fe30b-1e80-4103-9e88-9ef5686aa04e","block_type":"box","text":"of the Central Bank, invest in other Funds of the Company and other collective investment undertakings","page_number":292,"box":{"x":119,"y":725,"width":761,"height":12}},{"id":"8a09e1ef-e068-441a-a385-10ac8cc0b1c2","block_type":"box","text":"including exchange traded funds and undertakings linked by common management or control to each","page_number":292,"box":{"x":119,"y":740,"width":760,"height":12}},{"id":"cb63fa69-85c0-48b2-98ce-98ed02c7ac01","block_type":"box","text":"other or to the Company. See","page_number":292,"box":{"x":119,"y":755,"width":219,"height":12}},{"id":"d04cbaf1-5cda-4129-9706-9eb6a50aa624","block_type":"box","text":"Appendix 3","page_number":292,"box":{"x":339,"y":755,"width":89,"height":12}},{"id":"878b89e2-1174-4ca6-8fc7-daeac053124f","block_type":"box","text":"of the Prospectus for information on investment in collective","page_number":292,"box":{"x":429,"y":755,"width":451,"height":12}},{"id":"287da522-1154-4df9-aff1-3845865fac12","block_type":"box","text":"investment schemes, including other Funds of the Company.","page_number":292,"box":{"x":119,"y":770,"width":446,"height":12}},{"id":"9d3a043c-375d-4dbd-86b7-95e55bd0acd5","block_type":"box","text":"The Fund may also enter into reverse repurchase agreements for the purpose of efficient portfolio","page_number":292,"box":{"x":119,"y":799,"width":760,"height":12}},{"id":"62f37bd7-134f-475f-a91d-3b1aad66a66b","block_type":"box","text":"management.","page_number":292,"box":{"x":119,"y":816,"width":103,"height":10}},{"id":"2973f6a8-cb7c-4782-b0df-145129bc050f","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in","page_number":292,"box":{"x":119,"y":844,"width":639,"height":12}},{"id":"679cf490-8292-4418-8249-eaab660a28b2","block_type":"box","text":"short-term, high","page_number":292,"box":{"x":761,"y":844,"width":119,"height":12}},{"id":"a30e9e58-fbc2-465e-94c6-373587f9faf5","block_type":"box","text":"quality money market instruments (including government securities, bank certificates","page_number":292,"box":{"x":119,"y":859,"width":656,"height":12}},{"id":"4c55db57-a5ef-41be-bbf1-ddb7b22cbd5d","block_type":"box","text":"of deposits or","page_number":292,"box":{"x":776,"y":859,"width":104,"height":12}},{"id":"1f409fc7-aace-4f7d-980f-45dd111463d6","block_type":"box","text":"engage in","page_number":292,"box":{"x":119,"y":874,"width":74,"height":12}},{"id":"f69184c1-229e-476d-b97c-7e95723e591d","block_type":"box","text":"overnight repurchase agreements","page_number":292,"box":{"x":194,"y":874,"width":241,"height":12}},{"id":"ad25c226-1d56-46d3-b651-11b6f4451a69","block_type":"box","text":") and/or money market funds for cash management purposes.","page_number":292,"box":{"x":436,"y":874,"width":443,"height":12}},{"id":"7a89d343-993c-4726-81f0-7e646ac47c6f","block_type":"box","text":"Temporary Investment Measures","page_number":292,"box":{"x":119,"y":904,"width":263,"height":11}},{"id":"8368e344-ed1a-43b8-9cbd-1cf09118c9df","block_type":"box","text":"4","page_number":293,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"67e1581a-7657-463c-9596-9eb569d1484c","block_type":"box","text":"VG001-001/M85660-892520263-23550/1","page_number":293,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"3309dd28-711a-475f-a7ad-fdbf2504eaf7","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":293,"box":{"x":119,"y":102,"width":760,"height":12}},{"id":"bc351207-64c6-40af-909d-6eaf80e86524","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":293,"box":{"x":119,"y":117,"width":760,"height":12}},{"id":"a920925d-524b-4dbb-8464-a23e1e3e8101","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":293,"box":{"x":119,"y":132,"width":760,"height":12}},{"id":"2226cf6b-01e5-483c-969a-2f1c6f3352af","block_type":"box","text":"interests of Shareholders, the Fund may increase its holdings of cash and ancillary liquid assets. In doing","page_number":293,"box":{"x":119,"y":147,"width":762,"height":12}},{"id":"9eb43dd3-2d9f-4f3c-bc2f-70992c9e8c82","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":293,"box":{"x":120,"y":162,"width":760,"height":12}},{"id":"ff16bb26-ed5f-4a72-b08c-7ba6fa7758b5","block_type":"box","text":"Tracking Error","page_number":293,"box":{"x":119,"y":191,"width":123,"height":12}},{"id":"c7e94a91-8826-4016-af99-31f3d178c707","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":293,"box":{"x":119,"y":221,"width":759,"height":12}},{"id":"d9f892ab-f754-418b-9c14-b1d4ba0ccac6","block_type":"box","text":"Fund, will be up to 0.50%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":293,"box":{"x":119,"y":236,"width":760,"height":12}},{"id":"18b9e543-8145-46bf-b4f0-d3ffc28d3c76","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":293,"box":{"x":119,"y":251,"width":760,"height":12}},{"id":"ec2d9b04-a223-4af3-b922-bb19034c2aa9","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":293,"box":{"x":119,"y":266,"width":759,"height":12}},{"id":"fea214e2-e06e-4a59-a7f5-2e2d44b31257","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":293,"box":{"x":119,"y":281,"width":760,"height":12}},{"id":"ea3253ac-f8d1-4452-bd9f-dd67231197d7","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":293,"box":{"x":119,"y":296,"width":760,"height":12}},{"id":"e35c8a12-c57d-4ac7-849c-f64e346b6897","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":293,"box":{"x":119,"y":311,"width":759,"height":12}},{"id":"5dc6e29e-e4d4-47df-86b5-919abb61bdd6","block_type":"box","text":"relevant period. As the Fund matures (i.e. grows in size and subscriptions and redemptions generally","page_number":293,"box":{"x":119,"y":326,"width":760,"height":12}},{"id":"bf23198a-cd34-488f-9c6b-fb1381def8a3","block_type":"box","text":"offset each other) it is possible that Tracking Error may be reduced. 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As at the date of this","page_number":302,"box":{"x":119,"y":776,"width":762,"height":12}},{"id":"cb142509-7ea5-45b6-9c01-01fee671301f","block_type":"box","text":"Prospectus, 0.00% of the Index, as it is currently constituted, comprised such securities. The securities in","page_number":302,"box":{"x":119,"y":791,"width":761,"height":12}},{"id":"de05685b-5841-44b4-9f95-4e08313607ce","block_type":"box","text":"which the Fund will invest shall, to the extent required by the UCITS Regulations, be listed or traded on","page_number":302,"box":{"x":119,"y":807,"width":761,"height":11}},{"id":"af3b786d-ee38-4486-9460-3058b2c534c4","block_type":"box","text":"the Regulated Markets set out in","page_number":302,"box":{"x":119,"y":822,"width":244,"height":11}},{"id":"473a992f-0674-48ae-8c4b-389b91290067","block_type":"box","text":"Appendix 5","page_number":302,"box":{"x":363,"y":822,"width":90,"height":11}},{"id":"4bb998c9-890e-46b9-acdb-c7a348878452","block_type":"box","text":"of the Prospectus.","page_number":302,"box":{"x":454,"y":821,"width":135,"height":12}},{"id":"db82e8f0-b57e-4996-9139-fd43ee49afc8","block_type":"box","text":"Other Investment Strategies","page_number":302,"box":{"x":120,"y":851,"width":221,"height":12}},{"id":"8362bbfa-2100-41b9-9630-7e03e390030f","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":302,"box":{"x":119,"y":881,"width":705,"height":12}},{"id":"25395643-858e-4a57-8def-f23a3ab54ee0","block_type":"box","text":"OTC","page_number":302,"box":{"x":827,"y":881,"width":38,"height":9}},{"id":"04881828-91d5-4fd5-bc26-f1b157ce2635","block_type":"box","text":"”)","page_number":302,"box":{"x":867,"y":881,"width":13,"height":12}},{"id":"f99ef0e6-afb3-4c5b-b5a2-a23a689fbd1b","block_type":"box","text":"financial derivative instruments (“","page_number":302,"box":{"x":119,"y":896,"width":259,"height":12}},{"id":"d02697f1-38b3-4027-8a44-7fb9be4c7e59","block_type":"box","text":"FDI","page_number":302,"box":{"x":380,"y":896,"width":31,"height":9}},{"id":"e0b44bdb-fe2c-4304-9186-29017fc0551d","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":302,"box":{"x":412,"y":896,"width":467,"height":12}},{"id":"7b8a6666-1e99-4b21-8d7d-cdc5400970da","block_type":"box","text":"3","page_number":303,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"df5d29f9-05f3-4035-a271-414b9af0ff55","block_type":"box","text":"VG001-001/M85660-892520263-23551/1","page_number":303,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"6577d3c0-53d7-4f00-a44e-004c052bcf4c","block_type":"box","text":"efficient portfolio management purposes only and in accordance with","page_number":303,"box":{"x":119,"y":87,"width":511,"height":12}},{"id":"4e489264-f5a7-4a29-b8d4-b1560c953e67","block_type":"box","text":"Appendix 4","page_number":303,"box":{"x":630,"y":87,"width":90,"height":12}},{"id":"892d33ba-e91a-4cbf-a3bc-971e4d19f6a4","block_type":"box","text":"of the Prospectus and","page_number":303,"box":{"x":720,"y":87,"width":161,"height":12}},{"id":"cfe7bb1a-0d7e-4473-999e-0da0977fc747","block_type":"box","text":"the requirements of the Central Bank. Investments in OTC FDI shall be with UCITS-eligible","page_number":303,"box":{"x":119,"y":102,"width":759,"height":12}},{"id":"ebba8368-3509-4c03-bab5-51292f8846ea","block_type":"box","text":"counterparties that have been selected taking into account considerations including best execution and","page_number":303,"box":{"x":119,"y":117,"width":760,"height":12}},{"id":"7b5f75a6-b757-4cd5-a79c-72226fa639cb","block_type":"box","text":"the extent of any counterparty risk exposure applying to the Fund at the time of investment.","page_number":303,"box":{"x":119,"y":132,"width":674,"height":12}},{"id":"e4b9690e-79b8-4214-a7b4-bf50edc01130","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":303,"box":{"x":120,"y":162,"width":407,"height":12}},{"id":"c800f324-3451-4f3a-b206-bee7ed9811f2","block_type":"box","text":"","page_number":303,"box":{"x":119,"y":193,"width":6,"height":5}},{"id":"7867f455-26d3-4ebc-a4c5-2c216f9f638f","block_type":"box","text":"single name credit default swaps (“","page_number":303,"box":{"x":150,"y":191,"width":271,"height":12}},{"id":"4d6be3dc-98dd-45de-85ed-0849c8c0cef3","block_type":"box","text":"CDS","page_number":303,"box":{"x":423,"y":192,"width":35,"height":8}},{"id":"3fa5eefe-b7f6-4651-bdaa-a6ed4a667494","block_type":"box","text":"”) and","page_number":303,"box":{"x":460,"y":191,"width":47,"height":12}},{"id":"e946cf79-3b80-46ec-afad-28220dc3e581","block_type":"box","text":"credit-default swap indices (for example, CDX)","page_number":303,"box":{"x":515,"y":191,"width":364,"height":12}},{"id":"c06bcf19-a671-4db5-a099-633932f827e5","block_type":"box","text":"which may be used to hedge credit exposure to a particular issuer, maturity or seniority of debt","page_number":303,"box":{"x":149,"y":206,"width":730,"height":12}},{"id":"15b854ec-98a3-4bbc-837d-860b512635e0","block_type":"box","text":"issuance represented in the Index or, in the case of CDS indices, to a particular sector of the fixed","page_number":303,"box":{"x":149,"y":221,"width":730,"height":12}},{"id":"6aaf0e73-100d-4fd7-a0f1-bfb6b0bceac5","block_type":"box","text":"income market or to gain efficient exposure to the foregoing from a costs and/or risk perspective, for","page_number":303,"box":{"x":149,"y":236,"width":732,"height":12}},{"id":"df5fecd0-3315-4413-99d1-e7cb5a71b5a1","block_type":"box","text":"example during periods of illiquidity in the bond markets;","page_number":303,"box":{"x":150,"y":251,"width":425,"height":12}},{"id":"74c54832-14fb-42c3-a78f-26cfcd0abdbd","block_type":"box","text":"","page_number":303,"box":{"x":119,"y":283,"width":6,"height":4}},{"id":"e8b9d35f-7dc8-4f02-bbc6-81f8617c4f4b","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":303,"box":{"x":149,"y":280,"width":730,"height":12}},{"id":"06fd61fe-dd5b-48ef-a97c-72469116cefc","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":303,"box":{"x":150,"y":296,"width":731,"height":11}},{"id":"421fc30f-5808-48c6-ae70-93cc4861312f","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":303,"box":{"x":149,"y":311,"width":731,"height":12}},{"id":"6bb2782e-65fb-4bee-ab6e-f89b0945dfeb","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":303,"box":{"x":149,"y":326,"width":729,"height":12}},{"id":"697998a8-4ce5-466c-9823-c000f699a4b4","block_type":"box","text":"tracking error;","page_number":303,"box":{"x":149,"y":341,"width":105,"height":12}},{"id":"30d49114-f0a0-41f2-9d53-cd29de6ffd84","block_type":"box","text":"","page_number":303,"box":{"x":119,"y":372,"width":6,"height":5}},{"id":"50754347-391c-41b5-9d5e-89a45bee150a","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":303,"box":{"x":149,"y":370,"width":730,"height":12}},{"id":"711ccefc-dd4b-4e26-b5ec-c2b0e02d2497","block_type":"box","text":"portfolio; and","page_number":303,"box":{"x":149,"y":385,"width":101,"height":12}},{"id":"ae7d6ddf-4a53-44ba-ad0f-a88da0f3dacc","block_type":"box","text":"","page_number":303,"box":{"x":119,"y":417,"width":6,"height":4}},{"id":"e5d0b261-7e90-4c68-9c62-f66577b6764c","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":303,"box":{"x":150,"y":414,"width":739,"height":12}},{"id":"334d5658-0198-4cf3-80d3-f338baf2bc31","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":303,"box":{"x":149,"y":429,"width":731,"height":12}},{"id":"a1b6d933-4385-4728-aea9-dbb1b166bc7e","block_type":"box","text":"cost efficiencies, which may include short exposure to US treasury futures for duration hedging","page_number":303,"box":{"x":150,"y":444,"width":729,"height":12}},{"id":"979bb81d-2b9a-4b65-b3ec-a5bc80cb8778","block_type":"box","text":"purposes.","page_number":303,"box":{"x":149,"y":462,"width":75,"height":9}},{"id":"1f814524-7aed-471d-be8a-13105b4da60d","block_type":"box","text":"See","page_number":303,"box":{"x":120,"y":489,"width":29,"height":9}},{"id":"b4b66bf2-994e-4b9d-8ae6-f7d9c937b38d","block_type":"box","text":"Appendix 4","page_number":303,"box":{"x":149,"y":489,"width":90,"height":11}},{"id":"d5a2569e-3a9e-4ca5-a762-79288dfb16ba","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":303,"box":{"x":239,"y":489,"width":642,"height":11}},{"id":"a159cb4a-7ee8-4778-a12e-d5c162504398","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":303,"box":{"x":119,"y":504,"width":760,"height":12}},{"id":"96713ddf-333d-427c-81d6-934b2088fca1","block_type":"box","text":"usage at any time. See","page_number":303,"box":{"x":119,"y":519,"width":175,"height":12}},{"id":"1ea91764-a72a-4c6b-bb8d-091e55bb09d0","block_type":"box","text":"Appendix 4","page_number":303,"box":{"x":303,"y":519,"width":93,"height":12}},{"id":"8e12993d-2dd2-48a6-888d-da1a49107be2","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":303,"box":{"x":397,"y":519,"width":482,"height":12}},{"id":"8a408879-4a5a-4994-a315-704386bc2432","block_type":"box","text":"calculation of global exposure.","page_number":303,"box":{"x":119,"y":534,"width":226,"height":12}},{"id":"ffd54c22-d61d-4d47-aa20-28a1ba3dda9a","block_type":"box","text":"In addition, in tracking the performance of the Index, the Fund may, in accordance with the requirements","page_number":303,"box":{"x":119,"y":563,"width":761,"height":12}},{"id":"1a04878f-4c25-43d8-91d5-0350c3694a81","block_type":"box","text":"of the Central Bank, invest in other Funds of the Company and other collective investment undertakings","page_number":303,"box":{"x":119,"y":578,"width":761,"height":12}},{"id":"c9143ada-e735-45a5-8166-a267ccc58a0f","block_type":"box","text":"including exchange traded funds and undertakings linked by common management or control to each","page_number":303,"box":{"x":119,"y":593,"width":760,"height":12}},{"id":"61fca4d2-eb7c-4635-8260-d4793efc8f56","block_type":"box","text":"other or to the Company. See","page_number":303,"box":{"x":119,"y":608,"width":219,"height":12}},{"id":"303cd157-42ab-417e-aecf-120522eadcb1","block_type":"box","text":"Appendix 3","page_number":303,"box":{"x":339,"y":608,"width":89,"height":12}},{"id":"4bc85176-73fc-42e9-baf6-03cf265efb0a","block_type":"box","text":"of the Prospectus for information on investment in collective","page_number":303,"box":{"x":429,"y":608,"width":451,"height":12}},{"id":"7b87de3f-8883-47b4-8b15-949ebbe91917","block_type":"box","text":"investment schemes, including other Funds of the Company.","page_number":303,"box":{"x":119,"y":623,"width":446,"height":12}},{"id":"b5e03c86-a897-43f2-bd3b-a48c7e92e7be","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":303,"box":{"x":119,"y":652,"width":760,"height":12}},{"id":"e0d0ad0b-eaa3-4d3e-b303-ac95d127e443","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":303,"box":{"x":119,"y":667,"width":760,"height":12}},{"id":"cfd9d560-28a9-4047-9931-930010d130e0","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":303,"box":{"x":119,"y":682,"width":760,"height":12}},{"id":"358cad16-c774-456b-9727-87d7142eac72","block_type":"box","text":"Temporary Investment Measures","page_number":303,"box":{"x":119,"y":712,"width":263,"height":12}},{"id":"360fd0c8-bf51-4240-b832-f8df0f3e5998","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":303,"box":{"x":119,"y":741,"width":760,"height":12}},{"id":"3cf48428-12aa-46ad-bb42-f705ba7cb489","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":303,"box":{"x":119,"y":756,"width":760,"height":12}},{"id":"cc23f26e-f2bd-4539-b125-7c6d2b46fb6f","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":303,"box":{"x":119,"y":771,"width":760,"height":12}},{"id":"ce58d2f3-9ba8-4557-94b4-c66ba1562240","block_type":"box","text":"interests of Shareholders, the Fund may increase its holdings of cash and ancillary liquid assets. In doing","page_number":303,"box":{"x":119,"y":786,"width":762,"height":12}},{"id":"1cf7913d-7e28-4245-8442-a0d43b964245","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":303,"box":{"x":120,"y":801,"width":760,"height":12}},{"id":"7c53d505-86df-4df3-8566-7788cdb1e707","block_type":"box","text":"Acceptable Counterparties","page_number":303,"box":{"x":119,"y":830,"width":211,"height":12}},{"id":"d8c9b9df-6260-4f67-9779-c8cd4d66f9d1","block_type":"box","text":"The Fund may only enter into swap transactions with counterparties in accordance w","page_number":303,"box":{"x":119,"y":860,"width":603,"height":12}},{"id":"cbf959e3-628e-4605-bc18-51fd9d0f3326","block_type":"box","text":"with the requirements","page_number":303,"box":{"x":721,"y":860,"width":159,"height":12}},{"id":"1e6ca31f-c844-4dac-9823-2e6ec89ee967","block_type":"box","text":"of the Central Bank’s UCITS Regulations where a credit assessment has been undertaken. Where the","page_number":303,"box":{"x":119,"y":875,"width":760,"height":12}},{"id":"4fa4e5e5-b08a-43a3-b32b-7a641a67e9f5","block_type":"box","text":"counterparty is subject to a credit rating by any agency registered and supervised by ESMA, that rating","page_number":303,"box":{"x":119,"y":890,"width":760,"height":12}},{"id":"6d0c81d0-bd16-4a18-9a4b-b199eb631f37","block_type":"box","text":"4","page_number":304,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"a3ff739a-cd01-4ba7-8060-635e7091ffd6","block_type":"box","text":"VG001-001/M85660-892520263-23551/1","page_number":304,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"420e307b-c235-42ef-a70f-61ddfe9c8dff","block_type":"box","text":"shall be taken into account","page_number":304,"box":{"x":120,"y":87,"width":191,"height":9}},{"id":"7dc793d2-eed0-4176-b113-da38d4bca70d","block_type":"box","text":"in the","page_number":304,"box":{"x":311,"y":87,"width":48,"height":9}},{"id":"7dca504d-c225-4ed9-b237-768c2c093e93","block_type":"box","text":"credit assessment. Where a counterparty is downgraded to A-2 or below","page_number":304,"box":{"x":360,"y":87,"width":521,"height":12}},{"id":"d402a1e1-6b74-40c7-9078-3a54edb170d1","block_type":"box","text":"(or comparable rating) by such a credit rating agency, a new credit assessment in respect of the","page_number":304,"box":{"x":120,"y":102,"width":759,"height":12}},{"id":"29d1ee2d-9463-4c8c-9cc5-435218e7c5b1","block_type":"box","text":"counterparty will be undertaken without delay.","page_number":304,"box":{"x":119,"y":117,"width":350,"height":12}},{"id":"2b329083-5e73-4442-9cd4-540cc85b97b3","block_type":"box","text":"Tracking Error","page_number":304,"box":{"x":119,"y":146,"width":123,"height":12}},{"id":"cf5d3667-6d80-4126-9d8a-e17d36575ce1","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":304,"box":{"x":119,"y":176,"width":759,"height":12}},{"id":"8198343e-eff0-4d14-90ba-31a611a0d709","block_type":"box","text":"Fund, will be up to 0.30%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":304,"box":{"x":119,"y":191,"width":760,"height":12}},{"id":"5a9649a9-89eb-4650-8b34-b692e49e31a5","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":304,"box":{"x":119,"y":206,"width":760,"height":12}},{"id":"34454793-e71f-4418-9648-171247954a26","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":304,"box":{"x":119,"y":221,"width":759,"height":12}},{"id":"611bedf6-9dc0-499a-9f1c-d170f09b0687","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":304,"box":{"x":119,"y":236,"width":760,"height":12}},{"id":"3fe97bb1-d7fc-4022-b3af-f8177860c9af","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":304,"box":{"x":119,"y":251,"width":760,"height":12}},{"id":"85936b69-8592-4048-a3e6-f29eaaba2563","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":304,"box":{"x":119,"y":266,"width":759,"height":12}},{"id":"6a2fe801-8034-4060-a4da-24f43b932859","block_type":"box","text":"relevant period. As the Fund matures (i.e. grows in size and subscriptions and redemptions generally","page_number":304,"box":{"x":119,"y":281,"width":760,"height":12}},{"id":"ddbc1d67-31c7-4b0a-8d61-2c97281c32a8","block_type":"box","text":"offset each other) it is possible that Tracking Error may be reduced. Please refer to the section of the","page_number":304,"box":{"x":119,"y":296,"width":759,"height":12}},{"id":"3f2fa6fe-2a47-4b5b-b107-61e374231dd5","block_type":"box","text":"Prospectus headed “","page_number":304,"box":{"x":119,"y":311,"width":148,"height":12}},{"id":"af02ff7c-e4a8-41a3-aba2-37230d67364e","block_type":"box","text":"Plain Talk about Excess Return and Tracking Error","page_number":304,"box":{"x":268,"y":311,"width":410,"height":12}},{"id":"cb4c68c2-59ee-40db-9cf7-c47b9e3c0dd0","block_type":"box","text":"” for further information on","page_number":304,"box":{"x":679,"y":311,"width":202,"height":10}},{"id":"bb45d9a9-22f6-4d7b-888e-fc1716605a39","block_type":"box","text":"Tracking Error.","page_number":304,"box":{"x":119,"y":326,"width":113,"height":12}},{"id":"8d4e8356-f235-458c-a292-843f7d8c45bb","block_type":"box","text":"Portfolio Information","page_number":304,"box":{"x":119,"y":356,"width":170,"height":10}},{"id":"e7d70ca1-7be2-48c4-8a6c-63e0dcebaa3f","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. 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See the “","page_number":313,"box":{"x":118,"y":436,"width":141,"height":10}},{"id":"e752be2b-7cd6-4783-abf7-445c47372e9d","block_type":"box","text":"The Funds","page_number":313,"box":{"x":260,"y":436,"width":83,"height":10}},{"id":"e423dadd-5a0f-4646-a37c-3c6ba15b40bd","block_type":"box","text":"” section of the Prospectus for further information, in particular in relation","page_number":313,"box":{"x":344,"y":436,"width":537,"height":12}},{"id":"8833ec05-c12a-4432-92ee-8b81b611019a","block_type":"box","text":"to optimisation and sampling techniques used in tracking the performance of the Index.","page_number":313,"box":{"x":118,"y":451,"width":643,"height":12}},{"id":"33a0dec3-a38a-4b7f-8ea2-aefb34246dd4","block_type":"box","text":"The Index is part of the broader FTSE Global Equity Index Series, which covers 98% of the world’s","page_number":313,"box":{"x":119,"y":481,"width":760,"height":12}},{"id":"dac2a2a8-1708-433d-ac91-d030700c74aa","block_type":"box","text":"investable market capitalization, and is designed to measure the performance of large, mid and small","page_number":313,"box":{"x":119,"y":496,"width":760,"height":12}},{"id":"7f2e4881-dcbc-4f88-a974-964f8fc935f2","block_type":"box","text":"sized companies located in Germany.","page_number":313,"box":{"x":119,"y":512,"width":286,"height":11}},{"id":"26e1dc16-f327-4c8e-8bf4-3cf9d975e08e","block_type":"box","text":"Further information on the composition of the Index, including","page_number":313,"box":{"x":406,"y":511,"width":474,"height":12}},{"id":"e6862a9d-5fbc-42a8-9313-e5f8d2badcf7","block_type":"box","text":"current details as to its exact composition and methodology, may be obtained at","page_number":313,"box":{"x":119,"y":527,"width":761,"height":11}},{"id":"0c120754-da92-43b3-a932-00202edb74c1","block_type":"box","text":"https://www.ftserussell.com/products/indices/","page_number":313,"box":{"x":118,"y":541,"width":339,"height":12}},{"id":"b4aec59f-87e7-438c-8924-7025d829d64e","block_type":"box","text":"and","page_number":313,"box":{"x":457,"y":542,"width":36,"height":9}},{"id":"41183445-6650-4dd5-9f64-d13a17de9b71","block_type":"box","text":"https://www.ftserussell.com/analytics/factsheets/","page_number":313,"box":{"x":494,"y":542,"width":358,"height":11}},{"id":"4b659c13-dc07-4546-8551-3ede0389a069","block_type":"box","text":".","page_number":313,"box":{"x":853,"y":549,"width":2,"height":2}},{"id":"211d745d-d24b-41fe-9a17-ceca9e78ae6e","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":313,"box":{"x":119,"y":572,"width":760,"height":12}},{"id":"cb53bc19-83d7-4e62-bf89-d90b2498a9be","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":313,"box":{"x":119,"y":587,"width":382,"height":12}},{"id":"6b100f07-4416-47e4-89af-af6d72085a86","block_type":"box","text":"Appendix 5","page_number":313,"box":{"x":501,"y":587,"width":90,"height":11}},{"id":"04e6eff0-95f6-424b-9d6d-66182f1bbd4c","block_type":"box","text":"of the Prospectus.","page_number":313,"box":{"x":592,"y":587,"width":141,"height":11}},{"id":"d96a43c6-d45b-4ec0-af1f-b487ed145a8a","block_type":"box","text":"Other Investment Strategies","page_number":313,"box":{"x":119,"y":617,"width":221,"height":12}},{"id":"7df3c715-77a9-4f53-8df8-00692abf367f","block_type":"box","text":"In tracking the Index, the Fund may invest in FDI such as warrants, swap agreements (excluding funded","page_number":313,"box":{"x":119,"y":647,"width":763,"height":12}},{"id":"87ed4b3e-5eb6-4f00-8757-aa5e333ae061","block_type":"box","text":"swap agreements, but including total return swaps as further detailed below) and equity-linked notes","page_number":313,"box":{"x":119,"y":662,"width":760,"height":12}},{"id":"22338b41-883f-4229-a06c-78824b179081","block_type":"box","text":"(which may embed call options and/or leverage that is not expected to be material) which may be used to","page_number":313,"box":{"x":119,"y":677,"width":761,"height":12}},{"id":"7b542119-c92e-4cb6-95e3-ea8eb3ae8e42","block_type":"box","text":"gain exposure to the constituents of the Index or to the performance of the Index itself, to reduce","page_number":313,"box":{"x":119,"y":692,"width":759,"height":12}},{"id":"7a9dc9e0-0146-4e88-a167-6602db2dacc1","block_type":"box","text":"transaction costs or taxes, minimise tracking error, or to enable the Fund to gain exposure to illiquid","page_number":313,"box":{"x":118,"y":707,"width":762,"height":12}},{"id":"f5d46c25-d48a-4b40-a1be-4d9a405ce989","block_type":"box","text":"stocks or stocks which are unavailable to the Fund for direct investment due to market or regulatory","page_number":313,"box":{"x":119,"y":722,"width":760,"height":12}},{"id":"d4b762e4-3fa8-4841-b495-9dab6c40a16c","block_type":"box","text":"reasons. The Fund may invest in exchange traded futures and options contracts (typically equity index","page_number":313,"box":{"x":119,"y":737,"width":761,"height":12}},{"id":"1c0ac5e1-8566-4af6-aa08-2e44bedd0e49","block_type":"box","text":"and foreign currency) to manage cash flows on a short term basis and to achieve cost efficiencies","page_number":313,"box":{"x":119,"y":752,"width":728,"height":12}},{"id":"d3e60b15-8be9-4983-96aa-6db1d3e602dc","block_type":"box","text":", for","page_number":313,"box":{"x":850,"y":752,"width":31,"height":11}},{"id":"d39abc4f-fbd4-42d7-ad83-7d5d31b49e85","block_type":"box","text":"example,","page_number":313,"box":{"x":119,"y":767,"width":71,"height":12}},{"id":"e10bba8b-a1a9-4f2d-8453-b09e5ff41848","block_type":"box","text":"to obtain exposure to components of the Index where it is not practicable to invest directly in","page_number":313,"box":{"x":190,"y":767,"width":690,"height":12}},{"id":"5ee40bf3-29aa-4c7a-931e-a683f618069f","block_type":"box","text":"each individual component. The Fund may also invest in currency forwards and interest rate futures to","page_number":313,"box":{"x":119,"y":782,"width":760,"height":12}},{"id":"6dde7801-362c-4e5f-89cb-e540e8f4f3eb","block_type":"box","text":"protect against currency fluctuation and may invest in depository receipts including ADRs and GDRs to","page_number":313,"box":{"x":118,"y":797,"width":763,"height":12}},{"id":"3837a22b-22d2-4139-907a-3b5a594c8fff","block_type":"box","text":"gain exposure to the constituents of the Index. The Fund will not use such investments for speculative","page_number":313,"box":{"x":119,"y":812,"width":760,"height":12}},{"id":"5e439d2b-ea0c-4cea-9a4e-faf0ed19591d","block_type":"box","text":"purposes and only a limited percentage of its assets may be committed to them. The use of future","page_number":313,"box":{"x":118,"y":827,"width":762,"height":12}},{"id":"989ef33b-3966-4d5d-a442-7a13c75abc59","block_type":"box","text":"contracts ensures the Fund remains 100% invested while allowing for cash to be used for efficient","page_number":313,"box":{"x":119,"y":842,"width":761,"height":12}},{"id":"a6b3cb84-a882-4bd7-b346-0b53b8b7928e","block_type":"box","text":"portfolio management purposes (e.g. rebalancing and equitising dividend income).","page_number":313,"box":{"x":118,"y":857,"width":609,"height":12}},{"id":"f6ab997c-992c-4fed-b89d-1668de76a5f8","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":313,"box":{"x":119,"y":886,"width":761,"height":12}},{"id":"8a8818b6-f558-49dc-9bb0-3a05a266b3df","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps which manage exposures","page_number":313,"box":{"x":119,"y":901,"width":762,"height":12}},{"id":"e565627b-6549-4dc6-b701-15da42bb8ada","block_type":"box","text":"3","page_number":314,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"3ac38751-b069-45df-a89e-62e2f61b90a5","block_type":"box","text":"VG001-001/M85660-892520263-23552/1","page_number":314,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"02767802-c31f-484b-9019-c72867212c52","block_type":"box","text":"to certain individual securities, a basket of securities, or securities indices, for example in circumstances","page_number":314,"box":{"x":118,"y":86,"width":762,"height":12}},{"id":"c0b5dc96-e24f-4865-a69e-f6e6ac8c5e72","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction costs","page_number":314,"box":{"x":118,"y":101,"width":762,"height":12}},{"id":"96311139-f2ac-49c0-b88c-df52de03f8a8","block_type":"box","text":"or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error.","page_number":314,"box":{"x":119,"y":116,"width":629,"height":12}},{"id":"7e18837f-670a-41a8-8b3d-2ca2e02d38a9","block_type":"box","text":"For example, total","page_number":314,"box":{"x":748,"y":116,"width":133,"height":12}},{"id":"f19c613f-1ec6-4589-8f33-2f0cbcc2d25d","block_type":"box","text":"return swaps can be used as an alternative means to obtain economic exposure to a security if the Fund is","page_number":314,"box":{"x":119,"y":131,"width":762,"height":12}},{"id":"8c86d62a-704b-4439-a8d6-e30f25bf8279","block_type":"box","text":"required to limit its investment in a particular issuer or industry, including in the context of management","page_number":314,"box":{"x":119,"y":146,"width":762,"height":12}},{"id":"a03b66ce-e883-4945-a463-afb33f4c1e4c","block_type":"box","text":"of exposure levels to certain securities by the Vanguard Group globally.","page_number":314,"box":{"x":119,"y":161,"width":545,"height":12}},{"id":"39c1cacb-2bb2-4f89-a4e3-28e7eb8dccab","block_type":"box","text":"The Fund will not use total","page_number":314,"box":{"x":667,"y":162,"width":213,"height":9}},{"id":"3ea781b2-3c63-417f-99b2-42c37454a83d","block_type":"box","text":"return swaps to gain exposure outside of the Index.","page_number":314,"box":{"x":119,"y":176,"width":381,"height":12}},{"id":"dae17e14-19df-4ac1-af67-3f8663abf52b","block_type":"box","text":"See","page_number":314,"box":{"x":119,"y":206,"width":31,"height":9}},{"id":"e8534611-cca4-467c-b948-494b6a91aeea","block_type":"box","text":"Appendix 4","page_number":314,"box":{"x":150,"y":206,"width":91,"height":12}},{"id":"60f0de2d-b4ea-4372-8656-86f52f38ea22","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use.","page_number":314,"box":{"x":241,"y":206,"width":530,"height":12}},{"id":"6ea54010-bd7b-4bfb-bce8-93722c86e993","block_type":"box","text":"The Fund may","page_number":314,"box":{"x":773,"y":206,"width":108,"height":12}},{"id":"7ac5cdcf-2e07-4356-a242-a2e994e86222","block_type":"box","text":"enter into repurchase agreements, reverse repurchase agreements and securities lending transactions for","page_number":314,"box":{"x":119,"y":221,"width":762,"height":12}},{"id":"6131fd3d-6d9c-4143-ac5b-f395d18bd907","block_type":"box","text":"efficient portfolio management purposes.","page_number":314,"box":{"x":119,"y":236,"width":306,"height":12}},{"id":"b7cb144f-2d93-45de-b1df-9db58df99ed4","block_type":"box","text":"The Fund will not use FDI for investment purposes, and only a","page_number":314,"box":{"x":425,"y":236,"width":457,"height":12}},{"id":"4c6bbe97-f350-471a-97e5-a54d436b04ed","block_type":"box","text":"limited percentage of its assets may be committed to FDI usage at any time.","page_number":314,"box":{"x":119,"y":251,"width":585,"height":12}},{"id":"434e4f4c-4bce-4091-8c57-02ae753fb3f7","block_type":"box","text":"See","page_number":314,"box":{"x":707,"y":251,"width":31,"height":9}},{"id":"2497cf39-7a6d-4db2-b2e9-859f47a945c9","block_type":"box","text":"Appendix 4","page_number":314,"box":{"x":738,"y":251,"width":92,"height":12}},{"id":"87589fa6-d6c3-46df-ae71-ebc03043537c","block_type":"box","text":"of the","page_number":314,"box":{"x":831,"y":251,"width":49,"height":9}},{"id":"3b4950b1-ba41-4ee0-9b8d-3b51ce678c44","block_type":"box","text":"Prospectus for further information on leverage and the calculation of global exposure.","page_number":314,"box":{"x":119,"y":266,"width":632,"height":12}},{"id":"d01b0ab6-01fc-4dcf-817e-b76e128f78bc","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":314,"box":{"x":119,"y":295,"width":762,"height":12}},{"id":"9b370434-1bef-4c0f-970b-3e4d707496a4","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":314,"box":{"x":119,"y":310,"width":741,"height":12}},{"id":"ea4519bb-fd5a-4eef-a873-fe45727e80d6","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":314,"box":{"x":119,"y":339,"width":760,"height":12}},{"id":"500a1e40-27ad-4184-b43c-3c602cb134b0","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":314,"box":{"x":119,"y":354,"width":761,"height":12}},{"id":"fbf9bb0b-0507-4a15-94e1-d9caf92c9215","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":314,"box":{"x":119,"y":369,"width":760,"height":12}},{"id":"bf8e5ac5-8961-47d5-915f-65f4af84f4d4","block_type":"box","text":"the Company. See","page_number":314,"box":{"x":118,"y":385,"width":138,"height":11}},{"id":"71f944df-fa35-46dd-9a57-fd75b61e43b2","block_type":"box","text":"Appendix 3","page_number":314,"box":{"x":256,"y":385,"width":90,"height":11}},{"id":"83d71f18-8b93-48be-9f94-feb6fb1b9d25","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":314,"box":{"x":347,"y":384,"width":534,"height":12}},{"id":"77d4a3f9-5444-42c8-a346-383793b83e57","block_type":"box","text":"schemes, including other Funds of the Company.","page_number":314,"box":{"x":119,"y":400,"width":360,"height":12}},{"id":"41995f42-4d54-4fce-94a1-4ad3c850f8dd","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":314,"box":{"x":118,"y":429,"width":761,"height":12}},{"id":"bae1a5dd-adb0-48aa-a8fe-5dcc300fdf31","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":314,"box":{"x":119,"y":444,"width":761,"height":12}},{"id":"509b872e-b0d6-4d7a-8cff-b390171b5629","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":314,"box":{"x":119,"y":459,"width":761,"height":12}},{"id":"2bdc9e2e-e8d0-4332-8223-027b05837540","block_type":"box","text":"Temporary Investment Measures","page_number":314,"box":{"x":118,"y":489,"width":263,"height":11}},{"id":"d21127e0-60cd-4e09-8739-27725817d17b","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":314,"box":{"x":119,"y":517,"width":760,"height":12}},{"id":"9293bd8e-e525-41bf-a377-c1626189eef0","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":314,"box":{"x":119,"y":532,"width":760,"height":12}},{"id":"b04ea2d1-2e9c-45a4-8e73-7162ceb37f29","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":314,"box":{"x":118,"y":547,"width":762,"height":12}},{"id":"b67ce941-b6c5-4498-98ce-261bb0559484","block_type":"box","text":"interests of Shareholders, the Fund may increase its holdings of cash and ancillary liquid assets. In doing","page_number":314,"box":{"x":119,"y":562,"width":761,"height":12}},{"id":"f332d81f-e80d-4d99-88a2-6a9696a12c1b","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":314,"box":{"x":119,"y":577,"width":760,"height":13}},{"id":"7a7b77f0-695c-4027-8386-a969f71ef656","block_type":"box","text":"Tracking Error","page_number":314,"box":{"x":118,"y":607,"width":123,"height":12}},{"id":"81b2eb95-68b6-4628-b865-5ddf677bad00","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":314,"box":{"x":119,"y":641,"width":760,"height":12}},{"id":"41bc0fbf-9bce-4779-988c-671c64dc50ae","block_type":"box","text":"Fund, will be up to 0.40%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":314,"box":{"x":119,"y":656,"width":761,"height":12}},{"id":"5cc6d69c-2ae0-4fd3-929c-4752cefc78f7","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":314,"box":{"x":119,"y":671,"width":760,"height":12}},{"id":"e670ed4c-b0b2-4073-b3e5-0cc931fce36e","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":314,"box":{"x":119,"y":686,"width":760,"height":12}},{"id":"e2921ee0-5ee2-492b-b027-9e410328c2ff","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":314,"box":{"x":119,"y":701,"width":760,"height":12}},{"id":"e8df333b-89df-40f1-82d9-cd9bc1920663","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. 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The Directors accept","page_number":322,"box":{"x":119,"y":173,"width":761,"height":12}},{"id":"1037a72c-def7-4f53-a7f0-5a1af1cb3cdd","block_type":"box","text":"responsibility accordingly.","page_number":322,"box":{"x":119,"y":190,"width":195,"height":12}},{"id":"9cd95d8d-d40e-4a49-81c3-eb9291263c05","block_type":"box","text":"________________________________________________________________________________","page_number":322,"box":{"x":119,"y":217,"width":739,"height":1}},{"id":"77893038-ef50-476b-8cff-0fa5d6eacaa9","block_type":"box","text":"Capitalised terms used and not defined in this Supplement shall have the meaning given to them in the","page_number":322,"box":{"x":120,"y":237,"width":758,"height":12}},{"id":"82f0be50-32ba-4548-b81d-e878bc561c1a","block_type":"box","text":"Prospectus.","page_number":322,"box":{"x":119,"y":253,"width":89,"height":11}},{"id":"feac58b0-17c7-4ad7-a1a2-8a73f92f2442","block_type":"box","text":"VANGUARD GLOBAL AGGREGATE BOND UCITS ETF","page_number":322,"box":{"x":262,"y":328,"width":474,"height":9}},{"id":"371b5a9c-f40f-4b13-b799-a113982e0715","block_type":"box","text":"(a Fund of Vanguard Funds plc, an open-ended investment company with variable capital","page_number":322,"box":{"x":147,"y":358,"width":706,"height":12}},{"id":"f6bb0872-c8cf-4feb-ad02-b4c0537bf84d","block_type":"box","text":"structured as an umbrella fund with segregated liability between Funds)","page_number":322,"box":{"x":216,"y":380,"width":567,"height":12}},{"id":"2bd325a6-15e4-41c6-b3d4-22ec55d4810c","block_type":"box","text":"SUPPLEMENT DATED 15 OCTOBER 2026","page_number":322,"box":{"x":322,"y":441,"width":356,"height":8}},{"id":"6ee91ec2-154b-4047-8fd3-f7c02546bb00","block_type":"box","text":"TO THE PROSPECTUS FOR VANGUARD FUNDS PLC DATED 15 OCTOBER 2026","page_number":322,"box":{"x":154,"y":463,"width":691,"height":9}},{"id":"64bf8e59-cd03-4e72-8fbe-7dcd1f6a1566","block_type":"box","text":"This Supplement forms part of, and should be read in the context of, and together with, the","page_number":322,"box":{"x":119,"y":530,"width":760,"height":12}},{"id":"83cafc2b-94bb-4fe9-a75d-47125cccda30","block_type":"box","text":"Company’s Prospectus dated 15 October 2026. Investors should also refer to the Company’s latest","page_number":322,"box":{"x":120,"y":547,"width":760,"height":12}},{"id":"066a6440-9fd9-49ff-b62a-45d839e65531","block_type":"box","text":"published annual reports and audited financial statements and, if published after such report, a","page_number":322,"box":{"x":119,"y":565,"width":760,"height":12}},{"id":"0ce4a3a1-377c-4e2f-a97f-d1d9a5a29f19","block_type":"box","text":"copy of the latest semi-annual report and unaudited financial statements.","page_number":322,"box":{"x":119,"y":582,"width":573,"height":12}},{"id":"ff820b4d-bb9d-4759-9702-d10b975d9d0f","block_type":"box","text":"An investment in the Fund should be viewed as medium to long term.","page_number":322,"box":{"x":119,"y":616,"width":544,"height":12}},{"id":"2ce218fd-0eb5-49c3-95b2-46fc20e2c560","block_type":"box","text":"If you are in any doubt about the action to be taken or the contents of this Supplement, please","page_number":322,"box":{"x":119,"y":651,"width":759,"height":12}},{"id":"5a20a5f4-63ec-4a59-9716-5bfaab0b0be2","block_type":"box","text":"consult your stockbroker, bank manager, lawyer, accountant or other independent professional","page_number":322,"box":{"x":119,"y":668,"width":760,"height":12}},{"id":"a29201dd-38aa-418c-a3a2-3debf66e0e46","block_type":"box","text":"adviser.","page_number":322,"box":{"x":119,"y":685,"width":66,"height":9}},{"id":"fa123d96-c426-499e-898e-9087789e5f42","block_type":"box","text":"2","page_number":323,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"a2e31b73-a03b-470c-97dc-edb81f614e41","block_type":"box","text":"VG001-001/M85660-892520263-23553/1","page_number":323,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"7cabaf8d-e573-4d30-8d91-f6c198a0bb10","block_type":"box","text":"Benchmark Index","page_number":323,"box":{"x":119,"y":87,"width":146,"height":9}},{"id":"4a493559-4a7f-4efe-9ebb-873041c02d30","block_type":"box","text":"Bloomberg Global Aggregate Float-Adjusted and Scaled Index (the “","page_number":323,"box":{"x":119,"y":119,"width":512,"height":12}},{"id":"26b818e1-ca9d-4a0f-9173-f4008fb53e16","block_type":"box","text":"Index","page_number":323,"box":{"x":632,"y":119,"width":45,"height":9}},{"id":"d5a1a65a-d6b2-4e2c-83af-648835c493df","block_type":"box","text":"”).","page_number":323,"box":{"x":678,"y":119,"width":22,"height":12}},{"id":"a4a13b6b-345b-4220-94ed-b8c8f12d37ea","block_type":"box","text":"Investment Objective","page_number":323,"box":{"x":119,"y":149,"width":168,"height":12}},{"id":"0731390f-0574-45df-a323-88927d6ce999","block_type":"box","text":"This Fund seeks to track the performance of the Index.","page_number":323,"box":{"x":119,"y":181,"width":408,"height":12}},{"id":"d736c726-2964-4011-a670-d72fce69cb8e","block_type":"box","text":"Primary Investment Strategies","page_number":323,"box":{"x":119,"y":211,"width":241,"height":12}},{"id":"99caf71b-8e62-4d8b-84a9-9b4a03ef51e5","block_type":"box","text":"In seeking to achieve its investment objective, the Fund aims to provide a return (comprising both","page_number":323,"box":{"x":119,"y":244,"width":760,"height":12}},{"id":"ad82d57d-141e-4c08-a02e-7d11e517ae87","block_type":"box","text":"income and capital appreciation) which, before application of fees and expenses, is similar to the return","page_number":323,"box":{"x":119,"y":259,"width":762,"height":12}},{"id":"f3e00f07-98a6-4a14-a0cd-8aa5f83eced9","block_type":"box","text":"of the Index. The Fund employs a “passive management” – or indexing – investment approach, through","page_number":323,"box":{"x":119,"y":274,"width":761,"height":12}},{"id":"b829dd00-f881-4391-90f8-c894016595b7","block_type":"box","text":"physical acquisition of securities, designed to track the performance of the Index. The Index is a widely","page_number":323,"box":{"x":119,"y":289,"width":762,"height":12}},{"id":"f15fc9db-0253-4020-9771-9b6683f0db73","block_type":"box","text":"recognised benchmark designed to reflect the characteristics of the total global aggregated bond universe","page_number":323,"box":{"x":119,"y":304,"width":761,"height":12}},{"id":"4c9fa847-e4b5-4fd5-a96c-c87ab74e45a6","block_type":"box","text":"of investment grade, government, government-related agencies, corporate and securitised fixed income","page_number":323,"box":{"x":119,"y":319,"width":760,"height":12}},{"id":"b72fdd48-1078-4a8d-9e6d-aac31e933f91","block_type":"box","text":"investments with maturities greater than one year.","page_number":323,"box":{"x":119,"y":334,"width":373,"height":12}},{"id":"4a4bd84c-80f4-4646-bc6e-d376f3186602","block_type":"box","text":"In tracking the performance of the Index, the Fund will invest in a portfolio of securities including","page_number":323,"box":{"x":119,"y":363,"width":759,"height":12}},{"id":"fcd81e3c-c073-40ff-8fb8-dd46870cc3c7","block_type":"box","text":"corporate and government bonds of investment grade with a rating between AAA and BBB- (as defined","page_number":323,"box":{"x":119,"y":378,"width":762,"height":12}},{"id":"216cf8a4-e715-40a4-9259-99e4b75f2f1a","block_type":"box","text":"by the Index provider), that insofar as possible and practicable consists of a representative sample of the","page_number":323,"box":{"x":119,"y":393,"width":761,"height":12}},{"id":"4271990c-be81-4869-af00-bfeb7f16f93a","block_type":"box","text":"component securities of the Index. See the “","page_number":323,"box":{"x":119,"y":408,"width":361,"height":12}},{"id":"d3ebbae2-45c5-4a04-9934-63a8743fd493","block_type":"box","text":"The Funds","page_number":323,"box":{"x":482,"y":408,"width":89,"height":9}},{"id":"09477c24-90ae-453d-af6f-d7191d426fd6","block_type":"box","text":"” section of the Prospectus for further","page_number":323,"box":{"x":572,"y":408,"width":307,"height":12}},{"id":"db7c52c8-0336-4699-9a9c-ee6b722fb714","block_type":"box","text":"information, in particular in relation to optimisation and sampling techniques used in tracking the","page_number":323,"box":{"x":119,"y":423,"width":759,"height":12}},{"id":"b893068f-b27d-4877-bd72-b73d49a58621","block_type":"box","text":"performance of the Index.","page_number":323,"box":{"x":119,"y":438,"width":190,"height":12}},{"id":"d7aeb250-6cf7-4592-a3f6-457518f89d88","block_type":"box","text":"Where consistent with its investment objective, the Fund may also hold","page_number":323,"box":{"x":119,"y":468,"width":552,"height":11}},{"id":"7b9faa95-1ded-4376-82c2-23511e05f427","block_type":"box","text":"fixed-rate government and","page_number":323,"box":{"x":680,"y":467,"width":200,"height":12}},{"id":"a6f1638d-ea2a-4c31-9a48-dd6d982e8f0a","block_type":"box","text":"corporate bonds","page_number":323,"box":{"x":119,"y":483,"width":122,"height":11}},{"id":"7d1eb74a-7a67-45bc-9620-9d34f8d7bc24","block_type":"box","text":"that are not component securities of the Index, but whose risk and return characteristics","page_number":323,"box":{"x":241,"y":482,"width":639,"height":12}},{"id":"c64966c5-b805-4a0f-afa5-30f2607dbc8a","block_type":"box","text":"closely resemble the risk and return characteristics of constituents of the Index or of the Index as a whole.","page_number":323,"box":{"x":119,"y":497,"width":761,"height":12}},{"id":"aa94cf8d-7f4b-4f5f-8ad8-f3e28f78d5ab","block_type":"box","text":"For example, the Investment Manager may acquire newly issued bonds which meet all of the","page_number":323,"box":{"x":119,"y":512,"width":759,"height":12}},{"id":"a9ed439e-9ed6-4caf-a339-a786fb831ca5","block_type":"box","text":"requirements for inclusion in the Index in anticipation of such bonds being represented in the Index when","page_number":323,"box":{"x":119,"y":527,"width":762,"height":12}},{"id":"38550427-5274-4f91-b554-668ecd5fa735","block_type":"box","text":"it next rebalances or government bonds may be acquired as a proxy or substitute for the duration","page_number":323,"box":{"x":119,"y":543,"width":760,"height":12}},{"id":"7c9ca97e-83f2-4c77-8088-e777c9cf8ec7","block_type":"box","text":"component of the Index (being a measure of the sensitivity of the price of bonds represented in the Index","page_number":323,"box":{"x":119,"y":558,"width":762,"height":12}},{"id":"9f6f6da5-9d67-42e1-9d68-bed9a695c7c6","block_type":"box","text":"to a change in interest rates) where the duration of the government bonds is likely to resemble that of","page_number":323,"box":{"x":119,"y":573,"width":760,"height":12}},{"id":"47fc935b-19be-4648-a0be-e8b888d2dffc","block_type":"box","text":"constituents of the Index or of the Index as a whole. The Fund will not invest in floating bonds.","page_number":323,"box":{"x":119,"y":588,"width":702,"height":12}},{"id":"7a45999d-bdaa-41fa-8561-7a9d4f684995","block_type":"box","text":"The bonds in which the Fund will invest will meet the credit rating requirements of the Index (generally,","page_number":323,"box":{"x":119,"y":618,"width":761,"height":12}},{"id":"f8e5e794-a480-4c15-8395-8e48010401cb","block_type":"box","text":"investment grade). In circumstances where constituent securities of the Index that are held by the Fund","page_number":323,"box":{"x":119,"y":633,"width":761,"height":12}},{"id":"f4daaad2-ff78-489c-998c-14f5479fd844","block_type":"box","text":"are downgraded or have their rating withdrawn, such securities may continue to be held by the Fund until","page_number":323,"box":{"x":119,"y":648,"width":762,"height":12}},{"id":"efea506e-d8ec-4933-9928-bef5a9357634","block_type":"box","text":"such time as they cease to form part of the Index and the positions can be liquidated by the Investment","page_number":323,"box":{"x":120,"y":663,"width":759,"height":12}},{"id":"c6f629e6-2cef-4f3f-84cb-106b46699e82","block_type":"box","text":"Manager bearing in mind the best interests of Shareholders.","page_number":323,"box":{"x":119,"y":678,"width":445,"height":12}},{"id":"2015a85a-30d8-4203-ad5d-b56ea88dd51c","block_type":"box","text":"In tracking the Index, the Fund may on occasion invest directly in Russian securities in accordance with","page_number":323,"box":{"x":119,"y":707,"width":762,"height":12}},{"id":"76643719-37b4-4c5a-b098-5cc2b3a9a6f2","block_type":"box","text":"the weighting attributed to such securities if present in the Index. As at the date of this Prospectus, 0.00%","page_number":323,"box":{"x":119,"y":722,"width":762,"height":12}},{"id":"aff4cb61-6180-4b6e-89dc-4de36ffec378","block_type":"box","text":"of the Index, as it is currently constituted, comprised such securities. The securities in which the Fund","page_number":323,"box":{"x":119,"y":737,"width":759,"height":12}},{"id":"2bde6707-db0e-4e7d-89a7-ba9147e9f659","block_type":"box","text":"will invest shall, to the extent required by the UCITS Regulations, be listed or traded on the Regulated","page_number":323,"box":{"x":119,"y":752,"width":760,"height":12}},{"id":"4def93c3-b380-4519-8707-d6685f3a0217","block_type":"box","text":"Markets set out in","page_number":323,"box":{"x":119,"y":767,"width":137,"height":9}},{"id":"f68ba838-c170-4397-b98d-a3e5dab106e5","block_type":"box","text":"Appendix 5","page_number":323,"box":{"x":256,"y":767,"width":90,"height":12}},{"id":"9918074c-95c7-46ab-9f89-51a0e82c6e64","block_type":"box","text":"of the Prospectus.","page_number":323,"box":{"x":347,"y":767,"width":135,"height":12}},{"id":"b5ae6f06-0fb6-4893-a533-3327cad93dcc","block_type":"box","text":"The Index rebalances on a monthly basis. For potential cost impacts of rebalancing, please see the","page_number":323,"box":{"x":119,"y":797,"width":760,"height":12}},{"id":"3055f001-4848-4b2b-baa3-ac3d44e970b2","block_type":"box","text":"section of the Prospectus headed “","page_number":323,"box":{"x":120,"y":812,"width":251,"height":12}},{"id":"e55c4e80-415a-4e5e-b12d-75365d243a91","block_type":"box","text":"Index rebalancing and costs","page_number":323,"box":{"x":373,"y":812,"width":218,"height":12}},{"id":"33920da9-0ef3-4d7f-b2d9-329221847a46","block_type":"box","text":"”. Further information in relation to the","page_number":323,"box":{"x":593,"y":812,"width":287,"height":10}},{"id":"643658a0-a50c-4e4c-9592-08a5fc41bf1c","block_type":"box","text":"Index, including details as to its exact composition, can be obtained at","page_number":323,"box":{"x":119,"y":827,"width":761,"height":12}},{"id":"686e6260-82d9-487d-82c7-da5d0938a1c9","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/bloomberg-fixed-income-indices/#/ucits","page_number":323,"box":{"x":119,"y":842,"width":728,"height":12}},{"id":"1e35db45-d836-4bb2-bdcf-a57a1445d822","block_type":"box","text":".","page_number":323,"box":{"x":850,"y":850,"width":2,"height":2}},{"id":"be1758ba-1393-4f87-b88b-1e21e167cd8e","block_type":"box","text":"Other Investment Strategies","page_number":323,"box":{"x":120,"y":872,"width":221,"height":12}},{"id":"30b11e6f-9b55-4f02-813f-a392ca9dff5d","block_type":"box","text":"3","page_number":324,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"73d8f939-10c6-4409-953b-d5b45772fe96","block_type":"box","text":"VG001-001/M85660-892520263-23553/1","page_number":324,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"4d64507c-84d7-4f8f-b797-3463dee522bb","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the-counter (“","page_number":324,"box":{"x":119,"y":87,"width":705,"height":12}},{"id":"d98f8f98-0105-4232-a0b0-50be9abc1412","block_type":"box","text":"OTC","page_number":324,"box":{"x":827,"y":87,"width":38,"height":9}},{"id":"8d86f599-6922-4e87-ae9b-f237e3020447","block_type":"box","text":"”)","page_number":324,"box":{"x":867,"y":87,"width":13,"height":12}},{"id":"1e80b37f-209e-4584-b210-f0016f951381","block_type":"box","text":"financial derivative instruments (“","page_number":324,"box":{"x":119,"y":102,"width":259,"height":12}},{"id":"313e1470-7cab-4b0a-99b2-c12321b6868a","block_type":"box","text":"FDI","page_number":324,"box":{"x":380,"y":102,"width":31,"height":9}},{"id":"a0c28bb8-dc58-464d-8d69-9ebc23e24b3f","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":324,"box":{"x":412,"y":102,"width":467,"height":12}},{"id":"c41bbd22-17bd-43c0-8c24-14d90388aaeb","block_type":"box","text":"efficient portfolio management purposes only and in accordance with","page_number":324,"box":{"x":119,"y":117,"width":511,"height":12}},{"id":"a351b701-b0ce-4731-bb23-d422817f9ac2","block_type":"box","text":"Appendix 4","page_number":324,"box":{"x":630,"y":117,"width":90,"height":12}},{"id":"fc8cc6c6-7e5a-4564-a488-b750f4a46075","block_type":"box","text":"of the Prospectus and","page_number":324,"box":{"x":720,"y":117,"width":161,"height":12}},{"id":"e70878da-74ae-4418-8b98-c1bfb6a36533","block_type":"box","text":"the requirements of the Central Bank. 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See","page_number":324,"box":{"x":119,"y":473,"width":175,"height":12}},{"id":"1d8eb74d-627f-48fe-8785-3467b25642d7","block_type":"box","text":"Appendix 4","page_number":324,"box":{"x":303,"y":473,"width":93,"height":12}},{"id":"9b11985b-54bb-42e1-b38a-031d753028ac","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":324,"box":{"x":397,"y":473,"width":482,"height":12}},{"id":"9207f2b2-0c7f-4f6b-bf50-4b7c5ff51a64","block_type":"box","text":"calculation of global exposure.","page_number":324,"box":{"x":119,"y":488,"width":226,"height":12}},{"id":"6bbdcf5a-8016-442b-b2b9-8ca564b90b99","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":324,"box":{"x":119,"y":517,"width":760,"height":12}},{"id":"3f4f5e42-4d24-4813-82fe-5d645c89ed92","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":324,"box":{"x":119,"y":532,"width":759,"height":12}},{"id":"054402f8-7f25-4b49-b4ae-3550ae3800cf","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":324,"box":{"x":119,"y":547,"width":759,"height":12}},{"id":"42a21cc1-cc7a-4d82-9bcf-9087ff5b7cc1","block_type":"box","text":"the Company. See","page_number":324,"box":{"x":119,"y":562,"width":137,"height":12}},{"id":"7b62207c-5007-4e7b-a123-49e03894d989","block_type":"box","text":"Appendix 3","page_number":324,"box":{"x":257,"y":562,"width":89,"height":12}},{"id":"f2303a5f-c698-4168-8a6e-05745eccab37","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":324,"box":{"x":347,"y":562,"width":533,"height":12}},{"id":"cb3315fd-7732-4f8e-8f65-8f6ad9de8462","block_type":"box","text":"schemes, including other funds of the Company.","page_number":324,"box":{"x":120,"y":577,"width":356,"height":12}},{"id":"94f2c2b0-c2ba-4914-b18c-ba0f017abf27","block_type":"box","text":"The Fund may also enter into reverse repurchase agreements for the purpose of efficient portfolio","page_number":324,"box":{"x":119,"y":606,"width":760,"height":12}},{"id":"eb68e4d8-0007-4c4d-9045-b284279e2209","block_type":"box","text":"management.","page_number":324,"box":{"x":119,"y":623,"width":97,"height":10}},{"id":"71687e57-186e-46ea-83b3-b310bdee02b3","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":324,"box":{"x":119,"y":651,"width":760,"height":12}},{"id":"a5e329c1-b42a-4908-a480-443dd0dc18f3","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":324,"box":{"x":119,"y":666,"width":760,"height":12}},{"id":"2936cb22-c63f-47a0-a4fb-83154c7b3f06","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":324,"box":{"x":119,"y":681,"width":760,"height":12}},{"id":"c58a77f2-d23b-4a60-97d8-dea2f5dd70ae","block_type":"box","text":"Where the Fund invests in government and policy bank bonds in the Peoples Republic of China, it may","page_number":324,"box":{"x":119,"y":710,"width":762,"height":12}},{"id":"3adac243-fe71-4a59-a1b8-c16fce722f22","block_type":"box","text":"do so via the China Bond Connect.","page_number":324,"box":{"x":119,"y":727,"width":256,"height":10}},{"id":"fb021254-8fac-428c-840e-dc80a6f9a8f5","block_type":"box","text":"Temporary Investment Measures","page_number":324,"box":{"x":119,"y":762,"width":263,"height":12}},{"id":"a370e165-359c-4baa-b5b6-30dc69b23661","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":324,"box":{"x":119,"y":796,"width":760,"height":12}},{"id":"ffda02d2-9ce3-4bef-877b-3afbefe0421a","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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The annual report of the Company will","page_number":325,"box":{"x":119,"y":179,"width":760,"height":12}},{"id":"ba3fa255-9728-408e-916b-5596d2848838","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":325,"box":{"x":119,"y":194,"width":759,"height":12}},{"id":"55bd4a18-9a76-4d8d-bf7d-499e3d33530c","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “","page_number":325,"box":{"x":119,"y":209,"width":511,"height":12}},{"id":"fa7eef53-fa58-441f-887a-66c007345d25","block_type":"box","text":"Plain Talk about Excess Return","page_number":325,"box":{"x":631,"y":209,"width":249,"height":9}},{"id":"e914b1ae-0adc-4cea-8a54-0869a5e6944b","block_type":"box","text":"and Tracking Error","page_number":325,"box":{"x":119,"y":224,"width":157,"height":12}},{"id":"37de2100-b850-4e3c-929e-d5ff46fd213e","block_type":"box","text":"” for further information on Tracking Error.","page_number":325,"box":{"x":278,"y":224,"width":321,"height":12}},{"id":"0b299bf5-048d-4280-b6bc-78979fb3e08e","block_type":"box","text":"Portfolio Information","page_number":325,"box":{"x":119,"y":254,"width":170,"height":9}},{"id":"aa55dd11-e3be-4e42-b454-d6a1c0a51fe8","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. 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The Fund employs a “passive management” – or indexing – investment approach, through","page_number":333,"box":{"x":119,"y":276,"width":761,"height":12}},{"id":"c30851ec-22c7-4b47-b704-ac87adb895b7","block_type":"box","text":"physical acquisition of securities, designed to track the performance of the Index. The Index is designed","page_number":333,"box":{"x":119,"y":291,"width":762,"height":12}},{"id":"e805d884-b29c-4855-a66f-9698ba1950ea","block_type":"box","text":"to reflect the universe of publically-traded, fixed-coupon, US Dollar-denominated US Treasury","page_number":333,"box":{"x":119,"y":306,"width":761,"height":12}},{"id":"0b268a8e-e17b-4988-90cc-5a5b75365442","block_type":"box","text":"securities with maturities less than one year. The Index includes US Treasury bills, notes and bonds with","page_number":333,"box":{"x":120,"y":321,"width":761,"height":12}},{"id":"6f4086d6-a5ff-4939-b988-d7a70671624a","block_type":"box","text":"remaining maturities between one month and one year.","page_number":333,"box":{"x":119,"y":336,"width":405,"height":12}},{"id":"7a88df09-55e6-48c9-96e5-2d05777fde01","block_type":"box","text":"In tracking the performance of the Index, the Fund will invest in a portfolio of fixed-rate, short-term US","page_number":333,"box":{"x":119,"y":365,"width":761,"height":12}},{"id":"58e6cd1f-f962-4124-87e8-8345fbf5defb","block_type":"box","text":"Dollar-denominated US Treasury securities that so far as possible and practicable consists of a","page_number":333,"box":{"x":119,"y":380,"width":760,"height":12}},{"id":"6feb35df-0270-42c3-bd00-f566133953f2","block_type":"box","text":"representative sample of the component securities of the Index. See the “","page_number":333,"box":{"x":119,"y":395,"width":555,"height":12}},{"id":"77a4ad73-46dd-4e46-9a0a-46b57d30fa69","block_type":"box","text":"The Funds","page_number":333,"box":{"x":677,"y":395,"width":86,"height":10}},{"id":"5f76c25a-526a-4363-838a-0f71d3fe40a1","block_type":"box","text":"” section of the","page_number":333,"box":{"x":764,"y":395,"width":116,"height":10}},{"id":"86190ff4-bf5e-4ba4-aa49-106a25bfafe4","block_type":"box","text":"Prospectus for further information, in particular in relation to optimisation and sampling techniques used","page_number":333,"box":{"x":119,"y":410,"width":762,"height":12}},{"id":"7b94b59d-f32c-4f5d-91b5-1d62daf1bf3f","block_type":"box","text":"in tracking the performance of the Index.","page_number":333,"box":{"x":119,"y":425,"width":302,"height":12}},{"id":"ad176bd5-210f-401e-8904-5c4be740018a","block_type":"box","text":"Where consistent with its investment objective, the Fund may also hold","page_number":333,"box":{"x":119,"y":455,"width":520,"height":12}},{"id":"a1a0b7df-52ee-4138-96ef-1e52586932ad","block_type":"box","text":"fixed-rate US Treasury securities","page_number":333,"box":{"x":640,"y":455,"width":240,"height":12}},{"id":"7c895bef-423a-47f4-9dfa-02145ff80425","block_type":"box","text":"that are not components of the Index, but whose risk and return characteristics closely resemble risk and","page_number":333,"box":{"x":119,"y":470,"width":761,"height":12}},{"id":"4f599a07-d6cf-466b-8cee-be0f52ed00f7","block_type":"box","text":"return characteristics of constituents of the Index or of the Index as a whole. For example, the Investment","page_number":333,"box":{"x":119,"y":485,"width":762,"height":12}},{"id":"68d1e32b-2b3b-401b-acef-cb85055b864f","block_type":"box","text":"Manager may acquire newly issued securities which meet all of the requirements for inclusion in the","page_number":333,"box":{"x":119,"y":500,"width":759,"height":12}},{"id":"22433380-85b9-4292-86c6-bd1554e37ed3","block_type":"box","text":"Index in anticipation of such securities being represented in the Index when it next rebalances.","page_number":333,"box":{"x":119,"y":515,"width":695,"height":12}},{"id":"4ae02e2e-9f1a-4b79-9936-4ec92a995943","block_type":"box","text":"The securities in which the Fund will invest will meet the credit rating requirements of the Index","page_number":333,"box":{"x":119,"y":545,"width":760,"height":12}},{"id":"6a699a90-625f-4c50-90ce-6cc49ce476a6","block_type":"box","text":"(generally, investment grade). In circumstances where constituent securities of the Index that are held by","page_number":333,"box":{"x":120,"y":560,"width":760,"height":12}},{"id":"91c7d4e6-c4d3-473b-bd0a-ac95faed4f01","block_type":"box","text":"the Fund are downgraded or have their rating withdrawn, such securities may continue to be held by the","page_number":333,"box":{"x":119,"y":575,"width":761,"height":12}},{"id":"578be6de-ef10-4add-8ed5-f59eade6079a","block_type":"box","text":"Fund until such time as they cease to form part of the Index and the positions can be liquidated by the","page_number":333,"box":{"x":119,"y":590,"width":760,"height":12}},{"id":"abf0519a-4057-4281-883c-62f5a7b494e1","block_type":"box","text":"Investment Manager bearing in mind the best interests of Shareholders.","page_number":333,"box":{"x":119,"y":605,"width":531,"height":12}},{"id":"3dfd8fd1-04b3-4864-b379-3ac04af15156","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":333,"box":{"x":119,"y":634,"width":759,"height":12}},{"id":"fe18f486-0bed-4fe2-b63d-3fdd5b57276d","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":333,"box":{"x":119,"y":649,"width":382,"height":12}},{"id":"f2f9c3a9-908c-4f37-8568-0c44d825e234","block_type":"box","text":"Appendix 5","page_number":333,"box":{"x":502,"y":649,"width":90,"height":12}},{"id":"1b15c9c2-a474-42a2-b90d-c6c4346c2a29","block_type":"box","text":"of the Prospectus.","page_number":333,"box":{"x":592,"y":649,"width":136,"height":12}},{"id":"421389b5-a36b-4939-8162-cc929b2f3104","block_type":"box","text":"The Index rebalances on a monthly basis. For potential cost impacts of rebalancing, please see the","page_number":333,"box":{"x":119,"y":678,"width":760,"height":12}},{"id":"3a103c9f-0086-4618-ae97-e5747f5a9549","block_type":"box","text":"section of the Prospectus headed “","page_number":333,"box":{"x":120,"y":693,"width":250,"height":12}},{"id":"01b84951-ee09-4cc8-9f83-2e46c2996bc5","block_type":"box","text":"Index rebalancing and costs","page_number":333,"box":{"x":371,"y":694,"width":218,"height":11}},{"id":"7ad0c19b-7c19-4416-9041-409e086cf99d","block_type":"box","text":"”. Further information in relation to the","page_number":333,"box":{"x":590,"y":693,"width":290,"height":10}},{"id":"eb2d4ff1-e13d-4351-a1ef-434e9d25cc92","block_type":"box","text":"Index, including details as to its exact composition, can be obtained at","page_number":333,"box":{"x":119,"y":709,"width":761,"height":11}},{"id":"9976420d-25bf-4de4-a64b-06a5b523bd0a","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/bloomberg-fixed-income-indices/#/ucits","page_number":333,"box":{"x":119,"y":723,"width":728,"height":12}},{"id":"c2e95977-5ee1-47db-95f2-c416f78c701b","block_type":"box","text":".","page_number":333,"box":{"x":850,"y":731,"width":2,"height":2}},{"id":"b8b51fd9-d986-4cc9-8dc7-f4f6a9e45c4c","block_type":"box","text":"Other Investment Strategies","page_number":333,"box":{"x":120,"y":756,"width":221,"height":12}},{"id":"324816c4-1c27-4966-8a12-c0886df36a8c","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":333,"box":{"x":119,"y":790,"width":705,"height":12}},{"id":"e1be1609-4a0d-45ef-8989-dabd23540aa1","block_type":"box","text":"OTC","page_number":333,"box":{"x":827,"y":791,"width":38,"height":8}},{"id":"ee9ed36e-364b-4172-a23e-de093b0e4cd2","block_type":"box","text":"”)","page_number":333,"box":{"x":867,"y":790,"width":13,"height":12}},{"id":"5df7168b-f379-4ec5-872d-25bd9ff332c9","block_type":"box","text":"financial derivative instruments (“","page_number":333,"box":{"x":119,"y":805,"width":259,"height":12}},{"id":"3f6c9556-371e-4a57-a947-6ce49a9c578e","block_type":"box","text":"FDI","page_number":333,"box":{"x":380,"y":806,"width":31,"height":8}},{"id":"f4b9cfbc-5da8-4405-aba3-b18f1e50ebc7","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":333,"box":{"x":412,"y":805,"width":467,"height":12}},{"id":"06bc6d5b-d27e-40d8-84e5-21f24a678a5e","block_type":"box","text":"efficient portfolio management purposes only and in accordance with","page_number":333,"box":{"x":119,"y":820,"width":511,"height":12}},{"id":"5e2939a4-f9b5-4f92-b81c-ab77729aae00","block_type":"box","text":"Appendix 4","page_number":333,"box":{"x":630,"y":820,"width":90,"height":12}},{"id":"ea54a267-1600-46d0-80fc-91bfc602d6e4","block_type":"box","text":"of the Prospectus and","page_number":333,"box":{"x":720,"y":820,"width":161,"height":12}},{"id":"bc61c228-4775-47d4-830e-ffc8b6b87f61","block_type":"box","text":"the requirements of the Central Bank. Investments in OTC FDI shall be with UCITS-eligible","page_number":333,"box":{"x":119,"y":835,"width":759,"height":12}},{"id":"1e1cc5e8-288b-4800-8faf-5ab98163e59e","block_type":"box","text":"counterparties that have been selected taking into account considerations including best execution and","page_number":333,"box":{"x":119,"y":850,"width":760,"height":12}},{"id":"9a087043-b28c-43ce-8c52-847c50b1a1e3","block_type":"box","text":"the extent of any counterparty risk exposure applying to the Fund at the time of investment.","page_number":333,"box":{"x":119,"y":865,"width":674,"height":12}},{"id":"85b34d3d-ff72-4d07-b635-d2e700588358","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":333,"box":{"x":120,"y":895,"width":407,"height":12}},{"id":"89a73a62-3e12-4532-8d33-012fce397c05","block_type":"box","text":"3","page_number":334,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"c1ec8d6c-f2fc-47d8-9aba-483591a22242","block_type":"box","text":"VG001-001/M85660-892520263-23554/1","page_number":334,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"817d10cc-9b67-456b-b2b6-259ec3401d5e","block_type":"box","text":"","page_number":334,"box":{"x":119,"y":89,"width":6,"height":4}},{"id":"7a9c15df-e30c-40a4-b5ac-0a792c8e9a70","block_type":"box","text":"forward foreign exchange contracts which are agreements between parties to exchange fixed","page_number":334,"box":{"x":150,"y":87,"width":729,"height":12}},{"id":"ace962f9-30a0-42eb-a748-ba4b8c0598e2","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. 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They differ from standard forward foreign exchange contracts in that at least one","page_number":334,"box":{"x":149,"y":162,"width":731,"height":12}},{"id":"89791a78-dac9-4b85-92fe-c84aaaa109b4","block_type":"box","text":"of the currencies in the transaction is not permitted to be delivered in settlement of any profit or loss","page_number":334,"box":{"x":150,"y":177,"width":730,"height":12}},{"id":"b8366dfd-7d46-4b87-86a3-83c7bbb5dda0","block_type":"box","text":"resulting from the transaction. Typically, profit or loss in this case will be delivered in US Dollars or","page_number":334,"box":{"x":149,"y":192,"width":731,"height":12}},{"id":"58693874-bb68-4201-987a-449ecb03f82d","block_type":"box","text":"Euro;","page_number":334,"box":{"x":150,"y":208,"width":39,"height":10}},{"id":"b315f16c-edd4-4333-86f3-b9f4e151ccf1","block_type":"box","text":"","page_number":334,"box":{"x":119,"y":239,"width":6,"height":4}},{"id":"6193f6e7-fa7e-4a2d-998f-6658f0f850ca","block_type":"box","text":"single name credit default swaps (“","page_number":334,"box":{"x":150,"y":236,"width":271,"height":12}},{"id":"636d8cc1-0d6b-4966-8240-13c0720029d7","block_type":"box","text":"CDS","page_number":334,"box":{"x":423,"y":237,"width":35,"height":8}},{"id":"62ecca6a-a7af-4545-915f-9f9fad56339c","block_type":"box","text":"”) and","page_number":334,"box":{"x":460,"y":236,"width":47,"height":12}},{"id":"d367539e-7d14-460c-8aab-ff930c84859c","block_type":"box","text":"credit-default swap indices (for example, CDX)","page_number":334,"box":{"x":515,"y":236,"width":364,"height":12}},{"id":"5d92f09c-c3f1-46db-a93e-a0cd6a52e2d4","block_type":"box","text":"which may be used to hedge credit exposure to a particular issuer, maturity or seniority of debt","page_number":334,"box":{"x":149,"y":251,"width":730,"height":12}},{"id":"f8196826-e033-4b0a-9982-686904ca42df","block_type":"box","text":"issuance represented in the Index or, in the case of CDS indices, to a particular sector of the fixed","page_number":334,"box":{"x":149,"y":266,"width":730,"height":12}},{"id":"a4d13443-7e76-4460-9a6d-114ae74d37f3","block_type":"box","text":"income market or to gain efficient exposure to the foregoing from a costs and/or risk perspective, for","page_number":334,"box":{"x":149,"y":281,"width":732,"height":12}},{"id":"6d8c9270-d6cc-4e23-860d-e92ca048aa18","block_type":"box","text":"example during periods of illiquidity in the bond markets;","page_number":334,"box":{"x":150,"y":296,"width":425,"height":12}},{"id":"54f93751-35e9-4112-a134-4d1b765575f1","block_type":"box","text":"","page_number":334,"box":{"x":119,"y":328,"width":6,"height":4}},{"id":"2d9142f7-0fae-4282-a6a9-b45ba8e43f9b","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":334,"box":{"x":149,"y":326,"width":730,"height":12}},{"id":"a635dd8b-ecef-4f20-b9fe-3b393b22857f","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":334,"box":{"x":150,"y":341,"width":731,"height":12}},{"id":"a99a6de7-6908-4ce8-b1c1-68d8de9490d0","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":334,"box":{"x":149,"y":356,"width":731,"height":12}},{"id":"f877aa21-e9d9-40c7-9873-106a60402cf7","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":334,"box":{"x":149,"y":371,"width":729,"height":12}},{"id":"04aa86cc-62fa-4381-bf1a-d9397d38a681","block_type":"box","text":"tracking error;","page_number":334,"box":{"x":149,"y":386,"width":105,"height":12}},{"id":"932aa064-5f37-491c-83a5-f09c444043fc","block_type":"box","text":"","page_number":334,"box":{"x":119,"y":417,"width":6,"height":5}},{"id":"abeb573a-af01-4672-9307-9f967c487c5b","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":334,"box":{"x":149,"y":415,"width":730,"height":12}},{"id":"14a3100d-6b84-4131-b745-92d285fc24fa","block_type":"box","text":"portfolio; and","page_number":334,"box":{"x":149,"y":430,"width":101,"height":12}},{"id":"feb2647e-f075-4cad-a2fd-b984b04312d5","block_type":"box","text":"","page_number":334,"box":{"x":119,"y":462,"width":6,"height":4}},{"id":"b05c16d5-605e-4c56-88ff-422050767abb","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":334,"box":{"x":150,"y":459,"width":739,"height":12}},{"id":"2cafb9ed-9fea-488f-8c0e-ad405213a229","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":334,"box":{"x":149,"y":474,"width":731,"height":12}},{"id":"4699c6a4-e58b-4914-a291-d501fa0660c8","block_type":"box","text":"cost efficiencies.","page_number":334,"box":{"x":150,"y":489,"width":122,"height":10}},{"id":"84fb237f-a41b-4f30-838c-ff632d3666cb","block_type":"box","text":"See","page_number":334,"box":{"x":120,"y":519,"width":29,"height":9}},{"id":"457e863c-4fe8-4301-a9c8-6756010936a5","block_type":"box","text":"Appendix 4","page_number":334,"box":{"x":149,"y":519,"width":90,"height":12}},{"id":"9108eebe-fd5f-4b3e-9d8c-c4c5bd10cca5","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":334,"box":{"x":239,"y":519,"width":642,"height":12}},{"id":"6f75aacc-ca36-4db7-9d6f-f121809cda7e","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":334,"box":{"x":119,"y":534,"width":760,"height":12}},{"id":"33eca471-7568-4779-93b4-6c4ba419c637","block_type":"box","text":"usage at any time. See","page_number":334,"box":{"x":119,"y":549,"width":175,"height":12}},{"id":"5182b999-398f-4a3f-9cbc-8d5eebfd7860","block_type":"box","text":"Appendix 4","page_number":334,"box":{"x":303,"y":549,"width":93,"height":12}},{"id":"593e8a41-b09b-4f78-b294-9e1ab4861c67","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":334,"box":{"x":397,"y":549,"width":482,"height":12}},{"id":"d252eb7b-f136-43c4-89c4-8a60db3f900d","block_type":"box","text":"calculation of global exposure.","page_number":334,"box":{"x":119,"y":564,"width":226,"height":12}},{"id":"c724d288-5205-4647-8032-6b4144a8f7f2","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":334,"box":{"x":119,"y":593,"width":762,"height":12}},{"id":"96e89e11-c6a3-41f3-af30-01609a74fe80","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":334,"box":{"x":120,"y":608,"width":740,"height":12}},{"id":"48ce361c-f14b-445a-b791-478e65a318ea","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":334,"box":{"x":119,"y":637,"width":760,"height":12}},{"id":"98d49060-a88e-40e1-b970-14bc887e35c2","block_type":"box","text":"Bank, invest up to 10% of its net assets","page_number":334,"box":{"x":119,"y":652,"width":289,"height":12}},{"id":"fa449f91-6daa-421c-a1ff-1413caba710d","block_type":"box","text":"in other Funds of the Company and other collective investment","page_number":334,"box":{"x":414,"y":652,"width":466,"height":12}},{"id":"d715e2c0-8026-4c74-b738-1b32493d02e2","block_type":"box","text":"undertakings including exchange traded funds and undertakings linked by common management or","page_number":334,"box":{"x":119,"y":667,"width":760,"height":12}},{"id":"e0aaf7f0-82dc-4f25-b3cd-8051af8357e2","block_type":"box","text":"control to each other or to the Company. See","page_number":334,"box":{"x":119,"y":682,"width":361,"height":12}},{"id":"2fe682e9-85aa-4ff6-8cee-13f783924abc","block_type":"box","text":"Appendix 3","page_number":334,"box":{"x":490,"y":682,"width":93,"height":12}},{"id":"1b3f6e29-3aad-4577-a704-b7659dbb0e31","block_type":"box","text":"of the Prospectus for information on","page_number":334,"box":{"x":584,"y":682,"width":296,"height":12}},{"id":"b1e49691-f2ab-44b0-a72c-1bd28f6995d4","block_type":"box","text":"investment in collective investment schemes, including other funds of the Company.","page_number":334,"box":{"x":119,"y":697,"width":623,"height":12}},{"id":"49dc961d-3520-45a8-b263-5202811c00bc","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":334,"box":{"x":119,"y":727,"width":760,"height":12}},{"id":"ce8fb075-8571-4571-bfec-fcd52543c65c","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":334,"box":{"x":119,"y":742,"width":760,"height":12}},{"id":"671fa6c7-7d62-41e0-9bab-6bd488bb7f41","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":334,"box":{"x":119,"y":757,"width":760,"height":12}},{"id":"87779d0b-e4a1-4da6-9871-5954dbcdb754","block_type":"box","text":"4","page_number":335,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"534c7f43-7b41-4f76-8151-22550f125678","block_type":"box","text":"VG001-001/M85660-892520263-23554/1","page_number":335,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"b661bf4c-fa7b-4dde-9318-4a2f1c6fcd0d","block_type":"box","text":"Temporary Investment Measures","page_number":335,"box":{"x":119,"y":87,"width":263,"height":12}},{"id":"b1be4ef7-2e46-4ac4-b831-26c754f5d5ac","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":335,"box":{"x":119,"y":121,"width":760,"height":12}},{"id":"8815fbf6-f6ad-4e41-a943-00d408531a4f","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":335,"box":{"x":119,"y":136,"width":760,"height":12}},{"id":"f310c4b8-1883-49ba-8de5-f3784c352e10","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":335,"box":{"x":119,"y":151,"width":760,"height":12}},{"id":"04b014a8-b741-447c-a783-7c26cd2366db","block_type":"box","text":"interests of Shareholders, the Fund may increase its holdings of cash and ancillary liquid assets. In doing","page_number":335,"box":{"x":119,"y":166,"width":762,"height":12}},{"id":"075deaea-c35d-4a8f-9a43-317eb5dfe98b","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":335,"box":{"x":120,"y":181,"width":760,"height":12}},{"id":"6bbdeb70-7570-4059-8d0f-fd67979a49a3","block_type":"box","text":"Tracking Error","page_number":335,"box":{"x":119,"y":211,"width":123,"height":12}},{"id":"c5a91498-595e-411f-8510-7f0d1f1ea687","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":335,"box":{"x":119,"y":245,"width":759,"height":12}},{"id":"477ae2d5-a951-4d83-8ba3-14b5c067d73a","block_type":"box","text":"Fund, will be up to 0.20%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":335,"box":{"x":119,"y":260,"width":760,"height":12}},{"id":"e9c6c08d-b16b-4866-b242-31323724c055","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":335,"box":{"x":119,"y":275,"width":760,"height":12}},{"id":"b899053b-1fb0-4382-b436-eb24ea2b5b62","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":335,"box":{"x":119,"y":290,"width":759,"height":12}},{"id":"8b9ae5fe-6d5e-4571-9dc2-3e8cbda4218a","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":335,"box":{"x":119,"y":305,"width":760,"height":12}},{"id":"13f81998-33c5-409c-8f03-0c98c02d385d","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":335,"box":{"x":119,"y":320,"width":760,"height":12}},{"id":"6ded0eea-a1d4-4222-8664-a2d1ea345979","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":335,"box":{"x":119,"y":335,"width":759,"height":12}},{"id":"16aef8a4-b15c-4017-888e-84ac22f9db76","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “","page_number":335,"box":{"x":119,"y":350,"width":511,"height":12}},{"id":"e894ed69-1999-41a7-8e2e-f80f0adc8c79","block_type":"box","text":"Plain Talk about Excess Return","page_number":335,"box":{"x":631,"y":350,"width":249,"height":9}},{"id":"fd2d747b-ab39-4a86-b4bb-9420d27994e6","block_type":"box","text":"and Tracking Error","page_number":335,"box":{"x":119,"y":365,"width":157,"height":12}},{"id":"141d7a81-ed36-4d38-9da0-8adc2503820e","block_type":"box","text":"” for further information on Tracking Error.","page_number":335,"box":{"x":278,"y":365,"width":321,"height":12}},{"id":"af9a0ebf-7239-43e6-94ff-e789673f2960","block_type":"box","text":"Portfolio Information","page_number":335,"box":{"x":119,"y":395,"width":170,"height":10}},{"id":"470cc818-5f91-41ae-becb-5135669cc17e","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. This file contains a","page_number":335,"box":{"x":119,"y":430,"width":761,"height":12}},{"id":"296e54d0-5143-47da-97b0-b8cf19c31230","block_type":"box","text":"basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":335,"box":{"x":119,"y":445,"width":760,"height":12}},{"id":"3b191f8f-0594-4f99-ba0c-2deb6b7ca43e","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":335,"box":{"x":119,"y":460,"width":759,"height":12}},{"id":"0e675aba-94e4-4f1a-b0af-81e3a65990f1","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":335,"box":{"x":119,"y":475,"width":364,"height":12}},{"id":"1b0d0355-d7db-42dc-955b-04a54d1adbbf","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":335,"box":{"x":119,"y":504,"width":450,"height":12}},{"id":"ffed81f8-dac8-4a52-8cf6-7e6c4dbe9bca","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":335,"box":{"x":570,"y":504,"width":310,"height":12}},{"id":"f0fb8910-bb9f-4ddc-928f-f632d53d186c","block_type":"box","text":"holdings-disclosure-policy.pdf","page_number":335,"box":{"x":119,"y":519,"width":226,"height":12}},{"id":"6176e79c-9b38-40a1-a314-1999598d5604","block_type":"box","text":", including details of the periodic disclosure of full holdings.","page_number":335,"box":{"x":346,"y":519,"width":444,"height":12}},{"id":"ecaa2439-7ea0-45b4-aa7e-9673d44afab3","block_type":"box","text":"Primary Risks","page_number":335,"box":{"x":119,"y":548,"width":114,"height":12}},{"id":"83067c32-72d3-4f6d-8155-377b4a21e5d2","block_type":"box","text":"Please refer to the section of the Prospectus entitled “","page_number":335,"box":{"x":119,"y":581,"width":401,"height":12}},{"id":"c38e21fb-4bcc-4ed8-8648-b3a0789ea4f7","block_type":"box","text":"Risk Factors","page_number":335,"box":{"x":522,"y":581,"width":100,"height":9}},{"id":"dd2c5d8d-83bf-499a-910b-c67fc51c81ff","block_type":"box","text":"” for information in relation to the","page_number":335,"box":{"x":623,"y":581,"width":257,"height":9}},{"id":"a8866b34-0190-47d3-b0c3-cd5a98ef9e6c","block_type":"box","text":"risks applicable to an investment in the Company, including any investment in the Fund,","page_number":335,"box":{"x":119,"y":596,"width":662,"height":12}},{"id":"3ba35dc1-f1cb-4652-bdf5-827e91cc752a","block_type":"box","text":"including the","page_number":335,"box":{"x":784,"y":596,"width":96,"height":12}},{"id":"fc20f5ff-8dea-413d-83d1-96fda77317d6","block_type":"box","text":"risk factors entitled “Index Tracking Risk”, “Concentration Risk”, “Country Risk” and “","page_number":335,"box":{"x":119,"y":611,"width":680,"height":12}},{"id":"f2be78f1-7fbb-4b83-89fd-385e9dfd0403","block_type":"box","text":"Credit and","page_number":335,"box":{"x":801,"y":611,"width":79,"height":9}},{"id":"f6d2598e-793f-4dd5-bb0f-d2b58973e182","block_type":"box","text":"Fixed Interest Securities","page_number":335,"box":{"x":119,"y":626,"width":178,"height":9}},{"id":"ce377d4c-2bc5-42d3-88a3-8a56482ea100","block_type":"box","text":"”","page_number":335,"box":{"x":299,"y":626,"width":7,"height":4}},{"id":"ae39e8bf-4212-41ed-a289-34d3fc4a1196","block_type":"box","text":".","page_number":335,"box":{"x":308,"y":633,"width":2,"height":2}},{"id":"8f813946-4e71-4318-a8a5-ff9f163e845d","block_type":"box","text":"Currency Hedging Policy","page_number":335,"box":{"x":120,"y":656,"width":199,"height":12}},{"id":"edc90af4-1eb3-469b-8605-0b069765aa9b","block_type":"box","text":"FDI will be used for currency hedging purposes for classes denominated in currencies other than the","page_number":335,"box":{"x":119,"y":686,"width":760,"height":12}},{"id":"36e4114d-3b66-4ed0-a874-95b7dec5c6fc","block_type":"box","text":"Base Currency of the Fund. Please see the section of the Prospectus headed “Currency Hedging at Share","page_number":335,"box":{"x":119,"y":701,"width":762,"height":12}},{"id":"8fedd2aa-42a5-4f9f-b686-75d28d9f8c44","block_type":"box","text":"Class Level” for further details.","page_number":335,"box":{"x":120,"y":716,"width":231,"height":9}},{"id":"77bcbc75-2ac7-4f0f-91d8-492cfa0cfe2c","block_type":"box","text":"Fund Details","page_number":335,"box":{"x":119,"y":746,"width":105,"height":9}},{"id":"c5df5506-72af-42b1-8904-f9a72d0eaa7d","block_type":"box","text":"Investment Manager","page_number":335,"box":{"x":119,"y":781,"width":152,"height":11}},{"id":"220fbf81-2135-4480-a4b8-4a14e0fc04b6","block_type":"box","text":":","page_number":335,"box":{"x":273,"y":783,"width":2,"height":7}},{"id":"cafe0d28-3e73-4c4b-9e99-abadfe30c48f","block_type":"box","text":"Vanguard Global Advisers, 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Investors should also refer to the Company’s latest","page_number":343,"box":{"x":120,"y":495,"width":760,"height":12}},{"id":"83f53eb1-7aa7-4832-b521-3e04facf5fa6","block_type":"box","text":"published annual reports and audited financial statements and, if published after such report, a","page_number":343,"box":{"x":119,"y":512,"width":760,"height":12}},{"id":"77b6c1d2-e428-4bcb-90e6-8244532f535c","block_type":"box","text":"copy of the latest semi-annual report and unaudited financial statements.","page_number":343,"box":{"x":119,"y":529,"width":573,"height":12}},{"id":"98e9a582-8821-47f7-b1b9-09349d5783eb","block_type":"box","text":"If you are in any doubt about the action to be taken or the contents of this supplement, please","page_number":343,"box":{"x":119,"y":564,"width":759,"height":12}},{"id":"6acc51f3-5e78-4703-9c8a-6e8f57d1f704","block_type":"box","text":"consult your stockbroker, bank manager, lawyer, accountant or other independent professional","page_number":343,"box":{"x":119,"y":581,"width":760,"height":12}},{"id":"d193ef44-cf16-44a2-8cd2-9616116a59da","block_type":"box","text":"adviser.","page_number":343,"box":{"x":119,"y":598,"width":66,"height":9}},{"id":"416fea17-4370-4882-a979-9b016127fe80","block_type":"box","text":"2","page_number":344,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"295f8caa-a49f-4f5f-966d-66f91fae06ec","block_type":"box","text":"VG001-001/M85660-892520263-23555/1","page_number":344,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"fa806fe9-20ca-44dc-bf41-924ae70ce85b","block_type":"box","text":"Investment Objective","page_number":344,"box":{"x":119,"y":87,"width":168,"height":12}},{"id":"3b0ebf98-e6dd-4d16-961b-4730b46cd957","block_type":"box","text":"The Fund seeks to provide a combination of income and some long-term capital appreciation by","page_number":344,"box":{"x":119,"y":121,"width":761,"height":12}},{"id":"7448c774-989e-42b7-b808-4c23e9313c82","block_type":"box","text":"investing in fixed income and equity securities, primarily through investment in other collective","page_number":344,"box":{"x":119,"y":138,"width":759,"height":12}},{"id":"3a52d5f1-7824-4a4f-a35f-4dee3a349134","block_type":"box","text":"investment schemes.","page_number":344,"box":{"x":119,"y":156,"width":151,"height":9}},{"id":"10007cfd-a1dc-46cb-8887-2de2fe02a254","block_type":"box","text":"Primary Investment Strategies","page_number":344,"box":{"x":119,"y":190,"width":241,"height":12}},{"id":"ad973045-cbbe-42db-89d6-ba6fd7138549","block_type":"box","text":"The Fund pursues an","page_number":344,"box":{"x":119,"y":222,"width":165,"height":12}},{"id":"b8afee98-eccd-48f7-846c-26a719f4ae80","block_type":"box","text":"actively-managed investment strategy whereby the Investment Manager has","page_number":344,"box":{"x":293,"y":222,"width":586,"height":12}},{"id":"7ec5105d-b3fb-4bf5-8cbd-33309383b71d","block_type":"box","text":"discretion over the composition of the Fund’s portfolio holdings and is not managed with reference to a","page_number":344,"box":{"x":119,"y":237,"width":761,"height":12}},{"id":"e808e132-71c2-4c58-a39a-a24194fdad6d","block_type":"box","text":"benchmark index. However, as more particularly described below, the Investment Manager manages the","page_number":344,"box":{"x":119,"y":252,"width":761,"height":12}},{"id":"e7aac293-ef3d-4d7b-9bb8-a93fc24b6626","block_type":"box","text":"Fund through pre-determined asset allocations to equity and fixed income securities using a combination","page_number":344,"box":{"x":119,"y":267,"width":761,"height":12}},{"id":"bdf2efd7-be57-4fa6-b6c2-68819802fd1b","block_type":"box","text":"of underlying collective investment schemes.","page_number":344,"box":{"x":119,"y":282,"width":332,"height":12}},{"id":"505c98c0-709f-4583-ae72-4011527e957f","block_type":"box","text":"The Fund will seek to achieve its investment objective by gaining exposure to a diversified portfolio","page_number":344,"box":{"x":119,"y":312,"width":760,"height":12}},{"id":"dd2d3f11-0e06-418c-a9b3-8e042083e666","block_type":"box","text":"composed approximately of 20% by value of equity securities and 80% by value of fixed income","page_number":344,"box":{"x":119,"y":327,"width":759,"height":12}},{"id":"4b21a87a-e776-4c60-8e43-54da7e4ee308","block_type":"box","text":"securities, which will, subject to the requirements of the Central Bank, be obtained predominantly via","page_number":344,"box":{"x":120,"y":342,"width":759,"height":12}},{"id":"9213513b-7664-4e67-aefe-448710f5cbf9","block_type":"box","text":"direct investment in passively managed exchange traded funds (“","page_number":344,"box":{"x":119,"y":358,"width":479,"height":12}},{"id":"3ed4dd24-09a2-4ee9-a55e-27fc48615908","block_type":"box","text":"ETFs","page_number":344,"box":{"x":599,"y":358,"width":43,"height":9}},{"id":"9a445ccd-c95e-44d6-b6ad-0487c0ea0b2b","block_type":"box","text":"”) or other collective investment","page_number":344,"box":{"x":643,"y":358,"width":238,"height":11}},{"id":"be312775-8a9a-44d3-841d-42d477f71780","block_type":"box","text":"schemes which track an index (together the “","page_number":344,"box":{"x":120,"y":373,"width":342,"height":12}},{"id":"3805b28c-d9ab-4aa4-b6dc-4a44007d91ce","block_type":"box","text":"Target Funds","page_number":344,"box":{"x":464,"y":373,"width":108,"height":12}},{"id":"18b3b6ff-8687-4f19-8f49-953f39f01ce3","block_type":"box","text":"”). The portfolio asset allocation may be","page_number":344,"box":{"x":573,"y":373,"width":306,"height":12}},{"id":"ce032c39-9d68-4df8-bf4d-16b5a6013e90","block_type":"box","text":"reconstituted and rebalanced from time to time at the discretion of the Investment Manager.","page_number":344,"box":{"x":119,"y":388,"width":675,"height":12}},{"id":"bffef37d-c0ef-476d-8f63-e83ea119072b","block_type":"box","text":"The Target Funds will employ a passive management investment approach, through physical acquisition","page_number":344,"box":{"x":119,"y":418,"width":761,"height":12}},{"id":"df3b7c56-dde1-4722-b0d6-c36a20a5a68f","block_type":"box","text":"of securities and will either invest in a representative sample of the constituent securities of the relevant","page_number":344,"box":{"x":119,"y":433,"width":762,"height":12}},{"id":"ece7556a-5b46-4c0e-85ac-3c36d607aef1","block_type":"box","text":"index or will seek to replicate the index fully. It is not proposed that the Fund will invest in Target Funds","page_number":344,"box":{"x":119,"y":448,"width":761,"height":12}},{"id":"a5aa14eb-b74d-4fe8-9d7e-cfc9f81dbda3","block_type":"box","text":"which pursue an actively managed investment strategy, whereby specific individual stock selection","page_number":344,"box":{"x":119,"y":463,"width":760,"height":12}},{"id":"1a53dc26-61d5-46db-8b49-521c12ef5b4e","block_type":"box","text":"strategies are in place.","page_number":344,"box":{"x":120,"y":478,"width":161,"height":12}},{"id":"99b4dd59-75e5-4afe-a985-b94e50db67fc","block_type":"box","text":"The Target Funds in which the Fund invests will be UCITS and may include other Funds of the Company","page_number":344,"box":{"x":119,"y":508,"width":762,"height":12}},{"id":"c80d3866-d4f5-451b-9dd5-8719394a1b5a","block_type":"box","text":"or collective investment undertakings linked by common management or control to each other or to the","page_number":344,"box":{"x":119,"y":523,"width":762,"height":12}},{"id":"4d0fde79-3451-4b7e-83ca-745b60ce1653","block_type":"box","text":"Company. See","page_number":344,"box":{"x":120,"y":538,"width":114,"height":12}},{"id":"6e2a8585-ade5-4437-af2c-9ecc7f58ead4","block_type":"box","text":"Appendix 3","page_number":344,"box":{"x":234,"y":538,"width":91,"height":12}},{"id":"662e2d34-c5ee-4995-8660-8a729733273c","block_type":"box","text":"of the Prospectus, including the section headed “","page_number":344,"box":{"x":326,"y":538,"width":373,"height":12}},{"id":"e14d5351-d2ec-4fd8-8bef-bbc53baf7efd","block_type":"box","text":"Cross Investment","page_number":344,"box":{"x":702,"y":538,"width":138,"height":9}},{"id":"b06e8424-41be-4a0d-acbb-0cf739802816","block_type":"box","text":"”, for","page_number":344,"box":{"x":841,"y":538,"width":39,"height":11}},{"id":"6dba5525-d45e-44cb-8c5c-86c4094fc57d","block_type":"box","text":"information on investment in collective investment schemes, including other Funds of the Company.","page_number":344,"box":{"x":119,"y":553,"width":742,"height":12}},{"id":"a91b053d-639e-4ff1-a015-4be99c292bfb","block_type":"box","text":"It is intended that the Fund’s indirect exposures, through its investment in the Target Funds, will be to:","page_number":344,"box":{"x":119,"y":583,"width":759,"height":12}},{"id":"647b9ddf-32a6-40b8-b6fe-e3c2baca0ff5","block_type":"box","text":"(1) shares of companies from developed and emerging markets (i.e. countries that are progressing toward","page_number":344,"box":{"x":120,"y":598,"width":761,"height":12}},{"id":"585eccd0-eb5b-408e-a3e1-58e3196cf041","block_type":"box","text":"becoming advanced, usually shown by some development in financial markets, the existence of some","page_number":344,"box":{"x":119,"y":613,"width":760,"height":12}},{"id":"1104c31a-f3ab-414c-97ab-30ba0ab065c7","block_type":"box","text":"form of stock exchange and a regulatory body); and (2) to fixed income securities, such as bonds,","page_number":344,"box":{"x":119,"y":628,"width":758,"height":12}},{"id":"1cc9ccdf-72e8-40d7-bb4d-42e36b1df99a","block_type":"box","text":"denominated in multiple currencies, from both developed and emerging markets issuers (for example,","page_number":344,"box":{"x":119,"y":643,"width":759,"height":12}},{"id":"653fabf8-f63b-4a35-9e4e-9852e49dc527","block_type":"box","text":"global investment grade debt, including treasury, government-related, corporate and securitised fixed","page_number":344,"box":{"x":120,"y":658,"width":758,"height":12}},{"id":"c64785c6-f662-46bd-a057-38d24c5a9a42","block_type":"box","text":"rate bonds). The Fund will seek to indirectly hedge the non-EUR currency exposure within the fixed","page_number":344,"box":{"x":119,"y":673,"width":759,"height":12}},{"id":"bd510a6a-47a1-45da-9c31-b400bb9ca337","block_type":"box","text":"income allocation of the Fund’s portfolio to EUR, by investing in EUR hedged Share classes of the","page_number":344,"box":{"x":119,"y":688,"width":760,"height":12}},{"id":"bd016379-6fe5-446e-b8a9-d2223cfc58c4","block_type":"box","text":"Target Funds.","page_number":344,"box":{"x":119,"y":703,"width":101,"height":12}},{"id":"80a3d039-11ce-4598-bf16-8588c700a290","block_type":"box","text":"The Fund’s exposure to the Target Funds is not intended to reflect any geographic or sectoral bias, and","page_number":344,"box":{"x":119,"y":733,"width":760,"height":12}},{"id":"e3c2742c-1bda-4cb9-a1f3-c324db0c6042","block_type":"box","text":"the overall objective of the asset allocation is to maintain a globally diversified exposure across equity","page_number":344,"box":{"x":119,"y":748,"width":759,"height":12}},{"id":"ea9a6dac-5d23-491e-96aa-da955cbfcae5","block_type":"box","text":"and fixed income securities in line with the 20% equity and 80% fixed income allocation through","page_number":344,"box":{"x":119,"y":763,"width":760,"height":12}},{"id":"e0932e8a-a02e-4be2-ad47-e29a2c2462dc","block_type":"box","text":"investment in the Target Funds. However, based on current market capitalisation and underlying Target","page_number":344,"box":{"x":119,"y":778,"width":762,"height":12}},{"id":"6553effe-37d5-48d1-a347-b6cb22edc747","block_type":"box","text":"Fund index weightings, the Fund’s exposure to emerging markets or sub-investment grade debt, through","page_number":344,"box":{"x":119,"y":793,"width":762,"height":12}},{"id":"50dc0c3d-2d3f-479d-88c2-dac5f4264f41","block_type":"box","text":"its investment in the Target Funds, is not expected to exceed 20% of the Net Asset Value of the Fund in","page_number":344,"box":{"x":119,"y":808,"width":761,"height":12}},{"id":"ff01e415-f328-4a67-a3ff-7a22852e2754","block_type":"box","text":"each case.","page_number":344,"box":{"x":119,"y":823,"width":73,"height":10}},{"id":"b653075d-cbb0-4e29-9f05-ae5197620292","block_type":"box","text":"As part of the Investment Manager’s pre-determined asset allocations to equity and fixed income","page_number":344,"box":{"x":119,"y":853,"width":760,"height":12}},{"id":"6d724372-a069-4654-83c4-ccbbfb8a3009","block_type":"box","text":"securities, it will select Target Funds which have diversified underlying holdings across global equity or","page_number":344,"box":{"x":120,"y":868,"width":760,"height":12}},{"id":"fb4a3685-b506-4406-a283-1f25a1879583","block_type":"box","text":"fixed income markets in order for the Fund to meet its investment objective. This selection process is","page_number":344,"box":{"x":119,"y":883,"width":759,"height":12}},{"id":"a1d3df64-75a7-4310-9cba-b0fe09286488","block_type":"box","text":"based on evaluating the potential universe of Target Funds that can be used to build the overall asset","page_number":344,"box":{"x":119,"y":898,"width":760,"height":12}},{"id":"68976148-7f28-4ac0-bb9c-ea0f648726d2","block_type":"box","text":"3","page_number":345,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"5fc3dc59-264a-40fd-8f59-35a1acfed825","block_type":"box","text":"VG001-001/M85660-892520263-23555/1","page_number":345,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"7cba63b8-7ddf-4ceb-a16a-7b866c245e03","block_type":"box","text":"allocation to globally diversified equity and fixed income securities, in line with the pre-determined","page_number":345,"box":{"x":119,"y":87,"width":761,"height":12}},{"id":"5107ba82-b235-4be4-a2f2-b471fd86232a","block_type":"box","text":"equity and fixed income allocations, while ensuring that each Target Fund complies with the UCITS","page_number":345,"box":{"x":119,"y":102,"width":759,"height":12}},{"id":"d88c19a6-cda0-4f54-82f9-688a33873c74","block_type":"box","text":"diversification requirements limiting the investment to an individual Target Fund.","page_number":345,"box":{"x":119,"y":117,"width":603,"height":12}},{"id":"6795d430-d224-4ed1-9805-b96282c0b6ac","block_type":"box","text":"Whilst the Fund will seek broadly to maintain the relative sizes of its equity and fixed income exposures,","page_number":345,"box":{"x":119,"y":147,"width":761,"height":12}},{"id":"8510fa44-6454-4789-9c47-a962aeca0ac8","block_type":"box","text":"via the Target Funds, at the stated levels, the identity and proportion of the particular indices, securities","page_number":345,"box":{"x":119,"y":162,"width":761,"height":12}},{"id":"eb57708b-7c6a-4078-a19d-f171a779a826","block_type":"box","text":"and/or markets, etc. to which the Fund is exposed will be at the discretion of the Investment Manager","page_number":345,"box":{"x":119,"y":177,"width":760,"height":12}},{"id":"82d24e57-d598-4af9-90e8-f045046eac41","block_type":"box","text":"taking into account aspects of those Target Funds considered to be relevant to maintain exposure to a","page_number":345,"box":{"x":119,"y":192,"width":760,"height":12}},{"id":"153afd74-4013-46ca-a76d-280a9fd78a91","block_type":"box","text":"global diversified portfolio. The Fund’s actual exposure to equity and fixed income securities may vary","page_number":345,"box":{"x":120,"y":207,"width":761,"height":12}},{"id":"67acf107-0fe9-46eb-a783-a5688c9c86ff","block_type":"box","text":"from time to time in response to changes in the market size or market values of the indices tracked by the","page_number":345,"box":{"x":119,"y":222,"width":761,"height":12}},{"id":"7afdc1b7-df95-48ea-8df7-f97e1405311a","block_type":"box","text":"Target Funds in which the Fund invests, changes in the available universe of relevant Target Funds to","page_number":345,"box":{"x":119,"y":237,"width":759,"height":12}},{"id":"b1c81eba-cbf4-41d4-bffa-b2f2e55f0c56","block_type":"box","text":"help meet the investment objective, or changes required in order to comply with the requirements of the","page_number":345,"box":{"x":119,"y":252,"width":762,"height":12}},{"id":"0ddfb158-b428-45ae-b086-f31b78e25666","block_type":"box","text":"Central Bank which limit the amount of exposure which the Fund may have to individual Target Funds,","page_number":345,"box":{"x":120,"y":267,"width":760,"height":12}},{"id":"2ca092c5-1006-4a22-b18e-b1d3cf4baa6c","block_type":"box","text":"in which case the Fund will seek to rebalance its investments in the Target Funds to bring its exposures","page_number":345,"box":{"x":119,"y":282,"width":761,"height":12}},{"id":"493e6e27-2745-45ad-987c-38b3f6f7b6d5","block_type":"box","text":"back into line with the levels stated. This approach could mean that the number of underlying Target","page_number":345,"box":{"x":119,"y":297,"width":760,"height":12}},{"id":"f1cd71ee-3b74-4a4d-b1d3-c0737f437db7","block_type":"box","text":"Funds could change over time.","page_number":345,"box":{"x":119,"y":312,"width":232,"height":12}},{"id":"cfcbdacd-bb1b-4909-be86-3f1ab77cd42b","block_type":"box","text":"Other Investment Strategies","page_number":345,"box":{"x":120,"y":342,"width":221,"height":12}},{"id":"8993e7f2-64ae-4d21-93ff-f9484d809014","block_type":"box","text":"The Fund may also invest directly in transferable securities (such as shares, bonds and other similar fixed","page_number":345,"box":{"x":119,"y":374,"width":761,"height":12}},{"id":"0dfb2597-49ec-464f-8b7f-8a416a855721","block_type":"box","text":"income investments), which will generally be components of the indices tracked by the Target Funds in","page_number":345,"box":{"x":119,"y":389,"width":762,"height":12}},{"id":"80301024-e5b2-44cb-8f52-bb90e296d995","block_type":"box","text":"which the Fund invests. 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The buyer receives interest and the return of the original amount at the end of a","page_number":345,"box":{"x":119,"y":465,"width":760,"height":12}},{"id":"73a2b135-eca2-4280-8d6b-9fa2a813470e","block_type":"box","text":"certain period. A deposit is a fixed term investment that gathers interest over the period of its term.","page_number":345,"box":{"x":119,"y":480,"width":728,"height":12}},{"id":"6b2af192-6c3b-4aa8-9b6d-df7e7e8dda63","block_type":"box","text":"The Fund may invest in foreign exchange spots. 