{"annotation_id":"ea6adc42-f54a-4817-bc5d-ab352871a145","file_hash":"861af777d9fd72003286df0c3dd0748618345d77d480a1831972ec9f9ca946d9","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"f61e9ea3-a09d-4b47-94e2-59cf6d11907c","block_type":"box","text":"Vanguard","page_number":1,"box":{"x":792,"y":50,"width":155,"height":25}},{"id":"7485f16a-b581-4318-a532-2e1e992e81de","block_type":"box","text":"®","page_number":1,"box":{"x":947,"y":51,"width":14,"height":4}},{"id":"4e47ab8c-6aba-4a9a-b15b-3e2577fd8391","block_type":"box","text":"Minimum initial","page_number":1,"box":{"x":39,"y":315,"width":85,"height":7}},{"id":"1e5d7497-bee8-47b8-a21e-3b975283ff62","block_type":"box","text":"investment","page_number":1,"box":{"x":39,"y":326,"width":63,"height":6}},{"id":"e780f024-59ae-4a73-8a7f-cb68182b5bc1","block_type":"box","text":"ISIN","page_number":1,"box":{"x":142,"y":326,"width":22,"height":6}},{"id":"85fb222e-7fbf-489e-babe-2c63bb9c068b","block_type":"box","text":"SEDOL","page_number":1,"box":{"x":238,"y":326,"width":41,"height":6}},{"id":"af44c3ca-88dc-41ea-aa60-c7ecb67d3eb8","block_type":"box","text":"Bloomberg","page_number":1,"box":{"x":305,"y":326,"width":60,"height":8}},{"id":"517fcac0-bb85-41ff-bafd-c6bb13b53779","block_type":"box","text":"Investment","page_number":1,"box":{"x":375,"y":316,"width":64,"height":6}},{"id":"e7de8c15-ea95-49ec-a33f-15374abacddb","block_type":"box","text":"structure","page_number":1,"box":{"x":375,"y":327,"width":52,"height":5}},{"id":"c84cce81-7e8c-4f99-96cb-66a595f90bb8","block_type":"box","text":"SRRI","page_number":1,"box":{"x":489,"y":326,"width":27,"height":6}},{"id":"66c51db3-df6d-4fc7-a896-147737b0302f","block_type":"box","text":"‡","page_number":1,"box":{"x":516,"y":325,"width":5,"height":4}},{"id":"f366c397-d419-48ba-9f73-633718c71daf","block_type":"box","text":"Index","page_number":1,"box":{"x":562,"y":316,"width":30,"height":6}},{"id":"8e567b19-697a-4044-9a64-93668abdf4be","block_type":"box","text":"ticker","page_number":1,"box":{"x":562,"y":326,"width":32,"height":6}},{"id":"38684d58-c620-4d2a-ad7d-f92f885ebba4","block_type":"box","text":"Domicile","page_number":1,"box":{"x":636,"y":326,"width":47,"height":6}},{"id":"1901a569-d91d-481d-a586-bd8a49c3b50d","block_type":"box","text":"Settlement","page_number":1,"box":{"x":751,"y":326,"width":64,"height":6}},{"id":"70ec99c4-339f-4a7d-af9f-cd899ca0c1e2","block_type":"box","text":"Trading frequency","page_number":1,"box":{"x":833,"y":315,"width":102,"height":8}},{"id":"ec5376ed-75aa-4d31-8ac6-60dcc8e06a37","block_type":"box","text":"(cut-off)","page_number":1,"box":{"x":833,"y":326,"width":49,"height":7}},{"id":"8765d5be-6c4b-421c-b547-384e344feead","block_type":"box","text":"£100,000","page_number":1,"box":{"x":39,"y":345,"width":41,"height":6}},{"id":"56fb2d99-b5eb-4119-9f52-d72604321a67","block_type":"box","text":"IE00BYV1RH52","page_number":1,"box":{"x":142,"y":345,"width":66,"height":5}},{"id":"b2cde026-f976-4f83-ab76-6f9fa610ae87","block_type":"box","text":"BYV1RH5","page_number":1,"box":{"x":239,"y":345,"width":40,"height":5}},{"id":"8667d6ae-537c-4199-8905-dddf932d7ebb","block_type":"box","text":"VAGCBIG","page_number":1,"box":{"x":305,"y":345,"width":41,"height":5}},{"id":"af562e89-3ded-4a41-8c3e-39a12f173d5b","block_type":"box","text":"UCITS","page_number":1,"box":{"x":375,"y":345,"width":26,"height":5}},{"id":"8b591c0a-a768-478a-ba9a-3490