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See","page_number":346,"box":{"x":119,"y":132,"width":175,"height":12}},{"id":"ae043e98-30aa-4e5b-8f19-5f0706e550d6","block_type":"box","text":"Appendix 4","page_number":346,"box":{"x":303,"y":132,"width":93,"height":12}},{"id":"ea22a26f-2370-4d2c-8790-d812f5f1ed79","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":346,"box":{"x":397,"y":132,"width":482,"height":12}},{"id":"c39d9502-9f31-4d98-972b-f3bc1840142e","block_type":"box","text":"calculation of global exposure.","page_number":346,"box":{"x":119,"y":147,"width":226,"height":12}},{"id":"427dfa1f-7103-4b31-ba83-c97938d4d63b","block_type":"box","text":"Temporary Investment Measures","page_number":346,"box":{"x":119,"y":177,"width":263,"height":12}},{"id":"0ff91377-afe4-44f4-a814-d1abc87e12ec","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":346,"box":{"x":119,"y":211,"width":760,"height":12}},{"id":"f86ed765-79be-49db-a47a-edd8cb67bb75","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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This file contains a","page_number":346,"box":{"x":119,"y":333,"width":761,"height":12}},{"id":"a3cb563d-de4d-498d-9c40-6191464f142c","block_type":"box","text":"basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":346,"box":{"x":119,"y":348,"width":760,"height":12}},{"id":"baf42c04-d7be-4431-b094-ff3d1ef0f79a","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":346,"box":{"x":119,"y":363,"width":759,"height":12}},{"id":"e1f444fa-f87a-4ca9-a15c-fea2571d54e1","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":346,"box":{"x":119,"y":378,"width":364,"height":12}},{"id":"19144d1a-fcde-47a6-9a98-3412c3ff4339","block_type":"box","text":"Further information on the Fund’s portfolio can be found 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subscription shall be in accordance with the details","page_number":346,"box":{"x":320,"y":694,"width":559,"height":12}},{"id":"6d7aa2b3-30fe-4914-9b71-abd0e757d68b","block_type":"box","text":"below.","page_number":346,"box":{"x":119,"y":709,"width":54,"height":9}},{"id":"241aba01-69a9-4ac1-a643-402b6cd3f496","block_type":"box","text":"Subscription/Redemption","page_number":346,"box":{"x":120,"y":739,"width":201,"height":12}},{"id":"f5813dcc-aeaa-464f-9b90-6dd04ba099af","block_type":"box","text":"ETF Shares may be subscribed or redeemed in-kind or in cash (directed) only, in accordance with the","page_number":346,"box":{"x":119,"y":769,"width":760,"height":12}},{"id":"d3ae73a6-4a12-4aec-bcaf-e1fc2aaebccc","block_type":"box","text":"terms of the Prospectus (see the “","page_number":346,"box":{"x":119,"y":784,"width":245,"height":12}},{"id":"cc56e1e7-3de0-45bc-afa4-a6d9d2dd894e","block_type":"box","text":"Buying 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Trading costs incurred by the Fund in connection with the","page_number":349,"box":{"x":119,"y":447,"width":761,"height":12}},{"id":"d5438bf3-aa18-4a11-80c4-be62f4ab920c","block_type":"box","text":"purchase of Deposit Securities with cash-in-lieu amounts will be borne by the relevant Shareholder,","page_number":349,"box":{"x":119,"y":462,"width":758,"height":12}},{"id":"9518f31c-ee2f-4e2a-b3b4-cf762b601208","block_type":"box","text":"through the application of a Basket Customisation Fee (representing the estimated cost of acquisition of","page_number":349,"box":{"x":119,"y":477,"width":761,"height":12}},{"id":"deb87ed6-a71c-443c-88ef-e32594710abf","block_type":"box","text":"the relevant Deposit Securities to the Fund by the cash-in-lieu amount, otherwise than in respect of","page_number":349,"box":{"x":119,"y":492,"width":760,"height":12}},{"id":"621ed1f6-5982-4121-ae81-ad8f74b6467b","block_type":"box","text":"“Settlement – Cash (Directed)”), to protect existing Shareholders from this expense. See the “","page_number":349,"box":{"x":120,"y":507,"width":723,"height":12}},{"id":"5c775cd4-2889-4002-b072-f90a29d5a600","block_type":"box","text":"Risk","page_number":349,"box":{"x":845,"y":507,"width":36,"height":10}},{"id":"0cd6d046-8b3a-4e10-bb96-b99c971b4f90","block_type":"box","text":"Factors","page_number":349,"box":{"x":119,"y":523,"width":59,"height":9}},{"id":"d566f499-6672-4709-84bc-3d3951ed860e","block_type":"box","text":"” section of this Prospectus for further information on the basket customisation fee.","page_number":349,"box":{"x":179,"y":522,"width":613,"height":12}},{"id":"bb276e07-1320-458f-bfe4-0f84e9a0946f","block_type":"box","text":"*** Details of the current charges are available from the Investment Manager.","page_number":349,"box":{"x":120,"y":552,"width":575,"height":12}},{"id":"40468aea-b9f4-4efd-af6e-f99daa752db0","block_type":"box","text":"The maximum level of ongoing charges that may be charged by each of the Target Funds in which the","page_number":349,"box":{"x":119,"y":582,"width":759,"height":12}},{"id":"cb90410b-c670-4d09-920a-b6cea8f7d820","block_type":"box","text":"Fund invests will not exceed 0.50% per annum of the net asset value of each of these funds and it is","page_number":349,"box":{"x":119,"y":597,"width":759,"height":12}},{"id":"d77668b6-ea58-4fa9-a27c-49d852eaaae8","block_type":"box","text":"generally not expected that these charges will exceed 0.30% per annum. Details of such fees will also be","page_number":349,"box":{"x":120,"y":612,"width":760,"height":12}},{"id":"7cf0b362-dfd3-4c1d-bbcb-7e3720182aad","block_type":"box","text":"contained in the Company’s annual report.","page_number":349,"box":{"x":119,"y":628,"width":316,"height":12}},{"id":"b10452a6-df2e-47cf-82c8-d7df703bce50","block_type":"box","text":"See section of the Prospectus headed “","page_number":349,"box":{"x":436,"y":628,"width":280,"height":11}},{"id":"2f0a3f44-285f-4a2e-a3d9-76b2d24ce561","block_type":"box","text":"Cross Investment","page_number":349,"box":{"x":718,"y":628,"width":136,"height":9}},{"id":"a30d9cbf-54ad-4e62-bd4d-e5c5551aba02","block_type":"box","text":"” in","page_number":349,"box":{"x":855,"y":628,"width":26,"height":9}},{"id":"f201d6fa-e01a-408b-9f9b-069923b741d4","block_type":"box","text":"Appendix 3","page_number":349,"box":{"x":119,"y":643,"width":91,"height":11}},{"id":"7682c3ec-b2c0-4a2a-9811-48cec73de6a7","block_type":"box","text":"for further details with regard to the charging of fees where the Fund is invested in other","page_number":349,"box":{"x":210,"y":643,"width":669,"height":12}},{"id":"898cad4b-e7ae-4c11-af8f-b97ed0ca858b","block_type":"box","text":"Funds of the Company","page_number":349,"box":{"x":119,"y":658,"width":167,"height":12}},{"id":"608f188c-56f8-4015-8956-3fc2b98bde2e","block_type":"box","text":".","page_number":349,"box":{"x":287,"y":665,"width":8,"height":2}},{"id":"332d9744-f6ab-4aa5-a498-80cad1b61b1d","block_type":"box","text":"There will be no double charging of the annual management fee to the Fund as a","page_number":349,"box":{"x":295,"y":658,"width":586,"height":12}},{"id":"f395107f-695f-4d14-af24-72d90422f474","block_type":"box","text":"result of its investments in other Funds of the Company.","page_number":349,"box":{"x":119,"y":673,"width":414,"height":12}},{"id":"33d3b0d9-1000-44c9-b478-fa6afc61ac63","block_type":"box","text":"The Fund may bear its proportion of the Company’s organisational expenses (including those relating to","page_number":349,"box":{"x":119,"y":703,"width":761,"height":12}},{"id":"2b3be92d-7b02-4101-9da7-53fe55ab4729","block_type":"box","text":"the preparation and printing of this Prospectus, the listing of the Shares on the relevant stock exchanges","page_number":349,"box":{"x":119,"y":718,"width":761,"height":12}},{"id":"8d0d6c65-a96f-45ba-9717-7e7e4f224089","block_type":"box","text":"and professional advisor fees), which will initially be borne by the Manager. 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These organisational expenses shall be amortised over the first five annual","page_number":349,"box":{"x":119,"y":777,"width":760,"height":13}},{"id":"fe0ba1d8-39fd-4ddc-bc0a-6ca87b1c8625","block_type":"box","text":"accounting periods of the Fund","page_number":349,"box":{"x":119,"y":793,"width":229,"height":12}},{"id":"66dab163-5ed1-4685-87ab-e89967764b10","block_type":"box","text":".","page_number":349,"box":{"x":350,"y":801,"width":2,"height":1}},{"id":"84a741ac-d058-4260-b26a-494cc3dc6346","block_type":"box","text":"Dividend Distribution Policy","page_number":349,"box":{"x":119,"y":823,"width":225,"height":12}},{"id":"8f7a5602-913c-4e15-93ca-6eb77b13c2a0","block_type":"box","text":"Dividends on any Distributing Shares of the Fund will be paid on a semi-annual basis. 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To the best of the knowledge and belief of the Directors (who have taken all reasonable","page_number":352,"box":{"x":228,"y":138,"width":653,"height":12}},{"id":"563a26a2-f85f-47dd-8d43-5fad62109076","block_type":"box","text":"care to ensure that such is the case), the information in the Prospectus and this Supplement accords with","page_number":352,"box":{"x":119,"y":156,"width":762,"height":12}},{"id":"568c918a-80c9-425a-bacc-3624934dc7db","block_type":"box","text":"the facts and does not omit anything likely to affect the import of such information. The Directors accept","page_number":352,"box":{"x":119,"y":173,"width":761,"height":12}},{"id":"0128af21-0120-4047-ae15-5c3634335e6c","block_type":"box","text":"responsibility accordingly.","page_number":352,"box":{"x":119,"y":190,"width":195,"height":12}},{"id":"0157a3a3-91d7-49a3-92b2-9587825ac86c","block_type":"box","text":"________________________________________________________________________________","page_number":352,"box":{"x":119,"y":217,"width":739,"height":1}},{"id":"f266bb05-87d8-4f4b-90d1-3e44cc85e0d6","block_type":"box","text":"Capitalised terms used and not defined in this Supplement shall have the meaning given to them in the","page_number":352,"box":{"x":120,"y":237,"width":758,"height":12}},{"id":"2afc168a-54db-47a6-910e-73a6b46437cd","block_type":"box","text":"Prospectus.","page_number":352,"box":{"x":119,"y":253,"width":89,"height":11}},{"id":"2a8017ac-9323-45b2-9415-deebff56518d","block_type":"box","text":"VANGUARD LIFESTRATEGY","page_number":352,"box":{"x":257,"y":298,"width":256,"height":9}},{"id":"00a4e262-b1b5-41a1-900f-43090ad366de","block_type":"box","text":"®","page_number":352,"box":{"x":514,"y":296,"width":8,"height":6}},{"id":"2637c9e0-994b-4866-b6fd-7f93cde5f4b2","block_type":"box","text":"40% EQUITY UCITS ETF","page_number":352,"box":{"x":522,"y":298,"width":220,"height":11}},{"id":"ee1e239d-a500-4111-a4f0-a48551ee8768","block_type":"box","text":"(a Fund of Vanguard Funds plc, an open- ended investment company with variable capital","page_number":352,"box":{"x":144,"y":327,"width":711,"height":13}},{"id":"f69c7a0f-8618-41ab-adea-baaef7847ac9","block_type":"box","text":"structured as an umbrella fund with segregated liability between Funds)","page_number":352,"box":{"x":216,"y":350,"width":567,"height":12}},{"id":"00e844bc-56de-4e4e-8dab-506abb36c1a2","block_type":"box","text":"SUPPLEMENT DATED 15 OCTOBER 2026","page_number":352,"box":{"x":322,"y":411,"width":356,"height":8}},{"id":"4ebf5615-02c4-4d09-9812-6c4695d9ec85","block_type":"box","text":"TO THE PROSPECTUS FOR VANGUARD FUNDS PLC DATED 15 OCTOBER 2026","page_number":352,"box":{"x":154,"y":433,"width":691,"height":9}},{"id":"a8178926-8485-4dbf-b478-39c9bb91b522","block_type":"box","text":"This Supplement forms part of, and should be read in the context of, and together with, the","page_number":352,"box":{"x":119,"y":478,"width":760,"height":12}},{"id":"ef8fe8f5-2467-4e21-9a8d-0b382f5b336e","block_type":"box","text":"Company’s Prospectus dated 15 October 2026. Investors should also refer to the Company’s latest","page_number":352,"box":{"x":120,"y":495,"width":760,"height":12}},{"id":"5f7cbfcc-fb1d-4e8b-82fe-8457777460c1","block_type":"box","text":"published annual reports and audited financial statements and, if published after such report, a","page_number":352,"box":{"x":119,"y":512,"width":760,"height":12}},{"id":"01f6060d-a643-4c9d-80a7-3f9b4e96d316","block_type":"box","text":"copy of the latest semi-annual report and unaudited financial statements.","page_number":352,"box":{"x":119,"y":529,"width":573,"height":12}},{"id":"b0ba4160-da87-464f-bfb2-5560ba1e2947","block_type":"box","text":"If you are in any doubt about the action to be taken or the contents of this supplement, please","page_number":352,"box":{"x":119,"y":564,"width":759,"height":12}},{"id":"ab762a8c-4b9c-41aa-8ff4-7f8fb1ecbbb8","block_type":"box","text":"consult your stockbroker, bank manager, lawyer, accountant or other independent professional","page_number":352,"box":{"x":119,"y":581,"width":760,"height":12}},{"id":"79bbba8d-3d89-486a-90ee-675da6e5f987","block_type":"box","text":"adviser.","page_number":352,"box":{"x":119,"y":598,"width":66,"height":9}},{"id":"416be705-b5f2-4ea2-942c-0179650381d6","block_type":"box","text":"2","page_number":353,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"ada8ddb2-ef08-454b-8212-5886314bd5e3","block_type":"box","text":"VG001-001/M85660-892520263-23556/1","page_number":353,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"70293ded-88fd-4fdf-bef0-922568c8c9e5","block_type":"box","text":"Investment Objective","page_number":353,"box":{"x":119,"y":87,"width":173,"height":12}},{"id":"f937364c-b9cc-4d77-a330-2a2ab774b889","block_type":"box","text":"The Fund seeks to provide a combination of income and moderate long-term capital appreciation by","page_number":353,"box":{"x":119,"y":121,"width":760,"height":12}},{"id":"65101dd7-308a-473b-b39d-3d24e1de3678","block_type":"box","text":"investing in fixed income and equity securities, primarily through investment in other collective","page_number":353,"box":{"x":119,"y":138,"width":759,"height":12}},{"id":"4521f6c7-e068-45ab-9480-5cecbde0261f","block_type":"box","text":"investment schemes.","page_number":353,"box":{"x":119,"y":156,"width":151,"height":9}},{"id":"dda2a120-bfc3-4a10-bc5c-6bb551760037","block_type":"box","text":"Primary Investment Strategies","page_number":353,"box":{"x":119,"y":188,"width":241,"height":12}},{"id":"a410fbec-7b04-457a-b820-5c85bbfd88fe","block_type":"box","text":"The Fund pursues an actively-managed investment strategy whereby the Investment Manager has","page_number":353,"box":{"x":119,"y":222,"width":760,"height":12}},{"id":"c7677c10-2e2f-4864-9c73-07cab55c053b","block_type":"box","text":"discretion over the composition of the Fund’s portfolio holdings and is not managed with reference to a","page_number":353,"box":{"x":119,"y":240,"width":761,"height":12}},{"id":"a031b810-d907-4cd1-87d4-cb9edf69b7b0","block_type":"box","text":"benchmark index. However, as more particularly described below, the Investment Manager manages the","page_number":353,"box":{"x":119,"y":257,"width":761,"height":12}},{"id":"07f57026-b5c5-4833-94fc-ab84510cb71b","block_type":"box","text":"Fund through pre-determined asset allocations to equity and fixed income securities using a combination","page_number":353,"box":{"x":119,"y":274,"width":761,"height":12}},{"id":"adb14f10-3a9e-4809-9010-5cd68e9040a6","block_type":"box","text":"of underlying collective investment schemes.","page_number":353,"box":{"x":119,"y":291,"width":332,"height":12}},{"id":"eb3bbaed-6597-439d-880d-0df7372f1c50","block_type":"box","text":"The Fund will seek to achieve its investment objective by gaining exposure to a diversified portfolio","page_number":353,"box":{"x":119,"y":326,"width":760,"height":12}},{"id":"e35924a6-a68a-492b-ba45-b630cad6184a","block_type":"box","text":"composed approximately of 40% by value of equity securities and 60% by value of fixed income","page_number":353,"box":{"x":119,"y":343,"width":759,"height":12}},{"id":"6e464812-ac90-4d8e-a20a-047891950bb0","block_type":"box","text":"securities, which will, subject to the requirements of the Central Bank, be obtained predominantly via","page_number":353,"box":{"x":120,"y":360,"width":759,"height":12}},{"id":"2e1db595-20f2-4845-ad33-c21ce882151a","block_type":"box","text":"direct investment in passively managed exchange traded funds (“","page_number":353,"box":{"x":119,"y":377,"width":479,"height":12}},{"id":"ae21fca2-804e-4652-a722-e5b9a4741107","block_type":"box","text":"ETFs","page_number":353,"box":{"x":599,"y":378,"width":43,"height":9}},{"id":"55a109e6-bda9-45ca-85ce-772590ed261c","block_type":"box","text":"”) or other collective investment","page_number":353,"box":{"x":643,"y":377,"width":238,"height":12}},{"id":"3ae5306b-3355-4ed7-8b69-7690165411c4","block_type":"box","text":"schemes which track an index (together the “","page_number":353,"box":{"x":120,"y":395,"width":342,"height":12}},{"id":"d39567e2-7bf5-4f08-ac02-639491bac81a","block_type":"box","text":"Target Funds","page_number":353,"box":{"x":464,"y":395,"width":108,"height":12}},{"id":"639a8855-fb3b-44f3-b715-1259dc280e3c","block_type":"box","text":"”). The portfolio asset allocation may be","page_number":353,"box":{"x":573,"y":395,"width":306,"height":12}},{"id":"33251cd3-8554-4f5a-bcaf-7592362cb295","block_type":"box","text":"reconstituted and rebalanced from time to time at the discretion of the Investment Manager.","page_number":353,"box":{"x":119,"y":412,"width":675,"height":12}},{"id":"49504dbf-4cee-4b04-9847-e0173feea40c","block_type":"box","text":"The Target Funds will employ a passive management investment approach, through physical acquisition","page_number":353,"box":{"x":119,"y":446,"width":761,"height":12}},{"id":"0cf2af32-8a19-44f2-8534-c1c07ff64d6b","block_type":"box","text":"of securities and will either invest in a representative sample of the constituent securities of the relevant","page_number":353,"box":{"x":119,"y":463,"width":762,"height":12}},{"id":"40b4503d-966e-4940-8484-abab309cccfd","block_type":"box","text":"index or will seek to replicate the index fully. It is not proposed that the Fund will invest in Target Funds","page_number":353,"box":{"x":119,"y":481,"width":761,"height":12}},{"id":"7b536e08-d1ba-4304-a1ef-b78321762103","block_type":"box","text":"which pursue an actively managed investment strategy, whereby specific individual stock selection","page_number":353,"box":{"x":119,"y":498,"width":760,"height":12}},{"id":"a94499c7-9fa0-4e37-88ec-a0daa5901def","block_type":"box","text":"strategies are in place.","page_number":353,"box":{"x":120,"y":515,"width":161,"height":12}},{"id":"cd20b06e-af8d-47f6-9e70-86da8939a160","block_type":"box","text":"The Target Funds in which the Fund invests will be UCITS and may include other Funds of the Company","page_number":353,"box":{"x":119,"y":550,"width":762,"height":12}},{"id":"cbf29f8a-5462-4d1e-babb-b680331650c8","block_type":"box","text":"or collective investment undertakings linked by common management or control to each other or to the","page_number":353,"box":{"x":119,"y":567,"width":762,"height":12}},{"id":"2136b16c-38c3-4e75-a21a-802e441f9a7b","block_type":"box","text":"Company. See","page_number":353,"box":{"x":120,"y":585,"width":114,"height":11}},{"id":"f806877c-f0e5-405b-bf65-379680328157","block_type":"box","text":"Appendix 3","page_number":353,"box":{"x":234,"y":584,"width":91,"height":12}},{"id":"ea5a15e8-ad07-48f4-8b36-42ec952ac47b","block_type":"box","text":"of the Prospectus, including the section headed “","page_number":353,"box":{"x":326,"y":584,"width":373,"height":12}},{"id":"ca8c481d-5033-4fdb-a4f3-dfbbd403e237","block_type":"box","text":"Cross Investment","page_number":353,"box":{"x":702,"y":585,"width":138,"height":8}},{"id":"96de73c3-1bcb-48b4-a0f0-3dc97ec2c261","block_type":"box","text":"”, for","page_number":353,"box":{"x":841,"y":584,"width":39,"height":11}},{"id":"1bfdf6bf-965f-42e8-8cd8-2ce9a05a28dc","block_type":"box","text":"information on investment in collective investment schemes, including other Funds of the Company.","page_number":353,"box":{"x":119,"y":601,"width":742,"height":12}},{"id":"1f5a5761-824f-42e1-9553-650c04c236ee","block_type":"box","text":"It is intended that the Fund’s indirect exposures, through its investment in the Target Funds, will be to:","page_number":353,"box":{"x":119,"y":634,"width":759,"height":11}},{"id":"94163d7b-9605-4028-8a20-270083ed962a","block_type":"box","text":"(1) shares of companies from developed and emerging markets (i.e. countries that are progressing toward","page_number":353,"box":{"x":120,"y":648,"width":761,"height":12}},{"id":"ea35b342-8c51-45d2-a983-8c2edd34182b","block_type":"box","text":"becoming advanced, usually shown by some development in financial markets, the existence of some","page_number":353,"box":{"x":119,"y":663,"width":760,"height":12}},{"id":"22087e06-df1c-47af-8ec6-46f479d7e438","block_type":"box","text":"form of stock exchange and a regulatory body); and (2) to fixed income securities, such as bonds,","page_number":353,"box":{"x":119,"y":679,"width":758,"height":12}},{"id":"316a2ad1-abe0-4e93-97c9-6260ea14cf20","block_type":"box","text":"denominated in multiple currencies, from both developed and emerging markets issuers (for example,","page_number":353,"box":{"x":119,"y":694,"width":759,"height":12}},{"id":"942fd441-c670-48e3-8c25-ff421811a96c","block_type":"box","text":"global investment grade debt, including treasury, government-related, corporate and securitised fixed","page_number":353,"box":{"x":120,"y":709,"width":758,"height":12}},{"id":"093776e9-bbcb-41f4-8c42-fbfc422ff2be","block_type":"box","text":"rate bonds). The Fund will seek to indirectly hedge the non-EUR currency exposure within the fixed","page_number":353,"box":{"x":119,"y":724,"width":759,"height":12}},{"id":"567a935e-c4ef-4acb-92b8-ce5901e63dee","block_type":"box","text":"income allocation of the Fund’s portfolio to EUR, by investing in EUR hedged Share classes of the","page_number":353,"box":{"x":119,"y":739,"width":760,"height":12}},{"id":"96a4ee9e-a801-4871-a6a8-f1f869c23b83","block_type":"box","text":"Target Funds.","page_number":353,"box":{"x":119,"y":754,"width":101,"height":12}},{"id":"62f9778c-6fe9-4b3c-8360-d3d9d69d4b89","block_type":"box","text":"The Fund’s exposure to the Target Funds is not intended to reflect any geographic or sectoral bias, and","page_number":353,"box":{"x":119,"y":784,"width":760,"height":12}},{"id":"7300260c-627b-4294-a3b0-619ffa4d69da","block_type":"box","text":"the overall objective of the asset allocation is to maintain a globally diversified exposure across equity","page_number":353,"box":{"x":119,"y":799,"width":759,"height":12}},{"id":"c0652020-9d0f-4243-b737-1628e43d9de4","block_type":"box","text":"and fixed income securities in line with the 40% equity and 60% fixed income allocation through","page_number":353,"box":{"x":119,"y":814,"width":760,"height":12}},{"id":"7ad3e2c7-c853-4156-99b4-2deb7a02f056","block_type":"box","text":"investment in the Target Funds. However, based on current market capitalisation and underlying Target","page_number":353,"box":{"x":119,"y":829,"width":762,"height":12}},{"id":"11b83cb4-70ab-48df-8dc6-08c91da33bd6","block_type":"box","text":"Fund index weightings, the Fund’s exposure to emerging markets or sub-investment grade debt, through","page_number":353,"box":{"x":119,"y":844,"width":762,"height":12}},{"id":"f2c78c83-1f74-4e7c-bde1-bcf2a6ccbf52","block_type":"box","text":"its investment in the Target Funds, is not expected to exceed 20% of the Net Asset Value of the Fund in","page_number":353,"box":{"x":119,"y":859,"width":761,"height":12}},{"id":"c0c8738b-7d2e-4866-9b42-8e284d706085","block_type":"box","text":"each case.","page_number":353,"box":{"x":119,"y":874,"width":73,"height":9}},{"id":"2c6a6732-d165-46d9-8c0a-c45e44b84286","block_type":"box","text":"3","page_number":354,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"84054738-6737-4fcd-a304-158294993a37","block_type":"box","text":"VG001-001/M85660-892520263-23556/1","page_number":354,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"071bce7e-2358-4327-bf29-0f7107b417fb","block_type":"box","text":"As part of the Investment Manager’s pre-determined asset allocations to equity and fixed income","page_number":354,"box":{"x":119,"y":87,"width":760,"height":12}},{"id":"8c983e3b-21fa-4343-86c3-457b208eb33a","block_type":"box","text":"securities, it will select Target Funds which have diversified underlying holdings across global equity or","page_number":354,"box":{"x":120,"y":102,"width":760,"height":12}},{"id":"5bac961f-66c7-4aca-8c98-bcbb61f7fdb2","block_type":"box","text":"fixed income markets in order for the Fund to meet its investment objective. This selection process is","page_number":354,"box":{"x":119,"y":117,"width":759,"height":12}},{"id":"f1de23c6-5e5e-444f-8f46-b2d8c05fd95d","block_type":"box","text":"based on evaluating the potential universe of Target Funds that can be used to build the overall asset","page_number":354,"box":{"x":119,"y":132,"width":760,"height":12}},{"id":"6738b900-58f4-4cf0-b4a7-2eb9f229a16c","block_type":"box","text":"allocation to globally diversified equity and fixed income securities, in line with the pre-determined","page_number":354,"box":{"x":119,"y":147,"width":761,"height":12}},{"id":"251d262c-61bd-4b6b-841f-a19b8cd2cca1","block_type":"box","text":"equity and fixed income allocations, while ensuring that each Target Fund complies with the UCITS","page_number":354,"box":{"x":119,"y":162,"width":759,"height":12}},{"id":"4e0d8781-355a-4fe0-a4f5-b1c3c9629814","block_type":"box","text":"diversification requirements limiting the investment to an individual Target Fund.","page_number":354,"box":{"x":119,"y":177,"width":603,"height":12}},{"id":"2e4b0ff5-cf37-4441-a8ab-7592d80b489b","block_type":"box","text":"Whilst the Fund will seek broadly to maintain the relative sizes of its equities and fixed income","page_number":354,"box":{"x":119,"y":207,"width":760,"height":12}},{"id":"aa1d3616-150a-43b4-8b99-711eca131cfb","block_type":"box","text":"exposures, via the Target Funds, at the stated levels, the identity and proportion of the particular indices,","page_number":354,"box":{"x":119,"y":222,"width":760,"height":12}},{"id":"9967d4e3-98d4-4013-98be-326f4a7c4c9c","block_type":"box","text":"securities and/or markets, etc. to which the Fund is exposed will be at the discretion of the Investment","page_number":354,"box":{"x":120,"y":237,"width":759,"height":12}},{"id":"7962dd96-2c14-4517-904d-64968c78439c","block_type":"box","text":"Manager taking into account aspects of those Target Funds considered to be relevant to maintain","page_number":354,"box":{"x":119,"y":252,"width":760,"height":12}},{"id":"923fbf2b-1442-4896-a285-d4f7e39b0915","block_type":"box","text":"exposure to a global diversified portfolio. The Fund’s actual exposure to equity and fixed income","page_number":354,"box":{"x":119,"y":267,"width":760,"height":12}},{"id":"6498cfd2-cc79-471f-bddc-a0b2bfeea4b4","block_type":"box","text":"securities may vary from time to time in response to changes in the market size or market values of the","page_number":354,"box":{"x":120,"y":282,"width":759,"height":12}},{"id":"df466b41-df8d-4ab5-992e-b4ac589d3f7b","block_type":"box","text":"indices tracked by the Target Funds in which the Fund invests, changes in the available universe of","page_number":354,"box":{"x":119,"y":297,"width":760,"height":12}},{"id":"72648052-8a6f-4826-a1bb-ca7601675805","block_type":"box","text":"relevant Target Funds to help meet the investment objective, or changes required in order to comply with","page_number":354,"box":{"x":119,"y":312,"width":762,"height":12}},{"id":"176a561e-5a2a-4fde-9328-7e555d11eff1","block_type":"box","text":"the requirements of the Central Bank which limit the amount of exposure which the Fund may have to","page_number":354,"box":{"x":119,"y":327,"width":760,"height":12}},{"id":"721b7e5c-ccec-4d2b-a616-4a1653d1e1cc","block_type":"box","text":"individual Target Funds, in which case the Fund will seek to rebalance its investments in the Target","page_number":354,"box":{"x":119,"y":342,"width":760,"height":12}},{"id":"e7c211bd-65f1-4c26-bde3-fb2b369213ff","block_type":"box","text":"Funds to bring its exposures back into line with the levels stated. 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Forward foreign exchange contracts are agreements","page_number":354,"box":{"x":464,"y":840,"width":415,"height":12}},{"id":"db927207-c9bc-4839-a0b9-5314a1fb634e","block_type":"box","text":"between parties to exchange fixed amounts of different currencies at an agreed exchange rate at an","page_number":354,"box":{"x":149,"y":855,"width":729,"height":12}},{"id":"d381aa29-845f-4756-bc0b-9a8cefef17b1","block_type":"box","text":"agreed time in the future.","page_number":354,"box":{"x":150,"y":870,"width":180,"height":12}},{"id":"2417a435-0073-4f06-afe9-2b502fec873d","block_type":"box","text":"Forward foreign exchange contracts are similar to currency futures, except","page_number":354,"box":{"x":336,"y":870,"width":545,"height":12}},{"id":"524ba2e9-e8ff-4416-a74c-cb8b15838107","block_type":"box","text":"that they are not exchange-traded, but are instead over the counter instruments.","page_number":354,"box":{"x":149,"y":885,"width":597,"height":12}},{"id":"a9722ff0-aeef-43c7-8eeb-c693f0d78570","block_type":"box","text":"Forward foreign","page_number":354,"box":{"x":753,"y":885,"width":127,"height":12}},{"id":"79b36ee2-0950-4aed-9236-dfaf0db35c40","block_type":"box","text":"exchange contracts may be used to manage currency exposures.","page_number":354,"box":{"x":150,"y":900,"width":475,"height":12}},{"id":"f906179f-748e-4c1a-8ce8-f186fd90eb3f","block_type":"box","text":"Non-deliverable forward foreign","page_number":354,"box":{"x":632,"y":900,"width":248,"height":12}},{"id":"df073fb1-fb15-4167-9e8f-5debdaf2f3bb","block_type":"box","text":"4","page_number":355,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"6d55a655-1005-4aab-a262-ac6cc1e07e53","block_type":"box","text":"VG001-001/M85660-892520263-23556/1","page_number":355,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"3b32ae90-d0e5-4144-a4a8-cd3c857009fa","block_type":"box","text":"exchange contracts may be used for the same reasons.","page_number":355,"box":{"x":150,"y":87,"width":402,"height":12}},{"id":"3f116ffc-d30a-4680-a8a9-ba6ede852ce3","block_type":"box","text":"They differ from standard forward foreign","page_number":355,"box":{"x":559,"y":87,"width":321,"height":12}},{"id":"a3cdf03f-58e3-413f-bb12-65842ba825b5","block_type":"box","text":"exchange contracts in that at least one of the currencies in the transaction is not permitted to be","page_number":355,"box":{"x":150,"y":102,"width":729,"height":12}},{"id":"6d365fbe-94a6-48f5-af6e-ce07113400a4","block_type":"box","text":"delivered in settlement of any profit or loss resulting from the transaction. Typically, profit or loss in","page_number":355,"box":{"x":150,"y":117,"width":730,"height":12}},{"id":"d07ce167-9a33-45fb-ba4d-65b8e5dac572","block_type":"box","text":"this case will be delivered in US Dollars or Euro.","page_number":355,"box":{"x":149,"y":132,"width":362,"height":9}},{"id":"d55482f9-df5a-4241-8bc8-a38b562a8fd7","block_type":"box","text":"See","page_number":355,"box":{"x":120,"y":162,"width":29,"height":9}},{"id":"233204d3-37dd-4023-97ad-cc5eb3b59f52","block_type":"box","text":"Appendix 4","page_number":355,"box":{"x":149,"y":162,"width":90,"height":12}},{"id":"00717a63-99a5-4a5e-bbb6-ff54cba1d116","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":355,"box":{"x":239,"y":162,"width":642,"height":12}},{"id":"9afe5fb9-9f25-4307-8fbb-0ec11cc6ed09","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":355,"box":{"x":119,"y":177,"width":760,"height":12}},{"id":"818106ce-257d-4e95-8fe4-3a689cc87a93","block_type":"box","text":"usage at any time. See","page_number":355,"box":{"x":119,"y":192,"width":181,"height":12}},{"id":"440cde11-d38d-4afa-ac40-9944bb8fae04","block_type":"box","text":"Appendix 4","page_number":355,"box":{"x":308,"y":192,"width":93,"height":12}},{"id":"9d527c92-b973-4d78-bffb-c7ddfb75f93b","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":355,"box":{"x":401,"y":192,"width":478,"height":12}},{"id":"cc7fd380-82c4-4b88-ae7f-ae49cde7e7d6","block_type":"box","text":"calculation of global exposure.","page_number":355,"box":{"x":119,"y":207,"width":226,"height":12}},{"id":"6d2fd473-39a1-4c7f-8751-5c6c37d35436","block_type":"box","text":"Temporary Investment Measures","page_number":355,"box":{"x":119,"y":238,"width":263,"height":11}},{"id":"13bb977d-0f1f-4655-b6c1-49fc5143099e","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":355,"box":{"x":119,"y":271,"width":760,"height":12}},{"id":"80c4af2c-2a8e-4a38-b78e-b810c15edb47","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":355,"box":{"x":119,"y":286,"width":760,"height":12}},{"id":"69f8daf0-322c-4789-9725-bb457251c49b","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":355,"box":{"x":119,"y":301,"width":760,"height":12}},{"id":"43938838-1a4c-4862-b256-2225f995b209","block_type":"box","text":"interests of Shareholders, the Fund may increase its holdings of cash and ancillary liquid assets. 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This file contains a","page_number":355,"box":{"x":119,"y":393,"width":761,"height":12}},{"id":"01bb07e5-a655-41c3-bf53-7c41111864d0","block_type":"box","text":"basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":355,"box":{"x":119,"y":408,"width":760,"height":12}},{"id":"9422fb0b-a921-499e-9489-9269d1e19516","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":355,"box":{"x":119,"y":423,"width":759,"height":12}},{"id":"72b48e88-ca93-445a-aed0-ce9a983b2cf0","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":355,"box":{"x":119,"y":438,"width":364,"height":12}},{"id":"194dd94f-9bbf-4bf4-8400-f46ba8f0a941","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":355,"box":{"x":119,"y":468,"width":450,"height":12}},{"id":"bffdb00f-78dd-48e3-8807-057b9d94a656","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":355,"box":{"x":570,"y":468,"width":310,"height":12}},{"id":"0856e238-c2b3-4e62-808c-ebbc72f536d2","block_type":"box","text":"holdings-disclosure-policy.pdf","page_number":355,"box":{"x":119,"y":483,"width":226,"height":12}},{"id":"c748c8d0-9f43-4ce1-aeeb-db808045d29b","block_type":"box","text":", including details of the periodic disclosure of full holdings.","page_number":355,"box":{"x":346,"y":483,"width":444,"height":12}},{"id":"b3a5cef2-75b9-4548-bb60-412ab77ac8d9","block_type":"box","text":"Primary Risks","page_number":355,"box":{"x":119,"y":513,"width":114,"height":12}},{"id":"485b4580-56f8-4fec-b981-f58c87e1d2f0","block_type":"box","text":"Please refer to the section of the Prospectus entitled “","page_number":355,"box":{"x":119,"y":545,"width":401,"height":12}},{"id":"bef3abe8-875d-449c-8f1f-6dcc8c5e365f","block_type":"box","text":"Risk Factors","page_number":355,"box":{"x":522,"y":546,"width":100,"height":9}},{"id":"9b6e82de-3551-45d8-a0ef-48fb5bfe13b5","block_type":"box","text":"” for information in relation to the","page_number":355,"box":{"x":623,"y":545,"width":257,"height":10}},{"id":"4ef55ceb-4684-43bb-98cc-cd7587ff7061","block_type":"box","text":"risks applicable to an investment in the","page_number":355,"box":{"x":119,"y":561,"width":295,"height":11}},{"id":"91ad7e28-4158-4973-ad8e-18153acdfbcb","block_type":"box","text":"Company, including any investment in the Fund,","page_number":355,"box":{"x":415,"y":561,"width":367,"height":12}},{"id":"85f57500-8e89-45f0-b040-c9bac64c314f","block_type":"box","text":"including the","page_number":355,"box":{"x":784,"y":561,"width":96,"height":12}},{"id":"fa46f5d1-7f88-4fd5-928d-78f279eadf71","block_type":"box","text":"risk","page_number":355,"box":{"x":119,"y":576,"width":32,"height":9}},{"id":"23ba3eea-9690-480f-a5cd-1e8d0f179887","block_type":"box","text":"factor","page_number":355,"box":{"x":152,"y":576,"width":42,"height":9}},{"id":"19ecf4a5-9bfd-4f77-bd3d-685380a07eff","block_type":"box","text":"entitled “Investing in Other Collective Investment Schemes”","page_number":355,"box":{"x":199,"y":576,"width":447,"height":12}},{"id":"d2f2226d-35e5-4eb6-b65c-f53b203277cb","block_type":"box","text":".","page_number":355,"box":{"x":648,"y":583,"width":3,"height":2}},{"id":"07342422-32bc-4864-98c8-8ac87f320f2f","block_type":"box","text":"Fund Details","page_number":355,"box":{"x":119,"y":606,"width":105,"height":9}},{"id":"5893ab8e-92cf-4964-adbf-66768895dc4c","block_type":"box","text":"Investment 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not","page_number":358,"box":{"x":551,"y":252,"width":320,"height":12}},{"id":"620ed913-2bf2-4772-a5dc-9d856694fd32","block_type":"box","text":"exceed 2.00% of gross subscription","page_number":358,"box":{"x":552,"y":267,"width":319,"height":12}},{"id":"7ecdbaef-e8d2-4ad8-a6d3-4f29513bb97b","block_type":"box","text":"amount/gross redemption proceeds (i.e. the","page_number":358,"box":{"x":551,"y":282,"width":320,"height":12}},{"id":"03feaf47-751f-4e08-b690-e33e6b6f785f","block_type":"box","text":"NAV per Share multiplied by the number of","page_number":358,"box":{"x":551,"y":297,"width":321,"height":12}},{"id":"6c895d8a-ec6e-45ff-bece-659b9de674da","block_type":"box","text":"Shares being redeemed) ***","page_number":358,"box":{"x":552,"y":312,"width":213,"height":12}},{"id":"d3fdba71-1c66-43b1-bf14-ffa65988b3ba","block_type":"box","text":"* The Authorised Participant will also be responsible for paying applicable trading charges related to","page_number":358,"box":{"x":120,"y":357,"width":758,"height":12}},{"id":"2ff801d1-7374-4220-b5b6-077679605ea6","block_type":"box","text":"stamp duty and other duties.","page_number":358,"box":{"x":120,"y":372,"width":206,"height":12}},{"id":"c9c452bb-6920-45ae-ae62-6168deea68f8","block_type":"box","text":"** The Company reserves the right to permit or require the substitution of an amount of cash – referred to","page_number":358,"box":{"x":120,"y":402,"width":761,"height":12}},{"id":"e44c57c3-2b9b-4986-b82c-4f4545f3e3fe","block_type":"box","text":"as “cash-in-lieu” – to be added to the Cash Component to replace any Deposit Securities that may not be","page_number":358,"box":{"x":119,"y":417,"width":761,"height":12}},{"id":"fb242145-09ec-4f16-b6a8-f8d34017f044","block_type":"box","text":"available in sufficient quantity for delivery, may not be eligible for transfer, may not be eligible for","page_number":358,"box":{"x":119,"y":432,"width":759,"height":12}},{"id":"766951bc-07b5-4c04-8582-01ac5ad39837","block_type":"box","text":"trading by an Authorised Participant or in the event that in-kind trading is not permissible in particular","page_number":358,"box":{"x":119,"y":447,"width":760,"height":12}},{"id":"ac31ea22-cf05-4799-925c-19a0e0a2239d","block_type":"box","text":"countries or markets or to replace any Redemption Security which may not be eligible for transfer, may","page_number":358,"box":{"x":119,"y":462,"width":761,"height":12}},{"id":"b143852c-a4a7-4c39-b8fb-548d10249087","block_type":"box","text":"not be eligible for trading by an Authorised Participant or in the event that in-kind trading is not","page_number":358,"box":{"x":119,"y":477,"width":760,"height":12}},{"id":"1ffb3133-c4b7-4443-a66d-5288c8de074a","block_type":"box","text":"permissible in particular countries or markets. Trading costs incurred by the Fund in connection with the","page_number":358,"box":{"x":119,"y":492,"width":761,"height":12}},{"id":"00bee593-da35-4520-95bd-5658b8fc78da","block_type":"box","text":"purchase of Deposit Securities with cash-in-lieu amounts will be borne by the relevant Shareholder,","page_number":358,"box":{"x":119,"y":507,"width":758,"height":12}},{"id":"b6b92f5c-dd47-42ca-817e-efebab141a41","block_type":"box","text":"through the application of a Basket Customisation Fee (representing the estimated cost of acquisition of","page_number":358,"box":{"x":119,"y":522,"width":761,"height":12}},{"id":"7be4fade-aa94-4f19-86ea-e6e0065057d3","block_type":"box","text":"the relevant Deposit Securities to the Fund by the cash-in-lieu amount, otherwise than in respect of","page_number":358,"box":{"x":119,"y":537,"width":760,"height":12}},{"id":"15ca0c59-2b7c-4d6b-a6a9-54898f47d0b1","block_type":"box","text":"“Settlement – Cash (Directed)”), to protect existing Shareholders from this expense. See the “","page_number":358,"box":{"x":120,"y":552,"width":723,"height":12}},{"id":"c5909cf3-a64a-404e-802c-1d34c275021c","block_type":"box","text":"Risk","page_number":358,"box":{"x":845,"y":552,"width":36,"height":10}},{"id":"ad06833f-4a49-49e5-ab9a-90e578ded69a","block_type":"box","text":"Factors","page_number":358,"box":{"x":119,"y":568,"width":59,"height":9}},{"id":"d236c251-e3b4-4612-97b8-5778dcfb4d71","block_type":"box","text":"” section of this Prospectus for further information on the basket customisation fee.","page_number":358,"box":{"x":179,"y":567,"width":613,"height":12}},{"id":"c414709c-e20b-48c7-9089-97a2830fda09","block_type":"box","text":"*** Details of the current charges are available from the Investment Manager.","page_number":358,"box":{"x":120,"y":597,"width":575,"height":12}},{"id":"b16ba875-af1d-43ba-a493-3db7e9161952","block_type":"box","text":"The maximum level of ongoing charges that may be charged by each of the Target Funds in which the","page_number":358,"box":{"x":119,"y":627,"width":759,"height":12}},{"id":"b22d2bd5-f519-4fe4-8b75-41e3d184ec55","block_type":"box","text":"Fund invests will not exceed 0.50% per annum of the net asset value of each of these funds and it is","page_number":358,"box":{"x":119,"y":642,"width":759,"height":12}},{"id":"3f584897-e3a8-4596-b14b-f7e33868c205","block_type":"box","text":"generally not expected that these charges will exceed 0.30% per annum. Details of such fees will also be","page_number":358,"box":{"x":120,"y":657,"width":760,"height":12}},{"id":"d665e11d-66ae-457d-94ab-7ed18fdf1914","block_type":"box","text":"contained in the Company’s annual report.","page_number":358,"box":{"x":119,"y":673,"width":316,"height":11}},{"id":"e069af7d-b690-4ca8-be69-9c24090e236c","block_type":"box","text":"See section of the Prospectus headed “","page_number":358,"box":{"x":436,"y":672,"width":280,"height":12}},{"id":"0e3750e6-0ce7-42f2-aaa6-52344a42f89f","block_type":"box","text":"Cross Investment","page_number":358,"box":{"x":718,"y":673,"width":136,"height":9}},{"id":"c7c7a5cf-98eb-4c17-bb53-f80ee9b682c3","block_type":"box","text":"” in","page_number":358,"box":{"x":855,"y":673,"width":26,"height":9}},{"id":"616ca0f0-80e1-488a-bd7b-03d1ee760778","block_type":"box","text":"Appendix 3","page_number":358,"box":{"x":119,"y":688,"width":91,"height":11}},{"id":"0fbed268-3f84-41be-b5b3-c118bf2cb860","block_type":"box","text":"for further details with regard to the charging of fees where the Fund is invested in other","page_number":358,"box":{"x":210,"y":687,"width":669,"height":12}},{"id":"7380bcde-fe43-41b5-8a01-224276df2c5c","block_type":"box","text":"Funds of the Company","page_number":358,"box":{"x":119,"y":702,"width":167,"height":12}},{"id":"658f9446-d64d-46c9-8128-fc2732f7ea85","block_type":"box","text":".","page_number":358,"box":{"x":287,"y":710,"width":8,"height":2}},{"id":"63d793a3-764b-4691-8e08-582d7c063d01","block_type":"box","text":"There will be no double charging of the annual management fee to the Fund as a","page_number":358,"box":{"x":295,"y":702,"width":586,"height":12}},{"id":"b264bd21-2713-45cb-bcf3-a1717820554b","block_type":"box","text":"result of its investments in other Funds of the Company.","page_number":358,"box":{"x":119,"y":717,"width":414,"height":12}},{"id":"32db0264-e797-4ff9-b1e5-3f13ee29c24d","block_type":"box","text":"The Fund may bear its proportion of the Company’s organisational expenses (including those relating to","page_number":358,"box":{"x":119,"y":748,"width":761,"height":12}},{"id":"0fdbea7a-910f-4617-b37c-690daaf037f7","block_type":"box","text":"the preparation and printing of this Prospectus, the listing of the Shares on the relevant stock exchanges","page_number":358,"box":{"x":119,"y":763,"width":761,"height":12}},{"id":"e6b6410f-1f3d-485d-99b0-f7f3b04cdeb4","block_type":"box","text":"and professional advisor fees), which will initially be borne by the Manager. 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However, as more particularly described below, the Investment Manager manages the","page_number":362,"box":{"x":119,"y":257,"width":761,"height":12}},{"id":"5277ce5b-0fa6-444b-85dd-b06ceb91302c","block_type":"box","text":"Fund through pre-determined asset allocations to equity and fixed income securities using a combination","page_number":362,"box":{"x":119,"y":274,"width":761,"height":12}},{"id":"a6cfd234-5865-4dc7-8402-6d13853d6b1c","block_type":"box","text":"of underlying collective investment schemes.","page_number":362,"box":{"x":119,"y":291,"width":332,"height":12}},{"id":"b714387e-6446-4417-aa64-9a164e792de7","block_type":"box","text":"The Fund will seek to achieve its investment objective by gaining exposure to a diversified portfolio","page_number":362,"box":{"x":119,"y":326,"width":760,"height":12}},{"id":"b302aa00-3951-4233-ab30-0a42703f23ce","block_type":"box","text":"composed approximately of 60% by value of equity securities and 40% by value of fixed income","page_number":362,"box":{"x":119,"y":343,"width":759,"height":12}},{"id":"c4cac35b-8ba8-46ef-b5f7-ad90dfa29fb4","block_type":"box","text":"securities, which will, subject to the requirements of the Central Bank, be obtained predominantly via","page_number":362,"box":{"x":120,"y":360,"width":759,"height":12}},{"id":"9af64ee1-d4f1-4dd7-81ce-195d9f964a46","block_type":"box","text":"direct investment in passively managed exchange traded funds (“","page_number":362,"box":{"x":119,"y":377,"width":479,"height":12}},{"id":"56732c46-2d2c-42a9-8fae-d9bfbf013a49","block_type":"box","text":"ETFs","page_number":362,"box":{"x":599,"y":378,"width":43,"height":9}},{"id":"9ebd0851-7f2b-4fea-8dde-6062df91b108","block_type":"box","text":"”) or other collective investment","page_number":362,"box":{"x":643,"y":377,"width":238,"height":12}},{"id":"fd321f3f-c001-46ad-8e18-c75632bc9f29","block_type":"box","text":"schemes which track an index (together the “","page_number":362,"box":{"x":120,"y":395,"width":342,"height":12}},{"id":"e00f87d0-efeb-4d37-b8e4-274c50501d81","block_type":"box","text":"Target Funds","page_number":362,"box":{"x":464,"y":395,"width":108,"height":12}},{"id":"c1816cc3-0298-450a-bf47-ffe117b1d64e","block_type":"box","text":"”). The portfolio asset allocation may be","page_number":362,"box":{"x":573,"y":395,"width":306,"height":12}},{"id":"05ff4742-27e1-4734-9a6e-7beb5b1b9023","block_type":"box","text":"reconstituted and rebalanced from time to time at the discretion of the Investment Manager.","page_number":362,"box":{"x":119,"y":412,"width":675,"height":12}},{"id":"4988ac28-dd37-4d23-88f7-1169cc99ef5c","block_type":"box","text":"The Target Funds will employ a passive management investment approach, through physical acquisition","page_number":362,"box":{"x":119,"y":446,"width":761,"height":12}},{"id":"c08ff9b8-beb8-440e-b0ba-5bd7deb6d323","block_type":"box","text":"of securities and will either invest in a representative sample of the constituent securities of the relevant","page_number":362,"box":{"x":119,"y":463,"width":762,"height":12}},{"id":"60ca3797-0287-4195-8a79-1a11e438374f","block_type":"box","text":"index or will seek to replicate the index fully. It is not proposed that the Fund will invest in Target Funds","page_number":362,"box":{"x":119,"y":481,"width":761,"height":12}},{"id":"d68bdb42-2b05-4fd6-8a1b-16be3bea2bf9","block_type":"box","text":"which pursue an actively managed investment strategy, whereby specific individual stock selection","page_number":362,"box":{"x":119,"y":498,"width":760,"height":12}},{"id":"87e3e873-b984-4d67-b423-5d2b70cee282","block_type":"box","text":"strategies are in place.","page_number":362,"box":{"x":120,"y":515,"width":161,"height":12}},{"id":"78e51875-6fee-4466-ad8e-3476cb3f822e","block_type":"box","text":"The Target Funds in which the Fund invests will be UCITS and may include other Funds of the Company","page_number":362,"box":{"x":119,"y":550,"width":762,"height":12}},{"id":"025b3556-9ef9-4c21-87c8-36a1fc69fca1","block_type":"box","text":"or collective investment undertakings linked by common management or control to each other or to the","page_number":362,"box":{"x":119,"y":567,"width":762,"height":12}},{"id":"a61c0ff0-ebdd-4923-b6be-585e87ad34b8","block_type":"box","text":"Company. See","page_number":362,"box":{"x":120,"y":585,"width":114,"height":11}},{"id":"841ad11c-ca6e-4e48-92d7-55cefeb6fc83","block_type":"box","text":"Appendix 3","page_number":362,"box":{"x":234,"y":584,"width":91,"height":12}},{"id":"ab585c9b-fecf-4753-af4a-5c7e9bee97a8","block_type":"box","text":"of the Prospectus, including the section headed “","page_number":362,"box":{"x":326,"y":584,"width":373,"height":12}},{"id":"dd4e0087-79a7-483a-ba40-12cffd1fb06c","block_type":"box","text":"Cross Investment","page_number":362,"box":{"x":702,"y":585,"width":138,"height":8}},{"id":"0093c0a9-f1a5-4773-b25a-0ecacc13fe5b","block_type":"box","text":"”, for","page_number":362,"box":{"x":841,"y":584,"width":39,"height":11}},{"id":"82cef8ea-e70d-43c5-a942-07008ecbb5d5","block_type":"box","text":"information on investment in collective investment schemes, including other Funds of the Company.","page_number":362,"box":{"x":119,"y":601,"width":742,"height":12}},{"id":"5b132474-5863-4a48-8d6b-78b56c86f91d","block_type":"box","text":"It is intended that the Fund’s indirect exposures, through its investment in the Target Funds, will be to:","page_number":362,"box":{"x":119,"y":634,"width":759,"height":11}},{"id":"3f3328c8-3305-49fe-9786-0fa84dbf3cab","block_type":"box","text":"(1) shares of companies from developed and emerging markets (i.e. countries that are progressing toward","page_number":362,"box":{"x":120,"y":648,"width":761,"height":12}},{"id":"9f599fe9-8899-44c1-9dcb-6b7c3467210e","block_type":"box","text":"becoming advanced, usually shown by some development in financial markets, the existence of some","page_number":362,"box":{"x":119,"y":663,"width":760,"height":12}},{"id":"8c8568d4-6d19-419a-bf55-5d32f19143ec","block_type":"box","text":"form of stock exchange and a regulatory body); and (2) to fixed income securities, such as bonds,","page_number":362,"box":{"x":119,"y":679,"width":758,"height":12}},{"id":"e44d18d1-5664-467e-8e72-88035623551c","block_type":"box","text":"denominated in multiple currencies, from both developed and emerging markets issuers (for example,","page_number":362,"box":{"x":119,"y":694,"width":759,"height":12}},{"id":"780ea0a5-c1e4-4173-aa0e-af41c590e154","block_type":"box","text":"global investment grade debt, including treasury, government-related, corporate and securitised fixed","page_number":362,"box":{"x":120,"y":709,"width":758,"height":12}},{"id":"be5f86d7-68b5-4790-a7bb-35cbc0f2fff4","block_type":"box","text":"rate bonds). The Fund will seek to indirectly hedge the non-EUR currency exposure within the fixed","page_number":362,"box":{"x":119,"y":724,"width":759,"height":12}},{"id":"e9550ff2-c1d9-4b98-b420-3690cedecdb5","block_type":"box","text":"income allocation of the Fund’s portfolio to EUR, by investing in EUR hedged Share classes of the","page_number":362,"box":{"x":119,"y":739,"width":760,"height":12}},{"id":"ccea25a8-1e6c-4e49-93e2-818cde37572c","block_type":"box","text":"Target Funds.","page_number":362,"box":{"x":119,"y":754,"width":101,"height":12}},{"id":"d3845800-7e92-45b3-b107-54df0d6b67b0","block_type":"box","text":"The Fund’s exposure to the Target Funds is not intended to reflect any geographic or sectoral bias, and","page_number":362,"box":{"x":119,"y":784,"width":760,"height":12}},{"id":"5861de02-ff86-492a-8f01-e66ed050f240","block_type":"box","text":"the overall objective of the asset allocation is to maintain a globally diversified exposure across equity","page_number":362,"box":{"x":119,"y":799,"width":759,"height":12}},{"id":"05d4117e-7008-4859-9de2-085163307ebf","block_type":"box","text":"and fixed income securities in line with the 60% equity and 40% fixed income allocation through","page_number":362,"box":{"x":119,"y":814,"width":760,"height":12}},{"id":"6ae71a91-cc61-4296-8d60-3c4afa297c4c","block_type":"box","text":"investment in the Target Funds. However, based on current market capitalisation and underlying Target","page_number":362,"box":{"x":119,"y":829,"width":762,"height":12}},{"id":"86e97124-2629-49f7-8297-82a5aaa9190e","block_type":"box","text":"Fund index weightings, the Fund’s exposure to emerging markets or sub-investment grade debt, through","page_number":362,"box":{"x":119,"y":844,"width":762,"height":12}},{"id":"7bdd3c49-e0c7-433c-96a8-1ae4c4be260f","block_type":"box","text":"its investment in the Target Funds, is not expected to exceed 20% of the Net Asset Value of the Fund in","page_number":362,"box":{"x":119,"y":859,"width":761,"height":12}},{"id":"d7920545-9b1e-4a55-939b-e0cef4a880d6","block_type":"box","text":"each case.","page_number":362,"box":{"x":119,"y":874,"width":73,"height":9}},{"id":"db8d766e-e4cd-4216-b9a6-ac1bf6155f15","block_type":"box","text":"3","page_number":363,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"b55df4ef-4198-4da4-a035-9e59a7694ef8","block_type":"box","text":"VG001-001/M85660-892520263-23557/1","page_number":363,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"5426b1a7-105c-4739-abc6-dd2021c6413f","block_type":"box","text":"As part of the Investment Manager’s pre-determined asset allocations to equity and fixed income","page_number":363,"box":{"x":119,"y":87,"width":760,"height":12}},{"id":"54db09f9-af69-4dc4-b661-6a387aff87bb","block_type":"box","text":"securities, it will select Target Funds which have diversified underlying holdings across global equity or","page_number":363,"box":{"x":120,"y":102,"width":760,"height":12}},{"id":"1a0ce94c-5b0e-4e0a-9dcb-01cf1d9c0405","block_type":"box","text":"fixed income markets in order for the Fund to meet its investment objective. This selection process is","page_number":363,"box":{"x":119,"y":117,"width":759,"height":12}},{"id":"2335fb60-62d2-4250-9b62-d6d9e60d34de","block_type":"box","text":"based on evaluating the potential universe of Target Funds that can be used to build the overall asset","page_number":363,"box":{"x":119,"y":132,"width":760,"height":12}},{"id":"8ad3d07b-6717-4e3a-b3ff-4a11b383997b","block_type":"box","text":"allocation to globally diversified equity and fixed income securities, in line with the pre-determined","page_number":363,"box":{"x":119,"y":147,"width":761,"height":12}},{"id":"7de6f3ce-080c-439b-b043-f4f32d3d0858","block_type":"box","text":"equity and fixed income allocations, while ensuring that each Target Fund complies with the UCITS","page_number":363,"box":{"x":119,"y":162,"width":759,"height":12}},{"id":"bb47dafd-ba75-4a2f-9738-dabb0dcfc951","block_type":"box","text":"diversification requirements limiting the investment to an individual Target Fund.","page_number":363,"box":{"x":119,"y":177,"width":603,"height":12}},{"id":"22cacf74-cfe0-450d-b159-0f783d902fb4","block_type":"box","text":"Whilst the Fund will seek broadly to maintain the relative sizes of its equities and fixed income","page_number":363,"box":{"x":119,"y":207,"width":760,"height":12}},{"id":"c74ae02e-0db9-4cb9-9326-efca72d20cb6","block_type":"box","text":"exposures, via the Target Funds, at the stated levels, the identity and proportion of the particular indices,","page_number":363,"box":{"x":119,"y":222,"width":760,"height":12}},{"id":"b7967c32-2ada-4324-a3ca-191e88112697","block_type":"box","text":"securities and/or markets, etc. to which the Fund is exposed will be at the discretion of the Investment","page_number":363,"box":{"x":120,"y":237,"width":759,"height":12}},{"id":"c04ad0b9-a8be-414c-ac85-c22c89a6b368","block_type":"box","text":"Manager taking into account aspects of those Target Funds considered to be relevant to maintain","page_number":363,"box":{"x":119,"y":252,"width":760,"height":12}},{"id":"657f46d6-13ba-4000-b92e-d8178eac1e8b","block_type":"box","text":"exposure to a global diversified portfolio. The Fund’s actual of exposure to equity and fixed income","page_number":363,"box":{"x":119,"y":267,"width":760,"height":12}},{"id":"3e1fd9b9-cc53-48f1-af89-82080a77a3d8","block_type":"box","text":"securities may vary from time to time in response to changes in the market size or market values of the","page_number":363,"box":{"x":120,"y":282,"width":759,"height":12}},{"id":"8e211a33-3d05-447f-b81d-a0f498962cd1","block_type":"box","text":"indices tracked by the Target Funds in which the Fund invests, changes in the available universe of","page_number":363,"box":{"x":119,"y":297,"width":760,"height":12}},{"id":"10cda812-9217-4c1c-8370-cf011a7509cd","block_type":"box","text":"relevant Target Funds to help meet the investment objective, or changes required in order to comply with","page_number":363,"box":{"x":119,"y":312,"width":762,"height":12}},{"id":"f46791a9-cd46-4a62-b3d9-9f82dead37f2","block_type":"box","text":"the requirements of the Central Bank which limit the amount of exposure which the Fund may have to","page_number":363,"box":{"x":119,"y":327,"width":760,"height":12}},{"id":"6c84edce-1a6c-4beb-8ec8-c6126f8eef3b","block_type":"box","text":"individual Target Funds, in which case the Fund will seek to rebalance its investments in the Target","page_number":363,"box":{"x":119,"y":342,"width":760,"height":12}},{"id":"8e658a58-95e6-48af-aec1-a16568dc35bc","block_type":"box","text":"Funds to bring its exposure back into line with the levels stated. This approach could mean that the","page_number":363,"box":{"x":119,"y":357,"width":759,"height":12}},{"id":"d633733c-f576-438b-8535-e82a89762a48","block_type":"box","text":"number of underlying Target Funds could change over time.","page_number":363,"box":{"x":119,"y":372,"width":444,"height":12}},{"id":"c6e0bd24-7dd7-43eb-88eb-75771106bed0","block_type":"box","text":"Other Investment Strategies","page_number":363,"box":{"x":120,"y":402,"width":221,"height":12}},{"id":"1ba38ae5-5aa6-4dd0-943c-53598672c6c8","block_type":"box","text":"The Fund may also invest directly in transferable securities (such as shares, bonds and other similar fixed","page_number":363,"box":{"x":119,"y":434,"width":761,"height":12}},{"id":"1a239e04-bcce-4f72-9467-b788af14abbd","block_type":"box","text":"income investments), which will generally be components of the indices tracked by the Target Funds in","page_number":363,"box":{"x":119,"y":450,"width":762,"height":12}},{"id":"b756312c-3711-4db2-8ef4-00b6d21c3bf6","block_type":"box","text":"which the Fund invests. The Fund may invest in short-term, high quality money market instruments and","page_number":363,"box":{"x":119,"y":465,"width":761,"height":12}},{"id":"27bab4ff-fe70-4137-9874-0a81ec225ab7","block_type":"box","text":"deposits (including government securities, bank certificates of deposits or engage in overnight","page_number":363,"box":{"x":119,"y":480,"width":760,"height":12}},{"id":"2f082ff9-0649-4124-a711-a7e286fb7fc2","block_type":"box","text":"repurchase agreements) and/or money market funds, for cash management purposes. Money market","page_number":363,"box":{"x":119,"y":495,"width":760,"height":12}},{"id":"d682fb7f-1dc6-446b-855e-0a84e79adc42","block_type":"box","text":"instruments are investments usually issued by banks or governments that are a short-term loan to the","page_number":363,"box":{"x":119,"y":510,"width":760,"height":12}},{"id":"852ce630-0812-4112-a853-46abc379567b","block_type":"box","text":"issuer by the buyer. The buyer receives interest and the return of the original amount at the end of a","page_number":363,"box":{"x":119,"y":525,"width":760,"height":12}},{"id":"c236961c-73be-4197-9f39-e858aa278188","block_type":"box","text":"certain period. A deposit is a fixed term investment that gathers interest over the period of its term.","page_number":363,"box":{"x":119,"y":540,"width":728,"height":12}},{"id":"5fb2bdc3-dff7-4a14-a916-d455979cea9e","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":363,"box":{"x":119,"y":570,"width":762,"height":12}},{"id":"0e6b7310-1307-413f-9262-974288682c45","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":363,"box":{"x":120,"y":585,"width":740,"height":12}},{"id":"bf358d41-06ec-4d15-9072-49434d5ae932","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":363,"box":{"x":119,"y":615,"width":759,"height":12}},{"id":"49aad46c-a21b-4613-9d50-ce8ee0be870a","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":363,"box":{"x":119,"y":630,"width":382,"height":12}},{"id":"12d01ae7-6742-4b52-b4c0-cb6b6b202d7c","block_type":"box","text":"Appendix 5","page_number":363,"box":{"x":502,"y":630,"width":90,"height":12}},{"id":"3ddc7be4-8226-4d8a-931b-f7704dd939a7","block_type":"box","text":"of the Prospectus.","page_number":363,"box":{"x":592,"y":630,"width":136,"height":12}},{"id":"d2ee188d-96d0-41bf-bd6d-05911957466d","block_type":"box","text":"The Fund may also invest on an ancillary basis in financial derivative instruments (“","page_number":363,"box":{"x":119,"y":660,"width":610,"height":12}},{"id":"4ca31292-5f45-491a-aed2-512d21ca2371","block_type":"box","text":"FDI","page_number":363,"box":{"x":730,"y":661,"width":31,"height":8}},{"id":"ae76bd80-cc1b-47e5-87b6-9cc4afbc3252","block_type":"box","text":"”), provided that","page_number":363,"box":{"x":762,"y":660,"width":119,"height":12}},{"id":"0269f613-75c8-4d9d-b2c7-b6791729c436","block_type":"box","text":"any such investment will be undertaken for efficient portfolio management purposes only and in","page_number":363,"box":{"x":119,"y":675,"width":761,"height":12}},{"id":"fab24a46-84cc-4690-bc78-2124d9674225","block_type":"box","text":"accordance with","page_number":363,"box":{"x":119,"y":690,"width":125,"height":9}},{"id":"16ecfdc2-fb59-480c-903d-9df0796482a0","block_type":"box","text":"Appendix 4","page_number":363,"box":{"x":244,"y":690,"width":90,"height":12}},{"id":"32a28b60-41d1-43e9-b111-eb2f7bcde05a","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank.","page_number":363,"box":{"x":335,"y":690,"width":444,"height":12}},{"id":"ab9f0a5d-f3dc-4113-83f8-0d8a9b9e979b","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":363,"box":{"x":120,"y":720,"width":407,"height":12}},{"id":"49ff86cb-915a-41de-b2c7-ab3bb1ca83dc","block_type":"box","text":"","page_number":363,"box":{"x":119,"y":752,"width":6,"height":5}},{"id":"d7ef31f5-69a2-413a-9e97-6b417fd1b785","block_type":"box","text":"Futures.","page_number":363,"box":{"x":149,"y":751,"width":65,"height":8}},{"id":"cba0c8a0-e205-4304-925f-bd6756ff8bd7","block_type":"box","text":"Futures contracts are agreements to buy or sell a fixed amount of an index, equity, bond or","page_number":363,"box":{"x":215,"y":750,"width":673,"height":12}},{"id":"0f704c3e-548c-440b-8d2e-b9426883fe7e","block_type":"box","text":"currency at a fixed date in the future.","page_number":363,"box":{"x":150,"y":765,"width":274,"height":12}},{"id":"d77697f2-6c02-437e-9502-7078cec9f07c","block_type":"box","text":"Futures contracts are exchange-traded instruments and their","page_number":363,"box":{"x":431,"y":765,"width":449,"height":12}},{"id":"e4516711-6026-4d46-a186-b8e943bf368a","block_type":"box","text":"dealing is subject to the rules of the exchanges on which they are dealt. Using futures instead of","page_number":363,"box":{"x":150,"y":780,"width":729,"height":12}},{"id":"b9cc8b12-7771-430e-8c64-2e0262fd41d8","block_type":"box","text":"investing directly in the underlying security or index tracked by the Target Funds may result in lower","page_number":363,"box":{"x":149,"y":795,"width":732,"height":12}},{"id":"4c162cb9-c35c-4d94-bbb7-fa4ef143f302","block_type":"box","text":"transaction costs being incurred by the Fund.","page_number":363,"box":{"x":149,"y":810,"width":331,"height":12}},{"id":"5ef393af-e926-4d23-abd1-58710ea23f3b","block_type":"box","text":"","page_number":363,"box":{"x":119,"y":843,"width":6,"height":4}},{"id":"b72aa524-d5c4-4843-af3d-73c223928b99","block_type":"box","text":"Forward Foreign Exchange Contracts","page_number":363,"box":{"x":149,"y":840,"width":313,"height":12}},{"id":"dd36c3fc-576a-4638-9e6f-67a8d48d96c5","block_type":"box","text":". Forward foreign exchange contracts are agreements","page_number":363,"box":{"x":464,"y":840,"width":415,"height":12}},{"id":"b2f32ca7-1ffe-409c-972a-2d86cd670c9c","block_type":"box","text":"between parties to exchange fixed amounts of different currencies at an agreed exchange rate at an","page_number":363,"box":{"x":149,"y":855,"width":729,"height":12}},{"id":"1c1f8cf9-4842-4e2b-b468-f2ff3a382dec","block_type":"box","text":"agreed time in the future.","page_number":363,"box":{"x":150,"y":870,"width":180,"height":12}},{"id":"4b640b3e-870a-48df-91b1-adb52cb8e3b5","block_type":"box","text":"Forward foreign exchange contracts are similar to currency futures, except","page_number":363,"box":{"x":336,"y":870,"width":545,"height":12}},{"id":"ea369b61-cb42-4fe8-aec5-3da9e7e9ff74","block_type":"box","text":"that they are not exchange-traded, but are instead over the counter instruments.","page_number":363,"box":{"x":149,"y":885,"width":597,"height":12}},{"id":"06269f96-5cff-4d41-bfb7-a9f06b79e601","block_type":"box","text":"Forward foreign","page_number":363,"box":{"x":753,"y":885,"width":127,"height":12}},{"id":"563a9a4d-d762-47ae-8189-2fd699fb6448","block_type":"box","text":"exchange contracts may be used to manage currency exposures.","page_number":363,"box":{"x":150,"y":900,"width":475,"height":12}},{"id":"62976f4d-1b37-4859-ad68-8b43e68ef505","block_type":"box","text":"Non-deliverable forward foreign","page_number":363,"box":{"x":632,"y":900,"width":248,"height":12}},{"id":"fdbe10a7-9ea0-4663-bd3b-6c59956d2217","block_type":"box","text":"4","page_number":364,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"550a5644-7a65-435f-90be-d974f4c089fd","block_type":"box","text":"VG001-001/M85660-892520263-23557/1","page_number":364,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"887508c3-ca55-4c0c-85af-69f09bfe0c3b","block_type":"box","text":"exchange contracts may be used for the same reasons.","page_number":364,"box":{"x":150,"y":87,"width":402,"height":12}},{"id":"097a416a-913d-4071-9c5c-5b4efa07db78","block_type":"box","text":"They differ from standard forward foreign","page_number":364,"box":{"x":559,"y":87,"width":321,"height":12}},{"id":"ffcc2310-d41f-4d9c-b0f2-60e112b8a9bb","block_type":"box","text":"exchange contracts in that at least one of the currencies in the transaction is not permitted to be","page_number":364,"box":{"x":150,"y":102,"width":729,"height":12}},{"id":"670447cd-c8f5-4990-9775-973505355f19","block_type":"box","text":"delivered in settlement of any profit or loss resulting from the transaction. Typically, profit or loss in","page_number":364,"box":{"x":150,"y":117,"width":730,"height":12}},{"id":"44a3378f-58a0-48ac-8637-ae283cc41f55","block_type":"box","text":"this case will be delivered in US Dollars or Euro.","page_number":364,"box":{"x":149,"y":132,"width":362,"height":9}},{"id":"4cd7c824-1e0e-496a-a8a9-4328d098baf1","block_type":"box","text":"See","page_number":364,"box":{"x":120,"y":147,"width":29,"height":9}},{"id":"97e1f0d3-1775-4055-9e73-606d058fa5e8","block_type":"box","text":"Appendix 4","page_number":364,"box":{"x":149,"y":147,"width":90,"height":12}},{"id":"aeec99ad-b9c9-4763-8751-7186848bde99","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":364,"box":{"x":239,"y":147,"width":642,"height":12}},{"id":"f0c8da23-2582-48d1-9419-12240a91b3f6","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":364,"box":{"x":119,"y":162,"width":760,"height":12}},{"id":"51890c65-e626-42f2-973b-7a7176af6694","block_type":"box","text":"usage at any time. See","page_number":364,"box":{"x":119,"y":177,"width":175,"height":12}},{"id":"986d57c3-69ea-4dc1-975a-c8f3309196b2","block_type":"box","text":"Appendix 4","page_number":364,"box":{"x":303,"y":177,"width":93,"height":12}},{"id":"e953d7ea-cb26-4c5c-b728-6df22883cd0f","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":364,"box":{"x":397,"y":177,"width":482,"height":12}},{"id":"7d43c1ad-0787-4340-a44e-c0afe548d735","block_type":"box","text":"calculation of global exposure.","page_number":364,"box":{"x":119,"y":192,"width":226,"height":12}},{"id":"76f2f9cd-8ed0-49c9-860c-597d94ad9734","block_type":"box","text":"Temporary Investment Measures","page_number":364,"box":{"x":119,"y":223,"width":263,"height":11}},{"id":"7b88f31a-d9df-4d49-9fef-205efcf23282","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":364,"box":{"x":119,"y":256,"width":760,"height":12}},{"id":"a7e9a3a6-088e-4b50-be9a-670795febc26","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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The portfolio asset allocation may be","page_number":372,"box":{"x":573,"y":397,"width":306,"height":12}},{"id":"1d090d25-54b2-4fc0-bb6c-231d6faa519e","block_type":"box","text":"reconstituted and rebalanced from time to time at the discretion of the Investment Manager.","page_number":372,"box":{"x":119,"y":414,"width":675,"height":12}},{"id":"2366466a-14db-4c73-ad8a-a712343a20c7","block_type":"box","text":"The Target Funds will employ a passive management investment approach, through physical acquisition","page_number":372,"box":{"x":119,"y":449,"width":761,"height":11}},{"id":"80ccbf5d-abe5-4f90-8411-08616f7c19db","block_type":"box","text":"of securities and will either invest in a representative sample of the constituent securities of the relevant","page_number":372,"box":{"x":119,"y":466,"width":762,"height":12}},{"id":"fab7fa65-aadf-4039-893c-37a7d3bf4b0e","block_type":"box","text":"index or will seek to replicate the index fully. It is not proposed that the Fund will invest in Target Funds","page_number":372,"box":{"x":119,"y":483,"width":761,"height":12}},{"id":"e1ce35ad-12d6-4544-86ce-993c69c36966","block_type":"box","text":"which pursue an actively managed investment strategy, whereby specific individual stock selection","page_number":372,"box":{"x":119,"y":500,"width":760,"height":12}},{"id":"0e6c6b3a-cac6-4fdb-8933-db2fd1181e69","block_type":"box","text":"strategies are in place.","page_number":372,"box":{"x":120,"y":517,"width":161,"height":12}},{"id":"17e06eed-5a54-47f8-95fb-35f1f208f2ea","block_type":"box","text":"The Target Funds in which the Fund invests will be UCITS and may include other Funds of the Company","page_number":372,"box":{"x":119,"y":552,"width":762,"height":12}},{"id":"b9a0f4e5-d9b0-422a-856d-3aad51103ed7","block_type":"box","text":"or collective investment undertakings linked by common management or control to each other or to the","page_number":372,"box":{"x":119,"y":569,"width":762,"height":12}},{"id":"f08f948a-61d1-4da3-bc29-d30065b099ec","block_type":"box","text":"Company. See","page_number":372,"box":{"x":120,"y":587,"width":114,"height":11}},{"id":"4f137306-59a1-4d5b-9912-2c84968a5614","block_type":"box","text":"Appendix 3","page_number":372,"box":{"x":234,"y":586,"width":91,"height":12}},{"id":"5fbd9216-710b-49d8-ac0d-d28340f67235","block_type":"box","text":"of the Prospectus, including the section headed “","page_number":372,"box":{"x":326,"y":586,"width":373,"height":12}},{"id":"670970b8-b2a4-4f4b-964c-746fa897ed2e","block_type":"box","text":"Cross Investment","page_number":372,"box":{"x":702,"y":587,"width":138,"height":8}},{"id":"81674a90-3fdd-47ca-b436-40097f876749","block_type":"box","text":"”, for","page_number":372,"box":{"x":841,"y":586,"width":39,"height":11}},{"id":"5f9e18f2-0522-4df3-99d4-5e34c83b2fe5","block_type":"box","text":"information on investment in collective investment schemes, including other Funds of the Company.","page_number":372,"box":{"x":119,"y":603,"width":742,"height":12}},{"id":"92336681-ebc1-4e91-9963-d7c6b6561074","block_type":"box","text":"It is intended that the Fund’s indirect exposures, through its investment in the Target Funds, will be to:","page_number":372,"box":{"x":119,"y":636,"width":759,"height":12}},{"id":"47ccb83b-d923-4d43-beac-3322ab753795","block_type":"box","text":"(1) shares of companies from developed and emerging markets (i.e. countries that are progressing toward","page_number":372,"box":{"x":120,"y":651,"width":761,"height":12}},{"id":"32177eba-89db-4bc0-8a7b-41e2950b09a0","block_type":"box","text":"becoming advanced, usually shown by some development in financial markets, the existence of some","page_number":372,"box":{"x":119,"y":666,"width":760,"height":12}},{"id":"462bcdca-f692-4a76-a597-752cf3620919","block_type":"box","text":"form of stock exchange and a regulatory body); and (2) to fixed income securities, such as bonds,","page_number":372,"box":{"x":119,"y":681,"width":758,"height":12}},{"id":"6f2875f6-e92a-4a9c-a7a2-8d8e8ca0f5f4","block_type":"box","text":"denominated in multiple currencies, from both developed and emerging markets issuers (for example,","page_number":372,"box":{"x":119,"y":696,"width":759,"height":12}},{"id":"6e17688f-bc49-4c13-818f-b06b97b00ecc","block_type":"box","text":"global investment grade debt, including treasury, government-related, corporate and securitised fixed","page_number":372,"box":{"x":120,"y":711,"width":758,"height":12}},{"id":"0a4151a5-b438-4dc7-a24a-8ec0998def54","block_type":"box","text":"rate bonds). The Fund will seek to indirectly hedge the non-EUR currency exposure within the fixed","page_number":372,"box":{"x":119,"y":726,"width":759,"height":12}},{"id":"66899c6b-6f4d-41b0-862f-86725b8a2e4d","block_type":"box","text":"income allocation of the Fund’s portfolio to EUR, by investing in EUR hedged Share classes of the","page_number":372,"box":{"x":119,"y":741,"width":760,"height":12}},{"id":"22fd6bce-601a-41e7-b3ce-038cac571e8c","block_type":"box","text":"Target Funds.","page_number":372,"box":{"x":119,"y":756,"width":101,"height":12}},{"id":"bd8e1e16-895a-477d-9bdb-45eccc920b21","block_type":"box","text":"The Fund’s exposure to the Target Funds is not intended to reflect any geographic or sectoral bias, and","page_number":372,"box":{"x":119,"y":786,"width":760,"height":12}},{"id":"4c5c3c35-1895-445d-8226-15db72bab511","block_type":"box","text":"the overall objective of the asset allocation is to maintain a globally diversified exposure across equity","page_number":372,"box":{"x":119,"y":801,"width":759,"height":12}},{"id":"56ff9598-d60f-43b6-8567-c88ebf038781","block_type":"box","text":"and fixed income securities in line with the 80% equity and 20% fixed income allocation through","page_number":372,"box":{"x":119,"y":816,"width":760,"height":12}},{"id":"26da801f-fd66-4d71-b21b-e2f726c030e6","block_type":"box","text":"investment in the Target Funds. However, based on current market capitalisation and underlying Target","page_number":372,"box":{"x":119,"y":831,"width":762,"height":12}},{"id":"14d7fa8c-7b4e-4d23-9b3e-924f987a14e5","block_type":"box","text":"Fund index weightings, the Fund’s exposure to emerging markets or sub-investment grade debt, through","page_number":372,"box":{"x":119,"y":846,"width":762,"height":12}},{"id":"53c784da-ba42-4dde-9cfd-aa6d6d0d6d19","block_type":"box","text":"its investment in the Target Funds, is not expected to exceed 20% of the Net Asset Value of the Fund in","page_number":372,"box":{"x":119,"y":861,"width":761,"height":12}},{"id":"21b814b0-7ae6-4418-9c23-1dba54154016","block_type":"box","text":"each case.","page_number":372,"box":{"x":119,"y":876,"width":73,"height":9}},{"id":"c9726c33-f648-4743-a644-602869ceb2f5","block_type":"box","text":"3","page_number":373,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"d49f7ee4-472f-4d3e-b8b0-d6114d769a83","block_type":"box","text":"VG001-001/M85660-892520263-23558/1","page_number":373,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"62833aa8-4df0-4857-a947-cd4510278e5c","block_type":"box","text":"As part of the Investment Manager’s pre-determined asset allocations to equity and fixed income","page_number":373,"box":{"x":119,"y":87,"width":760,"height":12}},{"id":"46a9c4cf-43d0-4d99-b569-efbb9d9301e0","block_type":"box","text":"securities, it will select Target Funds which have diversified underlying holdings across global equity or","page_number":373,"box":{"x":120,"y":102,"width":760,"height":12}},{"id":"11d8af65-1cbd-4045-a3a9-b4f6aacca831","block_type":"box","text":"fixed income markets in order for the Fund to meet its investment objective. This selection process is","page_number":373,"box":{"x":119,"y":117,"width":759,"height":12}},{"id":"0bb1ef77-6bab-4655-b3e1-44f48f122f83","block_type":"box","text":"based on evaluating the potential universe of Target Funds that can be used to build the overall asset","page_number":373,"box":{"x":119,"y":132,"width":760,"height":12}},{"id":"1b94b6c7-9f5a-4145-b810-2d4831df1d60","block_type":"box","text":"allocation to globally diversified equity and fixed income securities, in line with the pre-determined","page_number":373,"box":{"x":119,"y":147,"width":761,"height":12}},{"id":"8eafee7b-f7a3-47b1-a74c-cf9ae56b7eba","block_type":"box","text":"equity and fixed income allocations, while ensuring that each Target Fund complies with the UCITS","page_number":373,"box":{"x":119,"y":162,"width":759,"height":12}},{"id":"cf8e3662-4977-4ba7-bb6a-a8583436cc5b","block_type":"box","text":"diversification requirements limiting the investment to an individual Target Fund.","page_number":373,"box":{"x":119,"y":177,"width":603,"height":12}},{"id":"33b177ef-96ff-4ae6-b82c-ff5a0f4fafa7","block_type":"box","text":"Whilst the Fund will seek broadly to maintain the relative sizes of its equity and fixed income exposures,","page_number":373,"box":{"x":119,"y":207,"width":761,"height":12}},{"id":"c329733e-529d-4188-a38c-b1c9c13e80d9","block_type":"box","text":"via the Target Funds, at the stated levels, the identity and proportion of the particular indices, securities","page_number":373,"box":{"x":119,"y":222,"width":761,"height":12}},{"id":"407ce7d8-a677-4d1b-8e9b-3a21158a376a","block_type":"box","text":"and/or markets, etc. to which the Fund is exposed will be at the discretion of the Investment Manager","page_number":373,"box":{"x":119,"y":237,"width":760,"height":12}},{"id":"29e7a29b-8bc2-4af7-90a3-4aeeb5928bd0","block_type":"box","text":"taking into account aspects of those Target Funds considered to be relevant to maintain exposure to a","page_number":373,"box":{"x":119,"y":252,"width":760,"height":12}},{"id":"2e5702f0-3880-46c0-80a1-04c6bcaa69bb","block_type":"box","text":"global diversified portfolio. The Fund’s actual exposure to equity and fixed income securities may vary","page_number":373,"box":{"x":120,"y":267,"width":761,"height":12}},{"id":"0d04815b-c8db-4950-b157-312501081e2f","block_type":"box","text":"from time to time in response to changes in the market size or market values of the indices tracked by the","page_number":373,"box":{"x":119,"y":282,"width":761,"height":12}},{"id":"05d14f0e-6f5b-494c-8af4-1ac9e7b9612e","block_type":"box","text":"Target Funds in which the Fund invests, changes in the available universe of relevant Target Funds to","page_number":373,"box":{"x":119,"y":297,"width":759,"height":12}},{"id":"679995b5-009c-436b-9c74-22623902d696","block_type":"box","text":"help meet the investment objective, or changes required in order to comply with the requirements of the","page_number":373,"box":{"x":119,"y":312,"width":762,"height":12}},{"id":"972eed8e-95ac-4b5c-b042-ed6a7bc34860","block_type":"box","text":"Central Bank which limit the amount of exposure which the Fund may have to individual Target Funds,","page_number":373,"box":{"x":120,"y":327,"width":760,"height":12}},{"id":"40c6cc3f-7be0-4f16-90a5-d9b2594fdd2e","block_type":"box","text":"in which case the Fund will seek to rebalance its investments in the Target Funds to bring its exposures","page_number":373,"box":{"x":119,"y":342,"width":761,"height":12}},{"id":"cedfabc3-201d-460f-b042-3ded8d516cd6","block_type":"box","text":"back into line with the levels stated. This approach could mean that the number of underlying Target","page_number":373,"box":{"x":119,"y":357,"width":760,"height":12}},{"id":"a8fe3e68-fa6b-4bad-b84b-956f05eeec06","block_type":"box","text":"Funds could change over time.","page_number":373,"box":{"x":119,"y":372,"width":232,"height":12}},{"id":"85752ed6-2a07-473d-951e-74c4540f6bb1","block_type":"box","text":"Other Investment Strategies","page_number":373,"box":{"x":120,"y":402,"width":221,"height":12}},{"id":"c35f8afc-7774-4bd8-836f-94542feedb3a","block_type":"box","text":"The Fund may also invest directly in transferable securities (such as shares, bonds and other similar fixed","page_number":373,"box":{"x":119,"y":434,"width":761,"height":12}},{"id":"cd852230-f93d-4f2f-a8a9-c6ef53efd897","block_type":"box","text":"income investments), which will generally be components of the indices tracked by the Target Funds in","page_number":373,"box":{"x":119,"y":450,"width":762,"height":12}},{"id":"374bf159-d478-45bb-a091-33dfd19766a7","block_type":"box","text":"which the Fund invests. The Fund may invest in short-term, high quality money market instruments and","page_number":373,"box":{"x":119,"y":465,"width":761,"height":12}},{"id":"06a4b20c-7eb8-4138-80d1-4e995c699a15","block_type":"box","text":"deposits (including government securities, bank certificates of deposits or engage in overnight","page_number":373,"box":{"x":119,"y":480,"width":760,"height":12}},{"id":"e8b6b448-7f02-4610-8395-6a6f6ef84bb0","block_type":"box","text":"repurchase agreements) and/or money market funds, for cash management purposes. Money market","page_number":373,"box":{"x":119,"y":495,"width":760,"height":12}},{"id":"1f8d5383-58b8-41e8-b780-cf49a7ea1932","block_type":"box","text":"instruments are investments usually issued by banks or governments that are a short-term loan to the","page_number":373,"box":{"x":119,"y":510,"width":760,"height":12}},{"id":"7d54ab03-6048-4be5-a9cd-b53c94b3016f","block_type":"box","text":"issuer by the buyer. 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A foreign exchange spot trade involves the purchase or","page_number":373,"box":{"x":119,"y":570,"width":762,"height":12}},{"id":"73de333f-a153-48cc-8d84-9c67ce28b939","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":373,"box":{"x":120,"y":585,"width":740,"height":12}},{"id":"52e1dd17-82af-45bf-9399-2328dd28ea35","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":373,"box":{"x":119,"y":615,"width":759,"height":12}},{"id":"c72ff569-b515-432c-b5b9-c7986b23ab3d","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":373,"box":{"x":119,"y":630,"width":382,"height":12}},{"id":"9a9a8fdf-828e-4922-b34d-32fb73bf4251","block_type":"box","text":"Appendix 5","page_number":373,"box":{"x":502,"y":630,"width":90,"height":12}},{"id":"0d5ba227-9350-4799-a30b-0390ad8f4301","block_type":"box","text":"of the Prospectus.","page_number":373,"box":{"x":592,"y":630,"width":136,"height":12}},{"id":"33f889d8-1bc6-4271-9779-b9371ec7006e","block_type":"box","text":"The Fund may also invest on an ancillary basis in financial derivative instruments (“","page_number":373,"box":{"x":119,"y":660,"width":610,"height":12}},{"id":"035e712a-1f47-450f-bf7f-fdc89f2f9304","block_type":"box","text":"FDI","page_number":373,"box":{"x":730,"y":661,"width":31,"height":8}},{"id":"5a663924-a2d5-4fdc-a31f-59af61d67fc5","block_type":"box","text":"”), provided that","page_number":373,"box":{"x":762,"y":660,"width":119,"height":12}},{"id":"2120916d-a026-4b45-8216-02b3f44b043a","block_type":"box","text":"any such investment will be undertaken for efficient portfolio management purposes only and in","page_number":373,"box":{"x":119,"y":675,"width":761,"height":12}},{"id":"73a8b67c-628c-4bce-b3b1-6c6585353519","block_type":"box","text":"accordance with","page_number":373,"box":{"x":119,"y":690,"width":125,"height":9}},{"id":"6d30cc36-708b-4249-bad5-ab6ad24c9db6","block_type":"box","text":"Appendix 4","page_number":373,"box":{"x":244,"y":690,"width":90,"height":12}},{"id":"4bef8775-bf99-469f-9330-104f6395bf32","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank.","page_number":373,"box":{"x":335,"y":690,"width":444,"height":12}},{"id":"c59fb330-7e23-4bf6-9d09-679875b7baf9","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":373,"box":{"x":120,"y":720,"width":407,"height":12}},{"id":"e64c9b6a-bebf-4cb7-b4a7-725ff103bb90","block_type":"box","text":"","page_number":373,"box":{"x":119,"y":752,"width":6,"height":5}},{"id":"46b52f78-19af-4408-a3a3-3847dc412910","block_type":"box","text":"Futures.","page_number":373,"box":{"x":149,"y":751,"width":65,"height":8}},{"id":"3a987e24-3f36-4d9f-bc59-54fc11aa00f0","block_type":"box","text":"Futures contracts are agreements to buy or sell a fixed amount of an index, equity, bond or","page_number":373,"box":{"x":215,"y":750,"width":673,"height":12}},{"id":"9fab0013-fa13-413c-9efb-59e89b80b63b","block_type":"box","text":"currency at a fixed date in the future.","page_number":373,"box":{"x":150,"y":765,"width":274,"height":12}},{"id":"9d2dde0e-8efc-41fe-a02d-923626b865d7","block_type":"box","text":"Futures contracts are exchange-traded instruments and their","page_number":373,"box":{"x":431,"y":765,"width":449,"height":12}},{"id":"8687595c-786b-40c6-a765-b302e65b9030","block_type":"box","text":"dealing is subject to the rules of the exchanges on which they are dealt. 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This file contains a","page_number":374,"box":{"x":119,"y":393,"width":761,"height":12}},{"id":"b58cf0de-c14b-462c-9438-f03fa233e2d5","block_type":"box","text":"basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":374,"box":{"x":119,"y":408,"width":760,"height":12}},{"id":"6b052ad7-3d5d-4e03-bdeb-f4432bf9c502","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":374,"box":{"x":119,"y":423,"width":759,"height":12}},{"id":"b794dba5-77e8-4b4c-8d1c-542caaab0f04","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":374,"box":{"x":119,"y":438,"width":364,"height":12}},{"id":"88945ae1-186b-44e7-960a-6d1e34c12e47","block_type":"box","text":"Further information on the Fund’s portfolio can be found 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to","page_number":377,"box":{"x":120,"y":327,"width":758,"height":12}},{"id":"c9c11b22-918b-48b9-8286-8850699c6aa8","block_type":"box","text":"stamp duty and other duties.","page_number":377,"box":{"x":120,"y":342,"width":206,"height":12}},{"id":"ebc4d778-bdd7-4c30-9f74-6467b9cea111","block_type":"box","text":"** The Company reserves the right to permit or require the substitution of an amount of cash – referred to","page_number":377,"box":{"x":120,"y":372,"width":761,"height":12}},{"id":"f6640644-7b65-4cda-a5d4-0bfcf688dbf3","block_type":"box","text":"as “cash-in-lieu” – to be added to the Cash Component to replace any Deposit Securities that may not be","page_number":377,"box":{"x":119,"y":387,"width":761,"height":12}},{"id":"c561d508-4c60-4b50-a9e5-df755a675644","block_type":"box","text":"available in sufficient quantity for delivery, may not be eligible for transfer, may not be eligible 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See the “","page_number":377,"box":{"x":120,"y":522,"width":723,"height":12}},{"id":"feede4c1-0ee6-4650-9116-354bae664f82","block_type":"box","text":"Risk","page_number":377,"box":{"x":845,"y":522,"width":36,"height":9}},{"id":"4aef51b1-e593-423c-b628-7eadeddd3309","block_type":"box","text":"Factors","page_number":377,"box":{"x":119,"y":538,"width":59,"height":8}},{"id":"902fdd9d-cbf2-4fdc-a869-57ea7c019dac","block_type":"box","text":"” section of this Prospectus for further information on the basket customisation fee.","page_number":377,"box":{"x":179,"y":537,"width":613,"height":12}},{"id":"3a87af0d-ed8a-4c8b-bede-ec3dedc67c58","block_type":"box","text":"*** Details of the current charges are available from the Investment Manager.","page_number":377,"box":{"x":120,"y":567,"width":575,"height":12}},{"id":"46af1b25-b1b2-48df-a055-09f81dc39a84","block_type":"box","text":"The maximum level of ongoing charges that may be charged by each of the Target Funds in which the","page_number":377,"box":{"x":119,"y":597,"width":759,"height":12}},{"id":"839e5839-8549-4e81-a19e-bf44546788d4","block_type":"box","text":"Fund invests will not exceed 0.50% per annum of the net asset value of each of these funds and it is","page_number":377,"box":{"x":119,"y":612,"width":759,"height":12}},{"id":"11b61d6c-014c-4961-8347-07a6ec76a548","block_type":"box","text":"generally not expected that these charges will exceed 0.30% per annum. Details of such fees will also be","page_number":377,"box":{"x":120,"y":627,"width":760,"height":12}},{"id":"cf962031-2fc4-4e8a-9c49-f7841ea83314","block_type":"box","text":"contained in the Company’s annual report.","page_number":377,"box":{"x":119,"y":642,"width":316,"height":12}},{"id":"bb77112a-722a-4ff0-801b-a0a2ea6c681b","block_type":"box","text":"See section of the Prospectus headed “","page_number":377,"box":{"x":436,"y":642,"width":280,"height":12}},{"id":"434f5e36-ff06-4b1b-9126-46ff3b771ac6","block_type":"box","text":"Cross Investment","page_number":377,"box":{"x":718,"y":643,"width":136,"height":9}},{"id":"b19db062-e87b-4efc-8717-c83b1d0dbc4a","block_type":"box","text":"” in","page_number":377,"box":{"x":855,"y":643,"width":26,"height":9}},{"id":"515c54f5-5982-4300-9b4f-bde932210ee4","block_type":"box","text":"Appendix 3","page_number":377,"box":{"x":119,"y":658,"width":91,"height":11}},{"id":"b934e052-adca-4baf-9e55-3619a9a67e81","block_type":"box","text":"for further details with regard to the charging of fees where the Fund is invested in other","page_number":377,"box":{"x":210,"y":657,"width":669,"height":12}},{"id":"c0b99af9-065e-4720-993c-3f595dd99a90","block_type":"box","text":"Funds of the Company","page_number":377,"box":{"x":119,"y":672,"width":167,"height":12}},{"id":"68dc27a2-af26-4d02-83fd-53e83b3dc62c","block_type":"box","text":".","page_number":377,"box":{"x":287,"y":680,"width":8,"height":2}},{"id":"f5652dac-3333-417a-9c46-fd41f8df7f97","block_type":"box","text":"There will be no double charging of the annual management fee to the Fund as a","page_number":377,"box":{"x":295,"y":672,"width":586,"height":12}},{"id":"19c41e3c-4202-48b0-bd7b-e1200326b112","block_type":"box","text":"result of its investments in other Funds of the Company.","page_number":377,"box":{"x":119,"y":687,"width":414,"height":12}},{"id":"31b8709e-af29-4743-8238-60a666c280c9","block_type":"box","text":"The Fund may bear its proportion of the Company’s organisational expenses (including those relating to","page_number":377,"box":{"x":119,"y":717,"width":761,"height":12}},{"id":"e4e7a8b3-2178-45e1-9c9d-7420d9e2f010","block_type":"box","text":"the preparation and printing of this Prospectus, the listing of the Shares on the relevant stock exchanges","page_number":377,"box":{"x":119,"y":733,"width":761,"height":12}},{"id":"acad2b11-1af4-4ea3-9fe7-0d39236f3634","block_type":"box","text":"and professional advisor fees), which will initially be borne by the Manager. 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An investment","page_number":383,"box":{"x":757,"y":477,"width":123,"height":9}},{"id":"c4043e58-1b8c-47ec-8d78-7aa10b39bd6f","block_type":"box","text":"which complied with the screening criteria of the Index at time of purchase may no longer meet the","page_number":383,"box":{"x":119,"y":492,"width":759,"height":12}},{"id":"8f5abba8-6623-4e31-b065-7f930aeb8746","block_type":"box","text":"screening criteria, for example where new and / or updated data becomes available to the Index provider.","page_number":383,"box":{"x":120,"y":507,"width":759,"height":12}},{"id":"1cb906f0-3f33-4614-a5c1-fd844bb984f5","block_type":"box","text":"Therefore, the Fund may temporarily hold securities which do not adhere to the screening criteria of the","page_number":383,"box":{"x":119,"y":522,"width":762,"height":12}},{"id":"90174be1-b9d5-4971-80ea-beb642acd2bc","block_type":"box","text":"Index (including in circumstances where MSCI receives further data allowing it to determine that an","page_number":383,"box":{"x":119,"y":537,"width":760,"height":12}},{"id":"d559fba4-ab20-443f-a529-40a3dbb2f616","block_type":"box","text":"issuer of a security does not meet the relevant screening criteria of the Index) until such time as the","page_number":383,"box":{"x":119,"y":552,"width":760,"height":12}},{"id":"3d8d8db4-9c60-4c64-b713-81aa0b94c4bd","block_type":"box","text":"relevant securities cease to form part of the Index and it is possible and practicable (in the Investment","page_number":383,"box":{"x":119,"y":567,"width":760,"height":12}},{"id":"902d11e7-ed28-4b6e-9f7f-68ae76322a70","block_type":"box","text":"Manager's view) to liquidate the position.","page_number":383,"box":{"x":119,"y":582,"width":311,"height":12}},{"id":"7d88c111-03f9-402d-8442-4ea36d41eb4c","block_type":"box","text":"In tracking the Index, the Fund may on occasion invest directly in Russian securities in accordance with","page_number":383,"box":{"x":119,"y":611,"width":762,"height":12}},{"id":"45e2dcba-09a9-4814-96e8-adccbd72de18","block_type":"box","text":"the weighting attributed to such securities if present in the Index. As at the date of this Prospectus, 0.00%","page_number":383,"box":{"x":119,"y":626,"width":762,"height":12}},{"id":"61f762ce-87f8-4c60-ad89-bf59aecc1821","block_type":"box","text":"of the Index, as it is currently constituted, comprised such securities.","page_number":383,"box":{"x":119,"y":641,"width":516,"height":12}},{"id":"95650f76-893e-474e-8a8b-fe1f96648ea3","block_type":"box","text":"The securities in which the Fund","page_number":383,"box":{"x":636,"y":641,"width":244,"height":9}},{"id":"bc25f775-94bd-493c-a8aa-2f4994d97e9a","block_type":"box","text":"will invest shall, to the extent required by the UCITS Regulations, be listed or traded on the Regulated","page_number":383,"box":{"x":119,"y":656,"width":760,"height":12}},{"id":"263b6d71-8f2e-44de-8860-12db4f75333b","block_type":"box","text":"Markets set out in","page_number":383,"box":{"x":119,"y":671,"width":137,"height":9}},{"id":"b3874c62-24c2-40ba-9152-0131d6589e58","block_type":"box","text":"Appendix 5","page_number":383,"box":{"x":256,"y":671,"width":90,"height":12}},{"id":"cefd8903-60ea-4f60-b884-d4f26c7068b3","block_type":"box","text":"of the Prospectus.","page_number":383,"box":{"x":347,"y":671,"width":135,"height":12}},{"id":"bc3fa124-3cd1-4090-93f9-498894a645ed","block_type":"box","text":"Further information on the Index","page_number":383,"box":{"x":119,"y":701,"width":245,"height":12}},{"id":"d9c5206e-58a7-4229-a14e-63e8b432e5dc","block_type":"box","text":"Further information provided by the Index provider in relation to the Index, including current details as","page_number":383,"box":{"x":119,"y":731,"width":761,"height":12}},{"id":"fb58a9b5-f0ef-470b-97f6-c644e19d762d","block_type":"box","text":"to its exact composition, methodology, exclusions and any revenue thresholds, can be obtained at","page_number":383,"box":{"x":119,"y":746,"width":759,"height":12}},{"id":"8ef34a47-d05c-446b-955a-6d5e00dcb9f9","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/bloomberg-fixed-income-indices/#/ucits","page_number":383,"box":{"x":119,"y":761,"width":728,"height":12}},{"id":"1031f2f9-e4ef-4467-9c2a-6b5f045d923d","block_type":"box","text":".","page_number":383,"box":{"x":850,"y":769,"width":2,"height":2}},{"id":"44608d0c-cb17-492b-afe0-d996c1b358a1","block_type":"box","text":"Promotion of Environmental and / or Social Characteristics","page_number":383,"box":{"x":119,"y":798,"width":449,"height":12}},{"id":"45f2a231-9c44-4516-8ec6-687abb6489e2","block_type":"box","text":"The Fund promotes the reduction of environmental harm by excluding investments in companies based","page_number":383,"box":{"x":119,"y":827,"width":761,"height":12}},{"id":"32a6cf40-2798-45db-a590-13efcf99a91e","block_type":"box","text":"on certain fossil fuel related activities. In addition, the Fund promotes human rights, labour rights and","page_number":383,"box":{"x":119,"y":842,"width":760,"height":12}},{"id":"971cb33a-e9d3-4f1c-95e2-c7b2bf12a03d","block_type":"box","text":"anti-corruption as set out in the principles of the UN Global Compact as well as avoiding the financing of","page_number":383,"box":{"x":119,"y":857,"width":763,"height":12}},{"id":"7edf3ae3-1ace-48e1-b3ed-b03b406ef1a5","block_type":"box","text":"controversial weapons. For details in respect of how these environmental and / or social characteristics","page_number":383,"box":{"x":119,"y":872,"width":759,"height":12}},{"id":"9cc6070f-76cc-4ac1-9aa3-1ed297afbff8","block_type":"box","text":"4","page_number":384,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"3389e15f-1b29-49f5-a82f-6d8abe2e5eef","block_type":"box","text":"VG001-001/M85660-892520263-23559/1","page_number":384,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"ae495157-bd6a-4de8-a47c-7a03a616f8b4","block_type":"box","text":"are promoted by the Fund and other related sustainable finance information, please see the relevant","page_number":384,"box":{"x":119,"y":87,"width":760,"height":12}},{"id":"4fece95c-d028-46fa-b52e-69ba4ce68f75","block_type":"box","text":"information outlined in","page_number":384,"box":{"x":119,"y":102,"width":176,"height":9}},{"id":"ede30ef7-8c63-4536-9a72-e1ea504acd52","block_type":"box","text":"Appendix 2","page_number":384,"box":{"x":295,"y":102,"width":90,"height":12}},{"id":"164532b6-06be-44bc-b49a-acc0e3126d00","block_type":"box","text":"of this Supplement.","page_number":384,"box":{"x":386,"y":102,"width":147,"height":12}},{"id":"6ce76f7e-410d-4c39-b31e-dc6a9cd41314","block_type":"box","text":"Other Investment Strategies","page_number":384,"box":{"x":120,"y":117,"width":221,"height":12}},{"id":"205f1b12-392e-43ed-b15d-cfb63ffef19e","block_type":"box","text":"The screening criteria described in the section headed Primary Investment Strategies are applied only to","page_number":384,"box":{"x":119,"y":147,"width":761,"height":12}},{"id":"5d77fa47-bdf7-4108-8ea6-85cecec44ead","block_type":"box","text":"securities in the Index.","page_number":384,"box":{"x":120,"y":162,"width":165,"height":9}},{"id":"b2f76fef-5d61-4139-baef-eb6219c515f8","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":384,"box":{"x":119,"y":192,"width":705,"height":12}},{"id":"8fcf9efa-2f4e-42b6-b99f-5505a8584ad0","block_type":"box","text":"OTC","page_number":384,"box":{"x":827,"y":192,"width":38,"height":9}},{"id":"71d66553-65bc-448e-a343-7c646c531516","block_type":"box","text":"”)","page_number":384,"box":{"x":867,"y":192,"width":13,"height":12}},{"id":"42698ffb-20c2-43ea-884c-76cb89fffd51","block_type":"box","text":"financial derivative instruments (“","page_number":384,"box":{"x":119,"y":207,"width":259,"height":12}},{"id":"1f93f48b-0b56-4df5-b6e3-2497078b9116","block_type":"box","text":"FDI","page_number":384,"box":{"x":380,"y":208,"width":31,"height":8}},{"id":"3afaf5f2-2307-467e-bd32-3ff25d7540b0","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":384,"box":{"x":412,"y":207,"width":467,"height":12}},{"id":"c0f32d03-7691-4a5c-88e3-35bdb5fcea3e","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":384,"box":{"x":119,"y":222,"width":759,"height":12}},{"id":"6444ae14-5951-4081-942a-39b658131cea","block_type":"box","text":"Appendix 4","page_number":384,"box":{"x":119,"y":237,"width":90,"height":12}},{"id":"43cd15c7-3639-44e5-98e2-eb3cff2b4c2d","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":384,"box":{"x":209,"y":237,"width":671,"height":12}},{"id":"acff2c53-f90e-4d30-9bf4-6b6c71d97491","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":384,"box":{"x":119,"y":252,"width":759,"height":12}},{"id":"29cf79af-3782-4b61-8f4a-4fa5ac1804e1","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":384,"box":{"x":119,"y":267,"width":759,"height":12}},{"id":"da897dd5-6259-44c0-9065-3d313398b634","block_type":"box","text":"time of investment.","page_number":384,"box":{"x":119,"y":282,"width":142,"height":9}},{"id":"fdb2474a-3555-44e9-a923-ec6e51c1936b","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":384,"box":{"x":120,"y":312,"width":407,"height":12}},{"id":"0fc3981c-c0e3-4322-b101-845693df0c36","block_type":"box","text":"","page_number":384,"box":{"x":119,"y":344,"width":6,"height":4}},{"id":"df86ff7b-3b05-44fc-a799-a6b91b0d3e45","block_type":"box","text":"single name credit default swaps (“","page_number":384,"box":{"x":150,"y":341,"width":260,"height":12}},{"id":"06cc5647-3ec9-488b-a4c7-b57a230cd26c","block_type":"box","text":"CDS","page_number":384,"box":{"x":412,"y":342,"width":36,"height":9}},{"id":"dd029dcf-c5c1-4b41-b10d-0e481e1eec97","block_type":"box","text":"”) and","page_number":384,"box":{"x":449,"y":341,"width":50,"height":12}},{"id":"4537334c-7050-444e-afe4-23699491e80e","block_type":"box","text":"credit-default swap indices (for example, CDX and","page_number":384,"box":{"x":500,"y":341,"width":379,"height":12}},{"id":"41e3165b-fcd0-4ec2-b9fd-9e44877b5d41","block_type":"box","text":"iTraxx) which may be used to hedge credit exposure to a particular issuer, maturity or seniority of","page_number":384,"box":{"x":149,"y":356,"width":730,"height":12}},{"id":"c76a3aa8-adb9-41b4-bb95-106c3c3e01e2","block_type":"box","text":"debt issuance represented in the Index or, in the case of CDS indices, to a particular sector of the","page_number":384,"box":{"x":150,"y":371,"width":729,"height":12}},{"id":"027b0dcb-4957-4c2d-88f3-0bccc2d2cfb5","block_type":"box","text":"fixed income market or to gain efficient exposure to the foregoing from a costs and/or risk","page_number":384,"box":{"x":150,"y":386,"width":729,"height":12}},{"id":"4915ff2c-f9d6-481e-a4d6-15fed24150d9","block_type":"box","text":"perspective, for example during periods of illiquidity in the bond markets;","page_number":384,"box":{"x":149,"y":401,"width":546,"height":12}},{"id":"dc1ce02e-6ed6-4fdf-b651-4af79f44fc75","block_type":"box","text":"","page_number":384,"box":{"x":119,"y":433,"width":6,"height":5}},{"id":"3e02cd3a-2572-4791-bc5d-d673c87bdcdc","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":384,"box":{"x":149,"y":431,"width":730,"height":12}},{"id":"08183ff5-d620-4ec2-b184-37096b15973c","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":384,"box":{"x":150,"y":446,"width":731,"height":12}},{"id":"b41d4f48-1e5c-4ab5-9e47-516e069470db","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":384,"box":{"x":149,"y":461,"width":731,"height":12}},{"id":"83759cdd-0690-447b-acc4-1856e4946832","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":384,"box":{"x":149,"y":476,"width":729,"height":12}},{"id":"ad0e42d6-52a0-4bd7-a16b-42b6d1f5d2e8","block_type":"box","text":"tracking error;","page_number":384,"box":{"x":149,"y":491,"width":105,"height":12}},{"id":"96ac1bf1-8ed5-4a96-a6eb-b934ff55d5d0","block_type":"box","text":"","page_number":384,"box":{"x":119,"y":523,"width":6,"height":4}},{"id":"a50cd2a9-732a-42b2-b43d-373e3bda558a","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":384,"box":{"x":149,"y":520,"width":730,"height":12}},{"id":"d27536df-f339-40cf-857f-8b9869f1ef1d","block_type":"box","text":"portfolio;","page_number":384,"box":{"x":149,"y":535,"width":74,"height":12}},{"id":"01ad095e-8677-4f9c-b4d4-d0df7e42a0db","block_type":"box","text":"","page_number":384,"box":{"x":119,"y":567,"width":6,"height":4}},{"id":"1d22ed9a-fd54-4510-af92-1fafeedbc088","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":384,"box":{"x":150,"y":564,"width":739,"height":12}},{"id":"122f44fd-449c-4abf-a6ce-027f04fe05c4","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short-term basis and/or to achieve","page_number":384,"box":{"x":149,"y":579,"width":731,"height":12}},{"id":"eb95026c-3c09-4c28-993e-5f60f072ddff","block_type":"box","text":"cost efficiencies; and","page_number":384,"box":{"x":150,"y":594,"width":159,"height":12}},{"id":"d1b4457f-3c48-4518-81f3-5ad7d46935e7","block_type":"box","text":"","page_number":384,"box":{"x":119,"y":626,"width":6,"height":5}},{"id":"155630a7-6063-42de-8485-750b66209f89","block_type":"box","text":"forward foreign exchange contracts, which are agreements between parties to exchange fixed","page_number":384,"box":{"x":150,"y":624,"width":729,"height":12}},{"id":"791e5c81-c004-4805-8af5-aa46c40f6062","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":384,"box":{"x":150,"y":639,"width":729,"height":12}},{"id":"ed3a0b66-676f-4c8f-acc6-971f798f9adb","block_type":"box","text":"foreign exchange contracts are similar to currency futures, except that they are not exchange-traded,","page_number":384,"box":{"x":150,"y":654,"width":730,"height":12}},{"id":"10f5caf1-c0f1-4f7a-bc96-105d7306dfe4","block_type":"box","text":"but are instead over the counter instruments. Forward foreign exchange contracts may be used to","page_number":384,"box":{"x":149,"y":669,"width":730,"height":12}},{"id":"43e974ba-6985-471f-9e7b-1a1cf54ee0e9","block_type":"box","text":"manage currency exposures. Non-deliverable forward foreign exchange contracts may be used for","page_number":384,"box":{"x":149,"y":684,"width":730,"height":12}},{"id":"77c13be7-b148-4961-be7c-65378ddb0849","block_type":"box","text":"the same reasons. They differ from standard forward foreign exchange contracts in that at least one","page_number":384,"box":{"x":149,"y":699,"width":730,"height":12}},{"id":"1716c7b3-23e2-4ea7-9d46-637133fff85e","block_type":"box","text":"of the currencies in the transaction is not permitted to be delivered in settlement of any profit or loss","page_number":384,"box":{"x":150,"y":714,"width":730,"height":12}},{"id":"59361980-42b2-4b62-86ba-197700464ea1","block_type":"box","text":"resulting from the transaction. Typically, profit or loss in this case will be delivered in US Dollars or","page_number":384,"box":{"x":149,"y":729,"width":731,"height":12}},{"id":"cdbc62ac-7ea6-424e-8b08-24be89b41763","block_type":"box","text":"Euro.","page_number":384,"box":{"x":150,"y":745,"width":38,"height":8}},{"id":"0ea22551-2cb4-4ea3-8069-c8a563a0d0ee","block_type":"box","text":"See","page_number":384,"box":{"x":120,"y":774,"width":29,"height":9}},{"id":"7554a685-b540-44c9-845a-a1edc3948872","block_type":"box","text":"Appendix 4","page_number":384,"box":{"x":149,"y":773,"width":90,"height":12}},{"id":"dc182a54-eaec-4181-bd9b-84a21407fba0","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":384,"box":{"x":239,"y":773,"width":642,"height":12}},{"id":"3344d0b4-263b-4c83-98ea-853f091e1c3b","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":384,"box":{"x":119,"y":788,"width":760,"height":12}},{"id":"e2e69f36-8479-4243-97c8-e5fd87322288","block_type":"box","text":"usage at any time.","page_number":384,"box":{"x":119,"y":804,"width":138,"height":11}},{"id":"23462ca1-bf75-42ef-954b-8b3ce082b143","block_type":"box","text":"Investors should note that FDI’s on an index (e.g. swaps, futures) may contain some","page_number":384,"box":{"x":258,"y":803,"width":621,"height":12}},{"id":"55c69172-f999-4b16-bc8c-bd334232c9fa","block_type":"box","text":"underlying constituents which may not adhere to the relevant screening criteria applied by the Index. See","page_number":384,"box":{"x":119,"y":818,"width":761,"height":12}},{"id":"82ec633e-5658-4d74-aa5a-3aedf03e5e73","block_type":"box","text":"Appendix 4","page_number":384,"box":{"x":119,"y":833,"width":89,"height":12}},{"id":"e950e457-1ac9-460e-96c7-8089c5dd8536","block_type":"box","text":"of the Prospectus for further information on leverage and the calculation of global exposure.","page_number":384,"box":{"x":209,"y":833,"width":671,"height":12}},{"id":"01b06a08-28e3-4990-bea6-5e135791a79e","block_type":"box","text":"The Fund may, for the purpose of posting eligible collateral in respect of FDI transactions, invest in","page_number":384,"box":{"x":119,"y":863,"width":760,"height":12}},{"id":"6eee5038-62f2-4248-a079-0cae5590454d","block_type":"box","text":"bonds (such as government bonds), which may not meet the relevant screening criteria applied by the","page_number":384,"box":{"x":119,"y":878,"width":760,"height":12}},{"id":"e7013fdd-2347-46ee-b469-dc8bf008edc0","block_type":"box","text":"5","page_number":385,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"fcfc8de1-5abf-4f13-9e23-89ec304a8aec","block_type":"box","text":"VG001-001/M85660-892520263-23559/1","page_number":385,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"b6184c59-f83a-49b3-9640-7b720c501c6c","block_type":"box","text":"Index. In respect of FDI transactions, the Fund may also be required to receive collateral which may not","page_number":385,"box":{"x":119,"y":87,"width":761,"height":12}},{"id":"599efcc3-cbc5-49ca-b2ea-0335049f1b48","block_type":"box","text":"adhere to the relevant screening criteria applied by the Index.","page_number":385,"box":{"x":119,"y":102,"width":451,"height":12}},{"id":"b31fa69d-32dc-4545-aea6-6cacf3960012","block_type":"box","text":"The Fund may invest in foreign exchange spots. 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See","page_number":385,"box":{"x":119,"y":221,"width":137,"height":11}},{"id":"63915d67-3665-4430-93a6-a079cb239991","block_type":"box","text":"Appendix 3","page_number":385,"box":{"x":257,"y":221,"width":89,"height":11}},{"id":"d45d0ed1-92a4-42bb-bcba-2dceab6611a0","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":385,"box":{"x":347,"y":220,"width":533,"height":12}},{"id":"f667ed6a-d38a-4942-802f-367cfd38784c","block_type":"box","text":"schemes, including other funds of the Company.","page_number":385,"box":{"x":120,"y":235,"width":356,"height":12}},{"id":"ef76ee31-810c-43c5-af31-92df70aa3b41","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":385,"box":{"x":119,"y":265,"width":760,"height":12}},{"id":"c972bf23-5362-47c9-8c91-100f51aaacea","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":385,"box":{"x":119,"y":280,"width":760,"height":12}},{"id":"96b265c0-bc75-46cd-8a76-2767176156b0","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":385,"box":{"x":119,"y":295,"width":760,"height":12}},{"id":"42431494-36c1-498a-915a-8cbd4c1e2e79","block_type":"box","text":"Temporary Investment Measures","page_number":385,"box":{"x":119,"y":325,"width":263,"height":11}},{"id":"af8246ff-866e-4f36-ba31-994bae12683f","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":385,"box":{"x":119,"y":353,"width":760,"height":12}},{"id":"ff9058b5-faf3-4e6d-92ba-7466fda6b1d2","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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The annual report of the Company will","page_number":385,"box":{"x":119,"y":552,"width":760,"height":12}},{"id":"252d7083-17f3-424e-8f1a-589236cb6701","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":385,"box":{"x":119,"y":567,"width":759,"height":12}},{"id":"d73fc136-3f69-4412-ba90-1e1af5c60d49","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “Plain Talk about Excess Return and","page_number":385,"box":{"x":119,"y":582,"width":762,"height":12}},{"id":"f2b67187-c237-4a89-ba0b-bf8841874456","block_type":"box","text":"Tracking Error” for further information on Tracking Error.","page_number":385,"box":{"x":119,"y":597,"width":432,"height":12}},{"id":"bfc49fd3-0392-4178-a250-00371f131da4","block_type":"box","text":"Portfolio Information","page_number":385,"box":{"x":119,"y":627,"width":170,"height":10}},{"id":"973e3924-7b8d-4a56-adc8-2027e8d8abba","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. This file contains a","page_number":385,"box":{"x":119,"y":660,"width":761,"height":12}},{"id":"9b4eb91b-2c22-4c19-ab4b-ab385e475165","block_type":"box","text":"basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":385,"box":{"x":119,"y":675,"width":760,"height":12}},{"id":"7b3417f2-dff9-4a55-8c35-8b8dfa240f1e","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":385,"box":{"x":119,"y":690,"width":759,"height":12}},{"id":"a487fb03-f65f-40c4-9ba1-fe262737a690","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":385,"box":{"x":119,"y":705,"width":364,"height":12}},{"id":"d237c979-b2d7-4085-994c-ba269dc5e50b","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":385,"box":{"x":119,"y":734,"width":450,"height":12}},{"id":"a662f958-c9a0-46bb-9e6f-8770a1518347","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":385,"box":{"x":570,"y":734,"width":310,"height":12}},{"id":"294dd736-455d-497d-bab7-d0299287c554","block_type":"box","text":"holdings-disclosure-policy.pdf","page_number":385,"box":{"x":119,"y":749,"width":226,"height":12}},{"id":"23219574-d2cc-4349-8efd-4e6c564c2373","block_type":"box","text":", including details of the periodic disclosure of full holdings.","page_number":385,"box":{"x":346,"y":749,"width":444,"height":12}},{"id":"0330cdf8-e143-4f97-aa72-4e2f50f98f26","block_type":"box","text":"Primary Risks","page_number":385,"box":{"x":119,"y":779,"width":114,"height":12}},{"id":"e8df76f4-77eb-4271-bb4e-00aa0ee513ae","block_type":"box","text":"In addition to the risks set out below, please refer to the section of the Prospectus entitled “","page_number":385,"box":{"x":119,"y":811,"width":654,"height":12}},{"id":"b038802e-3ced-4363-857e-20441676aec6","block_type":"box","text":"Risk Factors","page_number":385,"box":{"x":774,"y":811,"width":98,"height":10}},{"id":"e01634de-75f7-42ca-86b6-4de6eba4f170","block_type":"box","text":"”","page_number":385,"box":{"x":873,"y":812,"width":7,"height":3}},{"id":"fe4ec5bb-02b7-48a9-9ac6-bcd3c2c93ab9","block_type":"box","text":"for information in relation to the risks applicable to an investment in the Company, including any","page_number":385,"box":{"x":119,"y":826,"width":760,"height":12}},{"id":"d3b0074c-e728-4c8d-88dd-2fc1ba981be4","block_type":"box","text":"investment in the Fund, in particular the risk factors entitled","page_number":385,"box":{"x":119,"y":841,"width":433,"height":12}},{"id":"0b784eba-a357-4a25-8281-4f9028e52ad2","block_type":"box","text":"“Sustainability Risk”, “Index Risks”, “Index","page_number":385,"box":{"x":552,"y":841,"width":328,"height":12}},{"id":"a97888bd-18c1-40f5-87ab-ed33e8845cdf","block_type":"box","text":"Tracking Risk”, “Index Accuracy Risk”, “","page_number":385,"box":{"x":119,"y":857,"width":325,"height":11}},{"id":"4b3fd5b0-c745-4009-90f4-bae056193d5f","block_type":"box","text":"Index Unscheduled Rebalancing Risk”,","page_number":385,"box":{"x":446,"y":857,"width":297,"height":11}},{"id":"910bc221-ff97-4cd2-ae28-389fdddfa29c","block_type":"box","text":"“Index Sampling","page_number":385,"box":{"x":745,"y":857,"width":135,"height":11}},{"id":"5481440a-8a9b-4a25-9358-0efead9aad96","block_type":"box","text":"Risks”, “Currency Risk” and “Emerging Markets Risks”:","page_number":385,"box":{"x":119,"y":872,"width":421,"height":11}},{"id":"4c2c0e93-062f-49e9-902d-830af17bcf43","block_type":"box","text":"6","page_number":386,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"8e6d9fbf-9c7b-4143-8e03-ce331f1d0725","block_type":"box","text":"VG001-001/M85660-892520263-23559/1","page_number":386,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"e659abb7-d8f0-4256-bb6c-35979e041c21","block_type":"box","text":"Risks of investment in subordinate and callable bonds","page_number":386,"box":{"x":119,"y":87,"width":398,"height":12}},{"id":"f966c348-6858-4803-b0b1-fbeaa98d28d9","block_type":"box","text":":","page_number":386,"box":{"x":519,"y":90,"width":2,"height":6}},{"id":"f23162e6-8b88-418f-81d7-d1ff4c0131bb","block_type":"box","text":"The Fund may invest in callable bonds. 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Such investments expose","page_number":386,"box":{"x":119,"y":177,"width":759,"height":12}},{"id":"77843b24-9d4a-4ff3-8cbc-b5ecab0c4a8e","block_type":"box","text":"the Fund to the risk that, in falling interest rate markets, it may be forced to reinvest recouped principal","page_number":386,"box":{"x":119,"y":192,"width":760,"height":12}},{"id":"1dc46fd5-b8ad-420d-b048-874b22701878","block_type":"box","text":"(i.e. from bonds that have been called) at lower interest rates, with the result that the Fund’s income is","page_number":386,"box":{"x":120,"y":207,"width":758,"height":12}},{"id":"4c6f5cd0-e4ec-42cf-aa5f-0686ad58113a","block_type":"box","text":"reduced.","page_number":386,"box":{"x":119,"y":222,"width":62,"height":9}},{"id":"ca651d86-5d8e-4d87-9765-23a90532a133","block_type":"box","text":"The Fund may also invest in subordinate bonds, which are a class of bond that rank lower than other","page_number":386,"box":{"x":119,"y":252,"width":760,"height":12}},{"id":"ca7479bc-22ae-4634-9c8c-c6210a61b0cf","block_type":"box","text":"types of bond in terms of the priority accorded to their repayment where the issuer of the bond is","page_number":386,"box":{"x":119,"y":267,"width":759,"height":12}},{"id":"167858cf-294d-42e7-be6a-a3095c90a730","block_type":"box","text":"liquidated. A subordinate bond therefore carries a higher risk of default on repayment, but also pays","page_number":386,"box":{"x":119,"y":282,"width":759,"height":12}},{"id":"13faa371-12bd-49ac-9d27-5908e8ad382a","block_type":"box","text":"higher returns than other classes of bond.","page_number":386,"box":{"x":119,"y":297,"width":303,"height":12}},{"id":"aab36bb5-ff83-4540-a2ad-b3261a77e972","block_type":"box","text":"Currency Hedging Policy","page_number":386,"box":{"x":120,"y":327,"width":199,"height":12}},{"id":"f9b14ccc-4119-4e68-9bcc-557d73bb9c2a","block_type":"box","text":"FDI will be used for currency hedging purposes for classes denominated in currencies other than the","page_number":386,"box":{"x":119,"y":357,"width":760,"height":12}},{"id":"4ad1760d-717d-4f5f-92f0-4fbb06e35277","block_type":"box","text":"Base Currency of the Fund. Please see the section of the Prospectus headed “","page_number":386,"box":{"x":119,"y":372,"width":588,"height":12}},{"id":"f1906c26-c1a5-445e-9947-1c84e35c1730","block_type":"box","text":"Currency Hedging at","page_number":386,"box":{"x":711,"y":372,"width":169,"height":12}},{"id":"76966a76-52f0-4126-98ae-f620c3fbeae0","block_type":"box","text":"Share Class Level","page_number":386,"box":{"x":120,"y":387,"width":139,"height":10}},{"id":"4eaa02e6-2555-40ee-b811-8cf9c151b4a7","block_type":"box","text":"” for further details.","page_number":386,"box":{"x":260,"y":387,"width":145,"height":10}},{"id":"8d0b4920-97e4-47ec-b81f-b1859fdefa43","block_type":"box","text":"Fund Details","page_number":386,"box":{"x":119,"y":417,"width":100,"height":10}},{"id":"0e06feb4-ed2e-4afb-bbb5-666dd5616c4e","block_type":"box","text":"Investment 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As at the date of this Prospectus, 0.00%","page_number":402,"box":{"x":119,"y":417,"width":762,"height":12}},{"id":"027e88fd-554d-4bdf-9004-9252b606fcde","block_type":"box","text":"of the Index, as it is currently constituted, comprised such securities. The securities in which the Fund","page_number":402,"box":{"x":119,"y":432,"width":759,"height":12}},{"id":"f10d5440-46d4-4fe5-af21-7d56181b8f11","block_type":"box","text":"will invest shall, to the extent required by the UCITS Regulations, be listed or traded on the Regulated","page_number":402,"box":{"x":119,"y":447,"width":760,"height":12}},{"id":"6fbb1b5e-a450-43bf-a787-3951c7e52464","block_type":"box","text":"Markets set out in","page_number":402,"box":{"x":119,"y":462,"width":137,"height":10}},{"id":"5403c148-9814-4bce-b572-b3bafd3a7621","block_type":"box","text":"Appendix 5","page_number":402,"box":{"x":256,"y":462,"width":90,"height":12}},{"id":"2218019b-c193-48bc-b2d4-c8b51aa2d19c","block_type":"box","text":"of the Prospectus.","page_number":402,"box":{"x":347,"y":462,"width":141,"height":12}},{"id":"23fb7b21-d655-4007-ad80-668d7708ead9","block_type":"box","text":"Where the Fund invests in securities issued in the People’s Republic of China, it may do so via the","page_number":402,"box":{"x":119,"y":492,"width":759,"height":12}},{"id":"dc30b9ba-3069-4744-827a-ebdd8fd139d0","block_type":"box","text":"Shanghai-Hong Kong Stock Connect.","page_number":402,"box":{"x":120,"y":508,"width":277,"height":11}},{"id":"2500f26e-ba88-4d26-82f6-e7b585350e11","block_type":"box","text":"The Fund’s investments will, at the time of purchase, comply with the screening criteria set out above,","page_number":402,"box":{"x":119,"y":537,"width":758,"height":12}},{"id":"79bf3995-47a8-4890-b90b-ebcb52eacedd","block_type":"box","text":"except as otherwise described below under the heading “","page_number":402,"box":{"x":119,"y":553,"width":414,"height":11}},{"id":"e6467f49-4984-4172-9db4-122a3cc357f9","block_type":"box","text":"Other Investment Strategies","page_number":402,"box":{"x":535,"y":553,"width":220,"height":12}},{"id":"bc93bb8f-e3b2-4ecf-915c-1e39b703c635","block_type":"box","text":"”. An investment","page_number":402,"box":{"x":757,"y":553,"width":123,"height":9}},{"id":"6f109d4c-17a8-4cf0-9442-3267c02977ea","block_type":"box","text":"which complied with the screening criteria of the Index at time of purchase may no longer meet the","page_number":402,"box":{"x":119,"y":568,"width":759,"height":12}},{"id":"633ac69b-eb0d-4d1f-a657-55643a1381cd","block_type":"box","text":"screening criteria, for example where new and / or updated data becomes available to the Index provider.","page_number":402,"box":{"x":120,"y":583,"width":759,"height":12}},{"id":"ad5fc300-7191-4b1e-b615-cb23413ff49e","block_type":"box","text":"Therefore, the Fund may temporarily hold securities which do not adhere to the screening criteria of the","page_number":402,"box":{"x":119,"y":598,"width":762,"height":12}},{"id":"4b0365d6-6240-46e3-8cda-bf8705e54af2","block_type":"box","text":"Index until such time as the relevant securities cease to form part of the Index and it is possible and","page_number":402,"box":{"x":119,"y":613,"width":759,"height":12}},{"id":"be00687e-9793-495e-a41b-4ccaa96c12a1","block_type":"box","text":"practicable (in the Investment Manager's view) to liquidate the position.","page_number":402,"box":{"x":119,"y":628,"width":530,"height":12}},{"id":"0cba057b-7a38-42d6-a919-f7c9514e5f16","block_type":"box","text":"Further information on the Index","page_number":402,"box":{"x":119,"y":657,"width":245,"height":12}},{"id":"2bf684b5-dbeb-4381-ab9a-61e6483eec3e","block_type":"box","text":"Further information provided by the Index provider in relation to the Index, including current details as","page_number":402,"box":{"x":119,"y":687,"width":761,"height":12}},{"id":"aee682f9-25b2-4532-8f5f-c4389fff095a","block_type":"box","text":"to its composition, methodology, product and conduct-related exclusions, the supply chain involvement","page_number":402,"box":{"x":119,"y":702,"width":761,"height":12}},{"id":"346c5c2e-0e70-41b8-8574-707db4ef7955","block_type":"box","text":"for exclusions and any revenue thresholds for exclusions, can be obtained at","page_number":402,"box":{"x":119,"y":717,"width":761,"height":12}},{"id":"5fcc5026-48de-460f-8b1f-58b5e1affef5","block_type":"box","text":"https://www.ftserussell.com/products/indices/","page_number":402,"box":{"x":119,"y":732,"width":338,"height":12}},{"id":"232355b6-8a7f-4838-b641-671ff382213d","block_type":"box","text":"and","page_number":402,"box":{"x":463,"y":732,"width":25,"height":9}},{"id":"8a0cba88-60a8-4d21-98d9-37f62b0d0caa","block_type":"box","text":"h","page_number":402,"box":{"x":493,"y":741,"width":5,"height":0}},{"id":"0217f87e-ff3e-4f53-b3ec-cb0ec15654bb","block_type":"box","text":"https://www.ftserussell.com/analytics/","page_number":402,"box":{"x":493,"y":732,"width":283,"height":12}},{"id":"50266125-8236-4b58-acba-ea15675469c2","block_type":"box","text":".","page_number":402,"box":{"x":778,"y":740,"width":8,"height":1}},{"id":"361fadf8-3661-4ed8-85e5-08fdf88558a0","block_type":"box","text":"Promotion of Environmental and / or Social Characteristics","page_number":402,"box":{"x":119,"y":768,"width":449,"height":12}},{"id":"2b1978a1-5ee1-403f-8ba9-c13312c3e76a","block_type":"box","text":"The Fund promotes the reduction of environmental harm by excluding investments in companies based","page_number":402,"box":{"x":119,"y":798,"width":761,"height":12}},{"id":"e5075587-a057-42ca-9f8a-66cadf065e41","block_type":"box","text":"on certain fossil fuel related activities. In addition, the Fund promotes human rights, labour rights and","page_number":402,"box":{"x":119,"y":813,"width":760,"height":12}},{"id":"2f39c8d2-c1cc-4c1c-ab4e-50d5490956e3","block_type":"box","text":"anti-corruption as set out in the principles of the UN Global Compact as well as avoiding the financing of","page_number":402,"box":{"x":119,"y":828,"width":763,"height":12}},{"id":"c2d36700-78af-4296-95f1-245ead9c65ed","block_type":"box","text":"controversial weapons. For details in respect of how these environmental and / or social characteristics","page_number":402,"box":{"x":119,"y":843,"width":759,"height":12}},{"id":"52370755-8b58-4471-9ca8-4c49668f5146","block_type":"box","text":"are promoted by the Fund and other related sustainable finance information, please see the relevant","page_number":402,"box":{"x":119,"y":858,"width":760,"height":12}},{"id":"71db0c17-78c9-461b-bf43-bdc3b1f5d830","block_type":"box","text":"information outlined in","page_number":402,"box":{"x":119,"y":873,"width":176,"height":9}},{"id":"d9e63d93-86b1-4b1d-a065-7e9b4d325dd3","block_type":"box","text":"Appendix 2","page_number":402,"box":{"x":295,"y":873,"width":90,"height":12}},{"id":"6380ec52-bb63-4c98-b093-389b54270930","block_type":"box","text":"of this Supplement.","page_number":402,"box":{"x":386,"y":873,"width":147,"height":12}},{"id":"6260d3bf-47a7-4bc3-b6be-6a4cb11ec242","block_type":"box","text":"Other Investment Strategies","page_number":402,"box":{"x":120,"y":902,"width":221,"height":12}},{"id":"8be7ff33-f4a9-449c-b855-0fbe5635d816","block_type":"box","text":"4","page_number":403,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"c2c3de55-905e-4d52-b92f-66faed462b67","block_type":"box","text":"VG001-001/M85660-892520263-23560/1","page_number":403,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"7c078427-ea17-46d7-a6aa-b90ba1ca69b5","block_type":"box","text":"The screening criteria described in the section headed Primary Investment Strategies are applied only to","page_number":403,"box":{"x":119,"y":104,"width":761,"height":12}},{"id":"539be382-2a53-4998-a809-67aefd032cd2","block_type":"box","text":"securities in the Index.","page_number":403,"box":{"x":120,"y":119,"width":165,"height":9}},{"id":"8ec410eb-25a2-4f85-8f53-3ffcc2049db7","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":403,"box":{"x":119,"y":149,"width":705,"height":12}},{"id":"d31d9388-3568-4e8f-b95d-5ce9dda1e511","block_type":"box","text":"OTC","page_number":403,"box":{"x":827,"y":150,"width":38,"height":8}},{"id":"aef3b7b3-3cbf-4e3b-9f00-0b030d99d038","block_type":"box","text":"”)","page_number":403,"box":{"x":867,"y":149,"width":13,"height":12}},{"id":"97e98438-81a2-4deb-a31d-86a466857d51","block_type":"box","text":"financial derivative instruments (“","page_number":403,"box":{"x":119,"y":164,"width":259,"height":12}},{"id":"018beca7-b71a-4fde-8c60-2c9e04faf359","block_type":"box","text":"FDI","page_number":403,"box":{"x":380,"y":165,"width":31,"height":8}},{"id":"bd7d2e91-ae5b-4024-ab8a-334d2f36c78c","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":403,"box":{"x":412,"y":164,"width":467,"height":12}},{"id":"c4648c68-4ad3-4f04-995a-6cf583864c41","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":403,"box":{"x":119,"y":179,"width":759,"height":12}},{"id":"cb6b914c-b987-425d-b64d-19683ad1e41e","block_type":"box","text":"Appendix 4","page_number":403,"box":{"x":119,"y":194,"width":90,"height":12}},{"id":"e1aa3dd0-c72d-4f3d-95da-4a3aafdd6b2e","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":403,"box":{"x":209,"y":194,"width":671,"height":12}},{"id":"d37a223e-8f0b-41e3-8066-30f426956667","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":403,"box":{"x":119,"y":209,"width":759,"height":12}},{"id":"7fee63d3-05f5-48e7-8f59-6ed7491acaa9","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":403,"box":{"x":119,"y":224,"width":759,"height":12}},{"id":"fd205470-830c-4f36-a4ec-f36388e80fcd","block_type":"box","text":"time of investment.","page_number":403,"box":{"x":119,"y":239,"width":142,"height":10}},{"id":"b061422b-a165-479f-8b86-10c23ee203be","block_type":"box","text":"Specifically, the Fund may invest in warrants, swap agreements (including total return swaps as further","page_number":403,"box":{"x":120,"y":269,"width":760,"height":12}},{"id":"3e019f0f-b918-48a0-a904-f7c28e2283e6","block_type":"box","text":"detailed below) and equity-linked notes which may be used to gain exposure to the constituents of the","page_number":403,"box":{"x":119,"y":284,"width":760,"height":12}},{"id":"aeacf9af-8970-493b-9ca0-6fe4044e067b","block_type":"box","text":"Index or to the performance of the Index itself, to reduce transaction costs or taxes, minimise tracking","page_number":403,"box":{"x":119,"y":299,"width":760,"height":12}},{"id":"e4a38974-d43f-49c7-82d8-074fdf2116ad","block_type":"box","text":"error, or to enable the Fund to gain exposure to illiquid stocks or stocks which are unavailable to the Fund","page_number":403,"box":{"x":119,"y":314,"width":762,"height":12}},{"id":"1a90e1d0-d47c-4ab9-86ff-b8b5668f64f0","block_type":"box","text":"for direct investment due to market or regulatory reasons. The Fund may invest in exchange traded","page_number":403,"box":{"x":119,"y":329,"width":760,"height":12}},{"id":"74fe0f07-b5f4-4e8c-b2b7-dcec994d0600","block_type":"box","text":"futures and options contracts (typically equity index and foreign currency) to manage cash flows on a","page_number":403,"box":{"x":119,"y":344,"width":759,"height":12}},{"id":"43e3c603-8f86-486a-bf18-248cb5fcd490","block_type":"box","text":"short-term basis and to achieve cost efficiencies","page_number":403,"box":{"x":120,"y":359,"width":353,"height":10}},{"id":"1e3f1607-71c1-4fe9-8a76-58421019361d","block_type":"box","text":", for example,","page_number":403,"box":{"x":475,"y":359,"width":107,"height":12}},{"id":"72900456-737d-4d58-ba76-9c5a7bc39fb2","block_type":"box","text":"to obtain exposure to components of the","page_number":403,"box":{"x":582,"y":359,"width":297,"height":12}},{"id":"37b2a6f4-3a81-4da0-928d-face24399784","block_type":"box","text":"Index where it is not practicable to invest directly in each individual component. 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The Fund may also invest in currency","page_number":403,"box":{"x":119,"y":405,"width":760,"height":11}},{"id":"d93c0c3c-2545-4dc3-a9ec-613a34ae59b1","block_type":"box","text":"forwards, (including non-deliverable forward foreign exchange contracts) and interest rate futures to","page_number":403,"box":{"x":119,"y":419,"width":759,"height":12}},{"id":"e66f986b-b7c6-4965-9326-2ebf8cdd294c","block_type":"box","text":"protect against currency fluctuation and may invest in depository receipts including ADRs and GDRs to","page_number":403,"box":{"x":119,"y":434,"width":761,"height":12}},{"id":"3e977fe1-70df-4362-b30a-b3e66c4d2166","block_type":"box","text":"gain exposure to the constituents of the Index. 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See","page_number":403,"box":{"x":472,"y":721,"width":40,"height":8}},{"id":"f018be3e-ced7-4004-8958-847856f46c18","block_type":"box","text":"Appendix 4","page_number":403,"box":{"x":512,"y":720,"width":91,"height":12}},{"id":"67829d02-48ba-4e6c-ac89-10628b8909e6","block_type":"box","text":"of the Prospectus for information on","page_number":403,"box":{"x":604,"y":720,"width":276,"height":12}},{"id":"29c1b168-91fb-4a9c-9e4f-2f478aa2cd59","block_type":"box","text":"leverage and the calculation of global exposure.","page_number":403,"box":{"x":119,"y":735,"width":352,"height":12}},{"id":"71e2a016-5452-4fbf-976f-1528d7c1c57c","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":403,"box":{"x":119,"y":764,"width":762,"height":12}},{"id":"a8f634ef-f710-48bd-96d9-d3517ef5435c","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":403,"box":{"x":120,"y":779,"width":740,"height":12}},{"id":"ab27edba-aff4-4703-b577-12edaad8e29a","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":403,"box":{"x":119,"y":809,"width":760,"height":12}},{"id":"29fa6381-4e6f-408b-8b0f-58de5d53b6d9","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":403,"box":{"x":119,"y":824,"width":759,"height":12}},{"id":"a5da1a40-e992-4d40-bb36-1073df9b2019","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":403,"box":{"x":119,"y":839,"width":759,"height":12}},{"id":"f05ec237-32e6-4b99-be31-9e418116a3b3","block_type":"box","text":"the Company. See","page_number":403,"box":{"x":119,"y":854,"width":137,"height":12}},{"id":"dafb8c8c-421b-48bf-848a-a802b9ea2a2b","block_type":"box","text":"Appendix 3","page_number":403,"box":{"x":257,"y":854,"width":89,"height":12}},{"id":"89671843-cdf3-4ff5-990f-1be9b3a9090f","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":403,"box":{"x":347,"y":854,"width":533,"height":12}},{"id":"8427ace5-059e-437c-8fe0-dfa5371eeac3","block_type":"box","text":"schemes, including other funds of the Company.","page_number":403,"box":{"x":120,"y":869,"width":356,"height":12}},{"id":"eef6fc83-92ca-4c7f-a644-43fa12e819cc","block_type":"box","text":"5","page_number":404,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"89e081b8-e989-4a8a-ab13-75729fa93fd4","block_type":"box","text":"VG001-001/M85660-892520263-23560/1","page_number":404,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"61235976-9e24-41c1-be79-cf20e7c1ba30","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":404,"box":{"x":119,"y":87,"width":760,"height":12}},{"id":"0b8326c6-4f28-403e-894e-7475a1cc2217","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":404,"box":{"x":119,"y":102,"width":760,"height":12}},{"id":"543982bd-c9f1-4817-993c-e16ac742d660","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":404,"box":{"x":119,"y":117,"width":760,"height":12}},{"id":"afd274ec-c70f-4b5e-822d-f63004d2d97f","block_type":"box","text":"Temporary Investment Measures","page_number":404,"box":{"x":119,"y":150,"width":263,"height":11}},{"id":"37723ece-4097-4c7d-90ff-3eb1d94499b0","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":404,"box":{"x":119,"y":183,"width":760,"height":12}},{"id":"28efde7d-eb69-445b-8212-aad34d72c330","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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“","page_number":405,"box":{"x":119,"y":117,"width":704,"height":12}},{"id":"bf116f4f-b95d-4d0c-8a75-8db9ede6a262","block_type":"box","text":"Classes","page_number":405,"box":{"x":824,"y":117,"width":56,"height":9}},{"id":"89e4aa3c-c152-4728-b248-0abeb87023a8","block_type":"box","text":"of Shares","page_number":405,"box":{"x":119,"y":132,"width":74,"height":9}},{"id":"da915b33-0ba1-4255-97ee-f164745edeec","block_type":"box","text":"” in Appendix 1 to the Prospectus and subscription shall be in accordance with the details","page_number":405,"box":{"x":195,"y":132,"width":684,"height":12}},{"id":"f65e953c-8321-4ab9-b928-d1d1815d75b3","block_type":"box","text":"below","page_number":405,"box":{"x":119,"y":147,"width":45,"height":9}},{"id":"5304f5a3-0218-4b99-adbb-53aa690b4b93","block_type":"box","text":".","page_number":405,"box":{"x":165,"y":155,"width":2,"height":1}},{"id":"6dcabc3d-da97-4bd2-8b86-b47f85cff6c6","block_type":"box","text":"Subscription / 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For potential cost impacts of rebalancing, please see the","page_number":421,"box":{"x":119,"y":503,"width":760,"height":12}},{"id":"60b68a89-bda6-428a-9ec9-90397a9417f2","block_type":"box","text":"section of the Prospectus headed “","page_number":421,"box":{"x":120,"y":518,"width":252,"height":12}},{"id":"eeb11f3e-2f0e-44df-a112-eec03fff581d","block_type":"box","text":"Index rebalancing and costs","page_number":421,"box":{"x":373,"y":518,"width":219,"height":12}},{"id":"65972a70-cb90-4151-8471-0cdb462b6987","block_type":"box","text":"”.","page_number":421,"box":{"x":594,"y":518,"width":16,"height":9}},{"id":"19923bc8-fb47-407a-98cc-6fc0d45968b0","block_type":"box","text":"The Fund’s investments will, at the time of purchase, comply with the screening criteria set out above,","page_number":421,"box":{"x":119,"y":547,"width":758,"height":12}},{"id":"25e2b1db-1526-4018-8a4e-7735a1ccd4e8","block_type":"box","text":"except as otherwise described below under the heading “","page_number":421,"box":{"x":119,"y":562,"width":414,"height":12}},{"id":"2128bc9f-afaa-4e07-95e2-af663bfaa3af","block_type":"box","text":"Other Investment Strategies","page_number":421,"box":{"x":535,"y":562,"width":220,"height":12}},{"id":"72df1f70-ddda-4b45-9bed-d1ed0028d765","block_type":"box","text":"”.","page_number":421,"box":{"x":757,"y":563,"width":16,"height":8}},{"id":"7de43f53-4b08-446d-95bf-af4add3cc208","block_type":"box","text":"An investment","page_number":421,"box":{"x":773,"y":563,"width":107,"height":8}},{"id":"c729d9ec-9317-4bc7-a863-d40966c5f04c","block_type":"box","text":"which complied with the screening criteria of the Index at time of purchase may no longer meet the","page_number":421,"box":{"x":119,"y":577,"width":759,"height":12}},{"id":"2a5756d3-f4e7-456a-b8b0-26fd180822e1","block_type":"box","text":"screening criteria, for","page_number":421,"box":{"x":120,"y":592,"width":159,"height":12}},{"id":"4c28f752-0281-4b31-acbb-22cb60a0a7c3","block_type":"box","text":"example where new and / or updated data becomes available to the Index provider.","page_number":421,"box":{"x":280,"y":592,"width":599,"height":12}},{"id":"d2f5aae9-296e-4b38-a6a7-de8160065d0b","block_type":"box","text":"Therefore, the Fund may temporarily hold securities which do not adhere to the screening criteria of the","page_number":421,"box":{"x":119,"y":607,"width":762,"height":12}},{"id":"f64c1911-1175-48eb-b2c6-8c32dde92505","block_type":"box","text":"Index until such time as the relevant securities cease to form part of the Index and it is possible and","page_number":421,"box":{"x":119,"y":622,"width":759,"height":12}},{"id":"c9e6ea51-b974-46f6-9616-170ec37e2b13","block_type":"box","text":"practicable (in the Investment Manager's view) to liquidate the position.","page_number":421,"box":{"x":119,"y":637,"width":530,"height":12}},{"id":"5670fb75-9a73-42c6-af16-a8cc829afe85","block_type":"box","text":"Further information on the Index","page_number":421,"box":{"x":119,"y":667,"width":245,"height":11}},{"id":"fbd05c32-6be1-4b8a-8e61-5d4f724366f8","block_type":"box","text":"Further information provided by the Index provider in relation to the Index, including current details as","page_number":421,"box":{"x":119,"y":696,"width":761,"height":12}},{"id":"2d664218-9124-4ff0-aba2-86cdf20ac44d","block_type":"box","text":"to its composition, methodology, product and conduct-related exclusions, the supply chain involvement","page_number":421,"box":{"x":119,"y":711,"width":761,"height":12}},{"id":"9066d158-948d-464a-8450-f58b82f74271","block_type":"box","text":"for exclusions and any revenue thresholds for exclusions, can be obtained at","page_number":421,"box":{"x":119,"y":726,"width":761,"height":12}},{"id":"4fcee723-d81e-40f5-adb1-4e6eba8cc2a5","block_type":"box","text":"https://www.ftserussell.com/products/indices/","page_number":421,"box":{"x":119,"y":741,"width":338,"height":12}},{"id":"af4ead83-192a-4cf7-bffa-4cda1295068d","block_type":"box","text":"and","page_number":421,"box":{"x":457,"y":741,"width":31,"height":9}},{"id":"7a561409-ce95-4350-9f3d-2e68a572d203","block_type":"box","text":"h","page_number":421,"box":{"x":493,"y":750,"width":5,"height":0}},{"id":"917ce6da-bb23-4b72-91fc-1098d67b5e71","block_type":"box","text":"https://www.ftserussell.com/analytics/","page_number":421,"box":{"x":493,"y":741,"width":283,"height":12}},{"id":"40062db7-ac68-4389-b824-7a3a64d3cb1d","block_type":"box","text":".","page_number":421,"box":{"x":778,"y":749,"width":8,"height":1}},{"id":"ba609405-e627-4e35-bd2e-b62c87c3f152","block_type":"box","text":"Promotion of Environmental and / or Social Characteristics","page_number":421,"box":{"x":119,"y":770,"width":449,"height":12}},{"id":"5b9d8c61-2f15-4dda-993d-a7e82f0829e0","block_type":"box","text":"The Fund promotes the reduction of environmental harm by excluding investments in companies based","page_number":421,"box":{"x":119,"y":799,"width":761,"height":12}},{"id":"aa1260c3-6b46-4b77-8523-3f3657e0f31f","block_type":"box","text":"on certain fossil fuel related activities. In addition, the Fund promotes human rights, labour rights and","page_number":421,"box":{"x":119,"y":814,"width":760,"height":12}},{"id":"946bab68-6cd5-4207-99ad-9b1721c51358","block_type":"box","text":"anti-corruption as set out in the principles of the UN Global Compact as well as avoiding the financing of","page_number":421,"box":{"x":119,"y":829,"width":763,"height":12}},{"id":"c94741b2-3553-4130-8b57-6b95b140ed37","block_type":"box","text":"controversial weapons. For details in respect of how these environmental and / or social characteristics","page_number":421,"box":{"x":119,"y":845,"width":759,"height":11}},{"id":"ddd415f6-c114-444d-b399-df287d0023e1","block_type":"box","text":"are promoted by the Fund and other related sustainable finance information, please see the relevant","page_number":421,"box":{"x":119,"y":860,"width":760,"height":12}},{"id":"d9a5ee72-ef86-4aa4-9537-791077ea1f47","block_type":"box","text":"information outlined in","page_number":421,"box":{"x":119,"y":875,"width":176,"height":9}},{"id":"0e238242-1320-4c9b-a149-be218c3404ed","block_type":"box","text":"Appendix 2","page_number":421,"box":{"x":295,"y":875,"width":90,"height":12}},{"id":"2219ce19-36d4-4cd3-976a-2e8ca4018ff5","block_type":"box","text":"of this Supplement.","page_number":421,"box":{"x":386,"y":875,"width":147,"height":12}},{"id":"8eb77c58-9d57-4f9b-bfc1-8941d3abc95c","block_type":"box","text":"4","page_number":422,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"6030e781-270d-42d0-b02f-04a342887351","block_type":"box","text":"VG001-001/M85660-892520263-23561/1","page_number":422,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"c25f32c0-66ce-4545-8196-7209f6b400c7","block_type":"box","text":"Other Investment Strategies","page_number":422,"box":{"x":120,"y":87,"width":221,"height":12}},{"id":"b4973685-7b28-475e-bfc3-5fd443de21d7","block_type":"box","text":"The screening criteria described in the section headed Primary Investment Strategies are applied only to","page_number":422,"box":{"x":119,"y":116,"width":761,"height":12}},{"id":"10fd6466-0a07-4821-b234-03b492e4af95","block_type":"box","text":"securities in the Index.","page_number":422,"box":{"x":120,"y":131,"width":165,"height":9}},{"id":"73a7306c-31dd-4236-86c0-996bcc43df67","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":422,"box":{"x":119,"y":160,"width":705,"height":12}},{"id":"71dc857e-a17e-4da7-9bdc-5a1144160ae1","block_type":"box","text":"OTC","page_number":422,"box":{"x":827,"y":161,"width":38,"height":9}},{"id":"7458d431-c15e-4d1b-b9d0-8cf7e4982243","block_type":"box","text":"”)","page_number":422,"box":{"x":867,"y":160,"width":13,"height":12}},{"id":"59bca070-c65e-4408-a8dd-9dc0838d1153","block_type":"box","text":"financial derivative instruments (“","page_number":422,"box":{"x":119,"y":175,"width":259,"height":12}},{"id":"8bb53e00-81b3-4ce3-9a50-1c99f6473050","block_type":"box","text":"FDI","page_number":422,"box":{"x":380,"y":176,"width":31,"height":9}},{"id":"c0ab1795-0559-4127-81e2-74291cbe60fd","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":422,"box":{"x":412,"y":175,"width":467,"height":12}},{"id":"38a67d38-87ac-4ed7-8490-3f4ff55ca917","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":422,"box":{"x":119,"y":190,"width":759,"height":12}},{"id":"45f2c2a3-8ea7-4a71-983d-8a5185fd2cd4","block_type":"box","text":"Appendix 4","page_number":422,"box":{"x":119,"y":205,"width":90,"height":12}},{"id":"0c00b926-7acf-440a-9a88-60c7d22ab36a","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":422,"box":{"x":209,"y":205,"width":671,"height":12}},{"id":"f83299f7-9f76-4c00-918e-449d784dc80b","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":422,"box":{"x":119,"y":221,"width":759,"height":11}},{"id":"e58fd998-ae29-4c1f-98c0-86c457779288","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":422,"box":{"x":119,"y":235,"width":759,"height":12}},{"id":"a2a9cf46-817c-40a7-a88b-12b22dd07e4c","block_type":"box","text":"time of investment.","page_number":422,"box":{"x":119,"y":250,"width":142,"height":10}},{"id":"8a3bd64e-4286-40b2-b2f0-fcdd37fb0d1d","block_type":"box","text":"Specifically, the Fund may invest in warrants, swap agreements (including total return swaps as further","page_number":422,"box":{"x":120,"y":280,"width":760,"height":12}},{"id":"be37c75e-ca3c-422a-8fea-0dc11e784f38","block_type":"box","text":"detailed below) and equity-linked notes which may be used to gain exposure to the constituents of the","page_number":422,"box":{"x":119,"y":295,"width":760,"height":12}},{"id":"14eac598-72f5-4ef6-8f9a-b9198b49d593","block_type":"box","text":"Index or to the performance of the Index itself, to reduce transaction costs or taxes, minimise tracking","page_number":422,"box":{"x":119,"y":310,"width":760,"height":12}},{"id":"4a0232a5-59ad-4732-b3d8-199bc257fabc","block_type":"box","text":"error, or to enable the Fund to gain exposure to illiquid stocks or stocks which are unavailable to the Fund","page_number":422,"box":{"x":119,"y":325,"width":762,"height":12}},{"id":"248fbe76-d3eb-45c0-844d-ea61e6197fb1","block_type":"box","text":"for direct investment due to market or regulatory reasons. The Fund may invest in exchange traded","page_number":422,"box":{"x":119,"y":340,"width":760,"height":12}},{"id":"de42629d-ae2d-44d2-bc0b-a47daa69b6f9","block_type":"box","text":"futures and options contracts (typically equity index and foreign currency) to manage cash flows on a","page_number":422,"box":{"x":119,"y":355,"width":759,"height":12}},{"id":"a95de83b-3f8d-4520-b4ac-49cbde3c5d5b","block_type":"box","text":"short-term basis and to achieve cost efficiencies","page_number":422,"box":{"x":120,"y":370,"width":353,"height":9}},{"id":"26bf5c31-9028-4504-893b-7eedc0e76c06","block_type":"box","text":", for example,","page_number":422,"box":{"x":475,"y":370,"width":107,"height":12}},{"id":"6d57efb5-e27f-43b2-adb0-616d5d97556b","block_type":"box","text":"to obtain exposure to components of the","page_number":422,"box":{"x":582,"y":370,"width":297,"height":12}},{"id":"396cb4e8-ab7a-4125-ad05-56771812300b","block_type":"box","text":"Index where it is not practicable to invest directly in each individual component. 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See","page_number":422,"box":{"x":472,"y":729,"width":40,"height":9}},{"id":"535fb0c6-e5ca-4303-ba49-7e44d117d7a4","block_type":"box","text":"Appendix 4","page_number":422,"box":{"x":512,"y":729,"width":91,"height":12}},{"id":"bb7dd746-a6ca-4e5e-b548-da0425fb516a","block_type":"box","text":"of the Prospectus for information on","page_number":422,"box":{"x":604,"y":729,"width":276,"height":12}},{"id":"bfcc1a43-740a-4a16-b5ed-e9ff51fcf3d0","block_type":"box","text":"leverage and the calculation of global exposure.","page_number":422,"box":{"x":119,"y":744,"width":352,"height":12}},{"id":"ba3093ec-9dc0-4e96-b3d3-4b641ccf728a","block_type":"box","text":"The Fund may invest in foreign exchange spots. 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See","page_number":422,"box":{"x":119,"y":863,"width":137,"height":12}},{"id":"2f0ae2e7-5f3e-4102-974f-8b82ea3d89b8","block_type":"box","text":"Appendix 3","page_number":422,"box":{"x":257,"y":863,"width":89,"height":12}},{"id":"d1ebde37-1a27-4a20-910b-6f24caaded7e","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":422,"box":{"x":347,"y":863,"width":533,"height":12}},{"id":"185ec5bc-4bee-4531-b6f5-964b9d1632a8","block_type":"box","text":"schemes, including other funds of the Company.","page_number":422,"box":{"x":120,"y":878,"width":356,"height":12}},{"id":"139a33ee-bf13-4d66-9ad6-043e6dba2640","block_type":"box","text":"5","page_number":423,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"4b3e0f69-8bd6-4f4b-8870-3ec702c0cb8b","block_type":"box","text":"VG001-001/M85660-892520263-23561/1","page_number":423,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"d5db889d-b097-40ba-ba0f-abcf4f694715","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":423,"box":{"x":119,"y":87,"width":760,"height":12}},{"id":"9e0244b2-8907-42aa-af05-0dc5fbced26d","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":423,"box":{"x":119,"y":102,"width":760,"height":12}},{"id":"80531efd-5206-4946-89d9-900155481569","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":423,"box":{"x":119,"y":117,"width":760,"height":12}},{"id":"9f8c0bbf-7f6d-46fd-9af1-c302db27a5d5","block_type":"box","text":"Temporary Investment Measures","page_number":423,"box":{"x":119,"y":150,"width":263,"height":11}},{"id":"32d03e75-8ce9-41af-9f08-4359959de880","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":423,"box":{"x":119,"y":183,"width":760,"height":12}},{"id":"2822dee6-0beb-4261-853f-259127378fd0","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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Please refer to the section of the Prospectus headed “Plain Talk about Excess Return and","page_number":423,"box":{"x":119,"y":412,"width":762,"height":12}},{"id":"38c74cd0-4b7d-4455-bb33-e2fab81651e1","block_type":"box","text":"Tracking Error” for further information on Tracking Error.","page_number":423,"box":{"x":119,"y":427,"width":432,"height":12}},{"id":"8a53ea4f-37a5-463b-91b9-cea4ab85ee75","block_type":"box","text":"Portfolio Information","page_number":423,"box":{"x":119,"y":458,"width":170,"height":9}},{"id":"c59bd99e-9254-4075-925a-3e584744595f","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. 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Please see the section of the Prospectus headed “","page_number":423,"box":{"x":119,"y":777,"width":588,"height":12}},{"id":"ace35338-cb0b-47be-9e86-2ae71094fb29","block_type":"box","text":"Currency Hedging at","page_number":423,"box":{"x":711,"y":777,"width":169,"height":12}},{"id":"529b1ea2-0f6e-4e10-9d56-5b311e49d4d8","block_type":"box","text":"Share Class Level","page_number":423,"box":{"x":120,"y":792,"width":139,"height":9}},{"id":"d92c2069-4424-46d9-9f55-408c7d808cd6","block_type":"box","text":"” for further details.","page_number":423,"box":{"x":260,"y":792,"width":145,"height":9}},{"id":"a86812d0-bbc8-49ae-bd24-aba58467fa42","block_type":"box","text":"Fund Details","page_number":423,"box":{"x":119,"y":822,"width":100,"height":9}},{"id":"160f3dd0-7686-4e0a-93b5-a7b286e0b273","block_type":"box","text":"Investment 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By excluding stocks of companies based on certain controversial conduct","page_number":433,"box":{"x":275,"y":495,"width":676,"height":10}},{"id":"5ff04b1f-e89a-4ca2-ad1e-46da6d517157","block_type":"box","text":"(which is achieved by excluding companies that meet certain criteria in relation to the United Nations","page_number":433,"box":{"x":275,"y":507,"width":678,"height":10}},{"id":"2905bc53-9ef3-4f85-a307-a7e79df974c1","block_type":"box","text":"Global Compact Principles regarding labour, human rights, environmental, and anti-corruption","page_number":433,"box":{"x":274,"y":519,"width":677,"height":10}},{"id":"eb9e4e4f-cd0f-4ffc-86f8-a9b78e972a7d","block_type":"box","text":"standards and other international norms)), the Fund considers the following principal adverse impact","page_number":433,"box":{"x":274,"y":530,"width":679,"height":11}},{"id":"e36eb654-471b-47d2-bddf-df05291e6b60","block_type":"box","text":"indicator:","page_number":433,"box":{"x":274,"y":542,"width":63,"height":9}},{"id":"6c447bf6-5296-49af-b64a-202767a1e217","block_type":"box","text":"-","page_number":433,"box":{"x":274,"y":558,"width":4,"height":1}},{"id":"06d36d59-0f81-4b7d-ae48-55a19d87290d","block_type":"box","text":"Violations of UN Global Compact principles and OECD Guidelines for Multinational Enterprises","page_number":433,"box":{"x":304,"y":554,"width":640,"height":10}},{"id":"3bb19a86-aa72-4f54-8340-904f04853b46","block_type":"box","text":"No","page_number":433,"box":{"x":324,"y":581,"width":18,"height":7}},{"id":"58381699-5fb2-4156-9708-0f0e90ca34a3","block_type":"box","text":"What investment strategy does this financial product follow?","page_number":433,"box":{"x":239,"y":604,"width":510,"height":13}},{"id":"e913eaab-dc40-4f3c-b2c1-44b8f47287e0","block_type":"box","text":"The Fund employs a “passive management” – or indexing – investment approach, through physical","page_number":433,"box":{"x":239,"y":630,"width":712,"height":11}},{"id":"f747a515-da8e-4a59-8790-7350339c23f6","block_type":"box","text":"acquisition of securities, designed to track the performance of the FTSE Developed Asia Pacific All Cap","page_number":433,"box":{"x":240,"y":645,"width":711,"height":11}},{"id":"1a0bf756-0261-448d-8ccb-a22a013aa1fa","block_type":"box","text":"Choice Index. 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This limit may be raised to 35% for a single issuer in exceptional market conditions which may","page_number":433,"box":{"x":240,"y":747,"width":712,"height":10}},{"id":"095aa8c7-a540-4c3d-94ed-bb41116ac89d","block_type":"box","text":"include the dominance of a particular issuer in the relevant market","page_number":433,"box":{"x":240,"y":761,"width":492,"height":10}},{"id":"3a2bcbd5-8d38-42d7-8129-d6d23e1b0c11","block_type":"box","text":". When not practicable to fully","page_number":433,"box":{"x":734,"y":761,"width":219,"height":10}},{"id":"f56ffe26-3299-4499-a5f9-96381ef66f0f","block_type":"box","text":"replicate, the Fund may use a sampling process to invest in a portfolio of securities that consists of a","page_number":433,"box":{"x":240,"y":776,"width":711,"height":10}},{"id":"c0069483-1812-421e-87e2-500dd3169662","block_type":"box","text":"representative sample of the component securities of the Index.","page_number":433,"box":{"x":240,"y":790,"width":436,"height":10}},{"id":"18160a96-f7d3-44c6-9036-87fa9e217e44","block_type":"box","text":"What are the binding elements of the investment strategy used to select the investments","page_number":433,"box":{"x":276,"y":839,"width":678,"height":11}},{"id":"32a8f317-3ade-4ed5-ade4-7c01c29ea649","block_type":"box","text":"to attain each of the environmental or social characteristics promoted by this financial","page_number":433,"box":{"x":276,"y":858,"width":674,"height":11}},{"id":"4a35093d-2f44-4a17-85b9-602a6c4e1db4","block_type":"box","text":"product?","page_number":433,"box":{"x":275,"y":877,"width":68,"height":11}},{"id":"c2ea7c5e-6c95-4718-b4c3-84721a882212","block_type":"box","text":"The binding element of the investment strategy is the exclusionary screening methodology, which is","page_number":433,"box":{"x":275,"y":896,"width":677,"height":10}},{"id":"7b29fa41-9038-4bb9-a397-e00c626280f0","block_type":"box","text":"summarised in the section above headed \"","page_number":433,"box":{"x":275,"y":913,"width":297,"height":9}},{"id":"fe5f767f-f908-4ac7-8102-e5fbbc9bc4fc","block_type":"box","text":"What environmental and / or social characteristics are","page_number":433,"box":{"x":574,"y":913,"width":376,"height":9}},{"id":"16a024e0-0452-4893-97fb-47afc693f62f","block_type":"box","text":"promoted by this financial product?","page_number":433,"box":{"x":275,"y":931,"width":241,"height":10}},{"id":"572fb43d-7882-4164-879b-1339368ba41b","block_type":"box","text":"\".","page_number":433,"box":{"x":518,"y":931,"width":9,"height":8}},{"id":"dfd1fe2d-23c2-436b-960d-3983f304096e","block_type":"box","text":"The EU Taxonomy sets out a \"do not significantly harm\" principle by which Taxonomy-aligned investments should not","page_number":433,"box":{"x":283,"y":87,"width":662,"height":8}},{"id":"7de623c6-8633-41fd-a2ff-dde21366b613","block_type":"box","text":"significantly harm EU Taxonomy objectives and is accompanied by specific EU criteria.","page_number":433,"box":{"x":282,"y":96,"width":464,"height":8}},{"id":"74968f3a-a0b7-43a3-841d-1691c63b8b7a","block_type":"box","text":"The \"do not significantly harm\" principle applies only to those investments underlying the financial product that take into","page_number":433,"box":{"x":282,"y":115,"width":664,"height":8}},{"id":"7cc7a005-87a0-4804-b784-b869026f3b7d","block_type":"box","text":"account the EU criteria for environmentally sustainable economic activities. 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For details in respect of these environmental and / or social characteristics are","page_number":440,"box":{"x":119,"y":840,"width":759,"height":12}},{"id":"aed72106-347e-44b0-a4c6-644760d30ccb","block_type":"box","text":"promoted by the Fund and other related sustainable finance information, please see the relevant","page_number":440,"box":{"x":119,"y":855,"width":760,"height":12}},{"id":"c42684b1-0947-43cd-8735-37ac152d9cbc","block_type":"box","text":"information outlined in","page_number":440,"box":{"x":119,"y":870,"width":176,"height":9}},{"id":"e6f89eda-cd19-4c25-9eeb-b39bc5fa4dbc","block_type":"box","text":"Appendix 2","page_number":440,"box":{"x":295,"y":870,"width":90,"height":12}},{"id":"01f437bc-cf16-46ea-9e2c-f63a0ce5cea7","block_type":"box","text":"of this Supplement.","page_number":440,"box":{"x":386,"y":870,"width":147,"height":12}},{"id":"cd2a311f-bd97-495b-aee2-311a2f9ac261","block_type":"box","text":"4","page_number":441,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"468a9cb2-2f19-4ad3-b6c1-e5977620a162","block_type":"box","text":"VG001-001/M85660-892520263-23563/1","page_number":441,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"5f43eb79-6ff4-4869-9b51-9726c69fef9c","block_type":"box","text":"Other Investment Strategies","page_number":441,"box":{"x":120,"y":78,"width":221,"height":12}},{"id":"eaec2bb6-cf01-43ae-b2e2-9ed6f9e5e557","block_type":"box","text":"The screening criteria described in the section headed Primary Investment Strategies are applied only to","page_number":441,"box":{"x":119,"y":108,"width":761,"height":12}},{"id":"d4317b69-eb8a-442f-8355-76a600eeecb2","block_type":"box","text":"securities in the Index.","page_number":441,"box":{"x":120,"y":123,"width":165,"height":9}},{"id":"2e21dc6f-568e-4a36-a227-677ae0cb49da","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":441,"box":{"x":119,"y":152,"width":705,"height":12}},{"id":"3c258e9a-d379-4e2e-ad83-4594b0e20656","block_type":"box","text":"OTC","page_number":441,"box":{"x":827,"y":152,"width":38,"height":9}},{"id":"53be185f-3b5e-4e3f-862d-04229d635fa1","block_type":"box","text":"”)","page_number":441,"box":{"x":867,"y":152,"width":13,"height":12}},{"id":"93d6d79e-eb69-437d-bcb3-56e0cb39685c","block_type":"box","text":"financial derivative instruments (“","page_number":441,"box":{"x":119,"y":167,"width":259,"height":12}},{"id":"e8a22d44-f543-41a1-9bad-4365bf41782a","block_type":"box","text":"FDI","page_number":441,"box":{"x":380,"y":168,"width":31,"height":8}},{"id":"1171fdbc-0856-4248-961d-f3a6f70fd779","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":441,"box":{"x":412,"y":167,"width":467,"height":12}},{"id":"a5952a5f-1956-4695-8daf-634eaa8275ef","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":441,"box":{"x":119,"y":182,"width":759,"height":12}},{"id":"e1d7b27a-37a4-48e7-89a3-3f9345f9f56c","block_type":"box","text":"Appendix 4","page_number":441,"box":{"x":119,"y":197,"width":90,"height":12}},{"id":"a98d10ca-3ffc-4744-ab26-00f1b365e8d3","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":441,"box":{"x":209,"y":197,"width":671,"height":12}},{"id":"4e9c040c-6698-4e7a-b314-c946ca907632","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":441,"box":{"x":119,"y":212,"width":759,"height":12}},{"id":"66d7b2ae-3034-45d1-9cd2-620d33034e21","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":441,"box":{"x":119,"y":227,"width":759,"height":12}},{"id":"2fe947cf-dee7-4ad5-84df-c35264ba26d8","block_type":"box","text":"time of investment.","page_number":441,"box":{"x":119,"y":242,"width":142,"height":9}},{"id":"41c1a2d0-ed16-4302-ab1c-d29b74a2e8c6","block_type":"box","text":"Specifically, the Fund may invest in warrants, swap agreements (including total return swaps as further","page_number":441,"box":{"x":120,"y":271,"width":760,"height":12}},{"id":"2d4f72b9-f926-4683-be27-3f20597640aa","block_type":"box","text":"detailed below) and equity-linked notes which may be used to gain exposure to the constituents of the","page_number":441,"box":{"x":119,"y":286,"width":760,"height":12}},{"id":"21d97aa7-f5ec-4224-910d-3f600ba14b18","block_type":"box","text":"Index or to the performance of the Index itself, to reduce transaction costs or taxes, minimise tracking","page_number":441,"box":{"x":119,"y":301,"width":760,"height":12}},{"id":"109d1dc2-7e00-4bd9-9659-201ea10d8c6e","block_type":"box","text":"error, or to enable the Fund to gain exposure to illiquid stocks or stocks which are unavailable to the Fund","page_number":441,"box":{"x":119,"y":316,"width":762,"height":12}},{"id":"6426d265-f32d-48cf-b5de-63d948358964","block_type":"box","text":"for direct investment due to market or regulatory reasons. The Fund may invest in exchange traded","page_number":441,"box":{"x":119,"y":331,"width":760,"height":12}},{"id":"d558f582-d692-490a-8103-24fd2a58d48a","block_type":"box","text":"futures and options contracts (typically equity index and foreign currency) to manage cash flows on a","page_number":441,"box":{"x":119,"y":346,"width":759,"height":12}},{"id":"fd68371d-a4ca-41bc-b183-5551850ec318","block_type":"box","text":"short-term basis and to achieve cost efficiencies","page_number":441,"box":{"x":120,"y":361,"width":353,"height":10}},{"id":"a38993f7-3b79-4fd6-a410-4fd6cc2b7d4c","block_type":"box","text":", for example,","page_number":441,"box":{"x":475,"y":361,"width":107,"height":12}},{"id":"57404bdb-3315-4fcb-a057-2ccb8ec416d9","block_type":"box","text":"to obtain exposure to components of the","page_number":441,"box":{"x":582,"y":361,"width":297,"height":12}},{"id":"253297f3-357d-43a7-82c2-235c8e127cb1","block_type":"box","text":"Index where it is not practicable to invest directly in each individual component. Investors should note","page_number":441,"box":{"x":119,"y":377,"width":759,"height":11}},{"id":"f80bd65a-1d93-41eb-a64b-634ab6396649","block_type":"box","text":"that FDI’s on an index (e.g. swaps, futures) may contain some underlying constituents which may not","page_number":441,"box":{"x":119,"y":391,"width":760,"height":12}},{"id":"d60c8383-9879-49f8-91d6-296e439fb72f","block_type":"box","text":"adhere to the relevant screening criteria applied by the Index. The Fund may also invest in currency","page_number":441,"box":{"x":119,"y":407,"width":760,"height":12}},{"id":"7c8cd1f2-0816-4657-8f35-02155637952d","block_type":"box","text":"forwards,","page_number":441,"box":{"x":119,"y":422,"width":69,"height":11}},{"id":"da9019fb-b407-4812-a627-dea068fd8adf","block_type":"box","text":"(including non-deliverable forward foreign exchange contracts) and interest rate futures to","page_number":441,"box":{"x":196,"y":422,"width":682,"height":12}},{"id":"d710ef5e-750d-4eeb-8951-65ff52123f2e","block_type":"box","text":"protect against currency fluctuation and may invest in depository receipts including ADRs and GDRs to","page_number":441,"box":{"x":119,"y":437,"width":761,"height":12}},{"id":"71dcc233-d66e-4f28-a6ae-1d6c42bc5b85","block_type":"box","text":"gain exposure to the constituents of the Index. The use of future contracts ensures the Fund remains","page_number":441,"box":{"x":120,"y":452,"width":759,"height":12}},{"id":"3b52d6fb-238a-4879-8d0f-83512eb7f742","block_type":"box","text":"100% invested while allowing for cash to be used for efficient portfolio management purposes (e.g.","page_number":441,"box":{"x":120,"y":467,"width":758,"height":12}},{"id":"fd73f802-938d-4619-97b5-c4fc1daed518","block_type":"box","text":"rebalancing and equitising dividend income).","page_number":441,"box":{"x":119,"y":482,"width":338,"height":12}},{"id":"1a8e53c5-1c67-460e-ad53-8802c6cd6bef","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":441,"box":{"x":119,"y":511,"width":761,"height":12}},{"id":"29a1b102-ffcd-403e-9aa6-e1d90f7d9d65","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps which manage exposures","page_number":441,"box":{"x":119,"y":526,"width":761,"height":12}},{"id":"32018f4a-c8a0-48a4-b8fd-cfea982b42cf","block_type":"box","text":"to certain individual securities, a basket of securities, or securities indices, for example in circumstances","page_number":441,"box":{"x":119,"y":541,"width":760,"height":12}},{"id":"c6363af6-f395-4d7b-98a4-a30f78337a7d","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction costs","page_number":441,"box":{"x":119,"y":556,"width":761,"height":12}},{"id":"d48a2c6d-693d-4262-bfb7-a0c1f7682c00","block_type":"box","text":"or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error.","page_number":441,"box":{"x":119,"y":571,"width":628,"height":12}},{"id":"198fd238-d163-4dff-af79-40acb7d3cc38","block_type":"box","text":"For example, total","page_number":441,"box":{"x":748,"y":571,"width":132,"height":12}},{"id":"e815d556-6255-4e32-9a55-b127f928e6fc","block_type":"box","text":"return swaps can be used as an alternative means to obtain economic exposure to a security if the Fund is","page_number":441,"box":{"x":119,"y":586,"width":761,"height":12}},{"id":"0c9523c7-220f-47be-9907-967abc0733a8","block_type":"box","text":"required to limit its investment in a particular issuer or industry, including in the context of management","page_number":441,"box":{"x":119,"y":601,"width":762,"height":12}},{"id":"a7429a9b-b373-44a2-9aed-605f98379bb1","block_type":"box","text":"of exposure levels to certain securities by the Vanguard Group globally.","page_number":441,"box":{"x":119,"y":616,"width":542,"height":12}},{"id":"ba57abf9-5406-42d1-90dc-7cc6514ea465","block_type":"box","text":"The Fund will not use total","page_number":441,"box":{"x":663,"y":616,"width":217,"height":9}},{"id":"f6b5e1d7-6553-424f-8898-9ba16f3aa003","block_type":"box","text":"return swaps to gain exposure outside of the Index.","page_number":441,"box":{"x":119,"y":631,"width":375,"height":12}},{"id":"9f8b1393-1463-4e39-a472-350639285fc2","block_type":"box","text":"See","page_number":441,"box":{"x":120,"y":661,"width":29,"height":9}},{"id":"b40ff992-5d95-4506-a13c-0ed28869015f","block_type":"box","text":"Appendix 4","page_number":441,"box":{"x":149,"y":661,"width":90,"height":11}},{"id":"469f9218-7575-408e-abcf-0a151647fa95","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":441,"box":{"x":239,"y":660,"width":642,"height":12}},{"id":"fba38ec7-8ee4-473b-bf01-ab6ef51bc6a4","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":441,"box":{"x":119,"y":675,"width":759,"height":12}},{"id":"ae92ab6f-feb6-4ef9-856e-e2c52a6f6948","block_type":"box","text":"usage at any time.","page_number":441,"box":{"x":119,"y":691,"width":142,"height":11}},{"id":"3f792a73-5076-4653-a2e9-e52ccb521dd1","block_type":"box","text":"The Fund may also engage in securities lending transactions for efficient portfolio","page_number":441,"box":{"x":262,"y":690,"width":617,"height":12}},{"id":"d382ad96-2f99-487b-85fb-73e89b5cced0","block_type":"box","text":"management purposes. In this regard, the Fund may receive collateral","page_number":441,"box":{"x":119,"y":706,"width":540,"height":11}},{"id":"61dde5f8-1f6a-4f6d-b36f-6b88fa5623e8","block_type":"box","text":"which may not adhere to the","page_number":441,"box":{"x":660,"y":706,"width":220,"height":11}},{"id":"129aac68-043a-4fac-8456-cd179683daea","block_type":"box","text":"relevant screening criteria applied by the Index","page_number":441,"box":{"x":119,"y":721,"width":350,"height":12}},{"id":"6263a83a-a733-41be-9299-48ae100d8215","block_type":"box","text":". See","page_number":441,"box":{"x":472,"y":721,"width":40,"height":9}},{"id":"034fdaef-501a-4962-a6b7-3e82aac55fdd","block_type":"box","text":"Appendix 4","page_number":441,"box":{"x":512,"y":721,"width":91,"height":11}},{"id":"5ecb889c-5d84-4c7b-9953-6a9f26c9d910","block_type":"box","text":"of the Prospectus for information on","page_number":441,"box":{"x":604,"y":721,"width":276,"height":11}},{"id":"c066d310-f42c-4743-9bf0-474e30b62508","block_type":"box","text":"leverage and the calculation of global exposure.","page_number":441,"box":{"x":119,"y":736,"width":352,"height":12}},{"id":"2e9d9c10-461f-4790-b8d9-419de00b3274","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":441,"box":{"x":119,"y":765,"width":762,"height":12}},{"id":"807040e3-b36e-449a-81d2-a542d316a435","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":441,"box":{"x":120,"y":780,"width":740,"height":12}},{"id":"a2bb5192-83a7-460a-b072-8420f82cafa1","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":441,"box":{"x":119,"y":809,"width":760,"height":12}},{"id":"9dcc3198-39aa-4d4d-8974-d7d77bfd9805","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":441,"box":{"x":119,"y":824,"width":759,"height":12}},{"id":"a43f9c00-ca73-44a9-b887-a7f2bdbfe945","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":441,"box":{"x":119,"y":839,"width":759,"height":12}},{"id":"0a2f3d69-29d1-4f1f-b88d-172cd30a23ab","block_type":"box","text":"the Company. See","page_number":441,"box":{"x":119,"y":854,"width":137,"height":12}},{"id":"87fbcdbe-5be1-4823-8a79-50936b402181","block_type":"box","text":"Appendix 3","page_number":441,"box":{"x":257,"y":854,"width":89,"height":12}},{"id":"36e95d89-824b-4ae2-9a39-2092171194c5","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":441,"box":{"x":347,"y":854,"width":533,"height":12}},{"id":"019df82f-db53-40c2-bbdd-fc5fb48da037","block_type":"box","text":"schemes, including other funds of the Company.","page_number":441,"box":{"x":120,"y":869,"width":356,"height":12}},{"id":"7f251666-6d9d-4312-a294-18747bc3fdf6","block_type":"box","text":"5","page_number":442,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"7c016b2e-d8ba-4778-8fae-7653fef2d673","block_type":"box","text":"VG001-001/M85660-892520263-23563/1","page_number":442,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"6b7143ff-86fc-4bc4-a33e-e9bd2cd3928b","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":442,"box":{"x":119,"y":78,"width":760,"height":12}},{"id":"019dbf70-3c2f-479d-831d-2e0e8f10274f","block_type":"box","text":"quality money market instruments (","page_number":442,"box":{"x":119,"y":93,"width":272,"height":12}},{"id":"90cea0d3-9cdb-4d5c-a423-ebde44dd74d1","block_type":"box","text":"including","page_number":442,"box":{"x":392,"y":93,"width":69,"height":12}},{"id":"62a7a6ba-9abc-4e0e-aefc-6a8dec6951dc","block_type":"box","text":"government securities, bank certificates of deposits or","page_number":442,"box":{"x":461,"y":93,"width":419,"height":12}},{"id":"bfc75f73-85f2-479d-8527-b4147498c45f","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":442,"box":{"x":119,"y":108,"width":760,"height":12}},{"id":"0ff9e3e4-18b6-42a5-82e8-e8ca5e98c666","block_type":"box","text":"Temporary Investment Measures","page_number":442,"box":{"x":119,"y":138,"width":263,"height":12}},{"id":"51de3126-33aa-4b49-a737-db520f7296ad","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":442,"box":{"x":119,"y":167,"width":760,"height":12}},{"id":"f8ffa28d-675e-4778-af18-f24a072c44e2","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":442,"box":{"x":119,"y":182,"width":760,"height":12}},{"id":"2004e9bc-979f-49d8-ab75-9e791a385dcd","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":442,"box":{"x":119,"y":197,"width":760,"height":12}},{"id":"59968c75-11d6-46bc-9740-a5bf4e370a87","block_type":"box","text":"interests of Shareholders, the","page_number":442,"box":{"x":119,"y":212,"width":216,"height":11}},{"id":"0885fc9e-7ecf-40f7-bd7f-764a3ea77137","block_type":"box","text":"Fund","page_number":442,"box":{"x":335,"y":212,"width":38,"height":9}},{"id":"2fbe16b6-cd7e-47c0-aeb3-a60664da4060","block_type":"box","text":"may increase its holdings of cash and ancillary liquid assets. In doing","page_number":442,"box":{"x":373,"y":212,"width":508,"height":12}},{"id":"605b9306-58f9-42b2-98bd-8089cb169c8e","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":442,"box":{"x":120,"y":227,"width":760,"height":12}},{"id":"c03b3e2f-50fc-4d38-b0a1-73e00960490e","block_type":"box","text":"Tracking Error","page_number":442,"box":{"x":119,"y":256,"width":123,"height":12}},{"id":"68b2124e-a12a-49a6-96ec-70fde008b4fb","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":442,"box":{"x":119,"y":286,"width":759,"height":12}},{"id":"50182ffc-2088-434b-acf3-d39892b1a97a","block_type":"box","text":"Fund, will be up to 0.30%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":442,"box":{"x":119,"y":301,"width":760,"height":12}},{"id":"b3443135-6ae6-4054-8a85-bfc32f39b7cb","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":442,"box":{"x":119,"y":316,"width":760,"height":12}},{"id":"5336efc8-49a6-41ab-bd9e-8e957745a3b5","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":442,"box":{"x":119,"y":331,"width":759,"height":12}},{"id":"828cb301-f024-4b04-9b5c-348b913e92a2","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":442,"box":{"x":119,"y":346,"width":760,"height":12}},{"id":"9b5db198-f595-451d-900a-217a179aace7","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. 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This may be based on","page_number":457,"box":{"x":119,"y":805,"width":760,"height":12}},{"id":"74019aef-ca8a-4de0-bce9-388d2cbc8ec7","block_type":"box","text":"percentage of revenue or any connection to a restricted activity regardless of the amount of revenue","page_number":457,"box":{"x":119,"y":820,"width":760,"height":12}},{"id":"a61b5e65-7033-41b2-9225-f78cbae13143","block_type":"box","text":"received, and will relate to specific parts of the supply chain. Details regarding what constitutes","page_number":457,"box":{"x":119,"y":835,"width":759,"height":12}},{"id":"237409cd-6959-4f1b-81ac-90e27471f2e4","block_type":"box","text":"“involvement” for each activity and/or the revenue thresholds applied can be found in Appendix A","page_number":457,"box":{"x":120,"y":850,"width":759,"height":12}},{"id":"6043c4c1-b10f-405f-9420-16c0fb00fbf7","block_type":"box","text":"(Product-related exclusions) of the FTSE ground rules document found at the links below under the","page_number":457,"box":{"x":120,"y":865,"width":759,"height":12}},{"id":"0b9c33da-b48b-4534-8016-0f926555c760","block_type":"box","text":"heading ‘Further information on the Index’. Additional details regarding the rules applied by the Index","page_number":457,"box":{"x":119,"y":880,"width":760,"height":12}},{"id":"78c5c0be-4e07-49a2-baea-15089ea83352","block_type":"box","text":"3","page_number":458,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"50e59fd1-6554-46f6-b8f6-7329e80fd95c","block_type":"box","text":"VG001-001/M85660-892520263-23562/1","page_number":458,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"b917a85d-2a52-4a92-86fe-6f7f2649ecb2","block_type":"box","text":"provider, including treatment of company ownership structures, can be found in the documents which","page_number":458,"box":{"x":119,"y":78,"width":760,"height":12}},{"id":"c65650fc-dc29-4615-9932-4b649ba38df4","block_type":"box","text":"are linked to in the ground rules document.","page_number":458,"box":{"x":119,"y":93,"width":316,"height":12}},{"id":"661590c3-e62e-4f58-8b27-3dc73786ec3b","block_type":"box","text":"The Index methodology also excludes stocks of companies based on certain controversial conduct,","page_number":458,"box":{"x":119,"y":123,"width":759,"height":12}},{"id":"84aadb8e-6c74-491a-b3a8-c7fbb349ee3d","block_type":"box","text":"which is achieved by excluding companies that meet the following criteria in relation to the United","page_number":458,"box":{"x":119,"y":138,"width":760,"height":12}},{"id":"63f71c42-6026-456a-b7b0-9c3bd7fd1bbc","block_type":"box","text":"Nations Global Compact Principles regarding labour, human rights, environmental, and anti-corruption","page_number":458,"box":{"x":119,"y":154,"width":761,"height":11}},{"id":"72223f37-ec47-480b-9b60-3e311514b033","block_type":"box","text":"standards:","page_number":458,"box":{"x":120,"y":169,"width":72,"height":9}},{"id":"7ea2e2af-9200-426a-81d4-3562fc8ebf75","block_type":"box","text":"-","page_number":458,"box":{"x":143,"y":189,"width":5,"height":1}},{"id":"a75c02c1-5ecd-45da-8032-458dec3ffefa","block_type":"box","text":"for large and mid-cap sized companies (as determined by the Index provider), those which","page_number":458,"box":{"x":179,"y":183,"width":700,"height":12}},{"id":"9e4fea7e-801e-4304-b099-d441b45d8000","block_type":"box","text":"have been deemed ‘Non-Compliant’ (determined to be causing or contributing (or directly","page_number":458,"box":{"x":179,"y":199,"width":700,"height":11}},{"id":"e902c14a-67c0-4c7f-8d39-91b0606a3bf5","block_type":"box","text":"linked) to severe or systemic and/or systematic violations of international norms) with such","page_number":458,"box":{"x":179,"y":213,"width":700,"height":12}},{"id":"ea6e1a12-d16b-4568-a385-8b644744e78b","block_type":"box","text":"standards; and","page_number":458,"box":{"x":179,"y":229,"width":105,"height":11}},{"id":"5c2e090a-e4c5-46ff-8353-fa75a6a732e6","block_type":"box","text":"-","page_number":458,"box":{"x":143,"y":249,"width":5,"height":1}},{"id":"bcec4eb5-fe67-466c-b970-d29d8a50c5aa","block_type":"box","text":"for small-cap size companies (as determined by the Index provider), those which have been","page_number":458,"box":{"x":179,"y":244,"width":700,"height":12}},{"id":"6b3195d3-a8a7-463a-8c9e-6c681fa8add8","block_type":"box","text":"deemed either ‘Watchlist’ (determined to be at risk of causing or contributing (or directly linked)","page_number":458,"box":{"x":179,"y":259,"width":701,"height":12}},{"id":"62805ff2-f67e-466c-92e2-05c3707f30b7","block_type":"box","text":"to severe or systemic and/or systematic violations of international norms and standards) or ‘Non","page_number":458,"box":{"x":179,"y":274,"width":701,"height":12}},{"id":"919fc1fa-761c-41a0-8cd2-8f0d50235cef","block_type":"box","text":"Compliant’ with such standards,","page_number":458,"box":{"x":179,"y":289,"width":237,"height":12}},{"id":"7498e694-3047-4237-b087-8a7f08588a47","block_type":"box","text":"in each case by reference to data provided by a third party data provider (further details of which may be","page_number":458,"box":{"x":119,"y":319,"width":761,"height":12}},{"id":"162c83dc-36ed-425a-8903-4dccbf83cb3e","block_type":"box","text":"obtained in the documents linked to in the ‘Further information on the Index’ section below). The third","page_number":458,"box":{"x":119,"y":334,"width":760,"height":12}},{"id":"3d2dabc9-6fad-4377-8c73-8cf168e5197f","block_type":"box","text":"party data which is utilized by the Index provider considers a number of norms and standards including","page_number":458,"box":{"x":119,"y":349,"width":761,"height":12}},{"id":"19f8e0dc-babb-4b26-a30b-5744c063c114","block_type":"box","text":"those that are enshrined in the UN Global Compact and the Organisation for Economic Co-operation and","page_number":458,"box":{"x":119,"y":364,"width":762,"height":12}},{"id":"b3176beb-5946-4edb-95b8-f68aafefe47b","block_type":"box","text":"Development (“","page_number":458,"box":{"x":119,"y":379,"width":117,"height":12}},{"id":"9079b115-6620-484f-bdbf-3dd90d847829","block_type":"box","text":"OECD","page_number":458,"box":{"x":238,"y":379,"width":52,"height":9}},{"id":"20ed0414-abe8-4a56-895e-29aaabbd3b4b","block_type":"box","text":"”) Guidelines for Multinational Enterprises.","page_number":458,"box":{"x":291,"y":379,"width":321,"height":12}},{"id":"9a1a6c9c-80a0-410d-98e3-d29b7d21c134","block_type":"box","text":"The Index also excludes companies specifically on the USA’s Department of Homeland Security’s","page_number":458,"box":{"x":119,"y":409,"width":760,"height":12}},{"id":"aff65660-33b2-4aec-993f-29936206667f","block_type":"box","text":"Uyghur Forced Labor Prevention Act Entity List.","page_number":458,"box":{"x":119,"y":424,"width":363,"height":12}},{"id":"41bebd2c-6314-4cc7-88c5-f88c37bcbf3b","block_type":"box","text":"Where the Index provider has insufficient or no data available to adequately assess a particular company","page_number":458,"box":{"x":119,"y":454,"width":761,"height":12}},{"id":"b2b733ef-8f96-469f-bf67-3b3129eea256","block_type":"box","text":"relative to the screening criteria of the Index, stocks of such company will be excluded from the Index","page_number":458,"box":{"x":119,"y":469,"width":759,"height":12}},{"id":"4965999e-f38d-46e3-8551-86bf5e56b3e5","block_type":"box","text":"until such time as they may be determined to be eligible by the Index provider.","page_number":458,"box":{"x":119,"y":484,"width":581,"height":12}},{"id":"71b214dc-fe22-4b68-a078-d003f7fc4499","block_type":"box","text":"The Index rebalances on a quarterly basis. For potential cost impacts of rebalancing, please see the","page_number":458,"box":{"x":119,"y":514,"width":760,"height":12}},{"id":"17179b4a-53db-4796-b506-4a60a5501980","block_type":"box","text":"section of the Prospectus headed “","page_number":458,"box":{"x":120,"y":529,"width":252,"height":12}},{"id":"94a633a4-b1e9-42ce-969d-0cac8d145737","block_type":"box","text":"Index rebalancing and costs","page_number":458,"box":{"x":373,"y":529,"width":219,"height":12}},{"id":"1bc3f458-55df-4f26-b798-4f88ec16ce2a","block_type":"box","text":"”.","page_number":458,"box":{"x":594,"y":530,"width":16,"height":8}},{"id":"161108e0-3ff1-4fec-89fb-c3a06b1bcd94","block_type":"box","text":"The Fund’s investments will, at the time of purchase, comply with the screening criteria set out above,","page_number":458,"box":{"x":119,"y":559,"width":758,"height":12}},{"id":"fa3af4e7-5e3f-4fa5-8955-65f02c81c12b","block_type":"box","text":"except as otherwise described below under the heading “","page_number":458,"box":{"x":119,"y":574,"width":414,"height":12}},{"id":"14989688-014f-4303-aa9d-1290a7acd421","block_type":"box","text":"Other Investment Strategies","page_number":458,"box":{"x":535,"y":574,"width":220,"height":12}},{"id":"4e12af94-e3b3-476a-a345-076dfaeae997","block_type":"box","text":"”. An investment","page_number":458,"box":{"x":757,"y":575,"width":123,"height":8}},{"id":"939e4811-c238-443d-adde-b1d801e95c8e","block_type":"box","text":"which complied with the screening criteria of the Index at time of purchase may no longer meet the","page_number":458,"box":{"x":119,"y":589,"width":759,"height":12}},{"id":"9506a39e-cba9-43a8-bf1c-022f339e2dec","block_type":"box","text":"screening criteria, for example where new and / or updated data becomes available to the Index provider.","page_number":458,"box":{"x":120,"y":604,"width":759,"height":12}},{"id":"ffc07fa8-77b8-46f1-9ada-ed8add86b26d","block_type":"box","text":"Therefore, the Fund may temporarily hold securities which do not adhere to the screening criteria of the","page_number":458,"box":{"x":119,"y":619,"width":762,"height":12}},{"id":"4b3453d5-dcd0-4a67-baa6-70bbc90d6f54","block_type":"box","text":"Index until such time as the relevant securities cease to form part of the Index and it is possible and","page_number":458,"box":{"x":119,"y":634,"width":759,"height":12}},{"id":"4e40b969-c2ef-4bdb-9521-2f5a9e43a600","block_type":"box","text":"practicable (in the Investment Manager's view) to liquidate the position.","page_number":458,"box":{"x":119,"y":649,"width":530,"height":12}},{"id":"8ea612c1-75fe-44ff-af68-b9902f2ce59d","block_type":"box","text":"Further information on the Index","page_number":458,"box":{"x":119,"y":679,"width":245,"height":12}},{"id":"38597f60-c5ee-42c3-af58-86063a17c14a","block_type":"box","text":"Further information provided by the Index provider in relation to the Index, including current details as","page_number":458,"box":{"x":119,"y":709,"width":761,"height":12}},{"id":"2fb68961-8885-4624-b4ae-17d3bf303b29","block_type":"box","text":"to its exact composition, methodology, product and conduct-related exclusions, the supply chain","page_number":458,"box":{"x":119,"y":724,"width":760,"height":12}},{"id":"7fa22332-12f1-4a1e-803c-394544881fd9","block_type":"box","text":"involvement for exclusions and any revenue thresholds for exclusions, can be obtained at","page_number":458,"box":{"x":119,"y":739,"width":760,"height":12}},{"id":"749259da-1b3e-47e0-8003-30e902182603","block_type":"box","text":"https://www.ftserussell.com/products/","page_number":458,"box":{"x":119,"y":754,"width":281,"height":12}},{"id":"01169316-3b99-456b-bf68-3b67893d3525","block_type":"box","text":"and","page_number":458,"box":{"x":405,"y":755,"width":26,"height":9}},{"id":"30723de1-472d-4f40-829b-f65498201b1b","block_type":"box","text":"https://www.ftserussell.com/analytics/","page_number":458,"box":{"x":442,"y":755,"width":276,"height":11}},{"id":"6ee1fdfd-7354-43a9-99cb-0a6d2b4f8ab1","block_type":"box","text":"Promotion of Environmental and / or Social Characteristics","page_number":458,"box":{"x":119,"y":784,"width":449,"height":12}},{"id":"b9fd5075-c9dc-453b-bc5e-e55081f748f8","block_type":"box","text":"The Fund promotes the reduction of environmental harm by excluding investments in companies based","page_number":458,"box":{"x":119,"y":815,"width":761,"height":12}},{"id":"920b550e-a383-4b1f-b499-a331cb51fd0f","block_type":"box","text":"on certain fossil fuel related activities. In addition, the Fund promotes human rights, labour rights and","page_number":458,"box":{"x":119,"y":830,"width":760,"height":12}},{"id":"5cdea948-29b9-4114-b547-d7cd4dd5d834","block_type":"box","text":"anti-corruption as set out in the principles of the UN Global Compact as well as avoiding the financing of","page_number":458,"box":{"x":119,"y":845,"width":763,"height":12}},{"id":"5c1af6d6-43b9-494b-8122-a0f6232e7b7c","block_type":"box","text":"controversial weapons. For details in respect of how these environmental and / or social characteristics","page_number":458,"box":{"x":119,"y":860,"width":759,"height":12}},{"id":"7e3b23b9-8362-4c13-93f2-a50f606dac52","block_type":"box","text":"are promoted by the Fund and other related sustainable finance information, please see the relevant","page_number":458,"box":{"x":119,"y":875,"width":760,"height":12}},{"id":"28f66f87-c738-4273-b576-200e7c00f0f8","block_type":"box","text":"information outlined in","page_number":458,"box":{"x":119,"y":890,"width":176,"height":9}},{"id":"6a824149-94fe-4cde-b581-835144589c42","block_type":"box","text":"Appendix 2","page_number":458,"box":{"x":295,"y":890,"width":90,"height":12}},{"id":"34919f1d-b7b3-4d80-b4d2-53e627cf2b5a","block_type":"box","text":"of this Supplement.","page_number":458,"box":{"x":386,"y":890,"width":147,"height":12}},{"id":"de8884ec-f0ef-4fba-a297-13a598b2fbdf","block_type":"box","text":"4","page_number":459,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"b3605448-f8c7-41e1-9f95-3aa0c0609cfc","block_type":"box","text":"VG001-001/M85660-892520263-23562/1","page_number":459,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"27eef64a-95b4-43e1-b4a2-a8bb81c0c4cd","block_type":"box","text":"Other Investment Strategies","page_number":459,"box":{"x":120,"y":93,"width":221,"height":12}},{"id":"dd21ad23-6287-4163-a618-0483c388b056","block_type":"box","text":"The screening criteria described in the section headed Primary Investment Strategies are applied only to","page_number":459,"box":{"x":119,"y":128,"width":761,"height":12}},{"id":"560fca14-a60c-40ae-b719-015f5c66414a","block_type":"box","text":"securities in the Index.","page_number":459,"box":{"x":120,"y":145,"width":165,"height":9}},{"id":"ba36339c-7cc4-4814-8e5f-d764fa50252d","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":459,"box":{"x":119,"y":177,"width":705,"height":12}},{"id":"5d9d6a8f-a770-48b1-b829-f422e16156cb","block_type":"box","text":"OTC","page_number":459,"box":{"x":827,"y":178,"width":38,"height":9}},{"id":"83e7f925-725d-48c7-be1f-377d88fe9204","block_type":"box","text":"”)","page_number":459,"box":{"x":867,"y":177,"width":13,"height":12}},{"id":"c46a05ab-246a-45c8-8fd5-fd010874bede","block_type":"box","text":"financial derivative instruments (“","page_number":459,"box":{"x":119,"y":192,"width":259,"height":12}},{"id":"ba2ac895-a66e-4870-835d-f5663ae8ed07","block_type":"box","text":"FDI","page_number":459,"box":{"x":380,"y":193,"width":31,"height":8}},{"id":"25352ee7-cc26-49d4-9279-0b59a67e49ce","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":459,"box":{"x":412,"y":192,"width":467,"height":12}},{"id":"26aa13f7-83da-4a55-b416-4e63be5fca68","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":459,"box":{"x":119,"y":207,"width":759,"height":12}},{"id":"c17591b1-32a5-4f1a-b4eb-748175e8856f","block_type":"box","text":"Appendix 4","page_number":459,"box":{"x":119,"y":222,"width":90,"height":12}},{"id":"81c1c210-9b00-49e1-98a0-75978f09f878","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":459,"box":{"x":209,"y":222,"width":671,"height":12}},{"id":"5423a2dd-50e1-4cfd-ba62-ca0d2108f58e","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":459,"box":{"x":119,"y":237,"width":759,"height":12}},{"id":"75b1b1e7-4882-4a99-b99a-e178847a0d7f","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":459,"box":{"x":119,"y":252,"width":759,"height":12}},{"id":"8581ceeb-2577-4f1d-9618-1db052293439","block_type":"box","text":"time of investment.","page_number":459,"box":{"x":119,"y":267,"width":142,"height":10}},{"id":"2faa4a8d-6d30-451e-80a3-b9c27acc70dd","block_type":"box","text":"Specifically, the Fund may invest in warrants, swap agreements (including total return swaps as further","page_number":459,"box":{"x":120,"y":297,"width":760,"height":12}},{"id":"495797f7-d017-4133-aab0-a0a181b79c05","block_type":"box","text":"detailed below) and equity-linked notes which may be used to gain exposure to the constituents of the","page_number":459,"box":{"x":119,"y":312,"width":760,"height":12}},{"id":"e206f7bb-209e-4607-b5e3-80ed063f8f10","block_type":"box","text":"Index or to the performance of the Index itself, to reduce transaction costs or taxes, minimise tracking","page_number":459,"box":{"x":119,"y":327,"width":760,"height":12}},{"id":"15205ea9-58e7-4cb6-af1b-b87cdc370e09","block_type":"box","text":"error, or to enable the Fund to gain exposure to illiquid stocks or stocks which are unavailable to the Fund","page_number":459,"box":{"x":119,"y":343,"width":762,"height":11}},{"id":"9508c746-82dc-4822-8032-e02d27a04695","block_type":"box","text":"for direct investment due to market or regulatory reasons. The Fund may invest in exchange traded","page_number":459,"box":{"x":119,"y":358,"width":760,"height":12}},{"id":"0f634fbe-6be9-47d2-9c30-46842d4dcd23","block_type":"box","text":"futures and options contracts (typically equity index and foreign currency) to manage cash flows on a","page_number":459,"box":{"x":119,"y":373,"width":759,"height":12}},{"id":"d1f5d26f-54a3-44e9-bdee-378d2a272d91","block_type":"box","text":"short-term basis and to achieve cost efficiencies","page_number":459,"box":{"x":120,"y":388,"width":353,"height":9}},{"id":"5c08dfa2-1d37-4633-ab7b-64a54397bd0a","block_type":"box","text":", for example,","page_number":459,"box":{"x":475,"y":388,"width":107,"height":12}},{"id":"f0f274a5-d26e-4069-b34c-e52aa991a399","block_type":"box","text":"to obtain exposure to components of the","page_number":459,"box":{"x":582,"y":388,"width":297,"height":12}},{"id":"881b16f1-15b9-4c6a-acd8-81437520695d","block_type":"box","text":"Index where it is not practicable to invest directly in each individual component. Investors should note","page_number":459,"box":{"x":119,"y":403,"width":759,"height":12}},{"id":"1707d0dc-99f3-4be1-b3b8-aa09e9a2e5fb","block_type":"box","text":"that FDI’s on an index (e.g. swaps, futures) may contain some underlying constituents which may not","page_number":459,"box":{"x":119,"y":418,"width":760,"height":12}},{"id":"4fe586bb-fac3-4880-a1c1-186c23f7bf03","block_type":"box","text":"adhere to the relevant screening criteria applied by the Index. The Fund may also invest in currency","page_number":459,"box":{"x":119,"y":433,"width":760,"height":12}},{"id":"66e83c47-332d-4a27-9bea-23bff7544c4f","block_type":"box","text":"forwards, (including non-deliverable forward foreign exchange contracts) and interest rate futures to","page_number":459,"box":{"x":119,"y":448,"width":759,"height":12}},{"id":"20bbd2b0-0acb-448f-938f-ea46b4f9dd4c","block_type":"box","text":"protect against currency fluctuation and may invest in depository receipts including ADRs and GDRs to","page_number":459,"box":{"x":119,"y":463,"width":761,"height":12}},{"id":"6ca4896f-d7a6-40b6-a204-cc13d1deaf70","block_type":"box","text":"gain exposure to the constituents of the Index. The use of future contracts ensures the Fund remains","page_number":459,"box":{"x":120,"y":478,"width":759,"height":12}},{"id":"0146cd8b-7125-439d-ab29-ca0ce2b8f2c6","block_type":"box","text":"100% invested while allowing for cash to be used for efficient portfolio management purposes (e.g.","page_number":459,"box":{"x":120,"y":493,"width":758,"height":12}},{"id":"2d4d6b73-1cc5-4646-a8ef-2fd349733cca","block_type":"box","text":"rebalancing and equitising dividend income).","page_number":459,"box":{"x":119,"y":508,"width":338,"height":12}},{"id":"19016e99-8abf-4a54-a701-124cc4b2b93e","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":459,"box":{"x":119,"y":538,"width":761,"height":12}},{"id":"bcb56629-c0cf-4222-a215-cc27da1d67e2","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps which manage exposures","page_number":459,"box":{"x":119,"y":553,"width":761,"height":12}},{"id":"a64bfe63-fb4b-4104-b0e8-52998c8db776","block_type":"box","text":"to certain individual securities, a basket of securities, or securities indices, for example in circumstances","page_number":459,"box":{"x":119,"y":568,"width":760,"height":12}},{"id":"dafa581f-3002-47f9-8f62-1b38ef3872e4","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction costs","page_number":459,"box":{"x":119,"y":583,"width":761,"height":12}},{"id":"559400ac-eb97-493a-9471-0fb438099c47","block_type":"box","text":"or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error.","page_number":459,"box":{"x":119,"y":598,"width":628,"height":12}},{"id":"a4193555-cf24-4f96-85aa-e6a691aa3ced","block_type":"box","text":"For example, total","page_number":459,"box":{"x":748,"y":598,"width":132,"height":12}},{"id":"71a87af9-1afd-4cf2-89aa-2be0cb5219df","block_type":"box","text":"return swaps can be used as an alternative means to obtain economic exposure to a security if the Fund is","page_number":459,"box":{"x":119,"y":613,"width":761,"height":12}},{"id":"71bb6f47-8fbf-46b0-ba4b-3c4d4a724f90","block_type":"box","text":"required to limit its investment in a particular issuer or industry, including in the context of management","page_number":459,"box":{"x":119,"y":628,"width":762,"height":12}},{"id":"2968a42b-efff-4d83-82aa-48401dfbc790","block_type":"box","text":"of exposure levels to certain securities by the Vanguard Group globally.","page_number":459,"box":{"x":119,"y":643,"width":553,"height":12}},{"id":"b6c58c6e-8d9c-4c8d-85aa-6a37a748d24b","block_type":"box","text":"The Fund will not use total","page_number":459,"box":{"x":673,"y":643,"width":207,"height":9}},{"id":"c0b5a4f3-065d-4e90-bee5-e4f535d55d23","block_type":"box","text":"return swaps to gain exposure outside of the Index.","page_number":459,"box":{"x":119,"y":658,"width":375,"height":12}},{"id":"aed7cc11-9d6c-42c8-9bae-1dd949334f0e","block_type":"box","text":"See","page_number":459,"box":{"x":120,"y":689,"width":29,"height":8}},{"id":"08861ed2-68b9-48cf-bb8d-8e75b2a228cf","block_type":"box","text":"Appendix 4","page_number":459,"box":{"x":149,"y":688,"width":90,"height":12}},{"id":"eb2c634c-dad1-4b85-b3d9-d3e2840f6a87","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":459,"box":{"x":239,"y":688,"width":642,"height":12}},{"id":"c4184130-04e1-40ee-a4d4-91d84545b126","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":459,"box":{"x":119,"y":703,"width":760,"height":12}},{"id":"3a101d94-4b2b-43da-a640-478c654de166","block_type":"box","text":"usage at any time.","page_number":459,"box":{"x":119,"y":719,"width":142,"height":11}},{"id":"240a4a73-4d30-4c5f-a518-a2b32be2c0ad","block_type":"box","text":"The Fund may also engage in securities lending transactions for efficient portfolio","page_number":459,"box":{"x":262,"y":718,"width":617,"height":12}},{"id":"1f1a5c64-9584-4e68-93a5-e753a962310c","block_type":"box","text":"management purposes. In this regard, the Fund may receive collateral","page_number":459,"box":{"x":119,"y":733,"width":540,"height":12}},{"id":"d7671ed4-f290-4451-af52-a43e08b2a3e6","block_type":"box","text":"which may not adhere to the","page_number":459,"box":{"x":660,"y":733,"width":220,"height":12}},{"id":"f3237c25-fdfe-454c-889b-5ca3c02c90c1","block_type":"box","text":"relevant screening criteria applied by the Index","page_number":459,"box":{"x":119,"y":748,"width":350,"height":12}},{"id":"aa825fd0-be21-4c7e-81a0-ff7e90d67133","block_type":"box","text":". See","page_number":459,"box":{"x":472,"y":749,"width":40,"height":9}},{"id":"33600ff7-8761-4fe1-8564-9313f4eec15f","block_type":"box","text":"Appendix 4","page_number":459,"box":{"x":512,"y":748,"width":91,"height":12}},{"id":"0458d4ac-30a4-4124-8c32-4ef93b72d7c4","block_type":"box","text":"of the Prospectus for information on","page_number":459,"box":{"x":604,"y":748,"width":276,"height":12}},{"id":"ad347b40-d088-4cbb-bc60-59db57467123","block_type":"box","text":"leverage and the calculation of global exposure.","page_number":459,"box":{"x":119,"y":763,"width":352,"height":12}},{"id":"ef66f865-2d3c-4d28-9aa9-0f1f217bc720","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":459,"box":{"x":119,"y":793,"width":762,"height":12}},{"id":"36c16a8a-b13a-4f35-9291-ede202b85592","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":459,"box":{"x":120,"y":808,"width":740,"height":12}},{"id":"5e8519c5-4124-4065-ac9e-01d6b10ccf2b","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":459,"box":{"x":119,"y":838,"width":760,"height":12}},{"id":"754a243b-359c-4ec1-b237-021220f64d4a","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":459,"box":{"x":119,"y":853,"width":759,"height":12}},{"id":"2af7cafe-3c50-4f2c-8ab6-107e22421b46","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":459,"box":{"x":119,"y":868,"width":759,"height":12}},{"id":"a461ada0-969d-4e3d-afc5-3f1c21d42a0b","block_type":"box","text":"the Company. See","page_number":459,"box":{"x":119,"y":883,"width":137,"height":12}},{"id":"043b427d-77c2-4448-bc6f-af016a674048","block_type":"box","text":"Appendix 3","page_number":459,"box":{"x":257,"y":883,"width":89,"height":12}},{"id":"b3a727fe-9586-4602-af02-e437b12bc2d2","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":459,"box":{"x":347,"y":883,"width":533,"height":12}},{"id":"cf308632-d6e1-4fcd-8b30-269ec2f6519f","block_type":"box","text":"schemes, including other funds of the Company.","page_number":459,"box":{"x":120,"y":898,"width":356,"height":12}},{"id":"9c983d2f-6620-43ba-9da7-d729e81f80af","block_type":"box","text":"5","page_number":460,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"fcd2b685-5624-49e9-ba4d-324d1fb1f44c","block_type":"box","text":"VG001-001/M85660-892520263-23562/1","page_number":460,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"8cdfcc5e-68cc-4f35-af19-7dcdde52dae8","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":460,"box":{"x":119,"y":78,"width":760,"height":12}},{"id":"f478725c-48fc-443e-ad24-54ccbe781957","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":460,"box":{"x":119,"y":93,"width":760,"height":12}},{"id":"63e61693-c6a6-4723-a5c4-7734a2dea238","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":460,"box":{"x":119,"y":108,"width":760,"height":12}},{"id":"6135c439-d1b1-47dc-9b03-84ffef242772","block_type":"box","text":"Temporary Investment Measures","page_number":460,"box":{"x":119,"y":141,"width":263,"height":12}},{"id":"552cefb9-a76f-4821-875f-109fe658d4e9","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":460,"box":{"x":119,"y":175,"width":760,"height":12}},{"id":"b2b5137f-84f9-4277-aa4e-bbef0d356323","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":460,"box":{"x":119,"y":190,"width":760,"height":12}},{"id":"63dee135-3c30-46e3-a2be-b66361dea694","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":460,"box":{"x":119,"y":205,"width":760,"height":12}},{"id":"733d38e9-4d9d-4dcb-9cb1-bea7959851ac","block_type":"box","text":"interests of Shareholders, the Fund may increase its holdings of cash and ancillary liquid assets. In doing","page_number":460,"box":{"x":119,"y":220,"width":762,"height":12}},{"id":"25788988-d1f3-4289-8ac7-c4c900de7561","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":460,"box":{"x":120,"y":235,"width":760,"height":12}},{"id":"09b1a1aa-43bc-49d9-8dec-f89d086506a6","block_type":"box","text":"Tracking Error","page_number":460,"box":{"x":119,"y":265,"width":123,"height":11}},{"id":"389c9129-0070-43da-ad52-123ee66486e1","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":460,"box":{"x":119,"y":299,"width":759,"height":12}},{"id":"103b4885-b9f5-4c44-a2e0-c0481c51c666","block_type":"box","text":"Fund, will be up to 0.20%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":460,"box":{"x":119,"y":314,"width":760,"height":12}},{"id":"524c8973-7dd7-422a-a835-903147c9f5a1","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":460,"box":{"x":119,"y":329,"width":760,"height":12}},{"id":"9404b042-cb51-44e0-9157-b390f62d6aa5","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":460,"box":{"x":119,"y":344,"width":759,"height":12}},{"id":"5a266f24-8c3e-46bf-b444-36ae10a5e393","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":460,"box":{"x":119,"y":359,"width":760,"height":12}},{"id":"a1902c69-39d2-4963-8b1c-a91661be98c0","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. 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exclusion criteria described above have been applied and measuring the","page_number":469,"box":{"x":237,"y":559,"width":715,"height":10}},{"id":"88da8ed7-1140-4311-9c4b-6138f7700ad3","block_type":"box","text":"proportion of the portfolio excluded from the Parent Index (being the FTSE Developed All Cap Index).","page_number":469,"box":{"x":238,"y":573,"width":713,"height":11}},{"id":"deb14f3d-8b99-4de2-b687-f3739f82df07","block_type":"box","text":"Further information on the exclusion criteria and how they are applied can be found on the website","page_number":469,"box":{"x":238,"y":588,"width":713,"height":10}},{"id":"16cbd337-47ed-48c6-b003-d9b48edf5a7c","block_type":"box","text":"hyperlinked at the end of this disclosure 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By excluding stocks of companies based on certain controversial conduct (which is achieved","page_number":470,"box":{"x":240,"y":543,"width":711,"height":11}},{"id":"8b9f2699-caa5-4c83-8726-8553c53f3a60","block_type":"box","text":"by excluding companies that meet certain criteria in relation to the United Nations Global Compact","page_number":470,"box":{"x":240,"y":558,"width":712,"height":10}},{"id":"4b956ddb-60c0-47f0-a3b2-69ef17bac622","block_type":"box","text":"Principles regarding labour, human rights, environmental, and anti-corruption standards and other","page_number":470,"box":{"x":240,"y":572,"width":712,"height":11}},{"id":"7801e380-de72-4e48-bd7c-1d34c2868646","block_type":"box","text":"international norms)), the Fund considers the following principal adverse impact indicator:","page_number":470,"box":{"x":240,"y":586,"width":614,"height":11}},{"id":"01362be6-5f3a-46e4-ae8c-79f2d7be5160","block_type":"box","text":"-","page_number":470,"box":{"x":265,"y":604,"width":4,"height":0}},{"id":"dce54c74-b034-4f07-b6a0-8826ede0549b","block_type":"box","text":"Violations of UN Global Compact principles and OECD Guidelines for Multinational","page_number":470,"box":{"x":273,"y":599,"width":559,"height":10}},{"id":"5fdcaa55-3a2c-4bc5-8495-5623b83e5206","block_type":"box","text":"Enterprises","page_number":470,"box":{"x":839,"y":599,"width":75,"height":10}},{"id":"6e7c6521-d476-420d-a3c7-9ad435c36cf1","block_type":"box","text":"No","page_number":470,"box":{"x":275,"y":623,"width":17,"height":8}},{"id":"6460478f-7f84-4c06-aa04-ed6614c18ca5","block_type":"box","text":"What investment strategy does this financial product follow?","page_number":470,"box":{"x":239,"y":661,"width":510,"height":12}},{"id":"dc6dbda1-e710-4315-bc10-17ae72c758e3","block_type":"box","text":"The Fund","page_number":470,"box":{"x":239,"y":687,"width":65,"height":9}},{"id":"d0ec49b1-600c-4fd2-8b37-a239654e4679","block_type":"box","text":"employs a “passive management” – or indexing – investment approach, through physical","page_number":470,"box":{"x":313,"y":687,"width":638,"height":10}},{"id":"40e71227-1edd-4c58-8e9a-cc37fe103ac3","block_type":"box","text":"acquisition of securities, designed to track the performance of the FTSE Developed All Cap Choice Index.","page_number":470,"box":{"x":240,"y":702,"width":711,"height":10}},{"id":"ea6f14ea-9ef3-496a-b50c-0955ebb06e73","block_type":"box","text":"The Fund will invest in a portfolio of equity securities of companies located in developed market. 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When not practicable to fully replicate, the Fund may use a","page_number":470,"box":{"x":240,"y":760,"width":712,"height":10}},{"id":"a75f8171-1524-4524-ba71-232ebff68c72","block_type":"box","text":"sampling process to invest in a portfolio of securities that consists of a representative sample of the","page_number":470,"box":{"x":240,"y":774,"width":711,"height":10}},{"id":"92f1ed45-dc8b-48e6-bce9-d1a247a1336e","block_type":"box","text":"component securities of the Index. 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This may be based on","page_number":475,"box":{"x":119,"y":821,"width":760,"height":12}},{"id":"77650574-c0c3-491a-9613-0bae474141db","block_type":"box","text":"percentage of revenue or any connection to a restricted activity regardless of the amount of revenue","page_number":475,"box":{"x":119,"y":836,"width":760,"height":12}},{"id":"d4ad0881-95b0-4de3-9271-b8efce0e936d","block_type":"box","text":"received, and will relate to specific parts of the supply chain. Details regarding what constitutes","page_number":475,"box":{"x":119,"y":851,"width":759,"height":12}},{"id":"2811a707-8faa-45fe-b9f9-782507a1be4c","block_type":"box","text":"“involvement” for each activity and/or the revenue thresholds applied can be found in Appendix A","page_number":475,"box":{"x":120,"y":866,"width":759,"height":12}},{"id":"386bc896-a2dc-4521-9951-bb6587a13652","block_type":"box","text":"(Product-related exclusions) of the FTSE ground rules document found at the links below under the","page_number":475,"box":{"x":120,"y":881,"width":759,"height":12}},{"id":"d89a181c-e6d1-40c3-a77d-b387f9b140b2","block_type":"box","text":"heading ‘Further information on the Index’. Additional details regarding the rules applied by the Index","page_number":475,"box":{"x":119,"y":896,"width":760,"height":12}},{"id":"8175c3cd-c2c9-463f-9c4d-511a5cc4d666","block_type":"box","text":"3","page_number":476,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"b76d487f-667c-4fc8-922b-451c02bcc02b","block_type":"box","text":"VG001-001/M85660-892520263-23564/1","page_number":476,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"3bdf706b-7496-47cc-9333-f8d8d0a9b4b0","block_type":"box","text":"provider, including treatment of company ownership structures, can be found in the documents which","page_number":476,"box":{"x":119,"y":78,"width":760,"height":12}},{"id":"82045971-a529-46af-8bc1-1ffc09034c9b","block_type":"box","text":"are linked to in the ground rules document.","page_number":476,"box":{"x":119,"y":93,"width":316,"height":12}},{"id":"53664fce-877f-48a2-93ba-72e2ee3ad2a4","block_type":"box","text":"The Index methodology also","page_number":476,"box":{"x":119,"y":123,"width":219,"height":12}},{"id":"2688bf75-b98a-4763-83aa-6c396df931c1","block_type":"box","text":"excludes stocks of companies based on certain controversial conduct","page_number":476,"box":{"x":347,"y":123,"width":528,"height":12}},{"id":"260cf44b-bbbf-4a9d-ba64-dfaf8cd59897","block_type":"box","text":",","page_number":476,"box":{"x":877,"y":131,"width":2,"height":4}},{"id":"7b4e52f6-5b51-462d-8ca6-d0ee111de895","block_type":"box","text":"which is achieved by excluding companies that meet the following criteria in relation to the United","page_number":476,"box":{"x":119,"y":138,"width":760,"height":12}},{"id":"3dce4e2d-bf14-4e1e-8825-17aaf7ab0cca","block_type":"box","text":"Nations Global Compact Principles regarding labour, human rights, environmental, and anti-corruption","page_number":476,"box":{"x":119,"y":154,"width":761,"height":11}},{"id":"861055d7-4a62-4943-9ef7-46e4110b1701","block_type":"box","text":"standards:","page_number":476,"box":{"x":120,"y":169,"width":72,"height":9}},{"id":"4243e82e-c31f-448f-9d25-184000896058","block_type":"box","text":"-","page_number":476,"box":{"x":155,"y":204,"width":5,"height":1}},{"id":"256178e2-b542-406c-bfde-8237e99fa5cc","block_type":"box","text":"for large and mid-cap sized companies (as determined by the Index provider), those which","page_number":476,"box":{"x":191,"y":198,"width":688,"height":12}},{"id":"a2fd252e-01e4-457c-8c7c-f78d1517290a","block_type":"box","text":"have been deemed ‘Non-Compliant’ (determined to be causing or contributing (or directly","page_number":476,"box":{"x":190,"y":214,"width":689,"height":11}},{"id":"52b1c583-9094-4a70-bbb6-675416044a78","block_type":"box","text":"linked) to severe or systemic and/or systematic violations of international norms) with such","page_number":476,"box":{"x":191,"y":229,"width":688,"height":12}},{"id":"f80bfe87-ad29-48b6-bf0a-e426a8cd1f05","block_type":"box","text":"standards; and","page_number":476,"box":{"x":191,"y":244,"width":105,"height":11}},{"id":"42fb4a46-d242-4e3f-821c-53c5a5a0cbbe","block_type":"box","text":"-","page_number":476,"box":{"x":155,"y":264,"width":5,"height":1}},{"id":"3bea1846-a8fb-435f-87d2-aa71d1af8b0b","block_type":"box","text":"for small-cap size companies (as determined by the Index provider), those which have been","page_number":476,"box":{"x":191,"y":259,"width":689,"height":12}},{"id":"acdccf84-fae0-44a4-bb28-439b5eeb2b7a","block_type":"box","text":"deemed either ‘Watchlist’ (determined to be at risk of causing or contributing (or directly","page_number":476,"box":{"x":191,"y":274,"width":688,"height":12}},{"id":"c832d037-a4ab-415b-a29e-9e4c0f6664e5","block_type":"box","text":"linked) to severe or systemic and/or systematic violations of international norms and","page_number":476,"box":{"x":191,"y":289,"width":688,"height":12}},{"id":"95a6a316-051e-47ae-894b-8f420a9935d3","block_type":"box","text":"standards) or ‘Non-Compliant’ with such standards,","page_number":476,"box":{"x":191,"y":304,"width":387,"height":12}},{"id":"ce99fd5e-e337-4623-a99f-676108f4ed0e","block_type":"box","text":"in each case by reference to data provided by a third party data provider (further details of which may be","page_number":476,"box":{"x":119,"y":334,"width":761,"height":12}},{"id":"59967d72-e71b-4a08-ad6a-b10186e66143","block_type":"box","text":"obtained in the documents linked to in the ‘Further information on the Index’ section below). 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For potential cost impacts of rebalancing, please see the","page_number":476,"box":{"x":119,"y":529,"width":760,"height":12}},{"id":"9d1763bc-9811-4538-9194-835776b5f622","block_type":"box","text":"section of the Prospectus headed “","page_number":476,"box":{"x":120,"y":544,"width":252,"height":12}},{"id":"a34b1c46-ea2b-4be6-9cfb-4ad4527e13d3","block_type":"box","text":"Index rebalancing and costs","page_number":476,"box":{"x":373,"y":544,"width":219,"height":12}},{"id":"051a555c-2445-4e0e-82f4-7603fbdd4163","block_type":"box","text":"”.","page_number":476,"box":{"x":594,"y":545,"width":16,"height":8}},{"id":"7e26f205-e9a1-43e9-b9ea-531a2554bd0b","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":476,"box":{"x":119,"y":574,"width":759,"height":12}},{"id":"a8f6f9ba-d6c2-4751-be5e-8e908f2c94b1","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":476,"box":{"x":119,"y":589,"width":382,"height":12}},{"id":"c215d264-d01e-491d-ae07-757e5fe2c414","block_type":"box","text":"Appendix 5","page_number":476,"box":{"x":502,"y":589,"width":90,"height":12}},{"id":"f0e04ca7-4750-4a42-856b-7bd5a0b45e1b","block_type":"box","text":"of the Prospectus.","page_number":476,"box":{"x":592,"y":589,"width":136,"height":12}},{"id":"0660e521-17a4-4483-b660-ae219a5729ad","block_type":"box","text":"Where the Fund invests in securities issued in the People’s Republic of China, it may do so via the","page_number":476,"box":{"x":119,"y":618,"width":759,"height":12}},{"id":"a23a2553-e1a0-4c7a-a037-616c1a2cb0d2","block_type":"box","text":"Shanghai-Hong Kong Stock Connect.","page_number":476,"box":{"x":120,"y":634,"width":277,"height":11}},{"id":"f16891ea-6b4f-4014-bf31-21e74a50e682","block_type":"box","text":"The Fund’s investments will, at the time of purchase, comply with the screening criteria set out above,","page_number":476,"box":{"x":119,"y":663,"width":758,"height":12}},{"id":"b0093c9c-1e82-4666-a943-c1681ec50435","block_type":"box","text":"except as otherwise described below under the heading “","page_number":476,"box":{"x":119,"y":679,"width":414,"height":12}},{"id":"4b1944be-fdbc-4f3f-bf8b-7bf6c3a7ff7f","block_type":"box","text":"Other Investment Strategies","page_number":476,"box":{"x":535,"y":679,"width":220,"height":12}},{"id":"f66c1dd2-f8b4-49b9-8b32-aa3391c8013a","block_type":"box","text":"”. An investment","page_number":476,"box":{"x":757,"y":679,"width":123,"height":9}},{"id":"b93f6423-7b68-4d5f-85f4-d99c47e5e350","block_type":"box","text":"which complied with the screening criteria of the Index at time of purchase may no longer meet the","page_number":476,"box":{"x":119,"y":694,"width":759,"height":12}},{"id":"b4867a11-3aa6-4f18-8e1f-7e47d3c21a80","block_type":"box","text":"screening criteria, for example where new and / or updated data becomes available to the Index provider.","page_number":476,"box":{"x":120,"y":709,"width":759,"height":12}},{"id":"60ebaf21-c313-477d-8c34-c8eec0484480","block_type":"box","text":"Therefore, the Fund may temporarily hold securities which do not adhere to the screening criteria of the","page_number":476,"box":{"x":119,"y":724,"width":762,"height":12}},{"id":"5b6ea4bd-c496-4c66-b9e4-f0a97161c124","block_type":"box","text":"Index until such time as the relevant securities cease to form part of the Index and it is possible and","page_number":476,"box":{"x":119,"y":739,"width":759,"height":12}},{"id":"8f7b87ad-6d2b-4a6f-8aa1-d0815d8d1bc6","block_type":"box","text":"practicable (in the Investment Manager's view) to liquidate the position.","page_number":476,"box":{"x":119,"y":754,"width":530,"height":12}},{"id":"3ed048e2-9bf2-47aa-b3b5-7a7b3ef73ec4","block_type":"box","text":"Further information on the Index","page_number":476,"box":{"x":119,"y":784,"width":245,"height":12}},{"id":"b7c831f3-44e9-4d2c-b117-278014fab6c9","block_type":"box","text":"Further information provided by the Index provider in relation to the Index, including current details as","page_number":476,"box":{"x":119,"y":814,"width":761,"height":12}},{"id":"59606710-0357-4e7c-88dc-3898335be093","block_type":"box","text":"to its composition, methodology, product and conduct-related exclusions, the supply chain involvement","page_number":476,"box":{"x":119,"y":829,"width":761,"height":12}},{"id":"cc99c7d8-b36f-41ba-abdb-6f3774660c16","block_type":"box","text":"for exclusions and any revenue thresholds for exclusions, can be obtained at","page_number":476,"box":{"x":119,"y":844,"width":761,"height":12}},{"id":"8a528f58-0784-473d-b15b-7209dc300a0c","block_type":"box","text":"https://www.ftserussell.com/products/","page_number":476,"box":{"x":119,"y":859,"width":281,"height":12}},{"id":"63377794-1ab2-47b3-b2b6-39d0f9c9c3f5","block_type":"box","text":"and","page_number":476,"box":{"x":400,"y":859,"width":31,"height":9}},{"id":"fb32dd53-7997-47b5-a025-349ddf740d16","block_type":"box","text":"h","page_number":476,"box":{"x":436,"y":868,"width":4,"height":0}},{"id":"efe038c3-2676-4ffa-addd-a6d493d0e57e","block_type":"box","text":"https://www.ftserussell.com/analytics/","page_number":476,"box":{"x":436,"y":859,"width":283,"height":12}},{"id":"b8276b88-53fa-484c-8e2c-a5e1bbd9667e","block_type":"box","text":".","page_number":476,"box":{"x":720,"y":867,"width":8,"height":1}},{"id":"26a58cad-515f-49ca-8528-b774a9d0a9c2","block_type":"box","text":"Promotion of Environmental and / or Social Characteristics","page_number":476,"box":{"x":119,"y":895,"width":449,"height":12}},{"id":"a6d24e26-42ed-49cf-9c49-c382399eb410","block_type":"box","text":"4","page_number":477,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"5943a23e-af86-4761-8428-d79910224f9c","block_type":"box","text":"VG001-001/M85660-892520263-23564/1","page_number":477,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"e7770260-77a9-434f-b6a4-033e4170e696","block_type":"box","text":"The Fund promotes the reduction of environmental harm by excluding investments in companies based","page_number":477,"box":{"x":119,"y":78,"width":761,"height":12}},{"id":"baeb1fb0-0981-420b-9e06-ae7ac8819ee7","block_type":"box","text":"on certain fossil fuel related activities. In addition, the Fund promotes human rights, labour rights and","page_number":477,"box":{"x":119,"y":93,"width":760,"height":12}},{"id":"d3617899-ab21-46b6-a71e-274e321d6ad3","block_type":"box","text":"anti-corruption as set out in the principles of the UN Global Compact as well as avoiding the financing of","page_number":477,"box":{"x":119,"y":108,"width":763,"height":12}},{"id":"25068329-13a5-4074-9781-daa6b55d67f8","block_type":"box","text":"controversial weapons. For details in respect of how these environmental and / or social characteristics","page_number":477,"box":{"x":119,"y":123,"width":759,"height":12}},{"id":"db63ae93-b45b-4683-bd05-d4fad6744583","block_type":"box","text":"promoted by the Fund and other related sustainable finance information, please see the relevant","page_number":477,"box":{"x":119,"y":138,"width":760,"height":12}},{"id":"c2de95e7-9bfd-4204-a516-0af88b1d21d4","block_type":"box","text":"information outlined in","page_number":477,"box":{"x":119,"y":153,"width":176,"height":10}},{"id":"8846f0d5-3c0b-4538-b694-73b0d4f46636","block_type":"box","text":"Appendix 2","page_number":477,"box":{"x":295,"y":154,"width":90,"height":11}},{"id":"90fcf5ed-38cb-4765-ad6b-01c7fc4b6fbe","block_type":"box","text":"of this Supplement.","page_number":477,"box":{"x":386,"y":153,"width":147,"height":12}},{"id":"f726e72d-8914-47f2-8c57-26564cf0575a","block_type":"box","text":"Other Investment Strategies","page_number":477,"box":{"x":120,"y":183,"width":221,"height":12}},{"id":"467c5060-de96-4c8f-8130-2f1c7e91cf25","block_type":"box","text":"The screening criteria described in the section headed Primary Investment Strategies are applied only to","page_number":477,"box":{"x":119,"y":217,"width":761,"height":12}},{"id":"0e4f800d-b6f5-41ac-99ef-45509d61bcd1","block_type":"box","text":"securities in the Index.","page_number":477,"box":{"x":120,"y":232,"width":170,"height":10}},{"id":"f7a80656-49da-4077-b1ee-1ff40604eba1","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":477,"box":{"x":119,"y":262,"width":705,"height":12}},{"id":"f741ef97-492c-4696-8729-0a2b22fc5c9b","block_type":"box","text":"OTC","page_number":477,"box":{"x":827,"y":263,"width":38,"height":9}},{"id":"aea9f647-302a-459a-81e1-9e5711f17c30","block_type":"box","text":"”)","page_number":477,"box":{"x":867,"y":262,"width":13,"height":12}},{"id":"cec8d8d0-d6df-42a3-85e9-49778457072e","block_type":"box","text":"financial derivative instruments (“","page_number":477,"box":{"x":119,"y":277,"width":259,"height":12}},{"id":"58bdbcf9-76b0-4f97-b584-a497f3aa0766","block_type":"box","text":"FDI","page_number":477,"box":{"x":380,"y":278,"width":31,"height":8}},{"id":"70e3d222-b8b6-4c35-b65f-7c14d09d34ab","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":477,"box":{"x":412,"y":277,"width":467,"height":12}},{"id":"341deef3-c282-44dc-8849-e673e55d3b9f","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":477,"box":{"x":119,"y":292,"width":759,"height":12}},{"id":"1362785e-9ce0-4531-88aa-5194b63373d7","block_type":"box","text":"Appendix 4","page_number":477,"box":{"x":119,"y":307,"width":90,"height":12}},{"id":"05c454bc-9cb3-4196-882d-c0805c35f427","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":477,"box":{"x":209,"y":307,"width":671,"height":12}},{"id":"652d0cef-3f48-4427-8ad3-9a9f089abf08","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":477,"box":{"x":119,"y":322,"width":759,"height":12}},{"id":"0f9bd975-be96-42a9-816d-f3b62f591152","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":477,"box":{"x":119,"y":337,"width":759,"height":12}},{"id":"35d5ecda-5d26-4056-b4c7-8cf8ff3bc9bf","block_type":"box","text":"time of investment.","page_number":477,"box":{"x":119,"y":352,"width":142,"height":10}},{"id":"dd742e5f-d218-4868-9ceb-1b3b60614127","block_type":"box","text":"Specifically, the Fund may invest in warrants, swap agreements (including total return swaps as further","page_number":477,"box":{"x":120,"y":382,"width":760,"height":12}},{"id":"daeef9fa-1f53-45b8-b217-70e4664c1982","block_type":"box","text":"detailed below) and equity-linked notes which may be used to gain exposure to the constituents of the","page_number":477,"box":{"x":119,"y":397,"width":760,"height":12}},{"id":"7be732a1-d7c0-43b7-9460-66aeff3bbcf3","block_type":"box","text":"Index or to the performance of the Index itself, to reduce transaction costs or taxes, minimise tracking","page_number":477,"box":{"x":119,"y":412,"width":760,"height":12}},{"id":"e3f823aa-9f02-49c4-9068-7abffbdd135b","block_type":"box","text":"error, or to enable the Fund to gain exposure to illiquid stocks or stocks which are unavailable to the Fund","page_number":477,"box":{"x":119,"y":428,"width":762,"height":11}},{"id":"02212fb6-935b-43bf-a49d-d5eaebe54b38","block_type":"box","text":"for direct investment due to market or regulatory reasons. The Fund may invest in exchange traded","page_number":477,"box":{"x":119,"y":442,"width":760,"height":13}},{"id":"2105b3a2-59c7-4c62-9855-55aab1bdca3e","block_type":"box","text":"futures and options contracts (typically equity index and foreign currency) to manage cash flows on a","page_number":477,"box":{"x":119,"y":458,"width":759,"height":12}},{"id":"3f310828-b296-4240-b580-de06349ffa46","block_type":"box","text":"short-term basis and to achieve cost efficiencies","page_number":477,"box":{"x":120,"y":473,"width":353,"height":9}},{"id":"cc179510-7417-4ad4-a6a2-59c3c532e32f","block_type":"box","text":", for example,","page_number":477,"box":{"x":475,"y":473,"width":107,"height":12}},{"id":"5f30c598-9d68-45c4-bdfa-e2bd5b1ef6f0","block_type":"box","text":"to obtain exposure to components of the","page_number":477,"box":{"x":582,"y":473,"width":297,"height":12}},{"id":"564c888c-8d67-4c6b-ae71-08d27cc72f39","block_type":"box","text":"Index where it is not practicable to invest directly in each individual component. Investors should note","page_number":477,"box":{"x":119,"y":488,"width":759,"height":12}},{"id":"299b57cb-7bba-4725-8d7b-87b3540a7a1a","block_type":"box","text":"that FDI’s on an index (e.g. swaps, futures) may contain some underlying constituents which may not","page_number":477,"box":{"x":119,"y":503,"width":760,"height":12}},{"id":"6df5bb4e-645b-45c2-b28d-df80a60a7d93","block_type":"box","text":"adhere to the relevant screening criteria applied by the Index. The Fund may also invest in currency","page_number":477,"box":{"x":119,"y":518,"width":760,"height":12}},{"id":"ffbf7a76-3eef-4df6-b6a5-41641c2d343a","block_type":"box","text":"forwards, (including non-deliverable forward foreign exchange contracts) and interest rate futures to","page_number":477,"box":{"x":119,"y":533,"width":759,"height":12}},{"id":"f7309cfa-04f2-4e7d-bf01-4e0056fc3f70","block_type":"box","text":"protect against currency fluctuation and may invest in depository receipts including ADRs and GDRs to","page_number":477,"box":{"x":119,"y":548,"width":761,"height":12}},{"id":"ef8adb59-8388-46f8-a294-b2d0819c9756","block_type":"box","text":"gain exposure to the constituents of the Index. The use of future contracts ensures the Fund remains","page_number":477,"box":{"x":120,"y":563,"width":759,"height":12}},{"id":"687cd109-36f0-44f2-8d42-70cf6e602656","block_type":"box","text":"100% invested while allowing for cash to be used for efficient portfolio management purposes (e.g.","page_number":477,"box":{"x":120,"y":578,"width":758,"height":12}},{"id":"02b5fe33-6460-402a-a7bc-1fe7d2f8d3f1","block_type":"box","text":"rebalancing and equitising dividend income).","page_number":477,"box":{"x":119,"y":593,"width":338,"height":12}},{"id":"be7ef091-2a31-4b5c-8855-5495cac327ce","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":477,"box":{"x":119,"y":623,"width":761,"height":12}},{"id":"0fe1fcad-d087-4167-bfde-a62fa8b96066","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps which manage exposures","page_number":477,"box":{"x":119,"y":638,"width":761,"height":12}},{"id":"e292e836-e464-4e56-9953-aea5e4249717","block_type":"box","text":"to certain individual securities, a basket of securities, or securities indices, for example in circumstances","page_number":477,"box":{"x":119,"y":653,"width":760,"height":12}},{"id":"4a956c03-7b5a-4ab0-aa7c-3f3e06d66f9a","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction costs","page_number":477,"box":{"x":119,"y":668,"width":761,"height":12}},{"id":"ef2d68db-47bb-4793-adb4-032dd25596fd","block_type":"box","text":"or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error.","page_number":477,"box":{"x":119,"y":683,"width":628,"height":12}},{"id":"270112e3-48cf-4279-a2b1-e1c3c0ad95b7","block_type":"box","text":"For example, total","page_number":477,"box":{"x":748,"y":683,"width":132,"height":12}},{"id":"53a10963-7b90-4613-9153-d163c257b021","block_type":"box","text":"return swaps can be used as an alternative means to obtain economic exposure to a security if the Fund is","page_number":477,"box":{"x":119,"y":698,"width":761,"height":12}},{"id":"d0bc0dfd-720e-4d2c-b81d-311468ca42e1","block_type":"box","text":"required to limit its investment in a particular issuer or industry, including in the context of management","page_number":477,"box":{"x":119,"y":713,"width":762,"height":12}},{"id":"d4106dd4-cdc3-42f5-82e6-71520084a1a1","block_type":"box","text":"of exposure levels to certain securities by the Vanguard Group globally.","page_number":477,"box":{"x":119,"y":728,"width":546,"height":12}},{"id":"552d1c72-e2cf-435d-8bad-052f11ca1a90","block_type":"box","text":"The Fund will not use total","page_number":477,"box":{"x":667,"y":728,"width":213,"height":9}},{"id":"6b44265d-4868-4364-9445-c84ae00bb830","block_type":"box","text":"return swaps to gain exposure outside of the Index.","page_number":477,"box":{"x":119,"y":743,"width":375,"height":12}},{"id":"3d9ad1dd-142d-493c-90d1-81c8ef4fc102","block_type":"box","text":"See","page_number":477,"box":{"x":120,"y":774,"width":29,"height":8}},{"id":"3436d89b-f4e6-44b4-9dc4-784e2fb57a0c","block_type":"box","text":"Appendix 4","page_number":477,"box":{"x":149,"y":773,"width":90,"height":12}},{"id":"c09f6430-0405-4b22-a22e-eef0d17466c2","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":477,"box":{"x":239,"y":773,"width":642,"height":12}},{"id":"74e9f0c1-bada-4244-a6be-62cc8e6aecd9","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":477,"box":{"x":119,"y":788,"width":760,"height":12}},{"id":"360999d2-361c-4ac3-bfe5-59861bc9944f","block_type":"box","text":"usage at any time.","page_number":477,"box":{"x":119,"y":804,"width":142,"height":11}},{"id":"654f3981-a3f7-4133-b180-4df320342f53","block_type":"box","text":"The Fund may also engage in securities lending transactions for efficient portfolio","page_number":477,"box":{"x":262,"y":803,"width":617,"height":12}},{"id":"4cefda73-78d6-4bf4-9842-fe2276662680","block_type":"box","text":"management purposes. 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See","page_number":477,"box":{"x":555,"y":834,"width":39,"height":9}},{"id":"7e8716c9-0ef1-417d-a350-b50b4ae7d17d","block_type":"box","text":"Appendix 4","page_number":477,"box":{"x":605,"y":833,"width":96,"height":12}},{"id":"b6d12292-4efb-4df0-b2b9-a7e16c21275a","block_type":"box","text":"of the Prospectus for","page_number":477,"box":{"x":701,"y":833,"width":179,"height":12}},{"id":"29f83909-58f3-4f0c-b3a0-dccc88e70992","block_type":"box","text":"information on leverage and the calculation of global exposure.","page_number":477,"box":{"x":119,"y":848,"width":467,"height":12}},{"id":"47943794-13ff-489a-b374-047518f91c59","block_type":"box","text":"The Fund may invest in foreign exchange spots. 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For potential cost impacts of rebalancing, please see the","page_number":494,"box":{"x":119,"y":537,"width":760,"height":12}},{"id":"08a5327e-b726-4b62-8e3e-95268fd93454","block_type":"box","text":"section of the Prospectus headed “","page_number":494,"box":{"x":120,"y":552,"width":252,"height":12}},{"id":"9836fa51-8d62-49c0-a8d4-17f89f6493e3","block_type":"box","text":"Index rebalancing and costs","page_number":494,"box":{"x":373,"y":553,"width":219,"height":12}},{"id":"2a76591a-5497-4768-9d6f-8b1e95df3d17","block_type":"box","text":"”.","page_number":494,"box":{"x":594,"y":553,"width":16,"height":9}},{"id":"a94a84b9-c3bf-4ef3-92c1-8dda18f1c6f9","block_type":"box","text":"The Fund’s investments will, at the time of purchase, comply with the screening criteria set out above,","page_number":494,"box":{"x":119,"y":583,"width":758,"height":12}},{"id":"4e4cc225-7e93-4ea0-906e-ec3ebe2f3580","block_type":"box","text":"except as otherwise described below under the heading “","page_number":494,"box":{"x":119,"y":598,"width":414,"height":12}},{"id":"6787d7c0-8c72-4f66-bb17-6bd854fb80ba","block_type":"box","text":"Other Investment Strategies","page_number":494,"box":{"x":535,"y":598,"width":220,"height":12}},{"id":"1fe3f26b-567f-4bb1-858a-1d4b652c5ee3","block_type":"box","text":"”.","page_number":494,"box":{"x":757,"y":598,"width":16,"height":9}},{"id":"844d6c33-e60c-45ad-bdba-56d253959449","block_type":"box","text":"An investment","page_number":494,"box":{"x":773,"y":598,"width":107,"height":9}},{"id":"987d4377-947e-4b0d-81de-1b51dfb84e6c","block_type":"box","text":"which complied with the screening criteria of the Index at time of purchase may no longer meet the","page_number":494,"box":{"x":119,"y":613,"width":759,"height":12}},{"id":"32bf7dc3-0155-440e-842c-967637a285f4","block_type":"box","text":"screening criteria, 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at","page_number":494,"box":{"x":119,"y":763,"width":760,"height":12}},{"id":"84dbd3c1-36ab-4b97-aabe-7b430fc5cd54","block_type":"box","text":"https://www.ftserussell.com/products/indices/global-choice","page_number":494,"box":{"x":119,"y":778,"width":438,"height":12}},{"id":"310eb811-e427-49e9-97e8-91ba2beb8280","block_type":"box","text":"and","page_number":494,"box":{"x":558,"y":778,"width":31,"height":9}},{"id":"fd7506f5-e3ad-4e24-8c19-527366859c7b","block_type":"box","text":"h","page_number":494,"box":{"x":593,"y":787,"width":4,"height":0}},{"id":"f6fcc542-829a-4407-90ed-d19e459d4b1e","block_type":"box","text":"https://www.ftserussell.com/analytics/","page_number":494,"box":{"x":593,"y":778,"width":283,"height":12}},{"id":"8822c986-2efd-4691-9e40-9407f4afd745","block_type":"box","text":".","page_number":494,"box":{"x":877,"y":786,"width":3,"height":1}},{"id":"6d0bede4-5b7a-4cfd-932e-cb2eb677f394","block_type":"box","text":"Promotion of Environmental and / or Social 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In addition, the Fund promotes human rights, labour rights and","page_number":494,"box":{"x":119,"y":852,"width":760,"height":12}},{"id":"c3a0a459-9b90-4fa6-98a8-667c7d714d9b","block_type":"box","text":"anti-corruption as set out in the principles of the UN Global Compact as well as avoiding the financing of","page_number":494,"box":{"x":119,"y":867,"width":763,"height":12}},{"id":"8bac803e-d979-4df2-84b1-ad86a87614d5","block_type":"box","text":"controversial weapons. For details in respect of how these environmental and / or social characteristics","page_number":494,"box":{"x":119,"y":882,"width":759,"height":12}},{"id":"4541e584-d752-4380-a274-324c576d29c9","block_type":"box","text":"4","page_number":495,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"c3538146-d2bd-485c-83ac-1e4ae116ce79","block_type":"box","text":"VG001-001/M85660-892520263-23565/1","page_number":495,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"67952a4a-d965-4425-a3eb-918e699c7603","block_type":"box","text":"are promoted by the Fund and other related sustainable finance information, please see the relevant","page_number":495,"box":{"x":119,"y":87,"width":760,"height":12}},{"id":"05a1bea3-9ccb-457e-bd33-caa4c9a1e3e8","block_type":"box","text":"information outlined in","page_number":495,"box":{"x":119,"y":102,"width":176,"height":9}},{"id":"3499b82f-da0e-43d0-a3b6-6de1363fad45","block_type":"box","text":"Appendix 2","page_number":495,"box":{"x":295,"y":102,"width":90,"height":12}},{"id":"ac49ae0b-63c0-43af-bfd6-f9d7c4c4148b","block_type":"box","text":"of this Supplement.","page_number":495,"box":{"x":386,"y":102,"width":147,"height":12}},{"id":"6d907778-0d41-4bab-8d30-04269354b8d9","block_type":"box","text":"Other Investment Strategies","page_number":495,"box":{"x":120,"y":131,"width":221,"height":12}},{"id":"27696ceb-5863-4233-8b2d-24e3471d62b0","block_type":"box","text":"The screening criteria described in the section headed Primary Investment Strategies are applied only to","page_number":495,"box":{"x":119,"y":166,"width":761,"height":11}},{"id":"e2cddfb6-5c3f-404f-b0f1-15055231e756","block_type":"box","text":"securities in the Index.","page_number":495,"box":{"x":120,"y":181,"width":165,"height":9}},{"id":"d60dd0f2-b22f-4e9f-8de0-3d46e165f130","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":495,"box":{"x":119,"y":211,"width":705,"height":12}},{"id":"5b45126c-0afc-4e35-87d3-99b062ddeb9a","block_type":"box","text":"OTC","page_number":495,"box":{"x":827,"y":211,"width":38,"height":9}},{"id":"a0cffc37-bc59-46a5-9d3b-4daf6fe5aa82","block_type":"box","text":"”)","page_number":495,"box":{"x":867,"y":211,"width":13,"height":11}},{"id":"b64284a0-9107-43dd-8a67-c726bc7b36b1","block_type":"box","text":"financial derivative instruments (“","page_number":495,"box":{"x":119,"y":226,"width":259,"height":12}},{"id":"6d060ccc-5030-47e9-8447-62a643d46f06","block_type":"box","text":"FDI","page_number":495,"box":{"x":380,"y":226,"width":31,"height":9}},{"id":"130ea297-71fd-4f2f-9c92-75fecb84ba16","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":495,"box":{"x":412,"y":226,"width":467,"height":12}},{"id":"b82e27d9-4c63-47ab-b0be-3a5882a66d17","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":495,"box":{"x":119,"y":241,"width":759,"height":12}},{"id":"1292bff6-f78a-4c4f-9301-1414deb23684","block_type":"box","text":"Appendix 4","page_number":495,"box":{"x":119,"y":256,"width":90,"height":12}},{"id":"36e31708-d011-4a38-bec1-c61e61b8e06d","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":495,"box":{"x":209,"y":256,"width":671,"height":12}},{"id":"96374584-a8b3-4985-b5e8-a1f6333142de","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":495,"box":{"x":119,"y":271,"width":759,"height":12}},{"id":"46fb780c-83f1-4747-b7f1-865a1162c0af","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":495,"box":{"x":119,"y":286,"width":759,"height":12}},{"id":"3ba6affc-b81c-48f7-9390-2cec053578bd","block_type":"box","text":"time of investment.","page_number":495,"box":{"x":119,"y":301,"width":142,"height":9}},{"id":"7ff33885-988a-4458-a66f-99503463d47e","block_type":"box","text":"Specifically, the Fund may invest in warrants, swap agreements (including total return swaps as further","page_number":495,"box":{"x":120,"y":331,"width":760,"height":12}},{"id":"ea2e436a-cff5-4528-9450-e4f79bdebac1","block_type":"box","text":"detailed below) and equity-linked notes which may be used to gain exposure to the constituents of the","page_number":495,"box":{"x":119,"y":346,"width":760,"height":12}},{"id":"caf2fd0b-3a82-492e-aa0d-a0efe4b33c70","block_type":"box","text":"Index or to the performance of the Index itself, to reduce transaction costs or taxes, minimise tracking","page_number":495,"box":{"x":119,"y":361,"width":760,"height":12}},{"id":"efcfcb24-0699-4a8d-8328-2f6cdabfd8b6","block_type":"box","text":"error, or to enable the Fund to gain exposure to illiquid stocks or stocks which are unavailable to the Fund","page_number":495,"box":{"x":119,"y":376,"width":762,"height":12}},{"id":"7116e73e-0347-4e93-8990-50fdd5ec3f6a","block_type":"box","text":"for direct investment due to market or regulatory reasons. The Fund may invest in exchange traded","page_number":495,"box":{"x":119,"y":391,"width":760,"height":12}},{"id":"265a77b4-2d87-4860-bb56-392fae0a221e","block_type":"box","text":"futures and options contracts (typically equity index and foreign currency) to manage cash flows on a","page_number":495,"box":{"x":119,"y":406,"width":759,"height":12}},{"id":"4820568f-7c80-40f5-9822-ee510db18489","block_type":"box","text":"short-term basis and to achieve cost efficiencies","page_number":495,"box":{"x":120,"y":421,"width":353,"height":9}},{"id":"76cfd547-605d-4aea-8c25-7e29b67c1867","block_type":"box","text":", for example,","page_number":495,"box":{"x":475,"y":421,"width":107,"height":12}},{"id":"9287d696-4795-44e5-88d7-2cc5ea3f97cc","block_type":"box","text":"to obtain exposure to components of the","page_number":495,"box":{"x":582,"y":421,"width":297,"height":12}},{"id":"f9316ad2-eab1-4886-8230-d75f67915899","block_type":"box","text":"Index where it is not practicable to invest directly in each individual component. Investors should note","page_number":495,"box":{"x":119,"y":436,"width":759,"height":12}},{"id":"e07b4b61-cfd8-4b36-a69a-c84776ae646f","block_type":"box","text":"that FDI’s on an index (e.g. swaps, futures) may contain some underlying constituents which may not","page_number":495,"box":{"x":119,"y":451,"width":760,"height":12}},{"id":"68ab7b8e-39e7-4db2-9c2f-450dcf566c7d","block_type":"box","text":"adhere to the relevant screening criteria applied by the Index. The Fund may also invest in currency","page_number":495,"box":{"x":119,"y":466,"width":760,"height":12}},{"id":"a4887194-af38-422c-92c6-487ba9742cfe","block_type":"box","text":"forwards, (including non-deliverable forward foreign exchange contracts) and interest rate futures to","page_number":495,"box":{"x":119,"y":481,"width":759,"height":12}},{"id":"ecc868e7-76a5-47a6-adbf-99a602508f35","block_type":"box","text":"protect against currency fluctuation and may invest in depository receipts including ADRs and GDRs to","page_number":495,"box":{"x":119,"y":496,"width":761,"height":12}},{"id":"60dec0eb-123c-4c35-a18f-e0b1b906a26f","block_type":"box","text":"gain exposure to the constituents of the Index. The use of future contracts ensures the Fund remains","page_number":495,"box":{"x":120,"y":511,"width":759,"height":12}},{"id":"b8e801b1-1852-442d-86be-d7dfb7f399d1","block_type":"box","text":"100% invested while allowing for cash to be used for efficient portfolio management purposes (e.g.","page_number":495,"box":{"x":120,"y":526,"width":758,"height":12}},{"id":"949d50a4-4ee7-4e23-aebb-59e3505a951c","block_type":"box","text":"rebalancing and equitising dividend income).","page_number":495,"box":{"x":119,"y":541,"width":338,"height":12}},{"id":"f20d50e0-dd22-46bd-a00d-8a0ff6f25d00","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":495,"box":{"x":119,"y":571,"width":761,"height":12}},{"id":"43cf631b-9603-44e4-8803-3196b6d4b545","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps which manage exposures","page_number":495,"box":{"x":119,"y":586,"width":761,"height":12}},{"id":"492a8a07-b9c0-4320-b4c6-932d92394aac","block_type":"box","text":"to certain individual securities, a basket of securities, or securities indices, for example in circumstances","page_number":495,"box":{"x":119,"y":601,"width":760,"height":12}},{"id":"7da22680-2752-469d-9001-442eb741a1cc","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction costs","page_number":495,"box":{"x":119,"y":616,"width":761,"height":12}},{"id":"1c304f8a-a9d6-422a-a79f-1ee911ed6085","block_type":"box","text":"or taxes, to allow exposure in the case of illiquid stocks or to minimize tracking error.","page_number":495,"box":{"x":119,"y":631,"width":628,"height":12}},{"id":"cbd81e5d-e5ec-4a4f-978a-05575002450c","block_type":"box","text":"For example, total","page_number":495,"box":{"x":748,"y":631,"width":132,"height":12}},{"id":"c62170b5-ef73-4a49-954e-799a6ffbf5bd","block_type":"box","text":"return swaps can be used as an alternative means to obtain economic exposure to a security if the Fund is","page_number":495,"box":{"x":119,"y":646,"width":761,"height":12}},{"id":"978d7591-1c56-4553-a1f1-1ab70dcc1777","block_type":"box","text":"required to limit its investment in a particular issuer or industry, including in the context of management","page_number":495,"box":{"x":119,"y":661,"width":762,"height":12}},{"id":"06666c98-9df4-4fe1-a1b5-4db03d551477","block_type":"box","text":"of exposure levels to certain securities by the Vanguard Group globally.","page_number":495,"box":{"x":119,"y":676,"width":553,"height":12}},{"id":"354baaf9-9a13-475e-8d46-42efcf79b33f","block_type":"box","text":"The Fund will not use total","page_number":495,"box":{"x":673,"y":676,"width":207,"height":10}},{"id":"6c1de0d0-4646-42d7-999b-29fc1a4ef169","block_type":"box","text":"return swaps to gain exposure outside of the Index.","page_number":495,"box":{"x":119,"y":691,"width":375,"height":12}},{"id":"86bf801b-eb86-4376-b245-a0f7d1b6c626","block_type":"box","text":"See","page_number":495,"box":{"x":120,"y":722,"width":29,"height":9}},{"id":"7cf22c4b-776f-46a8-b8f1-e682d1a37847","block_type":"box","text":"Appendix 4","page_number":495,"box":{"x":149,"y":722,"width":90,"height":11}},{"id":"9e0f18b6-85da-4b7b-84f8-b5e08bd64029","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":495,"box":{"x":239,"y":721,"width":642,"height":12}},{"id":"511f5ea0-e573-48da-82a0-127d6bce8774","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":495,"box":{"x":119,"y":736,"width":760,"height":12}},{"id":"c712c940-0c05-4ef6-85e3-752bb4c0eb7b","block_type":"box","text":"usage at any time.","page_number":495,"box":{"x":119,"y":752,"width":142,"height":11}},{"id":"b63309f9-c966-46cd-8161-bab70aec29de","block_type":"box","text":"The Fund may also engage in securities lending transactions for efficient portfolio","page_number":495,"box":{"x":262,"y":751,"width":617,"height":12}},{"id":"09766ff3-107b-4f79-90b6-fc8d57c9ae33","block_type":"box","text":"management purposes. In this regard, the Fund may receive collateral","page_number":495,"box":{"x":119,"y":767,"width":540,"height":11}},{"id":"e398e86a-ab0c-4be9-8a33-f806adaca1a8","block_type":"box","text":"which may not adhere to the","page_number":495,"box":{"x":660,"y":767,"width":220,"height":11}},{"id":"938cc1bc-accd-4c3b-bc16-87aa0dd6b551","block_type":"box","text":"relevant screening criteria applied by the Index","page_number":495,"box":{"x":119,"y":782,"width":350,"height":12}},{"id":"74eacae6-8b3d-4425-97c6-8eb6e0be60e6","block_type":"box","text":". See","page_number":495,"box":{"x":472,"y":782,"width":40,"height":9}},{"id":"df804c13-856e-45ff-855c-7acab842d5da","block_type":"box","text":"Appendix 4","page_number":495,"box":{"x":512,"y":782,"width":91,"height":11}},{"id":"e4078b19-48b8-4d76-8c63-6c220d4b1152","block_type":"box","text":"of the Prospectus for information on","page_number":495,"box":{"x":604,"y":781,"width":276,"height":12}},{"id":"6a011c3c-8de2-40c4-8616-147de149188c","block_type":"box","text":"leverage and the calculation of global exposure.","page_number":495,"box":{"x":119,"y":797,"width":352,"height":12}},{"id":"d4fb6590-ee6a-4568-801d-bc9e0426caa9","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":495,"box":{"x":119,"y":827,"width":762,"height":12}},{"id":"276d2604-5b5e-4446-af93-5966e6ef2282","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":495,"box":{"x":120,"y":842,"width":740,"height":12}},{"id":"d2fba8f1-6a51-4bf2-895c-7087c4bccf45","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":495,"box":{"x":119,"y":871,"width":760,"height":12}},{"id":"9fdd64c9-8a5c-4e33-9042-00eeb8ac0e26","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":495,"box":{"x":119,"y":886,"width":759,"height":12}},{"id":"59b429fb-8a2c-4e1a-a58a-1256cd538539","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":495,"box":{"x":119,"y":901,"width":759,"height":12}},{"id":"1721f98e-2d60-48b4-9fac-443f9a33ec6e","block_type":"box","text":"5","page_number":496,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"e3b3e8d5-cbdf-4db4-b6cb-21bac9a64ba0","block_type":"box","text":"VG001-001/M85660-892520263-23565/1","page_number":496,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"8d754ac7-f4fe-40d9-adf8-869c818dccb1","block_type":"box","text":"the Company. See","page_number":496,"box":{"x":119,"y":87,"width":137,"height":12}},{"id":"cae0fdf6-0f09-428c-bff4-3fc6f168b40f","block_type":"box","text":"Appendix 3","page_number":496,"box":{"x":257,"y":87,"width":89,"height":12}},{"id":"b64d0adf-ed0f-415e-8a66-ae0fb4826284","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":496,"box":{"x":347,"y":87,"width":533,"height":12}},{"id":"e41736fc-5251-47c8-8696-b411d0e288b9","block_type":"box","text":"schemes, including other funds of the Company.","page_number":496,"box":{"x":120,"y":102,"width":356,"height":12}},{"id":"49492cd4-8209-40fa-bdb8-6019d3cf10ec","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":496,"box":{"x":119,"y":131,"width":760,"height":12}},{"id":"22e1db18-7430-4aab-addd-f8b0312cee00","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":496,"box":{"x":119,"y":146,"width":760,"height":12}},{"id":"d2e960d0-4fe9-463e-a24b-6b595dc41eac","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":496,"box":{"x":119,"y":161,"width":760,"height":12}},{"id":"202a18d9-2a00-4d6c-924e-28c5bd1ca6ab","block_type":"box","text":"Temporary Investment Measures","page_number":496,"box":{"x":119,"y":194,"width":263,"height":11}},{"id":"a3a786bf-db72-4b1b-b57d-bd67ab6118bd","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":496,"box":{"x":119,"y":228,"width":760,"height":12}},{"id":"6480a431-e7d2-4566-b70e-8aaa3c6fbbe9","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":496,"box":{"x":119,"y":243,"width":760,"height":12}},{"id":"961c8517-08f7-46c1-a0d3-a111b2073dc7","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":496,"box":{"x":119,"y":258,"width":760,"height":12}},{"id":"6c33c5da-44d2-404b-9972-6a4941d2eff7","block_type":"box","text":"interests of Shareholders, the Fund may increase its holdings of cash and ancillary liquid assets. In doing","page_number":496,"box":{"x":119,"y":273,"width":762,"height":12}},{"id":"ddc04b0b-2614-4ac2-91dd-2346a3f63406","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":496,"box":{"x":120,"y":288,"width":760,"height":12}},{"id":"aba3c969-5263-499a-9741-f6e2a54945ed","block_type":"box","text":"Tracking Error","page_number":496,"box":{"x":119,"y":317,"width":123,"height":12}},{"id":"2d3fb1d1-23aa-4363-92f1-76da02b6ce94","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":496,"box":{"x":119,"y":352,"width":759,"height":12}},{"id":"ac332df0-4049-44a4-a00c-4faba15e9c35","block_type":"box","text":"Fund, will be up to 0.20%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":496,"box":{"x":119,"y":367,"width":760,"height":12}},{"id":"585a1438-8931-421e-aa1d-be8e9db5018f","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":496,"box":{"x":119,"y":382,"width":760,"height":12}},{"id":"b5ce4b5d-3a42-4da1-9cfc-f96acc0dfb39","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":496,"box":{"x":119,"y":397,"width":759,"height":12}},{"id":"4cf360aa-8db9-4c5b-be26-30bc3cc6fb5e","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":496,"box":{"x":119,"y":412,"width":760,"height":12}},{"id":"68f2d3ea-9e93-4667-bf24-ccc3f6478a22","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. 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investments.","page_number":505,"box":{"x":240,"y":586,"width":167,"height":9}},{"id":"3120f55d-fa15-4ac8-94f2-51f5cf6931e8","block_type":"box","text":"How do the sustainable investments that the financial product partially intends to make, not","page_number":505,"box":{"x":240,"y":618,"width":710,"height":11}},{"id":"197b57c4-33a1-4c7e-8f02-42a3f194a209","block_type":"box","text":"cause significant harm to any environmental or social sustainable investment objective?","page_number":505,"box":{"x":240,"y":634,"width":672,"height":12}},{"id":"b4b3c5b2-f7d3-48eb-b2e7-06301f0d900d","block_type":"box","text":"Not applicable.","page_number":505,"box":{"x":240,"y":651,"width":101,"height":10}},{"id":"85a3b4b8-34b1-4535-8ec8-20f64f7b7e68","block_type":"box","text":"How have the indicators for adverse impacts on sustainability factors been taken 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The investments underlying the remaining","page_number":505,"box":{"x":286,"y":847,"width":664,"height":8}},{"id":"83e82c0d-433f-46ea-8f05-c562390f637e","block_type":"box","text":"portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities.","page_number":505,"box":{"x":286,"y":856,"width":665,"height":8}},{"id":"86453448-3863-4110-bbd6-5d7280a00b19","block_type":"box","text":"Any other sustainable investments must also not significantly harm any environmental or social 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consider principal adverse impacts on sustainability","page_number":506,"box":{"x":273,"y":141,"width":483,"height":10}},{"id":"4bf135b1-530e-4217-b0af-3d6a53c03722","block_type":"box","text":"factors.","page_number":506,"box":{"x":760,"y":141,"width":50,"height":8}},{"id":"e13efd34-9811-4b23-93f1-2771669a3a22","block_type":"box","text":"By excluding stocks of companies that the Index provider determines (a) to be engaged or involved in","page_number":506,"box":{"x":275,"y":164,"width":678,"height":11}},{"id":"227b5fa7-db11-4149-882d-89603e032aca","block_type":"box","text":"specific parts of the supply chain for, and / or (b) derive revenue (above a threshold specified by the","page_number":506,"box":{"x":274,"y":176,"width":679,"height":11}},{"id":"3a9a505c-0407-40f0-9069-95c11b3a4f85","block_type":"box","text":"Index provider)from certain activities relating to non-renewable energy (nuclear power and 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in","page_number":506,"box":{"x":275,"y":293,"width":678,"height":10}},{"id":"64821565-2e86-4f41-8cfc-830b40488346","block_type":"box","text":"specific parts of the supply chain for, and / or (b) derive revenue (above a threshold specified by the","page_number":506,"box":{"x":274,"y":305,"width":679,"height":10}},{"id":"61c621c9-d900-41f2-b244-48bae55aecf8","block_type":"box","text":"Index provider) from certain activities relating to weapons (chemical & biological weapons, cluster","page_number":506,"box":{"x":275,"y":317,"width":677,"height":10}},{"id":"47a2666b-c4da-45cc-bb17-9f122274d017","block_type":"box","text":"munitions, anti-personnel landmines, nuclear weapons, civilian firearms, and conventional military","page_number":506,"box":{"x":275,"y":329,"width":677,"height":10}},{"id":"73fcff3f-bb0d-4b15-85b5-305f2ef280e7","block_type":"box","text":"weapons), the Fund considers the following principal adverse 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utilized by the Index Provider considers a number of norms and","page_number":506,"box":{"x":274,"y":403,"width":677,"height":10}},{"id":"b7375131-64ea-4542-a497-cc621b6d8466","block_type":"box","text":"standards including those that are enshrined in the UN Global Compact and the OECD Guidelines for","page_number":506,"box":{"x":274,"y":415,"width":679,"height":10}},{"id":"6c372787-0118-4e45-91d3-c2512bbdca45","block_type":"box","text":"Multinational Enterprises. 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An investment","page_number":513,"box":{"x":757,"y":476,"width":123,"height":9}},{"id":"4a8d1569-8357-4ca5-8161-6d53aca164bf","block_type":"box","text":"which complied with the screening criteria of the Index at time of purchase may no longer meet the","page_number":513,"box":{"x":119,"y":491,"width":759,"height":12}},{"id":"8e9d7c27-cbfe-4720-a107-caac6c5f2a79","block_type":"box","text":"screening criteria, for example where new and / or updated data becomes available to the Index provider.","page_number":513,"box":{"x":120,"y":506,"width":759,"height":12}},{"id":"eb7134db-6a90-4b29-877f-6ef8634e4725","block_type":"box","text":"Therefore, the Fund may temporarily hold securities which do not adhere to the screening criteria of the","page_number":513,"box":{"x":119,"y":521,"width":762,"height":12}},{"id":"1e23c17b-873f-476f-9191-8febb95aa4f4","block_type":"box","text":"Index (including in circumstances where MSCI receives further data allowing it to determine that an","page_number":513,"box":{"x":119,"y":536,"width":760,"height":12}},{"id":"2748c782-c1a7-469f-ab07-d2350e59bf03","block_type":"box","text":"issuer of a security does not meet the relevant screening criteria of the Index), until such time as the","page_number":513,"box":{"x":119,"y":551,"width":758,"height":12}},{"id":"6c62f469-77fa-4f99-8762-93d5d7ef5439","block_type":"box","text":"relevant securities cease to form part of the Index and it is possible and practicable (in the Investment","page_number":513,"box":{"x":119,"y":566,"width":760,"height":12}},{"id":"238ddd54-3f6b-4b12-8953-2e9f546904c6","block_type":"box","text":"Manager's view) to liquidate the position.","page_number":513,"box":{"x":119,"y":581,"width":311,"height":12}},{"id":"69110b98-be77-4674-880d-d44d2f2c79bd","block_type":"box","text":"In tracking the Index, the Fund may on occasion invest directly in Russian securities in accordance with","page_number":513,"box":{"x":119,"y":610,"width":762,"height":12}},{"id":"85922a36-4e17-49ca-9381-16779dfbd369","block_type":"box","text":"the weighting attributed to such securities if present in the Index. As at the date of this Prospectus, 0.00%","page_number":513,"box":{"x":119,"y":625,"width":762,"height":12}},{"id":"a1eb6bc6-455a-484b-93fb-5be220c784ee","block_type":"box","text":"of the Index, as it is currently constituted, comprised such securities.","page_number":513,"box":{"x":119,"y":640,"width":516,"height":12}},{"id":"b46eaed8-d3ce-4c71-ae2f-67bb69db5e17","block_type":"box","text":"The securities in which the Fund","page_number":513,"box":{"x":636,"y":640,"width":244,"height":10}},{"id":"60b930fe-c5e6-4f18-82ca-2bf6ee96862f","block_type":"box","text":"will invest shall, to the extent required by the UCITS Regulations, be listed or traded on the Regulated","page_number":513,"box":{"x":119,"y":655,"width":760,"height":12}},{"id":"14bc9823-7cf8-4117-8163-ac340f5c4b13","block_type":"box","text":"Markets set out in","page_number":513,"box":{"x":119,"y":671,"width":137,"height":9}},{"id":"9252d878-2d66-4978-aedf-455ebc490697","block_type":"box","text":"Appendix 5","page_number":513,"box":{"x":256,"y":671,"width":90,"height":11}},{"id":"0080cb82-1fa8-40bc-918e-fc3c846435b3","block_type":"box","text":"of the Prospectus.","page_number":513,"box":{"x":347,"y":670,"width":135,"height":12}},{"id":"9ce03f5c-ce1e-4dd9-b0db-caa0f10bd4f6","block_type":"box","text":"Further information on the Index","page_number":513,"box":{"x":119,"y":700,"width":245,"height":12}},{"id":"2412bd35-e2fb-4628-9af6-ed67bd61a369","block_type":"box","text":"Further information provided by the Index provider in relation to the Index, including current details as","page_number":513,"box":{"x":119,"y":730,"width":761,"height":12}},{"id":"2698ab66-e7bf-439e-862c-ff0dc1bb358e","block_type":"box","text":"to its exact composition, methodology, exclusions and any revenue thresholds, can be obtained at","page_number":513,"box":{"x":119,"y":746,"width":759,"height":12}},{"id":"7274e571-b8b7-490f-8372-698f31f9fff4","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/bloomberg-fixed-income-indices/#/ucits","page_number":513,"box":{"x":119,"y":761,"width":728,"height":12}},{"id":"17b4be09-22fc-4678-b2ad-f20544ffa6d1","block_type":"box","text":".","page_number":513,"box":{"x":850,"y":768,"width":2,"height":2}},{"id":"33baf07b-0230-4026-94c5-9c79b7a62fa8","block_type":"box","text":"Promotion of Environmental and / or Social Characteristics","page_number":513,"box":{"x":119,"y":797,"width":449,"height":12}},{"id":"14f3aa09-72d5-4d41-8c8f-a8b976a4cd10","block_type":"box","text":"The Fund promotes the reduction of environmental harm by excluding investments in companies based","page_number":513,"box":{"x":119,"y":826,"width":761,"height":12}},{"id":"9e0074c8-f874-4a2a-abb6-b27b2102cbb7","block_type":"box","text":"on certain fossil fuel related activities. In addition, the Fund promotes human rights, labour rights and","page_number":513,"box":{"x":119,"y":841,"width":760,"height":12}},{"id":"58269470-7471-4c9d-a653-924501287570","block_type":"box","text":"anti-corruption as set out in the principles of the UN Global Compact as well as avoiding the financing of","page_number":513,"box":{"x":119,"y":856,"width":763,"height":12}},{"id":"a10e068d-f6b7-4180-be72-b826ebfb1c2d","block_type":"box","text":"controversial weapons. For details in respect of how these environmental and / or social characteristics","page_number":513,"box":{"x":119,"y":871,"width":759,"height":12}},{"id":"9db5a333-ab5c-4c6b-94f0-8c65548d9188","block_type":"box","text":"are promoted by the Fund and other related sustainable finance information, please see the relevant","page_number":513,"box":{"x":119,"y":886,"width":760,"height":12}},{"id":"f026d19a-5430-47c3-817b-1724e7daa0d4","block_type":"box","text":"information outlined in","page_number":513,"box":{"x":119,"y":901,"width":176,"height":10}},{"id":"af61061e-b2e1-4a0d-bc70-64ce8b00412f","block_type":"box","text":"Appendix 2","page_number":513,"box":{"x":295,"y":901,"width":90,"height":12}},{"id":"b74208b0-e7d9-4c75-8b2a-f948fb478f0f","block_type":"box","text":"of this Supplement.","page_number":513,"box":{"x":386,"y":901,"width":147,"height":12}},{"id":"0921794b-1637-42b1-b3ee-0a613dfab86b","block_type":"box","text":"4","page_number":514,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"c2101b86-4873-494d-b24b-f732c2a50930","block_type":"box","text":"VG001-001/M85660-892520263-23541/1","page_number":514,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"b2897940-f0d8-4058-8903-0ce93f093d6b","block_type":"box","text":"Other Investment Strategies","page_number":514,"box":{"x":120,"y":87,"width":221,"height":12}},{"id":"077b020c-db90-40a2-ada9-3e8ccf6a26c9","block_type":"box","text":"The screening criteria described in the section headed Primary Investment Strategies are applied only to","page_number":514,"box":{"x":119,"y":102,"width":761,"height":12}},{"id":"70155823-aeff-47af-a9dd-6ddd0ce2aa31","block_type":"box","text":"securities in the Index.","page_number":514,"box":{"x":120,"y":117,"width":165,"height":9}},{"id":"815e6d49-02f6-4b7d-8284-81e7697bc991","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":514,"box":{"x":119,"y":147,"width":705,"height":12}},{"id":"dc0b961f-0dbb-45c5-a7a4-867066cc4fd8","block_type":"box","text":"OTC","page_number":514,"box":{"x":827,"y":147,"width":38,"height":9}},{"id":"f8773566-c2e2-4024-801f-aba7bd73cd84","block_type":"box","text":"”)","page_number":514,"box":{"x":867,"y":147,"width":13,"height":12}},{"id":"6a8fb690-9395-442b-9896-b61d56af4859","block_type":"box","text":"financial derivative instruments (“","page_number":514,"box":{"x":119,"y":162,"width":259,"height":12}},{"id":"414f28e9-960c-4690-a16f-61cb475204e2","block_type":"box","text":"FDI","page_number":514,"box":{"x":380,"y":162,"width":31,"height":9}},{"id":"4fcae66e-eb7f-47c8-a94f-158620dcbc57","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":514,"box":{"x":412,"y":162,"width":467,"height":12}},{"id":"28d7802a-d306-4268-b8a8-c70614a7870e","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":514,"box":{"x":119,"y":177,"width":759,"height":12}},{"id":"0693241a-88be-464d-94d3-fa735c3a2a31","block_type":"box","text":"Appendix 4","page_number":514,"box":{"x":119,"y":192,"width":90,"height":12}},{"id":"d62b811b-a101-4a8c-89e7-4ff19dbb4ab8","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":514,"box":{"x":209,"y":192,"width":671,"height":12}},{"id":"a1e46aad-eefb-4fb2-b56d-2dca35949469","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":514,"box":{"x":119,"y":207,"width":759,"height":12}},{"id":"589a3cba-c80f-4c95-886c-67a316254d28","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":514,"box":{"x":119,"y":222,"width":759,"height":12}},{"id":"088198b9-529d-4c7d-8f7a-48b30a64c4f5","block_type":"box","text":"time of investment.","page_number":514,"box":{"x":119,"y":237,"width":142,"height":9}},{"id":"aa07a9d4-e171-48dd-bcfa-bd4fb9480002","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":514,"box":{"x":120,"y":267,"width":407,"height":12}},{"id":"ab98e8b8-9067-4b49-8fd7-635dec5c1b0c","block_type":"box","text":"","page_number":514,"box":{"x":119,"y":299,"width":6,"height":4}},{"id":"7f276ec2-44e0-4565-ac88-8a815ee59f5c","block_type":"box","text":"single name credit default swaps (“","page_number":514,"box":{"x":150,"y":296,"width":260,"height":12}},{"id":"41767961-1155-4bb3-8b40-699e4458713d","block_type":"box","text":"CDS","page_number":514,"box":{"x":412,"y":297,"width":36,"height":9}},{"id":"b0599b54-a0ae-427d-a5d4-b5e1ed8b1270","block_type":"box","text":"”) and","page_number":514,"box":{"x":449,"y":296,"width":50,"height":12}},{"id":"68fe8477-0106-4414-97e9-4166c9a44d68","block_type":"box","text":"credit-default swap indices (for example, CDX and","page_number":514,"box":{"x":500,"y":296,"width":379,"height":12}},{"id":"b343cbd4-4a5b-4b13-932c-e3296af3f181","block_type":"box","text":"iTraxx) which may be used to hedge credit exposure to a particular issuer, maturity or seniority of","page_number":514,"box":{"x":149,"y":311,"width":730,"height":12}},{"id":"076c8dc6-8fbf-4387-b0bc-513aaa70f84c","block_type":"box","text":"debt issuance represented in the Index or, in the case of CDS indices, to a particular sector of the","page_number":514,"box":{"x":150,"y":326,"width":728,"height":12}},{"id":"d9752eee-7d0e-48e8-968d-92c296b0997e","block_type":"box","text":"fixed income market or to gain efficient exposure to the foregoing from a costs and/or risk","page_number":514,"box":{"x":150,"y":341,"width":729,"height":12}},{"id":"a4f9c47e-b67d-41b8-877c-93002b58d7d3","block_type":"box","text":"perspective, for example during periods of illiquidity in the bond markets;","page_number":514,"box":{"x":149,"y":356,"width":546,"height":12}},{"id":"24d9cb48-07bf-4094-94ba-666d10e2e3ef","block_type":"box","text":"","page_number":514,"box":{"x":119,"y":388,"width":6,"height":4}},{"id":"3bc3297d-5408-4da1-8b31-26d22909eeaa","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":514,"box":{"x":149,"y":386,"width":730,"height":12}},{"id":"c5b157a4-8dc6-4227-aff5-932a537fb13e","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":514,"box":{"x":150,"y":401,"width":731,"height":12}},{"id":"302312af-050a-47ee-9f30-31df98e2644c","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":514,"box":{"x":149,"y":416,"width":731,"height":12}},{"id":"629cc469-8bb2-4c5d-9a94-ebf41ec0c25f","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":514,"box":{"x":149,"y":431,"width":729,"height":12}},{"id":"f2d9dc50-6a40-485c-9c8a-863ad0adde46","block_type":"box","text":"tracking error;","page_number":514,"box":{"x":149,"y":446,"width":105,"height":12}},{"id":"aca5856e-4299-45a2-bad3-5c3de6f692b3","block_type":"box","text":"","page_number":514,"box":{"x":119,"y":477,"width":6,"height":5}},{"id":"a0a0cc66-7c4e-4735-86a2-4e772ebdba25","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":514,"box":{"x":149,"y":475,"width":730,"height":12}},{"id":"9fce1c87-e941-4c13-a70f-baeb634a5f0a","block_type":"box","text":"portfolio;","page_number":514,"box":{"x":149,"y":490,"width":74,"height":12}},{"id":"0cfb9602-e101-459c-9fbd-46852791ed70","block_type":"box","text":"","page_number":514,"box":{"x":119,"y":522,"width":6,"height":4}},{"id":"99f2b84b-20f6-4307-ab5c-5c91007f186f","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":514,"box":{"x":150,"y":519,"width":739,"height":12}},{"id":"38bec4b5-8a8b-448a-8e12-4ae5e1d44bf6","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short-term basis and/or to achieve","page_number":514,"box":{"x":149,"y":534,"width":731,"height":12}},{"id":"71414929-5c6c-4e49-bc24-1e4c04d90d57","block_type":"box","text":"cost efficiencies; and","page_number":514,"box":{"x":150,"y":549,"width":159,"height":12}},{"id":"670b96b0-3772-4a24-b52b-b3e59256be70","block_type":"box","text":"","page_number":514,"box":{"x":119,"y":581,"width":6,"height":4}},{"id":"71047e43-7b34-4b2a-a54e-cd4a4afcba3a","block_type":"box","text":"forward foreign exchange contracts, which are agreements between parties to exchange fixed","page_number":514,"box":{"x":150,"y":579,"width":729,"height":12}},{"id":"13f8bed5-cc60-4ffd-aebc-4cf9588f4dd1","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":514,"box":{"x":150,"y":594,"width":729,"height":12}},{"id":"04d9fa6d-9a66-4f4a-9c18-1d3d1ed1ccf6","block_type":"box","text":"foreign exchange contracts are similar to currency futures, except that they are not exchange-traded,","page_number":514,"box":{"x":150,"y":609,"width":730,"height":12}},{"id":"20b37ae5-be4f-4a98-a7a7-e7e0d7835725","block_type":"box","text":"but are instead over the counter instruments. Forward foreign exchange contracts may be used to","page_number":514,"box":{"x":149,"y":624,"width":730,"height":12}},{"id":"8b6a2658-2fed-4107-87ed-ce4160052505","block_type":"box","text":"manage currency exposures. Non-deliverable forward foreign exchange contracts may be used for","page_number":514,"box":{"x":149,"y":639,"width":730,"height":12}},{"id":"f8906662-7d42-497f-b3e0-53ea7ad64998","block_type":"box","text":"the same reasons. They differ from standard forward foreign exchange contracts in that at least one","page_number":514,"box":{"x":149,"y":654,"width":730,"height":12}},{"id":"4cbe9897-3b51-4c87-9d29-228fd85523f5","block_type":"box","text":"of the currencies in the transaction is not permitted to be delivered in settlement of any profit or loss","page_number":514,"box":{"x":150,"y":669,"width":730,"height":12}},{"id":"3e582fcf-f5d0-41f9-b151-bbd14af541e8","block_type":"box","text":"resulting from the transaction. Typically, profit or loss in this case will be delivered in US Dollars or","page_number":514,"box":{"x":149,"y":684,"width":731,"height":12}},{"id":"2b3bc616-8969-4c63-a59d-9eebb09955f6","block_type":"box","text":"Euro.","page_number":514,"box":{"x":150,"y":700,"width":38,"height":8}},{"id":"ad066eb0-c349-4fdc-911e-6d8f6779e668","block_type":"box","text":"See","page_number":514,"box":{"x":120,"y":729,"width":29,"height":8}},{"id":"00ca538e-89b9-48c9-bcb0-9f0a929cdc14","block_type":"box","text":"Appendix 4","page_number":514,"box":{"x":149,"y":728,"width":90,"height":12}},{"id":"96aa2c4a-783a-429a-971c-21e7c2e4cba2","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":514,"box":{"x":239,"y":728,"width":642,"height":12}},{"id":"e770d2f1-1843-49c5-86aa-a905d939e093","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":514,"box":{"x":119,"y":743,"width":760,"height":12}},{"id":"9921d507-adfa-4777-b099-893f03c414f5","block_type":"box","text":"usage at any time. Investors should note that FDI’s on an index (e.g. swaps, futures) may contain some","page_number":514,"box":{"x":119,"y":758,"width":760,"height":12}},{"id":"e7ed00d7-738f-430f-ac33-32e89d4da04d","block_type":"box","text":"underlying constituents which may not adhere to the relevant screening criteria applied by the Index. See","page_number":514,"box":{"x":119,"y":773,"width":761,"height":12}},{"id":"5d40e1b8-6433-4ff5-b75b-897c45e9ea8b","block_type":"box","text":"Appendix 4","page_number":514,"box":{"x":119,"y":788,"width":89,"height":12}},{"id":"9f3e40ab-1112-4a1e-8fd9-26e3fa4c5794","block_type":"box","text":"of the Prospectus for further information on leverage and the calculation of global exposure.","page_number":514,"box":{"x":209,"y":788,"width":671,"height":12}},{"id":"6acd189d-b8c3-45f6-9732-01bf04554996","block_type":"box","text":"The Fund may, for the purpose of posting eligible collateral in respect of FDI transactions, invest in","page_number":514,"box":{"x":119,"y":818,"width":760,"height":12}},{"id":"341cae70-9d95-4218-a7dd-3bf9d11d3384","block_type":"box","text":"bonds (such as government bonds), which may not meet the relevant screening criteria applied by the","page_number":514,"box":{"x":119,"y":833,"width":760,"height":12}},{"id":"90022d94-56ad-46fe-b693-36b298a2a434","block_type":"box","text":"Index. In respect of FDI transactions, the Fund may also be required to receive collateral which may not","page_number":514,"box":{"x":119,"y":848,"width":761,"height":12}},{"id":"14c4295a-7046-4fb2-9e28-37b19112a4e8","block_type":"box","text":"adhere to the relevant screening criteria applied by the Index.","page_number":514,"box":{"x":119,"y":863,"width":451,"height":12}},{"id":"e663c323-82eb-46f6-ba6a-e723064da9a0","block_type":"box","text":"5","page_number":515,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"98c5efdf-f927-41b4-bd7b-8a2c080c72ee","block_type":"box","text":"VG001-001/M85660-892520263-23541/1","page_number":515,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"8c2e015d-b05d-4de0-a868-564158bce5c7","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":515,"box":{"x":119,"y":87,"width":762,"height":12}},{"id":"48e8557a-84e4-43ef-b432-bc8f27b8185c","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":515,"box":{"x":120,"y":102,"width":740,"height":12}},{"id":"27988bd9-c080-46b5-b275-a1996b8dad94","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":515,"box":{"x":119,"y":131,"width":760,"height":12}},{"id":"6b6e8bc4-ca36-4173-8a94-836054e00421","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":515,"box":{"x":119,"y":146,"width":759,"height":12}},{"id":"4f573d29-aec0-40fd-aaef-4c6d41863821","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":515,"box":{"x":119,"y":161,"width":759,"height":12}},{"id":"1a8aa155-ba0a-4126-ab0f-1229e93fa501","block_type":"box","text":"the Company. 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This file contains a","page_number":515,"box":{"x":119,"y":615,"width":761,"height":12}},{"id":"365bf494-f87e-4ac8-8442-b90981174dd6","block_type":"box","text":"basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":515,"box":{"x":119,"y":630,"width":760,"height":12}},{"id":"fbd21648-7b68-4e14-af07-5eb65580a5b2","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":515,"box":{"x":119,"y":646,"width":759,"height":11}},{"id":"d8edc52f-bc64-4d53-979b-587d7f268f1f","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":515,"box":{"x":119,"y":660,"width":364,"height":12}},{"id":"55effc3e-441c-4dfd-a9d5-f00d65d261a1","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":515,"box":{"x":119,"y":690,"width":450,"height":12}},{"id":"6f50d257-f5e9-4b58-9400-7355648020bb","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":515,"box":{"x":570,"y":690,"width":310,"height":12}},{"id":"7d917a5d-7c5a-40bb-8c1d-e6d0e044c48c","block_type":"box","text":"holdings-disclosure-policy.pdf","page_number":515,"box":{"x":119,"y":705,"width":226,"height":12}},{"id":"075f1fde-b47a-4de7-ae77-8b815620bd60","block_type":"box","text":", including details of the periodic disclosure of full holdings.","page_number":515,"box":{"x":346,"y":705,"width":444,"height":12}},{"id":"777853b0-9bda-4cf2-a984-736f3ab24117","block_type":"box","text":"Primary Risks","page_number":515,"box":{"x":119,"y":735,"width":114,"height":12}},{"id":"09aecdfe-ce77-4c96-8b27-d3abca68f24f","block_type":"box","text":"In addition to the risks set out below, please refer to the section of the Prospectus entitled “","page_number":515,"box":{"x":119,"y":767,"width":654,"height":12}},{"id":"b999a98c-1b32-4798-ae07-7ebcd25e5d51","block_type":"box","text":"Risk Factors","page_number":515,"box":{"x":774,"y":767,"width":98,"height":9}},{"id":"f1f62e4c-7278-491c-9ada-b2d2c6f4bdef","block_type":"box","text":"”","page_number":515,"box":{"x":873,"y":768,"width":7,"height":3}},{"id":"0dfaa03b-59a3-4ea5-8ac9-c74cddeec947","block_type":"box","text":"for information in relation to the risks applicable to an investment in the Company, including any","page_number":515,"box":{"x":119,"y":782,"width":760,"height":12}},{"id":"bf3b161f-3293-4ca2-a28f-2cf2d2532305","block_type":"box","text":"investment in the Fund, in particular the risk factors entitled “Sustainability Risk”, “Index Risks”, “Index","page_number":515,"box":{"x":119,"y":797,"width":761,"height":12}},{"id":"e89abd3f-20e5-4323-91d4-3bf2bf698796","block_type":"box","text":"Tracking Risk”, “Index Accuracy Risk”, “","page_number":515,"box":{"x":119,"y":812,"width":325,"height":12}},{"id":"a854a0df-2f2e-4234-b714-e59f6fee96f6","block_type":"box","text":"Index Unscheduled Rebalancing Risk”,","page_number":515,"box":{"x":446,"y":812,"width":297,"height":12}},{"id":"1e047783-0059-48cf-ba9f-5adc3ac315f4","block_type":"box","text":"“Index Sampling","page_number":515,"box":{"x":745,"y":812,"width":135,"height":12}},{"id":"ab76f001-127a-4e8a-bd15-a044dcba9413","block_type":"box","text":"Risks”, “Currency Risk” and “Emerging Markets Risks”:","page_number":515,"box":{"x":119,"y":827,"width":421,"height":12}},{"id":"f73e2186-f540-444c-91bc-0692db4a7ec0","block_type":"box","text":"Risks of investment in subordinate and callable bonds","page_number":515,"box":{"x":119,"y":857,"width":398,"height":12}},{"id":"b0421cb0-b43e-4136-8e8b-b2e2633a5d53","block_type":"box","text":":","page_number":515,"box":{"x":519,"y":860,"width":2,"height":7}},{"id":"b66e281f-5028-4f5c-bc3b-e158a2e36832","block_type":"box","text":"The Fund may invest in callable bonds. 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For example, the Investment Manager may acquire newly issued bonds which meet all of the","page_number":531,"box":{"x":119,"y":542,"width":762,"height":12}},{"id":"4f42581a-ab02-4dc5-bbb2-9e96c405adc5","block_type":"box","text":"requirements for inclusion in the Index in anticipation of such bonds being represented in the Index when","page_number":531,"box":{"x":119,"y":557,"width":762,"height":12}},{"id":"8e6a4f2a-2ea3-43c0-bae7-1f41e96081ba","block_type":"box","text":"it next rebalances.","page_number":531,"box":{"x":119,"y":572,"width":138,"height":10}},{"id":"8bd228e0-8a41-4a29-914f-f7da0b36c6b2","block_type":"box","text":"The bonds in which the Fund will invest will meet the credit rating requirements of the Index (generally,","page_number":531,"box":{"x":119,"y":602,"width":761,"height":12}},{"id":"a85e8946-34bd-4fe3-9a59-24f51d5a56b4","block_type":"box","text":"investment grade). In circumstances where constituent securities of the Index that are held by the Fund","page_number":531,"box":{"x":119,"y":617,"width":761,"height":12}},{"id":"ab0b13f6-de8e-48d2-9955-3daee7394087","block_type":"box","text":"are downgraded or have their rating withdrawn, such securities may continue to be held by the Fund until","page_number":531,"box":{"x":119,"y":633,"width":762,"height":11}},{"id":"37647517-3983-4336-a698-265ccce89afe","block_type":"box","text":"such time as they cease to form part of the Index and/or the positions can be liquidated by the Investment","page_number":531,"box":{"x":120,"y":647,"width":761,"height":12}},{"id":"4bf5b66b-9135-478a-8662-faec17d2803f","block_type":"box","text":"Manager bearing in mind the best interests of Shareholders.","page_number":531,"box":{"x":119,"y":662,"width":445,"height":12}},{"id":"8f12c4ea-39e0-492c-a92f-086fd35b6ec7","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":531,"box":{"x":119,"y":692,"width":759,"height":12}},{"id":"f790f265-cdd7-49b7-a826-22f23fcaf0b7","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":531,"box":{"x":119,"y":707,"width":382,"height":12}},{"id":"094091b6-92eb-47fe-b192-046c0b4e9360","block_type":"box","text":"Appendix 5","page_number":531,"box":{"x":502,"y":707,"width":90,"height":12}},{"id":"72f4bdbf-fb65-4b17-b147-5eb8025c0fa4","block_type":"box","text":"of the Prospectus.","page_number":531,"box":{"x":592,"y":707,"width":136,"height":12}},{"id":"6d0cc67c-1d49-4f30-878c-925d49dbef7e","block_type":"box","text":"The Index rebalances on a monthly basis. For potential cost impacts of rebalancing, please see the","page_number":531,"box":{"x":119,"y":736,"width":760,"height":12}},{"id":"8dc4d3aa-7bb2-485f-bbd9-2bfa05133015","block_type":"box","text":"section of the Prospectus headed “","page_number":531,"box":{"x":120,"y":751,"width":250,"height":12}},{"id":"0eb52b22-8531-4689-ba4c-bd933203beea","block_type":"box","text":"Index rebalancing and costs","page_number":531,"box":{"x":371,"y":751,"width":218,"height":12}},{"id":"0927506a-c1cf-4c54-8120-bd56c67f415b","block_type":"box","text":"”. Further information in relation to the","page_number":531,"box":{"x":590,"y":751,"width":290,"height":9}},{"id":"6866e845-10f1-44a2-ab66-2f6ef2ba60d7","block_type":"box","text":"Index, including details as to its exact composition, can be obtained at","page_number":531,"box":{"x":119,"y":766,"width":761,"height":12}},{"id":"f2888201-a773-4a04-a687-781ad3cd63c6","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/bloomberg-fixed-income-indices/#/ucits","page_number":531,"box":{"x":119,"y":781,"width":728,"height":12}},{"id":"222c198b-3879-4d6c-b313-d532e15fe32f","block_type":"box","text":".","page_number":531,"box":{"x":850,"y":789,"width":2,"height":1}},{"id":"704aa5f6-4675-4487-81a2-3b0100bf3abe","block_type":"box","text":"Other Investment Strategies","page_number":531,"box":{"x":120,"y":811,"width":221,"height":12}},{"id":"7a5cdc2e-49cc-4e94-8714-580dc9e312c4","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":531,"box":{"x":119,"y":846,"width":705,"height":12}},{"id":"a608ffe0-2987-4c95-a205-01ddb27ae965","block_type":"box","text":"OTC","page_number":531,"box":{"x":827,"y":846,"width":38,"height":9}},{"id":"be5bdd5d-035d-46d5-b388-c1af5063e914","block_type":"box","text":"”)","page_number":531,"box":{"x":867,"y":846,"width":13,"height":12}},{"id":"8e9cec0c-d4bd-47f2-97b0-12535cfbac38","block_type":"box","text":"financial derivative instruments (“","page_number":531,"box":{"x":119,"y":861,"width":259,"height":12}},{"id":"0936b5de-c34e-4dd7-a1a3-ac7c064cc1c4","block_type":"box","text":"FDI","page_number":531,"box":{"x":380,"y":861,"width":31,"height":9}},{"id":"c7736d32-1d46-4fba-9083-016060a92bbc","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":531,"box":{"x":412,"y":861,"width":467,"height":12}},{"id":"3558dded-1a07-4490-bb50-6a6ccc86d78b","block_type":"box","text":"efficient portfolio management","page_number":531,"box":{"x":119,"y":876,"width":235,"height":12}},{"id":"15e00deb-74f4-42cf-b29a-0684c81fd08c","block_type":"box","text":"and / or hedging","page_number":531,"box":{"x":355,"y":876,"width":126,"height":12}},{"id":"173b59c2-08e0-4ae2-9087-3f648f64780c","block_type":"box","text":"purposes only, as appropriate, and in accordance with","page_number":531,"box":{"x":481,"y":876,"width":398,"height":12}},{"id":"7ec6146d-e53f-4433-9785-dbb7f49b5924","block_type":"box","text":"Appendix 4","page_number":531,"box":{"x":119,"y":891,"width":90,"height":12}},{"id":"d1b196e2-34fa-42e4-9694-c7c3adc981b0","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":531,"box":{"x":209,"y":891,"width":671,"height":12}},{"id":"b7ed9ffd-40ec-4257-97ee-07da4021fd27","block_type":"box","text":"2","page_number":531,"box":{"x":435,"y":923,"width":8,"height":8}},{"id":"e8256aa0-9d3c-4f03-aa24-ceb533b0ee2f","block_type":"box","text":"VG001-001/M85660-892520263-23540/1","page_number":532,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"8e376272-d028-4f1c-b077-6f6f3f1cbc80","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":532,"box":{"x":119,"y":62,"width":759,"height":11}},{"id":"2c48c5a1-8cce-4e91-af18-c2a994818786","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":532,"box":{"x":119,"y":76,"width":759,"height":12}},{"id":"ae4b5f12-f010-4ccd-a25d-71e7caef189b","block_type":"box","text":"time of the 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and","page_number":532,"box":{"x":500,"y":150,"width":379,"height":12}},{"id":"170a0d93-d6b3-453f-952a-a6ad38650ec3","block_type":"box","text":"iTraxx) which may be used to hedge credit exposure to a particular issuer, maturity or seniority of","page_number":532,"box":{"x":149,"y":165,"width":730,"height":12}},{"id":"bfa03d57-2427-42d2-8d50-af956a6fd723","block_type":"box","text":"debt issuance represented in the Index or, in the case of CDS indices, to a particular sector of the","page_number":532,"box":{"x":150,"y":180,"width":729,"height":12}},{"id":"f8483faa-6dfd-4e5b-9a88-dbf3a135c01f","block_type":"box","text":"fixed income market or to gain efficient exposure to the foregoing from a costs and/or risk","page_number":532,"box":{"x":150,"y":195,"width":729,"height":12}},{"id":"af511337-4039-430c-8ade-2771194f446d","block_type":"box","text":"perspective, for example during periods of illiquidity in the bond markets;","page_number":532,"box":{"x":149,"y":210,"width":546,"height":12}},{"id":"b3d59411-8711-4229-b06b-65e9f9090736","block_type":"box","text":"","page_number":532,"box":{"x":119,"y":242,"width":6,"height":4}},{"id":"d1bd1b32-5867-4951-85ca-571195e2f343","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":532,"box":{"x":149,"y":239,"width":730,"height":12}},{"id":"b701d644-dcd8-48c3-9bb5-37483c34b41a","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":532,"box":{"x":150,"y":254,"width":731,"height":12}},{"id":"70a0c448-4201-45db-bf29-55d31cc4edfb","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":532,"box":{"x":149,"y":269,"width":731,"height":13}},{"id":"102cc7bd-fe54-4c18-8259-b8e3af8ffa8f","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":532,"box":{"x":149,"y":285,"width":729,"height":11}},{"id":"38439037-ff59-4476-a187-ea3ccd624244","block_type":"box","text":"tracking error","page_number":532,"box":{"x":149,"y":300,"width":101,"height":12}},{"id":"3903d05f-3b89-49ba-a4fc-a93de60f2306","block_type":"box","text":";","page_number":532,"box":{"x":251,"y":303,"width":3,"height":8}},{"id":"434d2d8c-ba63-4234-a233-0dd35bd44dc0","block_type":"box","text":"","page_number":532,"box":{"x":119,"y":331,"width":6,"height":5}},{"id":"aea1c056-deb2-407e-bf63-35fd397bcec5","block_type":"box","text":"FX swaps","page_number":532,"box":{"x":150,"y":329,"width":77,"height":12}},{"id":"a7b673f7-320c-43c6-a44e-f6c7dbb4c299","block_type":"box","text":"to manage exchange rate/currency risk arising in the portfolio or to benefit directly from","page_number":532,"box":{"x":227,"y":329,"width":652,"height":12}},{"id":"ce19e127-6ec9-420d-8e70-1341f7dc5e59","block_type":"box","text":"changes in currency exchange rates","page_number":532,"box":{"x":150,"y":344,"width":260,"height":12}},{"id":"9c6ce2c2-6494-4b66-879b-3626f69d1e8e","block_type":"box","text":";","page_number":532,"box":{"x":412,"y":347,"width":8,"height":8}},{"id":"6047828d-8ab1-4427-a0e3-4b2c67b3805c","block_type":"box","text":"","page_number":532,"box":{"x":119,"y":376,"width":6,"height":4}},{"id":"8b27ee49-8d11-44bf-a53b-5628a4480cf6","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":532,"box":{"x":149,"y":373,"width":730,"height":12}},{"id":"cd522e1d-ef6a-451e-a5fe-d2a746dc9e38","block_type":"box","text":"portfolio;","page_number":532,"box":{"x":149,"y":388,"width":74,"height":12}},{"id":"ce1d9c6e-bd66-4147-9dcd-0d6e5572e584","block_type":"box","text":"","page_number":532,"box":{"x":119,"y":420,"width":6,"height":4}},{"id":"b7968d9e-12af-4206-a6c0-f12b4ca0efe3","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":532,"box":{"x":150,"y":417,"width":739,"height":12}},{"id":"9f087635-8458-4e4e-8030-c17ed8bc87dd","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":532,"box":{"x":149,"y":432,"width":731,"height":12}},{"id":"951a7dd9-e131-406a-95c5-5f2a0b8aa67c","block_type":"box","text":"cost efficiencies; and","page_number":532,"box":{"x":150,"y":447,"width":159,"height":12}},{"id":"9987e3b3-a17f-4055-a9e2-8d613752db52","block_type":"box","text":"","page_number":532,"box":{"x":119,"y":479,"width":6,"height":5}},{"id":"9e86a68b-8cac-4e30-a9a7-5456a4dc778c","block_type":"box","text":"forward foreign exchange contracts, which are agreements between parties to exchange fixed","page_number":532,"box":{"x":150,"y":477,"width":729,"height":12}},{"id":"a3131326-078b-48ff-a191-48e1e49aefc0","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":532,"box":{"x":150,"y":492,"width":729,"height":12}},{"id":"365b7421-6389-4107-b739-c9da48414a3e","block_type":"box","text":"foreign exchange contracts are similar to currency futures, except that they are not exchange-traded,","page_number":532,"box":{"x":150,"y":507,"width":730,"height":12}},{"id":"c80b3946-490f-4761-a8a9-f5451e27c906","block_type":"box","text":"but are instead over the counter instruments. Forward foreign exchange contracts may be used to","page_number":532,"box":{"x":149,"y":522,"width":730,"height":12}},{"id":"d41895c9-bf9e-4186-aa71-54f49377f9ed","block_type":"box","text":"manage currency exposures.","page_number":532,"box":{"x":149,"y":539,"width":214,"height":10}},{"id":"9006ecf2-49f1-43e2-992f-cab74e0d81fb","block_type":"box","text":"See","page_number":532,"box":{"x":120,"y":567,"width":29,"height":8}},{"id":"e81bf792-39ea-47ec-aac1-b51b94c89ea8","block_type":"box","text":"Appendix 4","page_number":532,"box":{"x":149,"y":566,"width":90,"height":12}},{"id":"d23da09f-79f8-4713-88e8-5ce0e287971a","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":532,"box":{"x":239,"y":566,"width":642,"height":12}},{"id":"82874f13-b0a8-47cc-b565-93c808ec0886","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":532,"box":{"x":119,"y":581,"width":760,"height":12}},{"id":"bb1cfd19-d070-413a-a852-c8cf2b203c57","block_type":"box","text":"usage at any time. See","page_number":532,"box":{"x":119,"y":597,"width":175,"height":11}},{"id":"daa2f40b-175a-43b8-8bcb-731d21c844f8","block_type":"box","text":"Appendix 4","page_number":532,"box":{"x":303,"y":596,"width":93,"height":12}},{"id":"24406677-3a2e-4a22-b161-aa3c290bfaa5","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":532,"box":{"x":397,"y":596,"width":482,"height":12}},{"id":"0a4c1126-5950-4534-a69f-7a57d27aa12c","block_type":"box","text":"calculation of global exposure.","page_number":532,"box":{"x":119,"y":611,"width":226,"height":12}},{"id":"46355738-22c9-499e-a8a9-1fe720b1b4da","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":532,"box":{"x":119,"y":641,"width":762,"height":12}},{"id":"7b41c16b-2c29-4d5a-8c32-08ee2d189ec4","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date","page_number":532,"box":{"x":120,"y":656,"width":736,"height":12}},{"id":"eab139cc-218d-4223-950c-8135880ca908","block_type":"box","text":".","page_number":532,"box":{"x":859,"y":663,"width":2,"height":2}},{"id":"18ccfdba-f1ca-4822-8a24-dc66254af36b","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":532,"box":{"x":119,"y":685,"width":760,"height":12}},{"id":"04d592ad-eb36-4c97-8aa6-5ea086688771","block_type":"box","text":"Bank, invest in other Funds of the Company and other collective investment undertakings including","page_number":532,"box":{"x":119,"y":700,"width":759,"height":12}},{"id":"2e7796ac-5716-48ef-bde0-fab243ffbac2","block_type":"box","text":"exchange traded funds and undertakings linked by common management or control to each other or to","page_number":532,"box":{"x":119,"y":715,"width":759,"height":12}},{"id":"5bf05313-1ff0-45a7-a932-a84de1f64db9","block_type":"box","text":"the Company. See","page_number":532,"box":{"x":119,"y":730,"width":137,"height":12}},{"id":"18f4f6df-9cf7-4587-87b1-c4436f08f508","block_type":"box","text":"Appendix 3","page_number":532,"box":{"x":257,"y":730,"width":89,"height":12}},{"id":"889cbcb1-c111-41c0-bed9-bd75faf9a463","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":532,"box":{"x":347,"y":730,"width":533,"height":12}},{"id":"5aa63533-4620-4ede-82e8-e3590f07174e","block_type":"box","text":"schemes, including other funds of the Company.","page_number":532,"box":{"x":120,"y":745,"width":356,"height":12}},{"id":"ffabe442-fdf8-4120-be00-968db183019e","block_type":"box","text":"The Fund may also enter into reverse repurchase agreements for the purpose of efficient portfolio","page_number":532,"box":{"x":119,"y":774,"width":760,"height":12}},{"id":"1c344a0d-f43f-4f1c-aea0-51f3e4b2ac99","block_type":"box","text":"management.","page_number":532,"box":{"x":119,"y":791,"width":97,"height":10}},{"id":"2be3bdd1-c515-45b7-bdf3-246f0315dd99","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":532,"box":{"x":119,"y":818,"width":760,"height":13}},{"id":"76edae0b-ceb3-4403-a38e-a8a0abc61ad3","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":532,"box":{"x":119,"y":834,"width":760,"height":12}},{"id":"120fa8e5-967a-4222-8132-9522a254e564","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":532,"box":{"x":119,"y":849,"width":760,"height":12}},{"id":"d2bd86f8-55ae-458c-89cb-74f8588df959","block_type":"box","text":"Temporary Investment Measures","page_number":532,"box":{"x":119,"y":878,"width":263,"height":12}},{"id":"982ce688-acd4-4272-904f-a13ec6ee4d67","block_type":"box","text":"3","page_number":532,"box":{"x":435,"y":923,"width":8,"height":8}},{"id":"97a155b2-e52a-4c46-b95a-78408ae1ffef","block_type":"box","text":"VG001-001/M85660-892520263-23540/1","page_number":533,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"450eea1e-f6ad-4343-8cdc-c67dfb5542ce","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":533,"box":{"x":119,"y":61,"width":760,"height":12}},{"id":"e2582227-9d8d-4fd6-b9af-878aa6f0c723","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":533,"box":{"x":119,"y":76,"width":760,"height":12}},{"id":"8816c0fc-5a1b-4ad0-bce7-2e8944b67a5f","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":533,"box":{"x":119,"y":92,"width":760,"height":12}},{"id":"13b52bb7-0916-4f96-8fef-e0d99eb613b4","block_type":"box","text":"interests of Shareholders, the Fund may increase its holdings of cash and ancillary liquid assets. In doing","page_number":533,"box":{"x":119,"y":107,"width":762,"height":12}},{"id":"b87c2067-9977-44b5-8cbc-cc42a95d8651","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":533,"box":{"x":120,"y":122,"width":760,"height":12}},{"id":"b32f236e-f5f4-4e83-8d79-30847ee4703b","block_type":"box","text":"Tracking Error","page_number":533,"box":{"x":119,"y":151,"width":123,"height":12}},{"id":"2b489b0e-6191-476c-a220-f4bb6592032e","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":533,"box":{"x":119,"y":183,"width":759,"height":12}},{"id":"ba3d9b0a-7ae5-4cf6-a7e4-498316ddf5f5","block_type":"box","text":"Fund, will be up to 0.40%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":533,"box":{"x":119,"y":198,"width":760,"height":12}},{"id":"60442403-3584-4666-9936-9bdb4262d674","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":533,"box":{"x":119,"y":213,"width":760,"height":12}},{"id":"f2e25a8e-7d62-4056-ad76-8b841ec4ad37","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":533,"box":{"x":119,"y":228,"width":759,"height":12}},{"id":"dda4cfbc-ba58-4e51-9151-3e1671b58a3d","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":533,"box":{"x":119,"y":243,"width":760,"height":12}},{"id":"a500e84d-cd1a-4838-8c44-c8c231e05bc3","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":533,"box":{"x":119,"y":258,"width":760,"height":12}},{"id":"4f0df80b-7c09-40d4-93c6-330bb95f2efe","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":533,"box":{"x":119,"y":273,"width":759,"height":12}},{"id":"8cc965e8-713b-4f83-bd5b-49a41d85bf1d","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “","page_number":533,"box":{"x":119,"y":288,"width":511,"height":12}},{"id":"b5fd4953-2686-4670-b1de-bea2d2c7ff36","block_type":"box","text":"Plain Talk about Excess Return","page_number":533,"box":{"x":631,"y":288,"width":249,"height":10}},{"id":"40d7ecbd-4773-4a95-96b6-9208b86a182b","block_type":"box","text":"and Tracking Error","page_number":533,"box":{"x":119,"y":303,"width":157,"height":12}},{"id":"bdc36a02-0a4e-4702-9b4a-0c78f4075033","block_type":"box","text":"” for further information on Tracking Error.","page_number":533,"box":{"x":278,"y":303,"width":321,"height":12}},{"id":"fcfbb5cd-e740-441f-b2f8-ec41637ee581","block_type":"box","text":"Portfolio Information","page_number":533,"box":{"x":119,"y":333,"width":170,"height":9}},{"id":"bd007da1-a6de-42fa-a640-b593fbd551f2","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. This file contains a","page_number":533,"box":{"x":119,"y":365,"width":761,"height":12}},{"id":"5586e5f8-d79e-47ef-bf88-ba833ca72385","block_type":"box","text":"basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":533,"box":{"x":119,"y":380,"width":760,"height":12}},{"id":"2b989165-243a-4b9b-a361-e146cfd7400a","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":533,"box":{"x":119,"y":395,"width":759,"height":12}},{"id":"8a5993ce-c91a-485f-b51f-9836aa1107cb","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":533,"box":{"x":119,"y":410,"width":364,"height":12}},{"id":"7db90742-2637-4b34-ab67-ff94c2eb01e7","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":533,"box":{"x":119,"y":440,"width":450,"height":12}},{"id":"32bbbbbf-7f1e-4a2e-a268-1e0a49713748","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":533,"box":{"x":570,"y":440,"width":310,"height":12}},{"id":"29e56478-c8d7-4cad-80e1-ea9738ff4a30","block_type":"box","text":"holdings-disclosure-policy.pdf","page_number":533,"box":{"x":119,"y":455,"width":226,"height":12}},{"id":"4a04caf5-fa3f-485c-b728-171cef7336c9","block_type":"box","text":", including details of the periodic disclosure of full holdings.","page_number":533,"box":{"x":346,"y":455,"width":444,"height":12}},{"id":"e41a40dd-2144-498f-b2ef-c7cd0aad2d7c","block_type":"box","text":"Primary Risks","page_number":533,"box":{"x":119,"y":485,"width":114,"height":12}},{"id":"fec95090-0951-4b3c-919f-d7ccb10efc1d","block_type":"box","text":"In addition to the risks set out below, please refer to the section of the Prospectus entitled “","page_number":533,"box":{"x":119,"y":517,"width":654,"height":12}},{"id":"62c50e0c-fa29-4767-aac5-ec138090ca1c","block_type":"box","text":"Risk Factors","page_number":533,"box":{"x":774,"y":517,"width":98,"height":10}},{"id":"dfc179f5-510c-4edc-aa46-a38d2a4a5d3f","block_type":"box","text":"”","page_number":533,"box":{"x":873,"y":518,"width":7,"height":3}},{"id":"9a80730b-b89e-4222-a8b6-0826032d467a","block_type":"box","text":"for information in relation to the risks applicable to an investment in the Company, including any","page_number":533,"box":{"x":119,"y":532,"width":760,"height":12}},{"id":"68801ace-eee1-4d0b-9007-513e9335234a","block_type":"box","text":"investment in the Fund, in particular the risk factors entitled “Index Risks”, “Index Tracking Risk”,","page_number":533,"box":{"x":119,"y":547,"width":759,"height":12}},{"id":"65c9c4b3-6254-497c-b0a4-8bc1261f0099","block_type":"box","text":"“Index Accuracy Risk”, “Index Unscheduled Rebalancing Risk”, “Index Sampling Risks”, “Currency","page_number":533,"box":{"x":120,"y":562,"width":759,"height":12}},{"id":"e0f79935-a32f-412e-ba4f-83c03fe4e893","block_type":"box","text":"Risk” and “Credit and Fixed Interest Securities”:","page_number":533,"box":{"x":119,"y":578,"width":359,"height":9}},{"id":"7b306fc9-8589-44d9-97d5-13303eb5011e","block_type":"box","text":"Risks of investment in callable bonds","page_number":533,"box":{"x":119,"y":607,"width":273,"height":12}},{"id":"52a5c52f-c92c-4852-b2ab-e866282f4f5c","block_type":"box","text":":","page_number":533,"box":{"x":394,"y":610,"width":2,"height":7}},{"id":"305000ea-1ae7-48c4-8f19-13aaff5df57e","block_type":"box","text":"The Fund may invest in callable bonds. A callable bond is a bond that may be redeemed or ‘called’ by its","page_number":533,"box":{"x":119,"y":638,"width":761,"height":11}},{"id":"0b2805aa-b13b-4f71-b4ce-17ff1fa158d7","block_type":"box","text":"issuer (i.e. by returning the principal to the investor and ceasing coupon payments) before it matures,","page_number":533,"box":{"x":119,"y":653,"width":759,"height":12}},{"id":"6467fa47-a6b8-4d52-b16c-2857604d5e1b","block_type":"box","text":"usually subject to certain conditions or limits. 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The Fund employs a “passive management” – or indexing – investment approach, through","page_number":542,"box":{"x":119,"y":273,"width":762,"height":12}},{"id":"5743719f-89b8-4955-8c38-2ee2e7e83e99","block_type":"box","text":"physical acquisition of securities, designed to track the performance of the Index.","page_number":542,"box":{"x":118,"y":288,"width":602,"height":12}},{"id":"072b5f49-5e48-410d-9e15-8dd2e9fff035","block_type":"box","text":"The index is designed","page_number":542,"box":{"x":721,"y":288,"width":160,"height":12}},{"id":"a56c45d8-1b22-4a57-8932-2d9bfde3fb51","block_type":"box","text":"to reflect the universe of float adjusted fixed-rate, investment-grade, local currency government debt of","page_number":542,"box":{"x":118,"y":303,"width":762,"height":12}},{"id":"812bfb0d-2625-4b09-a8b2-7a4f5273c382","block_type":"box","text":"developed (as determined by the Index provider) countries","page_number":542,"box":{"x":119,"y":318,"width":433,"height":12}},{"id":"b45f6822-0944-427f-9947-d26f4596f5fc","block_type":"box","text":". 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For example, the Investment Manager may acquire newly issued","page_number":542,"box":{"x":119,"y":497,"width":762,"height":12}},{"id":"b1e77a9f-f261-4b59-a37a-ed97a661aac5","block_type":"box","text":"bonds which meet all of the requirements for inclusion in the Index in anticipation of such bonds being","page_number":542,"box":{"x":118,"y":512,"width":761,"height":12}},{"id":"4228688a-6790-4971-8b8a-f908b8ae15a9","block_type":"box","text":"represented in the Index when it next rebalances. The Fund will not invest in floating bonds.","page_number":542,"box":{"x":119,"y":527,"width":679,"height":12}},{"id":"a25cad67-ae35-4dc6-a0c1-1a6078c28aee","block_type":"box","text":"The bonds in which the Fund will invest will meet the credit rating requirements of the Index (generally,","page_number":542,"box":{"x":119,"y":557,"width":762,"height":12}},{"id":"c30df893-36f5-4580-bdfa-6e3cc0f47dab","block_type":"box","text":"investment grade). In circumstances where constituent securities of the Index that are held by the Fund","page_number":542,"box":{"x":119,"y":572,"width":760,"height":12}},{"id":"5a12107b-0a57-44ad-8905-02b230c95406","block_type":"box","text":"are downgraded or have their rating withdrawn, such securities may continue to be held by the Fund until","page_number":542,"box":{"x":119,"y":587,"width":762,"height":12}},{"id":"b5e4fcdd-b0a9-4ac5-8cf9-d5b12595ccf5","block_type":"box","text":"such time as they cease to form part of the Index and/or the positions can be liquidated by the Investment","page_number":542,"box":{"x":119,"y":602,"width":763,"height":12}},{"id":"0feb1f03-20d6-4836-a6d3-745f22e27388","block_type":"box","text":"Manager bearing in mind the best interests of Shareholders.","page_number":542,"box":{"x":119,"y":617,"width":444,"height":12}},{"id":"e57c68e6-a552-4f48-8a7d-d8732679b64e","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":542,"box":{"x":119,"y":647,"width":760,"height":12}},{"id":"cfd98da7-81a1-4373-be40-a9ec6be1e6ad","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":542,"box":{"x":119,"y":662,"width":382,"height":12}},{"id":"c7c2b214-fea1-4af9-a2c2-64bb4de6cf5e","block_type":"box","text":"Appendix 5","page_number":542,"box":{"x":501,"y":662,"width":90,"height":11}},{"id":"2b427aed-8a89-4f6a-b0e5-6f3b1081c196","block_type":"box","text":"of the Prospectus.","page_number":542,"box":{"x":592,"y":662,"width":135,"height":11}},{"id":"1bf2d3b5-602e-465b-8ca5-b1eccea0ecc7","block_type":"box","text":"The Index rebalances on a monthly basis. For potential cost impacts of rebalancing, please see the section","page_number":542,"box":{"x":119,"y":692,"width":762,"height":12}},{"id":"d5532726-07a0-4de1-81d9-3fe4e8590729","block_type":"box","text":"of the Prospectus headed “","page_number":542,"box":{"x":119,"y":707,"width":197,"height":12}},{"id":"c0ceb63c-dd9a-4e6f-9ec0-4c328f798c12","block_type":"box","text":"Index rebalancing and costs","page_number":542,"box":{"x":317,"y":707,"width":220,"height":12}},{"id":"0d79b068-e843-4305-8c9c-4147b5b2858d","block_type":"box","text":"”. Further information in relation to the Index,","page_number":542,"box":{"x":538,"y":707,"width":342,"height":11}},{"id":"3937702d-0788-45ac-8201-d9c304b15464","block_type":"box","text":"including details as to its exact composition, local currency minimum issue size and the specific issuers","page_number":542,"box":{"x":119,"y":722,"width":761,"height":12}},{"id":"0cc283f6-d3d0-4e78-adef-3f3538b7d5b2","block_type":"box","text":"subject to float adjustments, can be obtained at","page_number":542,"box":{"x":119,"y":737,"width":349,"height":12}},{"id":"da574a90-0dd1-4073-853f-7900d4e11ee0","block_type":"box","text":"https://www.bloomberg.com/indices","page_number":542,"box":{"x":469,"y":737,"width":269,"height":12}},{"id":"5a86aecc-ef7c-4d8b-b2f8-9e6d244cfbae","block_type":"box","text":".","page_number":542,"box":{"x":740,"y":744,"width":2,"height":2}},{"id":"6fea4195-6ed9-417f-9baf-03da3f615b4c","block_type":"box","text":"Other Investment Strategies","page_number":542,"box":{"x":119,"y":769,"width":221,"height":12}},{"id":"6eae8536-5b2b-4efe-911a-316b2aef450b","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the-counter (“","page_number":542,"box":{"x":119,"y":803,"width":706,"height":12}},{"id":"427d70cb-3164-4538-9292-062ccbba1198","block_type":"box","text":"OTC","page_number":542,"box":{"x":828,"y":804,"width":38,"height":9}},{"id":"480beedd-73da-4226-ab12-cd4560d6fc31","block_type":"box","text":"”)","page_number":542,"box":{"x":868,"y":803,"width":12,"height":12}},{"id":"2829bf28-dfda-4c82-bb3c-e53164dcdae6","block_type":"box","text":"financial derivative instruments (“","page_number":542,"box":{"x":119,"y":818,"width":259,"height":12}},{"id":"a23f37eb-68bb-4077-835d-3f35a84e2377","block_type":"box","text":"FDI","page_number":542,"box":{"x":380,"y":819,"width":30,"height":9}},{"id":"d1515e48-17a3-4108-8da3-cb4a7cdef45d","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":542,"box":{"x":412,"y":818,"width":468,"height":12}},{"id":"40b47ca5-6bb9-42f5-a877-fcf0f158c29f","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":542,"box":{"x":119,"y":833,"width":760,"height":12}},{"id":"3ab5127c-0f67-4aeb-af68-829868ae06cb","block_type":"box","text":"Appendix 4","page_number":542,"box":{"x":118,"y":849,"width":91,"height":11}},{"id":"85933761-988a-4a9d-9d4a-284ccb6b5804","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":542,"box":{"x":209,"y":848,"width":672,"height":12}},{"id":"a162841d-1769-444e-9338-e1273fd6c030","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":542,"box":{"x":118,"y":864,"width":762,"height":11}},{"id":"55dac3b0-3301-4daf-9a27-29585f59dd84","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":542,"box":{"x":119,"y":878,"width":760,"height":12}},{"id":"9609072e-37a7-4701-97f7-651f5deffbe9","block_type":"box","text":"time of investment.","page_number":542,"box":{"x":118,"y":894,"width":148,"height":9}},{"id":"6bcdaff7-c897-4881-8444-54636ba270cd","block_type":"box","text":"3","page_number":543,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"50c08923-c94d-41cb-a0e1-4c65424e4688","block_type":"box","text":"VG001-001/M85660-892520263-23539/1","page_number":543,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"bb600df5-b4c0-4d50-9852-fc6b43d31892","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":543,"box":{"x":119,"y":86,"width":407,"height":12}},{"id":"f3f3c43e-55c2-49c5-bde2-5c6464601309","block_type":"box","text":"","page_number":543,"box":{"x":118,"y":118,"width":6,"height":4}},{"id":"eea31be6-04d2-48bd-8590-d91ddd05ea06","block_type":"box","text":"single name credit default swaps (“","page_number":543,"box":{"x":149,"y":116,"width":261,"height":12}},{"id":"81fc7d3b-ad12-4c47-91f3-6065223c4d0f","block_type":"box","text":"CDS","page_number":543,"box":{"x":412,"y":116,"width":35,"height":9}},{"id":"0159309e-8aaf-42fd-a993-c60c028e72a2","block_type":"box","text":"”) and","page_number":543,"box":{"x":449,"y":116,"width":50,"height":12}},{"id":"aa9bd79d-42e9-40f9-95b5-dc5aa1bce59c","block_type":"box","text":"credit-default swap indices (for example, CDX and","page_number":543,"box":{"x":500,"y":116,"width":380,"height":12}},{"id":"4470ce7f-a44c-4fe3-a48b-e5a50df86d12","block_type":"box","text":"iTraxx) which may be used to hedge credit exposure to a particular issuer, maturity or seniority of","page_number":543,"box":{"x":149,"y":131,"width":731,"height":12}},{"id":"faa606a9-9973-4f78-a460-d6b4615a3591","block_type":"box","text":"debt issuance represented in the Index or, in the case of CDS indices, to a particular sector of the","page_number":543,"box":{"x":149,"y":146,"width":730,"height":12}},{"id":"4b7ae140-1900-4f5d-8a65-53cbfa1cacec","block_type":"box","text":"fixed income market or to gain efficient exposure to the foregoing from a costs and/or risk","page_number":543,"box":{"x":149,"y":161,"width":730,"height":12}},{"id":"63ce9739-0521-4536-9c3f-318b8b3c8d49","block_type":"box","text":"perspective, for example during periods of illiquidity in the bond markets;","page_number":543,"box":{"x":149,"y":176,"width":545,"height":12}},{"id":"4b31373e-f091-4845-b720-0a62aefad5b4","block_type":"box","text":"","page_number":543,"box":{"x":118,"y":207,"width":6,"height":5}},{"id":"a71e01e9-09fe-425b-85da-2c19f1a28637","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient exposure","page_number":543,"box":{"x":149,"y":205,"width":746,"height":12}},{"id":"138633a7-fe90-460e-b081-ddf67616bc71","block_type":"box","text":"to the constituents of the Index (for example, in circumstances where an Index constituent is illiquid","page_number":543,"box":{"x":149,"y":220,"width":732,"height":12}},{"id":"2632f33d-0a99-48da-8782-f23bf74cfacd","block_type":"box","text":"or is otherwise unavailable to the Fund for direct investment due to market or regulatory reasons), to","page_number":543,"box":{"x":149,"y":235,"width":731,"height":12}},{"id":"8802ce32-576b-4913-bad6-61a25b096cc2","block_type":"box","text":"the performance of the Index itself, to reduce transaction costs or taxes or minimise tracking error;","page_number":543,"box":{"x":149,"y":250,"width":725,"height":12}},{"id":"84e3e5e0-bf11-45cc-8234-1772412b84e5","block_type":"box","text":"","page_number":543,"box":{"x":118,"y":282,"width":6,"height":4}},{"id":"91e6d964-16e4-4aa4-8c53-14713d130b3a","block_type":"box","text":"FX swaps to manage exchange rate/currency risk arising in the portfolio or to benefit directly from","page_number":543,"box":{"x":149,"y":279,"width":731,"height":12}},{"id":"7eabe89c-7561-4a70-baf8-61e429ef833d","block_type":"box","text":"changes in currency exchange rates;","page_number":543,"box":{"x":149,"y":294,"width":265,"height":12}},{"id":"75532493-ef39-4a4b-958c-56cb823be49d","block_type":"box","text":"","page_number":543,"box":{"x":118,"y":326,"width":6,"height":4}},{"id":"05012d47-655f-4892-94fa-8d40759e1881","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":543,"box":{"x":149,"y":324,"width":729,"height":12}},{"id":"6a84750a-609f-4876-8234-e9c69e25d3e6","block_type":"box","text":"portfolio; and","page_number":543,"box":{"x":149,"y":339,"width":100,"height":12}},{"id":"2a48de4b-4111-4ca7-a071-88cc3ef2623e","block_type":"box","text":"","page_number":543,"box":{"x":118,"y":370,"width":6,"height":5}},{"id":"46170687-e66a-4790-a18c-24ae3ce07704","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":543,"box":{"x":149,"y":368,"width":740,"height":12}},{"id":"70262516-fbdd-4b4d-a5f1-3e3fe999c851","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":543,"box":{"x":149,"y":383,"width":732,"height":12}},{"id":"922d9020-bafa-4c8b-933d-3da563f85041","block_type":"box","text":"cost efficiencies; and","page_number":543,"box":{"x":149,"y":398,"width":160,"height":11}},{"id":"fad01457-9006-42d6-98eb-3c80c4a1ada7","block_type":"box","text":"","page_number":543,"box":{"x":118,"y":430,"width":6,"height":4}},{"id":"e9d35026-d2a0-44cb-95ca-aa60e0a70e86","block_type":"box","text":"forward foreign exchange contracts, which are agreements between parties to exchange fixed","page_number":543,"box":{"x":149,"y":427,"width":731,"height":12}},{"id":"994cb133-0d74-4a3e-8ad5-b4d30f45f2de","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":543,"box":{"x":149,"y":442,"width":731,"height":12}},{"id":"dc404f38-28aa-4f37-9f4c-30366f43e70b","block_type":"box","text":"foreign exchange contracts are similar to currency futures, except that they are not exchange-traded,","page_number":543,"box":{"x":149,"y":457,"width":731,"height":12}},{"id":"efbce041-cd65-466e-a9d3-7fa660d07af6","block_type":"box","text":"but are instead over the counter instruments. Forward foreign exchange contracts may be used to","page_number":543,"box":{"x":148,"y":472,"width":731,"height":12}},{"id":"ec2ed7cc-c810-4980-b20b-49667d0c8dcd","block_type":"box","text":"manage currency exposures. Non-deliverable forward foreign exchange contracts may be used for","page_number":543,"box":{"x":149,"y":487,"width":731,"height":12}},{"id":"931df5df-8f62-421e-8438-e5240ca1d128","block_type":"box","text":"the same reasons. They differ from standard forward foreign exchange contracts in that at least one","page_number":543,"box":{"x":149,"y":502,"width":731,"height":12}},{"id":"c8e05924-34ee-45b8-baa9-d84b1faa349d","block_type":"box","text":"of the currencies in the transaction is not permitted to be delivered in settlement of any profit or loss","page_number":543,"box":{"x":149,"y":517,"width":732,"height":12}},{"id":"56b8e481-905b-467c-959c-90d7b655e88c","block_type":"box","text":"resulting from the transaction. Typically, profit or loss in this case will be delivered in US Dollars or","page_number":543,"box":{"x":149,"y":532,"width":732,"height":12}},{"id":"b6da7f53-e258-4369-9552-655e854a97fc","block_type":"box","text":"Euro.","page_number":543,"box":{"x":149,"y":548,"width":45,"height":9}},{"id":"f11aab65-ff5f-4ea9-b08e-4c366bce38af","block_type":"box","text":"See","page_number":543,"box":{"x":119,"y":577,"width":30,"height":9}},{"id":"4912ed0a-6785-4114-b525-da119da04d43","block_type":"box","text":"Appendix 4","page_number":543,"box":{"x":149,"y":577,"width":89,"height":12}},{"id":"846350aa-9526-4f57-b6c5-a1bdce97a66f","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":543,"box":{"x":239,"y":577,"width":643,"height":12}},{"id":"23c9cd8f-65b7-4921-b270-4439711026dc","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":543,"box":{"x":118,"y":592,"width":761,"height":12}},{"id":"0bd9970e-36c5-4edc-b188-cdf75742662c","block_type":"box","text":"usage at any time. See","page_number":543,"box":{"x":118,"y":607,"width":176,"height":12}},{"id":"5fbda737-e178-43e2-b0c5-be33092651a4","block_type":"box","text":"Appendix 4","page_number":543,"box":{"x":303,"y":607,"width":93,"height":12}},{"id":"692977b4-1d4c-48c9-b16d-cee2c788e85a","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":543,"box":{"x":397,"y":607,"width":482,"height":12}},{"id":"ad7f05a3-74d1-4c53-9592-d9a4e5af0172","block_type":"box","text":"calculation of global exposure.","page_number":543,"box":{"x":119,"y":622,"width":226,"height":12}},{"id":"812c58f3-e78e-40d4-ae89-579e38aef5a5","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":543,"box":{"x":119,"y":651,"width":762,"height":12}},{"id":"47265389-2e40-43a1-a08b-4ba4467114ef","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":543,"box":{"x":119,"y":666,"width":741,"height":12}},{"id":"647859f4-cba5-4042-936d-a20f6b382223","block_type":"box","text":"In addition, in tracking the performance of the Index, the Fund may, in accordance with the requirements","page_number":543,"box":{"x":119,"y":695,"width":762,"height":12}},{"id":"2553062a-644a-4d83-a916-4c3364a877fb","block_type":"box","text":"of the Central Bank, invest in other Funds of the Company and other collective investment undertakings","page_number":543,"box":{"x":119,"y":710,"width":762,"height":12}},{"id":"1ad02605-3fee-4e38-95a9-618ce46df797","block_type":"box","text":"including exchange traded funds and undertakings linked by common management or control to each","page_number":543,"box":{"x":119,"y":725,"width":761,"height":12}},{"id":"bdb9cc42-d779-4cd1-a267-8b19465d928e","block_type":"box","text":"other or to the Company. See","page_number":543,"box":{"x":119,"y":741,"width":219,"height":11}},{"id":"bd23e217-bf25-455b-9110-97f524bd7b42","block_type":"box","text":"Appendix 3","page_number":543,"box":{"x":338,"y":741,"width":90,"height":11}},{"id":"8c7e376c-e6b0-4e73-a2f7-721c016fba34","block_type":"box","text":"of the Prospectus for information on investment in collective","page_number":543,"box":{"x":429,"y":740,"width":452,"height":12}},{"id":"d14e852a-03e7-46c4-ac75-dc5849d5e243","block_type":"box","text":"investment schemes, including other Funds of the Company.","page_number":543,"box":{"x":119,"y":755,"width":446,"height":12}},{"id":"fb8ea680-346f-4b59-baaf-796fa3d74d42","block_type":"box","text":"The Fund may also enter into reverse repurchase agreements for the purpose of efficient portfolio","page_number":543,"box":{"x":119,"y":785,"width":760,"height":12}},{"id":"f56f18dc-e1ac-489b-92a1-ff057272d5bb","block_type":"box","text":"management.","page_number":543,"box":{"x":119,"y":802,"width":97,"height":10}},{"id":"32e7317f-d322-4cb2-914b-2f5efb3e4c69","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":543,"box":{"x":118,"y":829,"width":761,"height":12}},{"id":"bd659d18-b9ef-4ad1-bdbc-a37eee44bf4d","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":543,"box":{"x":119,"y":844,"width":761,"height":12}},{"id":"82609105-f735-45ad-a7c7-e646910e47b5","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":543,"box":{"x":119,"y":859,"width":761,"height":12}},{"id":"33490431-3d92-4466-bdb8-dcd535dc9f2f","block_type":"box","text":"Temporary Investment Measures","page_number":543,"box":{"x":118,"y":889,"width":263,"height":11}},{"id":"aef94844-fcf7-413c-b4b2-1aaf0b7a2a9e","block_type":"box","text":"4","page_number":544,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"cde9e744-8b1a-40bf-b1cd-523a61a5d8fe","block_type":"box","text":"VG001-001/M85660-892520263-23539/1","page_number":544,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"542f3d03-6af8-4bc9-9fcb-a452d0ca8135","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":544,"box":{"x":119,"y":104,"width":760,"height":12}},{"id":"52d27565-78d3-46fe-9180-6cb6a30f4490","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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In doing","page_number":544,"box":{"x":119,"y":149,"width":761,"height":12}},{"id":"993633cb-81cb-4836-90d3-ec4828bdd031","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":544,"box":{"x":119,"y":164,"width":760,"height":12}},{"id":"e97b6aa0-58cf-4249-9a0d-055e417b9f19","block_type":"box","text":"Tracking Error","page_number":544,"box":{"x":118,"y":196,"width":123,"height":12}},{"id":"f2fafd5b-df27-48d6-a246-173044854a78","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":544,"box":{"x":119,"y":230,"width":760,"height":12}},{"id":"30e2f47f-42dc-4c00-86b1-28bf1dbe0149","block_type":"box","text":"Fund, will be up to 0.40%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":544,"box":{"x":119,"y":245,"width":761,"height":12}},{"id":"35e6fd3d-58fe-47b9-ac33-1586477b4627","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":544,"box":{"x":119,"y":260,"width":760,"height":12}},{"id":"9880ae52-20a1-42f1-8227-66d057c6aec4","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":544,"box":{"x":119,"y":275,"width":760,"height":12}},{"id":"6db40cdc-365f-4624-899a-eb9f17d44a59","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":544,"box":{"x":119,"y":290,"width":760,"height":12}},{"id":"92f5e889-a325-4364-8cc9-4fcdd0bcc4ca","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":544,"box":{"x":119,"y":305,"width":760,"height":12}},{"id":"4e342078-bcc3-4da3-ae0b-21144d3310fa","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":544,"box":{"x":118,"y":320,"width":761,"height":12}},{"id":"3c179ad5-270e-4a0a-87e7-901aae8e9c7d","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “","page_number":544,"box":{"x":119,"y":335,"width":510,"height":12}},{"id":"da2848f3-8645-4ff5-a5a5-292d53b3849f","block_type":"box","text":"Plain Talk about Excess Return","page_number":544,"box":{"x":631,"y":336,"width":250,"height":9}},{"id":"a99c0be7-3bda-489c-9c09-dc8a5fd151b0","block_type":"box","text":"and Tracking Error","page_number":544,"box":{"x":119,"y":351,"width":157,"height":12}},{"id":"dfc33925-aec5-4955-90bb-5ed2c31f15df","block_type":"box","text":"” for further information on Tracking Error.","page_number":544,"box":{"x":277,"y":351,"width":322,"height":12}},{"id":"50f0da3d-e11b-42a7-8f51-cb509217e05e","block_type":"box","text":"Portfolio Information","page_number":544,"box":{"x":118,"y":381,"width":171,"height":9}},{"id":"3f180e18-df78-4127-af76-0aaf363e3a73","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. This file contains a","page_number":544,"box":{"x":118,"y":413,"width":763,"height":12}},{"id":"6f414ab8-6150-418c-917a-77b4d1e2134e","block_type":"box","text":"basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":544,"box":{"x":118,"y":430,"width":762,"height":12}},{"id":"e41494e6-1fa4-4e5d-91b6-2c5d59108ae3","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":544,"box":{"x":118,"y":447,"width":760,"height":12}},{"id":"60856b5e-902c-4e5f-a5c5-0c4663fe2012","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":544,"box":{"x":118,"y":464,"width":365,"height":12}},{"id":"6f254b67-fd1a-4207-ab10-d216d4dc8e83","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":544,"box":{"x":119,"y":499,"width":451,"height":12}},{"id":"cdc5672f-53d6-455d-be17-8fa6bcf9aca0","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":544,"box":{"x":570,"y":499,"width":310,"height":12}},{"id":"ee636392-98f2-4423-86da-fdd705938e08","block_type":"box","text":"holdings-disclosure-policy.pdf","page_number":544,"box":{"x":118,"y":516,"width":226,"height":12}},{"id":"e30adc1f-913c-435a-a814-d838aba77c10","block_type":"box","text":", including details of the periodic disclosure of full holdings.","page_number":544,"box":{"x":345,"y":516,"width":445,"height":12}},{"id":"43eca4d2-2c67-466e-9b52-0ef404dc7115","block_type":"box","text":"Primary Risks","page_number":544,"box":{"x":118,"y":551,"width":114,"height":12}},{"id":"f60dc9dd-f4a7-45ed-8f5b-37f044f72c17","block_type":"box","text":"In addition to the risks set out below, please refer to the section of the Prospectus entitled “","page_number":544,"box":{"x":119,"y":585,"width":654,"height":12}},{"id":"96b7c770-bc59-453e-806b-9442ee5d7d09","block_type":"box","text":"Risk Factors","page_number":544,"box":{"x":774,"y":585,"width":99,"height":9}},{"id":"c57b9d6a-3372-4078-8055-6c0a5d284780","block_type":"box","text":"”","page_number":544,"box":{"x":874,"y":586,"width":6,"height":3}},{"id":"e0b4f693-0570-43fb-af9d-9921e986eb26","block_type":"box","text":"for information in relation to the risks applicable to an investment in the Company, including any","page_number":544,"box":{"x":119,"y":600,"width":760,"height":12}},{"id":"491b5ac2-c349-4174-9a81-fb3a42eecdaa","block_type":"box","text":"investment in the Fund, in particular the risk factors entitled “Index Risks”, “Index Tracking Risk”,","page_number":544,"box":{"x":119,"y":615,"width":760,"height":12}},{"id":"7e9229f6-f0d5-440b-ba58-2dd68955e336","block_type":"box","text":"“Index Accuracy Risk”, “Index Unscheduled Rebalancing Risk”, “Index Sampling Risks” and","page_number":544,"box":{"x":119,"y":630,"width":760,"height":12}},{"id":"882a1306-9466-4bf4-b632-6ef6c3cbadb0","block_type":"box","text":"“Currency Risk”:","page_number":544,"box":{"x":119,"y":645,"width":126,"height":12}},{"id":"e02594b3-85af-4a90-9cc0-989a8fb1989b","block_type":"box","text":"Risks of investment in callable bonds","page_number":544,"box":{"x":118,"y":675,"width":273,"height":12}},{"id":"d39dd827-0668-4bba-8cfb-4a64e061ae0b","block_type":"box","text":":","page_number":544,"box":{"x":393,"y":678,"width":2,"height":7}},{"id":"a8974746-c1dd-4879-b1e9-cc99c1289039","block_type":"box","text":"The Fund may invest in callable bonds. A callable bond is a bond that may be redeemed or ‘called’ by its","page_number":544,"box":{"x":119,"y":705,"width":762,"height":12}},{"id":"ec70f911-2aa5-4669-9661-54c9698168b6","block_type":"box","text":"issuer (i.e. by returning the principal to the investor and ceasing coupon payments) before it matures,","page_number":544,"box":{"x":119,"y":720,"width":759,"height":12}},{"id":"ed4b336d-9e56-4477-9817-03f314ea67ad","block_type":"box","text":"usually subject to certain conditions or limits. Callable bonds are typically used as a hedge against","page_number":544,"box":{"x":118,"y":735,"width":761,"height":12}},{"id":"0af0f2c7-3201-4855-96ac-0af59b0aec62","block_type":"box","text":"interest rate risk since issuers can reduce their liabilities by paying off existing debt (i.e. by calling the","page_number":544,"box":{"x":119,"y":750,"width":759,"height":12}},{"id":"f1ffda58-9124-4603-ada2-afa7ead94ad1","block_type":"box","text":"bond) when interest rates fall and offering new bonds at lower interest rates. Such investments expose the","page_number":544,"box":{"x":118,"y":765,"width":763,"height":12}},{"id":"3eaf6143-ac3c-4af1-a6f0-0217b8a04ad2","block_type":"box","text":"Fund to the risk that, in falling interest rate markets, it may be forced to reinvest recouped principal (i.e.","page_number":544,"box":{"x":119,"y":780,"width":760,"height":12}},{"id":"686b62e3-db12-44cf-9abe-d74c925330b9","block_type":"box","text":"from bonds that have been called) at lower interest rates, with the result that the Fund’s income is","page_number":544,"box":{"x":119,"y":795,"width":759,"height":12}},{"id":"ebeb750e-8e0f-4133-97b9-a83d51e4be13","block_type":"box","text":"reduced.","page_number":544,"box":{"x":119,"y":811,"width":61,"height":9}},{"id":"8129ec0a-e060-4b70-9a2f-82bb75bf300f","block_type":"box","text":"Currency Hedging Policy","page_number":544,"box":{"x":119,"y":841,"width":199,"height":12}},{"id":"7ac76def-40eb-41b7-9a0d-fb1e570b7494","block_type":"box","text":"FDI will be used for currency hedging purposes at Share class level. Please see the section of the","page_number":544,"box":{"x":119,"y":871,"width":760,"height":12}},{"id":"f1c14cfc-fc67-4bfe-b7b4-4e07fc338098","block_type":"box","text":"Prospectus headed “","page_number":544,"box":{"x":119,"y":886,"width":148,"height":12}},{"id":"83a11083-26df-4dbd-8779-c6ae0849c217","block_type":"box","text":"Currency Hedging at Share Class Level","page_number":544,"box":{"x":269,"y":886,"width":311,"height":12}},{"id":"b295b6a0-420a-4dc3-8f8f-c807f45b9d62","block_type":"box","text":"” for further details.","page_number":544,"box":{"x":581,"y":886,"width":145,"height":9}},{"id":"d29c9ac5-8b5b-42ae-92e0-a2061f564a30","block_type":"box","text":"5","page_number":545,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"3105c680-202b-4baf-a1aa-e97df2ad614e","block_type":"box","text":"VG001-001/M85660-892520263-23539/1","page_number":545,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"6851851e-3d2a-4870-a669-b2375c0c6867","block_type":"box","text":"Fund 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subscription.","page_number":545,"box":{"x":119,"y":179,"width":649,"height":12}},{"id":"8373ceae-18ef-4c36-bb27-360eedb0e650","block_type":"box","text":"ETF Shares on Offer","page_number":545,"box":{"x":118,"y":213,"width":165,"height":9}},{"id":"0d00b80c-6638-4a28-b927-e198b5ad5815","block_type":"box","text":"The ETF Shares which are available for subscription are set out in the table under the heading “","page_number":545,"box":{"x":119,"y":248,"width":704,"height":12}},{"id":"31c3a3f6-d55c-40f7-b61b-5a0c1a68ef5b","block_type":"box","text":"Classes","page_number":545,"box":{"x":825,"y":248,"width":56,"height":9}},{"id":"b5b20ec8-a14d-40e8-91fd-b43c9b7124f7","block_type":"box","text":"of Shares","page_number":545,"box":{"x":119,"y":265,"width":74,"height":9}},{"id":"4f8c3ea2-2fd0-4a1f-b1b0-5e5e4e534582","block_type":"box","text":"” in","page_number":545,"box":{"x":194,"y":265,"width":34,"height":9}},{"id":"2ec1ffa7-52ad-4d05-9971-ff564845f81b","block_type":"box","text":"Appendix 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Investors should also refer to the Company’s latest","page_number":552,"box":{"x":120,"y":500,"width":760,"height":12}},{"id":"58910bce-e96e-44b5-9676-71fc68033373","block_type":"box","text":"published annual reports and audited financial statements and, if published after such report, a","page_number":552,"box":{"x":119,"y":523,"width":760,"height":12}},{"id":"455115ce-29db-43ed-887b-973df912cdad","block_type":"box","text":"copy of the latest semi-annual report and unaudited financial statements.","page_number":552,"box":{"x":119,"y":545,"width":573,"height":12}},{"id":"9e4a18a4-43bc-47f2-afc5-905882c36d7a","block_type":"box","text":"An investment in the Fund should be viewed as medium term.","page_number":552,"box":{"x":119,"y":585,"width":486,"height":9}},{"id":"24604c42-0cab-4933-b4fa-74a2a59c977b","block_type":"box","text":"If you are in any doubt about the action to be taken or the contents of this supplement, please","page_number":552,"box":{"x":119,"y":619,"width":759,"height":12}},{"id":"acd541bb-fd86-4ba0-8523-5fee0a78e593","block_type":"box","text":"consult your stockbroker, bank manager, lawyer, accountant or other independent professional","page_number":552,"box":{"x":119,"y":636,"width":760,"height":13}},{"id":"f9f79767-01b8-4dc4-b111-16409a19e4c3","block_type":"box","text":"adviser.","page_number":552,"box":{"x":119,"y":654,"width":66,"height":9}},{"id":"7da47a43-3f15-40ec-9d5a-a41853378172","block_type":"box","text":"2","page_number":553,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"66f472b0-e9ab-48e2-913e-ba6c2f12e5b1","block_type":"box","text":"VG001-001/M85660-892520263-23542/1","page_number":553,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"0985ea96-67ae-408e-b8a4-a976359e7f55","block_type":"box","text":"Benchmark Index","page_number":553,"box":{"x":119,"y":87,"width":146,"height":9}},{"id":"7d5cb2b3-a4f1-42a6-a1c8-d1e14f19a556","block_type":"box","text":"Bloomberg US Treasury 1-3 Year Index (the “","page_number":553,"box":{"x":119,"y":119,"width":343,"height":12}},{"id":"8f8d2b8f-5132-4218-b7ca-58cad87d96a0","block_type":"box","text":"Index","page_number":553,"box":{"x":464,"y":119,"width":44,"height":9}},{"id":"12289434-d7a8-4663-8fa3-01f3ef0b0ae9","block_type":"box","text":"”).","page_number":553,"box":{"x":509,"y":119,"width":23,"height":12}},{"id":"33aca2b6-665b-4140-ba1f-23abafe014a1","block_type":"box","text":"Investment Objective","page_number":553,"box":{"x":119,"y":149,"width":168,"height":12}},{"id":"af031fa9-9c7a-4fb4-9523-5fa5872e11da","block_type":"box","text":"This Fund seeks to track the performance of the Index.","page_number":553,"box":{"x":119,"y":181,"width":408,"height":12}},{"id":"2c6470b4-4302-4a3e-b6d3-675a97732019","block_type":"box","text":"Primary Investment Strategies","page_number":553,"box":{"x":119,"y":214,"width":241,"height":12}},{"id":"76ed4ef7-465b-4f83-b22a-74625e7b6c45","block_type":"box","text":"In seeking to achieve its investment objective, the Fund aims to provide a return which, before","page_number":553,"box":{"x":119,"y":246,"width":760,"height":12}},{"id":"ccb8999d-d755-415f-8afb-d9b080fa98ad","block_type":"box","text":"application of fees and expenses, is similar to the return of the Index. The Fund employs a “passive","page_number":553,"box":{"x":119,"y":261,"width":760,"height":12}},{"id":"5a760464-405d-4cdc-844c-d55dabf6cc6d","block_type":"box","text":"management” – or indexing – investment approach, through physical acquisition of securities, designed","page_number":553,"box":{"x":119,"y":276,"width":762,"height":12}},{"id":"d5f6d807-e676-426f-852a-e154b493d51d","block_type":"box","text":"to track the performance of the Index. The Index is designed to reflect the universe of US Dollar","page_number":553,"box":{"x":119,"y":291,"width":759,"height":12}},{"id":"4b8f0c3e-2504-4bae-af7b-0566d23433c6","block_type":"box","text":"denominated, fixed rate, nominal debt issued by the US Treasury with maturities of between one and up","page_number":553,"box":{"x":119,"y":306,"width":761,"height":12}},{"id":"c0cd6466-2fa7-41cc-8330-8a8b3d231794","block_type":"box","text":"to, but not including, three years and which have a par amount (i.e. the amount of money that issuers","page_number":553,"box":{"x":119,"y":321,"width":759,"height":12}},{"id":"e248a4b4-782d-488f-bb1f-37f563827c85","block_type":"box","text":"agree to repay to the purchaser at the bond’s maturity) outstanding greater than or equal to USD300","page_number":553,"box":{"x":119,"y":336,"width":759,"height":12}},{"id":"37ab4473-16b5-481a-8ed2-870f0800f7ea","block_type":"box","text":"million.","page_number":553,"box":{"x":119,"y":351,"width":62,"height":9}},{"id":"d0e527f3-a95f-4081-9d7d-a6c85ea2955c","block_type":"box","text":"In tracking the performance of the Index, the Fund will invest in a portfolio of securities (which may","page_number":553,"box":{"x":119,"y":380,"width":760,"height":12}},{"id":"08f01317-321d-492d-81ad-f0a1be503560","block_type":"box","text":"include callable bonds) that so far as possible and practicable consists of a representative sample of the","page_number":553,"box":{"x":119,"y":395,"width":760,"height":12}},{"id":"f0366a92-d641-4e62-a577-6aaf1a708e1a","block_type":"box","text":"component securities of the Index. See the “","page_number":553,"box":{"x":119,"y":410,"width":361,"height":12}},{"id":"af89528e-d206-47eb-bd02-2eef130c9f9d","block_type":"box","text":"The Funds","page_number":553,"box":{"x":482,"y":410,"width":89,"height":10}},{"id":"fdb6b458-7974-4bb8-a7b5-aa99c56aa396","block_type":"box","text":"” section of the Prospectus for further","page_number":553,"box":{"x":572,"y":410,"width":307,"height":12}},{"id":"0aef4258-f20b-4937-bcd9-83b12db52284","block_type":"box","text":"information, in particular in relation to optimisation and sampling techniques used in tracking the","page_number":553,"box":{"x":119,"y":425,"width":759,"height":12}},{"id":"b6931731-ada9-4df3-a3f6-94aca54df198","block_type":"box","text":"performance of the Index.","page_number":553,"box":{"x":119,"y":440,"width":190,"height":12}},{"id":"2b5ab30f-0a08-4e12-8823-96712b0516f5","block_type":"box","text":"Where consistent with its investment objective, the Fund may also hold","page_number":553,"box":{"x":119,"y":470,"width":520,"height":12}},{"id":"3af7bfc0-edca-40ac-8da5-e64387a68926","block_type":"box","text":"fixed-rate US Treasury securities","page_number":553,"box":{"x":640,"y":470,"width":240,"height":12}},{"id":"cfb6201a-d6f2-4183-904f-a493107e49c6","block_type":"box","text":"that are not components of the Index, but whose risk and return characteristics closely resemble risk and","page_number":553,"box":{"x":119,"y":485,"width":761,"height":12}},{"id":"d38f3f35-dec0-4d04-a3ab-d6802d43e798","block_type":"box","text":"return characteristics of constituents of the Index or of the Index as a whole. For example, the Investment","page_number":553,"box":{"x":119,"y":500,"width":762,"height":12}},{"id":"d2df3ec7-b34b-4106-bf2c-dd696aa2f2ed","block_type":"box","text":"Manager may acquire newly issued securities which meet all of the requirements for inclusion in the","page_number":553,"box":{"x":119,"y":515,"width":759,"height":12}},{"id":"d3922b07-b0ee-4931-932d-d40437d5c433","block_type":"box","text":"Index in anticipation of such securities being represented in the Index when it next rebalances.","page_number":553,"box":{"x":119,"y":530,"width":695,"height":12}},{"id":"f1eba267-78b3-42c7-8921-39ba7f9d0e8e","block_type":"box","text":"In meeting the credit rating requirements of the Index, the Fund will invest in securities, which at time of","page_number":553,"box":{"x":119,"y":560,"width":761,"height":12}},{"id":"78e7c4ef-818d-4cdb-8b9c-702160878a4b","block_type":"box","text":"purchase, will be investment grade. In circumstances where constituent securities of the Index that are","page_number":553,"box":{"x":119,"y":575,"width":759,"height":12}},{"id":"255ed1fd-509a-4042-b214-fc9896c67681","block_type":"box","text":"held by the Fund are downgraded or have their rating withdrawn, such securities may continue to be held","page_number":553,"box":{"x":119,"y":590,"width":762,"height":12}},{"id":"f94cb75f-bc81-45e1-947a-12ef25e20517","block_type":"box","text":"by the Fund until such time as they cease to form part of the Index and the positions can be liquidated by","page_number":553,"box":{"x":119,"y":605,"width":761,"height":12}},{"id":"6e7ac5be-896b-4afc-a91c-05255c888714","block_type":"box","text":"the Investment Manager bearing in mind the best interests of Shareholders.","page_number":553,"box":{"x":119,"y":620,"width":553,"height":12}},{"id":"d1041b73-e171-484b-959c-66c6baa8a284","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":553,"box":{"x":119,"y":649,"width":759,"height":12}},{"id":"0a27d58a-cd0a-4390-9424-adccd0e09142","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":553,"box":{"x":119,"y":664,"width":382,"height":12}},{"id":"e027131d-5646-4346-929f-f62cfcb0737b","block_type":"box","text":"Appendix 5","page_number":553,"box":{"x":502,"y":664,"width":90,"height":12}},{"id":"21fdc5ee-12e5-4530-b568-cbae1b084292","block_type":"box","text":"of the Prospectus.","page_number":553,"box":{"x":592,"y":664,"width":136,"height":12}},{"id":"e15e8c66-b79b-488f-99f8-55cab123d8ae","block_type":"box","text":"The Index rebalances on a monthly basis. For potential cost impacts of rebalancing, please see the","page_number":553,"box":{"x":119,"y":693,"width":760,"height":12}},{"id":"14525b6f-f481-4d81-81d8-93435f5a14fe","block_type":"box","text":"section of the Prospectus headed “","page_number":553,"box":{"x":120,"y":708,"width":250,"height":12}},{"id":"b91db160-46c9-41fe-854e-12456994cb19","block_type":"box","text":"Index rebalancing and costs","page_number":553,"box":{"x":371,"y":709,"width":218,"height":12}},{"id":"b29c0ed9-413a-4b09-9f48-069e32b4d914","block_type":"box","text":"”. Further information in relation to the","page_number":553,"box":{"x":590,"y":708,"width":290,"height":10}},{"id":"1ccb64b2-6b98-43fa-8f80-3efe7003651a","block_type":"box","text":"Index, including details as to its exact composition, can be obtained at","page_number":553,"box":{"x":119,"y":724,"width":761,"height":11}},{"id":"899bf360-2017-4d69-8cfd-4449a9af31a9","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/bloomberg-fixed-income-indices/#/ucits","page_number":553,"box":{"x":119,"y":739,"width":728,"height":12}},{"id":"35a88703-1063-4370-8168-f2de68008e03","block_type":"box","text":".","page_number":553,"box":{"x":850,"y":746,"width":2,"height":2}},{"id":"d1e2fc91-f359-4339-9acc-479471fc6c70","block_type":"box","text":"Other Investment Strategies","page_number":553,"box":{"x":120,"y":754,"width":221,"height":12}},{"id":"0b2943b3-14e5-40ad-ba61-a536fd240195","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":553,"box":{"x":119,"y":788,"width":705,"height":12}},{"id":"28e2b855-706f-4c10-b248-74b822877b07","block_type":"box","text":"OTC","page_number":553,"box":{"x":827,"y":789,"width":38,"height":8}},{"id":"ab94b623-a03d-4528-a69a-3e55c4de6c32","block_type":"box","text":"”)","page_number":553,"box":{"x":867,"y":788,"width":13,"height":12}},{"id":"09321374-c57c-410f-a113-e83769052d0a","block_type":"box","text":"financial derivative instruments (“","page_number":553,"box":{"x":119,"y":803,"width":259,"height":12}},{"id":"28cd7c25-6fcf-4ac4-adb3-0736dfc574f6","block_type":"box","text":"FDI","page_number":553,"box":{"x":380,"y":804,"width":31,"height":8}},{"id":"dd9431df-364f-40ea-b4c5-7c4a23d27258","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":553,"box":{"x":412,"y":803,"width":467,"height":12}},{"id":"5bcdfb75-991a-4d71-8390-502fd48cda84","block_type":"box","text":"efficient portfolio management purposes only and in accordance with","page_number":553,"box":{"x":119,"y":818,"width":511,"height":12}},{"id":"c3b2187d-30eb-4fdc-9264-2c8226a4ec47","block_type":"box","text":"Appendix 4","page_number":553,"box":{"x":630,"y":818,"width":90,"height":12}},{"id":"ce7ef9de-ce55-445b-aa09-25dcf25c52e4","block_type":"box","text":"of the Prospectus and","page_number":553,"box":{"x":720,"y":818,"width":161,"height":12}},{"id":"f7be2148-6316-4122-a27b-ee007f964195","block_type":"box","text":"the requirements of the Central Bank. 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Forward","page_number":554,"box":{"x":150,"y":102,"width":730,"height":12}},{"id":"1733797f-0ee1-4d8e-bb83-b94be948e2a5","block_type":"box","text":"foreign exchange contracts are traded OTC and may be used to manage currency exposures. Non","page_number":554,"box":{"x":150,"y":117,"width":728,"height":12}},{"id":"6ea1eb9b-8fa6-49d9-a534-a9a497dd9886","block_type":"box","text":"deliverable forward foreign exchange differ from standard forward foreign exchange contracts in","page_number":554,"box":{"x":150,"y":132,"width":729,"height":12}},{"id":"daaaedb2-32bd-4106-abdd-cad0f5dbb926","block_type":"box","text":"that at least one of the currencies in the transaction is not permitted to be delivered in settlement of","page_number":554,"box":{"x":149,"y":147,"width":730,"height":12}},{"id":"73e89153-0b63-40aa-97c3-2d3a74a04dc4","block_type":"box","text":"any profit or loss resulting from the transaction. Typically, profit or loss in this case will be delivered","page_number":554,"box":{"x":150,"y":162,"width":730,"height":12}},{"id":"a1b2c145-7a6f-457b-86b2-9bbbd67e5dc3","block_type":"box","text":"in US Dollars or Euro;","page_number":554,"box":{"x":149,"y":177,"width":166,"height":11}},{"id":"d8d275ed-6ba3-4247-ad3f-7ee1720fafb0","block_type":"box","text":"","page_number":554,"box":{"x":119,"y":209,"width":6,"height":4}},{"id":"108d84f4-0af8-4ccf-94a5-881f2824302a","block_type":"box","text":"aingle name credit default swaps (“","page_number":554,"box":{"x":150,"y":206,"width":259,"height":12}},{"id":"8dc8617c-3c86-4c27-8d34-a1ce6b35f53f","block_type":"box","text":"CDS","page_number":554,"box":{"x":412,"y":207,"width":35,"height":8}},{"id":"ea8dbd96-1760-418a-9ab2-7c26f9874eb9","block_type":"box","text":"”) and","page_number":554,"box":{"x":448,"y":206,"width":50,"height":12}},{"id":"a0fe85ea-2410-4b27-84df-017e2eb7bcdc","block_type":"box","text":"CDS indices (for example, CDX and iTraxx) which","page_number":554,"box":{"x":499,"y":206,"width":381,"height":12}},{"id":"3a51a239-2aa3-4859-b9d3-c241ad5303e1","block_type":"box","text":"may be used to hedge credit exposure to a particular issuer, maturity or seniority of debt issuance","page_number":554,"box":{"x":149,"y":221,"width":730,"height":12}},{"id":"ebe57b07-370f-4aeb-bf66-5ab841a779d3","block_type":"box","text":"represented in the Index or, in the case of CDS indices, to a particular sector of the fixed income","page_number":554,"box":{"x":149,"y":236,"width":729,"height":12}},{"id":"718133ed-c8d2-47c2-b8de-f076726031c7","block_type":"box","text":"market or to gain efficient exposure to the foregoing from a costs and/or risk perspective, for","page_number":554,"box":{"x":149,"y":251,"width":730,"height":12}},{"id":"77caff79-bac0-4e26-8f00-d4302acb5c6d","block_type":"box","text":"example during periods of illiquidity in the bond markets;","page_number":554,"box":{"x":150,"y":266,"width":425,"height":12}},{"id":"2c977be3-cfff-43d6-bdf4-565e1eb27414","block_type":"box","text":"","page_number":554,"box":{"x":119,"y":298,"width":6,"height":4}},{"id":"2152f895-8048-4d3f-a5f5-a843694c4fb8","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":554,"box":{"x":149,"y":296,"width":730,"height":12}},{"id":"1ae9cebb-a8bb-42a3-a38d-9cdb8d4e723b","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":554,"box":{"x":150,"y":311,"width":731,"height":12}},{"id":"5f4ad4ad-4024-420b-a1eb-b77e60ce0c1b","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":554,"box":{"x":149,"y":326,"width":731,"height":12}},{"id":"c402d091-544c-4a9a-ac46-330e3eb2514d","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":554,"box":{"x":149,"y":341,"width":729,"height":12}},{"id":"641be4b6-813a-4060-a266-7eb7b137b082","block_type":"box","text":"tracking error;","page_number":554,"box":{"x":149,"y":356,"width":105,"height":12}},{"id":"80f06ca6-9ec5-4f99-bc3c-c2d326a65357","block_type":"box","text":"","page_number":554,"box":{"x":119,"y":387,"width":6,"height":5}},{"id":"512dd7aa-9bba-4356-94eb-b4bc0529dbe2","block_type":"box","text":"FX swaps to manage exchange rate/currency risk arising in the portfolio or to benefit directly from","page_number":554,"box":{"x":150,"y":385,"width":729,"height":12}},{"id":"a5adc95d-16e5-4009-bed9-39462f03892d","block_type":"box","text":"changes in currency exchange rates;","page_number":554,"box":{"x":150,"y":400,"width":270,"height":12}},{"id":"46681873-5d75-4774-a0eb-457dd0c26ed9","block_type":"box","text":"","page_number":554,"box":{"x":119,"y":432,"width":6,"height":4}},{"id":"2e802192-b06d-4f0e-9904-b41d710490a1","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":554,"box":{"x":149,"y":429,"width":730,"height":12}},{"id":"742981d2-81d8-4dfb-b42f-54bbfe45109e","block_type":"box","text":"portfolio; and","page_number":554,"box":{"x":149,"y":444,"width":101,"height":12}},{"id":"ef0cb8f2-2526-4008-af7d-a95c548502b9","block_type":"box","text":"","page_number":554,"box":{"x":119,"y":476,"width":6,"height":4}},{"id":"e9743342-a41f-432f-ad3d-48026686159d","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":554,"box":{"x":150,"y":474,"width":739,"height":12}},{"id":"f55cf829-b46c-412e-8d92-53df0d45660c","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":554,"box":{"x":149,"y":489,"width":731,"height":12}},{"id":"f41db8c2-771a-4359-b197-5df65e096a73","block_type":"box","text":"cost efficiencies.","page_number":554,"box":{"x":150,"y":504,"width":122,"height":9}},{"id":"6791f834-a4e8-47d9-80d5-48b30593acb0","block_type":"box","text":"See","page_number":554,"box":{"x":120,"y":533,"width":29,"height":9}},{"id":"88301bd1-bc0a-4ede-acc8-4898700e8f56","block_type":"box","text":"Appendix 4","page_number":554,"box":{"x":149,"y":533,"width":90,"height":12}},{"id":"802c84ca-78f4-421d-90e3-7bd4069dabdf","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":554,"box":{"x":239,"y":533,"width":642,"height":12}},{"id":"f0e0548c-793f-498b-8fb7-2c3ff112a4f5","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":554,"box":{"x":119,"y":548,"width":760,"height":12}},{"id":"9e98d6e9-2833-4b1a-ba01-e2157d4a216f","block_type":"box","text":"usage at any time. See","page_number":554,"box":{"x":119,"y":563,"width":175,"height":12}},{"id":"755ef66d-4f0d-4df0-998f-04a32861ed99","block_type":"box","text":"Appendix 4","page_number":554,"box":{"x":303,"y":563,"width":93,"height":12}},{"id":"cc755416-a814-4f86-aeb5-1a90ed20bfd2","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":554,"box":{"x":397,"y":563,"width":482,"height":12}},{"id":"eab93cb8-0113-4f8e-a1f0-ca123306354f","block_type":"box","text":"calculation of global exposure.","page_number":554,"box":{"x":119,"y":578,"width":226,"height":12}},{"id":"40c36fa3-6a80-4fd3-96c7-364c7d829f11","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":554,"box":{"x":119,"y":607,"width":762,"height":12}},{"id":"b530fddb-a011-4850-bb85-1e11d1ced358","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":554,"box":{"x":120,"y":622,"width":740,"height":12}},{"id":"f95894b3-9ec7-44d4-86c7-ce7e63d7b1af","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":554,"box":{"x":119,"y":651,"width":760,"height":13}},{"id":"54cc36f2-8125-4930-82c7-5ac35cdf9b60","block_type":"box","text":"Bank, invest up to 10% of its net assets","page_number":554,"box":{"x":119,"y":667,"width":289,"height":11}},{"id":"953c65ea-b95c-40c8-a300-c4fc0d5e124c","block_type":"box","text":"in other Funds of the Company and other collective investment","page_number":554,"box":{"x":414,"y":667,"width":466,"height":12}},{"id":"3d1015fa-bce8-4a0a-b5ae-8c12618a7ca8","block_type":"box","text":"undertakings including exchange traded funds and undertakings linked by common management or","page_number":554,"box":{"x":119,"y":682,"width":760,"height":12}},{"id":"77e5560c-2bf4-490d-b282-80f7e721bb03","block_type":"box","text":"control to each other or to the Company. See","page_number":554,"box":{"x":119,"y":697,"width":361,"height":12}},{"id":"860dae43-b6db-43cb-8c01-e9b5d0e66bba","block_type":"box","text":"Appendix 3","page_number":554,"box":{"x":490,"y":697,"width":93,"height":12}},{"id":"883eed18-7bff-420d-a5f0-d74ace18148f","block_type":"box","text":"of the Prospectus for information on","page_number":554,"box":{"x":584,"y":697,"width":296,"height":12}},{"id":"78de87c5-6c90-4ad1-8c49-17f2732e2e02","block_type":"box","text":"investment in collective investment schemes, including other funds of the Company.","page_number":554,"box":{"x":119,"y":712,"width":623,"height":12}},{"id":"500f839f-fce5-49c5-8a35-ec0abf342f9d","block_type":"box","text":"The Fund may also enter into repurchase agreements and reverse repurchase agreements for the purpose","page_number":554,"box":{"x":119,"y":741,"width":761,"height":12}},{"id":"72323e2b-82c0-4632-80ce-0f35d37753ac","block_type":"box","text":"of efficient portfolio management.","page_number":554,"box":{"x":119,"y":756,"width":253,"height":12}},{"id":"c61f9821-8d91-4cc8-bd42-23e1347ae2d2","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":554,"box":{"x":119,"y":785,"width":760,"height":12}},{"id":"091e3d6b-29b1-469b-b9a4-c66744a6f1a1","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":554,"box":{"x":119,"y":800,"width":760,"height":12}},{"id":"e0005c18-1359-4e38-b54c-90d65f312a51","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":554,"box":{"x":119,"y":815,"width":760,"height":12}},{"id":"c409560c-4720-42f5-8b06-fbf1e224b988","block_type":"box","text":"Temporary Investment Measures","page_number":554,"box":{"x":119,"y":845,"width":263,"height":12}},{"id":"626728b7-5167-4f2e-a999-c933bcb93414","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":554,"box":{"x":119,"y":879,"width":760,"height":12}},{"id":"e8ef30d0-bb52-470e-9291-fb3c18d5b70c","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":554,"box":{"x":119,"y":894,"width":760,"height":12}},{"id":"e0070cf6-f23d-4e05-a0a1-317887776073","block_type":"box","text":"4","page_number":555,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"e282b270-fcbb-4b5d-8cd3-04b58d61be32","block_type":"box","text":"VG001-001/M85660-892520263-23542/1","page_number":555,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"c0fa0e7f-b000-4a1c-8ace-70b84476e076","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":555,"box":{"x":119,"y":87,"width":760,"height":12}},{"id":"dedcbd56-fb2f-48b9-a1d2-5a733613fbb4","block_type":"box","text":"interests of Shareholders, the Fund may increase its holdings of cash and ancillary liquid assets. In doing","page_number":555,"box":{"x":119,"y":102,"width":762,"height":12}},{"id":"841d7732-90c0-4535-b318-665aac2a44c9","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":555,"box":{"x":120,"y":117,"width":760,"height":12}},{"id":"4903a522-e91f-4853-b7f7-7a1a549962cc","block_type":"box","text":"Tracking Error","page_number":555,"box":{"x":119,"y":149,"width":123,"height":12}},{"id":"d805d514-5dc6-493b-9dc7-e68e7d43f6ac","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":555,"box":{"x":119,"y":183,"width":759,"height":12}},{"id":"59c42882-606d-4417-9a0a-2e0b14e8b08a","block_type":"box","text":"Fund, will be up to 0.20%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":555,"box":{"x":119,"y":198,"width":760,"height":12}},{"id":"7235ee4a-c815-4df9-92ee-f218f396d50c","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":555,"box":{"x":119,"y":213,"width":760,"height":12}},{"id":"33306299-e191-486f-9206-43b268c9e48b","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":555,"box":{"x":119,"y":229,"width":759,"height":12}},{"id":"cbc0fead-f24e-4ed5-bf56-598b82a2142e","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":555,"box":{"x":119,"y":244,"width":760,"height":12}},{"id":"bd1ae392-b1bb-499a-a244-4cf1fd914f0f","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":555,"box":{"x":119,"y":259,"width":760,"height":12}},{"id":"3790423d-8186-4a8a-9316-285b739f10ba","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":555,"box":{"x":119,"y":274,"width":759,"height":12}},{"id":"182947ca-e85a-4641-aa51-9c84fc5bbfd7","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “","page_number":555,"box":{"x":119,"y":289,"width":511,"height":12}},{"id":"90d397a3-6c11-4234-92fc-9f72cb5a6e11","block_type":"box","text":"Plain Talk about Excess Return","page_number":555,"box":{"x":631,"y":289,"width":249,"height":9}},{"id":"dc199fae-6b95-40bc-8957-58973c22cf4d","block_type":"box","text":"and Tracking Error","page_number":555,"box":{"x":119,"y":304,"width":157,"height":12}},{"id":"849289d6-9437-4dcd-bdee-81502c44205d","block_type":"box","text":"” for further information on Tracking Error.","page_number":555,"box":{"x":278,"y":304,"width":321,"height":12}},{"id":"9110c0df-62b9-4755-9d51-6656f189898a","block_type":"box","text":"Portfolio Information","page_number":555,"box":{"x":119,"y":334,"width":170,"height":9}},{"id":"47b56132-1913-4c92-9b42-853ef8dda9c0","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. 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Please see the section of the Prospectus headed “","page_number":555,"box":{"x":119,"y":656,"width":588,"height":12}},{"id":"0ce13ce0-cbe2-44f8-b440-6594895f5936","block_type":"box","text":"Currency Hedging at","page_number":555,"box":{"x":711,"y":656,"width":169,"height":12}},{"id":"bf2ed978-4a1b-432b-8ef3-132e59afb4c0","block_type":"box","text":"Share Class Level","page_number":555,"box":{"x":120,"y":671,"width":139,"height":9}},{"id":"71341191-c2b1-478d-9ade-9b1edaf2da8f","block_type":"box","text":"” for further details.","page_number":555,"box":{"x":260,"y":671,"width":145,"height":9}},{"id":"fd650d48-cfc0-4d81-9b5b-71fd94491de3","block_type":"box","text":"Fund Details","page_number":555,"box":{"x":119,"y":701,"width":105,"height":9}},{"id":"97fcacde-fd0e-41d5-8c45-bd8dcb26b2ad","block_type":"box","text":"Investment 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To the best of the knowledge and belief of the Directors (who have taken all reasonable","page_number":563,"box":{"x":228,"y":138,"width":653,"height":12}},{"id":"954a21c8-8ea6-49b2-a626-282d0e9dcb4d","block_type":"box","text":"care to ensure that such is the case), the information in the Prospectus and this Supplement accords with","page_number":563,"box":{"x":119,"y":156,"width":762,"height":12}},{"id":"a46c171e-ab99-494f-ac7e-3150123fa2cc","block_type":"box","text":"the facts and does not omit anything likely to affect the import of such information. The Directors accept","page_number":563,"box":{"x":119,"y":173,"width":761,"height":12}},{"id":"b0c1ce84-afd8-4621-9557-800158c27690","block_type":"box","text":"responsibility accordingly.","page_number":563,"box":{"x":119,"y":190,"width":195,"height":12}},{"id":"f5eab19d-e874-417e-a5cf-9b56e8f451c8","block_type":"box","text":"________________________________________________________________________________","page_number":563,"box":{"x":119,"y":217,"width":739,"height":1}},{"id":"4cd0bef0-fdb3-487a-9f2c-7954e45f0f43","block_type":"box","text":"Capitalised terms used and not defined in this Supplement shall have the meaning given to them in the","page_number":563,"box":{"x":120,"y":237,"width":758,"height":12}},{"id":"f62bcd64-012a-4918-b384-3434d38f275a","block_type":"box","text":"Prospectus.","page_number":563,"box":{"x":119,"y":253,"width":89,"height":11}},{"id":"9c0c5007-760c-4dd8-ab41-a8917e59fc96","block_type":"box","text":"VANGUARD U.S. TREASURY 3-7 YEAR BOND UCITS ETF","page_number":563,"box":{"x":251,"y":298,"width":496,"height":9}},{"id":"3ec96adb-89a8-47de-b236-e4da2161fb84","block_type":"box","text":"(a Fund of Vanguard Funds plc, an open- ended investment company with variable capital","page_number":563,"box":{"x":144,"y":327,"width":711,"height":13}},{"id":"d295d14e-fc65-4038-859e-b5427963f7df","block_type":"box","text":"structured as an umbrella fund with segregated liability between Funds)","page_number":563,"box":{"x":216,"y":350,"width":567,"height":12}},{"id":"ecc05651-9464-4d29-88b8-dd8b92aecd79","block_type":"box","text":"SUPPLEMENT DATED 15 OCTOBER 2026","page_number":563,"box":{"x":322,"y":411,"width":356,"height":8}},{"id":"57bda8d4-97b5-4d7e-aab3-8975e2e22311","block_type":"box","text":"TO THE PROSPECTUS FOR VANGUARD FUNDS PLC DATED 15 OCTOBER 2026","page_number":563,"box":{"x":154,"y":433,"width":691,"height":9}},{"id":"6a460b7f-76b9-4016-b5e0-ba46ce9f3a22","block_type":"box","text":"This Supplement forms part of, and should be read in the context of, and together with, the","page_number":563,"box":{"x":119,"y":478,"width":760,"height":12}},{"id":"8113b404-90d9-4c80-8145-f86acf76b9d6","block_type":"box","text":"Company’s Prospectus dated 15 October 2026. 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In circumstances where constituent securities of the Index that are","page_number":564,"box":{"x":119,"y":575,"width":759,"height":12}},{"id":"95643155-6589-4c84-8818-528c65cd64f1","block_type":"box","text":"held by the Fund are downgraded or have their rating withdrawn, such securities may continue to be held","page_number":564,"box":{"x":119,"y":590,"width":762,"height":12}},{"id":"46828365-cdb8-4c13-ad91-7047ba666b66","block_type":"box","text":"by the Fund until such time as they cease to form part of the Index and the positions can be liquidated by","page_number":564,"box":{"x":119,"y":605,"width":761,"height":12}},{"id":"e3c51cd0-f8f2-4b04-b92a-63888f4e6fb8","block_type":"box","text":"the Investment Manager bearing in mind the best interests of Shareholders.","page_number":564,"box":{"x":119,"y":620,"width":553,"height":12}},{"id":"7c300868-d5b9-4a84-93ca-76cc5a57f7a2","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":564,"box":{"x":119,"y":649,"width":759,"height":12}},{"id":"b51c9f81-5669-4d1b-8306-eb3ea1977150","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":564,"box":{"x":119,"y":664,"width":382,"height":12}},{"id":"a3ff026f-38d5-45f9-bc49-b2798fc95bf0","block_type":"box","text":"Appendix 5","page_number":564,"box":{"x":502,"y":664,"width":90,"height":12}},{"id":"2b37ec05-8808-4ae3-9549-312befc616cc","block_type":"box","text":"of the Prospectus.","page_number":564,"box":{"x":592,"y":664,"width":136,"height":12}},{"id":"e7986536-03d5-4d87-bad3-3fb416872e1f","block_type":"box","text":"The Index rebalances on a monthly basis. For potential cost impacts of rebalancing, please see the","page_number":564,"box":{"x":119,"y":693,"width":760,"height":12}},{"id":"1d9f13eb-5e31-4c13-bb93-5103987e8650","block_type":"box","text":"section of the Prospectus headed “","page_number":564,"box":{"x":120,"y":708,"width":250,"height":12}},{"id":"c7b2bc31-d116-42b8-a4fd-0a9bf8a5e3b3","block_type":"box","text":"Index rebalancing and costs","page_number":564,"box":{"x":371,"y":709,"width":218,"height":12}},{"id":"1b5c2a2d-1f94-45d7-8daf-40fbfde57492","block_type":"box","text":"”. 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Investments in OTC FDI shall be with UCITS-eligible","page_number":564,"box":{"x":119,"y":862,"width":759,"height":12}},{"id":"80370825-f4c9-43e5-867c-5b04195c5b70","block_type":"box","text":"counterparties that have been selected taking into account considerations including best execution and","page_number":564,"box":{"x":119,"y":877,"width":760,"height":12}},{"id":"63d6b0f4-e880-41a5-a2d2-9bc9a4db7f18","block_type":"box","text":"the extent of any counterparty risk exposure applying to the Fund at the time of investment.","page_number":564,"box":{"x":119,"y":892,"width":674,"height":12}},{"id":"0e7c35c6-41be-4d16-ba2d-dbd3f9528abd","block_type":"box","text":"3","page_number":565,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"5f7c9ca1-d755-49fd-9fe3-09b9aff75919","block_type":"box","text":"VG001-001/M85660-892520263-23543/1","page_number":565,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"624c71eb-c122-4d89-b154-d17e3931c1bd","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":565,"box":{"x":120,"y":87,"width":407,"height":12}},{"id":"a4183462-7e05-4678-8e2c-ff1a0690066d","block_type":"box","text":"","page_number":565,"box":{"x":119,"y":118,"width":6,"height":5}},{"id":"71e765c5-56c7-4c0b-96fe-04e38b2e8dac","block_type":"box","text":"forward foreign exchange contracts, which are agreements between parties to exchange fixed","page_number":565,"box":{"x":150,"y":116,"width":729,"height":12}},{"id":"e8c2a219-0fef-4656-acd3-e22af919f79f","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":565,"box":{"x":150,"y":131,"width":730,"height":12}},{"id":"58be19fe-9f61-4cc9-acc6-423640076274","block_type":"box","text":"foreign exchange contracts are traded OTC and may be used to manage currency exposures. Non","page_number":565,"box":{"x":150,"y":146,"width":728,"height":12}},{"id":"f0d71d19-a2e2-4587-8d1d-cc08979f30d5","block_type":"box","text":"deliverable forward foreign exchange differ from standard forward foreign exchange contracts in","page_number":565,"box":{"x":150,"y":161,"width":729,"height":12}},{"id":"d823f4e1-214b-487b-a108-f76f93558e6a","block_type":"box","text":"that at least one of the currencies in the transaction is not permitted to be delivered in settlement of","page_number":565,"box":{"x":149,"y":176,"width":730,"height":12}},{"id":"b15685a7-a3b5-4f02-90f6-852f29ae07e2","block_type":"box","text":"any profit or loss resulting from the transaction. Typically, profit or loss in this case will be delivered","page_number":565,"box":{"x":150,"y":191,"width":730,"height":12}},{"id":"b14c85f8-8be9-42e5-9d9e-657e40597b67","block_type":"box","text":"in US Dollars or Euro;","page_number":565,"box":{"x":149,"y":206,"width":166,"height":11}},{"id":"67cc495d-5be0-4c6d-b750-0a6987c057d2","block_type":"box","text":"","page_number":565,"box":{"x":119,"y":238,"width":6,"height":4}},{"id":"864d800e-7a25-4bfa-a911-3fbb4ee660bc","block_type":"box","text":"single name credit default swaps (“","page_number":565,"box":{"x":150,"y":235,"width":259,"height":12}},{"id":"14bf263c-b864-48da-9fd9-74e1998463cd","block_type":"box","text":"CDS","page_number":565,"box":{"x":411,"y":236,"width":35,"height":9}},{"id":"c10ef0af-154e-4e39-8b1e-38919d5bda55","block_type":"box","text":"”) and","page_number":565,"box":{"x":448,"y":236,"width":49,"height":11}},{"id":"36fe1dc2-b4be-41ae-bd72-43de51419722","block_type":"box","text":"CDS indices (for example, CDX and iTraxx) which","page_number":565,"box":{"x":498,"y":235,"width":382,"height":12}},{"id":"0730df57-3ea3-45b6-998f-92867552ace7","block_type":"box","text":"may be used to hedge credit exposure to a particular issuer, maturity or seniority of debt issuance","page_number":565,"box":{"x":149,"y":250,"width":730,"height":12}},{"id":"30f19fcb-2dcf-4aba-8102-a5ebfeb25250","block_type":"box","text":"represented in the Index or, in the case of CDS indices, to a particular sector of the fixed income","page_number":565,"box":{"x":149,"y":265,"width":729,"height":12}},{"id":"f8e45365-d73b-427a-8c5e-8fd189851dd1","block_type":"box","text":"market or to gain efficient exposure to the foregoing from a costs and/or risk perspective, for","page_number":565,"box":{"x":149,"y":280,"width":730,"height":12}},{"id":"8cf91edf-041f-48d9-8798-f4ad9aeaa5a2","block_type":"box","text":"example during periods of illiquidity in the bond markets;","page_number":565,"box":{"x":150,"y":296,"width":425,"height":12}},{"id":"02395f3e-dff9-4365-9c9c-c2eec2667104","block_type":"box","text":"","page_number":565,"box":{"x":119,"y":327,"width":6,"height":5}},{"id":"a3aed488-c5fd-4d3b-ba78-ccdd5678fe4f","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":565,"box":{"x":149,"y":325,"width":730,"height":12}},{"id":"acaeae2c-4f88-4e3c-b120-c659d82769c4","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":565,"box":{"x":150,"y":340,"width":731,"height":12}},{"id":"bea40734-946b-4951-95d1-c1e6d0568040","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":565,"box":{"x":149,"y":355,"width":731,"height":12}},{"id":"e0c1c7c2-706e-4ba7-974d-5a16e73b42c8","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":565,"box":{"x":149,"y":370,"width":729,"height":12}},{"id":"e451a0bb-f162-4c8c-99df-054b461c78dc","block_type":"box","text":"tracking error;","page_number":565,"box":{"x":149,"y":385,"width":105,"height":12}},{"id":"656d04bd-071c-43b4-8f67-15c66b08cd99","block_type":"box","text":"","page_number":565,"box":{"x":119,"y":417,"width":6,"height":4}},{"id":"4ec6b8f7-39db-4ac9-9f90-cb5251412bd9","block_type":"box","text":"FX swaps to manage exchange rate/currency risk arising in the portfolio or to benefit directly from","page_number":565,"box":{"x":150,"y":414,"width":729,"height":12}},{"id":"39b738b8-ad7b-4026-834f-e0e6fe983393","block_type":"box","text":"changes in currency exchange rates;","page_number":565,"box":{"x":150,"y":429,"width":270,"height":12}},{"id":"7ff3f7d1-1760-4f94-85e4-d5bce63325a8","block_type":"box","text":"","page_number":565,"box":{"x":119,"y":461,"width":6,"height":4}},{"id":"affef38b-10a5-4252-90a3-7c32235ba823","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":565,"box":{"x":149,"y":458,"width":730,"height":12}},{"id":"85c0da8e-5ea1-4214-98e1-5d51747f8009","block_type":"box","text":"portfolio; and","page_number":565,"box":{"x":149,"y":474,"width":101,"height":11}},{"id":"f36cb969-df1b-4d9f-90c0-455a557c0ebb","block_type":"box","text":"","page_number":565,"box":{"x":119,"y":505,"width":6,"height":5}},{"id":"33d9eeb9-8c7c-4909-afd3-2684059a111f","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":565,"box":{"x":150,"y":503,"width":739,"height":12}},{"id":"bdaa60e5-a8b2-4b0d-843c-773abeea8139","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":565,"box":{"x":149,"y":518,"width":731,"height":12}},{"id":"cbaca1fa-3e75-4892-9483-dd05810270f7","block_type":"box","text":"cost efficiencies.","page_number":565,"box":{"x":150,"y":533,"width":122,"height":9}},{"id":"8c7ea673-8209-4d67-9631-428070c7e0aa","block_type":"box","text":"See","page_number":565,"box":{"x":120,"y":563,"width":29,"height":8}},{"id":"83a3ea39-1bc5-4bf5-b828-0c0a6680d7b5","block_type":"box","text":"Appendix 4","page_number":565,"box":{"x":149,"y":562,"width":90,"height":12}},{"id":"a36eea6e-5503-4f00-b09d-36d49a7a9264","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":565,"box":{"x":239,"y":562,"width":642,"height":12}},{"id":"45258765-0541-443b-b595-d2a8be82a8ed","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":565,"box":{"x":119,"y":577,"width":760,"height":12}},{"id":"07cba417-8d93-439f-b1a2-e4f3dd650a61","block_type":"box","text":"usage at any time. See","page_number":565,"box":{"x":119,"y":593,"width":175,"height":11}},{"id":"44c2ba78-6ce2-4f57-9949-6d431da52691","block_type":"box","text":"Appendix 4","page_number":565,"box":{"x":303,"y":592,"width":93,"height":12}},{"id":"38c17811-1161-4664-b20f-af50771c9ef3","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":565,"box":{"x":397,"y":592,"width":482,"height":12}},{"id":"90f0246c-2176-4a81-8183-4493e6ff181b","block_type":"box","text":"calculation of global exposure.","page_number":565,"box":{"x":119,"y":607,"width":226,"height":12}},{"id":"23c0431a-3c5f-4d02-b661-b20dee0cec8e","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":565,"box":{"x":119,"y":636,"width":762,"height":12}},{"id":"0b50cf4f-d183-40e2-830f-cccb68546e33","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":565,"box":{"x":120,"y":651,"width":740,"height":13}},{"id":"eed3114c-b782-4601-9e2f-b2f549d7019b","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":565,"box":{"x":119,"y":681,"width":760,"height":12}},{"id":"3ff058d3-7633-492e-a462-841f5681bf67","block_type":"box","text":"Bank, invest up to 10% of its net assets","page_number":565,"box":{"x":119,"y":696,"width":289,"height":12}},{"id":"9f5fee87-a56e-4cd2-9179-04e8702737e2","block_type":"box","text":"in other Funds of the Company and other collective investment","page_number":565,"box":{"x":414,"y":696,"width":466,"height":12}},{"id":"e3ef4df7-bd3d-4de2-a13b-e206743f888b","block_type":"box","text":"undertakings including exchange traded funds and undertakings linked by common management or","page_number":565,"box":{"x":119,"y":711,"width":760,"height":12}},{"id":"7c3f8dd1-54e8-49fb-9496-c69784248326","block_type":"box","text":"control to each other or to the Company. See","page_number":565,"box":{"x":119,"y":726,"width":361,"height":12}},{"id":"feb819c9-8405-46cb-b57f-5652ec6e7f2a","block_type":"box","text":"Appendix 3","page_number":565,"box":{"x":490,"y":726,"width":93,"height":12}},{"id":"234775d3-de26-4f64-93fd-dc2de7e5cd0e","block_type":"box","text":"of the Prospectus for information on","page_number":565,"box":{"x":584,"y":726,"width":296,"height":12}},{"id":"18322c0b-836b-4980-aa91-cde423ddc97e","block_type":"box","text":"investment in collective investment schemes, including other funds of the Company.","page_number":565,"box":{"x":119,"y":741,"width":623,"height":12}},{"id":"c90a7def-a24a-4b7a-b277-d5d1ffa2ce66","block_type":"box","text":"The Fund may also enter into repurchase agreements and reverse repurchase agreements for the purpose","page_number":565,"box":{"x":119,"y":770,"width":761,"height":12}},{"id":"4de03f2c-8eb7-4f78-ae37-79232872316c","block_type":"box","text":"of efficient portfolio management.","page_number":565,"box":{"x":119,"y":785,"width":253,"height":12}},{"id":"46cca889-eae0-46ae-8267-2414cd0aee87","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":565,"box":{"x":119,"y":814,"width":760,"height":12}},{"id":"283cd8cf-5fd1-4b2c-aa1f-b2c88bc3350d","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":565,"box":{"x":119,"y":829,"width":760,"height":12}},{"id":"a558c1d2-75e3-4438-929f-6c539fb229fe","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":565,"box":{"x":119,"y":845,"width":760,"height":12}},{"id":"1336e3be-2583-420c-bc7e-c6b3aff4277e","block_type":"box","text":"Tracking Error","page_number":565,"box":{"x":119,"y":874,"width":123,"height":12}},{"id":"7a311d11-f47e-4b6e-b0c0-6bf4c273a469","block_type":"box","text":"4","page_number":566,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"1ebf10d7-1155-4955-ac73-407573c75736","block_type":"box","text":"VG001-001/M85660-892520263-23543/1","page_number":566,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"75b67942-c6a5-477b-a667-1a43ecfcb371","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":566,"box":{"x":119,"y":104,"width":759,"height":12}},{"id":"7d7494ed-f932-427d-8f43-99732ee2e49a","block_type":"box","text":"Fund, will be up to 0.40%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":566,"box":{"x":119,"y":119,"width":760,"height":12}},{"id":"6003b280-0cdc-4e41-b51f-7ec4338e38a8","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":566,"box":{"x":119,"y":134,"width":760,"height":12}},{"id":"f6e0b19d-64c2-4535-beff-3397624e66bc","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":566,"box":{"x":119,"y":149,"width":759,"height":12}},{"id":"c6aaa624-80c8-4fc6-b153-d9b9d188394b","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":566,"box":{"x":119,"y":164,"width":760,"height":12}},{"id":"f999cc61-cc2e-4524-9e37-2967847c78fc","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. 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The Fund employs a “passive","page_number":575,"box":{"x":119,"y":261,"width":760,"height":12}},{"id":"7f54f981-698c-4a60-ab06-40d973a9ad75","block_type":"box","text":"management” – or indexing – investment approach, through physical acquisition of securities, designed","page_number":575,"box":{"x":119,"y":276,"width":762,"height":12}},{"id":"98d15efa-efdc-43c8-ba83-3536b9467b01","block_type":"box","text":"to track the performance of the Index.","page_number":575,"box":{"x":119,"y":291,"width":293,"height":12}},{"id":"71b29a27-8071-41c2-b431-a533b8b8cc30","block_type":"box","text":"The Index is designed to reflect the universe of US Dollar","page_number":575,"box":{"x":421,"y":291,"width":458,"height":12}},{"id":"31246d02-eea6-4750-851f-c7540aad0d10","block_type":"box","text":"denominated, fixed rate, nominal debt issued by the US Treasury with maturities of between seven and","page_number":575,"box":{"x":119,"y":306,"width":762,"height":12}},{"id":"4b8f7cc6-1d97-4f2a-bdfe-1ac4ef9dbe7f","block_type":"box","text":"up to, but not including, ten years and which have a par amount (i.e. the amount of money that issuers","page_number":575,"box":{"x":119,"y":321,"width":759,"height":12}},{"id":"cf6a6dda-5fb0-48c5-bddc-da6b1a80200e","block_type":"box","text":"agree to repay to the purchaser at the bond’s maturity) outstanding greater than or equal to USD300","page_number":575,"box":{"x":119,"y":336,"width":759,"height":12}},{"id":"6be9391b-fed8-471b-869c-654733e6dc2a","block_type":"box","text":"million.","page_number":575,"box":{"x":119,"y":351,"width":62,"height":9}},{"id":"fd533439-6012-4dde-9000-4ccb4ca30d4b","block_type":"box","text":"In tracking the performance of the Index, the Fund will invest in a portfolio of securities (which may","page_number":575,"box":{"x":119,"y":380,"width":760,"height":12}},{"id":"0a1746c0-07be-4939-bdb8-e7d0e497a2d4","block_type":"box","text":"include callable bonds) that so far as possible and practicable consists of a representative sample of the","page_number":575,"box":{"x":119,"y":395,"width":760,"height":12}},{"id":"7461b97e-dd1a-49ab-95c6-ed603d8152aa","block_type":"box","text":"component securities of the Index. See the “","page_number":575,"box":{"x":119,"y":410,"width":361,"height":12}},{"id":"8172639b-4615-4eab-8311-da9eea0e59ad","block_type":"box","text":"The Funds","page_number":575,"box":{"x":482,"y":410,"width":89,"height":10}},{"id":"f08e6468-dc4a-4c51-932d-29fc6115d8c5","block_type":"box","text":"” section of the Prospectus for further","page_number":575,"box":{"x":572,"y":410,"width":307,"height":12}},{"id":"d3851ffb-5136-459e-8ccf-e76cc06a887e","block_type":"box","text":"information, in particular in relation to optimisation and sampling techniques used in tracking the","page_number":575,"box":{"x":119,"y":425,"width":759,"height":12}},{"id":"2764ba6b-8373-4ad3-917b-abe475f0168a","block_type":"box","text":"performance of the Index.","page_number":575,"box":{"x":119,"y":440,"width":190,"height":12}},{"id":"4ca16dfb-dd10-4b92-9c82-c2ed6fe3b10a","block_type":"box","text":"Where consistent with its investment objective, the Fund may also hold","page_number":575,"box":{"x":119,"y":470,"width":520,"height":12}},{"id":"4615c1bc-481f-41d5-b57b-cbef44c5bbac","block_type":"box","text":"fixed-rate US Treasury securities","page_number":575,"box":{"x":640,"y":470,"width":240,"height":12}},{"id":"d4cad696-ebc8-4c55-ab92-7741b166ee05","block_type":"box","text":"that are not components of the Index, but whose risk and return characteristics closely resemble risk and","page_number":575,"box":{"x":119,"y":485,"width":761,"height":12}},{"id":"89d23fd2-f121-4248-a3fb-5049c6fad62e","block_type":"box","text":"return characteristics of constituents of the Index or of the Index as a whole. 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In circumstances where constituent securities of the Index that are","page_number":575,"box":{"x":119,"y":575,"width":759,"height":12}},{"id":"50ba8d8c-100a-405d-b586-83a9ff7bafb9","block_type":"box","text":"held by the Fund are downgraded or have their rating withdrawn, such securities may continue to be held","page_number":575,"box":{"x":119,"y":590,"width":762,"height":12}},{"id":"d5a18c20-b250-48c2-b10f-dbfe527afe54","block_type":"box","text":"by the Fund until such time as they cease to form part of the Index and the positions can be liquidated by","page_number":575,"box":{"x":119,"y":605,"width":761,"height":12}},{"id":"ca2293d6-880b-43f7-8bd0-270a869f1f45","block_type":"box","text":"the Investment Manager bearing in mind the best interests of Shareholders.","page_number":575,"box":{"x":119,"y":620,"width":553,"height":12}},{"id":"32ef5a30-d1af-4991-84ee-85fbca0222e4","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":575,"box":{"x":119,"y":649,"width":759,"height":12}},{"id":"2304b80f-8fcf-4409-8852-52093f9ac8d1","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":575,"box":{"x":119,"y":664,"width":382,"height":12}},{"id":"48a0243d-051c-40e2-9776-78c9eaa2220d","block_type":"box","text":"Appendix 5","page_number":575,"box":{"x":502,"y":664,"width":90,"height":12}},{"id":"cd263b1d-7bb3-4a51-b077-c44adc40609f","block_type":"box","text":"of the Prospectus.","page_number":575,"box":{"x":592,"y":664,"width":136,"height":12}},{"id":"6a015364-0385-494e-a376-3c592e0cbd32","block_type":"box","text":"The Index rebalances on a monthly basis. 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Further information in relation to the","page_number":575,"box":{"x":590,"y":708,"width":290,"height":10}},{"id":"f0244e99-4a00-4769-af31-363160060bba","block_type":"box","text":"Index, including details as to its exact composition, can be obtained at","page_number":575,"box":{"x":119,"y":724,"width":761,"height":11}},{"id":"dea18844-464a-4d49-a5b7-f56304507556","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/","page_number":575,"box":{"x":119,"y":739,"width":431,"height":12}},{"id":"6ef1c39f-99b6-46ea-88f7-57231ed732e8","block_type":"box","text":".","page_number":575,"box":{"x":552,"y":746,"width":2,"height":2}},{"id":"7e954573-4db8-4cd4-b5a3-89b5a4986cf7","block_type":"box","text":"Other Investment Strategies","page_number":575,"box":{"x":120,"y":783,"width":221,"height":12}},{"id":"84ac5a93-0465-4ad7-8be1-78fa69cf6a20","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":575,"box":{"x":119,"y":817,"width":705,"height":12}},{"id":"6a4f2881-3c13-497d-8e20-ae6f009963d2","block_type":"box","text":"OTC","page_number":575,"box":{"x":827,"y":818,"width":38,"height":9}},{"id":"4ef66929-9ba2-484e-8c19-ad7bb4b685e8","block_type":"box","text":"”)","page_number":575,"box":{"x":867,"y":817,"width":13,"height":12}},{"id":"8f67a53c-4623-4d4f-8b49-66b7de8ef309","block_type":"box","text":"financial derivative instruments (“","page_number":575,"box":{"x":119,"y":832,"width":259,"height":12}},{"id":"d0b04683-eb10-42c2-aa9f-2e8e7644c725","block_type":"box","text":"FDI","page_number":575,"box":{"x":380,"y":833,"width":31,"height":8}},{"id":"61494e59-de8f-4bf1-9f50-74bf3904c565","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":575,"box":{"x":412,"y":832,"width":467,"height":12}},{"id":"223bc884-54c8-4031-818e-17333a6ce358","block_type":"box","text":"efficient portfolio management purposes only and in accordance with","page_number":575,"box":{"x":119,"y":847,"width":511,"height":12}},{"id":"3fc0b335-8298-43c1-93d8-fe24fd70c8dd","block_type":"box","text":"Appendix 4","page_number":575,"box":{"x":630,"y":847,"width":90,"height":12}},{"id":"9270f368-23b9-4bed-80e0-62df7ebd1b8a","block_type":"box","text":"of the Prospectus and","page_number":575,"box":{"x":720,"y":847,"width":161,"height":12}},{"id":"94c6c4d3-7e25-4493-8e30-17916775e079","block_type":"box","text":"the requirements of the Central Bank. Investments in OTC FDI shall be with UCITS-eligible","page_number":575,"box":{"x":119,"y":862,"width":759,"height":12}},{"id":"7517f2b6-f0c9-4d2d-be5b-d1c89c84d5f9","block_type":"box","text":"counterparties that have been selected taking into account considerations including best execution and","page_number":575,"box":{"x":119,"y":877,"width":760,"height":12}},{"id":"f6e86486-5103-43cc-96ce-273da73c4518","block_type":"box","text":"the extent of any counterparty risk exposure applying to the Fund at the time of investment.","page_number":575,"box":{"x":119,"y":892,"width":674,"height":12}},{"id":"2cb24a27-8773-4e8a-891d-a569901fc076","block_type":"box","text":"3","page_number":576,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"a81d16f2-927c-4600-b7e6-85ec38780ceb","block_type":"box","text":"VG001-001/M85660-892520263-23544/1","page_number":576,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"64a847e8-3074-4093-b229-1679fb59482c","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":576,"box":{"x":120,"y":87,"width":407,"height":12}},{"id":"7d033d09-01bc-4bde-bef9-24635fd14258","block_type":"box","text":"","page_number":576,"box":{"x":119,"y":118,"width":6,"height":5}},{"id":"bf885ffa-d901-44c4-afce-f0d375b86b05","block_type":"box","text":"forward foreign exchange contracts, which are agreements between parties to exchange fixed","page_number":576,"box":{"x":150,"y":116,"width":729,"height":12}},{"id":"0a063488-90f6-4a84-a790-10a8cb383de8","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":576,"box":{"x":150,"y":131,"width":730,"height":12}},{"id":"8d61b55e-9a42-4371-b9e3-7939fb91a996","block_type":"box","text":"foreign exchange contracts are traded OTC and may be used to manage currency exposures. Non","page_number":576,"box":{"x":150,"y":146,"width":728,"height":12}},{"id":"36cbf940-fbbf-4f91-b908-fec559e5d943","block_type":"box","text":"deliverable forward foreign exchange differ from standard forward foreign exchange contracts in","page_number":576,"box":{"x":150,"y":161,"width":729,"height":12}},{"id":"7e90f5e4-be63-46f0-a991-9ed3ad8600b8","block_type":"box","text":"that at least one of the currencies in the transaction is not permitted to be delivered in settlement of","page_number":576,"box":{"x":149,"y":176,"width":730,"height":12}},{"id":"4a70e982-7ac8-41bb-8009-154d951f6a43","block_type":"box","text":"any profit or loss resulting from the transaction. Typically, profit or loss in this case will be delivered","page_number":576,"box":{"x":150,"y":191,"width":730,"height":12}},{"id":"f5dc0cb7-3c09-4b4e-b508-848e659d60eb","block_type":"box","text":"in US Dollars or Euro;","page_number":576,"box":{"x":149,"y":206,"width":166,"height":11}},{"id":"f39807b3-e2e6-4d7c-b38a-73f29370bf65","block_type":"box","text":"","page_number":576,"box":{"x":119,"y":238,"width":6,"height":4}},{"id":"a7918cfc-5bec-43fc-86b8-a2716cb27c56","block_type":"box","text":"single name credit default swaps (“","page_number":576,"box":{"x":150,"y":235,"width":259,"height":12}},{"id":"8af041c2-b117-47f6-be09-c5b6e475cd27","block_type":"box","text":"CDS","page_number":576,"box":{"x":411,"y":236,"width":35,"height":9}},{"id":"aa86392e-82ac-46bf-90f9-4202dc878cce","block_type":"box","text":"”) and","page_number":576,"box":{"x":448,"y":236,"width":49,"height":11}},{"id":"285cecb5-f7be-447b-90b7-ce05fc6fbd4b","block_type":"box","text":"CDS indices (for example, CDX and iTraxx) which","page_number":576,"box":{"x":498,"y":235,"width":382,"height":12}},{"id":"34520298-712c-49cd-a0d5-d35c3098951d","block_type":"box","text":"may be used to hedge credit exposure to a particular issuer, maturity or seniority of debt issuance","page_number":576,"box":{"x":149,"y":250,"width":730,"height":12}},{"id":"9f3bdd77-78d8-438c-8f12-62c0bda22b85","block_type":"box","text":"represented in the Index or, in the case of CDS indices, to a particular sector of the fixed income","page_number":576,"box":{"x":149,"y":265,"width":729,"height":12}},{"id":"aed37d3c-b553-4c34-9699-7a1118e3e872","block_type":"box","text":"market or to gain efficient exposure to the foregoing from a costs and/or risk perspective, for","page_number":576,"box":{"x":149,"y":280,"width":730,"height":12}},{"id":"187ddb31-469a-474f-9bba-3d884e24f42b","block_type":"box","text":"example during periods of illiquidity in the bond markets;","page_number":576,"box":{"x":150,"y":296,"width":425,"height":12}},{"id":"c6d9a13d-2a0f-47f9-9866-1448c573f458","block_type":"box","text":"","page_number":576,"box":{"x":119,"y":327,"width":6,"height":5}},{"id":"f6504a15-3890-4ab6-88ac-3a702a9d63a7","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":576,"box":{"x":149,"y":325,"width":730,"height":12}},{"id":"b234ad78-3e20-4f12-ae14-d6f27195db7c","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":576,"box":{"x":150,"y":340,"width":731,"height":12}},{"id":"e0aaedfc-3e95-4539-a260-3af9114b38af","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":576,"box":{"x":149,"y":355,"width":731,"height":12}},{"id":"b9e3ad72-93e2-4971-9c68-627e98f1e929","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":576,"box":{"x":149,"y":370,"width":729,"height":12}},{"id":"48aa217a-8d7c-4e02-ad44-8fd43c5f9219","block_type":"box","text":"tracking error;","page_number":576,"box":{"x":149,"y":385,"width":105,"height":12}},{"id":"6f601f3c-db5d-4468-afbf-2a115957dce1","block_type":"box","text":"","page_number":576,"box":{"x":119,"y":417,"width":6,"height":4}},{"id":"52c6b436-e29d-4649-92a4-2c7eea21bb56","block_type":"box","text":"FX swaps to manage exchange rate/currency risk arising in the portfolio or to benefit directly from","page_number":576,"box":{"x":150,"y":414,"width":729,"height":12}},{"id":"7812a29c-e0d5-452d-a4de-d45c43ca60a5","block_type":"box","text":"changes in currency exchange rates;","page_number":576,"box":{"x":150,"y":429,"width":270,"height":12}},{"id":"1f15ebe9-5482-4913-b717-6c01ef0bc354","block_type":"box","text":"","page_number":576,"box":{"x":119,"y":461,"width":6,"height":4}},{"id":"1393f0cf-986c-44df-bd1b-4271b3e78feb","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":576,"box":{"x":149,"y":458,"width":730,"height":12}},{"id":"abfa5522-c2d9-49fb-a35f-c3349a08b443","block_type":"box","text":"portfolio; and","page_number":576,"box":{"x":149,"y":474,"width":101,"height":11}},{"id":"8fa723cb-e702-4223-bf58-f14ba8a6b2b2","block_type":"box","text":"","page_number":576,"box":{"x":119,"y":505,"width":6,"height":5}},{"id":"26623cf8-58d0-469f-9f28-c116af5c838b","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":576,"box":{"x":150,"y":503,"width":739,"height":12}},{"id":"89b5c17c-ea3e-4238-b09d-31e5789a6130","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":576,"box":{"x":149,"y":518,"width":731,"height":12}},{"id":"a3dc9f6c-4ad5-482c-8740-5c20ad3ea6f0","block_type":"box","text":"cost efficiencies.","page_number":576,"box":{"x":150,"y":533,"width":122,"height":9}},{"id":"56d2f528-fa96-4b49-8c82-c86830e42056","block_type":"box","text":"See","page_number":576,"box":{"x":120,"y":563,"width":29,"height":8}},{"id":"0d4b36bc-36c6-4592-ae41-f3fb7b95f8a5","block_type":"box","text":"Appendix 4","page_number":576,"box":{"x":149,"y":562,"width":90,"height":12}},{"id":"229cf91e-9383-4181-a096-c5a7066f16a1","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":576,"box":{"x":239,"y":562,"width":642,"height":12}},{"id":"ff81dae1-fad4-4078-be94-bf144ab01dbc","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":576,"box":{"x":119,"y":577,"width":760,"height":12}},{"id":"0f76cd54-6334-418f-bd00-d6ab747b4513","block_type":"box","text":"usage at any time. See","page_number":576,"box":{"x":119,"y":593,"width":175,"height":11}},{"id":"30e0a113-57ec-4c52-beba-2ff758027216","block_type":"box","text":"Appendix 4","page_number":576,"box":{"x":303,"y":592,"width":93,"height":12}},{"id":"86828770-5a29-4b7b-af32-2c727642979b","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":576,"box":{"x":397,"y":592,"width":482,"height":12}},{"id":"bf082d5e-e331-466d-af3b-6f263a966e59","block_type":"box","text":"calculation of global exposure.","page_number":576,"box":{"x":119,"y":607,"width":226,"height":12}},{"id":"e93e50d4-8d37-423c-aaeb-2307bf2af711","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":576,"box":{"x":119,"y":636,"width":762,"height":12}},{"id":"a9b30cd3-633d-4ee8-9ac6-946f3a8cda22","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":576,"box":{"x":120,"y":651,"width":740,"height":13}},{"id":"72741b4c-8dad-4df0-9047-e7dfb441968e","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":576,"box":{"x":119,"y":681,"width":760,"height":12}},{"id":"b0a818f8-6dc2-4727-af96-3760d206b70f","block_type":"box","text":"Bank, invest up to 10% of its net assets","page_number":576,"box":{"x":119,"y":696,"width":289,"height":12}},{"id":"dc4b98a5-b5e1-49f8-abe1-34347a0c9233","block_type":"box","text":"in other Funds of the Company and other collective investment","page_number":576,"box":{"x":414,"y":696,"width":466,"height":12}},{"id":"1c553e88-285e-4b43-8966-cec02cf729ee","block_type":"box","text":"undertakings including exchange traded funds and undertakings linked by common management or","page_number":576,"box":{"x":119,"y":711,"width":760,"height":12}},{"id":"9e335e85-14a4-458e-b43a-4bf48ae3dbd1","block_type":"box","text":"control to each other or to the Company. See","page_number":576,"box":{"x":119,"y":726,"width":361,"height":12}},{"id":"c09d3de4-b27c-46eb-b999-286983cdd451","block_type":"box","text":"Appendix 3","page_number":576,"box":{"x":490,"y":726,"width":93,"height":12}},{"id":"5f10aed2-0c46-46ae-895e-6126b4afa733","block_type":"box","text":"of the Prospectus for information on","page_number":576,"box":{"x":584,"y":726,"width":296,"height":12}},{"id":"411eb339-b568-4072-a81a-7f1f21710d4f","block_type":"box","text":"investment in collective investment schemes, including other funds of the Company.","page_number":576,"box":{"x":119,"y":741,"width":623,"height":12}},{"id":"93dabba6-af73-465c-a383-941a34845478","block_type":"box","text":"The Fund may also enter into repurchase agreements and reverse repurchase agreements for the purpose","page_number":576,"box":{"x":119,"y":770,"width":761,"height":12}},{"id":"5c2b46a8-3f7e-4fb4-b1bb-a7ff5c1746dd","block_type":"box","text":"of efficient portfolio management.","page_number":576,"box":{"x":119,"y":785,"width":253,"height":12}},{"id":"a93bf242-6ad9-46d6-8229-bd4b007d292c","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":576,"box":{"x":119,"y":814,"width":760,"height":12}},{"id":"d7b96f6c-9388-4a23-8e9e-b2c45781f1c3","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":576,"box":{"x":119,"y":829,"width":760,"height":12}},{"id":"0009425a-2579-45b7-a84d-14da9a931c98","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":576,"box":{"x":119,"y":845,"width":760,"height":12}},{"id":"a9bb741f-f973-4ed9-b401-f31baced37fe","block_type":"box","text":"4","page_number":577,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"16817bf9-0d14-4314-9ff7-2c8934b6e87a","block_type":"box","text":"VG001-001/M85660-892520263-23544/1","page_number":577,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"083fb7b1-fa09-4a36-b006-599c997c2deb","block_type":"box","text":"Tracking Error","page_number":577,"box":{"x":119,"y":87,"width":123,"height":12}},{"id":"8f6f8fdc-c686-4a7b-9609-362e18a18146","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":577,"box":{"x":119,"y":121,"width":759,"height":12}},{"id":"76d6ebf5-7339-45b5-8725-5e5d184c675d","block_type":"box","text":"Fund, will be up to 0.40%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":577,"box":{"x":119,"y":136,"width":760,"height":12}},{"id":"e44e2764-0cbb-4065-adf9-f8c01e3ce6fd","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":577,"box":{"x":119,"y":151,"width":760,"height":12}},{"id":"1f210cc3-de77-4492-92b9-b8914d0350c3","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":577,"box":{"x":119,"y":166,"width":759,"height":12}},{"id":"04356747-3c20-4219-9791-1ba684641b34","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":577,"box":{"x":119,"y":181,"width":760,"height":12}},{"id":"8018b132-effe-4a68-939f-d3d257e15888","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. 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WAL only recognises the time remaining before the","page_number":587,"box":{"x":119,"y":476,"width":760,"height":12}},{"id":"47001306-2b43-47b0-8bc5-fe11bc12b9f6","block_type":"box","text":"principal value of the instrument must be repaid.","page_number":587,"box":{"x":119,"y":490,"width":357,"height":12}},{"id":"a0516b41-8041-46a5-9923-fccb28ac2c7e","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":587,"box":{"x":119,"y":520,"width":759,"height":12}},{"id":"bc0dce12-86b1-407d-acc5-c736a5ef1a54","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":587,"box":{"x":119,"y":535,"width":382,"height":12}},{"id":"16251519-c2d1-410f-b15c-d098a1a641d0","block_type":"box","text":"Appendix 5","page_number":587,"box":{"x":502,"y":535,"width":90,"height":12}},{"id":"0a5437ad-f7e6-44fe-94d7-f7ed0594e063","block_type":"box","text":"of the Prospectus.","page_number":587,"box":{"x":592,"y":535,"width":136,"height":12}},{"id":"3aec7e7f-11e7-43cd-95c1-25701569efc3","block_type":"box","text":"The Fund has availed of the derogation provided for under Article 17(7) of the EU MMFR and,","page_number":587,"box":{"x":119,"y":565,"width":758,"height":12}},{"id":"bd990840-1619-49bb-9388-9fb2812b87b9","block_type":"box","text":"accordingly has been authorised by the Central Bank with the flexibility to invest up to 100% of its assets","page_number":587,"box":{"x":119,"y":580,"width":761,"height":12}},{"id":"26af1b32-c7c6-4e12-8916-6a1906b5f2d7","block_type":"box","text":"in different money market instruments issued or guaranteed by the administrations, institutions or","page_number":587,"box":{"x":119,"y":595,"width":760,"height":12}},{"id":"3fcfeabf-80ab-43e4-963d-eaaa0ca06319","block_type":"box","text":"organisations listed in paragraph 2.9 of","page_number":587,"box":{"x":119,"y":610,"width":293,"height":12}},{"id":"e7949186-4209-4880-80ab-ea065aeaeb0c","block_type":"box","text":"Appendix 2","page_number":587,"box":{"x":412,"y":610,"width":90,"height":12}},{"id":"193490a6-3b01-4adf-9603-d5776e4dacc2","block_type":"box","text":"hereto.","page_number":587,"box":{"x":503,"y":610,"width":54,"height":10}},{"id":"0b9d3024-0aed-4fc1-a754-f08b9e503f7c","block_type":"box","text":"Other Investment Strategies","page_number":587,"box":{"x":120,"y":640,"width":221,"height":12}},{"id":"c1b5ab96-3d74-4045-adfb-a101306e0fe5","block_type":"box","text":"In accordance with the requirements of Article 16 of the EU MMFR and","page_number":587,"box":{"x":119,"y":670,"width":543,"height":12}},{"id":"6ffe86c1-c704-4ea5-9acf-b17c1417d969","block_type":"box","text":"Appendix 2","page_number":587,"box":{"x":663,"y":670,"width":91,"height":12}},{"id":"23513e0b-3ca6-4551-a0df-e9d560e00e3e","block_type":"box","text":"hereto, the Fund","page_number":587,"box":{"x":754,"y":670,"width":126,"height":12}},{"id":"7c8902f2-e25c-4692-a0cf-b2326e389a4d","block_type":"box","text":"may invest up to 10% of its assets in units of other short-term money market funds,","page_number":587,"box":{"x":119,"y":685,"width":627,"height":12}},{"id":"b20273cd-f871-4451-b349-1a97878c047f","block_type":"box","text":"provided no more","page_number":587,"box":{"x":748,"y":685,"width":132,"height":12}},{"id":"bf86188d-2ff9-4701-8b27-67d07b09c119","block_type":"box","text":"than 10% of the assets of these target funds may be invested in other money market funds","page_number":587,"box":{"x":119,"y":700,"width":676,"height":12}},{"id":"033dc6b8-25e7-4cbb-8f02-fe674aa95bb7","block_type":"box","text":"and that no","page_number":587,"box":{"x":798,"y":701,"width":82,"height":9}},{"id":"1fbf3abb-10d2-439f-a462-5556acd36f14","block_type":"box","text":"more than 5% of the Fund’s assets are invested in any single short-term money market fund","page_number":587,"box":{"x":119,"y":715,"width":677,"height":12}},{"id":"9cabc356-7913-4d79-8a31-c0c990dcdf47","block_type":"box","text":".","page_number":587,"box":{"x":798,"y":723,"width":8,"height":2}},{"id":"5281f6cc-311a-4b06-a7ce-8da0e800fa6a","block_type":"box","text":"The Fund will not invest in financial derivative instruments.","page_number":587,"box":{"x":119,"y":745,"width":448,"height":10}},{"id":"083f5c87-69c6-4139-8938-749c6b2aa7fa","block_type":"box","text":"Up to 100% of the Fund’s assets may be subject to repurchase and reverse repurchase agreements, with","page_number":587,"box":{"x":119,"y":776,"width":762,"height":12}},{"id":"c5e01e74-133d-4639-9728-735e0dd183db","block_type":"box","text":"an expectation that at any time less than 40% of a Fund’s assets will be subject to such agreements. The","page_number":587,"box":{"x":119,"y":791,"width":762,"height":12}},{"id":"cc6f9fb2-66fb-41d5-be2b-fc3c4ca70933","block_type":"box","text":"Fund will not invest in total return swaps or engage in securities lending transactions","page_number":587,"box":{"x":119,"y":806,"width":625,"height":12}},{"id":"f8e75870-6e66-4541-ab5c-44c9c60f6f20","block_type":"box","text":".","page_number":587,"box":{"x":747,"y":813,"width":8,"height":2}},{"id":"3dc59a4e-93ae-4571-90ba-c16bbd2734e6","block_type":"box","text":"Repurchase and Reverse Repurchase Agreements","page_number":587,"box":{"x":119,"y":836,"width":396,"height":12}},{"id":"d111954e-7919-48e7-a7a3-cce50c6ffe3c","block_type":"box","text":"The Fund may enter into repurchase agreements, provided that:","page_number":587,"box":{"x":119,"y":865,"width":466,"height":12}},{"id":"a97841d8-326a-4b83-9419-31685ab2cfb7","block_type":"box","text":"4","page_number":588,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"9b8aea12-06f7-41a5-a7e1-a187250094dc","block_type":"box","text":"VG001-001/M85660-892520263-23532/1","page_number":588,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"1da1e27f-2082-4967-a265-a991d2414579","block_type":"box","text":"(a)","page_number":588,"box":{"x":120,"y":89,"width":18,"height":11}},{"id":"a19eeb77-996f-41f9-a932-34bf871e8389","block_type":"box","text":"the repurchase agreement","page_number":588,"box":{"x":179,"y":89,"width":195,"height":11}},{"id":"5fe3e287-bf33-44ab-a80f-099bf408ba44","block_type":"box","text":"is","page_number":588,"box":{"x":375,"y":89,"width":17,"height":9}},{"id":"a5817fed-2995-4441-98c4-f864561e6227","block_type":"box","text":"used on a temporary 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counterparty","page_number":588,"box":{"x":179,"y":143,"width":123,"height":12}},{"id":"0fcae9da-bcc0-427b-b5b4-245a69e3a92e","block_type":"box","text":"receiving assets transferred by the Fund as collateral under the repurchase","page_number":588,"box":{"x":310,"y":143,"width":569,"height":12}},{"id":"f26d8062-eb0d-4cf7-85c3-c900edcf02e9","block_type":"box","text":"agreement","page_number":588,"box":{"x":180,"y":159,"width":80,"height":10}},{"id":"99d80644-f658-4016-abae-1c2f8cd48e39","block_type":"box","text":"is prohibited from selling, investing, pledging or otherwise transferring the collateral","page_number":588,"box":{"x":261,"y":157,"width":619,"height":12}},{"id":"a733e278-711f-40c8-b0bd-dd97777282b6","block_type":"box","text":"without the Fund’s prior consent;","page_number":588,"box":{"x":179,"y":171,"width":244,"height":11}},{"id":"536b7789-5930-4395-acd7-c0d976844c25","block_type":"box","text":"(c)","page_number":588,"box":{"x":120,"y":202,"width":18,"height":11}},{"id":"59735094-6ad6-4329-9676-5026b001935b","block_type":"box","text":"the cash received by the Fund is able to be used in accordance with the requirements described","page_number":588,"box":{"x":179,"y":202,"width":700,"height":12}},{"id":"cea23235-84e9-4936-b38c-9a16aab3566e","block_type":"box","text":"under the section entitled “","page_number":588,"box":{"x":179,"y":215,"width":196,"height":9}},{"id":"c008b4b2-4a71-4d54-8feb-73f1e02fa5d0","block_type":"box","text":"Management of collateral for repurchase and reverse repurchase","page_number":588,"box":{"x":376,"y":215,"width":504,"height":12}},{"id":"bc908e48-7090-47b2-a5bc-6eb5d9987d29","block_type":"box","text":"agreements","page_number":588,"box":{"x":180,"y":231,"width":89,"height":10}},{"id":"2789de1b-07a3-421c-9fc9-5a86dae8fe26","block_type":"box","text":"”","page_number":588,"box":{"x":270,"y":229,"width":7,"height":4}},{"id":"b1311eaf-72e5-41b9-83c3-7c1813b0094a","block_type":"box","text":"in A","page_number":588,"box":{"x":282,"y":229,"width":19,"height":9}},{"id":"9bf7bf1e-9b81-475f-9110-88a95244b397","block_type":"box","text":"Appendix 2","page_number":588,"box":{"x":300,"y":229,"width":90,"height":12}},{"id":"d08d5cbe-4450-4329-bbe4-7011056212cd","block_type":"box","text":"of this Supplement;","page_number":588,"box":{"x":391,"y":229,"width":154,"height":12}},{"id":"330a6b56-7b58-4611-a6b1-8e2f91fca7e9","block_type":"box","text":"(d)","page_number":588,"box":{"x":120,"y":260,"width":19,"height":12}},{"id":"622486ea-adca-46b0-9c88-a964a4d4d7e3","block_type":"box","text":"the cash received by the Fund as part of a repurchase agreement that is not centrally cleared","page_number":588,"box":{"x":179,"y":260,"width":700,"height":12}},{"id":"3030c4b5-5bf3-452b-9951-f2c447555b9b","block_type":"box","text":"through a CCP authorised in accordance with Article 14 of Regulation (EU) No 648/2012 or","page_number":588,"box":{"x":179,"y":274,"width":700,"height":12}},{"id":"2ac11bd7-ea8d-44a7-b16b-b769002af279","block_type":"box","text":"recognised in accordance with Article 25 of that Regulation does not exceed 10 % of its assets","page_number":588,"box":{"x":180,"y":287,"width":699,"height":12}},{"id":"29d7d117-3538-4b96-a73a-bd31a078d2f0","block_type":"box","text":"and the cash received by the Fund as part of a repurchase agreement that is centrally cleared","page_number":588,"box":{"x":180,"y":301,"width":698,"height":12}},{"id":"13e65ecb-17ba-4a0c-8812-c180f2266fc8","block_type":"box","text":"through a CCP authorised in accordance with Article 14 of Regulation (EU) No 648/2012 or","page_number":588,"box":{"x":179,"y":315,"width":700,"height":12}},{"id":"bfd7bcc7-65cd-4d2a-bd8b-09dcaa1d61e0","block_type":"box","text":"recognised in accordance with Article 25 of that Regulation does not exceed 15 % of its assets;","page_number":588,"box":{"x":180,"y":328,"width":698,"height":12}},{"id":"bd5bf8dd-a487-48ae-8c01-292322a8e517","block_type":"box","text":"(e)","page_number":588,"box":{"x":120,"y":356,"width":18,"height":12}},{"id":"323d615d-1489-4ae7-a960-a16e8c8ead1f","block_type":"box","text":"the Fund has the right to terminate the repurchase agreement at any time upon giving prior notice","page_number":588,"box":{"x":179,"y":356,"width":717,"height":12}},{"id":"537f379c-4199-4b85-baad-538eec612fd9","block_type":"box","text":"of no more than two working days.","page_number":588,"box":{"x":180,"y":370,"width":257,"height":12}},{"id":"65fad2b3-feb4-4dd4-a945-8cac83d1d863","block_type":"box","text":"The Fund may enter into reverse repurchase agreements, provided that:","page_number":588,"box":{"x":119,"y":400,"width":524,"height":12}},{"id":"75bea833-1220-4ba5-9122-b89ea2bd739f","block_type":"box","text":"(a)","page_number":588,"box":{"x":120,"y":429,"width":18,"height":12}},{"id":"d603869a-456e-40e7-8ff5-d5a0d705d849","block_type":"box","text":"the Fund","page_number":588,"box":{"x":179,"y":429,"width":69,"height":9}},{"id":"c7a1669b-b68d-4edb-b467-a2178c40f295","block_type":"box","text":"has the right to terminate the agreement","page_number":588,"box":{"x":248,"y":429,"width":298,"height":12}},{"id":"ad1e1e01-6e28-4f01-a2e9-ad4b29826efa","block_type":"box","text":"at any time upon giving prior notice of no more","page_number":588,"box":{"x":547,"y":429,"width":350,"height":12}},{"id":"3b36d942-85d8-4ac0-a674-01effc5821b4","block_type":"box","text":"than two working days;","page_number":588,"box":{"x":179,"y":444,"width":172,"height":12}},{"id":"d16652f8-f6fb-4077-9f71-b4228dbe8cbe","block_type":"box","text":"(b)","page_number":588,"box":{"x":120,"y":473,"width":19,"height":12}},{"id":"f8cd3a01-f568-4e52-8898-12da5aec322b","block_type":"box","text":"the market value of assets received by the Fund is at all times at least equal to the value of the","page_number":588,"box":{"x":179,"y":473,"width":699,"height":12}},{"id":"d913037f-35d0-4d50-a52f-71bfa5d7330e","block_type":"box","text":"cash paid out by the Fund;","page_number":588,"box":{"x":179,"y":488,"width":199,"height":12}},{"id":"83ebf48a-3d8d-4fd6-8dd7-97f37d87cc40","block_type":"box","text":"(c)","page_number":588,"box":{"x":120,"y":518,"width":18,"height":12}},{"id":"e76ef936-5f09-4163-972e-2b195e3e55c1","block_type":"box","text":"the aggregate amount of cash provided to the same counterparty to reverse repurchase","page_number":588,"box":{"x":179,"y":518,"width":699,"height":12}},{"id":"692bd86c-8723-4831-88f5-502120ff43f8","block_type":"box","text":"agreements that are not centrally cleared shall not exceed 15% of the assets of the Fund and the","page_number":588,"box":{"x":179,"y":533,"width":701,"height":12}},{"id":"b30991c4-26c6-4694-8610-e4762d9fa205","block_type":"box","text":"amount of cash provided with respect to each centrally cleared reverse repurchase agreement","page_number":588,"box":{"x":179,"y":548,"width":700,"height":12}},{"id":"626ae437-148a-4c89-a141-102240213ad3","block_type":"box","text":"shall not exceed 15% of the assets of the Fund;","page_number":588,"box":{"x":179,"y":563,"width":345,"height":11}},{"id":"a095eeac-e460-4156-b440-236b2ba79b4c","block_type":"box","text":"(d)","page_number":588,"box":{"x":120,"y":593,"width":19,"height":12}},{"id":"9a395420-2771-4e1e-81a1-009917e322ec","block_type":"box","text":"the assets received by the Fund are","page_number":588,"box":{"x":179,"y":593,"width":270,"height":12}},{"id":"88f41f87-36a0-4d14-8a2c-59b089e378e2","block_type":"box","text":"(i) money market instruments that have a maturity at","page_number":588,"box":{"x":459,"y":593,"width":403,"height":12}},{"id":"fd77f94c-b2d6-4095-bfe7-be19bc7b35d4","block_type":"box","text":"issuance or a residual term to maturity of 397 days or less in accordance with Article 15(2) of","page_number":588,"box":{"x":179,"y":608,"width":682,"height":12}},{"id":"efb2d3b1-c1ab-4f34-a5c0-a22494f7a042","block_type":"box","text":"the","page_number":588,"box":{"x":179,"y":623,"width":21,"height":9}},{"id":"2177df0e-b714-4bd1-94d1-3cd315203cbd","block_type":"box","text":"EU Money Market Fund Regulation","page_number":588,"box":{"x":208,"y":623,"width":277,"height":12}},{"id":"70c8d8f5-20f1-4397-a389-6bef613f6393","block_type":"box","text":"or (ii) longer dated securities and money market","page_number":588,"box":{"x":486,"y":623,"width":376,"height":12}},{"id":"a5ee2c3e-b5be-4131-a919-72bfcdbf0973","block_type":"box","text":"instruments issued or guaranteed by a Member State, its local authorities, as well","page_number":588,"box":{"x":179,"y":638,"width":619,"height":12}},{"id":"a659c7c4-c1a1-49cc-9917-2b0e2c55bae2","block_type":"box","text":"as non","page_number":588,"box":{"x":807,"y":641,"width":55,"height":6}},{"id":"4820c8ca-01ef-4440-acc5-58a10035814e","block_type":"box","text":"Member States and public international bodies set out in paragraph 2.9 of","page_number":588,"box":{"x":179,"y":653,"width":564,"height":12}},{"id":"1c1732cf-1feb-42ab-a958-e15c0b560174","block_type":"box","text":"Appendix 2","page_number":588,"box":{"x":745,"y":653,"width":91,"height":12}},{"id":"2b246f72-d709-424b-878c-ff4c96825ea6","block_type":"box","text":", in","page_number":588,"box":{"x":838,"y":653,"width":24,"height":11}},{"id":"5a4fed80-35bb-4818-9b5e-557a0665ed75","block_type":"box","text":"accordance with Article 15(6) of the","page_number":588,"box":{"x":179,"y":668,"width":272,"height":12}},{"id":"b6f8f3fd-8301-478b-a376-24a3b1775f86","block_type":"box","text":"EU Money Market Fund Regulation. 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Bank for Reconstruction and Development, the Council of","page_number":597,"box":{"x":186,"y":742,"width":685,"height":12}},{"id":"135f158d-94b7-4cb8-81f5-cf1d52ad81c7","block_type":"box","text":"Europe Development Bank, the European Bank for Reconstruction and Development, the","page_number":597,"box":{"x":186,"y":757,"width":684,"height":12}},{"id":"04241e58-a616-4b2c-8e5a-d4eeaab5e6e4","block_type":"box","text":"Bank for International Settlements, or any other relevant international financial institution or","page_number":597,"box":{"x":186,"y":772,"width":684,"height":12}},{"id":"e7008264-34d2-469b-bb07-c11786f75e46","block_type":"box","text":"organisation to which one or more member states of the EU belong (including the","page_number":597,"box":{"x":186,"y":787,"width":684,"height":12}},{"id":"dc2a177d-800c-4901-bab5-c9d1b35ccaa0","block_type":"box","text":"International Finance Corporation and Euratom).","page_number":597,"box":{"x":186,"y":802,"width":359,"height":12}},{"id":"25d15c06-d82c-463f-911d-fd2005b8553b","block_type":"box","text":"2.10","page_number":597,"box":{"x":129,"y":833,"width":31,"height":9}},{"id":"9f1abf9e-d1e6-4c8c-a623-11361992d12b","block_type":"box","text":"Paragraph 2.9 shall only apply where all of the following requirements are met:","page_number":597,"box":{"x":186,"y":832,"width":585,"height":12}},{"id":"990883f4-3bd5-4f48-89dc-d0e09a8a7a9f","block_type":"box","text":"(a)","page_number":597,"box":{"x":216,"y":863,"width":19,"height":11}},{"id":"f5a8649f-b37a-4f39-8cb8-ffb391d5990e","block_type":"box","text":"the MMF holds money market instruments from at least six different issues by the","page_number":597,"box":{"x":246,"y":862,"width":624,"height":12}},{"id":"f00ee0ee-5b50-41c8-978b-3f756b5f5bcf","block_type":"box","text":"issuer;","page_number":597,"box":{"x":246,"y":878,"width":46,"height":11}},{"id":"f99db6c9-7b07-4318-9d17-c2cdbc69524c","block_type":"box","text":"(b)","page_number":597,"box":{"x":216,"y":893,"width":20,"height":11}},{"id":"fef8cb50-e374-4eb3-8aa6-31d197893a80","block_type":"box","text":"the MMF limits the investment in money market instruments from the same issue to a","page_number":597,"box":{"x":246,"y":892,"width":633,"height":13}},{"id":"4e8f9ed9-afa1-4a74-9ca9-18f063319fc8","block_type":"box","text":"14","page_number":598,"box":{"x":493,"y":937,"width":14,"height":7}},{"id":"9e0a0e4b-9d7c-4cbf-ad71-619645f02b0a","block_type":"box","text":"VG001-001/M85660-892520263-23532/1","page_number":598,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"d2fcf5e9-0b6d-4265-be79-525b45160570","block_type":"box","text":"maximum of 30% of its assets;","page_number":598,"box":{"x":246,"y":90,"width":226,"height":11}},{"id":"5843c413-41ff-49c5-9c4c-54887c208178","block_type":"box","text":"(c)","page_number":598,"box":{"x":216,"y":105,"width":19,"height":12}},{"id":"20fa42ac-933d-457f-9dd6-387bca403ad3","block_type":"box","text":"the MMF makes express reference, in its fund rules or instruments of incorporation, to","page_number":598,"box":{"x":246,"y":105,"width":635,"height":12}},{"id":"218f6acf-8958-4d55-9ab7-4970a17771f3","block_type":"box","text":"all administrations, institutions or organisations referred to in the first subparagraph","page_number":598,"box":{"x":246,"y":120,"width":624,"height":12}},{"id":"09501313-ca02-45d8-9b9f-f2a182d71c9f","block_type":"box","text":"that issue or guarantee separately or jointly money market instruments in which it","page_number":598,"box":{"x":246,"y":135,"width":624,"height":12}},{"id":"e59e8ded-d209-4f98-8a17-df0a70624525","block_type":"box","text":"intends to invest more than 5% of its assets;","page_number":598,"box":{"x":246,"y":150,"width":322,"height":11}},{"id":"666e27a8-3e51-45f8-9ebd-a2109815cc21","block_type":"box","text":"(d)","page_number":598,"box":{"x":216,"y":165,"width":20,"height":12}},{"id":"4cc72ef5-5da0-4277-bed5-6b95b2079882","block_type":"box","text":"the MMF includes a prominent statement in its prospectus and marketing","page_number":598,"box":{"x":246,"y":165,"width":624,"height":12}},{"id":"e533c531-cbc9-4915-8940-d637fd5b364d","block_type":"box","text":"communications drawing attention to the use of the derogation and indicating all","page_number":598,"box":{"x":246,"y":180,"width":625,"height":12}},{"id":"effe5e4b-3ceb-4724-a6ce-e14595a6d177","block_type":"box","text":"administrations, institutions or organisations referred to in the first subparagraph that","page_number":598,"box":{"x":246,"y":195,"width":626,"height":12}},{"id":"ec8ae120-2542-4b45-8a66-86391033bd7e","block_type":"box","text":"issue or guarantee separately or jointly money market instruments in which it intends","page_number":598,"box":{"x":246,"y":210,"width":625,"height":12}},{"id":"1b149533-bd46-4b99-b1f6-d43466368e8f","block_type":"box","text":"to invest more than 5% of its assets.","page_number":598,"box":{"x":246,"y":225,"width":264,"height":9}},{"id":"e079d428-0921-4662-b6bb-ba2eba287521","block_type":"box","text":"2.11","page_number":598,"box":{"x":129,"y":256,"width":31,"height":8}},{"id":"219e8385-71d5-4a7e-bf45-61f9c8a1309d","block_type":"box","text":"Notwithstanding the individual limits laid down in paragraph 2.1, an MMF may invest no","page_number":598,"box":{"x":186,"y":255,"width":684,"height":12}},{"id":"256170ed-928b-465c-9317-0da6d2e111ac","block_type":"box","text":"more than 10% of its assets in bonds issued by a single credit institution that has its registered","page_number":598,"box":{"x":185,"y":270,"width":687,"height":12}},{"id":"0dfbdb5e-994a-47ae-b5aa-a720f4672236","block_type":"box","text":"office in a Member State and is subject by law to special public supervision designed to protect","page_number":598,"box":{"x":186,"y":285,"width":687,"height":12}},{"id":"ba3ac409-6b7d-4007-9d39-c99d8c090e07","block_type":"box","text":"bond-holders. In particular, sums deriving from the issue of those bonds shall be invested in","page_number":598,"box":{"x":185,"y":300,"width":685,"height":12}},{"id":"70c8a059-66ed-4a24-b877-21d1bef54198","block_type":"box","text":"accordance with the law in assets which, during the whole period of validity of the bonds, are","page_number":598,"box":{"x":186,"y":315,"width":686,"height":12}},{"id":"18b6e20c-56d0-4db5-98fc-c2ec21acf9cf","block_type":"box","text":"capable of covering claims attaching to the bonds and which, in the event of failure of the","page_number":598,"box":{"x":186,"y":330,"width":684,"height":12}},{"id":"820b096f-0951-4dd3-8ed7-ad8bd4c52f52","block_type":"box","text":"issuer, would be used on a priority basis for the reimbursement of the principal and payment of","page_number":598,"box":{"x":185,"y":345,"width":687,"height":12}},{"id":"cd986709-7d7f-44bf-9c1a-90144af9023e","block_type":"box","text":"the accrued interest.","page_number":598,"box":{"x":185,"y":360,"width":147,"height":10}},{"id":"9e8fd20b-e7b8-4b56-9da9-a2cd805643cd","block_type":"box","text":"2.12","page_number":598,"box":{"x":129,"y":391,"width":31,"height":9}},{"id":"2b8e6f2e-e7a7-4191-b5f3-83ae8cdc14d7","block_type":"box","text":"Where an MMF invests more than 5% of its assets in the bonds referred to in paragraph 2.11","page_number":598,"box":{"x":185,"y":390,"width":684,"height":12}},{"id":"6ad21b57-bc47-4b7c-8de6-0ebd80809342","block_type":"box","text":"issued by a single issuer, the total value of those investments shall not exceed 40% of the value","page_number":598,"box":{"x":185,"y":405,"width":686,"height":12}},{"id":"7f0fc149-3108-44bf-91aa-64a44fec03c0","block_type":"box","text":"of the assets of the MMF.","page_number":598,"box":{"x":186,"y":420,"width":187,"height":10}},{"id":"52800fc7-ca00-4da6-903a-e5d732847a1e","block_type":"box","text":"2.13","page_number":598,"box":{"x":129,"y":451,"width":31,"height":9}},{"id":"6f861280-6d28-4d29-92fe-7f31266b438b","block_type":"box","text":"Notwithstanding the individual limits laid down in paragraph 2.1, an MMF may invest no","page_number":598,"box":{"x":186,"y":450,"width":684,"height":12}},{"id":"c4cef1ec-393d-4008-bfc4-61cf545e597d","block_type":"box","text":"more than 20% of its assets in bonds issued by a single credit institution where the","page_number":598,"box":{"x":185,"y":465,"width":685,"height":12}},{"id":"8843813f-1235-4a36-ba4d-a91d8b658952","block_type":"box","text":"requirements set out in point (f) of Article 10(1) or point (c) of Article 11(1) of Delegated","page_number":598,"box":{"x":185,"y":480,"width":685,"height":12}},{"id":"4e810175-ee72-4df5-8f49-783ba86df936","block_type":"box","text":"Regulation (EU) 2015/61 are met, including any possible investment in assets referred to in","page_number":598,"box":{"x":186,"y":495,"width":684,"height":12}},{"id":"9b18f418-5cda-40db-9359-d140702aa1e6","block_type":"box","text":"paragraph 2.11.","page_number":598,"box":{"x":185,"y":511,"width":114,"height":11}},{"id":"c3414002-e8d9-4877-b6d1-6d2e16b9f149","block_type":"box","text":"2.14","page_number":598,"box":{"x":129,"y":541,"width":31,"height":9}},{"id":"4dc69ca4-8342-4016-b773-0c64f0f2943e","block_type":"box","text":"Where an MMF invests more than 5% of its assets in the bonds referred to in paragraph 2.13","page_number":598,"box":{"x":185,"y":540,"width":685,"height":13}},{"id":"afaaf49a-ca62-4198-ba7b-97ea1666854a","block_type":"box","text":"issued by a single issuer, the total value of those investments shall not exceed 60% of the value","page_number":598,"box":{"x":185,"y":556,"width":686,"height":12}},{"id":"3a2deb02-74a3-45e7-9764-487508974729","block_type":"box","text":"of the assets of the MMF, including any possible investment in assets referred to in paragraph","page_number":598,"box":{"x":186,"y":571,"width":686,"height":12}},{"id":"a1987a50-d51b-48b5-afc9-ed39e617a5aa","block_type":"box","text":"2.11, respecting the limits set out therein.","page_number":598,"box":{"x":186,"y":586,"width":303,"height":12}},{"id":"31046eb4-c1c5-4f6a-8786-17592370a261","block_type":"box","text":"2.15","page_number":598,"box":{"x":129,"y":616,"width":31,"height":9}},{"id":"ff35acf6-761f-48ef-98fd-c1e1702d49b4","block_type":"box","text":"Companies which are included in the same group for the purposes of consolidated accounts","page_number":598,"box":{"x":186,"y":616,"width":684,"height":12}},{"id":"bcb8e4b9-ba14-4c81-a068-774ed86ae993","block_type":"box","text":"under Directive 2013/34/EU of the European Parliament and of the Council or in accordance","page_number":598,"box":{"x":185,"y":631,"width":685,"height":12}},{"id":"ca62ea05-91fb-45ed-abba-2fac51769116","block_type":"box","text":"with recognised international accounting rules, shall be regarded as a single body for the","page_number":598,"box":{"x":185,"y":646,"width":685,"height":12}},{"id":"724ff0ca-4d9a-4129-b0fb-f0983d805909","block_type":"box","text":"purpose of calculating the limits referred to in paragraphs 2.1 to 2.8.","page_number":598,"box":{"x":185,"y":661,"width":502,"height":12}},{"id":"d5846481-420e-427c-96aa-5fcb966b4235","block_type":"box","text":"3","page_number":598,"box":{"x":129,"y":692,"width":8,"height":9}},{"id":"fa533608-bffb-4824-955a-322be2b00ffb","block_type":"box","text":"Eligible units or shares of MMFs","page_number":598,"box":{"x":185,"y":691,"width":259,"height":12}},{"id":"ae8f26e8-7e2a-4818-b84c-434b043c2e6d","block_type":"box","text":"3.1","page_number":598,"box":{"x":129,"y":708,"width":21,"height":8}},{"id":"1dac2be0-2160-422d-9cdd-2c8b0c395158","block_type":"box","text":"An MMF may acquire the units or shares of any other MMF (‘targeted MMF’) provided that","page_number":598,"box":{"x":185,"y":707,"width":686,"height":12}},{"id":"1caef64a-cf42-4c28-837c-7bcb929aa2f4","block_type":"box","text":"all of the following conditions are fulfilled:","page_number":598,"box":{"x":186,"y":722,"width":318,"height":12}},{"id":"78ab760b-ac2d-4c75-afc3-98f2371793c8","block_type":"box","text":"a)","page_number":598,"box":{"x":216,"y":737,"width":13,"height":12}},{"id":"be43faac-f2e6-4cd5-ae84-cf85a3ed74ae","block_type":"box","text":"no more than 10% of the assets of the targeted MMF are able, according to its fund","page_number":598,"box":{"x":246,"y":737,"width":625,"height":12}},{"id":"ec9135b5-5899-4de1-8515-2451a4ed2632","block_type":"box","text":"rules or instruments of incorporation, to be invested in aggregate in units or shares of","page_number":598,"box":{"x":246,"y":752,"width":625,"height":12}},{"id":"68969eb4-86d1-4a22-b975-f5422f865e0e","block_type":"box","text":"other MMFs;","page_number":598,"box":{"x":246,"y":767,"width":96,"height":11}},{"id":"528353c4-546f-4aa8-8c55-d230a99cb38c","block_type":"box","text":"b)","page_number":598,"box":{"x":215,"y":782,"width":15,"height":12}},{"id":"b70a56d6-702b-4d35-aa34-26b6ed3e1c8b","block_type":"box","text":"the targeted MMF does not hold units or shares in the acquiring MMF.","page_number":598,"box":{"x":246,"y":782,"width":521,"height":12}},{"id":"c4a06a49-850b-40ea-b4ab-4cbbb0194278","block_type":"box","text":"3.2","page_number":598,"box":{"x":129,"y":813,"width":22,"height":9}},{"id":"a21d296a-0ed6-4def-abed-d2e75a1cd111","block_type":"box","text":"An MMF whose units or shares have been acquired shall not invest in the acquiring MMF","page_number":598,"box":{"x":185,"y":812,"width":684,"height":12}},{"id":"7317e52b-988f-4805-b3d2-50ca0a3ef1a4","block_type":"box","text":"during the period in which the acquiring MMF holds units or shares in it.","page_number":598,"box":{"x":186,"y":827,"width":537,"height":12}},{"id":"557f3ab8-7715-4381-a07a-a54421a2ba53","block_type":"box","text":"3.3","page_number":598,"box":{"x":129,"y":858,"width":22,"height":9}},{"id":"f9dcdc3e-dc1f-4145-9e38-dc0540dabd61","block_type":"box","text":"An MMF may acquire the units or shares of other MMFs, provided that no more than 5% of its","page_number":598,"box":{"x":185,"y":857,"width":686,"height":12}},{"id":"a28720b3-79ea-4f65-82a6-6958b0b21a39","block_type":"box","text":"assets are invested in units or shares of a single MMF.","page_number":598,"box":{"x":186,"y":872,"width":398,"height":12}},{"id":"76d82e4f-6868-4d7d-9020-4ce73a08705e","block_type":"box","text":"3.4","page_number":598,"box":{"x":129,"y":903,"width":22,"height":9}},{"id":"01aa4b95-1e54-46a4-88ee-2502a1973cf1","block_type":"box","text":"An MMF may, in aggregate, invest no more than 17.5% of its assets in units or shares of other","page_number":598,"box":{"x":185,"y":902,"width":686,"height":12}},{"id":"521053a9-e3fe-4cdd-8cfa-6ad9481c9af8","block_type":"box","text":"15","page_number":599,"box":{"x":493,"y":937,"width":14,"height":7}},{"id":"301c3005-0e22-4b6f-9da3-cec329d4bc33","block_type":"box","text":"VG001-001/M85660-892520263-23532/1","page_number":599,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"09986423-a283-4701-8f68-a38bd894b8bd","block_type":"box","text":"MMFs.*","page_number":599,"box":{"x":186,"y":90,"width":62,"height":9}},{"id":"3beb4458-6c38-44d3-b6b2-ef4362738bc0","block_type":"box","text":"3.5","page_number":599,"box":{"x":129,"y":120,"width":22,"height":9}},{"id":"820fd29d-360f-4df5-8054-1d9d837a8697","block_type":"box","text":"Units or shares of other MMFs shall be eligible for investment by an MMF provided that all of","page_number":599,"box":{"x":185,"y":120,"width":687,"height":12}},{"id":"e06498f4-265a-40dd-b6d7-3b39f09a0846","block_type":"box","text":"the following conditions are fulfilled:","page_number":599,"box":{"x":185,"y":135,"width":275,"height":12}},{"id":"34c87f55-2396-4c24-b453-f6ccd066f8c8","block_type":"box","text":"(a)","page_number":599,"box":{"x":216,"y":150,"width":19,"height":12}},{"id":"4a02e57a-2c33-41d6-b392-4e6a6f9dbaa8","block_type":"box","text":"the targeted MMF is authorised under the MMFR;","page_number":599,"box":{"x":246,"y":150,"width":370,"height":12}},{"id":"384ca76d-c863-47bf-84c8-df23e38f7cf9","block_type":"box","text":"(b)","page_number":599,"box":{"x":216,"y":165,"width":20,"height":12}},{"id":"522aced5-1404-4552-9bd9-43ba14e4a7c4","block_type":"box","text":"where the targeted MMF is managed, whether directly or under a delegation, by the","page_number":599,"box":{"x":246,"y":165,"width":624,"height":12}},{"id":"50fbc555-4c3b-4b44-ac9d-ebc137f0195b","block_type":"box","text":"same manager as that of the acquiring MMF or by any other company to which the","page_number":599,"box":{"x":246,"y":180,"width":624,"height":12}},{"id":"b71ae3ca-8409-4d14-9657-d8b4f60fb844","block_type":"box","text":"manager of the acquiring MMF is linked by common management or control, or by a","page_number":599,"box":{"x":246,"y":195,"width":626,"height":12}},{"id":"857e8e20-0fb3-4cf1-aa45-a11e5e81cc37","block_type":"box","text":"substantial direct or indirect holding, the manager of the targeted MMF, or that other","page_number":599,"box":{"x":246,"y":210,"width":625,"height":12}},{"id":"491ad22f-23a7-49a4-8c38-6f5f1022d81a","block_type":"box","text":"company, is prohibited from charging subscription or redemption fees on account of","page_number":599,"box":{"x":246,"y":225,"width":624,"height":12}},{"id":"73a696c0-ae84-4d5c-8745-b14f44adea1f","block_type":"box","text":"the investment by the acquiring MMF in the units or shares of the targeted MMF;","page_number":599,"box":{"x":246,"y":240,"width":600,"height":12}},{"id":"188c29a6-d35e-4bf7-a56f-9a79fab991da","block_type":"box","text":"3.6","page_number":599,"box":{"x":129,"y":271,"width":22,"height":8}},{"id":"8ee3c6d8-5859-43cf-89e8-8362773785fc","block_type":"box","text":"Short-term MMFs may only invest in units or shares of other short-term MMFs.","page_number":599,"box":{"x":186,"y":270,"width":589,"height":12}},{"id":"e1dd35dd-f351-4b23-99b5-9b8e05ff0d23","block_type":"box","text":"3.7","page_number":599,"box":{"x":129,"y":301,"width":22,"height":8}},{"id":"1153b5cb-f134-4496-8011-0bfd58819f23","block_type":"box","text":"Standard MMFs may invest in units or shares of short-term MMFs and standard MMFs","page_number":599,"box":{"x":186,"y":300,"width":644,"height":12}},{"id":"9a668734-2edf-4420-ac36-ab1cac80fb70","block_type":"box","text":"*","page_number":599,"box":{"x":120,"y":346,"width":7,"height":5}},{"id":"d62cb1af-962d-4681-9915-c53d717b2356","block_type":"box","text":"Notwithstanding paragraph 3.4 above, the Fund will not invest more than 10% of its assets in units or","page_number":599,"box":{"x":129,"y":346,"width":751,"height":12}},{"id":"cd3d2e27-2604-4d27-bcb7-5ce430a0e18a","block_type":"box","text":"shares of other MMFs.","page_number":599,"box":{"x":120,"y":361,"width":166,"height":9}},{"id":"d66cc9c7-9fe3-4a59-990f-ea377e84a111","block_type":"box","text":"Management of collateral for repurchase and reverse repurchase agreements","page_number":599,"box":{"x":119,"y":406,"width":606,"height":12}},{"id":"8a8caf8d-5558-4eba-901a-adae3e41b3ff","block_type":"box","text":"Money market funds are subject to variations on the rules which apply to the use of collateral by UCITS","page_number":599,"box":{"x":119,"y":436,"width":761,"height":12}},{"id":"5ef2428d-8958-4958-9b8b-5c8fd441f682","block_type":"box","text":"more generally. As such, the rules which are set out in respect of collateral in","page_number":599,"box":{"x":119,"y":451,"width":607,"height":12}},{"id":"efaa090d-d97b-4d04-b25a-81e36e75b04a","block_type":"box","text":"Appendix 4","page_number":599,"box":{"x":735,"y":451,"width":93,"height":12}},{"id":"94be7724-a2d7-4de6-94b1-8ee66fa24be0","block_type":"box","text":"of the","page_number":599,"box":{"x":828,"y":451,"width":52,"height":9}},{"id":"bfd7c547-a97b-487e-9370-054a3ee468c7","block_type":"box","text":"Prospectus are modified and, where necessary, superseded by the rules set out below in respect of the","page_number":599,"box":{"x":119,"y":466,"width":759,"height":12}},{"id":"fcee1f23-6e12-48e1-9f83-69f9129d1766","block_type":"box","text":"Fund. For the avoidance of doubt, in the event of conflict between the rules in","page_number":599,"box":{"x":119,"y":481,"width":573,"height":11}},{"id":"d0c45274-8f72-4cc5-ab3f-987b39596ab2","block_type":"box","text":"Appendix 4","page_number":599,"box":{"x":693,"y":481,"width":90,"height":12}},{"id":"cfdc4adf-c520-4a56-aabf-5405780f2125","block_type":"box","text":"and the rules","page_number":599,"box":{"x":783,"y":481,"width":97,"height":9}},{"id":"f8ffe332-41ad-4de5-8afd-f58f10b3dfc5","block_type":"box","text":"set out the below, the rules set out below shall prevail.","page_number":599,"box":{"x":120,"y":496,"width":404,"height":12}},{"id":"de68f9a4-4b6f-40fc-980b-f4b4bffb0b2a","block_type":"box","text":"(a)","page_number":599,"box":{"x":150,"y":526,"width":19,"height":12}},{"id":"1aa0d6c4-52f1-4682-9efc-13368925538c","block_type":"box","text":"Collateral obtained in respect of reverse repurchase agreements (“","page_number":599,"box":{"x":180,"y":526,"width":497,"height":12}},{"id":"3068b889-8ec9-4bda-9239-d9223ad99112","block_type":"box","text":"Collateral","page_number":599,"box":{"x":680,"y":526,"width":78,"height":9}},{"id":"365a54e4-73f6-48d2-86d6-d0f8e7714017","block_type":"box","text":"\") must be High","page_number":599,"box":{"x":759,"y":526,"width":121,"height":12}},{"id":"21c5fc9e-718a-48e0-bde7-78f01e106c09","block_type":"box","text":"Credit Quality money-market instruments, in accordance with Article 10 of the EU MMFR, and","page_number":599,"box":{"x":180,"y":541,"width":701,"height":12}},{"id":"e1c44ebe-3482-409a-993a-69ab1b0559fc","block_type":"box","text":"must comply with the following criteria:","page_number":599,"box":{"x":180,"y":556,"width":297,"height":12}},{"id":"86516418-c02c-4bb5-a3b3-43380087c3bf","block_type":"box","text":"i.","page_number":599,"box":{"x":200,"y":572,"width":8,"height":9}},{"id":"e50d6d3b-fc05-40e5-8f3d-78e1004f43e2","block_type":"box","text":"liquidity","page_number":599,"box":{"x":240,"y":571,"width":66,"height":12}},{"id":"38e452da-826e-4059-a913-46364dfc0691","block_type":"box","text":": Collateral should be highly liquid and traded on a Regulated Market or multi","page_number":599,"box":{"x":308,"y":571,"width":581,"height":12}},{"id":"703e6ac1-8ece-4d9f-b9ae-43e7bd69c29f","block_type":"box","text":"lateral trading facility with transparent pricing in order that it can be sold quickly at a","page_number":599,"box":{"x":240,"y":586,"width":639,"height":12}},{"id":"7186d850-e78e-4d21-b02c-8795cff6dfdb","block_type":"box","text":"price that is close to its pre-sale valuation. Collateral should also comply with the","page_number":599,"box":{"x":240,"y":601,"width":639,"height":12}},{"id":"ddf55212-9eee-44ae-9ca4-8ccbf272a131","block_type":"box","text":"provisions of Articles 15 and 16 of the EU MMFR;","page_number":599,"box":{"x":240,"y":616,"width":377,"height":12}},{"id":"c6ded7af-3ff7-4f54-8b42-dd853e4d968b","block_type":"box","text":"ii.","page_number":599,"box":{"x":195,"y":632,"width":13,"height":9}},{"id":"d229d7d9-4d8f-486b-8b0c-1b0ab6b1b62d","block_type":"box","text":"valuation","page_number":599,"box":{"x":240,"y":631,"width":73,"height":10}},{"id":"a43fe401-fe0c-4b09-8078-895fbf01dd0c","block_type":"box","text":": Collateral should be valued on at least a daily basis and assets that exhibit","page_number":599,"box":{"x":315,"y":631,"width":565,"height":12}},{"id":"31f0ed22-c52e-435f-ad07-a1df09f5b0e5","block_type":"box","text":"high price volatility should not be accepted as Collateral unless suitably conservative","page_number":599,"box":{"x":240,"y":646,"width":639,"height":12}},{"id":"94befc7e-f45c-4c1d-9b87-fae59b5af983","block_type":"box","text":"haircuts are in place;","page_number":599,"box":{"x":240,"y":661,"width":152,"height":12}},{"id":"3157ee76-ef30-45b5-b4b4-3078d84a5780","block_type":"box","text":"iii.","page_number":599,"box":{"x":190,"y":677,"width":18,"height":9}},{"id":"d9b77171-fc84-4b04-b44d-17e7ed69a012","block_type":"box","text":"issuer credit quality","page_number":599,"box":{"x":240,"y":676,"width":156,"height":12}},{"id":"3eb572aa-e307-47ba-91c7-01faa9898f80","block_type":"box","text":": Collateral should be of High Credit Quality;","page_number":599,"box":{"x":398,"y":676,"width":333,"height":12}},{"id":"6b141af6-e0bc-466f-9a40-cd918dc40e7b","block_type":"box","text":"iv.","page_number":599,"box":{"x":191,"y":692,"width":17,"height":9}},{"id":"6e7363cb-7eba-4788-98a2-201745635d57","block_type":"box","text":"correlation","page_number":599,"box":{"x":240,"y":691,"width":87,"height":10}},{"id":"c1d44695-fca3-49e5-81d7-7e3f31338642","block_type":"box","text":": Collateral should be issued by an entity that is independent from the","page_number":599,"box":{"x":328,"y":691,"width":551,"height":12}},{"id":"eb5f9e26-a647-4295-a84a-d1cae5b09daa","block_type":"box","text":"counterparty.","page_number":599,"box":{"x":240,"y":708,"width":101,"height":10}},{"id":"c66f02ec-866f-4117-aa26-4250e793af50","block_type":"box","text":"There must be a reasonable ground for the Manager to expect that it would","page_number":599,"box":{"x":342,"y":706,"width":538,"height":12}},{"id":"52f9c1fa-542c-4b82-9a4e-6e4b38e9f4db","block_type":"box","text":"not display a high correlation with the performance of the counterparty;","page_number":599,"box":{"x":240,"y":721,"width":527,"height":12}},{"id":"58af7ad5-0b6d-46fc-90b6-57c54e68737c","block_type":"box","text":"v.","page_number":599,"box":{"x":196,"y":740,"width":12,"height":6}},{"id":"c34f28e8-72f1-4c96-b255-6709c7c8316a","block_type":"box","text":"diversification","page_number":599,"box":{"x":240,"y":736,"width":112,"height":10}},{"id":"e5ad858b-974c-454d-a505-35f26887875f","block_type":"box","text":": Collateral should be sufficiently diversified in terms of country,","page_number":599,"box":{"x":354,"y":736,"width":524,"height":12}},{"id":"207ca9c3-9205-48d8-9db1-6dbd1730cdb0","block_type":"box","text":"markets and issuers with a maximum exposure to a given issuer of 15% of the Fund’s","page_number":599,"box":{"x":240,"y":751,"width":639,"height":12}},{"id":"23e0046e-ec77-4dad-a705-71995ffc8e07","block_type":"box","text":"Net Asset Value. When the Fund is exposed to different counterparties the different","page_number":599,"box":{"x":240,"y":766,"width":639,"height":12}},{"id":"17778654-fcd1-4a7d-a2df-8a473ed46c49","block_type":"box","text":"baskets of collateral should be aggregated to calculate exposure to a single issuer. The","page_number":599,"box":{"x":240,"y":781,"width":639,"height":13}},{"id":"72379091-7f76-4879-b40f-ff0e221f2252","block_type":"box","text":"Fund may be fully collateralised in different transferable securities and money market","page_number":599,"box":{"x":240,"y":797,"width":639,"height":12}},{"id":"49de09a4-1411-4493-bd1f-c2809814e032","block_type":"box","text":"instruments issued or guaranteed by an EU Member State, its local authorities, as well as","page_number":599,"box":{"x":240,"y":812,"width":640,"height":12}},{"id":"5d55f45b-8cd8-411e-b42d-b2b61cc8846d","block_type":"box","text":"non-EU Member States and public international bodies set out in paragraph 2.9 above,","page_number":599,"box":{"x":240,"y":827,"width":638,"height":12}},{"id":"40025fd9-790a-4a61-b29b-bf13997478c2","block_type":"box","text":"provided the Fund receives securities from at least six different issues but securities","page_number":599,"box":{"x":240,"y":842,"width":639,"height":12}},{"id":"74311a19-7d61-4778-bdf8-ab586171a2df","block_type":"box","text":"from any single issue should not account for more than 30% of the Fund’s Net Asset","page_number":599,"box":{"x":240,"y":857,"width":639,"height":12}},{"id":"c8a35871-120e-4715-b061-b76f51f719eb","block_type":"box","text":"Value; and","page_number":599,"box":{"x":240,"y":872,"width":80,"height":11}},{"id":"a84c3ead-74f7-4a04-8286-05a7dbeebd3a","block_type":"box","text":"vi.","page_number":599,"box":{"x":190,"y":887,"width":18,"height":9}},{"id":"b535f152-0042-4209-b396-e31de95c4aeb","block_type":"box","text":"immediately available","page_number":599,"box":{"x":240,"y":887,"width":174,"height":12}},{"id":"0e1f1b01-c4d8-49af-bb7a-bc23d8839f8b","block_type":"box","text":": Collateral should be capable of being fully enforced by the","page_number":599,"box":{"x":416,"y":887,"width":463,"height":12}},{"id":"25a59aa4-2421-4247-b0db-7eab6dc797b1","block_type":"box","text":"Company at any time without reference to or approval from the counterparty.","page_number":599,"box":{"x":240,"y":902,"width":570,"height":12}},{"id":"09692a43-58c9-416f-a28a-b484cd82693e","block_type":"box","text":"16","page_number":600,"box":{"x":493,"y":937,"width":14,"height":7}},{"id":"a5a5a682-58b6-4eba-8a57-7ade1eef98e3","block_type":"box","text":"VG001-001/M85660-892520263-23532/1","page_number":600,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"cc71d512-ec91-49d3-b90c-69b517776246","block_type":"box","text":"(b)","page_number":600,"box":{"x":150,"y":105,"width":20,"height":12}},{"id":"2266e8ad-5d30-4c72-a7e2-bfcb97e48602","block_type":"box","text":"Until the expiry of a repurchase agreements or a reverse repurchase agreement, collateral","page_number":600,"box":{"x":180,"y":105,"width":698,"height":12}},{"id":"448ecc26-a740-4db0-b000-1c7e5d29a082","block_type":"box","text":"obtained under such contracts or arrangements:","page_number":600,"box":{"x":180,"y":120,"width":347,"height":12}},{"id":"a7dbb55f-cbd3-4c3d-9e4d-a4d3fec882b0","block_type":"box","text":"i.","page_number":600,"box":{"x":200,"y":135,"width":8,"height":9}},{"id":"af50feab-29f5-4edd-85d4-0821693f3f1a","block_type":"box","text":"must be marked to market daily; and","page_number":600,"box":{"x":240,"y":135,"width":270,"height":12}},{"id":"be4bd9bc-4229-47c0-9503-5cc810837f68","block_type":"box","text":"ii.","page_number":600,"box":{"x":195,"y":150,"width":13,"height":9}},{"id":"cad3bc86-6465-43d8-bbb5-873d7f5d9d46","block_type":"box","text":"is intended to equal or exceed the value of the amount invested or securities loaned plus","page_number":600,"box":{"x":240,"y":150,"width":648,"height":12}},{"id":"401be9b6-e595-4312-92af-fad597680c64","block_type":"box","text":"a premium.","page_number":600,"box":{"x":240,"y":165,"width":83,"height":12}},{"id":"b9c83bf2-49af-4c67-bfbf-b5d96210d52c","block_type":"box","text":"(c)","page_number":600,"box":{"x":150,"y":195,"width":19,"height":12}},{"id":"b96e29ef-10eb-4046-bddf-f8e327d724c3","block_type":"box","text":"Where title to Collateral transfers, the Collateral received will be held by the Depositary. For","page_number":600,"box":{"x":179,"y":195,"width":700,"height":12}},{"id":"ebebfd97-6382-4910-8c01-0fa83837c671","block_type":"box","text":"other types of Collateral arrangements the collateral may be held by a third party","page_number":600,"box":{"x":180,"y":210,"width":699,"height":12}},{"id":"a036b053-0e23-45b7-8cce-28046ab4a874","block_type":"box","text":"depositary/custodian which is subject to prudential supervision and which is unrelated and","page_number":600,"box":{"x":180,"y":225,"width":699,"height":12}},{"id":"307e01c3-bec2-4959-953f-2f8046df6b1a","block_type":"box","text":"unconnected to the provider of the Collateral.","page_number":600,"box":{"x":179,"y":240,"width":341,"height":12}},{"id":"d4c95d7c-6d12-4b9d-8265-5710cf98a5e9","block_type":"box","text":"(d)","page_number":600,"box":{"x":150,"y":270,"width":20,"height":12}},{"id":"6b1c1fbe-1931-4fa6-bde7-ffa63fe2768f","block_type":"box","text":"Collateral:","page_number":600,"box":{"x":180,"y":270,"width":76,"height":9}},{"id":"b860d4f9-1590-4ba7-8acd-06a80663d741","block_type":"box","text":"Collateral cannot be sold, re-invested, pledged or otherwise transferred.","page_number":600,"box":{"x":179,"y":300,"width":527,"height":12}},{"id":"c1651067-50a7-47d2-99ec-cd215278d814","block_type":"box","text":"(e)","page_number":600,"box":{"x":150,"y":330,"width":19,"height":12}},{"id":"f2beb975-45e4-44ce-9e52-b05f11d894dd","block_type":"box","text":"Cash collateral:","page_number":600,"box":{"x":180,"y":330,"width":113,"height":10}},{"id":"811a7d99-6e4d-4b79-8a3b-e765028a2ced","block_type":"box","text":"Cash as collateral may only be:","page_number":600,"box":{"x":179,"y":360,"width":229,"height":12}},{"id":"4d917690-afb0-4f03-b5b9-02dae519ab69","block_type":"box","text":"i.","page_number":600,"box":{"x":199,"y":376,"width":8,"height":9}},{"id":"ac5cb766-6569-4184-bd37-2101a9141fee","block_type":"box","text":"placed on deposit with Relevant Institutions;","page_number":600,"box":{"x":239,"y":375,"width":328,"height":12}},{"id":"b567816c-0a4a-4866-9ca6-e962f62babef","block_type":"box","text":"ii.","page_number":600,"box":{"x":194,"y":391,"width":13,"height":9}},{"id":"aa4ba29e-6d2d-4e18-8d8b-172c21c44e8c","block_type":"box","text":"invested in High Credit Quality government bonds;","page_number":600,"box":{"x":239,"y":390,"width":378,"height":12}},{"id":"a1137060-492a-4c8e-a8e7-1bf40e68357d","block_type":"box","text":"iii.","page_number":600,"box":{"x":189,"y":406,"width":18,"height":9}},{"id":"af5a4035-d6fe-4bfa-a690-efd904672d0e","block_type":"box","text":"(save in the case of cash collateral received in a repurchase agreement) used for the","page_number":600,"box":{"x":240,"y":405,"width":638,"height":12}},{"id":"e4a08092-8d35-45da-89a5-4c5473a6a4f8","block_type":"box","text":"purpose of reverse repurchase agreements provided the transactions are with Relevant","page_number":600,"box":{"x":239,"y":420,"width":641,"height":12}},{"id":"9d9412aa-2ed6-4590-903b-f478230feedd","block_type":"box","text":"Institutions and the Company can recall at any time the full amount of the cash on an","page_number":600,"box":{"x":239,"y":435,"width":640,"height":12}},{"id":"76ec01c6-e12b-4ca6-965f-50a7084a303e","block_type":"box","text":"accrued basis; and","page_number":600,"box":{"x":239,"y":450,"width":135,"height":12}},{"id":"6552cfea-e91b-4672-bcdb-8835390f1b52","block_type":"box","text":"iv.","page_number":600,"box":{"x":190,"y":466,"width":17,"height":9}},{"id":"7c8839ca-5666-4df6-a842-9e33d823271e","block_type":"box","text":"(save in the case of cash collateral received in a repurchase agreement) invested in short","page_number":600,"box":{"x":240,"y":465,"width":654,"height":12}},{"id":"ede93200-1d46-406d-ac92-358147d02b92","block_type":"box","text":"term money market funds.","page_number":600,"box":{"x":239,"y":480,"width":193,"height":12}},{"id":"a25e5c35-94e9-4f70-adaa-f24eced64a91","block_type":"box","text":"Re-invested cash collateral should be diversified in accordance with the diversification","page_number":600,"box":{"x":179,"y":510,"width":700,"height":10}},{"id":"f3b5040e-c7f6-4f07-a0c8-a52bc0c1c9bf","block_type":"box","text":"requirements applicable to non-cash Collateral.","page_number":600,"box":{"x":179,"y":526,"width":347,"height":11}},{"id":"0ae6c424-35f4-4a11-af77-95f88417528c","block_type":"box","text":"17","page_number":601,"box":{"x":493,"y":937,"width":13,"height":7}},{"id":"740d8d6b-dd96-4b33-b01c-bf2669179d89","block_type":"box","text":"VG001-001/M85660-892520263-23532/1","page_number":601,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"cf7ebfb1-7fd0-406a-a204-aa26077c3b4d","block_type":"box","text":"Appendix 3","page_number":601,"box":{"x":454,"y":90,"width":90,"height":12}},{"id":"0b3c9b1c-6b6a-42b5-a83e-ae4be4ccfc83","block_type":"box","text":"Additional Risk Factors in respect of the Fund","page_number":601,"box":{"x":317,"y":120,"width":365,"height":12}},{"id":"b046aa5e-c6e0-4134-9484-bb25b6c4bf66","block_type":"box","text":"Money Market Instruments Risk","page_number":601,"box":{"x":119,"y":150,"width":260,"height":12}},{"id":"a841adc1-c870-45ff-b226-7792d9dbcf18","block_type":"box","text":"The Fund will invest a significant amount of its NAV in approved money-market instruments and in this","page_number":601,"box":{"x":119,"y":179,"width":761,"height":12}},{"id":"6fb0ab09-93b8-4598-abc1-0b1f05fd1c43","block_type":"box","text":"regard, investors might compare the Fund to regular deposit accounts.","page_number":601,"box":{"x":119,"y":194,"width":515,"height":12}},{"id":"d96bce3d-622e-4939-9f7b-325f10489309","block_type":"box","text":"Investors should however note that a holding in the Fund is subject to the risks associated with investing","page_number":601,"box":{"x":119,"y":224,"width":762,"height":12}},{"id":"0ebfa40f-2c5e-4a03-a6f6-f6e0ec37cfce","block_type":"box","text":"in a collective investment scheme, in particular the fact that the principal sum invested is capable of","page_number":601,"box":{"x":119,"y":239,"width":760,"height":12}},{"id":"d4bde619-df00-4c61-ba57-d2efd545411a","block_type":"box","text":"fluctuation as the NAV of the Fund fluctuates.","page_number":601,"box":{"x":119,"y":254,"width":341,"height":10}},{"id":"ae406e12-df7a-4a46-b99e-c405f39deeb5","block_type":"box","text":"Money-market instruments are subject to both actual and perceived measures of creditworthiness. The","page_number":601,"box":{"x":119,"y":284,"width":760,"height":12}},{"id":"51960684-bc0d-4051-890e-f167eab91eac","block_type":"box","text":"“downgrading” of a rated money-market instrument or adverse publicity and investor perception, which","page_number":601,"box":{"x":120,"y":299,"width":760,"height":12}},{"id":"08b36692-096d-495a-bad1-2be87a4a1e89","block_type":"box","text":"may not be based on fundamental analysis, could decrease the value and liquidity.","page_number":601,"box":{"x":119,"y":314,"width":605,"height":12}},{"id":"3623fd75-869d-4b6d-8fec-630686de02b6","block_type":"box","text":"Money Market Fund Reform","page_number":601,"box":{"x":119,"y":344,"width":235,"height":12}},{"id":"ef82569e-11e2-4cf1-b084-c8a3ee42ceba","block_type":"box","text":"It is expected that the EU MMFR will be reviewed and likely amended in the short to medium term.","page_number":601,"box":{"x":119,"y":373,"width":758,"height":12}},{"id":"a4f2d53c-55eb-4fa7-b63a-7344e4b4b4d6","block_type":"box","text":"There is some uncertainty regarding the impact that this review will have on the Fund and the markets in","page_number":601,"box":{"x":119,"y":388,"width":762,"height":12}},{"id":"e99d3996-8e6d-46a3-99c4-323791ccdf46","block_type":"box","text":"which it will trade and invest. The impact of such changes is unknown and may be detrimental to the","page_number":601,"box":{"x":119,"y":403,"width":759,"height":12}},{"id":"3555bb4c-bda2-43da-bc02-8a54843f2f0a","block_type":"box","text":"Fund. Changes may impact the ability of the Fund to execute its strategy and may also result in increased","page_number":601,"box":{"x":119,"y":418,"width":762,"height":12}},{"id":"1f4d8004-9378-4384-b628-d23e416980c9","block_type":"box","text":"costs to the Fund. 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To the best of the knowledge and belief of the Directors (who have taken all reasonable","page_number":603,"box":{"x":228,"y":130,"width":653,"height":12}},{"id":"a8248627-68a8-44a8-883f-490e7b837355","block_type":"box","text":"care to ensure that such is the case), the information in the Prospectus and this Supplement accords with","page_number":603,"box":{"x":119,"y":147,"width":762,"height":12}},{"id":"2a94a7e7-51b9-4bde-929f-ea2ed6302552","block_type":"box","text":"the facts and does not omit anything likely to affect the import of such information. The Directors accept","page_number":603,"box":{"x":119,"y":164,"width":762,"height":12}},{"id":"8b905a42-652d-43c2-b4eb-333b7c4cfc95","block_type":"box","text":"responsibility accordingly.","page_number":603,"box":{"x":119,"y":182,"width":195,"height":12}},{"id":"f8320414-ddc5-4547-9ab1-5c7268845891","block_type":"box","text":"________________________________________________________________________________","page_number":603,"box":{"x":130,"y":209,"width":739,"height":1}},{"id":"7e5e61e1-2482-438d-a584-a7ca14e6a95f","block_type":"box","text":"Capitalised terms used and not defined in this Supplement shall have the meaning given to them in the","page_number":603,"box":{"x":120,"y":229,"width":758,"height":12}},{"id":"cec845ed-db4f-407e-a6a3-f99e994d6b2a","block_type":"box","text":"Prospectus.","page_number":603,"box":{"x":119,"y":245,"width":89,"height":11}},{"id":"7d67ca41-c6e0-443d-b661-59e05beb3451","block_type":"box","text":"VANGUARD FTSE GLOBAL ALL-CAP UCITS ETF","page_number":603,"box":{"x":285,"y":290,"width":429,"height":8}},{"id":"28a64dfd-cdbb-4887-a64e-e21edf022cd4","block_type":"box","text":"(a Fund of Vanguard Funds plc, an open-ended investment company with variable capital","page_number":603,"box":{"x":147,"y":319,"width":706,"height":12}},{"id":"47bb6002-92ec-4ffe-ad36-b1333511cf35","block_type":"box","text":"structured as an umbrella fund with segregated liability between Funds)","page_number":603,"box":{"x":216,"y":342,"width":567,"height":12}},{"id":"29e42161-c2a7-4316-b352-2dbb4e2f9029","block_type":"box","text":"SUPPLEMENT DATED 15 OCTOBER 2026","page_number":603,"box":{"x":322,"y":402,"width":356,"height":9}},{"id":"060be334-969f-4a86-810d-13ecf72c9e98","block_type":"box","text":"TO THE PROSPECTUS FOR VANGUARD FUNDS PLC DATED 15 OCTOBER 2026","page_number":603,"box":{"x":154,"y":425,"width":691,"height":8}},{"id":"5d615e8e-8ce7-4fb1-8632-031a9afbcf11","block_type":"box","text":"This Supplement forms part of, and should be read in the context of, and together with, the","page_number":603,"box":{"x":119,"y":469,"width":760,"height":12}},{"id":"fe711574-1bb9-47c1-bfeb-887ddd89c3be","block_type":"box","text":"Company’s Prospectus dated 15 October 2026","page_number":603,"box":{"x":120,"y":486,"width":358,"height":12}},{"id":"ea6c7600-f2c7-482c-a3e8-5a1522faa16c","block_type":"box","text":". 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See the section of the Prospectus headed “","page_number":604,"box":{"x":119,"y":445,"width":461,"height":12}},{"id":"36a8291e-849e-496d-bfab-d40f275e2f2b","block_type":"box","text":"The Funds","page_number":604,"box":{"x":582,"y":446,"width":86,"height":9}},{"id":"10e93b3b-aa8a-4f0e-a526-241f28819996","block_type":"box","text":"” for further information, in","page_number":604,"box":{"x":669,"y":445,"width":211,"height":12}},{"id":"48bbc642-3c38-411f-92e6-dda606159345","block_type":"box","text":"particular in relation to optimisation and sampling techniques used in tracking the performance of the","page_number":604,"box":{"x":119,"y":460,"width":759,"height":13}},{"id":"ffa367d5-4c17-4e9f-b55c-82e583da572d","block_type":"box","text":"Index.","page_number":604,"box":{"x":119,"y":476,"width":51,"height":9}},{"id":"52a7a48d-39ac-4281-8f9a-5e6257f1633e","block_type":"box","text":"The Index rebalances on a quarterly basis. For potential cost impacts of rebalancing, please see the","page_number":604,"box":{"x":119,"y":506,"width":760,"height":12}},{"id":"742f0950-74e8-41e6-896a-0529e2d92fae","block_type":"box","text":"section of the Prospectus headed “","page_number":604,"box":{"x":120,"y":521,"width":252,"height":12}},{"id":"8ed674f3-0380-4756-b15a-af3d6e8704e4","block_type":"box","text":"Index rebalancing and costs","page_number":604,"box":{"x":373,"y":521,"width":219,"height":12}},{"id":"176e7bc4-5dc5-4cec-801b-e34c3640532a","block_type":"box","text":"”.","page_number":604,"box":{"x":594,"y":521,"width":11,"height":9}},{"id":"82516010-5f59-4f8d-ab29-a3b618e98f10","block_type":"box","text":"Further information in relation to the Index, including details as to its exact composition and","page_number":604,"box":{"x":119,"y":551,"width":760,"height":12}},{"id":"3d896125-8864-46a3-b1f2-70095e198b0f","block_type":"box","text":"methodology, can be obtained at","page_number":604,"box":{"x":119,"y":566,"width":265,"height":12}},{"id":"c74487b3-1636-4b20-a34f-8df6ba583d42","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/index-resources/constituent","page_number":604,"box":{"x":395,"y":566,"width":485,"height":12}},{"id":"3b93c6a5-05cd-475d-8371-4123069239cd","block_type":"box","text":"weights","page_number":604,"box":{"x":119,"y":581,"width":56,"height":12}},{"id":"345c9b36-65de-4f63-8e1c-574a7b82beaf","block_type":"box","text":"and","page_number":604,"box":{"x":176,"y":581,"width":36,"height":9}},{"id":"08ba8e40-717d-4571-8873-b23e6e1f281b","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/indices/global-equity-index-series","page_number":604,"box":{"x":212,"y":581,"width":526,"height":12}},{"id":"21e997a6-5a78-47ad-94f8-aa25c97fbe46","block_type":"box","text":".","page_number":604,"box":{"x":741,"y":589,"width":2,"height":1}},{"id":"494ac33e-7bab-47a9-a807-6b5b545c16aa","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":604,"box":{"x":119,"y":610,"width":759,"height":11}},{"id":"9f7fe6b5-c338-4d15-89d0-3005a8bb5eb5","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":604,"box":{"x":119,"y":625,"width":382,"height":11}},{"id":"247ae7ae-3c09-43a2-ae69-368bc008c548","block_type":"box","text":"Appendix 5","page_number":604,"box":{"x":502,"y":625,"width":90,"height":11}},{"id":"6155cf4d-5189-4513-bcea-cec23d29839a","block_type":"box","text":"of the Prospectus.","page_number":604,"box":{"x":592,"y":624,"width":141,"height":12}},{"id":"0e47b10d-921f-46e0-9f23-b2dd58b8021c","block_type":"box","text":"Other Investment Strategies","page_number":604,"box":{"x":120,"y":655,"width":221,"height":12}},{"id":"f38fb04e-0e17-4ebb-893a-e336eab64d69","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":604,"box":{"x":119,"y":689,"width":705,"height":12}},{"id":"63ca8c26-087e-4ca6-b32d-c4e967ff51b7","block_type":"box","text":"OTC","page_number":604,"box":{"x":827,"y":689,"width":38,"height":9}},{"id":"4907422b-218f-499d-be0e-361537436921","block_type":"box","text":"”)","page_number":604,"box":{"x":867,"y":689,"width":13,"height":12}},{"id":"a1eb6075-5178-49ba-b9e2-9a5073ab99c0","block_type":"box","text":"financial derivative instruments (“","page_number":604,"box":{"x":119,"y":704,"width":259,"height":12}},{"id":"1d07dd4b-5a77-4d9d-bdd4-baf175629fc2","block_type":"box","text":"FDI","page_number":604,"box":{"x":380,"y":705,"width":31,"height":8}},{"id":"b3fed3fa-bb82-40a7-a0c7-82c53ff872b7","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":604,"box":{"x":412,"y":704,"width":467,"height":12}},{"id":"5015ef75-48a5-41c8-809f-c28eced4482f","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":604,"box":{"x":119,"y":719,"width":759,"height":12}},{"id":"0696890d-72c1-4bba-b83a-2300370a43ea","block_type":"box","text":"Appendix 4","page_number":604,"box":{"x":119,"y":734,"width":95,"height":12}},{"id":"383d0166-2bc6-40e6-b66d-8798325480c0","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":604,"box":{"x":215,"y":734,"width":665,"height":12}},{"id":"9c7591b9-ecbc-4987-9ae2-aaa6a78c643d","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":604,"box":{"x":119,"y":749,"width":759,"height":12}},{"id":"2f621a67-14f5-4792-8d81-09943b720b5f","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":604,"box":{"x":119,"y":764,"width":759,"height":12}},{"id":"c12c9ea5-4a73-439f-85b7-9f7f91ddb990","block_type":"box","text":"time of investment.","page_number":604,"box":{"x":119,"y":779,"width":142,"height":9}},{"id":"b80a3910-e35c-4809-85a6-94fb73cb05f7","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":604,"box":{"x":120,"y":809,"width":407,"height":12}},{"id":"a5bbbb46-6898-4a65-b0a8-f708e829c8e7","block_type":"box","text":"","page_number":604,"box":{"x":119,"y":841,"width":6,"height":4}},{"id":"43d10326-a01b-4fe3-b482-d8e3f1e7e6e8","block_type":"box","text":"Swap agreements (excluding funded swap agreements, but including total return swaps as","page_number":604,"box":{"x":150,"y":838,"width":729,"height":12}},{"id":"8ba268cf-d9f8-43c1-ac9d-e8d537c6df4c","block_type":"box","text":"further detailed below), warrants and equity-linked notes","page_number":604,"box":{"x":149,"y":853,"width":462,"height":12}},{"id":"cdedbb76-e0bd-4927-994e-7f840087e08c","block_type":"box","text":"which may be used to gain efficient","page_number":604,"box":{"x":612,"y":853,"width":268,"height":12}},{"id":"56402542-a313-4255-8fcd-4424387d9c90","block_type":"box","text":"exposure to the constituents of the Index (for example, where an Index constituent is illiquid or is","page_number":604,"box":{"x":150,"y":868,"width":728,"height":12}},{"id":"b1a659b9-b111-4400-b44c-15fd875e7cad","block_type":"box","text":"otherwise unavailable to the Fund for direct investment due to market or regulatory reasons), or to","page_number":604,"box":{"x":150,"y":883,"width":728,"height":12}},{"id":"d051126f-15e8-4a32-b15b-ba9766ea67ff","block_type":"box","text":"3","page_number":605,"box":{"x":496,"y":963,"width":7,"height":7}},{"id":"905634c3-7bf7-4777-86d0-4e6bd412d71b","block_type":"box","text":"VG001-001/M85660-892520263-23572/1","page_number":605,"box":{"x":654,"y":974,"width":226,"height":7}},{"id":"b358dd93-641d-4670-8246-f59dbf992746","block_type":"box","text":"the performance of the Index itself (for example, to reduce transaction costs or taxes or minimise","page_number":605,"box":{"x":149,"y":78,"width":730,"height":12}},{"id":"66c35fa3-58d5-4792-85e4-c31d2d2c86c7","block_type":"box","text":"tracking error);","page_number":605,"box":{"x":149,"y":93,"width":111,"height":12}},{"id":"ef67035a-47c2-4563-892f-29a1b9e60c53","block_type":"box","text":"","page_number":605,"box":{"x":119,"y":125,"width":6,"height":4}},{"id":"8c2b3772-66ad-495f-8125-e114ccc5f65c","block_type":"box","text":"FX swaps","page_number":605,"box":{"x":149,"y":123,"width":76,"height":12}},{"id":"7b489540-ec3b-474f-9633-2af2d9448da8","block_type":"box","text":"to manage exchange rate/currency risk arising in the Fund’s portfolio or to benefit directly","page_number":605,"box":{"x":225,"y":123,"width":672,"height":12}},{"id":"39fca00b-a5ea-4cf6-8fda-551ff42ef6a4","block_type":"box","text":"from changes in currency exchange rates;","page_number":605,"box":{"x":150,"y":138,"width":305,"height":12}},{"id":"2fceeeb4-53f0-4395-a0e5-8c4070b53440","block_type":"box","text":"","page_number":605,"box":{"x":119,"y":169,"width":6,"height":5}},{"id":"6416e226-d561-47b5-ac57-c518e20303d5","block_type":"box","text":"Futures and options contracts","page_number":605,"box":{"x":149,"y":167,"width":235,"height":12}},{"id":"865fb658-7820-403a-8b27-5c42fc244b1f","block_type":"box","text":"(typically equity index, foreign currency and interest rate) to protect","page_number":605,"box":{"x":385,"y":167,"width":507,"height":12}},{"id":"596a5fdc-306c-49f7-93d7-3f076ea7b4de","block_type":"box","text":"against currency fluctuation or to manage cash flows on a short term basis and to achieve cost","page_number":605,"box":{"x":150,"y":182,"width":729,"height":12}},{"id":"f42d01a9-fc81-4c3b-8da0-3fd31edf9222","block_type":"box","text":"efficiencies; and","page_number":605,"box":{"x":150,"y":197,"width":120,"height":11}},{"id":"f0ac04d1-aa4f-4ce5-8f0f-230bc76ede69","block_type":"box","text":"","page_number":605,"box":{"x":119,"y":229,"width":6,"height":4}},{"id":"44f86e5d-52c1-4667-9036-1a5f01443742","block_type":"box","text":"Forward Foreign Exchange Contracts","page_number":605,"box":{"x":149,"y":226,"width":301,"height":12}},{"id":"5df7b99e-c4c7-4d0d-82bc-a9ede5382548","block_type":"box","text":", which are agreements between parties to exchange fixed","page_number":605,"box":{"x":451,"y":226,"width":428,"height":12}},{"id":"b7188214-0ce0-429d-952f-3927e9d566eb","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":605,"box":{"x":150,"y":241,"width":729,"height":12}},{"id":"9f325c28-bd46-4b6c-bb0c-aa20ab1e875e","block_type":"box","text":"foreign exchange contracts are traded OTC and may be used to manage currency exposures. Non","page_number":605,"box":{"x":150,"y":256,"width":728,"height":12}},{"id":"954acfb3-a87b-4507-aed4-08e4121efed8","block_type":"box","text":"deliverable forward foreign exchange differ from standard forward foreign exchange contracts in","page_number":605,"box":{"x":150,"y":271,"width":729,"height":12}},{"id":"5187def6-6036-4343-9d73-347d21aafb1e","block_type":"box","text":"that at least one of the currencies in the transaction is not permitted to be delivered in settlement of","page_number":605,"box":{"x":149,"y":286,"width":730,"height":12}},{"id":"9d33a0f5-7a94-4d4f-a96b-d07333a0fa41","block_type":"box","text":"any profit or loss resulting from the transaction. Typically, profit or loss in this case will be delivered","page_number":605,"box":{"x":150,"y":301,"width":730,"height":12}},{"id":"1b98473b-915e-4d57-87c9-22a78ca7dfae","block_type":"box","text":"in US Dollars or Euro","page_number":605,"box":{"x":149,"y":316,"width":161,"height":10}},{"id":"792098d4-cd3f-4b5c-b700-c5490af265c1","block_type":"box","text":".","page_number":605,"box":{"x":312,"y":324,"width":3,"height":2}},{"id":"7fc4dc9e-ff36-4f76-906c-a2dd097985b8","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":605,"box":{"x":119,"y":346,"width":761,"height":12}},{"id":"b2b8213c-9b11-4bfa-8708-8fdce08514fc","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps which manage exposures","page_number":605,"box":{"x":119,"y":361,"width":761,"height":12}},{"id":"7b3670c1-1f3c-423d-87d8-6800ee074aa7","block_type":"box","text":"to certain individual securities, a basket of securities, or securities indices, for example in circumstances","page_number":605,"box":{"x":119,"y":376,"width":760,"height":12}},{"id":"126a763d-7d77-479c-b5a4-ca22f95c4d75","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction costs","page_number":605,"box":{"x":119,"y":391,"width":761,"height":12}},{"id":"57bbc7c4-f753-42e8-9bbf-d9cd28b47674","block_type":"box","text":"or taxes, to allow exposure in the case of illiquid stocks or to minimise tracking error. For example, total","page_number":605,"box":{"x":119,"y":406,"width":762,"height":12}},{"id":"ea2f92ab-148b-4a2d-8799-374b586262aa","block_type":"box","text":"return swaps can be used as an alternative means to obtain economic exposure to a security if the Fund is","page_number":605,"box":{"x":119,"y":421,"width":761,"height":12}},{"id":"387cfc38-68ed-48e7-bfcc-8122c264b54d","block_type":"box","text":"required to limit its investment in a particular issuer or industry, including in the context of management","page_number":605,"box":{"x":119,"y":436,"width":762,"height":12}},{"id":"02cbb9c3-89de-4dee-bf19-e69eda67058c","block_type":"box","text":"of exposure levels to certain securities by the Vanguard Group globally. The Fund will not use total","page_number":605,"box":{"x":119,"y":451,"width":760,"height":12}},{"id":"38ad6156-85fe-4142-9e9e-3c9698decc05","block_type":"box","text":"return swaps to gain exposure outside of the Index.","page_number":605,"box":{"x":119,"y":466,"width":375,"height":12}},{"id":"166b7dbf-b79e-47b7-971a-de20ee8dfcd1","block_type":"box","text":"The Fund will not use FDI for investment purposes and only a limited percentage of its assets may be","page_number":605,"box":{"x":119,"y":495,"width":759,"height":12}},{"id":"71380a60-811d-4b02-b7b1-c246e35740dd","block_type":"box","text":"committed to FDI usage at any time.","page_number":605,"box":{"x":119,"y":510,"width":275,"height":12}},{"id":"4c356436-1aae-4a31-9752-78edb47659ad","block_type":"box","text":"The Fund may invest in","page_number":605,"box":{"x":119,"y":540,"width":182,"height":11}},{"id":"dd7af23d-4aab-4f47-ab37-9d090236b9ee","block_type":"box","text":"depositary receipts (including ADRs and GDRs)","page_number":605,"box":{"x":302,"y":540,"width":365,"height":11}},{"id":"ad09f8aa-861f-4def-a04d-d05de4df3774","block_type":"box","text":"representing securities in the","page_number":605,"box":{"x":668,"y":540,"width":211,"height":11}},{"id":"e83fad65-fe97-41dc-8fdd-088becede13e","block_type":"box","text":"Index, in seeking to track the performance of the Index","page_number":605,"box":{"x":119,"y":554,"width":404,"height":12}},{"id":"70caa549-dd56-4036-adf8-f660d033f5a1","block_type":"box","text":"to gain exposure to the constituents of the Index.","page_number":605,"box":{"x":523,"y":554,"width":353,"height":12}},{"id":"a8e01a6a-4635-4bb1-be76-7f34c7211009","block_type":"box","text":"The Fund may engage in securities lending transactions for efficient portfolio management purposes.","page_number":605,"box":{"x":119,"y":584,"width":745,"height":12}},{"id":"5521fb48-84c6-44d3-8c16-cf7433073190","block_type":"box","text":"The Fund may invest in foreign exchange spots. 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See","page_number":605,"box":{"x":119,"y":821,"width":485,"height":12}},{"id":"910e3d2c-fa12-4fdf-be0f-347b11141e02","block_type":"box","text":"Appendix 3","page_number":605,"box":{"x":614,"y":821,"width":93,"height":12}},{"id":"6e58034f-c1b6-496c-a34d-680bc7e2c819","block_type":"box","text":"of","page_number":605,"box":{"x":708,"y":821,"width":24,"height":9}},{"id":"f528578c-e1ff-4165-ad36-166116f8c1b9","block_type":"box","text":"the","page_number":605,"box":{"x":740,"y":821,"width":22,"height":9}},{"id":"f4981ce9-1356-4b68-9c3f-bf3c9419192c","block_type":"box","text":"Prospectus for","page_number":605,"box":{"x":762,"y":821,"width":118,"height":12}},{"id":"39f49406-fe37-4aed-8118-6a81081588f8","block_type":"box","text":"information on investment in collective investment schemes, including other Funds of the Company.","page_number":605,"box":{"x":119,"y":836,"width":742,"height":12}},{"id":"2c963d1f-4daa-4d26-bd8c-35b5a7ca12c8","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":605,"box":{"x":119,"y":865,"width":760,"height":12}},{"id":"2a668348-978b-44e1-9b16-0cfa2fb5b3bb","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":605,"box":{"x":119,"y":880,"width":760,"height":12}},{"id":"ae5988b2-be72-4b06-bb58-e3fc3829dda9","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":605,"box":{"x":119,"y":895,"width":760,"height":12}},{"id":"7311055f-b669-490b-b452-0399b8511c60","block_type":"box","text":"4","page_number":606,"box":{"x":496,"y":963,"width":7,"height":7}},{"id":"8604bd8c-2b95-46d9-806f-f45cc4a25090","block_type":"box","text":"VG001-001/M85660-892520263-23572/1","page_number":606,"box":{"x":654,"y":974,"width":226,"height":7}},{"id":"f80c0dfd-1d4c-437e-87b9-593c2936f610","block_type":"box","text":"Temporary Investment Measures","page_number":606,"box":{"x":119,"y":94,"width":263,"height":11}},{"id":"e05c8218-42a2-4235-9f11-c2fafdd5f383","block_type":"box","text":"The Fund may temporarily depart from","page_number":606,"box":{"x":119,"y":128,"width":305,"height":12}},{"id":"d6e51cbf-1c6a-4194-9321-7a4aa4520916","block_type":"box","text":"the","page_number":606,"box":{"x":433,"y":128,"width":21,"height":9}},{"id":"318df9e0-1d78-42bc-91be-390617478195","block_type":"box","text":"investment strategies","page_number":606,"box":{"x":455,"y":128,"width":166,"height":12}},{"id":"b0449944-f49f-4f96-994c-c86844795baa","block_type":"box","text":"set out above","page_number":606,"box":{"x":630,"y":128,"width":103,"height":9}},{"id":"8bf3252c-f27b-4838-ac5e-a4769c6aa495","block_type":"box","text":"in response to the","page_number":606,"box":{"x":742,"y":128,"width":138,"height":12}},{"id":"f2cccaed-3820-4c25-9ec5-293e4ce7ee1e","block_type":"box","text":"Investment","page_number":606,"box":{"x":119,"y":143,"width":87,"height":9}},{"id":"2e83368d-6b4f-4f10-92ab-2180d1e4c58c","block_type":"box","text":"Manager’s","page_number":606,"box":{"x":206,"y":143,"width":78,"height":12}},{"id":"32a0bd60-b451-451e-83f6-c4ead6c657dd","block_type":"box","text":"perception of extraordinary market, political or similar conditions. 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This file contains a","page_number":606,"box":{"x":119,"y":434,"width":761,"height":12}},{"id":"206ca240-a0e6-443a-ad79-9bcc61013c3f","block_type":"box","text":"basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":606,"box":{"x":119,"y":449,"width":760,"height":12}},{"id":"16ab2577-c244-45a7-8147-d4200ff37bfa","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":606,"box":{"x":119,"y":464,"width":759,"height":12}},{"id":"23fe0803-8e4c-448d-9abc-5406e7e5cedd","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":606,"box":{"x":119,"y":479,"width":364,"height":12}},{"id":"66e12f94-ca46-4562-bd30-9946f41c5f9e","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":606,"box":{"x":119,"y":508,"width":450,"height":12}},{"id":"754387aa-fc95-456a-996d-9dfdd520b6cc","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":606,"box":{"x":570,"y":508,"width":310,"height":12}},{"id":"569257cc-280b-4a8e-8f19-8bd1416766ca","block_type":"box","text":"holdings-disclosure-policy.pdf","page_number":606,"box":{"x":119,"y":523,"width":226,"height":12}},{"id":"c95bc39c-7dc6-4863-96b5-1907fb8a8c44","block_type":"box","text":", including details of the periodic disclosure of full holdings.","page_number":606,"box":{"x":346,"y":523,"width":444,"height":12}},{"id":"cc9f419f-1fcb-45e5-af18-6588e3519904","block_type":"box","text":"Primary Risks","page_number":606,"box":{"x":119,"y":554,"width":114,"height":12}},{"id":"2a82cdc2-52fb-4ce5-9af9-e01869fac83c","block_type":"box","text":"In addition to the risk factor set out below, please refer to the section of the Prospectus entitled “","page_number":606,"box":{"x":119,"y":586,"width":723,"height":12}},{"id":"0ff68b3a-8b94-489b-b872-b7984f99d50f","block_type":"box","text":"Risk","page_number":606,"box":{"x":845,"y":586,"width":36,"height":9}},{"id":"bb5f57d1-bff4-48c6-b609-e7f6807849bb","block_type":"box","text":"Factors","page_number":606,"box":{"x":119,"y":601,"width":59,"height":9}},{"id":"fb1c4e5e-dff8-4622-ab11-2998e37844b1","block_type":"box","text":"” for information in relation to the risks applicable to an investment in the Company, including","page_number":606,"box":{"x":179,"y":601,"width":700,"height":12}},{"id":"7bac0f62-cdc9-4ec8-a6d9-dac5244c1be0","block_type":"box","text":"any investment in the Fund, in particular the risk factors entitled","page_number":606,"box":{"x":119,"y":616,"width":481,"height":12}},{"id":"e539d255-d739-4b99-b749-f66dc967fb4d","block_type":"box","text":"“Currency Risk”, “Emerging Markets","page_number":606,"box":{"x":602,"y":616,"width":278,"height":12}},{"id":"a14fd194-df42-42ab-88a3-6de2945de78d","block_type":"box","text":"Risks”, “Index Risks”, “Index Sampling Risks”, “Ownership Limit Risk” and “Stock Market Risk”.","page_number":606,"box":{"x":119,"y":631,"width":736,"height":12}},{"id":"bf313370-7a9c-45d8-94e5-63e384b1bbe5","block_type":"box","text":"Investing in Smaller Companies","page_number":606,"box":{"x":119,"y":661,"width":236,"height":12}},{"id":"26015ed3-37d6-4ed6-b030-8f4164de5647","block_type":"box","text":"Smaller company stocks can trade less frequently and in smaller volumes and may be subject to more","page_number":606,"box":{"x":120,"y":691,"width":758,"height":12}},{"id":"c94acb45-b061-4283-ac67-174681138e39","block_type":"box","text":"abrupt or erratic price movements than stocks of larger companies. 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Please see the section of the Prospectus headed “","page_number":606,"box":{"x":119,"y":825,"width":588,"height":12}},{"id":"eec159bf-2e49-4d13-92d6-a26093c31b41","block_type":"box","text":"Currency Hedging at","page_number":606,"box":{"x":711,"y":826,"width":169,"height":11}},{"id":"9a3d0b65-888d-45be-a84e-da7a881ade2b","block_type":"box","text":"Share Class Level","page_number":606,"box":{"x":120,"y":841,"width":139,"height":9}},{"id":"d89491a4-3213-47c1-bc8e-2426ea201deb","block_type":"box","text":"” for further details.","page_number":606,"box":{"x":260,"y":840,"width":145,"height":10}},{"id":"184f0eb4-14c1-45d1-a52a-9a8ec63c6a12","block_type":"box","text":"5","page_number":607,"box":{"x":497,"y":963,"width":6,"height":7}},{"id":"40423e3e-51de-42c8-b684-56e4a35d3230","block_type":"box","text":"VG001-001/M85660-892520263-23572/1","page_number":607,"box":{"x":654,"y":974,"width":226,"height":7}},{"id":"b2b8c567-bd97-4d3b-a06b-daf82b9b15a7","block_type":"box","text":"Fund 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The Index is derived from the","page_number":615,"box":{"x":119,"y":340,"width":760,"height":12}},{"id":"4599a318-9bc4-4c14-a30e-677c742bb63a","block_type":"box","text":"broader FTSE Global Equity Index Series (GEIS).","page_number":615,"box":{"x":119,"y":355,"width":376,"height":12}},{"id":"568fe5fe-5e93-49fc-9452-ede26ebfe952","block_type":"box","text":"In tracking the performance of the Index","page_number":615,"box":{"x":119,"y":385,"width":295,"height":12}},{"id":"33b3b548-b98a-4d7d-bef5-d4f1664d9e0e","block_type":"box","text":", the Fund will invest in a portfolio of equity securities","page_number":615,"box":{"x":415,"y":385,"width":400,"height":12}},{"id":"63e1d5a7-e939-44af-8e57-fe05f23fa48e","block_type":"box","text":"of small","page_number":615,"box":{"x":816,"y":385,"width":64,"height":10}},{"id":"46f36d45-cd73-4693-9b1e-46ce1da04384","block_type":"box","text":"capitalisation companies located in developed and emerging markets, that, so far as possible and","page_number":615,"box":{"x":119,"y":400,"width":760,"height":12}},{"id":"550fdc90-a081-458e-96c8-8dd9aa04bcfc","block_type":"box","text":"practicable, consists of a representative sample of the component securities of the Index.","page_number":615,"box":{"x":119,"y":415,"width":652,"height":12}},{"id":"02a8612f-633c-4220-b7f3-07170de4d21d","block_type":"box","text":"Under normal","page_number":615,"box":{"x":773,"y":416,"width":107,"height":9}},{"id":"d8d92d7f-26d1-4b70-8f1e-2de6e3399f80","block_type":"box","text":"circumstances, the Fund is expected to maintain broad risk characteristics consistent with that of the","page_number":615,"box":{"x":119,"y":430,"width":760,"height":12}},{"id":"649e57d5-21d0-4930-9b45-56efab7bad77","block_type":"box","text":"Index. See the section of the Prospectus headed “","page_number":615,"box":{"x":119,"y":445,"width":370,"height":12}},{"id":"c9bdae77-2f62-4bd6-b3d4-a48c483d2ff8","block_type":"box","text":"The Funds","page_number":615,"box":{"x":490,"y":446,"width":85,"height":9}},{"id":"b1a7aed8-d3f0-4bc9-be29-690818e29754","block_type":"box","text":"” for further information, in particular in","page_number":615,"box":{"x":577,"y":445,"width":303,"height":12}},{"id":"786f9ae2-2ce5-4824-8fa2-a17e69aac9ae","block_type":"box","text":"relation to optimisation and sampling techniques used in tracking the performance of the Index.","page_number":615,"box":{"x":119,"y":460,"width":704,"height":13}},{"id":"42352566-3294-4d12-9774-fb6cacddb2ab","block_type":"box","text":"The Index rebalances on a quarterly basis. For potential cost impacts of rebalancing, please see the","page_number":615,"box":{"x":119,"y":489,"width":760,"height":12}},{"id":"d1cd1026-2ff6-4ef8-b7ce-06fcee361db6","block_type":"box","text":"section of the Prospectus headed “","page_number":615,"box":{"x":120,"y":504,"width":252,"height":12}},{"id":"4b992127-da84-443d-98ac-97b18091e38f","block_type":"box","text":"Index rebalancing and costs","page_number":615,"box":{"x":373,"y":504,"width":219,"height":12}},{"id":"13aaf1fa-2942-481f-aa4e-6a76758b702d","block_type":"box","text":"”.","page_number":615,"box":{"x":594,"y":505,"width":16,"height":9}},{"id":"bd6b2de8-859b-48d2-a877-84fcac098ca5","block_type":"box","text":"Further information in relation to the Index, including details as to its exact composition and","page_number":615,"box":{"x":119,"y":534,"width":760,"height":12}},{"id":"a5904615-b8b8-4092-8d53-6f7f21db1b72","block_type":"box","text":"methodology, can be obtained at","page_number":615,"box":{"x":119,"y":549,"width":265,"height":12}},{"id":"f9c2bca9-e7e3-4243-9ae4-fffe3f45ac8f","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/index-resources/constituent","page_number":615,"box":{"x":395,"y":549,"width":485,"height":12}},{"id":"8e749d3a-361b-44b4-9872-3cc2cea291b9","block_type":"box","text":"weights","page_number":615,"box":{"x":119,"y":564,"width":56,"height":12}},{"id":"8f8229da-5d5b-401c-ba71-89df349ee3d8","block_type":"box","text":"and","page_number":615,"box":{"x":176,"y":564,"width":36,"height":10}},{"id":"1c62ec23-f235-4ba8-8f27-fe2f56bb2851","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/indices/global-equity-index-series","page_number":615,"box":{"x":212,"y":564,"width":526,"height":12}},{"id":"99fd3ce7-ae37-480f-935e-270980462e5b","block_type":"box","text":".","page_number":615,"box":{"x":741,"y":572,"width":2,"height":2}},{"id":"2a0a2c69-0a87-4ec0-9ebb-fdbf65cb3e31","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":615,"box":{"x":119,"y":594,"width":759,"height":12}},{"id":"b6e0910c-66db-4bdf-aece-471c36c45b4d","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":615,"box":{"x":119,"y":610,"width":382,"height":11}},{"id":"53c7a13a-50ea-409d-a4d8-15e23d7f6fc3","block_type":"box","text":"Appendix 5","page_number":615,"box":{"x":502,"y":610,"width":90,"height":11}},{"id":"3a557a93-84e8-44a9-9613-3a2d55f02c36","block_type":"box","text":"of the Prospectus.","page_number":615,"box":{"x":592,"y":609,"width":136,"height":12}},{"id":"2f5a3a27-4b10-4940-9ced-4c7ba607cc42","block_type":"box","text":"Other Investment Strategies","page_number":615,"box":{"x":120,"y":640,"width":221,"height":12}},{"id":"738c957a-36a9-4e23-b4bf-27fd28338b30","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":615,"box":{"x":119,"y":674,"width":705,"height":12}},{"id":"6d4b3f51-cbf6-42fc-bdc3-dae8bbeb4375","block_type":"box","text":"OTC","page_number":615,"box":{"x":827,"y":674,"width":38,"height":9}},{"id":"6112c471-565d-40bc-a45f-f1669eca480f","block_type":"box","text":"”)","page_number":615,"box":{"x":867,"y":674,"width":13,"height":12}},{"id":"4d24486c-b35b-41ad-80a0-3728639d18a6","block_type":"box","text":"financial derivative instruments (“","page_number":615,"box":{"x":119,"y":689,"width":259,"height":12}},{"id":"88a4c759-e91d-4b7b-922f-52a65d072731","block_type":"box","text":"FDI","page_number":615,"box":{"x":380,"y":690,"width":31,"height":8}},{"id":"3fe77cdb-0577-4116-b48b-84be81fef163","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":615,"box":{"x":412,"y":689,"width":467,"height":12}},{"id":"a8f530d1-edd4-44ca-8327-f66e59272494","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":615,"box":{"x":119,"y":704,"width":759,"height":12}},{"id":"424524d4-1c6e-4fdb-b3ce-531c39c6028b","block_type":"box","text":"Appendix 4","page_number":615,"box":{"x":119,"y":719,"width":95,"height":12}},{"id":"3877f66f-7683-4906-abba-ef261d51f487","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":615,"box":{"x":215,"y":719,"width":665,"height":12}},{"id":"18cb20dc-c568-4ff3-8498-130e2f41e87e","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":615,"box":{"x":119,"y":734,"width":759,"height":12}},{"id":"52c5395d-3f9d-43b6-9af1-682897592ee1","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":615,"box":{"x":119,"y":749,"width":759,"height":12}},{"id":"6a2c4373-c077-4d66-8081-0634942ff86c","block_type":"box","text":"time of investment.","page_number":615,"box":{"x":119,"y":764,"width":142,"height":9}},{"id":"769668d8-d30b-4248-af50-bf8627c1c0b0","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":615,"box":{"x":120,"y":794,"width":407,"height":12}},{"id":"04497bbe-6207-4f2c-b5b5-2471ac2b0c31","block_type":"box","text":"","page_number":615,"box":{"x":119,"y":827,"width":6,"height":4}},{"id":"b9ed54db-b69b-4c9a-88b8-d55ab2ad2b02","block_type":"box","text":"Swap agreements (excluding funded swap agreements, but including total return swaps as","page_number":615,"box":{"x":150,"y":824,"width":729,"height":12}},{"id":"ef3d390f-4c5a-46b2-a0db-2ac14ad92faa","block_type":"box","text":"further detailed below), warrants and equity-linked notes","page_number":615,"box":{"x":149,"y":839,"width":462,"height":12}},{"id":"276584c8-9918-45ae-8485-8c3837633c87","block_type":"box","text":"which may be used to gain efficient","page_number":615,"box":{"x":612,"y":839,"width":268,"height":12}},{"id":"2805c85e-356b-4842-aa42-b121f612c441","block_type":"box","text":"exposure to the constituents of the Index (for example, where an Index constituent is illiquid or is","page_number":615,"box":{"x":150,"y":854,"width":728,"height":12}},{"id":"3409ebf4-1582-40e5-97e9-ca225512d867","block_type":"box","text":"otherwise unavailable to the Fund for direct investment due to market or regulatory reasons), or to","page_number":615,"box":{"x":150,"y":869,"width":728,"height":12}},{"id":"e6546365-e34b-4fcf-befa-bb76840f478f","block_type":"box","text":"the performance of the Index itself (for example, to reduce transaction costs or taxes or minimise","page_number":615,"box":{"x":149,"y":884,"width":730,"height":12}},{"id":"e0c0b6b0-58b7-4214-8dd6-d86e11158afe","block_type":"box","text":"tracking error);","page_number":615,"box":{"x":149,"y":899,"width":111,"height":12}},{"id":"3d8a477b-5020-45ac-a01e-c7de8a295ee7","block_type":"box","text":"3","page_number":616,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"0c10dbd6-bd86-4764-989b-9b79e107ba14","block_type":"box","text":"VG001-001/M85660-892520263-23574/1","page_number":616,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"cb05da98-3df9-49e6-8608-10d2e8bf748c","block_type":"box","text":"","page_number":616,"box":{"x":119,"y":96,"width":6,"height":4}},{"id":"984d2be8-9b00-4b14-ad2a-867f812786c2","block_type":"box","text":"FX swaps","page_number":616,"box":{"x":149,"y":94,"width":76,"height":11}},{"id":"58001917-7d0b-41b3-a102-fe601c4fba13","block_type":"box","text":"to manage exchange rate/currency risk arising in the Fund’s portfolio or to benefit directly","page_number":616,"box":{"x":225,"y":93,"width":672,"height":12}},{"id":"076b1156-9457-4b10-aad4-a0962f4fd7bc","block_type":"box","text":"from changes in currency exchange rates;","page_number":616,"box":{"x":150,"y":108,"width":305,"height":12}},{"id":"6d071912-6623-4d38-b233-6b23afcf92af","block_type":"box","text":"","page_number":616,"box":{"x":119,"y":141,"width":6,"height":4}},{"id":"b26f4493-600c-4807-88ab-d8849433d7ae","block_type":"box","text":"Futures and options contracts","page_number":616,"box":{"x":149,"y":138,"width":235,"height":12}},{"id":"1b708320-41b1-4ea7-b241-533ba043f22b","block_type":"box","text":"(typically equity index, foreign currency and interest rate) to protect","page_number":616,"box":{"x":385,"y":138,"width":507,"height":12}},{"id":"8be843c1-5aa8-4004-9c38-bcf3fcbf1034","block_type":"box","text":"against currency fluctuation or to manage cash flows on a short term basis and to achieve cost","page_number":616,"box":{"x":150,"y":153,"width":729,"height":12}},{"id":"221fd1ae-d004-4cf9-b89b-e2a179a1ef06","block_type":"box","text":"efficiencies; and","page_number":616,"box":{"x":150,"y":168,"width":120,"height":12}},{"id":"2a41687f-44b3-4ef7-ad6a-264e7ab8a9a0","block_type":"box","text":"","page_number":616,"box":{"x":119,"y":201,"width":6,"height":4}},{"id":"dbca8b4a-da88-4e17-b147-a16c4b4d48e5","block_type":"box","text":"Forward Foreign Exchange Contracts","page_number":616,"box":{"x":149,"y":199,"width":301,"height":12}},{"id":"296f6ff5-6d61-43cf-9bae-5fcf03db29d4","block_type":"box","text":", which are agreements between parties to exchange fixed","page_number":616,"box":{"x":451,"y":198,"width":428,"height":12}},{"id":"fd0523cb-2286-4518-957e-cd5f29b685ac","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":616,"box":{"x":150,"y":213,"width":729,"height":12}},{"id":"f09a7e52-ec48-4759-9fe5-0a7e6339a18f","block_type":"box","text":"foreign exchange contracts are traded OTC and may be used to manage currency exposures. Non","page_number":616,"box":{"x":150,"y":229,"width":728,"height":12}},{"id":"745ea667-7c9d-4139-811a-7cdea901f657","block_type":"box","text":"deliverable forward foreign exchange differ from standard forward foreign exchange contracts in","page_number":616,"box":{"x":150,"y":244,"width":729,"height":12}},{"id":"2704e135-9e55-4b24-ac96-83830e95baf5","block_type":"box","text":"that at least one of the currencies in the transaction is not permitted to be delivered in settlement of","page_number":616,"box":{"x":149,"y":259,"width":730,"height":12}},{"id":"69571040-8f44-4fd6-aee8-0612e4d25176","block_type":"box","text":"any profit or loss resulting from the transaction. 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The Fund will not use total","page_number":616,"box":{"x":119,"y":424,"width":760,"height":12}},{"id":"f82ce7e2-9c85-471d-aba4-7f4bad7c96de","block_type":"box","text":"return swaps to gain exposure outside of the Index.","page_number":616,"box":{"x":119,"y":439,"width":375,"height":12}},{"id":"ff52b191-fd84-4aac-b852-1fbcb517de19","block_type":"box","text":"The Fund will not use FDI for investment purposes and only a limited percentage of its assets may be","page_number":616,"box":{"x":119,"y":469,"width":759,"height":12}},{"id":"30b8570d-8f4f-4677-aeca-a5e71013e0e7","block_type":"box","text":"committed to FDI usage at any time.","page_number":616,"box":{"x":119,"y":484,"width":275,"height":12}},{"id":"13305164-17ca-4682-b962-4ad8a644877a","block_type":"box","text":"The Fund may invest in","page_number":616,"box":{"x":119,"y":514,"width":182,"height":12}},{"id":"809b8927-6d13-4c17-8c51-948a5b40f640","block_type":"box","text":"depositary receipts (including ADRs and GDRs)","page_number":616,"box":{"x":302,"y":514,"width":365,"height":12}},{"id":"0d91d9c5-249d-40b0-bd05-88e900064884","block_type":"box","text":"representing securities in the","page_number":616,"box":{"x":668,"y":514,"width":211,"height":12}},{"id":"0ba49b50-32df-4758-8efb-c73549de72d5","block_type":"box","text":"Index, in seeking to track the performance of the Index.","page_number":616,"box":{"x":119,"y":529,"width":405,"height":12}},{"id":"0e215d27-d915-4018-a90d-2b5119998683","block_type":"box","text":"to gain exposure to the constituents of the Index.","page_number":616,"box":{"x":525,"y":529,"width":354,"height":12}},{"id":"1399c5b7-8ad6-47c4-a44d-2c0749946d68","block_type":"box","text":"The Fund may engage in securities lending transactions for efficient portfolio management purposes.","page_number":616,"box":{"x":119,"y":559,"width":759,"height":12}},{"id":"2fe715f7-32fa-4eb5-bece-b72fbee31420","block_type":"box","text":"The Fund may invest in foreign exchange spots.","page_number":616,"box":{"x":119,"y":574,"width":359,"height":12}},{"id":"3de653d4-e85d-4363-ba57-a970bb33f72d","block_type":"box","text":"A foreign exchange spot trade involves the purchase or sale of a foreign currency and typically settles in","page_number":616,"box":{"x":119,"y":604,"width":761,"height":12}},{"id":"c5c08ccb-f9a3-4ec5-ab71-10e53a86a84b","block_type":"box","text":"the region of two business days after the trade date.","page_number":616,"box":{"x":119,"y":619,"width":384,"height":12}},{"id":"83c28f1c-02c6-4f4e-8735-eeffdb0adeb7","block_type":"box","text":"See","page_number":616,"box":{"x":120,"y":650,"width":29,"height":9}},{"id":"f8f0d252-d06a-494f-a40b-a0a4e2d9eedc","block_type":"box","text":"Appendix 4","page_number":616,"box":{"x":149,"y":649,"width":89,"height":12}},{"id":"b8ad8c9d-4247-4aa9-9d57-fac588ae07a3","block_type":"box","text":"of","page_number":616,"box":{"x":239,"y":649,"width":22,"height":10}},{"id":"cb3acced-8cec-49f8-af64-acfd5ad6c161","block_type":"box","text":"the","page_number":616,"box":{"x":262,"y":649,"width":21,"height":10}},{"id":"b6939029-3a3f-46e9-9109-b33af8d34186","block_type":"box","text":"Prospectus","page_number":616,"box":{"x":284,"y":650,"width":83,"height":11}},{"id":"93292e82-a840-45b2-9e53-af77cae1bb3a","block_type":"box","text":"for further information on the use of Portfolio Investment Techniques,","page_number":616,"box":{"x":368,"y":649,"width":512,"height":12}},{"id":"ecc3709d-8a2c-41a7-bfc9-a6dcb433891b","block_type":"box","text":"including FDI and securities lending, and for information on leverage and the calculation of global","page_number":616,"box":{"x":119,"y":664,"width":759,"height":12}},{"id":"72a26682-3202-4cb8-bd02-f91911f90084","block_type":"box","text":"exposure.","page_number":616,"box":{"x":119,"y":682,"width":70,"height":9}},{"id":"279ca05a-e93c-48b4-9c69-058303326238","block_type":"box","text":"Where the Fund invests in securities in the People’s Republic of China, it may do so via the Shanghai","page_number":616,"box":{"x":119,"y":709,"width":759,"height":12}},{"id":"d953a306-a789-47d1-ad51-d481e2ed3980","block_type":"box","text":"Hong Kong Stock Connect. 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See","page_number":616,"box":{"x":119,"y":814,"width":485,"height":12}},{"id":"0419d168-a948-412e-a3d9-a40ec9004055","block_type":"box","text":"Appendix 3","page_number":616,"box":{"x":614,"y":814,"width":93,"height":12}},{"id":"35b3b92b-1b26-495e-bf16-fd149f9a1cba","block_type":"box","text":"of","page_number":616,"box":{"x":708,"y":814,"width":24,"height":9}},{"id":"5d5a84dd-92b6-48a4-b2e9-5666532817d0","block_type":"box","text":"the","page_number":616,"box":{"x":740,"y":814,"width":22,"height":9}},{"id":"bf7befae-2991-4f4f-a726-62c6d80b86cb","block_type":"box","text":"Prospectus for","page_number":616,"box":{"x":762,"y":814,"width":118,"height":12}},{"id":"dfa58f16-7573-459f-ad43-3e45f00b8cbf","block_type":"box","text":"information on investment in collective investment schemes, including other Funds of the Company.","page_number":616,"box":{"x":119,"y":829,"width":742,"height":12}},{"id":"15e87bb7-400a-4210-a0a8-9d544a608127","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":616,"box":{"x":119,"y":858,"width":760,"height":12}},{"id":"79a3f068-a438-4c9b-8772-168c75e247b3","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":616,"box":{"x":119,"y":873,"width":760,"height":12}},{"id":"f91f195c-ddff-45a0-a449-fd339dd64cf1","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":616,"box":{"x":119,"y":888,"width":760,"height":12}},{"id":"94c4d52b-31dc-45ba-ac64-e4cadf2bc8ec","block_type":"box","text":"4","page_number":617,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"1919f73e-da49-45e5-a1e5-162609049bcb","block_type":"box","text":"VG001-001/M85660-892520263-23574/1","page_number":617,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"8c6ceaef-22bc-4255-914b-dd28ffb8b31e","block_type":"box","text":"Temporary Investment Measures","page_number":617,"box":{"x":119,"y":79,"width":263,"height":11}},{"id":"6c99a5e4-f018-47a5-8c39-946796295264","block_type":"box","text":"The Fund may temporarily depart from","page_number":617,"box":{"x":119,"y":113,"width":305,"height":12}},{"id":"c4480022-4d90-489e-ba71-009506d4d11e","block_type":"box","text":"the","page_number":617,"box":{"x":433,"y":113,"width":21,"height":9}},{"id":"8fede744-6ac7-4c15-b7ad-8db618f5a45a","block_type":"box","text":"investment strategies","page_number":617,"box":{"x":455,"y":113,"width":166,"height":12}},{"id":"e0c96d6c-8149-4b79-a530-a41213745d96","block_type":"box","text":"set out above","page_number":617,"box":{"x":630,"y":113,"width":103,"height":9}},{"id":"9d0f5bc1-43cc-4add-85e4-af3a2bc1ab0e","block_type":"box","text":"in response to the","page_number":617,"box":{"x":742,"y":113,"width":138,"height":12}},{"id":"c61d860e-f14d-4e10-ac3a-99169f88b281","block_type":"box","text":"Investment","page_number":617,"box":{"x":119,"y":128,"width":87,"height":9}},{"id":"aca30349-25cc-496b-917c-90c5f13b18df","block_type":"box","text":"Manager’s","page_number":617,"box":{"x":206,"y":128,"width":78,"height":12}},{"id":"df3b778e-4a89-4814-a5c9-7a33554cd3c0","block_type":"box","text":"perception of extraordinary market, political or similar conditions. 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While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":617,"box":{"x":302,"y":252,"width":577,"height":12}},{"id":"95a029c1-1e0f-45eb-810d-b452f574f202","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":617,"box":{"x":119,"y":267,"width":760,"height":12}},{"id":"4c1a8b7d-7f98-4b4c-815e-518775f1f920","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":617,"box":{"x":119,"y":282,"width":759,"height":12}},{"id":"aa85d248-d3f5-4e5e-8b19-5fa95900e4fe","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":617,"box":{"x":119,"y":297,"width":760,"height":12}},{"id":"40dbce32-76ac-4577-b45c-ee52ef65ebfd","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":617,"box":{"x":119,"y":312,"width":760,"height":12}},{"id":"dbb26bf9-e4fc-445e-90cd-f1a0111b8ae6","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":617,"box":{"x":119,"y":327,"width":759,"height":12}},{"id":"e28e2fe1-4692-402f-ab29-ba29a9a430f4","block_type":"box","text":"relevant period. Please refer to the section of the Prospectus headed “","page_number":617,"box":{"x":119,"y":342,"width":511,"height":12}},{"id":"8495d332-36b3-4a4e-8cfa-090a1391553c","block_type":"box","text":"Plain Talk about Excess Return","page_number":617,"box":{"x":631,"y":342,"width":249,"height":9}},{"id":"79e2eb4c-0e51-4ddb-8f4e-c26a15966c73","block_type":"box","text":"and Tracking Error","page_number":617,"box":{"x":119,"y":357,"width":157,"height":12}},{"id":"31736a22-e9a6-4412-952b-eb570bffe73e","block_type":"box","text":"” for further information on Tracking Error.","page_number":617,"box":{"x":278,"y":357,"width":321,"height":12}},{"id":"50109fe5-c6ee-42cd-8272-141e9ee8a426","block_type":"box","text":"Portfolio Information","page_number":617,"box":{"x":119,"y":387,"width":170,"height":9}},{"id":"1539b5ca-fa4e-4b8e-8d8e-c7d9989a3b7a","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. This file contains a","page_number":617,"box":{"x":119,"y":419,"width":761,"height":12}},{"id":"2769dfd1-4291-45c2-88cd-df61d3122547","block_type":"box","text":"basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":617,"box":{"x":119,"y":434,"width":760,"height":12}},{"id":"6c15c184-ad5e-4fc8-8404-f6923ac058b0","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":617,"box":{"x":119,"y":449,"width":759,"height":12}},{"id":"e6326b73-864f-450b-913b-87df29fa8203","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":617,"box":{"x":119,"y":464,"width":364,"height":12}},{"id":"1acef8d5-a1c3-41d7-bde9-a021e1a4fad7","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":617,"box":{"x":119,"y":493,"width":450,"height":12}},{"id":"444a4905-2562-4275-99e8-be65580484bf","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":617,"box":{"x":570,"y":493,"width":310,"height":12}},{"id":"19eaea62-0084-47fa-b44d-798f869a8286","block_type":"box","text":"holdings-disclosure-policy.pdf","page_number":617,"box":{"x":119,"y":508,"width":226,"height":12}},{"id":"ae480ec6-66af-44e4-9a06-50c5fd1f0c1d","block_type":"box","text":", including details of the periodic disclosure of full holdings.","page_number":617,"box":{"x":346,"y":508,"width":444,"height":12}},{"id":"eb7b34a9-4818-4e87-8cc0-72043990d30b","block_type":"box","text":"Primary Risks","page_number":617,"box":{"x":119,"y":539,"width":114,"height":11}},{"id":"fd15a25c-f9ac-4370-8e03-7f110532e2d7","block_type":"box","text":"In addition to the risk factor set out below, please refer to the section of the Prospectus entitled “","page_number":617,"box":{"x":119,"y":571,"width":723,"height":12}},{"id":"f2ca73e6-d849-40d1-99dd-30cf45433f3d","block_type":"box","text":"Risk","page_number":617,"box":{"x":845,"y":571,"width":36,"height":9}},{"id":"c090470c-f15d-4d53-9afd-ee4371a7ff5d","block_type":"box","text":"Factors","page_number":617,"box":{"x":119,"y":586,"width":59,"height":9}},{"id":"15c7d9c3-ae2e-4055-856e-16f2b02783b1","block_type":"box","text":"” for information in relation to the risks applicable to an investment in the Company, including","page_number":617,"box":{"x":179,"y":586,"width":700,"height":12}},{"id":"21ff1d5a-5e3b-406a-98b5-9fa51ea77157","block_type":"box","text":"any investment in the Fund, in particular the risk factors entitled","page_number":617,"box":{"x":119,"y":601,"width":476,"height":12}},{"id":"86a60d15-bd4f-4da3-b83d-28b41553012d","block_type":"box","text":"“Currency Risk”, “Emerging Markets","page_number":617,"box":{"x":596,"y":601,"width":284,"height":12}},{"id":"58377480-2dfc-4696-b037-091235ff3b5a","block_type":"box","text":"Risks”, “Index Risks”, “Index Sampling Risks”, “Ownership Limit Risk” and “Stock Market Risk”.","page_number":617,"box":{"x":119,"y":616,"width":736,"height":12}},{"id":"783d0a5d-c695-43a6-af59-0f347db7d162","block_type":"box","text":"Investing in Smaller Companies","page_number":617,"box":{"x":119,"y":646,"width":236,"height":12}},{"id":"0dfaa152-820d-4e7b-bcc7-97caa2335f5f","block_type":"box","text":"Smaller company stocks can trade less frequently and in smaller volumes and may be subject to more","page_number":617,"box":{"x":120,"y":676,"width":758,"height":12}},{"id":"9f1fee0b-261d-47b6-b648-393af3efd12d","block_type":"box","text":"abrupt or erratic price movements than stocks of larger companies. The securities of small companies","page_number":617,"box":{"x":119,"y":691,"width":760,"height":12}},{"id":"76329855-0308-4f85-a0e9-06de1e6264d8","block_type":"box","text":"may also be more sensitive to market changes than securities in larger, more established companies as a","page_number":617,"box":{"x":119,"y":706,"width":762,"height":12}},{"id":"52dada2f-c989-4e31-a634-8f13bdd37461","block_type":"box","text":"result of factors such as less product lines, distribution channels and less financial and managerial","page_number":617,"box":{"x":119,"y":721,"width":760,"height":12}},{"id":"9e6f91bd-0372-4e98-aec1-5418f1b91983","block_type":"box","text":"resources. 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The Index is a market-capitalisation weighted index composed of large- and mid","page_number":625,"box":{"x":119,"y":327,"width":760,"height":12}},{"id":"3e97b255-9e26-411c-81f0-899e08003d0b","block_type":"box","text":"capitalisation stocks providing coverage of developed and emerging markets (excluding the US).","page_number":625,"box":{"x":119,"y":342,"width":702,"height":12}},{"id":"7bb448b5-b75c-4a90-97f5-eb86e732e6cf","block_type":"box","text":"Market","page_number":625,"box":{"x":828,"y":343,"width":53,"height":9}},{"id":"f70da518-07a8-4aea-90e8-730780249de3","block_type":"box","text":"capitalisation is the value of a company’s outstanding shares in the market and reflects the size of a","page_number":625,"box":{"x":119,"y":358,"width":760,"height":12}},{"id":"6f103bb3-fd18-4871-b292-2c6b182b3d44","block_type":"box","text":"company. The Index is derived from the broader FTSE Global Equity Index Series (GEIS).","page_number":625,"box":{"x":119,"y":373,"width":672,"height":12}},{"id":"dfade8a4-b445-472f-ae39-907bbebbba6d","block_type":"box","text":"In tracking the performance of the Index, the Fund will invest in a portfolio of equity securities","page_number":625,"box":{"x":119,"y":403,"width":700,"height":12}},{"id":"f52d1f38-e03e-41cf-be29-4c20cf52a7be","block_type":"box","text":"of large","page_number":625,"box":{"x":819,"y":403,"width":61,"height":12}},{"id":"b744511f-28cd-4940-bbb5-0d384a596b64","block_type":"box","text":"and mid-capitalisation companies located in developed and emerging markets (excluding the US)","page_number":625,"box":{"x":119,"y":418,"width":718,"height":12}},{"id":"09e55c75-5b5e-40ec-ab03-e89a4647ae4f","block_type":"box","text":", that,","page_number":625,"box":{"x":840,"y":418,"width":39,"height":11}},{"id":"023128c1-7c25-4821-ae78-56cc6144d13e","block_type":"box","text":"so far as possible and practicable, consists of a representative sample of the component securities of the","page_number":625,"box":{"x":120,"y":433,"width":760,"height":12}},{"id":"6eab28f2-218b-49d0-8309-0b4044da6ff4","block_type":"box","text":"Index. Under normal circumstances, the Fund is expected to maintain broad risk characteristics","page_number":625,"box":{"x":119,"y":448,"width":760,"height":12}},{"id":"9d1fac05-810d-4090-838e-b0f1813adac7","block_type":"box","text":"consistent with that of the Index. See the section of the Prospectus headed “","page_number":625,"box":{"x":119,"y":463,"width":580,"height":12}},{"id":"6c14df5d-37cc-43ed-be1e-f32d576ae6ec","block_type":"box","text":"The Funds","page_number":625,"box":{"x":702,"y":463,"width":85,"height":9}},{"id":"e491eeab-0d6c-414c-bc62-a4097fd49653","block_type":"box","text":"” for further","page_number":625,"box":{"x":789,"y":463,"width":91,"height":9}},{"id":"a491aa37-88c4-4186-b311-bd3b51b7fd67","block_type":"box","text":"information, in particular in relation to optimisation and sampling techniques used in tracking the","page_number":625,"box":{"x":119,"y":478,"width":759,"height":12}},{"id":"59b1692c-6c2e-4f30-a1ca-1df74546b7b2","block_type":"box","text":"performance of the Index.","page_number":625,"box":{"x":119,"y":493,"width":196,"height":12}},{"id":"c69164c2-5f09-4bd6-bb4e-9322bce3c730","block_type":"box","text":"The Index rebalances on a quarterly basis. For potential cost impacts of rebalancing, please see the","page_number":625,"box":{"x":119,"y":523,"width":760,"height":12}},{"id":"31ceb89d-df4e-488a-a6a0-dd8ebc82ebc4","block_type":"box","text":"section of the Prospectus headed “","page_number":625,"box":{"x":120,"y":538,"width":252,"height":12}},{"id":"71a3afb8-667f-48b3-9c01-c59c5cdbc0d2","block_type":"box","text":"Index rebalancing and costs","page_number":625,"box":{"x":373,"y":538,"width":219,"height":12}},{"id":"b345185b-7357-49fe-8ba9-47b1e685daa6","block_type":"box","text":"”.","page_number":625,"box":{"x":594,"y":538,"width":16,"height":9}},{"id":"67fbea3d-37f8-466c-b196-6a4642ea3b66","block_type":"box","text":"Further information in relation to the Index, including details as to its exact composition and","page_number":625,"box":{"x":119,"y":568,"width":760,"height":12}},{"id":"bedc8f0a-7bd9-4d16-ae52-5772032b6f8a","block_type":"box","text":"methodology, can be obtained at","page_number":625,"box":{"x":119,"y":583,"width":265,"height":12}},{"id":"8016b996-4f35-4ca5-8e15-e50b5867abb6","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/index-resources/constituent","page_number":625,"box":{"x":395,"y":583,"width":485,"height":12}},{"id":"44a1d567-d07b-479c-a34a-d790699d3449","block_type":"box","text":"weights","page_number":625,"box":{"x":119,"y":598,"width":56,"height":12}},{"id":"07e577ac-2d4b-43f1-b7a6-9c71440f1657","block_type":"box","text":"and","page_number":625,"box":{"x":176,"y":598,"width":36,"height":9}},{"id":"b4d68767-cfc4-486b-aa74-0bbcc89aa755","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/indices/global-equity-index-series","page_number":625,"box":{"x":212,"y":598,"width":526,"height":12}},{"id":"ab02670d-ffda-4529-9a7a-391e1dd993f0","block_type":"box","text":".","page_number":625,"box":{"x":741,"y":606,"width":2,"height":1}},{"id":"3a64ce25-4ede-4d5a-ab40-98715eadaa29","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":625,"box":{"x":119,"y":628,"width":759,"height":12}},{"id":"0687c153-90c3-42f5-997f-f815d83d2ef2","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":625,"box":{"x":119,"y":643,"width":382,"height":12}},{"id":"f2d9295a-01df-41b1-b32d-73e4fb25946d","block_type":"box","text":"Appendix 5","page_number":625,"box":{"x":502,"y":643,"width":90,"height":12}},{"id":"d3e810d0-6fc2-4af4-a579-13f4d97f2fe7","block_type":"box","text":"of the Prospectus.","page_number":625,"box":{"x":592,"y":643,"width":136,"height":12}},{"id":"ed6be288-5d12-40b7-8201-4853e7d32ec5","block_type":"box","text":"Other Investment Strategies","page_number":625,"box":{"x":120,"y":673,"width":221,"height":12}},{"id":"1a8961ca-96cd-42cc-8608-92dd3061d7b5","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":625,"box":{"x":119,"y":708,"width":705,"height":12}},{"id":"5892c0ae-9da8-40cb-b0f7-1359bbde0e6e","block_type":"box","text":"OTC","page_number":625,"box":{"x":827,"y":708,"width":38,"height":9}},{"id":"00fed89b-8e0d-4cd0-86c2-453f8c866782","block_type":"box","text":"”)","page_number":625,"box":{"x":867,"y":708,"width":13,"height":11}},{"id":"78f17c64-9c95-4b31-bea1-a37fcdd0b9d6","block_type":"box","text":"financial derivative instruments (“","page_number":625,"box":{"x":119,"y":723,"width":259,"height":11}},{"id":"1af1272e-2249-474c-9b31-00179bf0e899","block_type":"box","text":"FDI","page_number":625,"box":{"x":380,"y":723,"width":31,"height":9}},{"id":"9621fc26-f922-49e6-b3fe-9e4fae2a3061","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":625,"box":{"x":412,"y":723,"width":467,"height":12}},{"id":"b6b37c54-ddb4-43c4-bbd1-fa7507ce492d","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":625,"box":{"x":119,"y":738,"width":759,"height":12}},{"id":"8484a7de-8531-452e-b32d-9b325c9ca160","block_type":"box","text":"Appendix 4","page_number":625,"box":{"x":119,"y":753,"width":95,"height":12}},{"id":"7dc3e9fc-bb36-4a5f-9e31-1296e2cc1a27","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. 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Forward","page_number":626,"box":{"x":150,"y":241,"width":729,"height":12}},{"id":"67a202bc-35ab-4dad-96d3-5410120dbd68","block_type":"box","text":"foreign exchange contracts are traded OTC and may be used to manage currency exposures. Non","page_number":626,"box":{"x":150,"y":256,"width":728,"height":12}},{"id":"5c6b4d87-2baa-4b04-9d31-57106bb79d0f","block_type":"box","text":"deliverable forward foreign exchange differ from standard forward foreign exchange contracts in","page_number":626,"box":{"x":150,"y":271,"width":729,"height":12}},{"id":"38445a9b-5a30-447c-9e40-68ebc014d0d8","block_type":"box","text":"that at least one of the currencies in the transaction is not permitted to be delivered in settlement of","page_number":626,"box":{"x":149,"y":286,"width":730,"height":12}},{"id":"5c8a3f7e-fc55-4b51-8726-bf063d1b2aee","block_type":"box","text":"any profit or loss resulting from the transaction. 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For example, total","page_number":626,"box":{"x":119,"y":406,"width":762,"height":12}},{"id":"54e7f1ab-76da-4a58-934b-8b63dda17fcb","block_type":"box","text":"return swaps can be used as an alternative means to obtain economic exposure to a security if the Fund is","page_number":626,"box":{"x":119,"y":421,"width":761,"height":12}},{"id":"c0a28254-524f-493a-b9c2-0409000bd6f3","block_type":"box","text":"required to limit its investment in a particular issuer or industry, including in the context of management","page_number":626,"box":{"x":119,"y":436,"width":762,"height":12}},{"id":"ab82bba4-caa0-44a8-ab07-a90208701cad","block_type":"box","text":"of exposure levels to certain securities by the Vanguard Group globally.","page_number":626,"box":{"x":119,"y":451,"width":546,"height":12}},{"id":"893787bc-cacf-4428-b261-e8e3542b227e","block_type":"box","text":"The Fund will not use total","page_number":626,"box":{"x":673,"y":451,"width":207,"height":9}},{"id":"698b6f11-73e5-4bd3-902d-1f118fe179a1","block_type":"box","text":"return swaps to gain exposure outside of the Index.","page_number":626,"box":{"x":119,"y":466,"width":375,"height":12}},{"id":"6b64f993-ac42-442d-bf8f-f8ea15778f98","block_type":"box","text":"The Fund will not use FDI for investment purposes and only a limited percentage of its assets may be","page_number":626,"box":{"x":119,"y":496,"width":759,"height":12}},{"id":"8c50e7f5-363e-4950-b482-05313f241633","block_type":"box","text":"committed to FDI usage at any time.","page_number":626,"box":{"x":119,"y":511,"width":275,"height":12}},{"id":"1b870c81-b8d7-422e-9d14-a61e2625506e","block_type":"box","text":"The Fund may invest in","page_number":626,"box":{"x":119,"y":541,"width":182,"height":12}},{"id":"a257f87e-3ca6-4352-ab76-1abb79f75b81","block_type":"box","text":"depositary receipts (including ADRs and GDRs)","page_number":626,"box":{"x":302,"y":541,"width":365,"height":12}},{"id":"9c8ffdef-c63b-4b6c-8efd-ba5b290f3f7f","block_type":"box","text":"representing securities in the","page_number":626,"box":{"x":668,"y":541,"width":211,"height":12}},{"id":"5b35f8d4-8fdb-4357-93ea-e2e4bd437b57","block_type":"box","text":"Index, in seeking to track the performance of the Index","page_number":626,"box":{"x":119,"y":556,"width":404,"height":12}},{"id":"f7ac1f87-8a73-4b52-8885-0b9ef19b8466","block_type":"box","text":"to gain exposure to the constituents of the Index.","page_number":626,"box":{"x":523,"y":556,"width":353,"height":12}},{"id":"c0b4927f-160a-4f6c-8168-9ce215d8f6e5","block_type":"box","text":"The Fund may engage in securities lending transactions for efficient portfolio management purposes.","page_number":626,"box":{"x":119,"y":586,"width":745,"height":12}},{"id":"b8852230-a38c-4d50-9b4c-95978cd71a05","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":626,"box":{"x":119,"y":616,"width":762,"height":12}},{"id":"96684a5c-6153-4376-991c-d8b665bf5f8d","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":626,"box":{"x":120,"y":631,"width":740,"height":12}},{"id":"8b46988f-0b97-4247-ab00-49dc456f32f1","block_type":"box","text":"See","page_number":626,"box":{"x":120,"y":662,"width":29,"height":8}},{"id":"0bcf6a4d-300b-4b22-b158-acfe4d1cceec","block_type":"box","text":"Appendix 4","page_number":626,"box":{"x":149,"y":661,"width":89,"height":12}},{"id":"bec7d463-fff3-47a9-8b5a-21bbae38f39b","block_type":"box","text":"of","page_number":626,"box":{"x":239,"y":661,"width":22,"height":9}},{"id":"44ba9d0a-a43c-488b-a618-9642f21d2fdd","block_type":"box","text":"the","page_number":626,"box":{"x":262,"y":661,"width":21,"height":9}},{"id":"a7527e4b-21a8-44d6-ac4b-ebb8961b590a","block_type":"box","text":"Prospectus","page_number":626,"box":{"x":284,"y":662,"width":83,"height":11}},{"id":"3988beb7-51ad-4d3a-a80e-b47c7b9b31c0","block_type":"box","text":"for further information on the use of Portfolio Investment Techniques,","page_number":626,"box":{"x":368,"y":661,"width":512,"height":12}},{"id":"73561198-46a7-451f-a8b4-9dc142a6be79","block_type":"box","text":"including FDI and securities lending, and for information on leverage and the calculation of global","page_number":626,"box":{"x":119,"y":676,"width":759,"height":12}},{"id":"d0130ee8-3930-4d71-a787-f3a9f86c0f6f","block_type":"box","text":"exposure.","page_number":626,"box":{"x":119,"y":694,"width":70,"height":9}},{"id":"ff5acebe-6c88-4d1e-810e-263e992f2580","block_type":"box","text":"Where the Fund invests in securities in the People’s Republic of China, it may do so via the Shanghai","page_number":626,"box":{"x":119,"y":721,"width":759,"height":12}},{"id":"ea6fb700-47be-4411-8eaa-00c184424e33","block_type":"box","text":"Hong Kong Stock Connect. Where the Fund invests in securities in India, it may do so via recognised","page_number":626,"box":{"x":119,"y":736,"width":759,"height":12}},{"id":"cb3fb5a5-3a80-4eca-ba19-b65d02474a7e","block_type":"box","text":"Indian stock exchanges.","page_number":626,"box":{"x":119,"y":751,"width":175,"height":12}},{"id":"875505a4-59fe-4195-a24e-56eef567639a","block_type":"box","text":"In addition, in tracking the performance of the Index, the Fund may, in accordance with the requirements","page_number":626,"box":{"x":119,"y":781,"width":761,"height":12}},{"id":"c5ec9736-c5e6-40b4-90ef-2597e781b70c","block_type":"box","text":"of the Central Bank, invest up to 10% of its net assets in other Funds of the Company and other collective","page_number":626,"box":{"x":119,"y":796,"width":762,"height":12}},{"id":"348228e2-f090-445f-9c9d-f91292dc02e4","block_type":"box","text":"investment undertakings including exchange traded funds and undertakings linked by common","page_number":626,"box":{"x":119,"y":811,"width":760,"height":12}},{"id":"f4ada890-4a7f-4fa9-bdbb-f791adcc84a7","block_type":"box","text":"management or control to each other or to the Company. See","page_number":626,"box":{"x":119,"y":826,"width":485,"height":12}},{"id":"1f433413-e107-47bd-8ed3-cd494b91f483","block_type":"box","text":"Appendix 3","page_number":626,"box":{"x":614,"y":826,"width":93,"height":12}},{"id":"67ba85da-4941-44b3-be36-a4d231cc7c76","block_type":"box","text":"of","page_number":626,"box":{"x":708,"y":826,"width":24,"height":9}},{"id":"4b428b30-e3f1-48c0-9534-15c17b3e230c","block_type":"box","text":"the","page_number":626,"box":{"x":740,"y":826,"width":22,"height":9}},{"id":"4d3d8036-186a-4fe5-94f4-c1cf302b926a","block_type":"box","text":"Prospectus for","page_number":626,"box":{"x":762,"y":826,"width":118,"height":12}},{"id":"f3f1eaad-d8c6-49e5-a651-13a5da870a5e","block_type":"box","text":"information on investment in collective investment schemes, including other Funds of the Company.","page_number":626,"box":{"x":119,"y":841,"width":742,"height":12}},{"id":"ecda3a30-cebb-469b-9a28-406802138ae5","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":626,"box":{"x":119,"y":870,"width":760,"height":12}},{"id":"328eb017-fe9d-444b-9224-d61e2aaca7cf","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":626,"box":{"x":119,"y":885,"width":760,"height":12}},{"id":"eef6d63f-8962-41ed-9651-6f752326be63","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":626,"box":{"x":119,"y":900,"width":760,"height":12}},{"id":"606e7993-6ebc-4e63-a9e4-ab208873ed27","block_type":"box","text":"4","page_number":627,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"9836fb70-7cef-4392-89d2-4a4bb5e4edad","block_type":"box","text":"VG001-001/M85660-892520263-23573/1","page_number":627,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"78183b50-87a1-40a5-9b3d-bf5619d8f827","block_type":"box","text":"Temporary Investment Measures","page_number":627,"box":{"x":119,"y":96,"width":263,"height":11}},{"id":"ea6020e2-4f19-4485-ba5b-803cc0529635","block_type":"box","text":"The Fund may temporarily depart from","page_number":627,"box":{"x":119,"y":130,"width":305,"height":12}},{"id":"a5f355f4-30f5-49a0-9091-2582e0271514","block_type":"box","text":"the","page_number":627,"box":{"x":433,"y":130,"width":21,"height":9}},{"id":"439facd3-3892-4c26-849c-8256754a6e51","block_type":"box","text":"investment strategies","page_number":627,"box":{"x":455,"y":130,"width":166,"height":12}},{"id":"04411cc5-1338-470a-a62e-942c729b1b9c","block_type":"box","text":"set out above","page_number":627,"box":{"x":630,"y":130,"width":103,"height":9}},{"id":"2af6fd30-ae4b-4cdd-bc98-8865d31da69e","block_type":"box","text":"in response to the","page_number":627,"box":{"x":742,"y":130,"width":138,"height":12}},{"id":"da0a1743-3d6c-4276-a0cd-e8912b5209bc","block_type":"box","text":"Investment","page_number":627,"box":{"x":119,"y":146,"width":87,"height":8}},{"id":"e57909ef-3e2a-42b1-9c84-9b87f3f69132","block_type":"box","text":"Manager’s","page_number":627,"box":{"x":206,"y":145,"width":78,"height":12}},{"id":"981f2eb0-556d-4c90-8366-adc2a4c1302b","block_type":"box","text":"perception of extraordinary market, political or similar conditions. During these","page_number":627,"box":{"x":285,"y":145,"width":594,"height":12}},{"id":"8082ee5d-0dec-4a6c-8b02-f7b0491bdb6c","block_type":"box","text":"periods","page_number":627,"box":{"x":119,"y":160,"width":53,"height":12}},{"id":"132c9ad0-d6bc-47ec-9088-b919c3a89c51","block_type":"box","text":",","page_number":627,"box":{"x":174,"y":168,"width":3,"height":3}},{"id":"395abbec-0336-4105-a62b-979bfa95bef7","block_type":"box","text":"and for as long as","page_number":627,"box":{"x":178,"y":160,"width":144,"height":12}},{"id":"603d25ee-159a-42ca-ac81-ed1b75e09c7d","block_type":"box","text":"and to the extent deemed necessary by","page_number":627,"box":{"x":323,"y":160,"width":293,"height":12}},{"id":"5c8d0ae0-8dc5-4d12-a608-20b92c55a613","block_type":"box","text":"the Investment Manager","page_number":627,"box":{"x":617,"y":160,"width":186,"height":12}},{"id":"36e1d1e1-4296-4e7b-9eb2-e925ed0e650b","block_type":"box","text":"in the best","page_number":627,"box":{"x":803,"y":160,"width":77,"height":9}},{"id":"81e821d0-4905-4e5d-a9ce-0c62ad2c2323","block_type":"box","text":"interests of Shareholders","page_number":627,"box":{"x":119,"y":175,"width":180,"height":9}},{"id":"71ca6a56-78c7-4b17-8af5-75cda9cda5fc","block_type":"box","text":", the Fund may increase its holdings of cash and ancillary liquid assets. In doing","page_number":627,"box":{"x":301,"y":175,"width":580,"height":12}},{"id":"78de53d9-516d-41e0-83c8-2be19b7680f7","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":627,"box":{"x":120,"y":190,"width":760,"height":12}},{"id":"30c942ea-f55a-4bff-8634-ea9d1f154f54","block_type":"box","text":"Tracking Error","page_number":627,"box":{"x":119,"y":219,"width":123,"height":12}},{"id":"1b6a907a-3d7d-4794-9864-4efdcdc924d1","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":627,"box":{"x":119,"y":254,"width":759,"height":12}},{"id":"41aa9da7-b15a-4411-b759-8390e45b2bbe","block_type":"box","text":"Fund, will be up to","page_number":627,"box":{"x":119,"y":269,"width":152,"height":12}},{"id":"27ed1b88-b69d-4daa-9a45-180355400630","block_type":"box","text":"0.30","page_number":627,"box":{"x":272,"y":269,"width":31,"height":9}},{"id":"1f1a6def-39a0-47ae-8b03-8e4d26edd3c1","block_type":"box","text":"%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":627,"box":{"x":304,"y":269,"width":575,"height":12}},{"id":"8c0eeefb-edb4-4690-aaba-3c0f8149152b","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":627,"box":{"x":119,"y":284,"width":760,"height":12}},{"id":"ded3ceeb-67d2-4e38-a2fe-1dbaa76d1267","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":627,"box":{"x":119,"y":299,"width":759,"height":12}},{"id":"4a8d5bd2-4c37-428c-b2de-7cd4d8b176bb","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":627,"box":{"x":119,"y":314,"width":760,"height":12}},{"id":"e1f63ca0-97d8-4d69-8bae-4e39dc456e09","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. 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This limit may be raised to 35% for a single issuer in","page_number":635,"box":{"x":119,"y":458,"width":761,"height":12}},{"id":"a66e5a54-9af3-4311-95a1-71a0eacdc1d2","block_type":"box","text":"exceptional market conditions which may include the dominance of a particular issuer in the","page_number":635,"box":{"x":119,"y":473,"width":759,"height":12}},{"id":"d3d05fec-e49b-4d35-becc-2fedef9fb846","block_type":"box","text":"relevant market.","page_number":635,"box":{"x":119,"y":489,"width":129,"height":9}},{"id":"ddfdf39e-beda-42e8-9ac0-b69f7b15bef4","block_type":"box","text":"When not practicable to fully replicate, the Fund uses a sampling process","page_number":635,"box":{"x":249,"y":488,"width":534,"height":12}},{"id":"4da87d64-bf98-4763-a65e-c09e8f8e47a8","block_type":"box","text":"to invest in a","page_number":635,"box":{"x":785,"y":489,"width":95,"height":9}},{"id":"74895ca8-ce63-4f1e-b8b3-22b4ffdd856a","block_type":"box","text":"portfolio of securities that consists of a representative sample of the component securities of the Index.","page_number":635,"box":{"x":119,"y":503,"width":759,"height":12}},{"id":"0bc48380-23b4-4bc8-85cd-8c29753d55d6","block_type":"box","text":"Under normal circumstances, the Fund is expected to maintain broad risk characteristics consistent with","page_number":635,"box":{"x":119,"y":519,"width":761,"height":11}},{"id":"1edaf748-6baf-4ae4-924a-ce6eb8bd61dd","block_type":"box","text":"that of the Index. See the section of the Prospectus headed “","page_number":635,"box":{"x":119,"y":533,"width":461,"height":12}},{"id":"1a57d479-d21d-41aa-8b6d-3f7a68c37e2b","block_type":"box","text":"The Funds","page_number":635,"box":{"x":582,"y":534,"width":86,"height":9}},{"id":"b85dd2f2-d4e6-4c94-847b-db675e552ef9","block_type":"box","text":"” for further information, in","page_number":635,"box":{"x":669,"y":533,"width":211,"height":12}},{"id":"18b312c0-cf05-405d-8276-11be68af9ad8","block_type":"box","text":"particular in relation to optimisation and sampling techniques used in tracking the performance of the","page_number":635,"box":{"x":119,"y":549,"width":759,"height":12}},{"id":"981e73ed-f997-40a7-978e-3f19c791cd81","block_type":"box","text":"Index.","page_number":635,"box":{"x":119,"y":564,"width":45,"height":9}},{"id":"569beda2-9dc1-4b2e-acb8-4b48e2cf1a3a","block_type":"box","text":"The Index rebalances on a quarterly basis. For potential cost impacts of rebalancing, please see the","page_number":635,"box":{"x":119,"y":594,"width":760,"height":12}},{"id":"6b17bc6b-4456-4207-b3dd-9707d18388ad","block_type":"box","text":"section of the Prospectus headed “","page_number":635,"box":{"x":120,"y":609,"width":252,"height":12}},{"id":"13bd3aa1-aef1-4ce9-a410-cc48bac8618f","block_type":"box","text":"Index rebalancing and costs","page_number":635,"box":{"x":373,"y":609,"width":219,"height":12}},{"id":"0335d61c-7f59-40a8-9ae7-4b8da118c029","block_type":"box","text":"”.","page_number":635,"box":{"x":594,"y":609,"width":16,"height":9}},{"id":"851e9e72-8056-4fec-a6aa-3ab0bad57ed8","block_type":"box","text":"Further information in relation to the Index, including details as to its exact composition and","page_number":635,"box":{"x":119,"y":639,"width":760,"height":12}},{"id":"0e1764b6-b4ee-4b55-bb7e-ab252b95f83d","block_type":"box","text":"methodology, can be obtained at","page_number":635,"box":{"x":119,"y":654,"width":265,"height":12}},{"id":"3acb87f1-f29a-4906-8f13-75f69b8ef7fa","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/index-resources/constituent","page_number":635,"box":{"x":395,"y":654,"width":485,"height":12}},{"id":"ca5e32ba-5cb6-4baa-87ce-493175073ad8","block_type":"box","text":"weights","page_number":635,"box":{"x":119,"y":669,"width":56,"height":12}},{"id":"e86b2cf7-a2c9-48f5-b139-c6664eb8bb3a","block_type":"box","text":"and","page_number":635,"box":{"x":176,"y":669,"width":36,"height":9}},{"id":"6a2c8870-623b-4a22-b924-01869f714da3","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/indices/global-equity-index-series","page_number":635,"box":{"x":212,"y":669,"width":526,"height":12}},{"id":"58b58fdb-416b-4d96-a525-e805ae559286","block_type":"box","text":".","page_number":635,"box":{"x":741,"y":677,"width":2,"height":1}},{"id":"81e58c82-eaeb-4136-afee-f0c04f2f4b75","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":635,"box":{"x":119,"y":699,"width":759,"height":12}},{"id":"6bdf17a6-6379-45fb-8c4b-94c807c5bbf5","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":635,"box":{"x":119,"y":714,"width":382,"height":12}},{"id":"4641e262-21f5-424f-99a7-55d2f024d3a7","block_type":"box","text":"Appendix 5","page_number":635,"box":{"x":502,"y":714,"width":90,"height":12}},{"id":"764d8ca1-fab7-4930-954e-0e7d563ca022","block_type":"box","text":"of the Prospectus.","page_number":635,"box":{"x":592,"y":714,"width":141,"height":12}},{"id":"7a94c102-08e5-4e07-8004-f082e5fd4adf","block_type":"box","text":"Other Investment Strategies","page_number":635,"box":{"x":120,"y":744,"width":221,"height":12}},{"id":"05557c2d-1ec1-45d7-9ca3-708e8284e97f","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":635,"box":{"x":119,"y":778,"width":705,"height":12}},{"id":"cdf73de7-dc01-4967-a0c2-7d4b00e466c6","block_type":"box","text":"OTC","page_number":635,"box":{"x":827,"y":779,"width":38,"height":9}},{"id":"e1fe6c78-f1d5-4a9d-b118-bb956f9dc57d","block_type":"box","text":"”)","page_number":635,"box":{"x":867,"y":778,"width":13,"height":12}},{"id":"2abccb15-a801-40c9-9d7b-1de3db615b6c","block_type":"box","text":"financial derivative instruments (“","page_number":635,"box":{"x":119,"y":793,"width":259,"height":12}},{"id":"e594ee23-6962-48c7-bb76-1e317d894b80","block_type":"box","text":"FDI","page_number":635,"box":{"x":380,"y":794,"width":31,"height":9}},{"id":"50f66cd4-830b-4098-a044-2dfcce66eade","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":635,"box":{"x":412,"y":793,"width":467,"height":12}},{"id":"23cec636-8b2c-4652-a882-788f85eb7f64","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":635,"box":{"x":119,"y":808,"width":759,"height":12}},{"id":"6d7c2ace-4948-4d72-a3fd-e049897aa7d6","block_type":"box","text":"Appendix 4","page_number":635,"box":{"x":119,"y":823,"width":95,"height":12}},{"id":"3ae2c36c-9b20-4860-ae29-85577af5fe34","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. 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This file contains a","page_number":637,"box":{"x":119,"y":481,"width":761,"height":12}},{"id":"d71b9299-911e-4ac8-9cb4-3b9b2a7b4d87","block_type":"box","text":"basket of securities that very closely mirror the risk exposures of the Fund holdings and ensures that","page_number":637,"box":{"x":119,"y":496,"width":760,"height":12}},{"id":"c0069dc7-43b9-4053-9529-51f9aa4a0a36","block_type":"box","text":"Authorised Participants and market makers will be able to accurately predict the Fund closing NAV,","page_number":637,"box":{"x":119,"y":512,"width":759,"height":11}},{"id":"24fa7b2b-3e17-45ff-9f4f-e5268e24eb3b","block_type":"box","text":"which ensures an effective arbitrage mechanism.","page_number":637,"box":{"x":119,"y":526,"width":364,"height":12}},{"id":"aab686cc-1419-4836-a592-8c0ecb105672","block_type":"box","text":"Further information on the Fund’s portfolio can be found at","page_number":637,"box":{"x":119,"y":556,"width":450,"height":12}},{"id":"6ddb908e-0159-4b3e-b177-360d377a7bfb","block_type":"box","text":"https://fund-docs.vanguard.com/portfolio","page_number":637,"box":{"x":570,"y":556,"width":310,"height":12}},{"id":"26471ab5-c866-4dcd-b17d-a447ff7d822d","block_type":"box","text":"holdings-disclosure-policy.pdf","page_number":637,"box":{"x":119,"y":571,"width":226,"height":12}},{"id":"a914ca5c-3898-43ac-937a-76cf9463e6ad","block_type":"box","text":", including details of the periodic disclosure of full holdings.","page_number":637,"box":{"x":346,"y":571,"width":444,"height":12}},{"id":"dae7bef8-7eea-4269-98fb-5429b8cd42b2","block_type":"box","text":"Primary Risks","page_number":637,"box":{"x":119,"y":601,"width":114,"height":12}},{"id":"105d9fc2-651e-4fc5-8089-9818f05ed366","block_type":"box","text":"In addition to the risk factor set out below, please refer to the section of the Prospectus entitled “","page_number":637,"box":{"x":119,"y":633,"width":723,"height":12}},{"id":"eb190172-81b4-4ff4-9bbc-2a382be14dfd","block_type":"box","text":"Risk","page_number":637,"box":{"x":845,"y":633,"width":36,"height":9}},{"id":"72aed0c6-feac-4a55-9118-35d4798fe4f2","block_type":"box","text":"Factors","page_number":637,"box":{"x":119,"y":649,"width":59,"height":8}},{"id":"058827de-5c3b-41e5-89d9-3717345a42fe","block_type":"box","text":"” for information in relation to the risks applicable to an investment in the Company, including","page_number":637,"box":{"x":179,"y":648,"width":700,"height":12}},{"id":"060ff45c-0dfa-4bf3-812a-5d290d99f8d9","block_type":"box","text":"any investment in the Fund, in particular the risk factors entitled","page_number":637,"box":{"x":119,"y":663,"width":468,"height":12}},{"id":"f0e6f2d3-97c3-4bea-a044-dccc071408a5","block_type":"box","text":"“Concentration Risk”, “Currency Risk”,","page_number":637,"box":{"x":588,"y":663,"width":291,"height":12}},{"id":"3a173382-1808-49a8-975e-4c521b2b8346","block_type":"box","text":"“Index Risks”, “Index Accuracy Risks”, “Index Tracking Risk”, “Index Unscheduled Rebalancing","page_number":637,"box":{"x":120,"y":678,"width":759,"height":12}},{"id":"a380350d-6ce4-459a-81d8-10bd9c8bdc1b","block_type":"box","text":"Risk”, “Liquidity considerations”, “Ownership Limit Risk” and “Stock Market Risk”.","page_number":637,"box":{"x":119,"y":693,"width":632,"height":12}},{"id":"5634ff33-a7cf-4c98-b14c-d4ade1692fc0","block_type":"box","text":"Investing in Smaller Companies","page_number":637,"box":{"x":119,"y":723,"width":236,"height":12}},{"id":"2a6ca260-4701-498e-a8a5-acde9129d4df","block_type":"box","text":"Smaller company stocks can trade less frequently and in smaller volumes and may be subject to more","page_number":637,"box":{"x":120,"y":753,"width":758,"height":12}},{"id":"2f584339-5eb7-4e6f-ae76-740332887309","block_type":"box","text":"abrupt or erratic price movements than stocks of larger companies. The securities of small companies","page_number":637,"box":{"x":119,"y":768,"width":760,"height":12}},{"id":"89361ced-5c20-4f6c-8d0d-cc6afa6d00bf","block_type":"box","text":"may also be more sensitive to market changes than securities in larger, more established companies as a","page_number":637,"box":{"x":119,"y":783,"width":762,"height":12}},{"id":"fbfca63d-0c70-4355-aac0-cf8bed947f10","block_type":"box","text":"result of factors such as less product lines, distribution channels and less financial and managerial","page_number":637,"box":{"x":119,"y":798,"width":760,"height":12}},{"id":"337b2995-3836-4736-a7c9-0d35482c0f5c","block_type":"box","text":"resources. As such, this may adversely impact the Fund and/or the interests of investors.","page_number":637,"box":{"x":119,"y":813,"width":650,"height":12}},{"id":"d07fdd69-458d-4132-8dfa-128c3040541a","block_type":"box","text":"Currency Hedging Policy","page_number":637,"box":{"x":120,"y":844,"width":199,"height":11}},{"id":"e5279f26-882a-4715-993f-1632c76c2bd5","block_type":"box","text":"5","page_number":638,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"e7e50831-c3bd-4537-bdb0-4c2184069231","block_type":"box","text":"VG001-001/M85660-892520263-23575/1","page_number":638,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"8a0a4e63-910f-4e6b-9dc6-44ac39c9e941","block_type":"box","text":"FDI will be used for currency hedging purposes for classes denominated in currencies other than the","page_number":638,"box":{"x":119,"y":78,"width":760,"height":12}},{"id":"58be143c-1d76-4119-aae1-c55934ab69fd","block_type":"box","text":"Base Currency of the Fund. Please see the section of the Prospectus headed “","page_number":638,"box":{"x":119,"y":93,"width":588,"height":12}},{"id":"502bc084-9783-432d-9f9b-7fbfdde18a89","block_type":"box","text":"Currency Hedging at","page_number":638,"box":{"x":711,"y":93,"width":169,"height":12}},{"id":"fd349a4a-8f9d-4a3f-b74a-20afc52547ec","block_type":"box","text":"Share Class Level","page_number":638,"box":{"x":120,"y":108,"width":139,"height":10}},{"id":"3c33624f-5f4f-4883-89b9-b1d817c8a76f","block_type":"box","text":"” for further details.","page_number":638,"box":{"x":260,"y":108,"width":145,"height":10}},{"id":"1f6b85dc-a2e9-4151-b302-0cbcea09c772","block_type":"box","text":"Fund Details","page_number":638,"box":{"x":119,"y":138,"width":100,"height":10}},{"id":"21b5eb48-e3fd-4a81-9a9f-ddb6714a407b","block_type":"box","text":"Investment 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For potential cost impacts of rebalancing, please see the","page_number":645,"box":{"x":119,"y":626,"width":760,"height":12}},{"id":"165086b0-5bd3-4148-91df-faf13cafa86c","block_type":"box","text":"section of the Prospectus headed “","page_number":645,"box":{"x":120,"y":641,"width":252,"height":12}},{"id":"47c3d81f-2000-4ccb-87ee-643397960a02","block_type":"box","text":"Index rebalancing and costs","page_number":645,"box":{"x":373,"y":641,"width":219,"height":12}},{"id":"0547c81a-4785-4f85-b29a-2d665c2cb411","block_type":"box","text":"”.","page_number":645,"box":{"x":594,"y":641,"width":16,"height":9}},{"id":"01c3ec2d-3be9-4e7a-998e-bd6fd6c8bcf9","block_type":"box","text":"Further information in relation to the Index, including details as to its exact composition and","page_number":645,"box":{"x":119,"y":671,"width":760,"height":12}},{"id":"d2c01d7e-68b8-4387-938d-778edff40d07","block_type":"box","text":"methodology, can be obtained at","page_number":645,"box":{"x":119,"y":686,"width":265,"height":12}},{"id":"5a9c68ee-e98e-473c-b6f7-a78af56240f7","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/index-resources/constituent","page_number":645,"box":{"x":395,"y":686,"width":485,"height":12}},{"id":"b9b3a82f-df3e-4b1d-aca0-be9432606ff6","block_type":"box","text":"weights","page_number":645,"box":{"x":119,"y":701,"width":56,"height":12}},{"id":"8e51d0a5-a165-488a-9703-28e894fe4d33","block_type":"box","text":"and","page_number":645,"box":{"x":176,"y":701,"width":36,"height":9}},{"id":"88768158-8582-4239-a9a4-c536347a5611","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/indices/global-equity-index-series","page_number":645,"box":{"x":212,"y":701,"width":526,"height":12}},{"id":"d0987e46-2df1-475d-be71-13a971594d30","block_type":"box","text":".","page_number":645,"box":{"x":741,"y":709,"width":2,"height":1}},{"id":"90fdaf63-dbea-4fb8-aef8-84031bb988ca","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":645,"box":{"x":119,"y":731,"width":759,"height":12}},{"id":"92e2e8b4-35a1-4637-8c63-22d552dca1ac","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":645,"box":{"x":119,"y":746,"width":382,"height":12}},{"id":"2a6dccf1-84ef-4a56-b88e-ed504c69c08a","block_type":"box","text":"Appendix 5","page_number":645,"box":{"x":502,"y":746,"width":90,"height":12}},{"id":"c4dd9b95-0446-4a47-80c4-d4ded6f9901f","block_type":"box","text":"of the Prospectus.","page_number":645,"box":{"x":592,"y":746,"width":141,"height":12}},{"id":"15875d76-d66c-4698-9521-2e5ee4a5ceb1","block_type":"box","text":"Other Investment Strategies","page_number":645,"box":{"x":120,"y":776,"width":221,"height":12}},{"id":"c1b57fa0-f072-4625-b254-15682fa7018d","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":645,"box":{"x":119,"y":811,"width":705,"height":12}},{"id":"5a03133d-b8ab-4ed4-8587-fd202f3aeb4e","block_type":"box","text":"OTC","page_number":645,"box":{"x":827,"y":811,"width":38,"height":9}},{"id":"aa22cb89-38a3-4e70-9e6c-6ffbab1cc464","block_type":"box","text":"”)","page_number":645,"box":{"x":867,"y":811,"width":13,"height":12}},{"id":"98d17c47-8c52-4ed2-ae65-f7e06f9d8766","block_type":"box","text":"financial derivative instruments (“","page_number":645,"box":{"x":119,"y":826,"width":259,"height":12}},{"id":"fb6fbece-4e3a-49a5-8262-2a74e0e5c061","block_type":"box","text":"FDI","page_number":645,"box":{"x":380,"y":826,"width":31,"height":9}},{"id":"1a5bc8fe-af83-4218-87b2-8d977a8dd69e","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":645,"box":{"x":412,"y":826,"width":467,"height":12}},{"id":"8874a742-dd79-463a-9e4b-4f0b0e6122d3","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":645,"box":{"x":119,"y":841,"width":759,"height":12}},{"id":"ae7e8085-36d5-4480-8fb1-70e837d1f6e2","block_type":"box","text":"Appendix 4","page_number":645,"box":{"x":119,"y":856,"width":95,"height":12}},{"id":"4b6e834c-d52f-42ce-8acf-e692225cd4d9","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":645,"box":{"x":215,"y":856,"width":665,"height":12}},{"id":"30d07ae5-24b8-40dd-9487-0115a3558bd6","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":645,"box":{"x":119,"y":871,"width":759,"height":12}},{"id":"20a7d68f-2586-42be-ba77-b198d75fde5a","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":645,"box":{"x":119,"y":886,"width":759,"height":12}},{"id":"41300c5d-6171-4fd5-9696-d33bb6b6ac7f","block_type":"box","text":"time of investment.","page_number":645,"box":{"x":119,"y":901,"width":142,"height":9}},{"id":"ad6406be-065c-4720-b818-c38676050b85","block_type":"box","text":"3","page_number":646,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"b8f4438c-dc01-42f8-883c-d46793155f29","block_type":"box","text":"VG001-001/M85660-892520263-23577/1","page_number":646,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"a4fa6b8a-331a-49d6-9597-dea640620028","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":646,"box":{"x":120,"y":93,"width":407,"height":12}},{"id":"b0a7a061-12b1-4524-a5e0-83c4646e6e44","block_type":"box","text":"","page_number":646,"box":{"x":119,"y":126,"width":6,"height":4}},{"id":"0967df40-2611-4c9d-a171-fe92739f8d54","block_type":"box","text":"Swap agreements (excluding funded swap agreements, but including total return swaps as","page_number":646,"box":{"x":150,"y":123,"width":729,"height":12}},{"id":"d8bf81c8-af61-4b6f-a734-8e752aaa5a5c","block_type":"box","text":"further detailed below), warrants and equity-linked notes","page_number":646,"box":{"x":149,"y":138,"width":456,"height":12}},{"id":"6d6985b5-490d-49fa-9f5d-cad5b4a133ee","block_type":"box","text":"which may be used to gain efficient","page_number":646,"box":{"x":606,"y":138,"width":274,"height":12}},{"id":"fbb02cd8-f77a-454f-933c-9edbcd48ccb8","block_type":"box","text":"exposure to the constituents of the Index (for example, where an Index constituent is illiquid or is","page_number":646,"box":{"x":150,"y":153,"width":728,"height":12}},{"id":"f90b0dfb-7788-48d1-86a7-4c3b96487d54","block_type":"box","text":"otherwise unavailable to the Fund for direct investment due to market or regulatory reasons), or to","page_number":646,"box":{"x":150,"y":168,"width":728,"height":12}},{"id":"7e925301-39cb-453e-a4d0-6b2908d1da00","block_type":"box","text":"the performance of the Index itself (for example, to reduce transaction costs or taxes or minimise","page_number":646,"box":{"x":149,"y":183,"width":730,"height":12}},{"id":"0b7391c0-4676-4c29-b94f-b043f9ab161a","block_type":"box","text":"tracking error);","page_number":646,"box":{"x":149,"y":199,"width":111,"height":11}},{"id":"19b35ba9-9955-40d3-876a-b263fe29d25d","block_type":"box","text":"","page_number":646,"box":{"x":119,"y":231,"width":6,"height":4}},{"id":"4723dc0e-ff54-42d9-9a00-b4c7333a2ef1","block_type":"box","text":"FX swaps","page_number":646,"box":{"x":149,"y":229,"width":76,"height":11}},{"id":"2011c18f-cb2b-4058-86d4-6329b8291c64","block_type":"box","text":"to manage exchange rate/currency risk arising in the Fund’s portfolio or to benefit directly","page_number":646,"box":{"x":225,"y":229,"width":672,"height":12}},{"id":"32fb4735-2b1a-490f-81e7-17d9cb435f6c","block_type":"box","text":"from changes in currency exchange rates;","page_number":646,"box":{"x":150,"y":244,"width":305,"height":12}},{"id":"a6f860d5-72ef-47bd-8da5-bc57676d6443","block_type":"box","text":"","page_number":646,"box":{"x":119,"y":276,"width":6,"height":4}},{"id":"9cdf32b0-a235-4548-b393-ec7895a31484","block_type":"box","text":"Futures and options contracts","page_number":646,"box":{"x":149,"y":274,"width":235,"height":12}},{"id":"1fffbd28-144f-40b4-a26c-7e1c1f21952b","block_type":"box","text":"(typically equity index, foreign currency and interest rate) to protect","page_number":646,"box":{"x":385,"y":274,"width":507,"height":12}},{"id":"bc18ebee-34bc-4b00-aecf-72914ea95281","block_type":"box","text":"against currency fluctuation or to manage cash flows on a short term basis and to achieve cost","page_number":646,"box":{"x":150,"y":289,"width":729,"height":12}},{"id":"d54c675c-f54f-4888-84cb-fe1a92d3fc93","block_type":"box","text":"efficiencies; and","page_number":646,"box":{"x":150,"y":304,"width":120,"height":11}},{"id":"cffff1d2-d473-4b1a-ab1b-4e24d8fd1ecc","block_type":"box","text":"","page_number":646,"box":{"x":119,"y":336,"width":6,"height":4}},{"id":"80fd9585-6ba1-4ba2-8b6f-1b45e048f658","block_type":"box","text":"Forward Foreign Exchange Contracts","page_number":646,"box":{"x":149,"y":334,"width":301,"height":12}},{"id":"1f7e3d1a-a1ee-4531-af5a-01e481710924","block_type":"box","text":", which are agreements between parties to exchange fixed","page_number":646,"box":{"x":451,"y":334,"width":428,"height":12}},{"id":"92218b3e-ec2c-428a-b057-302fe66c9d17","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":646,"box":{"x":150,"y":349,"width":729,"height":12}},{"id":"ad380ad6-9f2c-49bd-ba40-85de191935eb","block_type":"box","text":"foreign exchange contracts are traded OTC and may be used to manage currency exposures. Non","page_number":646,"box":{"x":150,"y":364,"width":728,"height":12}},{"id":"a5f9c29a-47ce-426c-a9ec-1e445e27ee90","block_type":"box","text":"deliverable forward foreign exchange differ from standard forward foreign exchange contracts in","page_number":646,"box":{"x":150,"y":379,"width":729,"height":12}},{"id":"b607c350-2fa6-4bc8-b5ad-cb9126553694","block_type":"box","text":"that at least one of the currencies in the transaction is not permitted to be delivered in settlement of","page_number":646,"box":{"x":149,"y":394,"width":730,"height":12}},{"id":"68e28ae1-a76b-4942-a205-4153e144c5e9","block_type":"box","text":"any profit or loss resulting from the transaction. Typically, profit or loss in this case will be delivered","page_number":646,"box":{"x":150,"y":409,"width":730,"height":12}},{"id":"e85a6c78-0639-47a9-a139-1b46a11e1818","block_type":"box","text":"in US Dollars or Euro","page_number":646,"box":{"x":149,"y":424,"width":161,"height":9}},{"id":"660f5fd2-9016-45fa-bf58-60802fa22c70","block_type":"box","text":".","page_number":646,"box":{"x":312,"y":432,"width":3,"height":1}},{"id":"d8e29245-3123-47bd-b81c-982df2fc41c1","block_type":"box","text":"For the purpose of efficient portfolio management, in tracking the Index and within the limits and","page_number":646,"box":{"x":119,"y":454,"width":761,"height":12}},{"id":"e634f291-e8bd-44cf-aecf-8e4590903273","block_type":"box","text":"conditions specified in the Prospectus, the Fund may utilise total return swaps which manage exposures","page_number":646,"box":{"x":119,"y":469,"width":761,"height":12}},{"id":"dca8f26f-5737-4943-b4cd-f0acdae34d71","block_type":"box","text":"to certain individual securities, a basket of securities, or securities indices, for example in circumstances","page_number":646,"box":{"x":119,"y":484,"width":760,"height":12}},{"id":"66c436c3-cf79-402a-8d25-530812a4367a","block_type":"box","text":"where local market, regulatory or other factors might prevent a direct holding, to reduce transaction costs","page_number":646,"box":{"x":119,"y":499,"width":761,"height":12}},{"id":"8d159b6c-762e-458e-b884-1a2593794521","block_type":"box","text":"or taxes, to allow exposure in the case of illiquid stocks or to minimise tracking error. 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Please refer to the section of the Prospectus headed “","page_number":647,"box":{"x":119,"y":404,"width":511,"height":12}},{"id":"159cdfbe-9e0c-440a-8710-0cf950895fdc","block_type":"box","text":"Plain Talk about Excess Return","page_number":647,"box":{"x":631,"y":404,"width":249,"height":9}},{"id":"ba75bf1f-013a-4f88-b671-580ce9b49d4c","block_type":"box","text":"and Tracking Error","page_number":647,"box":{"x":119,"y":419,"width":157,"height":12}},{"id":"cc4832ff-e480-443e-8262-ce6a088a9d2f","block_type":"box","text":"” for further information on Tracking Error.","page_number":647,"box":{"x":278,"y":419,"width":321,"height":12}},{"id":"dcacbe27-8df8-4be4-adef-f9a8a9578b64","block_type":"box","text":"Portfolio Information","page_number":647,"box":{"x":119,"y":449,"width":170,"height":9}},{"id":"846a3449-f70f-465f-82cc-28984354594f","block_type":"box","text":"Vanguard delivers a daily pricing file to Authorised Participants and market makers. 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The Fund will invest, in a permanent manner, more than 75% of its assets in securities and rights","page_number":647,"box":{"x":119,"y":858,"width":762,"height":12}},{"id":"ffc91356-1c86-4216-aaa3-71ff4b76e5a4","block_type":"box","text":"with issuers registered in France, another Member State of the European Union, or a State which is party","page_number":647,"box":{"x":119,"y":873,"width":762,"height":12}},{"id":"2fef0efd-e9d9-48fa-91c1-bee7488bce51","block_type":"box","text":"to the EEA Agreement and has entered into a tax treaty with France which contains an administrative","page_number":647,"box":{"x":119,"y":888,"width":759,"height":12}},{"id":"01abf18e-8d8f-476f-ba46-2666a2fef43f","block_type":"box","text":"5","page_number":648,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"85c5b800-4377-4853-9897-8475399abb4c","block_type":"box","text":"VG001-001/M85660-892520263-23577/1","page_number":648,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"e5212b1c-0934-483f-9402-177fd7d80975","block_type":"box","text":"assistance clause aimed to avoid tax fraud and avoidance. The issuers of these securities shall also be","page_number":648,"box":{"x":119,"y":78,"width":759,"height":10}},{"id":"e3df0083-aed3-484b-85e7-9fdd30703a05","block_type":"box","text":"subject to corporate income tax or an equivalent tax under its local standard tax law.","page_number":648,"box":{"x":120,"y":93,"width":619,"height":12}},{"id":"45ff357a-67ba-4b5c-a220-26bf96cd1fa7","block_type":"box","text":"Fund Details","page_number":648,"box":{"x":119,"y":123,"width":100,"height":10}},{"id":"0092a7c6-e473-49aa-986b-5cc101313f7a","block_type":"box","text":"Investment Manager","page_number":648,"box":{"x":119,"y":154,"width":152,"height":11}},{"id":"f366069a-b5f4-4953-b7a4-5185a7de5760","block_type":"box","text":":","page_number":648,"box":{"x":273,"y":156,"width":8,"height":7}},{"id":"c033bc6d-0968-4622-9e2b-3b632ca7e809","block_type":"box","text":"Vanguard Asset Management, 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The Fund will not use total","page_number":656,"box":{"x":663,"y":627,"width":217,"height":10}},{"id":"c1560e07-6e96-4ba2-a8a1-2337dac61986","block_type":"box","text":"return swaps to gain exposure outside of the Index.","page_number":656,"box":{"x":119,"y":644,"width":375,"height":12}},{"id":"ea21fbb5-8198-414f-a0c6-cd078654035e","block_type":"box","text":"The Fund will not use FDI for investment purposes and only a limited percentage of its assets may be","page_number":656,"box":{"x":119,"y":679,"width":759,"height":12}},{"id":"33e2ffe1-daf9-473e-ae3d-121c095323be","block_type":"box","text":"committed to FDI usage at any time.","page_number":656,"box":{"x":119,"y":696,"width":275,"height":12}},{"id":"c898f5b9-f3ee-4aea-9cbc-03e042b22b10","block_type":"box","text":"The Fund may engage in securities lending transactions for efficient portfolio management purposes.","page_number":656,"box":{"x":119,"y":731,"width":745,"height":12}},{"id":"be29673b-de45-479e-b868-6248c720cc1c","block_type":"box","text":"The Fund may invest in foreign exchange spots. 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As such, this may adversely impact the Fund and/or the interests of investors.","page_number":657,"box":{"x":119,"y":872,"width":650,"height":12}},{"id":"bdaf8450-a776-476b-b07e-a993db78e327","block_type":"box","text":"Currency Hedging Policy","page_number":657,"box":{"x":120,"y":902,"width":199,"height":12}},{"id":"7fa2c084-b6c0-4d88-974b-6c02239e7018","block_type":"box","text":"5","page_number":658,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"1f01ed56-0345-45da-97cc-b8f86405657d","block_type":"box","text":"VG001-001/M85660-892520263-23576/1","page_number":658,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"e0c12c56-ba40-45c6-9d4e-b18dfee5f585","block_type":"box","text":"FDI will be used for currency hedging purposes for classes denominated in currencies other than the","page_number":658,"box":{"x":119,"y":78,"width":760,"height":12}},{"id":"2e10e667-d046-4674-a33b-0e676348c912","block_type":"box","text":"Base Currency of the Fund. 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exceed","page_number":660,"box":{"x":509,"y":828,"width":361,"height":12}},{"id":"d2db0156-15cd-43cb-82d4-9ec58adba18b","block_type":"box","text":"2.00% of gross subscription amount/gross","page_number":660,"box":{"x":509,"y":843,"width":361,"height":12}},{"id":"d8b8dddf-d964-4eed-ad3c-447e2866dac2","block_type":"box","text":"redemption proceeds (i.e. the NAV per Share","page_number":660,"box":{"x":509,"y":858,"width":361,"height":12}},{"id":"87e4f90b-cebb-4d38-a955-a8990ba2d306","block_type":"box","text":"multiplied by the number of Shares being","page_number":660,"box":{"x":509,"y":873,"width":361,"height":12}},{"id":"11550699-339b-4e8c-b542-d12d6de8604e","block_type":"box","text":"redeemed) 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The Index is completely reconstituted annually","page_number":665,"box":{"x":119,"y":340,"width":685,"height":12}},{"id":"05d5ff97-d121-46f7-b02e-8b064c17315e","block_type":"box","text":"1","page_number":665,"box":{"x":805,"y":339,"width":4,"height":5}},{"id":"49769fe1-4c0c-4d51-a36b-4064629ddf44","block_type":"box","text":"to ensure","page_number":665,"box":{"x":809,"y":341,"width":71,"height":8}},{"id":"f4520cf3-d2c2-4de5-b789-094976ce2a23","block_type":"box","text":"larger stocks do not distort the performance and characteristics of the true mid-capitalisation opportunity","page_number":665,"box":{"x":119,"y":355,"width":761,"height":12}},{"id":"f99a96fd-3734-4777-bc62-b9c25ee8535a","block_type":"box","text":"set.","page_number":665,"box":{"x":120,"y":371,"width":23,"height":8}},{"id":"ed9bfb97-8865-4758-b2bd-2aedd4597eef","block_type":"box","text":"To the extent practicable, the Fund uses a full replication strategy to select securities, so that the Fund","page_number":665,"box":{"x":119,"y":398,"width":760,"height":12}},{"id":"5b9a9782-dfed-4d05-b57a-9e7fdfe23a1b","block_type":"box","text":"invests in all, or substantially all, of the constituents of the Index, making the weight of such investments","page_number":665,"box":{"x":119,"y":413,"width":762,"height":12}},{"id":"0d3533a3-d6ee-4fa9-95db-025e7e109a71","block_type":"box","text":"approximate to those of the Index.","page_number":665,"box":{"x":119,"y":428,"width":252,"height":12}},{"id":"2a787291-7f2c-4e92-ba42-7c7f788b8505","block_type":"box","text":"By holding each stock in approximately the same proportion as its","page_number":665,"box":{"x":371,"y":428,"width":509,"height":12}},{"id":"ceb68c54-7e93-467c-b387-08bb129d2798","block_type":"box","text":"weighting in the Index, the Fund may have exposure to or invest up to 20% of the Net Asset Value","page_number":665,"box":{"x":119,"y":443,"width":762,"height":12}},{"id":"7402f99f-52e5-4aaf-a0eb-3157f6cf6655","block_type":"box","text":"of the Fund in stocks issued by the same body. This limit may be raised to 35% for a single issuer in","page_number":665,"box":{"x":119,"y":458,"width":761,"height":12}},{"id":"e4f28239-0713-45c6-b585-ade57c7a7871","block_type":"box","text":"exceptional market conditions which may include the dominance of a particular issuer in the","page_number":665,"box":{"x":119,"y":473,"width":759,"height":12}},{"id":"38d1bc22-06b2-4b85-97cd-d687792a86c8","block_type":"box","text":"relevant market.","page_number":665,"box":{"x":119,"y":489,"width":129,"height":9}},{"id":"3c097610-1537-472b-9d3c-e560d5e60542","block_type":"box","text":"When not practicable to fully replicate, the Fund uses a sampling process","page_number":665,"box":{"x":249,"y":488,"width":534,"height":12}},{"id":"26658be6-5ec1-4c9d-993e-dfeda2467deb","block_type":"box","text":"to invest in a","page_number":665,"box":{"x":785,"y":489,"width":95,"height":9}},{"id":"5df24090-d687-4860-91ba-c4de974e07c4","block_type":"box","text":"portfolio of securities that consists of a representative sample of the component securities of the Index.","page_number":665,"box":{"x":119,"y":503,"width":759,"height":12}},{"id":"bd5b528a-f8eb-45f8-b7f9-ff849e01ab66","block_type":"box","text":"Under normal circumstances, the Fund is expected to maintain broad risk characteristics consistent with","page_number":665,"box":{"x":119,"y":519,"width":761,"height":11}},{"id":"59e75aed-cbd0-4ee1-9ee1-b291442a06f3","block_type":"box","text":"that of the Index.","page_number":665,"box":{"x":119,"y":533,"width":130,"height":10}},{"id":"08e6705e-25a3-4f5d-913d-6f9ccdb1a0a5","block_type":"box","text":"See the section of the Prospectus headed “","page_number":665,"box":{"x":258,"y":533,"width":322,"height":12}},{"id":"8a425cfa-a608-40c4-9aba-bf161a20bfc2","block_type":"box","text":"The Funds","page_number":665,"box":{"x":582,"y":534,"width":86,"height":9}},{"id":"25e9e9d4-3593-4317-b02f-5e1438e2cd94","block_type":"box","text":"” for further information, in","page_number":665,"box":{"x":669,"y":533,"width":211,"height":12}},{"id":"866dd571-4229-4aad-a9d0-ef108bd5f2ee","block_type":"box","text":"particular in relation to optimisation and sampling techniques used in tracking the performance of the","page_number":665,"box":{"x":119,"y":549,"width":759,"height":12}},{"id":"607b72e6-7d25-4c9f-8062-cc92dee84020","block_type":"box","text":"Index.","page_number":665,"box":{"x":119,"y":564,"width":45,"height":9}},{"id":"79fac5bf-7826-4727-ad73-6f2311c94674","block_type":"box","text":"For potential cost impacts of rebalancing, please see the section of the Prospectus headed “","page_number":665,"box":{"x":119,"y":594,"width":714,"height":12}},{"id":"a9b0740a-ca48-434d-b4f9-5b80326a58bb","block_type":"box","text":"Index","page_number":665,"box":{"x":836,"y":594,"width":44,"height":9}},{"id":"024c6dbc-a0dd-4a64-a0bc-56bb9b387854","block_type":"box","text":"rebalancing and costs","page_number":665,"box":{"x":119,"y":609,"width":170,"height":12}},{"id":"b3f29489-ba41-4908-bb63-2045898e4743","block_type":"box","text":"”.","page_number":665,"box":{"x":290,"y":609,"width":17,"height":9}},{"id":"ad42da09-ba5f-4e58-8f41-a80e3370d5f0","block_type":"box","text":"Further information in relation to the Index, including details as to its exact composition and","page_number":665,"box":{"x":119,"y":639,"width":760,"height":12}},{"id":"9943374f-6512-46f9-8cb1-6c3f3657d0b9","block_type":"box","text":"methodology, can be obtained at","page_number":665,"box":{"x":119,"y":654,"width":265,"height":12}},{"id":"ae02cdfb-5990-42b1-832a-3e19f12e75b7","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/index-resources/constituent","page_number":665,"box":{"x":395,"y":654,"width":485,"height":12}},{"id":"08430cda-676a-4e54-83c7-55508c85f46a","block_type":"box","text":"weights","page_number":665,"box":{"x":119,"y":669,"width":56,"height":12}},{"id":"d8d07fc2-3eff-4495-a299-87df02eb8156","block_type":"box","text":"and","page_number":665,"box":{"x":176,"y":669,"width":36,"height":9}},{"id":"2dd224b2-8a61-4755-b030-b7735884a60c","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/","page_number":665,"box":{"x":212,"y":669,"width":276,"height":12}},{"id":"05b431ed-bdce-49f1-ada3-74aed61d7dcd","block_type":"box","text":".","page_number":665,"box":{"x":489,"y":677,"width":3,"height":1}},{"id":"01016db1-223b-4691-8af7-96cc0610ab86","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":665,"box":{"x":119,"y":699,"width":759,"height":12}},{"id":"9e0c1704-c228-47a6-b9e0-49a1493b618d","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":665,"box":{"x":119,"y":714,"width":382,"height":12}},{"id":"c9c12534-f3a6-4283-8a46-4bfcfc74ad4b","block_type":"box","text":"Appendix 5","page_number":665,"box":{"x":502,"y":714,"width":90,"height":12}},{"id":"0a9c4c1e-0744-4a61-b9fb-a13153879968","block_type":"box","text":"of the Prospectus.","page_number":665,"box":{"x":592,"y":714,"width":141,"height":12}},{"id":"0563bfdc-c751-4998-a580-8e263434c5e0","block_type":"box","text":"Other Investment Strategies","page_number":665,"box":{"x":120,"y":746,"width":221,"height":12}},{"id":"08d44fb6-847e-41e9-ae32-957496f30824","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":665,"box":{"x":119,"y":781,"width":705,"height":11}},{"id":"6c565628-b444-47c1-82b3-f8bbe60ae277","block_type":"box","text":"OTC","page_number":665,"box":{"x":827,"y":781,"width":38,"height":9}},{"id":"a16fd246-ab75-4438-afe4-d045b969348d","block_type":"box","text":"”)","page_number":665,"box":{"x":867,"y":781,"width":13,"height":11}},{"id":"b321f17f-6df3-4d58-8ba6-458e5ac8f0fe","block_type":"box","text":"financial derivative instruments (“","page_number":665,"box":{"x":119,"y":796,"width":259,"height":11}},{"id":"5a4592d5-bfa3-4c07-b09b-01ffea06f288","block_type":"box","text":"FDI","page_number":665,"box":{"x":380,"y":796,"width":31,"height":9}},{"id":"b438e6e7-032d-40c5-ab65-bd4a4e4255c1","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":665,"box":{"x":412,"y":796,"width":467,"height":12}},{"id":"dfc41ed5-4b69-44fa-93b2-00510e315476","block_type":"box","text":"efficient portfolio management and / or hedging purposes only, as appropriate, and in accordance with","page_number":665,"box":{"x":119,"y":811,"width":759,"height":12}},{"id":"30b9e5d3-476b-4476-a508-205aeabe82e5","block_type":"box","text":"Appendix 4","page_number":665,"box":{"x":119,"y":826,"width":95,"height":12}},{"id":"528f3077-c056-4f3f-b5c9-7389874b4fcb","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall","page_number":665,"box":{"x":215,"y":826,"width":665,"height":12}},{"id":"838c46fa-014a-4d31-b601-229d36febfe8","block_type":"box","text":"be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":665,"box":{"x":119,"y":841,"width":759,"height":12}},{"id":"4e590b6d-2e91-49de-9ab0-f638a4168c63","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":665,"box":{"x":119,"y":856,"width":759,"height":12}},{"id":"eebc4e31-d9ed-4c55-b0ce-412abda958bd","block_type":"box","text":"time of investment.","page_number":665,"box":{"x":119,"y":871,"width":142,"height":9}},{"id":"96a9916e-1d0c-4c66-b7c1-21a02c7d3fc6","block_type":"box","text":"1","page_number":665,"box":{"x":72,"y":903,"width":4,"height":5}},{"id":"2055b86f-aea0-4ea6-b3d7-7435b99cb671","block_type":"box","text":"As of the date of this Supplement. Investors should note, as of December 2026, it is expected that the Index will reconstitute on a semi-annual basis.","page_number":665,"box":{"x":81,"y":906,"width":795,"height":9}},{"id":"ffc53130-28a8-4412-b05f-6ef15ef56af8","block_type":"box","text":"3","page_number":666,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"0f15c572-e5ad-494c-9f73-12bd00a05541","block_type":"box","text":"VG001-001/M85660-892520263-23578/1","page_number":666,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"0aec697f-a0d2-4c2b-9d26-77c43cc25974","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":666,"box":{"x":120,"y":93,"width":407,"height":12}},{"id":"8042a7ea-9f3e-4ec9-9b3e-1506241ba6f7","block_type":"box","text":"","page_number":666,"box":{"x":119,"y":125,"width":6,"height":4}},{"id":"31f2391e-801e-4e69-8105-aff76b0aab5d","block_type":"box","text":"Swaps","page_number":666,"box":{"x":150,"y":123,"width":49,"height":12}},{"id":"df2edddf-3b4f-4ff5-86dc-cd7592952ee5","block_type":"box","text":"(excluding funded swap agreements but including total return swaps as further detailed","page_number":666,"box":{"x":205,"y":123,"width":689,"height":12}},{"id":"7e7e6697-1a6c-455c-9954-7022384b225c","block_type":"box","text":"below), warrants and equity-linked notes","page_number":666,"box":{"x":149,"y":138,"width":328,"height":12}},{"id":"851b5f97-99c1-40cc-a4f4-c1dda840c23b","block_type":"box","text":"which may be used to gain efficient exposure to the","page_number":666,"box":{"x":478,"y":138,"width":401,"height":12}},{"id":"72fdd753-d4cf-41d4-acb9-160147ac54d6","block_type":"box","text":"constituents of the Index (for example, where an Index constituent is illiquid or is otherwise","page_number":666,"box":{"x":150,"y":153,"width":728,"height":12}},{"id":"aa87ae6c-81eb-4806-ad4d-1f4d0666fe15","block_type":"box","text":"unavailable to the Fund for direct investment due to market or regulatory reasons), or to the","page_number":666,"box":{"x":149,"y":168,"width":729,"height":12}},{"id":"d401f1cd-5aaa-4696-808a-3d00415b8ddc","block_type":"box","text":"performance of the Index itself (for example, to reduce transaction costs or taxes or minimise","page_number":666,"box":{"x":149,"y":183,"width":730,"height":12}},{"id":"27153aba-56af-46ec-9c03-979cc16d7a21","block_type":"box","text":"tracking error);","page_number":666,"box":{"x":149,"y":198,"width":111,"height":12}},{"id":"b570da77-746f-49e8-bd14-6709c8f8f7e6","block_type":"box","text":"","page_number":666,"box":{"x":119,"y":230,"width":6,"height":5}},{"id":"a68e7120-1f1b-4b98-b51e-33e504f5a2f0","block_type":"box","text":"FX swaps","page_number":666,"box":{"x":149,"y":228,"width":76,"height":12}},{"id":"1ce689c5-8628-4289-9766-418a7913e2ef","block_type":"box","text":"to manage exchange rate/currency risk arising in the Fund’s portfolio or to benefit directly","page_number":666,"box":{"x":225,"y":228,"width":672,"height":12}},{"id":"f00e733d-f442-4202-a221-d231a5c195bf","block_type":"box","text":"from changes in currency exchange rates;","page_number":666,"box":{"x":150,"y":243,"width":305,"height":12}},{"id":"cde57ab8-b9e9-4dbb-b06a-3d6390ae0a56","block_type":"box","text":"","page_number":666,"box":{"x":119,"y":275,"width":6,"height":5}},{"id":"49f5eb62-524b-433d-955d-3a56ea926514","block_type":"box","text":"Interest rate futures and swaps","page_number":666,"box":{"x":150,"y":273,"width":244,"height":12}},{"id":"8be5b262-da65-4308-abe4-636f4120ec91","block_type":"box","text":"to hedge against interest rate risk arising at the level of the Fund’s","page_number":666,"box":{"x":394,"y":273,"width":491,"height":12}},{"id":"8ac0c2ec-03ac-462f-a40c-e6baaecdbdf1","block_type":"box","text":"portfolio;","page_number":666,"box":{"x":149,"y":288,"width":68,"height":12}},{"id":"32e3dfae-e438-4a24-87aa-4c2f49853ee0","block_type":"box","text":"","page_number":666,"box":{"x":119,"y":320,"width":6,"height":5}},{"id":"084f5de0-91c3-4836-9adf-16ae3bc01c1a","block_type":"box","text":"Exchange-traded futures and options","page_number":666,"box":{"x":149,"y":318,"width":298,"height":12}},{"id":"bbfdb027-7866-4b34-8088-ef4bc20a94e2","block_type":"box","text":"on single-name bonds or bond indices in order to hedge","page_number":666,"box":{"x":447,"y":318,"width":432,"height":12}},{"id":"75595652-4267-4f0b-b2df-ef3c26c90aa0","block_type":"box","text":"against risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to","page_number":666,"box":{"x":150,"y":333,"width":729,"height":12}},{"id":"5a14e4f4-8d83-4087-ab85-1667e50e8396","block_type":"box","text":"achieve cost efficiencies; and","page_number":666,"box":{"x":150,"y":348,"width":215,"height":11}},{"id":"7be4716d-0a0e-4d73-b45f-7ca98c65a692","block_type":"box","text":"","page_number":666,"box":{"x":119,"y":380,"width":6,"height":5}},{"id":"6f6ea009-1165-4bd3-9c41-30955d677ea8","block_type":"box","text":"Forward Foreign Exchange Contracts","page_number":666,"box":{"x":149,"y":378,"width":301,"height":12}},{"id":"6c18d177-4312-4fe7-aa65-e0119d2db0b4","block_type":"box","text":", which are agreements between parties to exchange fixed","page_number":666,"box":{"x":451,"y":378,"width":428,"height":12}},{"id":"2fcc302f-a6fd-4c45-a2d1-7d3d062b3564","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":666,"box":{"x":150,"y":393,"width":729,"height":12}},{"id":"448031a6-91cf-486e-a88a-a5c7cbc1fbcb","block_type":"box","text":"foreign exchange contracts are traded OTC and may be used to manage currency exposures. Non","page_number":666,"box":{"x":150,"y":408,"width":728,"height":12}},{"id":"60625d40-f1b9-47e6-86b8-e4e6b9b9a9ca","block_type":"box","text":"deliverable forward foreign exchange differ from standard forward foreign exchange contracts in","page_number":666,"box":{"x":150,"y":423,"width":729,"height":12}},{"id":"a73b669f-8fcd-41f9-bf3f-241b4782093c","block_type":"box","text":"that at least one of the currencies in the transaction is not permitted to be delivered in settlement of","page_number":666,"box":{"x":149,"y":438,"width":730,"height":12}},{"id":"4f492dc3-d296-4d07-8a84-b19010a13f84","block_type":"box","text":"any profit or loss resulting from the transaction. 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The Fund employs a “passive","page_number":675,"box":{"x":119,"y":249,"width":760,"height":12}},{"id":"67ec684b-280c-4291-9536-3aa369cf4011","block_type":"box","text":"management” – or indexing – investment approach, through physical acquisition of securities, designed","page_number":675,"box":{"x":119,"y":264,"width":762,"height":12}},{"id":"6901144d-bbf2-4870-b43d-b4ec0669e906","block_type":"box","text":"to track the performance of the Index. In tracking the performance of the Index, the Fund will invest in a","page_number":675,"box":{"x":119,"y":279,"width":762,"height":12}},{"id":"af722739-1f76-4ca9-8cab-bd33ddd34193","block_type":"box","text":"portfolio of equity securities","page_number":675,"box":{"x":119,"y":294,"width":209,"height":12}},{"id":"9f8e254e-90e5-404d-a8ad-3bd549615dec","block_type":"box","text":"of large-capitalisation companies located in","page_number":675,"box":{"x":329,"y":294,"width":326,"height":12}},{"id":"fd20015d-0da2-4a1a-8b30-1aaa89f638a4","block_type":"box","text":"the United States.","page_number":675,"box":{"x":655,"y":295,"width":135,"height":9}},{"id":"871d6519-c696-4f71-b5dc-0a26ac1c1e2b","block_type":"box","text":"The Index measures the performance of the large-capitalisation value segment of the US equity universe.","page_number":675,"box":{"x":119,"y":324,"width":760,"height":12}},{"id":"a253849d-289f-483d-8875-c7230e13a1e5","block_type":"box","text":"It includes those Russell 1000 companies with relatively lower price-to-book ratios, lower I/B/E/S","page_number":675,"box":{"x":119,"y":340,"width":759,"height":12}},{"id":"03e9f3ec-7493-4108-918f-dbdbd641802f","block_type":"box","text":"(Institutional Brokers’ Estimate System) forecast medium term (2 year) growth and lower sales per share","page_number":675,"box":{"x":120,"y":355,"width":760,"height":12}},{"id":"8c3b3954-b5d8-459a-b6a0-53e58c2064d1","block_type":"box","text":"historical growth (5 years). The Index is constructed to provide a comprehensive and unbiased barometer","page_number":675,"box":{"x":119,"y":370,"width":761,"height":12}},{"id":"772878c4-bc44-490d-8d52-e02552d7d1e2","block_type":"box","text":"for the large-capitalisation value segment. The Index is a subset of the Russell 1000® Index. The Index","page_number":675,"box":{"x":119,"y":385,"width":762,"height":12}},{"id":"bdb421a4-13e8-45a5-b045-7267b1caffa3","block_type":"box","text":"is completely reconstituted annually","page_number":675,"box":{"x":119,"y":400,"width":274,"height":12}},{"id":"d6fad290-8751-495e-a4b6-557da95b7187","block_type":"box","text":"1","page_number":675,"box":{"x":395,"y":399,"width":4,"height":5}},{"id":"8bfcc987-f859-48f8-ab06-28258fb084c3","block_type":"box","text":"to ensure new and growing equities are included and that the","page_number":675,"box":{"x":399,"y":400,"width":480,"height":12}},{"id":"9b93a1d4-6f67-4580-8296-8611f340467d","block_type":"box","text":"represented companies continue to reflect value characteristics.","page_number":675,"box":{"x":119,"y":415,"width":471,"height":12}},{"id":"1331ede6-d00e-4342-a9cf-76db8b363f1f","block_type":"box","text":"To the extent practicable, the Fund uses a full replication strategy to select securities, so that the Fund","page_number":675,"box":{"x":119,"y":445,"width":760,"height":12}},{"id":"b78fa80e-1e7c-4796-bdf2-11ad8201bfd8","block_type":"box","text":"invests in all, or substantially all,","page_number":675,"box":{"x":119,"y":460,"width":243,"height":12}},{"id":"5ef4dc0f-9b37-4166-acf5-0d011bc6334a","block_type":"box","text":"of the constituents of the Index, making the weight of such investments","page_number":675,"box":{"x":363,"y":460,"width":518,"height":12}},{"id":"cc14912d-a6b1-4b73-85b2-a70e4ddf54f2","block_type":"box","text":"approximate to those of the Index.","page_number":675,"box":{"x":119,"y":475,"width":252,"height":12}},{"id":"fd129230-be42-4986-98b2-b2c4e6e97a6a","block_type":"box","text":"By holding each stock in approximately the same proportion as its","page_number":675,"box":{"x":371,"y":475,"width":509,"height":12}},{"id":"96c1ed66-082d-4585-b9e0-a61b23aedcb4","block_type":"box","text":"weighting in the Index, the Fund may have exposure to or invest up to 20% of the Net Asset Value","page_number":675,"box":{"x":119,"y":490,"width":762,"height":12}},{"id":"2794dc4d-a925-425f-8d0d-f45fc7f92e85","block_type":"box","text":"of the Fund in stocks issued by the same body. This limit may be raised to 35% for a single issuer in","page_number":675,"box":{"x":119,"y":505,"width":761,"height":12}},{"id":"38d91466-54b5-4483-88d4-3863b85ca90a","block_type":"box","text":"exceptional market conditions which may include the dominance of a particular issuer in the","page_number":675,"box":{"x":119,"y":520,"width":759,"height":12}},{"id":"4c8ef930-69ad-4c07-b0d0-59b2e409d489","block_type":"box","text":"relevant market.","page_number":675,"box":{"x":119,"y":535,"width":129,"height":9}},{"id":"6677761e-5465-48e5-a8f9-c8bb4e435840","block_type":"box","text":"When not practicable to fully replicate,","page_number":675,"box":{"x":249,"y":535,"width":293,"height":12}},{"id":"a1cf8270-7860-439e-a649-efc5ecfb6b2c","block_type":"box","text":"the Fund uses a sampling process","page_number":675,"box":{"x":542,"y":535,"width":242,"height":12}},{"id":"ef39f320-d392-46b6-9932-f07c67c70991","block_type":"box","text":"to invest in a","page_number":675,"box":{"x":785,"y":535,"width":95,"height":9}},{"id":"243e29e3-ba40-4a01-9233-e8bf8009abe3","block_type":"box","text":"portfolio of securities that consists of a representative sample of the component securities of the Index.","page_number":675,"box":{"x":119,"y":550,"width":759,"height":12}},{"id":"13bb75cf-2518-44aa-ba8b-9f5f63f6bccf","block_type":"box","text":"Under normal circumstances, the Fund is expected to maintain broad risk characteristics consistent with","page_number":675,"box":{"x":119,"y":565,"width":761,"height":12}},{"id":"25aab4c6-fbdf-4d78-8f63-8b71e3ead8b1","block_type":"box","text":"that of the Index.","page_number":675,"box":{"x":119,"y":580,"width":130,"height":9}},{"id":"f75918e5-1a5b-4ec0-853e-5b3b01c54f7a","block_type":"box","text":"See the section of the Prospectus headed “","page_number":675,"box":{"x":250,"y":580,"width":330,"height":12}},{"id":"a9d36ad6-38b9-4c74-89e1-72a298ee4ecd","block_type":"box","text":"The Funds","page_number":675,"box":{"x":582,"y":580,"width":86,"height":9}},{"id":"1451b0b8-e1fd-4388-baa0-000812ba32a6","block_type":"box","text":"” for further information, in","page_number":675,"box":{"x":669,"y":580,"width":211,"height":11}},{"id":"b85a03b1-6786-41f6-b151-def26083fc8c","block_type":"box","text":"particular in relation to optimisation and sampling techniques used in tracking the performance of the","page_number":675,"box":{"x":119,"y":595,"width":759,"height":12}},{"id":"caab32c3-d62d-4e91-9c77-e20bdac67e18","block_type":"box","text":"Index.","page_number":675,"box":{"x":119,"y":610,"width":45,"height":9}},{"id":"c9caa5b7-88be-4636-8814-4866fb51e7be","block_type":"box","text":"For potential cost impacts of rebalancing, please see the section of the Prospectus headed “","page_number":675,"box":{"x":119,"y":640,"width":714,"height":12}},{"id":"6d3b3ed9-6bde-4be8-ad27-683cb4b937fd","block_type":"box","text":"Index","page_number":675,"box":{"x":836,"y":640,"width":44,"height":9}},{"id":"08b3f578-2bd0-4016-b112-cbdc075979f5","block_type":"box","text":"rebalancing and costs","page_number":675,"box":{"x":119,"y":655,"width":170,"height":12}},{"id":"626fdfa7-99d6-4f5e-968e-ed03d3410e03","block_type":"box","text":"”.","page_number":675,"box":{"x":290,"y":656,"width":17,"height":8}},{"id":"6635207b-e4eb-4998-87b0-4c09a21c5f9d","block_type":"box","text":"Further information in relation to the Index, including details as to its exact composition and","page_number":675,"box":{"x":119,"y":685,"width":760,"height":12}},{"id":"e7de417c-a792-484a-bdad-a762d16ee8b4","block_type":"box","text":"methodology, can be obtained at","page_number":675,"box":{"x":119,"y":700,"width":265,"height":12}},{"id":"5413d92d-45ee-4252-9aaf-a154cfde7c56","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/index-resources/constituent","page_number":675,"box":{"x":395,"y":700,"width":485,"height":12}},{"id":"38a31c5f-f848-4b52-b565-a8092399f4ca","block_type":"box","text":"weights","page_number":675,"box":{"x":119,"y":715,"width":56,"height":12}},{"id":"80f4b9d0-1332-41dc-9531-e0cccc69cde9","block_type":"box","text":"and","page_number":675,"box":{"x":176,"y":715,"width":36,"height":9}},{"id":"fa938b7a-bd1a-45e2-a09a-5af15c54a784","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/","page_number":675,"box":{"x":212,"y":715,"width":276,"height":12}},{"id":"b0049b5d-1692-4f83-944d-4ed98bf24c01","block_type":"box","text":".","page_number":675,"box":{"x":489,"y":723,"width":8,"height":2}},{"id":"a53300f1-3990-4b41-a561-2aafef4b7181","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":675,"box":{"x":119,"y":745,"width":759,"height":12}},{"id":"ebd973e0-0492-45c4-a809-ea24a90e6ddb","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":675,"box":{"x":119,"y":760,"width":382,"height":12}},{"id":"a1c5de83-f3cd-4f07-9d87-ab135f07626d","block_type":"box","text":"Appendix 5","page_number":675,"box":{"x":502,"y":760,"width":90,"height":12}},{"id":"5af47313-4916-4022-ace0-a7c8e4fbe85b","block_type":"box","text":"of the Prospectus.","page_number":675,"box":{"x":592,"y":760,"width":141,"height":12}},{"id":"f95ccf14-81f7-4f75-9bba-b1bcef1f07ee","block_type":"box","text":"Other Investment Strategies","page_number":675,"box":{"x":120,"y":790,"width":221,"height":12}},{"id":"4f3863c1-d838-40d4-b62b-fc036cd02f73","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":675,"box":{"x":119,"y":825,"width":705,"height":12}},{"id":"986daaa8-c23c-42b5-838f-ac6e2c084958","block_type":"box","text":"OTC","page_number":675,"box":{"x":827,"y":825,"width":38,"height":9}},{"id":"6c183cd4-e9f1-4b4f-828a-afcf147f5243","block_type":"box","text":"”)","page_number":675,"box":{"x":867,"y":825,"width":13,"height":12}},{"id":"84777be6-8da9-4253-9214-e6df4f53db86","block_type":"box","text":"financial derivative instruments (“","page_number":675,"box":{"x":119,"y":840,"width":259,"height":12}},{"id":"5205470a-4694-49c5-8230-9595e7eccb99","block_type":"box","text":"FDI","page_number":675,"box":{"x":380,"y":840,"width":31,"height":9}},{"id":"e9957e1d-5ed1-414c-9f7c-1a4e97339d6b","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":675,"box":{"x":412,"y":840,"width":467,"height":12}},{"id":"57d28878-4081-4662-bccc-bc28687da3e7","block_type":"box","text":"efficient portfolio management and / or hedging 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Investments in OTC FDI shall","page_number":675,"box":{"x":215,"y":870,"width":665,"height":12}},{"id":"1ea1c96a-3f2d-4ca5-b265-d2304b71a918","block_type":"box","text":"1","page_number":675,"box":{"x":72,"y":903,"width":4,"height":5}},{"id":"4530301a-2cac-4b99-a9db-75f9ac1f8cf6","block_type":"box","text":"As of the date of this Supplement. 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See","page_number":676,"box":{"x":119,"y":873,"width":485,"height":12}},{"id":"11dbceb3-f3d6-45af-8a6c-580da65964cf","block_type":"box","text":"Appendix 3","page_number":676,"box":{"x":614,"y":873,"width":93,"height":12}},{"id":"b6b0880f-4ac6-4933-9e1f-2e4b1d9cbd83","block_type":"box","text":"of","page_number":676,"box":{"x":708,"y":873,"width":24,"height":9}},{"id":"8181a674-3609-4bfe-ab2c-d3d3ab848430","block_type":"box","text":"the","page_number":676,"box":{"x":740,"y":873,"width":22,"height":9}},{"id":"49dd7f0b-b2ea-4fb9-9dae-88332202ac64","block_type":"box","text":"Prospectus for","page_number":676,"box":{"x":762,"y":873,"width":118,"height":12}},{"id":"ea6f4a41-dd50-416a-9c6d-e6d8aef849e5","block_type":"box","text":"information on investment in collective investment schemes, including other Funds of the Company.","page_number":676,"box":{"x":119,"y":888,"width":742,"height":12}},{"id":"66e1854d-c609-4f72-8c0e-5afbf4512b46","block_type":"box","text":"4","page_number":677,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"290dfe1f-4df7-42af-aa05-dd055739147f","block_type":"box","text":"VG001-001/M85660-892520263-23566/1","page_number":677,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"a7a1b2ab-a383-4544-aa56-c5d7d3e25bb4","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":677,"box":{"x":119,"y":78,"width":760,"height":12}},{"id":"c37bbb93-ff5a-4534-b303-e59d23ae1959","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":677,"box":{"x":119,"y":93,"width":760,"height":12}},{"id":"1e03736a-3e67-459a-8abe-4bafef8b40d8","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":677,"box":{"x":119,"y":108,"width":760,"height":12}},{"id":"16b15e1d-5b62-4a6b-87a2-b8641358d97f","block_type":"box","text":"Temporary Investment Measures","page_number":677,"box":{"x":119,"y":141,"width":263,"height":12}},{"id":"1f26733e-4dba-44fd-b14c-3f3d37841ef3","block_type":"box","text":"The Fund may temporarily depart from","page_number":677,"box":{"x":119,"y":175,"width":305,"height":12}},{"id":"dcf3f037-ff65-412d-ab7e-027c5e786a6b","block_type":"box","text":"the","page_number":677,"box":{"x":433,"y":175,"width":21,"height":9}},{"id":"86a97c36-7a0d-4c3a-8060-582624367e04","block_type":"box","text":"investment strategies","page_number":677,"box":{"x":455,"y":176,"width":166,"height":11}},{"id":"195e8caa-67c8-49ec-905a-18edc2665955","block_type":"box","text":"set out above","page_number":677,"box":{"x":630,"y":175,"width":103,"height":9}},{"id":"17703013-7ccf-40a1-9b89-7fd502e33b3a","block_type":"box","text":"in response to the","page_number":677,"box":{"x":742,"y":175,"width":138,"height":12}},{"id":"5e78c391-7f5b-47ac-85f0-94d2e612c41d","block_type":"box","text":"Investment","page_number":677,"box":{"x":119,"y":191,"width":87,"height":8}},{"id":"deb7e7df-9d5f-4a33-8d7a-5d7e29fccb84","block_type":"box","text":"Manager’s","page_number":677,"box":{"x":206,"y":191,"width":78,"height":11}},{"id":"d3887893-ff4d-4506-a00b-085cf18d7c42","block_type":"box","text":"perception of extraordinary market, political or similar conditions. 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It includes those Russell 1000 companies with relatively higher price-to-book ratios, higher","page_number":685,"box":{"x":119,"y":340,"width":760,"height":12}},{"id":"64c5715d-de95-4156-bda4-03867ba82d89","block_type":"box","text":"I/B/E/S (Institutional Brokers’ Estimate System) forecast medium term (2 year) growth and higher sales","page_number":685,"box":{"x":119,"y":355,"width":761,"height":12}},{"id":"b8883746-007b-45a4-966a-c27fdc518ea8","block_type":"box","text":"per share historical growth (5 years). The Index is constructed to provide a comprehensive and unbiased","page_number":685,"box":{"x":119,"y":370,"width":761,"height":12}},{"id":"1282f43c-2ab5-4e66-9c82-8da0d7a76e6b","block_type":"box","text":"barometer for the large-capitalisation growth segment. The Index is a subset of the Russell 1000® Index.","page_number":685,"box":{"x":119,"y":385,"width":760,"height":12}},{"id":"57c2aa64-ec97-4312-b1ec-195200099d4a","block_type":"box","text":"The Index is completely reconstituted annually","page_number":685,"box":{"x":119,"y":400,"width":341,"height":12}},{"id":"c2eb89e1-e33a-4d08-9881-c2295caaefb6","block_type":"box","text":"1","page_number":685,"box":{"x":461,"y":399,"width":4,"height":5}},{"id":"3d06edde-df6d-4fcf-8187-cc763a847d83","block_type":"box","text":"to ensure new and growing equities are included and that","page_number":685,"box":{"x":466,"y":400,"width":415,"height":12}},{"id":"019fe28b-8b8e-44eb-a288-e07cb16bcbb6","block_type":"box","text":"the represented companies continue to reflect growth characteristics.","page_number":685,"box":{"x":119,"y":415,"width":505,"height":12}},{"id":"1e3dc06f-b479-4008-b3db-c8c8035c4842","block_type":"box","text":"To the extent practicable, the Fund uses a full replication strategy to select securities, so that the Fund","page_number":685,"box":{"x":119,"y":445,"width":760,"height":12}},{"id":"afb48115-bdd5-4b28-9555-6b34322cc917","block_type":"box","text":"invests in all, or substantially all, of the constituents of the Index, making the weight of such investments","page_number":685,"box":{"x":119,"y":460,"width":762,"height":12}},{"id":"cd265302-fb6a-4221-881a-4772ae932d75","block_type":"box","text":"approximate to those of the Index.","page_number":685,"box":{"x":119,"y":475,"width":252,"height":12}},{"id":"9204e0aa-3b24-46de-9fa3-cf30e48e4cc4","block_type":"box","text":"By holding each stock in approximately the same proportion as its","page_number":685,"box":{"x":371,"y":475,"width":509,"height":12}},{"id":"d1d808f9-7f27-4cc1-98f3-6448b186655a","block_type":"box","text":"weighting in the Index, the Fund may have exposure to or invest up to 20% of the Net Asset Value","page_number":685,"box":{"x":119,"y":490,"width":762,"height":12}},{"id":"9d83b24f-5918-4cc4-9bf4-ee98cc263d6e","block_type":"box","text":"of the Fund in stocks issued by the same body. This limit may be raised to 35% for a single issuer in","page_number":685,"box":{"x":119,"y":505,"width":761,"height":12}},{"id":"77ee3f6a-0013-47e3-a8a5-1442d258cb27","block_type":"box","text":"exceptional market conditions which may include the dominance of a particular issuer in the","page_number":685,"box":{"x":119,"y":520,"width":759,"height":12}},{"id":"84ed9674-89d3-45bf-a7d6-1dba459b5bbb","block_type":"box","text":"relevant market.","page_number":685,"box":{"x":119,"y":535,"width":129,"height":9}},{"id":"de41ce95-d4f4-4bb3-a89e-16afffc8fb8f","block_type":"box","text":"When not practicable to fully replicate,","page_number":685,"box":{"x":249,"y":535,"width":293,"height":12}},{"id":"ff99ff6e-2f28-4abf-8b95-f98472f87ad7","block_type":"box","text":"the Fund uses a sampling process","page_number":685,"box":{"x":542,"y":535,"width":242,"height":12}},{"id":"ff8ee3cd-e6ad-49c1-8fb4-c9ecac592136","block_type":"box","text":"to invest in a","page_number":685,"box":{"x":785,"y":535,"width":95,"height":9}},{"id":"be6d2c03-56ab-40af-9f9d-8a4781dbd095","block_type":"box","text":"portfolio of securities that consists of a representative sample of the component securities of the Index.","page_number":685,"box":{"x":119,"y":550,"width":759,"height":12}},{"id":"643809d3-6835-4c3c-8100-795448d7f539","block_type":"box","text":"Under normal circumstances, the Fund is expected to maintain broad risk characteristics consistent with","page_number":685,"box":{"x":119,"y":565,"width":761,"height":12}},{"id":"89d634bc-490c-4768-a166-8665aeb020c3","block_type":"box","text":"that of the Index.","page_number":685,"box":{"x":119,"y":580,"width":130,"height":9}},{"id":"ccd8c9f9-518f-4196-934a-e4b58fcf489c","block_type":"box","text":"See the section of the Prospectus headed “","page_number":685,"box":{"x":250,"y":580,"width":330,"height":12}},{"id":"1c32abf9-d28c-4d1d-9239-796d18ad6f5f","block_type":"box","text":"The 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at","page_number":685,"box":{"x":119,"y":700,"width":265,"height":12}},{"id":"ecf7aa44-bc32-4be3-b43e-5152ff925f6c","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/index-resources/constituent","page_number":685,"box":{"x":395,"y":700,"width":485,"height":12}},{"id":"4d69dbc1-5426-4619-8420-2e7db0f59c0a","block_type":"box","text":"weights","page_number":685,"box":{"x":119,"y":715,"width":56,"height":12}},{"id":"7cdeb552-7250-4300-92c1-7791bf3fbb23","block_type":"box","text":"and","page_number":685,"box":{"x":176,"y":715,"width":36,"height":9}},{"id":"754c661f-1a16-42a0-aac6-e433060ffea4","block_type":"box","text":"https://www.lseg.com/en/ftse-russell/","page_number":685,"box":{"x":212,"y":715,"width":276,"height":12}},{"id":"e888d27f-b6fb-4b51-9189-ea47107f7717","block_type":"box","text":".","page_number":685,"box":{"x":489,"y":723,"width":8,"height":2}},{"id":"fe64eb2b-61ae-42be-ac93-9d87ad5cfd88","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":685,"box":{"x":119,"y":745,"width":759,"height":12}},{"id":"fe757a24-aed3-4b86-ba31-b80e12382fc9","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":685,"box":{"x":119,"y":760,"width":382,"height":12}},{"id":"60aafb92-5a78-4b4f-a1f7-85831440bb66","block_type":"box","text":"Appendix 5","page_number":685,"box":{"x":502,"y":760,"width":90,"height":12}},{"id":"88e30ff9-d885-4427-8305-48a3302d34b8","block_type":"box","text":"of the Prospectus.","page_number":685,"box":{"x":592,"y":760,"width":141,"height":12}},{"id":"fda8846b-ae85-4f28-80ae-15b6cc0f666c","block_type":"box","text":"Other Investment Strategies","page_number":685,"box":{"x":120,"y":790,"width":221,"height":12}},{"id":"0df6c997-8daa-465b-adbf-1ca0b4db961e","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":685,"box":{"x":119,"y":825,"width":705,"height":12}},{"id":"700d01dd-95d8-4bda-92a7-f1114e2ecebc","block_type":"box","text":"OTC","page_number":685,"box":{"x":827,"y":825,"width":38,"height":9}},{"id":"df21bde9-1f29-4a12-a598-2c3e4ed4274a","block_type":"box","text":"”)","page_number":685,"box":{"x":867,"y":825,"width":13,"height":12}},{"id":"ede2433a-c21b-4422-b5fa-4de07db74e53","block_type":"box","text":"financial derivative instruments (“","page_number":685,"box":{"x":119,"y":840,"width":259,"height":12}},{"id":"f6ff775c-5e2b-41bc-9bde-41c5c088b7c6","block_type":"box","text":"FDI","page_number":685,"box":{"x":380,"y":840,"width":31,"height":9}},{"id":"aed506cd-b075-410e-9766-61a98656ced4","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":685,"box":{"x":412,"y":840,"width":467,"height":12}},{"id":"69ba28fa-73bc-44bf-8b19-4fb24361cab0","block_type":"box","text":"efficient portfolio management and / or hedging 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Investments in OTC FDI shall","page_number":685,"box":{"x":215,"y":870,"width":665,"height":12}},{"id":"58487705-b293-43a7-aba0-7b64d4ccfec5","block_type":"box","text":"1","page_number":685,"box":{"x":72,"y":903,"width":4,"height":5}},{"id":"3b16f416-3972-430e-9b48-4d3fb10c1f19","block_type":"box","text":"As of the date of this Supplement. 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For example, total","page_number":686,"box":{"x":119,"y":555,"width":762,"height":12}},{"id":"acccf2eb-d4c3-4281-bb59-bce80ae544a4","block_type":"box","text":"return swaps can be used as an alternative means to obtain economic exposure to a security if the Fund is","page_number":686,"box":{"x":119,"y":570,"width":761,"height":12}},{"id":"d8d54087-4823-4399-adec-13c5c02bb1c1","block_type":"box","text":"required to limit its investment in a particular issuer or industry, including in the context of management","page_number":686,"box":{"x":119,"y":585,"width":762,"height":12}},{"id":"b962c62f-fcaf-4b9d-a832-f320358644b1","block_type":"box","text":"of exposure levels to certain securities by the Vanguard Group globally.","page_number":686,"box":{"x":119,"y":600,"width":553,"height":12}},{"id":"c97fe3f8-89ba-4c30-826e-4b8a6e4e4e69","block_type":"box","text":"The Fund will not use total","page_number":686,"box":{"x":673,"y":600,"width":207,"height":10}},{"id":"026c13d0-a1e4-4f1a-99a7-6f2bb30b658e","block_type":"box","text":"return swaps to gain exposure outside of the Index.","page_number":686,"box":{"x":119,"y":615,"width":375,"height":12}},{"id":"4b170411-cf66-43d3-b42e-27d0d4f7e6c5","block_type":"box","text":"The Fund will not use FDI for investment purposes and only a limited percentage of its assets may be","page_number":686,"box":{"x":119,"y":645,"width":759,"height":12}},{"id":"6decdac1-847d-45fa-af64-a3cae21343df","block_type":"box","text":"committed to FDI usage at any time.","page_number":686,"box":{"x":119,"y":661,"width":275,"height":11}},{"id":"5a5a9936-40f6-4ed4-8059-1e771297fcfe","block_type":"box","text":"The Fund may engage in securities lending transactions for efficient portfolio management purposes.","page_number":686,"box":{"x":119,"y":690,"width":745,"height":12}},{"id":"71af5361-e445-4b99-90c9-1e8df24ac6c3","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":686,"box":{"x":119,"y":721,"width":762,"height":12}},{"id":"de2df569-72ca-4b55-9032-5f039c7a6095","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":686,"box":{"x":120,"y":736,"width":740,"height":12}},{"id":"f6244388-8542-4274-ab26-94bd60c4494a","block_type":"box","text":"See","page_number":686,"box":{"x":120,"y":765,"width":29,"height":9}},{"id":"15e85063-c62f-4027-bcce-3220be7532ef","block_type":"box","text":"Appendix 4","page_number":686,"box":{"x":149,"y":765,"width":89,"height":12}},{"id":"8e24be05-4278-4a47-a5fb-e3947b97d193","block_type":"box","text":"of","page_number":686,"box":{"x":239,"y":765,"width":22,"height":9}},{"id":"64d38b96-4fc2-4b6c-8d8a-81eb8537fdab","block_type":"box","text":"the","page_number":686,"box":{"x":262,"y":765,"width":21,"height":9}},{"id":"1fece45f-1ce3-4872-86a0-c53655e85dd1","block_type":"box","text":"Prospectus","page_number":686,"box":{"x":284,"y":765,"width":83,"height":12}},{"id":"cd1219aa-1b7e-41d0-9776-10560ed6297e","block_type":"box","text":"for further information on the use of Portfolio Investment Techniques,","page_number":686,"box":{"x":368,"y":765,"width":512,"height":12}},{"id":"d35eed22-ef2b-403c-b4ae-87db5562ff33","block_type":"box","text":"including FDI and securities lending, and for information on leverage and the calculation of global","page_number":686,"box":{"x":119,"y":780,"width":759,"height":12}},{"id":"27fba026-0cbb-4afc-8202-24f7e3c602c2","block_type":"box","text":"exposure.","page_number":686,"box":{"x":119,"y":798,"width":70,"height":9}},{"id":"ebd1092f-9351-4bfd-a9a4-a603e65a95a8","block_type":"box","text":"In addition, in tracking the performance of the Index, the Fund may, in accordance with the requirements","page_number":686,"box":{"x":119,"y":824,"width":761,"height":12}},{"id":"e91ce9be-6ce6-4b24-a6ec-22f5fd05218e","block_type":"box","text":"of the Central Bank, invest up to 10% of its net assets in other Funds of the Company and other collective","page_number":686,"box":{"x":119,"y":839,"width":762,"height":12}},{"id":"4b5d3804-b263-4e8b-b6dd-4495eb29217c","block_type":"box","text":"investment undertakings including exchange traded funds and undertakings linked by common","page_number":686,"box":{"x":119,"y":854,"width":760,"height":12}},{"id":"cb6f259e-f0c6-42cc-9f44-7a237745ff66","block_type":"box","text":"management or control to each other or to the Company. See","page_number":686,"box":{"x":119,"y":869,"width":485,"height":12}},{"id":"cf03046c-6fd3-4dc8-b406-84f96235da76","block_type":"box","text":"Appendix 3","page_number":686,"box":{"x":614,"y":869,"width":93,"height":12}},{"id":"16030a27-fc9e-411f-9967-ff7d15c99569","block_type":"box","text":"of","page_number":686,"box":{"x":708,"y":869,"width":24,"height":10}},{"id":"d9373b85-9f03-473f-b251-7eb9a1972f94","block_type":"box","text":"the","page_number":686,"box":{"x":740,"y":869,"width":22,"height":10}},{"id":"58bc56ff-6ecc-4434-864f-6d28657e9103","block_type":"box","text":"Prospectus for","page_number":686,"box":{"x":762,"y":869,"width":118,"height":12}},{"id":"ff4a0b56-8506-4f20-9499-06f61a3d741c","block_type":"box","text":"information on investment in collective investment schemes, including other Funds of the Company.","page_number":686,"box":{"x":119,"y":884,"width":742,"height":12}},{"id":"f07d5b94-df98-4fcb-9556-119840d7b04c","block_type":"box","text":"4","page_number":687,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"6ae20bac-a245-4f42-af89-8e7350783a9b","block_type":"box","text":"VG001-001/M85660-892520263-23567/1","page_number":687,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"5d20400c-dbb9-469a-bfd8-0978efeeaa11","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":687,"box":{"x":119,"y":78,"width":760,"height":12}},{"id":"628000b3-5239-4e8f-a372-8368593a1984","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":687,"box":{"x":119,"y":93,"width":760,"height":12}},{"id":"3906edcf-16f5-4e90-80ac-3306f68aaaae","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":687,"box":{"x":119,"y":108,"width":760,"height":12}},{"id":"a73801e4-caea-4554-aade-2768fd628e05","block_type":"box","text":"Temporary Investment Measures","page_number":687,"box":{"x":119,"y":141,"width":263,"height":12}},{"id":"33c0200a-a6d3-48c3-9883-399139d84588","block_type":"box","text":"The Fund may temporarily depart from","page_number":687,"box":{"x":119,"y":175,"width":305,"height":12}},{"id":"114d7d69-c17a-46fe-8566-2f5245383f2f","block_type":"box","text":"the","page_number":687,"box":{"x":433,"y":175,"width":21,"height":9}},{"id":"a931fe5a-45b0-4d0e-9a70-d65b0a46aecd","block_type":"box","text":"investment strategies","page_number":687,"box":{"x":455,"y":176,"width":166,"height":11}},{"id":"ac48250e-c4cb-45b4-b221-b57c10bc116e","block_type":"box","text":"set out above","page_number":687,"box":{"x":630,"y":175,"width":103,"height":9}},{"id":"6aba20d7-7e97-4866-ac24-a44ef69a044e","block_type":"box","text":"in response to the","page_number":687,"box":{"x":742,"y":175,"width":138,"height":12}},{"id":"e0c5bf17-d80c-4239-9fb5-f4b5a9796839","block_type":"box","text":"Investment","page_number":687,"box":{"x":119,"y":191,"width":87,"height":8}},{"id":"c6b0806f-e950-409c-8a73-ee66c3153c51","block_type":"box","text":"Manager’s","page_number":687,"box":{"x":206,"y":191,"width":78,"height":11}},{"id":"417a64c3-b50c-49a1-8595-f154c37fc889","block_type":"box","text":"perception of extraordinary market, political or similar conditions. 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While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":687,"box":{"x":286,"y":314,"width":593,"height":12}},{"id":"ac4ed2b4-8a81-4db3-8ec1-3dd9586b0707","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":687,"box":{"x":119,"y":329,"width":760,"height":12}},{"id":"11f3a7c0-6dd8-4f15-a38a-8a1b6ad74a24","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":687,"box":{"x":119,"y":344,"width":759,"height":12}},{"id":"79a6594d-b885-4262-9cd4-11c22c56d644","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":687,"box":{"x":119,"y":359,"width":760,"height":12}},{"id":"b3e56313-0ee3-4c95-b911-e9b3691b0d65","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. 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The Directors accept","page_number":694,"box":{"x":119,"y":162,"width":761,"height":12}},{"id":"5a63a6e1-9ec2-4188-8cdd-5de55b7cba2f","block_type":"box","text":"responsibility accordingly.","page_number":694,"box":{"x":119,"y":177,"width":195,"height":12}},{"id":"f55de25f-8fb2-4a98-a5b5-87b5db2d5412","block_type":"box","text":"________________________________________________________________________________","page_number":694,"box":{"x":119,"y":202,"width":739,"height":1}},{"id":"7d9c7b21-09bf-4c23-addf-dea0f412e4c0","block_type":"box","text":"Capitalised terms used and not defined in this Supplement shall have the meaning given to them in the","page_number":694,"box":{"x":120,"y":222,"width":758,"height":12}},{"id":"6a28195d-8304-4989-b1b5-ba8da53bba39","block_type":"box","text":"Prospectus.","page_number":694,"box":{"x":119,"y":238,"width":89,"height":11}},{"id":"86ce2dce-ba51-4fe7-b608-e1357d7a44e5","block_type":"box","text":"VANGUARD ACTIVE EUR CORPORATE BOND UCITS ETF","page_number":694,"box":{"x":245,"y":283,"width":509,"height":8}},{"id":"c9f45094-8f75-416d-b653-ccb8bb53777c","block_type":"box","text":"(a Fund of Vanguard Funds plc, an open-ended investment company with variable capital","page_number":694,"box":{"x":147,"y":312,"width":706,"height":12}},{"id":"6a2eb8b6-3023-4d16-a878-c35731d2499b","block_type":"box","text":"structured as an umbrella fund with segregated liability between Funds)","page_number":694,"box":{"x":216,"y":335,"width":567,"height":12}},{"id":"53e82dab-23cc-44a2-88fb-fc120e6ade55","block_type":"box","text":"SUPPLEMENT DATED 15 OCTOBER 2026","page_number":694,"box":{"x":322,"y":395,"width":356,"height":9}},{"id":"2d167ed5-e622-4fe2-8283-0786bb348aa2","block_type":"box","text":"TO THE PROSPECTUS FOR VANGUARD FUNDS PLC DATED 15 OCTOBER","page_number":694,"box":{"x":154,"y":418,"width":654,"height":9}},{"id":"ac5081bd-3781-40ec-ac3b-4d296c39ac2d","block_type":"box","text":"2026","page_number":694,"box":{"x":809,"y":418,"width":36,"height":8}},{"id":"07e85da1-2973-4cfe-b338-8419edb0ac44","block_type":"box","text":"This Supplement forms part of, and should be read in the context of, and together with, the","page_number":694,"box":{"x":119,"y":462,"width":760,"height":12}},{"id":"00a3a965-ea68-43dd-bab4-c0857eb3e6e7","block_type":"box","text":"Company’s Prospectus dated 15 October 2026. Investors should also refer to the Company’s latest","page_number":694,"box":{"x":120,"y":485,"width":760,"height":12}},{"id":"c0f4d230-8a32-454c-9642-d1e27d583f3a","block_type":"box","text":"published annual reports and audited financial statements and, if published after such report, a","page_number":694,"box":{"x":119,"y":507,"width":760,"height":12}},{"id":"6a92b7e5-1087-40d0-8414-e659783fec13","block_type":"box","text":"copy of the latest semi-annual report and unaudited financial statements.","page_number":694,"box":{"x":119,"y":530,"width":573,"height":12}},{"id":"c5d10471-3252-402d-beec-e6cef0cea271","block_type":"box","text":"An investment in the Fund should be viewed as medium term.","page_number":694,"box":{"x":119,"y":570,"width":486,"height":9}},{"id":"030ed883-13ac-4c64-8e90-2d34f1442362","block_type":"box","text":"If you are in any doubt about the action to be taken or the contents of this Supplement, please","page_number":694,"box":{"x":119,"y":604,"width":759,"height":12}},{"id":"f7ae8cc9-22c8-4611-b6f8-23dd8a9959b5","block_type":"box","text":"consult your stockbroker, bank manager, lawyer, accountant or other independent professional","page_number":694,"box":{"x":119,"y":621,"width":760,"height":12}},{"id":"6a1ae1aa-44ae-43a7-856e-276d7fa1df6d","block_type":"box","text":"adviser.","page_number":694,"box":{"x":119,"y":638,"width":66,"height":10}},{"id":"751ce247-410f-4ea0-af72-6eedfe95f1ac","block_type":"box","text":"2","page_number":695,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"3330767e-ab7f-43dc-91e8-28cf7475c27c","block_type":"box","text":"VG001-001/M85660-892520263-23568/1","page_number":695,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"6b9347f2-559e-4b65-a98b-c31c7e7dbcb0","block_type":"box","text":"Benchmark Index","page_number":695,"box":{"x":119,"y":87,"width":146,"height":9}},{"id":"d8fd22bf-1db1-4f40-8462-88c6c60d1893","block_type":"box","text":"Bloomberg Euro Corporate Index (the “","page_number":695,"box":{"x":119,"y":116,"width":294,"height":12}},{"id":"5ba28f3b-bd8a-4e8d-bc78-0294d847668e","block_type":"box","text":"Index","page_number":695,"box":{"x":414,"y":116,"width":45,"height":9}},{"id":"5f9a4c8e-d7be-420c-b9fb-8ebcb00205c4","block_type":"box","text":"”).","page_number":695,"box":{"x":460,"y":116,"width":22,"height":12}},{"id":"2e966ba5-b242-401b-b6aa-bdf82457ff96","block_type":"box","text":"The Index is a broad-based benchmark that measures the investment grade, euro-denominated, fixed-rate","page_number":695,"box":{"x":119,"y":145,"width":761,"height":12}},{"id":"f14f22f3-0b9b-479f-9ce6-391ebdf5f60d","block_type":"box","text":"corporate bond market. Inclusion is based on currency denomination of a bond and not country of risk of","page_number":695,"box":{"x":119,"y":160,"width":761,"height":12}},{"id":"9bca4bb1-77eb-411a-940f-f5b0e1eeb966","block_type":"box","text":"the issuer, accordingly issuers can be located globally.","page_number":695,"box":{"x":119,"y":175,"width":400,"height":12}},{"id":"52ce9a9f-81fd-43da-9c76-a83d01fa142d","block_type":"box","text":"Investment Objective","page_number":695,"box":{"x":119,"y":205,"width":168,"height":12}},{"id":"765bf040-aaab-46ce-92b6-ea69c38b3f14","block_type":"box","text":"The Fund aims to provide a higher total return (capital growth plus income) than the Index after the fees","page_number":695,"box":{"x":119,"y":234,"width":761,"height":12}},{"id":"002c2615-8167-4bc8-b140-2e8f96153edd","block_type":"box","text":"and expenses of the Fund.","page_number":695,"box":{"x":119,"y":249,"width":197,"height":12}},{"id":"67c04392-ae5b-4093-a611-b80fc83e76a6","block_type":"box","text":"Primary Investment Strategies","page_number":695,"box":{"x":119,"y":278,"width":241,"height":12}},{"id":"769f4886-e3d4-4922-8ad0-0abdb8d4a943","block_type":"box","text":"The Fund employs an “active management” strategy and the Investment Manager will follow the distinct","page_number":695,"box":{"x":119,"y":307,"width":762,"height":12}},{"id":"481592d8-216a-4fb2-af34-635e10bb47a2","block_type":"box","text":"approaches set out below in managing the Fund’s assets. While the Fund may invest in components of","page_number":695,"box":{"x":119,"y":322,"width":760,"height":12}},{"id":"d011d284-6bdb-480e-ad2d-ee8d65c52b53","block_type":"box","text":"the Index, it is not pursuing an indexing strategy designed to track the performance of the Index and the","page_number":695,"box":{"x":119,"y":337,"width":762,"height":13}},{"id":"59ffc2f0-62dc-4b83-99c9-895a5304c5f2","block_type":"box","text":"Fund may invest in securities that are not components of the Index. The Fund’s performance will be","page_number":695,"box":{"x":119,"y":353,"width":759,"height":12}},{"id":"df5dafca-98f0-450b-8874-3774da38c948","block_type":"box","text":"measured against that of the Index.","page_number":695,"box":{"x":119,"y":368,"width":257,"height":12}},{"id":"fd80ff52-cebf-4ba9-a70b-7f28be0e3021","block_type":"box","text":"The Fund will invest in bonds, including fixed and floating rate issues, primarily made up of EUR","page_number":695,"box":{"x":119,"y":397,"width":760,"height":12}},{"id":"5d509340-6716-4812-b569-65b29b5cd522","block_type":"box","text":"denominated corporate debt from issuers with a credit rating of the equivalent of Baa3 and above","page_number":695,"box":{"x":119,"y":412,"width":760,"height":12}},{"id":"a013a4d3-3fc4-40e6-a36a-56f8180275ff","block_type":"box","text":"(“investment grade”) by Moody’s or another independent rating agency, or which are determined to be","page_number":695,"box":{"x":120,"y":427,"width":758,"height":12}},{"id":"77b64e44-f70b-41f0-964b-9400db756aea","block_type":"box","text":"of comparable quality by the Investment Manager. Issuers of these securities may be located in any","page_number":695,"box":{"x":119,"y":442,"width":760,"height":12}},{"id":"96e460c3-56d7-4ff2-ab2e-94e5f8b9f1b5","block_type":"box","text":"country, including emerging markets.","page_number":695,"box":{"x":119,"y":457,"width":282,"height":12}},{"id":"6f8a6bdf-0d16-4312-a197-d549d96b3e62","block_type":"box","text":"The Investment Manager implements a strategic and disciplined framework for analysing fixed income","page_number":695,"box":{"x":119,"y":486,"width":761,"height":12}},{"id":"4172f6c7-194f-4b7f-a335-92a885bc5296","block_type":"box","text":"securities. Decisions on how to allocate the Fund’s assets are dependent on the Investment Manager’s","page_number":695,"box":{"x":120,"y":501,"width":758,"height":12}},{"id":"b4cecff3-90ba-4658-ad3c-881d910ec9b5","block_type":"box","text":"outlook on such securities. The Investment Manager will select issuers based on its proprietary analysis;","page_number":695,"box":{"x":119,"y":516,"width":760,"height":12}},{"id":"648aabc5-e330-4eb0-aaa7-53b6d67ae724","block_type":"box","text":"focusing on an outlook including factors such as the global market environment, relevant business and","page_number":695,"box":{"x":119,"y":531,"width":760,"height":12}},{"id":"77aa1614-182b-4bb1-ae74-7cd1584ce136","block_type":"box","text":"financial information, the attractiveness of the valuations available in the securities, with criteria which","page_number":695,"box":{"x":119,"y":546,"width":761,"height":12}},{"id":"e29cc75c-ead6-48c3-8104-1b2214fe6577","block_type":"box","text":"may include yield spread comparisons on a historical basis as well as a cross-sectional basis with","page_number":695,"box":{"x":119,"y":561,"width":759,"height":12}},{"id":"9156bb87-d94e-41d3-8c29-92da056292d5","block_type":"box","text":"comparable sectors.","page_number":695,"box":{"x":119,"y":576,"width":151,"height":12}},{"id":"47facb57-8d8b-404f-a2d5-bb533707ba4e","block_type":"box","text":"The Investment Manager may in its discretion restrict the extent to which the Fund’s holdings deviate","page_number":695,"box":{"x":119,"y":606,"width":760,"height":12}},{"id":"3733e687-fffa-4e89-9864-3f4e9f014486","block_type":"box","text":"from the Index constituents on a security selection and fixed income sector basis. The Fund may take","page_number":695,"box":{"x":119,"y":621,"width":759,"height":12}},{"id":"4c93fcac-1403-431b-9663-25dcda117fd2","block_type":"box","text":"active fixed income sector views with the focus on bond specific selection. The extent to which the Fund","page_number":695,"box":{"x":119,"y":636,"width":761,"height":12}},{"id":"fad5af4d-a1b2-444d-850e-0663a2325a64","block_type":"box","text":"can outperform the Index may be restricted by constraints applied by the Investment Manager which","page_number":695,"box":{"x":119,"y":651,"width":760,"height":12}},{"id":"9c0753b1-aacd-4bcb-8251-a87a5d77b4d7","block_type":"box","text":"limit the potential volatility of the difference between the return of the Fund and the return of the Index.","page_number":695,"box":{"x":119,"y":666,"width":761,"height":12}},{"id":"b4460130-2bc0-4e60-915e-2bb0c29ca5a6","block_type":"box","text":"Such constraints may change or be removed from time to time at the Investment Manager’s discretion","page_number":695,"box":{"x":120,"y":681,"width":759,"height":12}},{"id":"df36ec20-e205-4ac0-b0d6-3db8c8cd4ced","block_type":"box","text":"and depending on market environments.","page_number":695,"box":{"x":119,"y":696,"width":295,"height":12}},{"id":"4e804000-f441-4db9-9651-1f40680cdf37","block_type":"box","text":"Under normal circumstances, the Fund aims to invest at least 75% of its assets in EUR denominated,","page_number":695,"box":{"x":119,"y":725,"width":759,"height":11}},{"id":"c122edef-cc51-44d1-9acf-fdf34113ef82","block_type":"box","text":"investment grade corporate debt securities.","page_number":695,"box":{"x":119,"y":740,"width":321,"height":12}},{"id":"5aa8a89a-20b1-4f28-8ffe-d058723de81a","block_type":"box","text":"The Fund may also invest in other securities including EUR-denominated treasury, government-related,","page_number":695,"box":{"x":119,"y":770,"width":761,"height":11}},{"id":"03586464-0715-48ba-8a43-61e98d3a75df","block_type":"box","text":"and securitised issues (which may include both asset-backed and mortgage-backed securities) and non","page_number":695,"box":{"x":119,"y":785,"width":760,"height":11}},{"id":"2755601c-8cda-499b-b889-1abb7f05e0df","block_type":"box","text":"EUR denominated fixed income securities.","page_number":695,"box":{"x":119,"y":799,"width":316,"height":10}},{"id":"acc18e5a-743a-417e-a607-f7ce2d8a303c","block_type":"box","text":"The Fund may invest up to 10% of its assets in non-investment grade (“high yield”) bonds with a rating","page_number":695,"box":{"x":119,"y":829,"width":761,"height":12}},{"id":"8f3df6b5-8bad-4597-9095-992b3218c89c","block_type":"box","text":"of the equivalent of Ba1 or below by Moody’s or another independent rating agency, or which are","page_number":695,"box":{"x":119,"y":844,"width":760,"height":12}},{"id":"3630b79d-4ebf-4f04-9765-1aa3d4430c35","block_type":"box","text":"determined to be of comparable quality by the Investment Manager.","page_number":695,"box":{"x":119,"y":859,"width":501,"height":12}},{"id":"61f18f89-216d-4283-a3c5-c7513ac670a6","block_type":"box","text":"The Fund’s duration is expected to be within +/-0.5 years of that of the Index. 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For instance, a duration of “four” means that a security’s or portfolio’s price","page_number":696,"box":{"x":119,"y":87,"width":759,"height":12}},{"id":"a931caba-d399-4ddb-a481-dc24fe924259","block_type":"box","text":"would be expected to decrease by approximately 4% with a 1% increase in interest rates (assuming a","page_number":696,"box":{"x":119,"y":102,"width":759,"height":12}},{"id":"360eb231-5410-4e7a-a808-a5de1ae5d17e","block_type":"box","text":"parallel shift in yield curve).","page_number":696,"box":{"x":119,"y":117,"width":208,"height":12}},{"id":"6f691601-ad79-44ee-9e71-d783b0aa65a7","block_type":"box","text":"The Fund may invest in securities which are denominated in currencies other than the Base Currency,","page_number":696,"box":{"x":119,"y":146,"width":759,"height":12}},{"id":"f9096a2a-2b64-46ae-9da2-85e2d541eddf","block_type":"box","text":"including, but not limited to the Pound Sterling, US Dollar, Australian Dollar, and Swiss Franc. These","page_number":696,"box":{"x":119,"y":161,"width":760,"height":12}},{"id":"92663f4e-fa46-447b-bc2f-a8a9e4167860","block_type":"box","text":"investments are typically expected to be hedged to the Base Currency. The Fund may invest no more","page_number":696,"box":{"x":119,"y":176,"width":760,"height":12}},{"id":"378422dd-8224-41b0-9fdf-58c420fc7226","block_type":"box","text":"than 10% of its assets in unhedged global currencies to facilitate proper risk management and execution","page_number":696,"box":{"x":119,"y":191,"width":761,"height":12}},{"id":"4cf692f4-4797-4b4e-a0de-b4314c30f7e0","block_type":"box","text":"of the investment objective and strategies of the Fund.","page_number":696,"box":{"x":119,"y":206,"width":399,"height":12}},{"id":"4c410621-5620-4c95-8dff-b1959b49c61b","block_type":"box","text":"The Fund may invest in subordinate and callable bonds. A subordinate bond is a class of bond that ranks","page_number":696,"box":{"x":119,"y":235,"width":762,"height":12}},{"id":"a55e8e20-4bda-47cd-ae72-328cb87ecc6d","block_type":"box","text":"lower than other types of bond in terms of the priority accorded to their repayment where the issuer of the","page_number":696,"box":{"x":119,"y":250,"width":761,"height":12}},{"id":"8907d1b2-22b0-4181-8cd8-78132c9d8178","block_type":"box","text":"bond is liquidated. A callable bond is a bond that may be redeemed or ‘called’ by its issuer (i.e. by","page_number":696,"box":{"x":119,"y":266,"width":760,"height":11}},{"id":"b8e26906-d16a-499b-b698-59239ea0aabe","block_type":"box","text":"returning the principal to the investor and ceasing coupon payments) before it matures, usually subject to","page_number":696,"box":{"x":119,"y":280,"width":761,"height":12}},{"id":"2746d37f-fd48-4485-90ce-36d33b12a23e","block_type":"box","text":"certain conditions or limits. Callable bonds are typically used as a hedge against interest rate risk since","page_number":696,"box":{"x":119,"y":296,"width":760,"height":12}},{"id":"22ab7a41-b172-46f2-bfe3-51f82dbb400b","block_type":"box","text":"issuers can reduce their liabilities by paying off existing debt (i.e. by calling the bond) when interest rates","page_number":696,"box":{"x":119,"y":311,"width":761,"height":12}},{"id":"526e3905-c940-497d-87b5-c627fadef5c5","block_type":"box","text":"fall and offering new bonds at lower interest rates.","page_number":696,"box":{"x":119,"y":326,"width":376,"height":12}},{"id":"f8dfd986-16f6-4460-a19d-90647185d398","block_type":"box","text":"As further detailed below, the Fund may invest in warrants or hold warrants where these are issued by","page_number":696,"box":{"x":119,"y":355,"width":760,"height":12}},{"id":"9f1a1cc4-e62b-426e-ba2b-7e0450f9d4cc","block_type":"box","text":"reason of or in connection with transferable securities held in the Fund or otherwise hold warrants for","page_number":696,"box":{"x":119,"y":370,"width":759,"height":9}},{"id":"69aebd99-d0bb-4778-a2b9-a0b39616d7a3","block_type":"box","text":"efficient portfolio management purposes. The Fund will not invest or hold more than 5% of its net assets","page_number":696,"box":{"x":119,"y":385,"width":761,"height":12}},{"id":"5da58829-be83-4e42-a23c-7c281a6e9a4b","block_type":"box","text":"in warrants.","page_number":696,"box":{"x":119,"y":400,"width":86,"height":9}},{"id":"17b54dc7-fd3c-4773-b441-6034aad76b77","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":696,"box":{"x":119,"y":429,"width":759,"height":12}},{"id":"c8b7e8ed-88fb-4d40-964c-e935fd80e8c2","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":696,"box":{"x":119,"y":444,"width":382,"height":12}},{"id":"a0b3e23b-8434-46e2-94cd-7a192fd1957b","block_type":"box","text":"Appendix 5","page_number":696,"box":{"x":502,"y":444,"width":90,"height":12}},{"id":"45c3b763-3570-4a22-8819-fd4c79cf25a8","block_type":"box","text":"of the Prospectus.","page_number":696,"box":{"x":592,"y":444,"width":136,"height":12}},{"id":"d41b37f2-a34a-47b7-876e-1f9bd9fc4123","block_type":"box","text":"Other Investment Strategies","page_number":696,"box":{"x":120,"y":474,"width":221,"height":12}},{"id":"21ecccae-60a6-4422-b3ad-34254350809b","block_type":"box","text":"In pursuing its Investment Objective, the Fund may also invest in exchange-traded and over-the counter","page_number":696,"box":{"x":119,"y":503,"width":762,"height":12}},{"id":"d0105f1f-8c24-4d9b-b0b6-032acf9b6b8e","block_type":"box","text":"(“","page_number":696,"box":{"x":120,"y":518,"width":12,"height":12}},{"id":"f63111db-51ba-4d82-a088-b1175579453b","block_type":"box","text":"OTC","page_number":696,"box":{"x":134,"y":518,"width":38,"height":9}},{"id":"aa9b36d5-c86f-4890-a354-156ba4b0f2f5","block_type":"box","text":"”) financial derivative instruments (“","page_number":696,"box":{"x":174,"y":518,"width":278,"height":12}},{"id":"64fbbd6d-12e6-41a4-b290-24e513562647","block_type":"box","text":"FDI","page_number":696,"box":{"x":453,"y":518,"width":31,"height":9}},{"id":"ad4263cc-d0f5-4a26-944d-553bec065e47","block_type":"box","text":"”) for direct investment purposes, efficient portfolio","page_number":696,"box":{"x":486,"y":518,"width":393,"height":12}},{"id":"476c5dd6-779d-439e-abbd-0e2c3c7b0efc","block_type":"box","text":"management purposes, and / or hedging provided such investment is in accordance with A","page_number":696,"box":{"x":119,"y":533,"width":652,"height":12}},{"id":"348c11cd-691c-4708-9ec1-df3c9ceab7a0","block_type":"box","text":"Appendix 4","page_number":696,"box":{"x":770,"y":533,"width":91,"height":12}},{"id":"2863751a-cc81-4ffe-9bc9-d7751fbb7920","block_type":"box","text":"of","page_number":696,"box":{"x":861,"y":533,"width":20,"height":9}},{"id":"48d2745e-fe24-44f7-8a3d-076bde799cca","block_type":"box","text":"the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall be with UCITS","page_number":696,"box":{"x":119,"y":548,"width":761,"height":12}},{"id":"1e0b9d68-eaed-48d0-8883-018f1026b2a6","block_type":"box","text":"eligible counterparties that have been selected taking into account considerations including best","page_number":696,"box":{"x":119,"y":563,"width":760,"height":12}},{"id":"12d7fd0f-efeb-4b22-949a-521fd5ffe573","block_type":"box","text":"execution and the extent of any counterparty risk exposure applying to the Fund at the time of","page_number":696,"box":{"x":119,"y":578,"width":760,"height":12}},{"id":"e1d37f48-a0eb-41e5-833f-29125d44488a","block_type":"box","text":"investment.","page_number":696,"box":{"x":119,"y":593,"width":90,"height":9}},{"id":"ada79699-3ea5-44e7-bfa5-b5ad9681448c","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":696,"box":{"x":120,"y":622,"width":407,"height":12}},{"id":"5ae085a2-908d-4ee0-89be-17cb461f9e48","block_type":"box","text":"","page_number":696,"box":{"x":119,"y":654,"width":6,"height":4}},{"id":"46feab9d-e450-4e84-8229-f12c6ebf51bd","block_type":"box","text":"Futures (","page_number":696,"box":{"x":149,"y":652,"width":73,"height":11}},{"id":"3545b5a6-1339-4110-89de-31d88e144b2e","block_type":"box","text":"i","page_number":696,"box":{"x":223,"y":652,"width":4,"height":9}},{"id":"c79702ad-7270-40e7-b936-d17750965b81","block_type":"box","text":"ncluding, but not limited to,","page_number":696,"box":{"x":228,"y":652,"width":223,"height":12}},{"id":"21671d0e-426c-417c-9413-d4e865b98a8d","block_type":"box","text":"currency futures, index futures, interest rate futures,","page_number":696,"box":{"x":458,"y":651,"width":421,"height":13}},{"id":"f9effa09-237c-4144-8311-3a130797cfe7","block_type":"box","text":"credit futures and/or","page_number":696,"box":{"x":150,"y":667,"width":163,"height":9}},{"id":"c6cf8fc6-c185-448d-9fb0-11673a38ca8d","block_type":"box","text":"futures on bonds or bond indices)","page_number":696,"box":{"x":313,"y":667,"width":268,"height":11}},{"id":"c5dbb7cd-6d71-4e1e-824d-4a297c2349e4","block_type":"box","text":"in order to hedge against risk exposures","page_number":696,"box":{"x":582,"y":667,"width":297,"height":12}},{"id":"b1b1a439-f2ec-46d2-82c0-42477b1b42c1","block_type":"box","text":"arising in the portfolio, to manage cash flows on a short term basis and/or to achieve cost","page_number":696,"box":{"x":150,"y":682,"width":729,"height":12}},{"id":"b26f2a6e-21d6-4c5e-a2eb-dc8a9b51cf27","block_type":"box","text":"efficiencies. Futures contracts are agreements to buy or sell a fixed amount of an index, equity, bond","page_number":696,"box":{"x":150,"y":697,"width":731,"height":12}},{"id":"7f378de8-5a77-458e-9780-378418508bf8","block_type":"box","text":"or currency at a fixed date in the future. Futures contracts are exchange-traded instruments and their","page_number":696,"box":{"x":150,"y":712,"width":731,"height":12}},{"id":"64fee742-dfd8-4336-90ae-58f0884ac772","block_type":"box","text":"dealing is subject to the rules of the exchanges on which they are dealt. An interest rate future is a","page_number":696,"box":{"x":150,"y":727,"width":728,"height":12}},{"id":"8a75943a-cdf1-4b9b-84c3-3751c11722d7","block_type":"box","text":"futures contract with an interest bearing instrument as the underlying asset. A","page_number":696,"box":{"x":150,"y":742,"width":554,"height":12}},{"id":"fb96f354-cab1-473d-8a2e-5e0b886a5514","block_type":"box","text":"A credit future typically","page_number":696,"box":{"x":704,"y":742,"width":177,"height":12}},{"id":"624a3f1b-30c9-4e7f-bfd0-ff251b8a1f63","block_type":"box","text":"references a credit index – for example, an index representing a basket of corporate bonds – and","page_number":696,"box":{"x":149,"y":757,"width":730,"height":12}},{"id":"384b7a55-8804-4c5c-bde1-09aee274e817","block_type":"box","text":"allows the purchaser to adjust its credit exposure without having to buy or sell the underlying asset","page_number":696,"box":{"x":150,"y":772,"width":729,"height":12}},{"id":"7d1c2298-198a-401b-99d5-af547c5370ea","block_type":"box","text":"directly.","page_number":696,"box":{"x":150,"y":787,"width":65,"height":12}},{"id":"18c155d6-9d6d-4358-8f55-2a06da1a64dc","block_type":"box","text":"","page_number":696,"box":{"x":119,"y":818,"width":6,"height":5}},{"id":"77e3503b-9077-4fdd-97b0-5a81aa8c751b","block_type":"box","text":"Forward Foreign Exchange Contracts","page_number":696,"box":{"x":149,"y":816,"width":301,"height":12}},{"id":"5496ba1e-a40c-465f-80f7-7e162e73f20f","block_type":"box","text":", which are agreements between parties to exchange fixed","page_number":696,"box":{"x":451,"y":816,"width":428,"height":12}},{"id":"18482b8e-97c3-4463-8285-a0641bd58a46","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":696,"box":{"x":150,"y":831,"width":729,"height":12}},{"id":"a05e3245-4054-4a4f-ac86-f2fe6d65c74d","block_type":"box","text":"foreign exchange contracts are traded OTC and may be used to manage currency exposures. Non","page_number":696,"box":{"x":150,"y":846,"width":728,"height":12}},{"id":"274fbd53-1ad8-4ea7-b772-24a69ed1d4f2","block_type":"box","text":"deliverable forward foreign exchange contracts","page_number":696,"box":{"x":150,"y":861,"width":351,"height":12}},{"id":"4173f7a2-278f-4d81-9ff3-43ba4bca7f8c","block_type":"box","text":"may be used for the same reasons. They","page_number":696,"box":{"x":502,"y":861,"width":293,"height":12}},{"id":"6a9de287-664b-4346-ab28-4ad810797845","block_type":"box","text":"y differ from","page_number":696,"box":{"x":795,"y":861,"width":86,"height":9}},{"id":"0f01bc67-ba71-40e2-b7d2-9729bd947333","block_type":"box","text":"standard forward foreign exchange contracts in that at least one of the currencies in the transaction is","page_number":696,"box":{"x":150,"y":876,"width":731,"height":12}},{"id":"129bb615-41b8-4900-8256-1ca4d9d5b0b3","block_type":"box","text":"4","page_number":697,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"4b7af5dd-0941-4a2d-b259-73e764221a89","block_type":"box","text":"VG001-001/M85660-892520263-23568/1","page_number":697,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"a51ea07e-574a-4aec-b11a-72f35ff9c105","block_type":"box","text":"not permitted to be delivered in settlement of any profit or loss resulting from the transaction.","page_number":697,"box":{"x":149,"y":87,"width":729,"height":12}},{"id":"def4107d-52c3-478a-9c3a-47d462f5da73","block_type":"box","text":"Typically, profit or loss in this case will be delivered in US Dollars or Euro.","page_number":697,"box":{"x":149,"y":102,"width":560,"height":12}},{"id":"57765dc8-285d-4490-a5ed-ba077d211748","block_type":"box","text":"","page_number":697,"box":{"x":119,"y":133,"width":6,"height":5}},{"id":"7ea778e5-f5f1-4b0e-a852-3b39c8518c4e","block_type":"box","text":"Options (including, but not limited to, currency options, stock options, options on indices,","page_number":697,"box":{"x":150,"y":131,"width":729,"height":12}},{"id":"33e176b1-8082-4248-9933-7ff26c89a6f9","block_type":"box","text":"options on futures, options on bonds, swaptions and / or credit default swap options)","page_number":697,"box":{"x":150,"y":146,"width":662,"height":12}},{"id":"f410021a-c72f-419d-b56f-02126ba83563","block_type":"box","text":". Options","page_number":697,"box":{"x":814,"y":147,"width":66,"height":11}},{"id":"dd710629-84e5-4e0b-8b0d-ce1d88e43a27","block_type":"box","text":"are contracts in which the writer (seller) promises that the contract buyer has the right, but not the","page_number":697,"box":{"x":150,"y":161,"width":729,"height":12}},{"id":"751a20da-6035-449d-8c8f-0011d8a06531","block_type":"box","text":"obligation, to buy or sell a certain index, equity, bond or currency at a certain price (the strike price)","page_number":697,"box":{"x":150,"y":176,"width":729,"height":12}},{"id":"0fa5ebad-c3b7-4c4a-a049-37494f376bc3","block_type":"box","text":"on or before a certain expiration date, or exercise date. An option giving the buyer the right to buy at","page_number":697,"box":{"x":150,"y":191,"width":731,"height":12}},{"id":"c54f0a79-9862-4f7a-8f9e-4fb1b0418712","block_type":"box","text":"a certain price is called a call, while one that gives him/her the right to sell is called a put. Call and put","page_number":697,"box":{"x":150,"y":206,"width":731,"height":12}},{"id":"60959e5a-b6b9-4aca-953b-033fa06340fa","block_type":"box","text":"options may be purchased and written on securities, securities indices and currencies and options","page_number":697,"box":{"x":150,"y":221,"width":729,"height":12}},{"id":"5884bc97-5d36-4c72-9d3f-8886fdcd071f","block_type":"box","text":"may be used on futures contracts and swap agreements and / or to hedge against changes in interest","page_number":697,"box":{"x":149,"y":236,"width":731,"height":12}},{"id":"3b542800-95e7-441c-82e3-26cb2c9e68ba","block_type":"box","text":"rates, currency exchange rates or securities prices. Swaptions and credit default swap options are","page_number":697,"box":{"x":149,"y":251,"width":729,"height":12}},{"id":"df6a2770-d7c4-4f70-affe-6dd746b8fda3","block_type":"box","text":"types of option contracts which give the contract buyer the right, but not the obligation, to enter into","page_number":697,"box":{"x":149,"y":266,"width":731,"height":12}},{"id":"73533215-819d-4440-bc9b-7b194f7102ec","block_type":"box","text":"a swap or credit default swap, respectively, in the future at a contractually specified date and price","page_number":697,"box":{"x":150,"y":281,"width":720,"height":12}},{"id":"14fce864-f18b-4a80-a40b-f4a7f78a65cf","block_type":"box","text":".","page_number":697,"box":{"x":873,"y":289,"width":8,"height":2}},{"id":"34e9b1d2-dc17-4635-9d21-fd02ec117cd8","block_type":"box","text":"","page_number":697,"box":{"x":119,"y":313,"width":6,"height":4}},{"id":"f72a7406-ced8-4cd3-9700-fc7d6b91793c","block_type":"box","text":"Warrants","page_number":697,"box":{"x":149,"y":311,"width":76,"height":9}},{"id":"2bc33345-b0ef-4d2c-a626-d2c47d223568","block_type":"box","text":", which are","page_number":697,"box":{"x":227,"y":311,"width":80,"height":11}},{"id":"83e59886-adf8-4bbf-bac9-0b6fd468e61c","block_type":"box","text":"similar to","page_number":697,"box":{"x":313,"y":311,"width":69,"height":9}},{"id":"1a12fb0d-3ea4-4e29-ac55-5decd9e7aeb7","block_type":"box","text":"options in that they give the holder the right but not the obligation to","page_number":697,"box":{"x":388,"y":311,"width":505,"height":12}},{"id":"73b848ae-7f67-4237-831c-503acfbbb889","block_type":"box","text":"buy or sell stock at a set price in the future. A warrant guarantees the holder the right to buy (or sell) a","page_number":697,"box":{"x":149,"y":326,"width":733,"height":12}},{"id":"599e45e0-7f7d-42b9-b850-b5f8821d653d","block_type":"box","text":"specific number of shares at a specific price (the strike price) for a defined","page_number":697,"box":{"x":150,"y":341,"width":553,"height":12}},{"id":"4cf9be5c-f3a0-4f44-906b-47f0d256bc1c","block_type":"box","text":"period of time. A Fund","page_number":697,"box":{"x":709,"y":341,"width":171,"height":12}},{"id":"01894450-2b8a-4ab7-889a-db72e81290ce","block_type":"box","text":"may invest in warrants or may","page_number":697,"box":{"x":149,"y":356,"width":236,"height":12}},{"id":"bad30823-f424-479a-9517-c5923ddfab4b","block_type":"box","text":"acquire","page_number":697,"box":{"x":390,"y":356,"width":53,"height":12}},{"id":"954b97de-5cd9-4d2d-8d83-873e93ed1043","block_type":"box","text":"warrants passively as a result, for example, of corporate","page_number":697,"box":{"x":449,"y":356,"width":430,"height":12}},{"id":"f995bf46-e40a-4ac4-b337-0ad2a65af912","block_type":"box","text":"actions.","page_number":697,"box":{"x":150,"y":371,"width":55,"height":9}},{"id":"6e48e533-d6b7-4657-b525-306e3c0e6326","block_type":"box","text":"","page_number":697,"box":{"x":119,"y":402,"width":6,"height":5}},{"id":"c4e14ace-2923-4a1a-9ad1-667aa32da58d","block_type":"box","text":"Swaps (including, but not limited to, total return swaps, foreign exchange swaps, single name","page_number":697,"box":{"x":150,"y":400,"width":730,"height":12}},{"id":"ccd6f584-d636-461b-b1b6-e75c5b89a296","block_type":"box","text":"credit default swaps, credit-default swap indices, interest rate swaps, inflation swaps and / or","page_number":697,"box":{"x":150,"y":415,"width":729,"height":12}},{"id":"8b53397e-c3a7-48f1-8222-389b2f752a1b","block_type":"box","text":"cross-currency swaps)","page_number":697,"box":{"x":150,"y":430,"width":172,"height":12}},{"id":"e5fa8517-2ca7-498f-aa2c-d0bff2ec3252","block_type":"box","text":". 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The reference assets underlying the total return","page_number":697,"box":{"x":210,"y":535,"width":669,"height":12}},{"id":"16afc40e-e41f-40ff-badd-98636c59a03d","block_type":"box","text":"swaps, if any, may be any security or basket of securities which are consistent with the","page_number":697,"box":{"x":210,"y":550,"width":669,"height":12}},{"id":"01672114-38a8-4ae5-aff4-aa8b66f1a245","block_type":"box","text":"investment policies of the Fund.","page_number":697,"box":{"x":210,"y":565,"width":242,"height":12}},{"id":"f9e7df2c-e63a-44cf-b459-6f73a9beeb90","block_type":"box","text":"o","page_number":697,"box":{"x":180,"y":597,"width":9,"height":7}},{"id":"8fa97d07-424c-436f-9ca7-2c911633ddd4","block_type":"box","text":"Foreign exchange swaps","page_number":697,"box":{"x":210,"y":595,"width":190,"height":12}},{"id":"26bfcbd9-22bb-498f-8908-f98e5289e24e","block_type":"box","text":"may be used to manage exchange rate/currency risk arising in the","page_number":697,"box":{"x":400,"y":595,"width":487,"height":12}},{"id":"60d5c2a2-26c7-4938-ba7b-9526cbd023cc","block_type":"box","text":"portfolio, to benefit directly from changes in currency exchange rates or for any other","page_number":697,"box":{"x":210,"y":611,"width":669,"height":12}},{"id":"81fabc54-a2e7-4aab-9079-e69310918836","block_type":"box","text":"commercial purpose disclosed in the relevant Fund’s investment strategies.","page_number":697,"box":{"x":210,"y":626,"width":552,"height":12}},{"id":"5d7bdf32-828f-424b-98e9-0ea21b0925cf","block_type":"box","text":"o","page_number":697,"box":{"x":180,"y":657,"width":9,"height":7}},{"id":"96504b1c-7cb8-43d6-9885-9dc9b75cce38","block_type":"box","text":"A","page_number":697,"box":{"x":210,"y":656,"width":13,"height":8}},{"id":"cae31635-48c3-4d83-888f-79ce88789f81","block_type":"box","text":"credit default swap (“CDS”)","page_number":697,"box":{"x":223,"y":655,"width":241,"height":12}},{"id":"96afa325-e03a-4949-bc37-1b74a752954e","block_type":"box","text":"is a swap used to transfer the risk of default on an","page_number":697,"box":{"x":465,"y":655,"width":414,"height":12}},{"id":"95e5189f-a50e-4699-90c6-171f4cebafbf","block_type":"box","text":"underlying fixed income security from the holder of the fixed income security to the seller of","page_number":697,"box":{"x":210,"y":671,"width":671,"height":12}},{"id":"f6a25f9e-1e31-4620-b5ad-c562a57e5fd1","block_type":"box","text":"the swap. 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Where the Fund sells a CDS (which is","page_number":697,"box":{"x":210,"y":746,"width":670,"height":12}},{"id":"bbdfb259-10e0-470b-ae98-7d7347748bc9","block_type":"box","text":"taking a long position in respect of the credit of the fixed income security’s issuer) it will","page_number":697,"box":{"x":210,"y":761,"width":668,"height":12}},{"id":"a4700510-1401-460e-ac5d-30294a23c8fe","block_type":"box","text":"receive a fee from the purchaser and hope to profit from that fee in the event that the issuer","page_number":697,"box":{"x":210,"y":776,"width":671,"height":12}},{"id":"40ac2fff-554c-4b3d-815d-aefcc00f8e44","block_type":"box","text":"of the relevant fixed income security does not default on its payment obligations.","page_number":697,"box":{"x":210,"y":791,"width":597,"height":12}},{"id":"fc270f45-4d1e-4f87-9087-9dbcd238cb92","block_type":"box","text":"o","page_number":697,"box":{"x":180,"y":823,"width":9,"height":7}},{"id":"519df60d-30c6-4e5d-8408-195948c27ee3","block_type":"box","text":"A","page_number":697,"box":{"x":210,"y":821,"width":18,"height":9}},{"id":"eb1c0a8f-0efe-4670-b1b8-5ce2293c71a1","block_type":"box","text":"credit default index swap","page_number":697,"box":{"x":229,"y":821,"width":200,"height":12}},{"id":"12195020-1a83-43a2-b958-9296a6936466","block_type":"box","text":"is a standardised and highly liquid credit derivative used to","page_number":697,"box":{"x":430,"y":821,"width":449,"height":12}},{"id":"7997ff2e-43e8-4edd-9ba7-ace353776efb","block_type":"box","text":"hedge credit risk or to take a position on a basket of credit fixed income securities (a CDS","page_number":697,"box":{"x":210,"y":837,"width":667,"height":12}},{"id":"dd55f29a-da20-4e01-8463-913aa84644cc","block_type":"box","text":"index is a portfolio of actively traded liquid fixed income securities in a particular sector of","page_number":697,"box":{"x":210,"y":852,"width":670,"height":12}},{"id":"3675e364-fa13-4fbc-833b-9afb2d116301","block_type":"box","text":"the market).","page_number":697,"box":{"x":210,"y":867,"width":93,"height":12}},{"id":"02d2e64f-7a7b-4efb-a5e3-0930ec4475b4","block_type":"box","text":"5","page_number":698,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"83b9cb9a-8c7f-42f3-ae06-cd21d3f933b0","block_type":"box","text":"VG001-001/M85660-892520263-23568/1","page_number":698,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"22e709d0-50b7-46a7-b37b-cf4d50899557","block_type":"box","text":"o","page_number":698,"box":{"x":180,"y":89,"width":9,"height":7}},{"id":"dda56881-ec8f-4397-bd74-e556ae061dcc","block_type":"box","text":"An","page_number":698,"box":{"x":210,"y":87,"width":28,"height":9}},{"id":"b3f6d1d0-f86a-49c4-8b2f-55218e7b66d8","block_type":"box","text":"interest rate swap","page_number":698,"box":{"x":238,"y":87,"width":143,"height":12}},{"id":"edd52fc7-6c35-4d1e-bca4-e4da0d906fbb","block_type":"box","text":"is a contract used to offset risks posed to the value of the Fund’s","page_number":698,"box":{"x":381,"y":87,"width":498,"height":12}},{"id":"7ef84d31-7135-40ba-80b9-b912d506ce92","block_type":"box","text":"portfolio by volatility in interest rates or to speculate on changes to interest rates.","page_number":698,"box":{"x":210,"y":103,"width":596,"height":12}},{"id":"7945a9bb-67fd-4a07-ba3c-faf1587811f0","block_type":"box","text":"o","page_number":698,"box":{"x":180,"y":134,"width":9,"height":7}},{"id":"1d3166ea-eb1d-4706-a1fc-a058c68c5478","block_type":"box","text":"An","page_number":698,"box":{"x":210,"y":133,"width":28,"height":8}},{"id":"c7506101-55a0-428e-885b-416a990e77a1","block_type":"box","text":"inflation swap","page_number":698,"box":{"x":239,"y":132,"width":112,"height":12}},{"id":"3a9a825f-a022-4fbe-86fd-78f9febc64af","block_type":"box","text":"is a contract used to transfer inflation risk from one party to another","page_number":698,"box":{"x":352,"y":132,"width":527,"height":12}},{"id":"13871b82-dab7-4301-a7a7-b059b0bf8b51","block_type":"box","text":"through an exchange of fixed cash flows. In an inflation swap, one party pays a fixed rate","page_number":698,"box":{"x":210,"y":148,"width":668,"height":12}},{"id":"b13792ef-981a-456c-a692-5b0168680765","block_type":"box","text":"cash flow on a notional principal amount while the other party pays a floating rate linked to","page_number":698,"box":{"x":210,"y":163,"width":671,"height":12}},{"id":"8b87cc7a-01bc-42fe-a06c-6665995055c2","block_type":"box","text":"an inflation index, such as the Consumer Price Index (CPI). The party paying the floating","page_number":698,"box":{"x":210,"y":178,"width":669,"height":12}},{"id":"606c5939-5059-433e-9ecf-da3ae365915f","block_type":"box","text":"rate pays the inflation-adjusted rate multiplied by the notional principal amount. Usually,","page_number":698,"box":{"x":210,"y":193,"width":668,"height":12}},{"id":"add3ef23-fc3d-4dec-88d2-a97bdca42902","block_type":"box","text":"the principal does not change hands. Each cash flow comprises one leg of the swap.","page_number":698,"box":{"x":210,"y":208,"width":617,"height":12}},{"id":"56a6e786-d921-4deb-b87f-c6e4710400b2","block_type":"box","text":"o","page_number":698,"box":{"x":180,"y":240,"width":9,"height":7}},{"id":"b5315647-dd7c-44f1-a43a-b30aa25b2aa3","block_type":"box","text":"A","page_number":698,"box":{"x":210,"y":238,"width":17,"height":9}},{"id":"43ac93d2-9854-48f0-94c6-58a11139766e","block_type":"box","text":"cross-currency swap","page_number":698,"box":{"x":228,"y":241,"width":160,"height":9}},{"id":"6474573e-72f5-4988-b8d3-9cb71e2869c7","block_type":"box","text":"is an OTC derivative in a form of an agreement between two parties","page_number":698,"box":{"x":389,"y":238,"width":506,"height":12}},{"id":"6cfc0f5a-cbdc-4639-b094-6de469b9b0ea","block_type":"box","text":"to exchange interest payments and principal denominated in two different currencies. In a","page_number":698,"box":{"x":210,"y":254,"width":669,"height":12}},{"id":"d8c5f8d5-5b67-4b9d-a47e-2950b2c6cf2a","block_type":"box","text":"cross-currency swap, interest payments and principal in one currency are exchanged for","page_number":698,"box":{"x":210,"y":269,"width":669,"height":12}},{"id":"bd1f159a-e757-4f24-bc2f-332fedc48ed3","block_type":"box","text":"principal and interest payments in a different currency. Interest payments are exchanged at","page_number":698,"box":{"x":210,"y":284,"width":669,"height":12}},{"id":"fb948c82-e1e3-466d-be58-7f660314782f","block_type":"box","text":"fixed intervals during the life of the agreement. Cross-currency swaps can include variable,","page_number":698,"box":{"x":210,"y":299,"width":670,"height":12}},{"id":"20c69a18-cee3-4197-93e1-30f221e96dc8","block_type":"box","text":"fixed interest rates, or both.","page_number":698,"box":{"x":210,"y":314,"width":201,"height":11}},{"id":"b69d6ff4-e160-4586-a865-6a85fbc7dda5","block_type":"box","text":"See","page_number":698,"box":{"x":120,"y":344,"width":30,"height":8}},{"id":"64dcc83b-3938-4932-b7ec-9567692b9ac8","block_type":"box","text":"Appendix 4","page_number":698,"box":{"x":150,"y":343,"width":90,"height":12}},{"id":"63c46ca5-21a3-4792-b62c-a6a7bc1e115d","block_type":"box","text":"of the Prospectus for information on leverage and the calculation of global exposure.","page_number":698,"box":{"x":241,"y":343,"width":629,"height":12}},{"id":"cb508673-21e9-432b-a8b3-79b72684179e","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":698,"box":{"x":119,"y":372,"width":762,"height":12}},{"id":"25daa437-0535-4eda-b91c-ac212fc80dd1","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":698,"box":{"x":120,"y":387,"width":740,"height":12}},{"id":"cf0d6186-2bd6-4f31-9d30-a66e90ee86ca","block_type":"box","text":"The Fund may, in accordance with the requirements of the Central Bank, invest up to 10% of its net","page_number":698,"box":{"x":119,"y":417,"width":759,"height":12}},{"id":"7c7e1299-e182-4112-8424-25de27b4fb35","block_type":"box","text":"assets","page_number":698,"box":{"x":119,"y":433,"width":42,"height":8}},{"id":"7230fffb-3e54-4c3a-aebd-da6d3520e326","block_type":"box","text":"in other Funds of the Company and other collective investment undertakings including exchange","page_number":698,"box":{"x":167,"y":432,"width":713,"height":12}},{"id":"1f30582d-bf44-4163-a249-bc3ae7cc8116","block_type":"box","text":"traded funds and undertakings linked by common management or control to each other or to the","page_number":698,"box":{"x":119,"y":447,"width":760,"height":12}},{"id":"fc54bc70-f1c2-4bb6-b1ab-cbc8bfb8e142","block_type":"box","text":"Company. See","page_number":698,"box":{"x":120,"y":462,"width":114,"height":12}},{"id":"ec136879-79a5-4642-9f55-0e66de5eb08d","block_type":"box","text":"Appendix 3","page_number":698,"box":{"x":234,"y":462,"width":92,"height":12}},{"id":"088cb775-fc13-46f3-87c0-007493157810","block_type":"box","text":"of the Prospectus for information on investment in collective investment","page_number":698,"box":{"x":326,"y":462,"width":554,"height":12}},{"id":"19dc6da4-583e-4152-96ee-836f781c14eb","block_type":"box","text":"schemes, including other Funds of the Company.","page_number":698,"box":{"x":120,"y":477,"width":360,"height":12}},{"id":"885ac1fe-d84c-46dc-a7c1-49300c748d96","block_type":"box","text":"In limited circumstances, such as in the event of a restructuring or a corporate action, the Fund may","page_number":698,"box":{"x":119,"y":506,"width":760,"height":12}},{"id":"b7d85d5b-2c9d-4643-85ab-649ada04d4c0","block_type":"box","text":"receive and hold equity and hybrid instruments in exchange for or related to fixed income securities held","page_number":698,"box":{"x":119,"y":521,"width":762,"height":12}},{"id":"07be23a0-dc8c-4101-8744-9e6e64824a7f","block_type":"box","text":"by the Fund. Such equity and hybrid instruments may include, but are not limited to: common equity;","page_number":698,"box":{"x":119,"y":536,"width":758,"height":12}},{"id":"0c26a032-65f9-4923-a4ab-94750cacab54","block_type":"box","text":"preferred equity; rights; depositary receipts; convertible bonds (which may embed derivative","page_number":698,"box":{"x":119,"y":551,"width":760,"height":12}},{"id":"231a9fb1-863f-421a-9693-9b9b7863bf90","block_type":"box","text":"instruments but will not result in additional leverage being generated); and warrants. The ability to take","page_number":698,"box":{"x":119,"y":566,"width":761,"height":12}},{"id":"62539256-57db-42bf-bdd5-98fea2aa71dc","block_type":"box","text":"delivery and hold equity and/or hybrid instruments is crucial for maximising value in distressed","page_number":698,"box":{"x":119,"y":581,"width":760,"height":12}},{"id":"94828700-06ff-4325-a0b2-b8b1bbc57802","block_type":"box","text":"situations. Where such instruments do not form part of the Fund’s primary investment strategy, the","page_number":698,"box":{"x":120,"y":596,"width":759,"height":12}},{"id":"e4fc5a18-ef84-4d80-8f76-db1b464b7bd3","block_type":"box","text":"Investment Manager may continue to hold such instruments while it remains in the best interests of","page_number":698,"box":{"x":119,"y":611,"width":760,"height":12}},{"id":"c97e847f-661e-4b58-b065-2108e7a3f457","block_type":"box","text":"Shareholders.","page_number":698,"box":{"x":120,"y":626,"width":99,"height":10}},{"id":"2ec972c4-df47-40f7-b4a5-47440aa715cb","block_type":"box","text":"The Fund may also enter into repurchase agreements, reverse repurchase agreements and security","page_number":698,"box":{"x":119,"y":656,"width":760,"height":11}},{"id":"29632c66-b7ad-47ab-b930-65f6abf10dae","block_type":"box","text":"lending arrangements for the purposes of efficient portfolio management","page_number":698,"box":{"x":119,"y":670,"width":545,"height":13}},{"id":"6f6b1bf6-4067-4536-b4f5-1c5fe4c7f4cb","block_type":"box","text":"in accordance with the limits","page_number":698,"box":{"x":666,"y":671,"width":213,"height":9}},{"id":"49751473-eab9-473c-b88a-fbf8730ef768","block_type":"box","text":"and conditions specified under the heading “","page_number":698,"box":{"x":119,"y":686,"width":330,"height":12}},{"id":"4b40ac52-688b-40bd-a718-a56693dfba1c","block_type":"box","text":"Portfolio Investment Techniques”","page_number":698,"box":{"x":450,"y":686,"width":266,"height":11}},{"id":"b54fd6f1-6316-445e-b65d-f0f21d027fbe","block_type":"box","text":"in","page_number":698,"box":{"x":717,"y":686,"width":24,"height":9}},{"id":"fa5e7d03-511a-476c-98db-41b5764ccc54","block_type":"box","text":"Appendix 4","page_number":698,"box":{"x":742,"y":686,"width":95,"height":11}},{"id":"6d600944-14eb-4a5d-92ca-e9a9175dec79","block_type":"box","text":"of the","page_number":698,"box":{"x":838,"y":686,"width":42,"height":9}},{"id":"99a2fad0-1b21-4590-b97b-1a4c080e4b92","block_type":"box","text":"Prospectus","page_number":698,"box":{"x":119,"y":701,"width":79,"height":12}},{"id":"f65dec80-414b-4da3-8d46-059c5724eac0","block_type":"box","text":".","page_number":698,"box":{"x":200,"y":708,"width":8,"height":2}},{"id":"80946987-7bdd-4b58-a385-8f6708a9a67a","block_type":"box","text":"The Fund may also invest in short-term, high quality money market instruments (including government","page_number":698,"box":{"x":119,"y":730,"width":761,"height":12}},{"id":"a97b86e9-e726-4ec6-8742-522d51a35970","block_type":"box","text":"securities, bank certificates of deposits or engage in overnight repurchase agreements) and/or money","page_number":698,"box":{"x":120,"y":745,"width":759,"height":12}},{"id":"e519d6b5-dc47-437b-9632-b8737c7159b8","block_type":"box","text":"market funds for cash management purposes.","page_number":698,"box":{"x":119,"y":760,"width":333,"height":12}},{"id":"731a2585-cf6c-4433-a510-4f8e7784f873","block_type":"box","text":"Temporary Investment Measures","page_number":698,"box":{"x":119,"y":790,"width":263,"height":11}},{"id":"0b12cc1e-ffe2-45b1-a1e6-ede35056273e","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":698,"box":{"x":119,"y":818,"width":760,"height":12}},{"id":"df48d2a2-873f-4221-a38c-46b701a4ea31","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. 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Bloomberg is not responsible for and","page_number":703,"box":{"x":119,"y":480,"width":762,"height":12}},{"id":"277484ae-dae2-4e52-a069-6c826c431186","block_type":"box","text":"has not participated in the determination of the timing of, price, or quantities of the shares to be issued in","page_number":703,"box":{"x":119,"y":495,"width":762,"height":12}},{"id":"f4727a3f-67e7-4113-aaaf-5ac4d4ce3c49","block_type":"box","text":"the Fund. Bloomberg shall not have any obligation or liability, including, without limitation, to the","page_number":703,"box":{"x":119,"y":510,"width":760,"height":12}},{"id":"709af3ff-b24f-43b9-b117-b8fd3d449724","block_type":"box","text":"Fund’s customers, in connection with the administration, marketing or trading of the Fund.","page_number":703,"box":{"x":119,"y":525,"width":670,"height":12}},{"id":"b599e393-7c17-4bfb-a668-f079745e8193","block_type":"box","text":"BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF","page_number":703,"box":{"x":119,"y":555,"width":761,"height":9}},{"id":"362b2db3-9a0b-4dbf-9ee3-3cd32ea572dd","block_type":"box","text":"THE INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR","page_number":703,"box":{"x":119,"y":570,"width":760,"height":9}},{"id":"b50de367-cb6a-4ca6-97c1-482858d82bb6","block_type":"box","text":"ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE","page_number":703,"box":{"x":119,"y":585,"width":761,"height":10}},{"id":"d18a37bc-3db8-4291-8f09-e80e65428bb1","block_type":"box","text":"ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE","page_number":703,"box":{"x":119,"y":600,"width":759,"height":10}},{"id":"532b1fe5-9411-4570-a4ce-612e8e05817b","block_type":"box","text":"COMPANY OR THE FUND, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY","page_number":703,"box":{"x":120,"y":615,"width":759,"height":11}},{"id":"99c6e3f0-424d-4284-abd2-5665ed6d780f","block_type":"box","text":"FROM THE USE OF THE INDEX OR ANY DATA RELATED THERETO. 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Under normal market conditions,","page_number":708,"box":{"x":119,"y":205,"width":761,"height":12}},{"id":"d34447c6-8739-4d2a-a65e-856dfbd613ae","block_type":"box","text":"the Fund will invest at least 80% of its assets in USD","page_number":708,"box":{"x":119,"y":220,"width":397,"height":10}},{"id":"36e0e8da-8401-40c7-b640-2d0c57a59548","block_type":"box","text":"denominated, corporate bonds from issuers with","page_number":708,"box":{"x":523,"y":220,"width":357,"height":12}},{"id":"be873188-6a4c-4404-a71b-a9d9aed18e07","block_type":"box","text":"a","page_number":708,"box":{"x":119,"y":238,"width":8,"height":7}},{"id":"324cb085-3d91-490d-bf95-bee13907db55","block_type":"box","text":"credit","page_number":708,"box":{"x":132,"y":236,"width":41,"height":9}},{"id":"04219740-b487-4f0a-8d63-76ab42527b64","block_type":"box","text":"rating of the equivalent of Ba1","page_number":708,"box":{"x":179,"y":235,"width":220,"height":12}},{"id":"bd59de32-b51f-4362-9fcf-f946c3bcae19","block_type":"box","text":"and","page_number":708,"box":{"x":405,"y":236,"width":26,"height":9}},{"id":"f9f0c75e-9cb2-40f9-b5d8-a749b8cc5f13","block_type":"box","text":"below","page_number":708,"box":{"x":436,"y":236,"width":45,"height":9}},{"id":"f07dee2a-3aeb-4570-9f1c-433591a76c0b","block_type":"box","text":"(“high yield”","page_number":708,"box":{"x":486,"y":236,"width":94,"height":11}},{"id":"0a7e861a-f5b4-4c9d-9d82-bccd54c83d6d","block_type":"box","text":"or “non-investment grade”)","page_number":708,"box":{"x":587,"y":236,"width":199,"height":11}},{"id":"510f94eb-b352-4ab6-8df4-e538a340cfd1","block_type":"box","text":"by Moody‘s","page_number":708,"box":{"x":792,"y":236,"width":88,"height":11}},{"id":"7fc296b1-f51e-4886-b5c2-cbab3e5847ec","block_type":"box","text":"or another independent rating agency or which are determined to be of comparable quality by the","page_number":708,"box":{"x":119,"y":250,"width":760,"height":12}},{"id":"14788c7c-6176-4998-b28c-e93aad011b46","block_type":"box","text":"Investment Manager.","page_number":708,"box":{"x":119,"y":266,"width":155,"height":11}},{"id":"8ac9766c-9ed0-40fc-8c5f-72de0dc50316","block_type":"box","text":"Issuers of these securities may be located in any country.","page_number":708,"box":{"x":281,"y":265,"width":418,"height":12}},{"id":"28c2680b-a51c-4fbf-ac2b-6c0e4898a15d","block_type":"box","text":"The Fund may invest in other securities including USD-denominated treasury and government-related","page_number":708,"box":{"x":119,"y":295,"width":760,"height":12}},{"id":"94b24e34-0e6a-425d-80c6-ff29b0eb2833","block_type":"box","text":"issues,","page_number":708,"box":{"x":119,"y":310,"width":47,"height":11}},{"id":"4a5b9d68-3d3d-467b-a5ef-3b63c92740e2","block_type":"box","text":"securitised issues (which may include both asset-backed and mortgage-backed securities)","page_number":708,"box":{"x":173,"y":310,"width":664,"height":12}},{"id":"bb270f29-77f2-4b3d-a4ab-23efe36014d1","block_type":"box","text":", non","page_number":708,"box":{"x":839,"y":313,"width":41,"height":8}},{"id":"3af8fd8c-53e0-4d6b-8b2e-e87a97dc0512","block_type":"box","text":"USD-denominated fixed income securities and investment grade bonds;","page_number":708,"box":{"x":119,"y":325,"width":606,"height":12}},{"id":"2ce3e192-df43-4612-8661-79bff45297ac","block_type":"box","text":"and, as described","page_number":708,"box":{"x":732,"y":325,"width":148,"height":11}},{"id":"624db7db-faf7-42bb-90ab-3bdf25f054f3","block_type":"box","text":"below, syndicated loans, Rule 144A securities and Regulation S securities","page_number":708,"box":{"x":119,"y":340,"width":545,"height":12}},{"id":"3991eee4-11d1-4e67-8840-87b5a3c61e9c","block_type":"box","text":".","page_number":708,"box":{"x":667,"y":348,"width":2,"height":1}},{"id":"ef589aa0-9a35-42fe-acbf-cb1bf0beb9b3","block_type":"box","text":"The Investment Manager implements a strategic and disciplined framework for","page_number":708,"box":{"x":119,"y":369,"width":585,"height":12}},{"id":"5035ad3b-e95b-4b24-95b0-a3e28c6fab13","block_type":"box","text":"analysing","page_number":708,"box":{"x":709,"y":369,"width":70,"height":12}},{"id":"2cbfcbe9-a6b1-42c2-bc87-6c1714233a95","block_type":"box","text":"fixed income","page_number":708,"box":{"x":784,"y":369,"width":96,"height":9}},{"id":"69d2fd86-3887-48d0-be38-181ef09d0569","block_type":"box","text":"securities. Decisions on how to","page_number":708,"box":{"x":120,"y":384,"width":232,"height":9}},{"id":"ae028b80-d6e0-49f6-8f3b-b21cd3cdc4fa","block_type":"box","text":"allocate","page_number":708,"box":{"x":358,"y":384,"width":56,"height":9}},{"id":"82bd4722-3721-4ec9-a56e-e6ac83fe721d","block_type":"box","text":"the Fund’s assets are dependent on the Investment Manager’s","page_number":708,"box":{"x":419,"y":384,"width":460,"height":12}},{"id":"8fdf88cc-f229-445c-b8ea-89157eeb97e6","block_type":"box","text":"outlook on such securities. The Investment Manager will select issuers based on its proprietary analysis;","page_number":708,"box":{"x":119,"y":399,"width":760,"height":12}},{"id":"0201a043-c018-4392-82ac-3f813888cb8e","block_type":"box","text":"focusing on an outlook including factors such as the global market environment, relevant business and","page_number":708,"box":{"x":119,"y":414,"width":760,"height":12}},{"id":"5ce64ffd-7ffe-44eb-b9ef-5f55a1d419df","block_type":"box","text":"financial information, the attractiveness of the valuations available in the securities, with criteria which","page_number":708,"box":{"x":119,"y":429,"width":761,"height":11}},{"id":"35089794-9816-4952-8483-4fde29f3affd","block_type":"box","text":"may include yield spread comparisons on a historical basis as well as a cross-sectional basis with","page_number":708,"box":{"x":119,"y":444,"width":759,"height":12}},{"id":"fff5f8a1-8b03-4b5f-ba06-83cd6ff37a23","block_type":"box","text":"comparable sectors.","page_number":708,"box":{"x":119,"y":459,"width":145,"height":12}},{"id":"5c546d25-e3b2-4770-80db-ff46be263a06","block_type":"box","text":"The Investment Manager may,","page_number":708,"box":{"x":119,"y":489,"width":225,"height":12}},{"id":"c59a9de6-7f8c-4a7f-b39c-6f2547e7e745","block_type":"box","text":"in its discretion,","page_number":708,"box":{"x":351,"y":489,"width":117,"height":11}},{"id":"b9ce0a9c-605d-46a7-acef-d130ed25e4f1","block_type":"box","text":"restrict the extent to which the Fund’s holdings deviate","page_number":708,"box":{"x":474,"y":489,"width":405,"height":12}},{"id":"395b427a-d5d9-413c-9813-94f8c197f29c","block_type":"box","text":"from the Index constituents on a security","page_number":708,"box":{"x":119,"y":504,"width":307,"height":12}},{"id":"07ca3236-f3f7-4aef-862d-92d7c05b4ffb","block_type":"box","text":"selection","page_number":708,"box":{"x":432,"y":504,"width":64,"height":9}},{"id":"93cd3164-79a3-47c7-a3a6-1ce50aec3d96","block_type":"box","text":"and fixed income sector basis. The Fund may take","page_number":708,"box":{"x":502,"y":504,"width":377,"height":12}},{"id":"80c0de6f-a27f-43cd-b853-d3a84b20d8cd","block_type":"box","text":"active fixed income sector views with the focus on bond specific","page_number":708,"box":{"x":119,"y":519,"width":470,"height":12}},{"id":"9729fa1f-446d-4d11-91cd-4560d56e4a67","block_type":"box","text":"selection. The extent to which the Fund","page_number":708,"box":{"x":594,"y":519,"width":287,"height":9}},{"id":"21c211f6-b298-4b8e-9637-cf1e269d461e","block_type":"box","text":"can outperform the Index may be restricted by constraints applied by the Investment Manager which","page_number":708,"box":{"x":119,"y":534,"width":760,"height":12}},{"id":"a78e4bbe-fbea-49ad-bb13-45c3a9eff0f3","block_type":"box","text":"limit the potential volatility of the difference between the return of the Fund and the return of the Index.","page_number":708,"box":{"x":119,"y":549,"width":761,"height":12}},{"id":"3f9b41f0-0cf0-4408-a467-2562af0a6a84","block_type":"box","text":"Such constraints may change or be removed from time to time at the Investment Manager’s discretion","page_number":708,"box":{"x":120,"y":564,"width":759,"height":12}},{"id":"324fea17-7230-4e46-a5da-0c7f6079d216","block_type":"box","text":"and depending on market environments.","page_number":708,"box":{"x":119,"y":579,"width":295,"height":12}},{"id":"643cbbd7-c1ec-4322-86ed-3e8292964d6b","block_type":"box","text":"The Fund’s duration is expected to be within +/-1.25 years of that of the Index. Duration is a measure of","page_number":708,"box":{"x":119,"y":608,"width":762,"height":12}},{"id":"9abd5607-aa6b-447c-bee1-086c5207e0f7","block_type":"box","text":"the price sensitivity of a fixed income security or a portfolio of fixed income securities to relative","page_number":708,"box":{"x":119,"y":623,"width":759,"height":12}},{"id":"441d1830-142d-4ef1-96fa-335caeb8374e","block_type":"box","text":"changes in interest rates. For instance, a duration of “four” means that a","page_number":708,"box":{"x":119,"y":638,"width":539,"height":12}},{"id":"efcb1268-d555-440e-ae2d-ce90326587fb","block_type":"box","text":"security’s","page_number":708,"box":{"x":665,"y":639,"width":71,"height":11}},{"id":"af830e42-d48d-4c01-a859-8bcba5db916a","block_type":"box","text":"or","page_number":708,"box":{"x":742,"y":641,"width":14,"height":6}},{"id":"a1980111-9d4c-4d7d-a89c-dccc3f3d1e15","block_type":"box","text":"portfolio’s","page_number":708,"box":{"x":761,"y":638,"width":77,"height":12}},{"id":"add2ddf3-8e2b-4a4f-97e2-c1d4912f2af4","block_type":"box","text":"price","page_number":708,"box":{"x":844,"y":639,"width":36,"height":11}},{"id":"ba39e2dd-8107-4230-936f-7a1139b6569b","block_type":"box","text":"would be expected to decrease by approximately 4% with a 1% increase in interest rates (assuming a","page_number":708,"box":{"x":119,"y":653,"width":759,"height":12}},{"id":"dcf8c995-af96-42b4-8831-7b38a5feba7a","block_type":"box","text":"parallel shift in yield curve).","page_number":708,"box":{"x":119,"y":668,"width":208,"height":12}},{"id":"16d9376e-995b-46eb-aad7-c89d024e2fb8","block_type":"box","text":"The Fund may invest up to 10% of its net asset value in syndicated loans. Syndicated loans may be","page_number":708,"box":{"x":119,"y":697,"width":759,"height":12}},{"id":"c25390b5-9db7-4c39-8d66-e7e0389747db","block_type":"box","text":"originated for a variety of reasons including but not limited to general corporate or operating purposes, to","page_number":708,"box":{"x":119,"y":712,"width":761,"height":12}},{"id":"183d4412-3665-4567-a37f-5fa8a3a7f5e1","block_type":"box","text":"refinance an existing loan, as part of a company’s recapitalisation or to finance a leveraged buy-out","page_number":708,"box":{"x":119,"y":727,"width":730,"height":12}},{"id":"bde641c6-ed23-4875-9efc-0974fd191d50","block_type":"box","text":"and","page_number":708,"box":{"x":855,"y":728,"width":26,"height":9}},{"id":"1fbc68da-5cd6-4bda-800d-7c3603588465","block_type":"box","text":"involve credit and liquidity risk proportionate to the borrower’s credit rating. Such loans shall satisfy the","page_number":708,"box":{"x":119,"y":742,"width":762,"height":12}},{"id":"c7fc91ff-ea64-4653-b733-4a70aca701da","block_type":"box","text":"relevant money market instrument criteria outlined in the UCITS Regulations and may be acquired from","page_number":708,"box":{"x":119,"y":757,"width":761,"height":12}},{"id":"c357c08f-5b24-42a8-a8fb-b9c19a154054","block_type":"box","text":"banks, brokers, or other syndicated lenders. The Fund will not grant loans in accordance with the UCITS","page_number":708,"box":{"x":119,"y":773,"width":760,"height":11}},{"id":"e909f281-a837-408f-a69d-255ab44c3f28","block_type":"box","text":"Regulations.","page_number":708,"box":{"x":119,"y":788,"width":91,"height":12}},{"id":"460e4bf4-b4b4-4730-a177-a9bcb01fdfc7","block_type":"box","text":"The Fund may invest in securities issued pursuant to Rule 144A (“","page_number":708,"box":{"x":119,"y":817,"width":492,"height":12}},{"id":"100b0116-62a7-4cf7-8d84-84612d17434f","block_type":"box","text":"Rule 144A Securities","page_number":708,"box":{"x":613,"y":817,"width":163,"height":9}},{"id":"3e782096-9891-44ef-a8fb-f8cbbe4c9761","block_type":"box","text":"”) of the 1933","page_number":708,"box":{"x":778,"y":817,"width":101,"height":12}},{"id":"746049d1-f4dc-4a75-94ae-0c540ae2a747","block_type":"box","text":"Act where they are listed or traded on a Regulated Market (including where they are also offered outside","page_number":708,"box":{"x":119,"y":832,"width":762,"height":12}},{"id":"16211dec-8568-4cfb-b073-84c210717aaa","block_type":"box","text":"the United States pursuant to Regulation S of the 1933 Act). Where Rule 144A Securities are not so","page_number":708,"box":{"x":119,"y":847,"width":759,"height":12}},{"id":"c7f05e9f-9b87-4a25-8a3a-cc577ab3aa03","block_type":"box","text":"listed or traded, they will be subject to the 10% limit referred to below, save where: (a) they were issued","page_number":708,"box":{"x":119,"y":862,"width":761,"height":12}},{"id":"29c6f7ff-05c4-445a-a791-a8a07e3ecc59","block_type":"box","text":"with an undertaking to register the relevant security with the SEC within one year of issue; and (b) can be","page_number":708,"box":{"x":119,"y":877,"width":761,"height":12}},{"id":"088eef43-7deb-470d-8752-a7e410ffb099","block_type":"box","text":"realised by the Fund within seven (7) days at approximately the price at which it is valued by the Fund.","page_number":708,"box":{"x":119,"y":892,"width":761,"height":12}},{"id":"22d16b7a-aee6-479a-b5b4-a964f3d8e120","block_type":"box","text":"4","page_number":709,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"a3ff7f26-e9e8-48a5-b15f-151b6af956da","block_type":"box","text":"VG001-001/M85660-892520263-23569/1","page_number":709,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"2be76b46-40d0-4495-8577-0ae577a8b4fb","block_type":"box","text":"Exposure to Rule 144A Securities which do not meet the above criteria shall, together with exposure to","page_number":709,"box":{"x":119,"y":87,"width":761,"height":12}},{"id":"c12d9b52-c104-42c6-9110-5ed02609fb8b","block_type":"box","text":"syndicated loans, be subject to an aggregate limit of 10% of the Fund’s net asset value in accordance with","page_number":709,"box":{"x":120,"y":102,"width":761,"height":12}},{"id":"92782128-cde4-43f1-ae17-d90f3ec5a9b8","block_type":"box","text":"paragraph (ii)(a) of the section titled “","page_number":709,"box":{"x":119,"y":117,"width":280,"height":12}},{"id":"b08ff12a-898f-4b60-9144-a265d2a07ebf","block_type":"box","text":"Investment Restrictions","page_number":709,"box":{"x":401,"y":117,"width":186,"height":9}},{"id":"38191e25-e60d-4ef0-bb0d-d464548b46c5","block_type":"box","text":"” in","page_number":709,"box":{"x":588,"y":117,"width":26,"height":9}},{"id":"f952f0ca-dd5c-4310-a134-67ac2fe82f07","block_type":"box","text":"Appendix 3","page_number":709,"box":{"x":614,"y":117,"width":100,"height":12}},{"id":"5d78bfae-23d3-489b-b395-09d651b4fb4e","block_type":"box","text":"of the Prospectus.","page_number":709,"box":{"x":715,"y":117,"width":130,"height":12}},{"id":"ce564fc3-a39c-4fa9-bb6e-eb27b2fd5278","block_type":"box","text":"The Fund may invest in securities which are denominated in currencies other than the Base Currency,","page_number":709,"box":{"x":119,"y":146,"width":759,"height":12}},{"id":"f1898e6c-3905-4b38-a425-2d963730536e","block_type":"box","text":"including, but not limited to the Pound Sterling, Euro, Australian Dollar, and Swiss Franc. These","page_number":709,"box":{"x":119,"y":161,"width":760,"height":12}},{"id":"bcc89feb-ed8f-40ea-80cf-4fdc95797fa9","block_type":"box","text":"investments are typically expected to be hedged to the Base Currency.","page_number":709,"box":{"x":119,"y":176,"width":517,"height":12}},{"id":"1a9240a8-081d-428f-905b-5457054ba336","block_type":"box","text":"The Fund may invest in subordinate and callable bonds. A subordinate bond is a class of bond that ranks","page_number":709,"box":{"x":119,"y":205,"width":762,"height":12}},{"id":"28acd174-86f7-4813-bc89-da13db12a850","block_type":"box","text":"lower than other types of","page_number":709,"box":{"x":119,"y":220,"width":186,"height":12}},{"id":"51f79aa4-0acf-4262-b5a0-edf15f79e886","block_type":"box","text":"bond","page_number":709,"box":{"x":310,"y":221,"width":37,"height":9}},{"id":"05e321ba-ee80-444c-a990-e1511b8c8bcc","block_type":"box","text":"in terms of the priority","page_number":709,"box":{"x":352,"y":220,"width":169,"height":12}},{"id":"cf1660ac-d32d-495a-9a0b-78c9a18adcd5","block_type":"box","text":"accorded","page_number":709,"box":{"x":527,"y":221,"width":65,"height":9}},{"id":"9b894956-c775-4e96-8263-4fce6dae018c","block_type":"box","text":"to their repayment where the issuer of","page_number":709,"box":{"x":597,"y":220,"width":283,"height":12}},{"id":"f75f43d6-0c46-41ad-8ac5-d84b43f54adc","block_type":"box","text":"the bond is liquidated. A callable bond is a bond that may be redeemed or ‘called’ by its issuer (i.e.","page_number":709,"box":{"x":119,"y":236,"width":735,"height":11}},{"id":"f730a2bb-284b-4956-a7d5-a1a2ba5f70bd","block_type":"box","text":"by","page_number":709,"box":{"x":862,"y":236,"width":18,"height":11}},{"id":"844fdcff-7555-477e-877f-c236d27a0811","block_type":"box","text":"returning the principal to the investor and ceasing coupon payments) before it matures, usually subject to","page_number":709,"box":{"x":119,"y":250,"width":761,"height":12}},{"id":"af456074-42fb-49e2-85cc-10790ab5d8da","block_type":"box","text":"certain conditions or limits. Callable bonds are typically used as a hedge against interest rate risk since","page_number":709,"box":{"x":119,"y":266,"width":760,"height":11}},{"id":"10f3c0bb-8075-4537-8e4a-3802adac7d55","block_type":"box","text":"issuers can reduce their liabilities by paying off existing debt (i.e.","page_number":709,"box":{"x":119,"y":280,"width":471,"height":12}},{"id":"d9e253c6-8967-41ef-8bb5-27aff2293eb1","block_type":"box","text":"by calling the bond) when interest rates","page_number":709,"box":{"x":596,"y":281,"width":284,"height":11}},{"id":"f38b8073-bda4-4b8e-b3bf-fac86a9d13be","block_type":"box","text":"fall and offering new bonds at lower interest rates.","page_number":709,"box":{"x":119,"y":296,"width":370,"height":12}},{"id":"35c84a5e-64fe-42c9-980d-6013032b404b","block_type":"box","text":"As further detailed below, the Fund may invest in warrants or hold warrants where these are issued by","page_number":709,"box":{"x":119,"y":325,"width":760,"height":12}},{"id":"b489d301-9e87-449c-8a2f-acd07ac16a26","block_type":"box","text":"reason of or in connection with transferable securities held in the Fund or otherwise hold warrants for","page_number":709,"box":{"x":119,"y":340,"width":759,"height":9}},{"id":"5f34cdc9-f764-409b-9c59-5174a895772c","block_type":"box","text":"efficient portfolio management purposes.","page_number":709,"box":{"x":119,"y":355,"width":303,"height":12}},{"id":"93856518-bdb2-4b50-9b68-135f1098cc72","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":709,"box":{"x":119,"y":384,"width":759,"height":12}},{"id":"9f611dbe-49dc-407c-b7c1-5f7a763da3c1","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":709,"box":{"x":119,"y":399,"width":377,"height":12}},{"id":"e4e6a988-b4c5-46f0-b1d2-da40c688655c","block_type":"box","text":"Appendix 5","page_number":709,"box":{"x":502,"y":399,"width":90,"height":12}},{"id":"3f449d7b-b765-4640-886a-506bf37439e9","block_type":"box","text":"of the Prospectus.","page_number":709,"box":{"x":598,"y":399,"width":130,"height":12}},{"id":"5d430bbf-2158-4785-b0c6-4343502731c1","block_type":"box","text":"Other Investment Strategies","page_number":709,"box":{"x":120,"y":429,"width":221,"height":11}},{"id":"bf971144-6ff3-4550-8356-416158d17308","block_type":"box","text":"In pursuing its Investment Objective, the Fund may also invest in exchange-traded and over-the counter","page_number":709,"box":{"x":119,"y":458,"width":762,"height":12}},{"id":"1cf03fe0-0d89-4a08-a9ab-73c8b93723fa","block_type":"box","text":"(“","page_number":709,"box":{"x":120,"y":473,"width":12,"height":12}},{"id":"03349caa-c842-4156-8c5e-6a93a97e98e4","block_type":"box","text":"OTC","page_number":709,"box":{"x":134,"y":473,"width":38,"height":9}},{"id":"277fe657-6ff0-4927-b39c-2f33bbbc3af4","block_type":"box","text":"”) financial derivative instruments (“","page_number":709,"box":{"x":174,"y":473,"width":278,"height":12}},{"id":"4957da8e-1e75-492d-8fb5-6df6b59528a8","block_type":"box","text":"FDI","page_number":709,"box":{"x":453,"y":473,"width":31,"height":9}},{"id":"d9da6e93-3fcd-44ae-9b8e-b828f5bb76fe","block_type":"box","text":"”) for direct investment purposes, efficient portfolio","page_number":709,"box":{"x":486,"y":473,"width":393,"height":12}},{"id":"3ece6570-ff3d-483a-8f50-ac923f2965f2","block_type":"box","text":"management purposes, and / or hedging provided such investment is in accordance with","page_number":709,"box":{"x":119,"y":488,"width":646,"height":12}},{"id":"b86fc717-05de-4207-aa6e-3c993590c79f","block_type":"box","text":"Appendix 4","page_number":709,"box":{"x":770,"y":488,"width":90,"height":12}},{"id":"2df0e295-0cd7-43c4-87d4-c8fc1cdb80f2","block_type":"box","text":"of","page_number":709,"box":{"x":866,"y":488,"width":15,"height":9}},{"id":"b46876e1-0b82-4c5d-9276-8e1bf59987db","block_type":"box","text":"the Prospectus and the requirements of the Central Bank. Investments in OTC FDI shall be with UCITS","page_number":709,"box":{"x":119,"y":503,"width":761,"height":12}},{"id":"541cd001-6861-402f-ad66-e368181aceb7","block_type":"box","text":"eligible counterparties that have been selected","page_number":709,"box":{"x":119,"y":518,"width":370,"height":12}},{"id":"8d7379fa-4863-4b34-bd62-7b0c29d42e37","block_type":"box","text":"taking into account","page_number":709,"box":{"x":494,"y":518,"width":154,"height":12}},{"id":"12ddd88f-72a1-48ea-8748-a7707c065c38","block_type":"box","text":"considerations including best","page_number":709,"box":{"x":653,"y":518,"width":227,"height":12}},{"id":"e016063e-0680-4732-9381-5bd8c62f33cb","block_type":"box","text":"execution and the extent of any counterparty risk exposure applying to the Fund at the time of","page_number":709,"box":{"x":119,"y":533,"width":760,"height":12}},{"id":"d0e29fb1-5caf-46e0-a436-58edd23e9992","block_type":"box","text":"investment.","page_number":709,"box":{"x":119,"y":548,"width":84,"height":9}},{"id":"4035a466-69e3-4a55-994a-a1e001f8ca29","block_type":"box","text":"5","page_number":710,"box":{"x":497,"y":937,"width":6,"height":7}},{"id":"5fe3b38e-96de-4758-9003-aaff7de6275e","block_type":"box","text":"VG001-001/M85660-892520263-23569/1","page_number":710,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"fc4802b5-88c0-4fbc-b009-2e110941c6b8","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":710,"box":{"x":120,"y":87,"width":407,"height":12}},{"id":"ddf2c242-b81b-4f9f-b477-7a505a1181e1","block_type":"box","text":"","page_number":710,"box":{"x":149,"y":119,"width":6,"height":4}},{"id":"4825be96-4ea3-467f-a3ad-45bc090aa7af","block_type":"box","text":"Futures (including, but not limited to,","page_number":710,"box":{"x":180,"y":116,"width":320,"height":12}},{"id":"1bcbb6f5-9b82-4ee2-b30b-db4cce74c94b","block_type":"box","text":"currency futures, index futures, interest rate","page_number":710,"box":{"x":506,"y":116,"width":373,"height":12}},{"id":"1519aba0-15bd-43e8-a6ad-129e6ac0350f","block_type":"box","text":"futures, credit futures and/or","page_number":710,"box":{"x":179,"y":131,"width":233,"height":11}},{"id":"f6faf10b-ffe9-47cc-851b-ec7d73f54153","block_type":"box","text":"futures on","page_number":710,"box":{"x":418,"y":131,"width":81,"height":9}},{"id":"70c5c552-eba6-4649-bf86-5f55ed395245","block_type":"box","text":"bonds or bond indices)","page_number":710,"box":{"x":504,"y":131,"width":182,"height":12}},{"id":"136ed472-996b-4431-93ad-424a410b2a13","block_type":"box","text":"in order to hedge against","page_number":710,"box":{"x":687,"y":131,"width":193,"height":12}},{"id":"d437e58c-60d7-43b3-a16f-15f3d67ca3e3","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to","page_number":710,"box":{"x":180,"y":146,"width":698,"height":12}},{"id":"1b10032e-26d9-458f-8439-ba1b01f4b1b5","block_type":"box","text":"achieve cost efficiencies. Futures contracts are agreements to buy or sell a fixed amount of an","page_number":710,"box":{"x":180,"y":161,"width":698,"height":12}},{"id":"81c2e72c-d197-4e7f-9af8-c36accb6abea","block_type":"box","text":"index, equity,","page_number":710,"box":{"x":180,"y":176,"width":101,"height":12}},{"id":"08878a45-0c2b-45af-88dc-954cf855a596","block_type":"box","text":"bond","page_number":710,"box":{"x":287,"y":176,"width":36,"height":9}},{"id":"1f43471d-2b14-4868-9aa7-a8f8388ae7ec","block_type":"box","text":"or currency at a fixed date in the future. Futures contracts are exchange","page_number":710,"box":{"x":329,"y":176,"width":550,"height":12}},{"id":"a25ea44f-fa6b-4dd7-8f77-701a95ff7bc5","block_type":"box","text":"traded","page_number":710,"box":{"x":179,"y":191,"width":46,"height":9}},{"id":"5861097c-f57d-49fc-ba68-18651fab63c7","block_type":"box","text":"instruments","page_number":710,"box":{"x":230,"y":192,"width":85,"height":8}},{"id":"00e2762c-7dc5-4b92-8fc1-e78d2e71a5e0","block_type":"box","text":"and their dealing is subject to the rules of the exchanges on which they are","page_number":710,"box":{"x":321,"y":191,"width":558,"height":12}},{"id":"aa190142-832d-4d9d-9806-cf6c29e1f5ad","block_type":"box","text":"dealt. An interest rate future is a","page_number":710,"box":{"x":180,"y":206,"width":255,"height":9}},{"id":"c92fee90-7a25-4db2-9104-efe2f0c7c0e7","block_type":"box","text":"futures","page_number":710,"box":{"x":441,"y":206,"width":50,"height":9}},{"id":"96cd74ab-7a64-404f-9645-c4bde6c345d0","block_type":"box","text":"contract with an","page_number":710,"box":{"x":497,"y":206,"width":124,"height":9}},{"id":"8a27a2b5-1f0d-4679-a50a-fda1e8779b8a","block_type":"box","text":"interest bearing","page_number":710,"box":{"x":626,"y":206,"width":117,"height":12}},{"id":"4f87a830-d7b1-4873-871a-3eb4891c36cb","block_type":"box","text":"instrument as the","page_number":710,"box":{"x":748,"y":206,"width":132,"height":9}},{"id":"53a0cc96-a2e9-4c76-b55c-7671eb054509","block_type":"box","text":"underlying asset.","page_number":710,"box":{"x":179,"y":221,"width":130,"height":12}},{"id":"141d0afa-d2d5-4979-ab55-f9eb4e59c6bc","block_type":"box","text":"A credit future typically references a credit index – for example, an","page_number":710,"box":{"x":315,"y":221,"width":564,"height":12}},{"id":"44f5593c-4272-4e94-bef5-1f25d1d75e0e","block_type":"box","text":"index","page_number":710,"box":{"x":180,"y":236,"width":40,"height":9}},{"id":"b86d79f0-0bd5-4a86-8f4d-89dbbdef38dc","block_type":"box","text":"representing","page_number":710,"box":{"x":225,"y":237,"width":91,"height":11}},{"id":"af4e9b99-086e-42ee-94e8-f8d754f66d47","block_type":"box","text":"a basket of corporate bonds – and allows the purchaser to adjust its credit","page_number":710,"box":{"x":321,"y":236,"width":559,"height":12}},{"id":"8b241ce9-9574-4fcb-a571-3c5e2f8d10a3","block_type":"box","text":"exposure without having to buy or sell the underlying asset directly.","page_number":710,"box":{"x":180,"y":251,"width":500,"height":12}},{"id":"f9a7b522-e9e6-46df-b53e-96fc54a52465","block_type":"box","text":"","page_number":710,"box":{"x":149,"y":283,"width":6,"height":4}},{"id":"cd43a9b8-c610-4f41-ba95-7983832edbe5","block_type":"box","text":"Forward Foreign Exchange Contracts","page_number":710,"box":{"x":180,"y":281,"width":304,"height":12}},{"id":"daa25e86-166c-4908-9ced-8a49bfdb21db","block_type":"box","text":", which are agreements between parties to exchange","page_number":710,"box":{"x":485,"y":281,"width":394,"height":11}},{"id":"8521d8bd-0613-40d2-90fa-11ddb8a813d3","block_type":"box","text":"fixed amounts of different currencies at an agreed exchange rate at an agreed time in the future.","page_number":710,"box":{"x":180,"y":296,"width":700,"height":12}},{"id":"3ae8c502-125f-4af2-8d21-276584ed2991","block_type":"box","text":"Forward foreign exchange contracts are","page_number":710,"box":{"x":180,"y":311,"width":305,"height":12}},{"id":"9a876eaa-b948-4d0a-8f4b-1e8975048da6","block_type":"box","text":"traded","page_number":710,"box":{"x":491,"y":311,"width":46,"height":9}},{"id":"f1df1010-6b98-43a6-a839-c8e50c24f2c1","block_type":"box","text":"OTC and may be used to manage currency","page_number":710,"box":{"x":542,"y":311,"width":338,"height":12}},{"id":"f8c99bab-dce8-4da9-b1d3-070207ee9813","block_type":"box","text":"exposures. Non-deliverable forward foreign exchange contracts may be used for the same","page_number":710,"box":{"x":180,"y":326,"width":698,"height":12}},{"id":"5b4003a3-edf5-410b-af98-38cba977c6ff","block_type":"box","text":"reasons. They differ from standard forward foreign exchange contracts in that at least one of the","page_number":710,"box":{"x":180,"y":341,"width":699,"height":12}},{"id":"0784b0ca-d4f6-4428-b82f-42c193f18ccd","block_type":"box","text":"currencies in the transaction is not","page_number":710,"box":{"x":180,"y":356,"width":255,"height":9}},{"id":"2202cd50-1c26-42df-940a-69114f916fa6","block_type":"box","text":"permitted","page_number":710,"box":{"x":440,"y":356,"width":70,"height":12}},{"id":"f629e3e5-724f-4d4c-a8fd-f5995634f62e","block_type":"box","text":"to be delivered in settlement of any profit or loss","page_number":710,"box":{"x":515,"y":356,"width":364,"height":12}},{"id":"e0666dff-77ce-4bb8-be08-e2ca3a2a64e2","block_type":"box","text":"resulting from the transaction. Typically, profit or loss in this case will be delivered in US","page_number":710,"box":{"x":180,"y":371,"width":698,"height":12}},{"id":"eb16779a-fc86-4da6-b335-0a94ee0a3a2b","block_type":"box","text":"Dollars or Euro.","page_number":710,"box":{"x":180,"y":386,"width":117,"height":9}},{"id":"3596bcfd-d21d-4a34-a874-d85f09a03949","block_type":"box","text":"","page_number":710,"box":{"x":149,"y":418,"width":6,"height":4}},{"id":"65ae8320-8305-433a-bf1e-234ce25993a9","block_type":"box","text":"Options (including, but not limited to, currency options, stock options, options on indices,","page_number":710,"box":{"x":180,"y":415,"width":701,"height":12}},{"id":"0e8e9f00-a25e-4fa9-9215-e349f69f0e27","block_type":"box","text":"options on futures, options on bonds, swaptions and / or credit default swap options)","page_number":710,"box":{"x":180,"y":430,"width":694,"height":12}},{"id":"ccd1cb72-a492-4114-981d-8079b3b16332","block_type":"box","text":".","page_number":710,"box":{"x":877,"y":438,"width":2,"height":1}},{"id":"61ff89cb-5df4-4b7e-b036-0d6f0102fd05","block_type":"box","text":"Options are contracts in which the writer (seller) promises that the contract buyer has the right,","page_number":710,"box":{"x":180,"y":445,"width":698,"height":12}},{"id":"61704d19-672d-4a62-a590-bbd18f00c58c","block_type":"box","text":"but not the obligation, to buy or sell a certain index, equity, bond or currency at a certain price","page_number":710,"box":{"x":179,"y":460,"width":699,"height":12}},{"id":"f513f1e1-1429-42b1-a465-3f723ac75c08","block_type":"box","text":"(the strike price) on or before a certain expiration date, or exercise date. An option giving the","page_number":710,"box":{"x":180,"y":475,"width":699,"height":12}},{"id":"5a2b36ea-229d-4130-9b4e-5ee87f646c4a","block_type":"box","text":"buyer the right to buy at a certain price is called a call, while one that gives him/her the right to","page_number":710,"box":{"x":179,"y":490,"width":701,"height":12}},{"id":"04ee8a7c-6803-4cd0-9d7c-97e2b46cd498","block_type":"box","text":"sell is called a put. Call and put options may be","page_number":710,"box":{"x":180,"y":505,"width":353,"height":12}},{"id":"030b1754-c177-4803-816d-f0233f58c8ca","block_type":"box","text":"purchased","page_number":710,"box":{"x":539,"y":505,"width":74,"height":12}},{"id":"c95c34ae-c1c8-47cd-ba17-2cf53db0373b","block_type":"box","text":"and written on securities, securities","page_number":710,"box":{"x":619,"y":505,"width":260,"height":11}},{"id":"aa641a46-d950-4632-abec-438144fd5435","block_type":"box","text":"indices and currencies and options may be used on futures contracts and swap agreements and /","page_number":710,"box":{"x":180,"y":520,"width":700,"height":12}},{"id":"9cbc9bab-dbc1-424a-9eef-a647e9db9c15","block_type":"box","text":"or to hedge against changes in interest rates, currency exchange","page_number":710,"box":{"x":180,"y":535,"width":503,"height":12}},{"id":"161fd98d-ca7f-42ce-b424-4945a6b0a243","block_type":"box","text":"rates","page_number":710,"box":{"x":690,"y":537,"width":34,"height":7}},{"id":"1ec510b7-d6f1-428f-8237-ceec5f47c5bc","block_type":"box","text":"or securities prices.","page_number":710,"box":{"x":730,"y":536,"width":149,"height":11}},{"id":"80ad40b9-cba0-4739-b7c0-77479e0897cb","block_type":"box","text":"Swaptions and credit default swap options are types of option contracts which give the contract","page_number":710,"box":{"x":180,"y":550,"width":700,"height":12}},{"id":"4535899e-2d2a-44a1-9497-fbb5bc3874d5","block_type":"box","text":"buyer the right, but not the obligation, to","page_number":710,"box":{"x":179,"y":565,"width":293,"height":12}},{"id":"4bac7578-1762-486d-9fb5-b42d2f6908db","block_type":"box","text":"enter into","page_number":710,"box":{"x":477,"y":566,"width":68,"height":9}},{"id":"4eeea2fb-26a8-4229-8e76-ebc970efdc31","block_type":"box","text":"a swap or credit default swap, respectively, in","page_number":710,"box":{"x":551,"y":565,"width":330,"height":12}},{"id":"39e841ba-5ffc-4e6f-a74f-f9693315dd1c","block_type":"box","text":"the future at a contractually specified date and price.","page_number":710,"box":{"x":179,"y":580,"width":386,"height":12}},{"id":"4640ed59-e61a-46a6-8ae2-c6f161b2563a","block_type":"box","text":"","page_number":710,"box":{"x":149,"y":613,"width":6,"height":4}},{"id":"4d029d85-6aa5-41ad-a9f7-e6e402646dbc","block_type":"box","text":"Warrants","page_number":710,"box":{"x":179,"y":610,"width":77,"height":9}},{"id":"14ee6321-a344-4139-a989-9ffbb8be54df","block_type":"box","text":", which are similar to options in that they give the holder the right but not the","page_number":710,"box":{"x":257,"y":610,"width":621,"height":12}},{"id":"cc728edc-e382-4720-80b2-7f712b7624f2","block_type":"box","text":"obligation to buy or sell stock at a set price in the future. A warrant guarantees the holder the","page_number":710,"box":{"x":180,"y":625,"width":699,"height":12}},{"id":"6d36ba6b-79b8-4220-bc6c-29b71be1ec3c","block_type":"box","text":"right to buy (or sell) a specific number of shares at a specific price (the strike price) for a","page_number":710,"box":{"x":180,"y":640,"width":699,"height":12}},{"id":"a34854e5-c77f-41a7-8d23-7484a113301a","block_type":"box","text":"defined period of time. A","page_number":710,"box":{"x":180,"y":655,"width":188,"height":12}},{"id":"a4d7dc5a-6c44-4bd0-b439-3186caded464","block_type":"box","text":"Fund may invest in warrants or may acquire warrants passively as a","page_number":710,"box":{"x":374,"y":655,"width":506,"height":12}},{"id":"3ba06db9-bf81-43d3-af48-e499da8a253d","block_type":"box","text":"result, for example, of corporate actions.","page_number":710,"box":{"x":180,"y":670,"width":297,"height":12}},{"id":"d83ba9f9-9caa-49ca-bb78-235710afdcb0","block_type":"box","text":"","page_number":710,"box":{"x":149,"y":702,"width":6,"height":4}},{"id":"2a0c1bb3-e18a-4a06-bffe-f76dcc8e697f","block_type":"box","text":"Swaps (including, but not limited to, total return swaps, foreign exchange swaps, single","page_number":710,"box":{"x":180,"y":699,"width":699,"height":12}},{"id":"979783c4-f454-4011-ac29-74bd33aaaab1","block_type":"box","text":"name credit default swaps, credit-default swap indices, interest rate swaps, inflation swaps","page_number":710,"box":{"x":180,"y":714,"width":700,"height":12}},{"id":"b0d60ec5-779f-4521-b76b-468955dc6ae8","block_type":"box","text":"and / or cross-currency swaps)","page_number":710,"box":{"x":180,"y":729,"width":247,"height":12}},{"id":"e74f36e1-8f17-48ef-86bc-0bcd679efe13","block_type":"box","text":".","page_number":710,"box":{"x":429,"y":737,"width":3,"height":1}},{"id":"582c1e90-f365-4c11-8b3a-5d4f1236fc5a","block_type":"box","text":"Generally, a","page_number":710,"box":{"x":438,"y":729,"width":91,"height":12}},{"id":"19076372-8e8d-4a45-b7b4-d000be517b28","block_type":"box","text":"swap is a contractual agreement between two","page_number":710,"box":{"x":535,"y":729,"width":344,"height":12}},{"id":"91071c13-d51b-4ee2-b57a-37811bd79226","block_type":"box","text":"counterparties in which the cash flows from two reference assets are exchanged as they are","page_number":710,"box":{"x":180,"y":744,"width":698,"height":12}},{"id":"be000803-1992-4779-876c-3531f1960cb3","block_type":"box","text":"received for a predetermined","page_number":710,"box":{"x":180,"y":759,"width":212,"height":12}},{"id":"2cd4d95d-5dfc-49c0-8620-45a7a6208151","block_type":"box","text":"time period.","page_number":710,"box":{"x":397,"y":759,"width":88,"height":12}},{"id":"0d9998fa-72a2-48f0-8849-833501d55c19","block_type":"box","text":"o","page_number":710,"box":{"x":179,"y":791,"width":8,"height":7}},{"id":"695c84fb-5e23-4eaf-b04e-4fb39e34ee7e","block_type":"box","text":"A total return swap is an agreement between two parties whereby one party makes payments","page_number":710,"box":{"x":209,"y":788,"width":683,"height":12}},{"id":"53348f85-76fe-421a-a01a-88fcb7885863","block_type":"box","text":"to the other based on an agreed rate, while the other party makes payments to the first party","page_number":710,"box":{"x":209,"y":804,"width":671,"height":12}},{"id":"2b753b32-d2b4-4e5b-b755-53e1ed83b7a9","block_type":"box","text":"based on the return of an underlying asset or assets, such as one or more securities, a","page_number":710,"box":{"x":209,"y":819,"width":670,"height":12}},{"id":"35ec371a-7766-4c5f-95ed-9c34c9e85959","block_type":"box","text":"currency, an index or an interest rate. 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Where the Fund sells a CDS (which is taking a","page_number":711,"box":{"x":209,"y":238,"width":671,"height":12}},{"id":"ca450d85-bffa-4452-a138-8b64eb58ea49","block_type":"box","text":"long position in respect of the credit of the fixed income security’s issuer) it will receive a","page_number":711,"box":{"x":209,"y":253,"width":670,"height":12}},{"id":"58471c08-3234-4ec8-bc67-afb25478d376","block_type":"box","text":"fee from the purchaser and hope to profit from that fee in the event that the issuer of the","page_number":711,"box":{"x":209,"y":268,"width":669,"height":12}},{"id":"f63c4c99-68e9-435f-826c-37e3b37d9926","block_type":"box","text":"relevant fixed income security does not default on its payment obligations.","page_number":711,"box":{"x":209,"y":283,"width":549,"height":12}},{"id":"c5bea5a6-21fc-47f1-b802-3b9b3c922bb0","block_type":"box","text":"o","page_number":711,"box":{"x":179,"y":315,"width":8,"height":6}},{"id":"fb92fc91-2c99-4ed9-b4d8-a53a4b840986","block_type":"box","text":"A credit default index swap is a","page_number":711,"box":{"x":209,"y":312,"width":246,"height":12}},{"id":"6a489e35-c0d1-4d69-bd8a-d75ca2b3e8d9","block_type":"box","text":"standardised","page_number":711,"box":{"x":462,"y":312,"width":91,"height":9}},{"id":"85e18845-2371-49f3-910c-5147f51c7f35","block_type":"box","text":"and highly liquid credit derivative used to","page_number":711,"box":{"x":559,"y":312,"width":320,"height":12}},{"id":"5df3adbb-f80e-4485-9143-a9281597e4bd","block_type":"box","text":"hedge credit risk or to take a position on a basket of credit fixed income securities (a CDS","page_number":711,"box":{"x":209,"y":328,"width":669,"height":12}},{"id":"3c19f565-ea2c-469f-b5af-7a4bd007ad2a","block_type":"box","text":"index is a portfolio of actively traded liquid fixed income securities in a particular sector of","page_number":711,"box":{"x":209,"y":343,"width":671,"height":12}},{"id":"6088f482-dec0-479e-abfc-5fdb7721a53c","block_type":"box","text":"the market).","page_number":711,"box":{"x":209,"y":358,"width":87,"height":12}},{"id":"4e319b3a-4ac9-4be4-a0a7-b3604fcf58b6","block_type":"box","text":"o","page_number":711,"box":{"x":179,"y":390,"width":8,"height":6}},{"id":"4d722dc7-c52f-4d4b-bb78-27417224ac32","block_type":"box","text":"An interest rate swap is a contract used to offset risks posed to the value of the Fund’s","page_number":711,"box":{"x":209,"y":387,"width":669,"height":12}},{"id":"b9e9bc41-2233-4c49-8fb2-c52034e7abf4","block_type":"box","text":"portfolio by volatility in interest rates or to","page_number":711,"box":{"x":209,"y":403,"width":314,"height":12}},{"id":"040616e8-a8da-4247-b914-b0f842089317","block_type":"box","text":"speculate on","page_number":711,"box":{"x":529,"y":403,"width":91,"height":12}},{"id":"db7dd9e0-8ff0-4fc8-91e0-2e88bbdf1f64","block_type":"box","text":"changes to interest rates.","page_number":711,"box":{"x":626,"y":403,"width":179,"height":12}},{"id":"29cb9aed-5933-421b-b3a8-157caee7f97f","block_type":"box","text":"o","page_number":711,"box":{"x":179,"y":435,"width":8,"height":6}},{"id":"c2cf4176-6c24-4b69-96ad-44a4f06ae11f","block_type":"box","text":"An inflation swap is a contract used to transfer inflation risk from one party to another","page_number":711,"box":{"x":209,"y":432,"width":670,"height":12}},{"id":"b36d2f14-61c7-4a4f-a0c8-ba042c15f5cd","block_type":"box","text":"through an exchange of fixed cash flows. In an inflation swap, one party pays a","page_number":711,"box":{"x":209,"y":448,"width":670,"height":12}},{"id":"60e19366-873b-4cf1-92c5-0723e9930916","block_type":"box","text":"fixed","page_number":711,"box":{"x":209,"y":463,"width":37,"height":9}},{"id":"92a39858-66af-4dd4-aaa9-850561d012b8","block_type":"box","text":"rate","page_number":711,"box":{"x":252,"y":465,"width":26,"height":7}},{"id":"4d3ffc4b-e03b-4499-8508-0ad3b6e34a04","block_type":"box","text":"cash flow on a notional principal amount while the other party pays a floating rate","page_number":711,"box":{"x":284,"y":463,"width":597,"height":12}},{"id":"a5e1f742-9ac0-49c5-8ad6-e6b4056d444c","block_type":"box","text":"linked to an inflation index, such as the Consumer Price Index (CPI). The party paying the","page_number":711,"box":{"x":209,"y":478,"width":669,"height":12}},{"id":"c334b53d-5b0e-4375-9fb6-d19af812eb19","block_type":"box","text":"floating rate pays the inflation-adjusted rate multiplied by the notional principal amount.","page_number":711,"box":{"x":209,"y":493,"width":669,"height":12}},{"id":"e3214c27-6468-4272-bc88-b45af58a5f71","block_type":"box","text":"Usually, the principal does not change","page_number":711,"box":{"x":209,"y":508,"width":297,"height":12}},{"id":"f8dea898-4684-4355-ac6e-96d83680bc42","block_type":"box","text":"hands. Each cash flow","page_number":711,"box":{"x":512,"y":508,"width":174,"height":9}},{"id":"8a8c0f00-3308-4d7f-8ca3-fd22421f15c2","block_type":"box","text":"comprises","page_number":711,"box":{"x":691,"y":508,"width":74,"height":12}},{"id":"e3256358-387f-4e66-bef5-18e66a970086","block_type":"box","text":"one leg of the","page_number":711,"box":{"x":771,"y":508,"width":109,"height":12}},{"id":"5c9cb577-d7ef-4d53-8be9-4bde461c6c43","block_type":"box","text":"swap.","page_number":711,"box":{"x":209,"y":526,"width":41,"height":9}},{"id":"2d0dd693-296a-4cc9-9617-daef08249d64","block_type":"box","text":"o","page_number":711,"box":{"x":179,"y":555,"width":8,"height":6}},{"id":"64c2f61c-8166-4421-9657-73d3baaefd06","block_type":"box","text":"A cross-currency swap is an OTC derivative in","page_number":711,"box":{"x":209,"y":552,"width":346,"height":12}},{"id":"11f819fb-a257-4698-b0b8-1a9495285d07","block_type":"box","text":"a form","page_number":711,"box":{"x":561,"y":552,"width":48,"height":10}},{"id":"7264c00e-b41a-4f41-ab20-bd25ff12c9a1","block_type":"box","text":"of an agreement between two parties","page_number":711,"box":{"x":615,"y":552,"width":269,"height":12}},{"id":"15ce9976-9cde-4b92-9dc0-e8d360757fe6","block_type":"box","text":"to exchange interest payments and principal denominated in two different currencies. In a","page_number":711,"box":{"x":209,"y":568,"width":670,"height":12}},{"id":"d727a6b1-1041-4955-bb82-1528c38689c9","block_type":"box","text":"cross-currency swap, interest","page_number":711,"box":{"x":209,"y":584,"width":219,"height":11}},{"id":"4eff6510-da2e-4af9-9e91-7a01ce2dbf82","block_type":"box","text":"payments","page_number":711,"box":{"x":434,"y":585,"width":69,"height":10}},{"id":"912bf454-a521-4f08-9c48-6215153a751a","block_type":"box","text":"and principal in one currency are exchanged for","page_number":711,"box":{"x":509,"y":583,"width":371,"height":12}},{"id":"168d5412-6894-446b-b14a-1ed3d416274d","block_type":"box","text":"principal and interest payments in a different currency. Interest payments are exchanged","page_number":711,"box":{"x":209,"y":598,"width":670,"height":12}},{"id":"ce2701b3-3762-402b-8122-4c4320f97812","block_type":"box","text":"at","page_number":711,"box":{"x":209,"y":615,"width":13,"height":7}},{"id":"065d005a-1a7e-42a9-ae69-dbc3ebf0e214","block_type":"box","text":"fixed intervals during the life of the agreement. 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BLOOMBERG DOES NOT MAKE","page_number":717,"box":{"x":119,"y":415,"width":761,"height":10}},{"id":"619b52e7-3b7b-405e-a34d-606cacda4d29","block_type":"box","text":"ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE","page_number":717,"box":{"x":119,"y":430,"width":759,"height":10}},{"id":"71f858e4-62bc-4a1a-ab62-1305299097b1","block_type":"box","text":"COMPANY OR THE FUND, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY","page_number":717,"box":{"x":120,"y":445,"width":759,"height":10}},{"id":"f5026b98-d538-4f19-a850-1360a17ceaf4","block_type":"box","text":"FROM THE USE OF THE INDEX OR ANY DATA RELATED THERETO. 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WITHOUT","page_number":717,"box":{"x":119,"y":505,"width":760,"height":9}},{"id":"b53a86b5-c83d-4581-bac6-83a0171b55de","block_type":"box","text":"LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW,","page_number":717,"box":{"x":119,"y":520,"width":759,"height":11}},{"id":"bf8c3a56-81ae-4e9e-b48b-854b4f41238f","block_type":"box","text":"BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES,","page_number":717,"box":{"x":119,"y":535,"width":759,"height":11}},{"id":"40060c66-8a25-4094-b0c7-8136d04e29cf","block_type":"box","text":"CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR","page_number":717,"box":{"x":120,"y":550,"width":760,"height":11}},{"id":"142df86e-7784-4556-bb54-36fca79e6bd3","block_type":"box","text":"RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES - WHETHER DIRECT,","page_number":717,"box":{"x":119,"y":565,"width":759,"height":11}},{"id":"846bea4f-5509-41bf-a7a8-ad4d9cff2717","block_type":"box","text":"INDIRECT, 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Where Rule 144A Securities are not so","page_number":721,"box":{"x":119,"y":642,"width":759,"height":12}},{"id":"9f1c3f83-6327-4bcd-850f-1ec39dbf912b","block_type":"box","text":"listed or traded, they will be subject to the 10% limit referred to below, save where they: (a) were issued","page_number":721,"box":{"x":119,"y":657,"width":761,"height":12}},{"id":"af28371c-b5ce-4ce2-8f79-c35fa464091f","block_type":"box","text":"with an undertaking to register the relevant security with the SEC within one year of issue; and (b) can be","page_number":721,"box":{"x":119,"y":672,"width":761,"height":12}},{"id":"0e7fc54b-961e-4c7f-8df9-b192dae3262c","block_type":"box","text":"realised by the Fund within seven days at approximately the price at which the relevant security is valued","page_number":721,"box":{"x":119,"y":687,"width":762,"height":12}},{"id":"3dff25dd-cfd6-423e-bf73-d3f77837b713","block_type":"box","text":"by the Fund.","page_number":721,"box":{"x":119,"y":703,"width":97,"height":11}},{"id":"12853c71-4096-4dd6-81a4-ff679974f1c3","block_type":"box","text":"Exposure to Regulation 144A Securities which do not meet the above criteria shall be subject to an","page_number":721,"box":{"x":119,"y":732,"width":760,"height":12}},{"id":"5fb988e5-86e9-41c1-ac49-1191129be62a","block_type":"box","text":"aggregate limit of 10% of the Fund’s Net Asset Value in accordance with paragraph (ii)(a) of the section","page_number":721,"box":{"x":119,"y":747,"width":762,"height":12}},{"id":"0d980a6a-5eb0-4be9-8769-f675dc2708e2","block_type":"box","text":"headed “","page_number":721,"box":{"x":119,"y":762,"width":64,"height":9}},{"id":"d791a5a9-9d4e-48dd-9772-d6c94a3ff0e8","block_type":"box","text":"Investment Restrictions","page_number":721,"box":{"x":184,"y":762,"width":187,"height":9}},{"id":"ec437fb1-9b56-46f9-9121-e9442721d158","block_type":"box","text":"” in","page_number":721,"box":{"x":372,"y":762,"width":31,"height":9}},{"id":"e80eb501-2c2f-4e0f-aead-74df6ca9c95e","block_type":"box","text":"Appendix 3","page_number":721,"box":{"x":403,"y":762,"width":90,"height":12}},{"id":"4ba38c30-1d01-4802-bc6d-d97778911c31","block_type":"box","text":"of the Prospectus.","page_number":721,"box":{"x":494,"y":762,"width":135,"height":12}},{"id":"a1959d47-28fb-4c1c-8bc1-1bdce1616be0","block_type":"box","text":"The Fund may invest in subordinate and callable bonds. A subordinate bond is a class of bond that ranks","page_number":721,"box":{"x":119,"y":791,"width":762,"height":12}},{"id":"e1f3d69b-fc6a-4b97-9243-8f56c88d8d19","block_type":"box","text":"lower than other types of bond in terms of the priority accorded to their repayment where the issuer of the","page_number":721,"box":{"x":119,"y":806,"width":761,"height":12}},{"id":"8f3322ac-0515-4695-a1b4-a0ec1d016ff9","block_type":"box","text":"bond is liquidated. A callable bond is a bond that may be redeemed or ‘called’ by its issuer (i.e. by","page_number":721,"box":{"x":119,"y":821,"width":760,"height":12}},{"id":"955781e6-e005-41e3-80f4-d5a889c4b312","block_type":"box","text":"returning the principal to the investor and ceasing coupon payments) before it matures, usually subject to","page_number":721,"box":{"x":119,"y":836,"width":761,"height":12}},{"id":"566e8650-1863-4f64-883d-03e3e8447cf4","block_type":"box","text":"certain conditions or limits. Callable bonds are typically used as a hedge against interest rate risk since","page_number":721,"box":{"x":119,"y":851,"width":760,"height":12}},{"id":"aee4b206-2d6c-4f25-94ce-ddae510a8cb9","block_type":"box","text":"issuers can reduce their liabilities by paying off existing debt (i.e. by calling the bond) when interest rates","page_number":721,"box":{"x":119,"y":866,"width":761,"height":12}},{"id":"e0d42736-a8ff-4b0b-8701-ba631cd462ae","block_type":"box","text":"fall and offering new bonds at lower interest rates.","page_number":721,"box":{"x":119,"y":881,"width":376,"height":12}},{"id":"3844986f-888f-4a44-ba44-40b9f87faf94","block_type":"box","text":"3","page_number":722,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"61657e8c-5418-49a5-8114-9a5303518b66","block_type":"box","text":"VG001-001/M85660-892520263-23570/1","page_number":722,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"c82ae7f0-f547-44e9-bd72-d8d5d91c5063","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":722,"box":{"x":119,"y":87,"width":759,"height":12}},{"id":"febadc2e-ef80-49e0-9af9-005a5cd7cd1d","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":722,"box":{"x":119,"y":102,"width":382,"height":12}},{"id":"ddd12946-4f60-44fe-a1cb-92c5fa8d43c4","block_type":"box","text":"Appendix 5","page_number":722,"box":{"x":502,"y":102,"width":90,"height":12}},{"id":"b75112da-f421-4c46-9c99-97eb8dbe6a35","block_type":"box","text":"of the Prospectus.","page_number":722,"box":{"x":592,"y":102,"width":136,"height":12}},{"id":"187bbe30-eee2-4125-a54b-0187e76df599","block_type":"box","text":"The Index rebalances on a monthly basis. For potential cost impacts of rebalancing, please see the","page_number":722,"box":{"x":119,"y":131,"width":760,"height":12}},{"id":"c07aa30a-b7a9-46c3-b8e8-80c0204f7870","block_type":"box","text":"section of the Prospectus headed “","page_number":722,"box":{"x":120,"y":146,"width":250,"height":12}},{"id":"273ad28a-cb6e-4d5d-8dc0-b7619eab7ccf","block_type":"box","text":"Index rebalancing and costs","page_number":722,"box":{"x":371,"y":146,"width":218,"height":12}},{"id":"25df959d-9de5-4e99-a5f3-7e6c239e2789","block_type":"box","text":"”. Further information in relation to the","page_number":722,"box":{"x":590,"y":146,"width":290,"height":9}},{"id":"d2360d05-ffa7-4f28-90b7-57af6f71d3e5","block_type":"box","text":"Index, including details as to its exact composition, can be obtained at:","page_number":722,"box":{"x":119,"y":161,"width":527,"height":12}},{"id":"add635a3-ca28-4aac-a9f3-a4cc33297d40","block_type":"box","text":"https://www.bloomberg/indices","page_number":722,"box":{"x":646,"y":161,"width":233,"height":12}},{"id":"6b36b832-922f-4622-888d-7f7d5a07de3f","block_type":"box","text":"Other Investment Strategies","page_number":722,"box":{"x":120,"y":190,"width":221,"height":12}},{"id":"bf5164c3-9a45-4229-8906-87db4dfb571c","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":722,"box":{"x":119,"y":222,"width":705,"height":12}},{"id":"1c50c21d-f722-4a8e-8643-33862a536d0d","block_type":"box","text":"OTC","page_number":722,"box":{"x":827,"y":222,"width":38,"height":9}},{"id":"80b2c975-f6dc-4e6d-835d-8ef593c6580d","block_type":"box","text":"”)","page_number":722,"box":{"x":867,"y":222,"width":13,"height":12}},{"id":"ae6d2ffa-3b64-4c9f-b77b-ed11b8881f0d","block_type":"box","text":"financial derivative instruments (“","page_number":722,"box":{"x":119,"y":237,"width":259,"height":12}},{"id":"c7514694-50cb-402b-a68c-060f5ecbad78","block_type":"box","text":"FDI","page_number":722,"box":{"x":380,"y":237,"width":31,"height":9}},{"id":"0afa7536-f5cc-472d-b55e-ee879b3ec3e1","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":722,"box":{"x":412,"y":237,"width":467,"height":12}},{"id":"5b1848e9-7477-44b9-aac4-176a5f955f19","block_type":"box","text":"efficient portfolio management purposes and/or hedging, provided such investment is in accordance","page_number":722,"box":{"x":119,"y":252,"width":759,"height":12}},{"id":"b4ddf63b-b564-4612-af10-2c3ff4fc1310","block_type":"box","text":"with","page_number":722,"box":{"x":119,"y":267,"width":37,"height":9}},{"id":"7153070e-b2d3-4121-8535-e82a394150b4","block_type":"box","text":"Appendix 4","page_number":722,"box":{"x":156,"y":267,"width":91,"height":12}},{"id":"946597fa-3e82-4412-a96d-e6ade70e93a6","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI","page_number":722,"box":{"x":247,"y":267,"width":634,"height":12}},{"id":"7fc74bab-89d0-4f38-ba38-07dcc29084ec","block_type":"box","text":"shall be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":722,"box":{"x":120,"y":282,"width":759,"height":12}},{"id":"2267c74d-7154-41fb-9726-8ae76e91df50","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":722,"box":{"x":119,"y":297,"width":759,"height":12}},{"id":"f81f1ddd-a90a-4dbf-a4be-fc7d75c42b3d","block_type":"box","text":"time of investment.","page_number":722,"box":{"x":119,"y":312,"width":147,"height":9}},{"id":"7718c973-8c7d-461a-9e08-d3a2c0c1463b","block_type":"box","text":"Specifically, the Fund may invest in the following FDI:","page_number":722,"box":{"x":120,"y":341,"width":407,"height":12}},{"id":"049f58f6-4d17-4e3d-9483-d1171110f90f","block_type":"box","text":"","page_number":722,"box":{"x":119,"y":373,"width":6,"height":4}},{"id":"815c35da-44a7-499d-b78e-cff9bdbd0784","block_type":"box","text":"forward foreign exchange contracts, which are agreements between parties to exchange fixed","page_number":722,"box":{"x":150,"y":371,"width":729,"height":12}},{"id":"00a34f93-5585-4713-bbb0-141bcde58feb","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. Forward","page_number":722,"box":{"x":150,"y":386,"width":729,"height":12}},{"id":"fc2db441-62f6-4f44-aa74-6a22b48e8cba","block_type":"box","text":"foreign exchange contracts are","page_number":722,"box":{"x":150,"y":401,"width":226,"height":12}},{"id":"8d042839-6082-4e36-b9d7-5167f78f99e0","block_type":"box","text":"traded","page_number":722,"box":{"x":382,"y":401,"width":46,"height":9}},{"id":"82cf97be-e99f-4745-8858-29f07b9f56da","block_type":"box","text":"OTC and may be used to manage currency exposures. Non","page_number":722,"box":{"x":434,"y":401,"width":445,"height":12}},{"id":"083c1b1f-16ef-41e6-972f-bdb5620afd31","block_type":"box","text":"deliverable forward foreign exchange contracts may be used for the same reasons. They differ from","page_number":722,"box":{"x":150,"y":416,"width":730,"height":12}},{"id":"2df33b7b-4018-465d-a533-d6f48da54970","block_type":"box","text":"standard forward foreign exchange contracts in that at least one of the currencies in the transaction is","page_number":722,"box":{"x":150,"y":431,"width":731,"height":12}},{"id":"37797e22-38ec-4a77-b5de-f845dba4df8a","block_type":"box","text":"not","page_number":722,"box":{"x":149,"y":447,"width":24,"height":8}},{"id":"45cdedcc-d722-4d62-9c2b-de31f35468d8","block_type":"box","text":"permitted","page_number":722,"box":{"x":178,"y":446,"width":70,"height":12}},{"id":"c7303143-e5d4-4b22-9bbe-22a12d3fdd0f","block_type":"box","text":"to be delivered in settlement of any profit or loss resulting from the transaction.","page_number":722,"box":{"x":253,"y":446,"width":625,"height":12}},{"id":"063179da-0b34-4afc-b695-5966bdcf6ec8","block_type":"box","text":"Typically, profit or loss in this case will be delivered in US Dollars or Euro","page_number":722,"box":{"x":149,"y":461,"width":556,"height":12}},{"id":"c6ba3789-694c-4f55-9d3c-ff085a1ffd08","block_type":"box","text":";","page_number":722,"box":{"x":707,"y":464,"width":2,"height":8}},{"id":"04684beb-51f8-46b9-bd1e-6095499f66a9","block_type":"box","text":"","page_number":722,"box":{"x":119,"y":492,"width":6,"height":5}},{"id":"88dbcedb-eb23-4d9d-b5ee-87c262659da1","block_type":"box","text":"single name credit default swaps (“","page_number":722,"box":{"x":150,"y":490,"width":259,"height":12}},{"id":"006d6f70-0b3a-43eb-9843-78c852b29054","block_type":"box","text":"CDS","page_number":722,"box":{"x":411,"y":491,"width":35,"height":8}},{"id":"14ddf481-3d59-465c-aaf2-3dea7cd02c98","block_type":"box","text":"”) and CDS indices (for example, CDX and iTraxx) which","page_number":722,"box":{"x":448,"y":490,"width":432,"height":12}},{"id":"d056e988-be19-4ce8-be5a-51eaeca038d1","block_type":"box","text":"may be used to hedge credit exposure to a particular issuer, maturity or seniority of debt issuance","page_number":722,"box":{"x":149,"y":505,"width":730,"height":12}},{"id":"0c37796c-fb50-43d2-b1e3-fcb9c4401a6b","block_type":"box","text":"represented in the Index or, in the case of CDS indices, to a particular sector of the fixed income","page_number":722,"box":{"x":149,"y":520,"width":729,"height":12}},{"id":"18994e25-6842-46a9-823b-8dadd4163d7a","block_type":"box","text":"market or to gain efficient exposure to the foregoing from a costs and/or risk perspective, for","page_number":722,"box":{"x":149,"y":535,"width":730,"height":12}},{"id":"a23b10ea-ff53-4b2c-8f6b-d72abc566747","block_type":"box","text":"example during periods of illiquidity in the bond markets;","page_number":722,"box":{"x":150,"y":550,"width":425,"height":12}},{"id":"9ac40461-5609-4937-8a89-03e543006d3f","block_type":"box","text":"","page_number":722,"box":{"x":119,"y":582,"width":6,"height":4}},{"id":"93bf065d-2103-4772-92ed-1b6da13fa811","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":722,"box":{"x":149,"y":579,"width":730,"height":12}},{"id":"78bd2aaa-57e9-4afc-aef9-145f6d3a70f1","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":722,"box":{"x":150,"y":594,"width":731,"height":12}},{"id":"f4067d8b-6408-466c-8b8a-3d5d3e3a6b4e","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":722,"box":{"x":149,"y":609,"width":731,"height":12}},{"id":"523aab57-f287-4283-8d45-b2130ad508e2","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":722,"box":{"x":149,"y":624,"width":729,"height":12}},{"id":"e3e3ecc8-6c45-4edf-a193-e6fc518c8e88","block_type":"box","text":"tracking error;","page_number":722,"box":{"x":149,"y":640,"width":105,"height":11}},{"id":"c7993d4b-8bca-478c-ab34-9eb2b1fe672b","block_type":"box","text":"","page_number":722,"box":{"x":119,"y":671,"width":6,"height":5}},{"id":"ea3c426c-1d2c-4930-98cc-0f112c8597a1","block_type":"box","text":"FX swaps to manage exchange rate/currency risk arising in the portfolio or to benefit directly from","page_number":722,"box":{"x":150,"y":669,"width":729,"height":12}},{"id":"392f3ac2-6710-4562-bde8-c1f56d16d119","block_type":"box","text":"changes in currency exchange rates;","page_number":722,"box":{"x":150,"y":684,"width":270,"height":12}},{"id":"a18f2d6f-1f82-4518-a7a0-19f83b887e47","block_type":"box","text":"","page_number":722,"box":{"x":119,"y":715,"width":6,"height":5}},{"id":"7950d404-6d51-4a9a-ae14-a7ae748f34d3","block_type":"box","text":"interest rate futures and swaps to hedge against interest rate risk arising at the level of the Fund’s","page_number":722,"box":{"x":149,"y":713,"width":730,"height":12}},{"id":"34118b68-967c-40c1-b477-1d9c31208ca7","block_type":"box","text":"portfolio; and","page_number":722,"box":{"x":149,"y":728,"width":101,"height":12}},{"id":"2a17e4b3-e617-4505-9d66-916557b27cef","block_type":"box","text":"","page_number":722,"box":{"x":119,"y":760,"width":6,"height":4}},{"id":"d982477f-53db-400c-b218-53e20069863b","block_type":"box","text":"exchange-traded futures and options on single-name bonds or bond indices in order to hedge against","page_number":722,"box":{"x":150,"y":757,"width":739,"height":12}},{"id":"eb1fa88e-d908-4e9e-8959-7da3c10756c2","block_type":"box","text":"risk exposures arising in the portfolio, to manage cash flows on a short term basis and/or to achieve","page_number":722,"box":{"x":149,"y":772,"width":731,"height":12}},{"id":"93f212c5-fbce-45bb-8587-5f6d19d8debd","block_type":"box","text":"cost efficiencies.","page_number":722,"box":{"x":150,"y":787,"width":122,"height":10}},{"id":"2682ce1b-9b42-45d6-801d-8ff5aa11ed73","block_type":"box","text":"See","page_number":722,"box":{"x":120,"y":817,"width":29,"height":9}},{"id":"8f010c21-8ea0-4cf3-9329-bee32962ccce","block_type":"box","text":"Appendix 4","page_number":722,"box":{"x":149,"y":817,"width":90,"height":12}},{"id":"9bd9045b-cbd9-491a-a4ae-1d5bc76ed07a","block_type":"box","text":"of the Prospectus for further details on the FDI that the Fund will use. The Fund will not","page_number":722,"box":{"x":239,"y":817,"width":642,"height":12}},{"id":"2c9d4c08-18b6-4511-add0-9a7aca2eea32","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":722,"box":{"x":119,"y":832,"width":760,"height":12}},{"id":"7666276f-a726-423c-b680-c914d0f68cdd","block_type":"box","text":"usage at any time. See","page_number":722,"box":{"x":119,"y":847,"width":175,"height":12}},{"id":"37e01f52-0112-447e-a45f-baf6bd3ba583","block_type":"box","text":"Appendix 4","page_number":722,"box":{"x":303,"y":847,"width":93,"height":12}},{"id":"440a45dc-7d1a-4c92-bde5-8cb43ccbdf17","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":722,"box":{"x":397,"y":847,"width":482,"height":12}},{"id":"55cf9083-65dd-4a96-92a2-5db6a3b1f6b5","block_type":"box","text":"calculation of global exposure.","page_number":722,"box":{"x":119,"y":862,"width":226,"height":12}},{"id":"c23d9310-c1b5-4f6b-8a07-919eb7d3a6df","block_type":"box","text":"4","page_number":723,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"9a5272cb-5dd3-4cae-937d-e8a202308411","block_type":"box","text":"VG001-001/M85660-892520263-23570/1","page_number":723,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"23d10d63-d25d-4c49-9de2-0ec6f6fb1fd0","block_type":"box","text":"The Fund may invest in foreign exchange spots. 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Please see the section of the Prospectus headed “","page_number":724,"box":{"x":119,"y":175,"width":588,"height":12}},{"id":"37ffecea-71ab-427c-875d-522babf5b7cb","block_type":"box","text":"Currency Hedging at","page_number":724,"box":{"x":711,"y":175,"width":169,"height":12}},{"id":"dd7db850-b16e-4adc-a722-da7f593f9a46","block_type":"box","text":"Share Class Level","page_number":724,"box":{"x":120,"y":190,"width":139,"height":10}},{"id":"729b1946-84e2-41a6-b029-7d43c55c324d","block_type":"box","text":"” for further details.","page_number":724,"box":{"x":260,"y":190,"width":145,"height":10}},{"id":"32f447cc-bfb0-41b3-90f6-a0eb025878af","block_type":"box","text":"Fund Details","page_number":724,"box":{"x":119,"y":220,"width":105,"height":9}},{"id":"653b0086-e4b2-49b3-9e26-99ae8ae7d2d3","block_type":"box","text":"Investment 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Offer","page_number":724,"box":{"x":120,"y":314,"width":123,"height":9}},{"id":"eefdb00d-a061-4803-816d-494625d600ac","block_type":"box","text":"The ETF Shares which are available for subscription are set out in the table under the heading “","page_number":724,"box":{"x":119,"y":346,"width":704,"height":12}},{"id":"b6e5d558-cbb6-4778-938c-998dfca6c187","block_type":"box","text":"Classes","page_number":724,"box":{"x":824,"y":346,"width":56,"height":9}},{"id":"078084a8-6303-4c49-b2af-da6f08ccdc63","block_type":"box","text":"of Shares","page_number":724,"box":{"x":119,"y":361,"width":74,"height":9}},{"id":"eb1e676b-b8f6-4a19-9a77-0d4f3eaee32e","block_type":"box","text":"” in","page_number":724,"box":{"x":194,"y":361,"width":34,"height":9}},{"id":"8abc6d07-6ee8-4a28-97e5-4f595fd6a968","block_type":"box","text":"Appendix 1","page_number":724,"box":{"x":228,"y":361,"width":91,"height":12}},{"id":"e6f5458f-8577-46f8-8b7e-256b3234f84f","block_type":"box","text":"to the Prospectus and subscription shall be in accordance with the details","page_number":724,"box":{"x":320,"y":361,"width":559,"height":12}},{"id":"bf11246e-88da-4258-8a7f-f7f580991851","block_type":"box","text":"below","page_number":724,"box":{"x":119,"y":376,"width":45,"height":9}},{"id":"2b146263-0e4d-4c45-ae96-5b7edbd51cc4","block_type":"box","text":".","page_number":724,"box":{"x":165,"y":383,"width":2,"height":2}},{"id":"6398fa82-f1de-4524-ac45-ff51d5d8b780","block_type":"box","text":"Subscription / Redemption","page_number":724,"box":{"x":120,"y":405,"width":215,"height":12}},{"id":"39305dea-cf46-44cf-af68-049bdbaec5e2","block_type":"box","text":"ETF Shares may be subscribed or redeemed in-kind or in cash in accordance with the terms of the","page_number":724,"box":{"x":119,"y":434,"width":759,"height":12}},{"id":"c2c5f32e-1d9f-401c-86b5-810d35146280","block_type":"box","text":"Prospectus (see the sections of the Prospectus headed “","page_number":724,"box":{"x":119,"y":449,"width":410,"height":12}},{"id":"8f8b3a41-86ad-480d-9ee3-1de95c891fe7","block_type":"box","text":"Buying Shares","page_number":724,"box":{"x":531,"y":449,"width":114,"height":12}},{"id":"f59fb618-2d8d-40a1-8f30-5d5e370c7cc6","block_type":"box","text":"” and “","page_number":724,"box":{"x":646,"y":449,"width":52,"height":9}},{"id":"36779553-7b1b-43fb-96f2-17c1375755d5","block_type":"box","text":"Redeeming Shares","page_number":724,"box":{"x":699,"y":449,"width":146,"height":12}},{"id":"73e2cdcb-2841-4cde-b161-8f9038564505","block_type":"box","text":"” for","page_number":724,"box":{"x":846,"y":449,"width":34,"height":9}},{"id":"75bb9d82-b6d8-4601-8ca4-3e6cf106dd7f","block_type":"box","text":"further information).","page_number":724,"box":{"x":119,"y":464,"width":151,"height":12}},{"id":"9f946150-5c9f-4723-a5fc-7f522ca342a9","block_type":"box","text":"Dealing 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Index-eligible bonds must","page_number":732,"box":{"x":119,"y":178,"width":387,"height":12}},{"id":"4837de41-bbf1-4435-8e64-e2b19a1e2d66","block_type":"box","text":"have an amount outstanding of at least EUR 250","page_number":732,"box":{"x":507,"y":178,"width":372,"height":12}},{"id":"30a3cb49-987d-474b-be23-091557808352","block_type":"box","text":"million and issuers’ aggregate market weight is capped at 3% of the total index market value. Bonds","page_number":732,"box":{"x":119,"y":193,"width":760,"height":12}},{"id":"aa172290-8423-4dd1-bc73-9d905c3b06cf","block_type":"box","text":"from emerging market issues, as defined by the index provider, are excluded from the Index","page_number":732,"box":{"x":119,"y":208,"width":679,"height":12}},{"id":"ae4eb8f3-ac70-43b4-82eb-22a7da8ebd75","block_type":"box","text":".","page_number":732,"box":{"x":800,"y":215,"width":2,"height":2}},{"id":"d367c9ff-228f-4d4c-ac9e-43e57447b23a","block_type":"box","text":"Investment Objective","page_number":732,"box":{"x":119,"y":237,"width":168,"height":12}},{"id":"17e8b841-e51b-4fdc-a83c-b958fbe1ea9f","block_type":"box","text":"This Fund seeks to track the performance of the Index.","page_number":732,"box":{"x":119,"y":268,"width":408,"height":12}},{"id":"bf982d3f-a4b7-4b12-ac2a-ff2d7e5c58e1","block_type":"box","text":"Primary Investment Strategies","page_number":732,"box":{"x":119,"y":298,"width":241,"height":12}},{"id":"503eb91a-da03-44a2-be9f-d5046b2201f3","block_type":"box","text":"In seeking to achieve its investment objective, the Fund aims to provide a return which, before the","page_number":732,"box":{"x":119,"y":329,"width":760,"height":12}},{"id":"51477fa8-a170-4b3f-855f-0d5b39edb922","block_type":"box","text":"application of fees and expenses, is similar to the return of the Index. The Fund employs a “passive","page_number":732,"box":{"x":119,"y":344,"width":760,"height":12}},{"id":"fc65b7e5-86a3-47e1-9302-f40de41798f6","block_type":"box","text":"management” – or indexing – investment approach, through physical acquisition of securities, designed","page_number":732,"box":{"x":119,"y":359,"width":762,"height":12}},{"id":"59856458-aa89-48e9-99fa-212eca4c2f0a","block_type":"box","text":"to track the performance of the Index.","page_number":732,"box":{"x":119,"y":374,"width":284,"height":12}},{"id":"2ace17ee-3f89-4585-af11-aa9f71c8e0f1","block_type":"box","text":"In seeking to track the performance of the Index, the Fund will invest in a portfolio of EUR-denominated,","page_number":732,"box":{"x":119,"y":403,"width":761,"height":12}},{"id":"d30f13f7-2885-4308-920d-c34d36092995","block_type":"box","text":"fixed-rate, high yield corporate bonds (which may include subordinated or callable bonds) that, so far as","page_number":732,"box":{"x":119,"y":418,"width":761,"height":12}},{"id":"c77531b5-dc2b-4460-b130-830149b6a2df","block_type":"box","text":"possible and practicable, consists of a representative sample of the component securities of the Index.","page_number":732,"box":{"x":119,"y":433,"width":760,"height":12}},{"id":"02ffd399-581b-4554-b34a-9de98aa28a08","block_type":"box","text":"See the section of the Prospectus headed “","page_number":732,"box":{"x":120,"y":448,"width":304,"height":12}},{"id":"2c231a1d-b31b-42e4-9030-29d5d32d8911","block_type":"box","text":"The Funds","page_number":732,"box":{"x":425,"y":449,"width":83,"height":9}},{"id":"2cdaa56e-6993-49b2-b3e6-4d2563ca2af8","block_type":"box","text":"” for further information, in particular in relation to","page_number":732,"box":{"x":510,"y":448,"width":370,"height":12}},{"id":"779a76cb-2c9f-4516-b1fd-d720c230f6c1","block_type":"box","text":"optimisation and sampling techniques used in seeking to track the performance of the Index.","page_number":732,"box":{"x":119,"y":464,"width":680,"height":12}},{"id":"3acfdcdc-5f38-402b-8db9-4abab6f640ba","block_type":"box","text":"Where consistent with its investment objective, the Fund may also hold","page_number":732,"box":{"x":119,"y":493,"width":531,"height":12}},{"id":"ba290b8a-81c8-4ba9-83ed-defb89cced04","block_type":"box","text":"corporate bonds, which may be","page_number":732,"box":{"x":651,"y":493,"width":229,"height":12}},{"id":"f469068d-2f44-4dc2-9e81-11b88ad1e8da","block_type":"box","text":"fixed or floating rate and may include subordinated or callable bonds,","page_number":732,"box":{"x":119,"y":508,"width":530,"height":12}},{"id":"755d62ba-8b61-4098-8d73-568b4e884c77","block_type":"box","text":"that are not components of the","page_number":732,"box":{"x":651,"y":508,"width":228,"height":12}},{"id":"3b56a7d2-d5a4-4def-ba8b-7effb289c502","block_type":"box","text":"Index, but whose risk and return characteristics closely resemble risk and return characteristics of","page_number":732,"box":{"x":119,"y":523,"width":760,"height":12}},{"id":"7dcd0d38-c145-4f99-b669-835fb6205814","block_type":"box","text":"constituents of the Index or of the Index as a whole. For example, the Investment Manager may acquire","page_number":732,"box":{"x":119,"y":538,"width":761,"height":12}},{"id":"4ea0a4d2-6e81-41e7-ac80-ea6d378af65f","block_type":"box","text":"newly issued securities which meet all of the requirements for inclusion in the Index in anticipation of","page_number":732,"box":{"x":119,"y":553,"width":760,"height":12}},{"id":"2b5abdf8-4755-4ee8-a1be-2a855cf58b54","block_type":"box","text":"such securities being represented in the Index when it next rebalances. The Fund may also invest in","page_number":732,"box":{"x":120,"y":568,"width":758,"height":12}},{"id":"b4249c80-b853-4ec8-aae0-ed4e66221dfe","block_type":"box","text":"government bonds for the purposes of posting eligible collateral in respect of FDI transactions.","page_number":732,"box":{"x":120,"y":583,"width":698,"height":12}},{"id":"ecbfa0af-6236-4a86-9861-545f8cb66bb9","block_type":"box","text":"The Fund may invest in securities offered outside the United States pursuant to Regulation S of the 1933","page_number":732,"box":{"x":119,"y":612,"width":761,"height":12}},{"id":"b99a9297-80dd-493b-8cf7-e788dc09063c","block_type":"box","text":"Act.","page_number":732,"box":{"x":119,"y":628,"width":36,"height":9}},{"id":"ab87d678-0a40-49ee-8d76-8e4e9e89210f","block_type":"box","text":"The Fund may invest in subordinate and callable bonds. A subordinate bond is a class of bond that ranks","page_number":732,"box":{"x":119,"y":657,"width":762,"height":12}},{"id":"b88194a7-44e6-4fd6-96f8-014ad167f5fb","block_type":"box","text":"lower than other types of bonds in terms of the priority accorded to their repayment where the issuer of","page_number":732,"box":{"x":119,"y":672,"width":761,"height":12}},{"id":"923d6fd3-b129-4efa-bba6-93cbaeaaa30f","block_type":"box","text":"the bond is liquidated. A callable bond is a bond that may be redeemed or ‘called’ by its issuer (i.e. by","page_number":732,"box":{"x":119,"y":687,"width":760,"height":12}},{"id":"63a86a60-0217-4ddd-bb04-da375fbd1d9d","block_type":"box","text":"returning the principal to the investor and ceasing coupon payments) before it matures, usually subject to","page_number":732,"box":{"x":119,"y":702,"width":761,"height":12}},{"id":"849a2868-9ce6-464c-8d08-fec3b52a2398","block_type":"box","text":"certain conditions or limits. Callable bonds are typically used as a hedge against interest rate risk since","page_number":732,"box":{"x":119,"y":717,"width":760,"height":12}},{"id":"f1480bdb-7323-4004-96d8-6e2f9760083e","block_type":"box","text":"issuers can reduce their liabilities by paying off existing debt (i.e. by calling the bond) when interest rates","page_number":732,"box":{"x":119,"y":732,"width":761,"height":12}},{"id":"58bed0b3-81dc-4c2b-aa16-109c919e954f","block_type":"box","text":"fall and offering new bonds at lower interest rates.","page_number":732,"box":{"x":119,"y":747,"width":376,"height":12}},{"id":"0b12f0a5-873b-4bdc-8fa4-1410f9248e81","block_type":"box","text":"The securities in which the Fund will invest shall, to the extent required by the UCITS Regulations, be","page_number":732,"box":{"x":119,"y":776,"width":759,"height":12}},{"id":"573b937b-43da-4a3a-bf15-1720dca41343","block_type":"box","text":"listed or traded on the Regulated Markets set out in","page_number":732,"box":{"x":119,"y":791,"width":382,"height":12}},{"id":"18c343b6-2f5f-4900-b78e-a6f13cbcc6a2","block_type":"box","text":"Appendix 5","page_number":732,"box":{"x":502,"y":791,"width":90,"height":12}},{"id":"9cf787c4-6df0-4440-a5c9-0e5e42670d5e","block_type":"box","text":"of the Prospectus.","page_number":732,"box":{"x":592,"y":791,"width":136,"height":12}},{"id":"e90ef843-8352-45b8-a995-3d16e88fda14","block_type":"box","text":"The Index rebalances on a monthly basis. For potential cost impacts of rebalancing, please see the","page_number":732,"box":{"x":119,"y":820,"width":760,"height":12}},{"id":"fe0255b6-c61e-4734-8bfb-2d6997aac3a3","block_type":"box","text":"section of the Prospectus headed “","page_number":732,"box":{"x":120,"y":835,"width":250,"height":12}},{"id":"34fefbd8-8946-42de-b81c-0801b67a2cac","block_type":"box","text":"Index rebalancing and costs","page_number":732,"box":{"x":371,"y":835,"width":218,"height":12}},{"id":"1e07e7b8-e51f-452f-b198-804ae7ca14bf","block_type":"box","text":"”. Further information in relation to the","page_number":732,"box":{"x":590,"y":835,"width":290,"height":10}},{"id":"1f6d370d-374b-4b8f-bd92-36b5700dea8a","block_type":"box","text":"Index, including details as to its exact composition, can be obtained at","page_number":732,"box":{"x":119,"y":850,"width":517,"height":12}},{"id":"a4940c8a-1d1c-4ef1-9018-b02a5e8c5a84","block_type":"box","text":"https://www.bloomberg.com/professional/product/indices/bloomberg-fixed-income-indices/#/ucits","page_number":732,"box":{"x":119,"y":880,"width":728,"height":12}},{"id":"407ffb3b-628f-4913-b832-7f7d21cbc4d0","block_type":"box","text":".","page_number":732,"box":{"x":850,"y":887,"width":2,"height":2}},{"id":"4341f69d-ef91-415c-886d-73507a61aa31","block_type":"box","text":"3","page_number":733,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"7e448719-6258-40af-9865-359cd12af63e","block_type":"box","text":"VG001-001/M85660-892520263-22910/1","page_number":733,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"272f764a-1132-4cd1-baa4-342476d99781","block_type":"box","text":"Other Investment Strategies","page_number":733,"box":{"x":120,"y":87,"width":221,"height":12}},{"id":"ba0f09d7-9152-48d2-85aa-7644c57b21dc","block_type":"box","text":"The Fund may also invest on an ancillary basis in exchange-traded and over-the counter (“","page_number":733,"box":{"x":119,"y":118,"width":705,"height":12}},{"id":"cb9f080a-f107-43a8-ad2d-6cfb225768bf","block_type":"box","text":"OTC","page_number":733,"box":{"x":827,"y":119,"width":38,"height":8}},{"id":"37eb27ab-d938-4492-93b4-84a8529c1eea","block_type":"box","text":"”)","page_number":733,"box":{"x":867,"y":118,"width":13,"height":12}},{"id":"86b8c160-db2c-4a91-98b7-5ef27834e627","block_type":"box","text":"financial derivative instruments (“","page_number":733,"box":{"x":119,"y":133,"width":259,"height":12}},{"id":"7a583f7b-8b6e-42b8-8f41-d68526910603","block_type":"box","text":"FDI","page_number":733,"box":{"x":380,"y":134,"width":31,"height":8}},{"id":"624801f8-37a0-4eea-8643-e9e868f7f956","block_type":"box","text":"”), provided that any such investment will be undertaken for","page_number":733,"box":{"x":412,"y":133,"width":467,"height":12}},{"id":"4af4d989-1f17-4bf1-918f-b055c6e01052","block_type":"box","text":"efficient portfolio management purposes and/or hedging, and provided such investment is in accordance","page_number":733,"box":{"x":119,"y":148,"width":761,"height":12}},{"id":"0a3a35bc-43e9-4057-ae02-c2a9f93fd7dd","block_type":"box","text":"with","page_number":733,"box":{"x":119,"y":163,"width":37,"height":10}},{"id":"d0b60fee-b3db-46b4-980d-de28f861f764","block_type":"box","text":"Appendix 4","page_number":733,"box":{"x":156,"y":163,"width":91,"height":12}},{"id":"bcdcf96d-2037-47e3-9048-b46564ece23f","block_type":"box","text":"of the Prospectus and the requirements of the Central Bank. Investments in OTC FDI","page_number":733,"box":{"x":247,"y":163,"width":634,"height":12}},{"id":"dab17639-9dcd-4bda-9f86-8c8b3b7cb8d3","block_type":"box","text":"shall be with UCITS-eligible counterparties that have been selected taking into account considerations","page_number":733,"box":{"x":120,"y":178,"width":759,"height":12}},{"id":"0bf9546d-beb8-4e9b-a792-5107a1cd1232","block_type":"box","text":"including best execution and the extent of any counterparty risk exposure applying to the Fund at the","page_number":733,"box":{"x":119,"y":193,"width":759,"height":12}},{"id":"d66ae0bf-055c-4cde-9ca0-46c4a36713a6","block_type":"box","text":"time of investment.","page_number":733,"box":{"x":119,"y":208,"width":147,"height":10}},{"id":"de5408bc-52b0-49c9-9356-f53dcd316807","block_type":"box","text":"The Fund may enter into the following FDI:","page_number":733,"box":{"x":119,"y":238,"width":324,"height":12}},{"id":"d2b0a830-fec2-41e4-afc6-f63818972731","block_type":"box","text":"","page_number":733,"box":{"x":119,"y":269,"width":6,"height":5}},{"id":"24744f7b-fcc7-4046-a948-38a8a8ad3794","block_type":"box","text":"forward foreign exchange contracts, which are agreements between parties to exchange fixed","page_number":733,"box":{"x":150,"y":267,"width":729,"height":12}},{"id":"f127c61c-e795-4164-9139-2c5e30123736","block_type":"box","text":"amounts of different currencies at an agreed exchange rate at an agreed time in the future. 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They differ from","page_number":733,"box":{"x":150,"y":312,"width":730,"height":12}},{"id":"44078253-810b-4ab8-a369-284ecc58f573","block_type":"box","text":"standard forward foreign exchange contracts in that at least one of the currencies in the transaction is","page_number":733,"box":{"x":150,"y":327,"width":731,"height":12}},{"id":"30474b1f-c6f3-482b-a222-dad1c00aab4c","block_type":"box","text":"not","page_number":733,"box":{"x":149,"y":344,"width":24,"height":7}},{"id":"d185a4f6-d9db-4340-9011-e419e4c57ec5","block_type":"box","text":"permitted","page_number":733,"box":{"x":178,"y":342,"width":70,"height":12}},{"id":"9fb5fb6c-5178-4aa3-8d71-053c248c5405","block_type":"box","text":"to be delivered in settlement of any profit or loss resulting from the transaction.","page_number":733,"box":{"x":253,"y":342,"width":625,"height":12}},{"id":"9da5770f-06bd-4efe-8ccd-cbef52345d63","block_type":"box","text":"Typically, profit or loss in this case will be delivered in US Dollars or 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maturity or seniority of debt issuance","page_number":733,"box":{"x":149,"y":401,"width":730,"height":12}},{"id":"1fa848dd-aac9-46c6-995c-a3d2e7a70022","block_type":"box","text":"represented in the Index or, in the case of CDS indices, to a particular sector of the fixed income","page_number":733,"box":{"x":149,"y":416,"width":729,"height":12}},{"id":"1b56b2e0-bac8-42ff-b862-3c8929449553","block_type":"box","text":"market or to gain efficient exposure to the foregoing from a costs and/or risk perspective, for","page_number":733,"box":{"x":149,"y":431,"width":730,"height":12}},{"id":"4b2e5340-f038-4905-8472-19a98e346e55","block_type":"box","text":"example during periods of illiquidity in the bond markets;","page_number":733,"box":{"x":150,"y":446,"width":425,"height":12}},{"id":"17c11ec7-8b41-485b-af36-5da6feecc5e2","block_type":"box","text":"","page_number":733,"box":{"x":119,"y":478,"width":6,"height":4}},{"id":"357c80f7-eff1-4b36-bc9f-6a0c9a765b76","block_type":"box","text":"total return swaps (excluding funded swap agreements) which may be used to gain efficient","page_number":733,"box":{"x":149,"y":476,"width":730,"height":12}},{"id":"3cd7ed53-5197-4137-9741-02e0e2075b62","block_type":"box","text":"exposure to the constituents of the Index (for example, in circumstances where an Index constituent","page_number":733,"box":{"x":150,"y":491,"width":731,"height":12}},{"id":"4b9a85bd-bfe0-4ebe-9ef7-603dea6cb5fd","block_type":"box","text":"is illiquid or is otherwise unavailable to the Fund for direct investment due to market or regulatory","page_number":733,"box":{"x":149,"y":506,"width":731,"height":12}},{"id":"2f13347d-0398-4af6-8065-9cc475da8fcd","block_type":"box","text":"reasons), to the performance of the Index itself, to reduce transaction costs or taxes or minimise","page_number":733,"box":{"x":149,"y":521,"width":729,"height":12}},{"id":"1f759ef5-fbe2-4b71-895e-ff4ef961b45b","block_type":"box","text":"tracking 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The Fund will not","page_number":733,"box":{"x":239,"y":713,"width":642,"height":12}},{"id":"ccabb3ad-4baa-4b3d-a019-13d0d26d274a","block_type":"box","text":"use FDI for investment purposes, and only a limited percentage of its assets may be committed to FDI","page_number":733,"box":{"x":119,"y":728,"width":760,"height":12}},{"id":"993cf6ee-8515-45d2-a137-7cebd516a01c","block_type":"box","text":"usage at any time. See","page_number":733,"box":{"x":119,"y":744,"width":175,"height":11}},{"id":"c524a92c-052a-4cc2-b5bf-68a8b2ad8811","block_type":"box","text":"Appendix 4","page_number":733,"box":{"x":303,"y":743,"width":93,"height":12}},{"id":"f9ee4e3e-0831-4653-95fa-85e8fd2af72e","block_type":"box","text":"of the Prospectus for further information on leverage and the","page_number":733,"box":{"x":397,"y":743,"width":482,"height":12}},{"id":"53a502be-ef6c-4746-a3f1-64ff190fe472","block_type":"box","text":"calculation of global exposure.","page_number":733,"box":{"x":119,"y":758,"width":226,"height":12}},{"id":"4683a99e-1ac4-4207-a714-521ef32ac2af","block_type":"box","text":"The Fund may invest in foreign exchange spots. A foreign exchange spot trade involves the purchase or","page_number":733,"box":{"x":119,"y":787,"width":762,"height":12}},{"id":"7741fdca-542c-40c6-8b13-a3a2e3ccdcd8","block_type":"box","text":"sale of a foreign currency and typically settles in the region of two business days after the trade date.","page_number":733,"box":{"x":120,"y":802,"width":740,"height":12}},{"id":"bd153192-d937-4797-964c-a4d5d1724b0f","block_type":"box","text":"In addition, in tracking the Index, the Fund may, in accordance with the requirements of the Central","page_number":733,"box":{"x":119,"y":832,"width":760,"height":12}},{"id":"529dce57-4253-4ed3-94c2-5f5c0e861e52","block_type":"box","text":"Bank, invest up to 10% of its net assets","page_number":733,"box":{"x":119,"y":847,"width":289,"height":12}},{"id":"c2fdfb31-0b34-4414-b85d-2cd41b921d1d","block_type":"box","text":"in other Funds of the Company and other collective investment","page_number":733,"box":{"x":414,"y":847,"width":466,"height":12}},{"id":"3def9508-0b91-4d21-868d-d3240861ec8a","block_type":"box","text":"undertakings including exchange traded funds and undertakings linked by common management or","page_number":733,"box":{"x":119,"y":862,"width":760,"height":12}},{"id":"503f8266-e17b-4db6-b739-92905e56b001","block_type":"box","text":"control to each other or to the Company. See","page_number":733,"box":{"x":119,"y":877,"width":361,"height":12}},{"id":"4ac97def-bc2c-479a-9f44-5a6eaa22c9a4","block_type":"box","text":"Appendix 3","page_number":733,"box":{"x":490,"y":877,"width":93,"height":12}},{"id":"d6ec41e0-1775-4aee-97b9-532284208b79","block_type":"box","text":"of the Prospectus for information on","page_number":733,"box":{"x":584,"y":877,"width":296,"height":12}},{"id":"5ef01465-145f-49e5-903e-b70a04a7e9d3","block_type":"box","text":"investment in collective investment schemes, including other funds of the Company.","page_number":733,"box":{"x":119,"y":892,"width":623,"height":12}},{"id":"9f780eb9-8aa5-4502-a2ea-9342006645f7","block_type":"box","text":"4","page_number":734,"box":{"x":496,"y":937,"width":7,"height":7}},{"id":"a2d8bf22-79a1-4b04-a7a3-427e1d48e4b4","block_type":"box","text":"VG001-001/M85660-892520263-22910/1","page_number":734,"box":{"x":654,"y":948,"width":226,"height":7}},{"id":"2a1003b5-69a1-4e78-af3d-9915e52a2aba","block_type":"box","text":"The Fund may also enter into repurchase agreements, reverse repurchase agreements and securities","page_number":734,"box":{"x":119,"y":87,"width":759,"height":12}},{"id":"ee76af6d-a5f3-431d-8e30-518761de17e6","block_type":"box","text":"lending arrangements for the purposes of efficient portfolio management in accordance with the limits","page_number":734,"box":{"x":119,"y":102,"width":759,"height":12}},{"id":"4a3353b5-6cd0-4114-b7bc-b6cf0e74a8e7","block_type":"box","text":"and conditions specified under the heading “","page_number":734,"box":{"x":119,"y":117,"width":330,"height":12}},{"id":"063b34d1-2383-4d17-a02f-e4048759e239","block_type":"box","text":"Portfolio Investment Techniques","page_number":734,"box":{"x":451,"y":117,"width":257,"height":12}},{"id":"b64637a0-cb59-4df0-b3ff-d07c6b1bb7ed","block_type":"box","text":"” in","page_number":734,"box":{"x":710,"y":117,"width":31,"height":9}},{"id":"9ad8819f-aaa6-4072-855a-16d5a74aed10","block_type":"box","text":"Appendix 4","page_number":734,"box":{"x":741,"y":117,"width":91,"height":12}},{"id":"6a0cc772-e76f-4226-bc8f-83a5b23a81f1","block_type":"box","text":"of the","page_number":734,"box":{"x":833,"y":117,"width":47,"height":9}},{"id":"e6348afd-4e46-49b4-bb01-e1164404c541","block_type":"box","text":"Prospectus.","page_number":734,"box":{"x":119,"y":132,"width":83,"height":12}},{"id":"e5a1b86e-c87b-497c-a249-49c3d2ff4dd0","block_type":"box","text":"While the Fund attempts to be fully invested each day, the Fund may also invest in short-term, high","page_number":734,"box":{"x":119,"y":161,"width":760,"height":12}},{"id":"f5b0ceab-469a-41e5-a3e2-53df6330dabc","block_type":"box","text":"quality money market instruments (including government securities, bank certificates of deposits or","page_number":734,"box":{"x":119,"y":176,"width":760,"height":12}},{"id":"f448bc3b-224a-42ee-856b-0b3b7744ece3","block_type":"box","text":"engage in overnight repurchase agreements) and/or money market funds for cash management purposes.","page_number":734,"box":{"x":119,"y":191,"width":760,"height":12}},{"id":"08744412-4505-4f20-9a3d-ad8bc87f90d6","block_type":"box","text":"Temporary Investment Measures","page_number":734,"box":{"x":119,"y":221,"width":263,"height":11}},{"id":"13aa6b46-c898-4374-b784-cd1217df2fe6","block_type":"box","text":"The Fund may temporarily depart from the investment strategies set out above in response to the","page_number":734,"box":{"x":119,"y":250,"width":760,"height":12}},{"id":"6dc78024-e97d-412a-b17f-d8a9f52ca0d9","block_type":"box","text":"Investment Manager’s perception of extraordinary market, political or similar conditions. During these","page_number":734,"box":{"x":119,"y":265,"width":760,"height":12}},{"id":"8ee40922-1b19-4082-9261-3ad78f6fa915","block_type":"box","text":"periods, and for as long as and to the extent deemed necessary by the Investment Manager in the best","page_number":734,"box":{"x":119,"y":280,"width":760,"height":12}},{"id":"0c3b036d-1b29-4b52-9004-09b35ddd15c7","block_type":"box","text":"interests of Shareholders, the Fund may increase its holdings of cash and ancillary liquid assets. In doing","page_number":734,"box":{"x":119,"y":295,"width":762,"height":12}},{"id":"e03312e7-14dc-4999-8729-f13512e5bf1c","block_type":"box","text":"so, the Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective.","page_number":734,"box":{"x":120,"y":310,"width":760,"height":12}},{"id":"74cb4640-6448-4031-a1ab-b46f99bf6e4c","block_type":"box","text":"Tracking Error","page_number":734,"box":{"x":119,"y":339,"width":123,"height":12}},{"id":"94e4b185-289a-493d-9bed-7238db5fb01d","block_type":"box","text":"It is anticipated that, under normal market circumstances, the annualised ex-post Tracking Error of the","page_number":734,"box":{"x":119,"y":371,"width":759,"height":12}},{"id":"cc89ca2c-a8fc-424d-af6c-07ecf2b93014","block_type":"box","text":"Fund, will be up to 0.50%. While it is anticipated that the ex-post Tracking Error of the Fund under","page_number":734,"box":{"x":119,"y":386,"width":760,"height":12}},{"id":"af16a61c-2776-4998-bf2c-9fce734639bb","block_type":"box","text":"normal circumstances will not vary significantly from this level, there is no guarantee that this level of","page_number":734,"box":{"x":119,"y":401,"width":760,"height":12}},{"id":"63f3c348-e3c5-4396-820b-623c0b3c057c","block_type":"box","text":"Tracking Error of the Fund will be realised and none of the Company, the Manager or the Investment","page_number":734,"box":{"x":119,"y":416,"width":759,"height":12}},{"id":"2d5340cf-bff3-4630-9513-6fe6d30aefa4","block_type":"box","text":"Manager or any of their affiliates will be liable for any discrepancies between the anticipated Tracking","page_number":734,"box":{"x":119,"y":431,"width":760,"height":12}},{"id":"2db1a940-4179-4303-96f0-4198643e8c14","block_type":"box","text":"Error and the level of Tracking Error subsequently observed. The annual report of the Company will","page_number":734,"box":{"x":119,"y":446,"width":760,"height":12}},{"id":"807b218d-7ffe-45a5-b635-f1448ccfde60","block_type":"box","text":"provide an explanation of any divergence between anticipated and realised Tracking Error for the","page_number":734,"box":{"x":119,"y":461,"width":759,"height":12}},{"id":"8fb1d260-a41a-4fc9-847e-2caa123627b7","block_type":"box","text":"relevant period. 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