622d11d0","block_type":"box","text":"4","page_number":1,"box":{"x":489,"y":345,"width":5,"height":5}},{"id":"62ce82b7-c24d-44af-893e-ce3ca6836d2a","block_type":"box","text":"H03434GB","page_number":1,"box":{"x":562,"y":345,"width":47,"height":5}},{"id":"395e7f9b-f320-4906-bfb2-873067eeec6e","block_type":"box","text":"Ireland","page_number":1,"box":{"x":636,"y":345,"width":28,"height":5}},{"id":"2b10233d-7df1-47a9-a304-2425fe4d30db","block_type":"box","text":"T+2","page_number":1,"box":{"x":751,"y":345,"width":15,"height":5}},{"id":"366f88fd-ee0e-4f33-9ec3-f3f53aad5c37","block_type":"box","text":"Daily (12:00 Irish Time)","page_number":1,"box":{"x":833,"y":345,"width":98,"height":6}},{"id":"b0c961d3-d6d7-401b-8f14-a155cedd3a26","block_type":"box","text":"This is a marketing communication.","page_number":1,"box":{"x":38,"y":128,"width":229,"height":9}},{"id":"bf73b901-2d01-46f3-9416-558840c543b9","block_type":"box","text":"Factsheet","page_number":1,"box":{"x":39,"y":142,"width":84,"height":9}},{"id":"79c23bdd-1897-43fa-a4eb-589d72c51659","block_type":"box","text":"|","page_number":1,"box":{"x":125,"y":142,"width":7,"height":12}},{"id":"d419c328-ee30-4302-9d81-5a52b3882a1e","block_type":"box","text":"30 September 2026","page_number":1,"box":{"x":132,"y":143,"width":161,"height":10}},{"id":"90879d23-3ef2-4a18-8d42-88b60f714d73","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":1,"box":{"x":38,"y":173,"width":501,"height":20}},{"id":"0da7aad8-3dbf-4423-bee4-ceb2e616737f","block_type":"box","text":"GBP Hedged Income Shares","page_number":1,"box":{"x":39,"y":198,"width":239,"height":13}},{"id":"3005fb84-23a0-400e-aaa2-d326152bfc9f","block_type":"box","text":"Inception date: 11 December 2019","page_number":1,"box":{"x":40,"y":215,"width":242,"height":10}},{"id":"706327c4-e301-4291-b1f9-f4aba446db78","block_type":"box","text":"Total assets (million) £1,668","page_number":1,"box":{"x":38,"y":232,"width":159,"height":7}},{"id":"931b0990-4143-4455-a7d7-c165ded31ae9","block_type":"box","text":"|","page_number":1,"box":{"x":202,"y":232,"width":2,"height":7}},{"id":"53fcc58a-29a0-4c52-add8-17e847a0e2a2","block_type":"box","text":"Share class assets (million) £127 as at 30 September 2026","page_number":1,"box":{"x":209,"y":232,"width":331,"height":8}},{"id":"d23293be-146a-4498-81f5-b246b2eb65ea","block_type":"box","text":"Ongoing Charges Figure","page_number":1,"box":{"x":39,"y":432,"width":154,"height":9}},{"id":"f4a45c9d-b03d-44e4-8e08-618218e2721b","block_type":"box","text":"†","page_number":1,"box":{"x":194,"y":433,"width":4,"height":3}},{"id":"c18b6b70-b813-4247-b699-9ad67186c1dd","block_type":"box","text":"0.35 %","page_number":1,"box":{"x":228,"y":433,"width":34,"height":6}},{"id":"878d5ab0-5862-4298-969e-4561064db590","block_type":"box","text":"†The Ongoing Charges Figure (OCF) covers administration, audit, depository, legal, registration and regulatory expenses incurred in respect of th","page_number":1,"box":{"x":39,"y":448,"width":721,"height":8}},{"id":"1ec377bb-8a02-4f19-b55e-298cec6d8fc6","block_type":"box","text":"e Funds.","page_number":1,"box":{"x":761,"y":448,"width":41,"height":6}},{"id":"bd226cfb-aa4c-4af8-9cee-457a210f5869","block_type":"box","text":"Objectives and investment policy","page_number":1,"box":{"x":39,"y":467,"width":213,"height":9}},{"id":"50621431-ef3d-4c45-8518-8aa0cc004bc5","block_type":"box","text":"•","page_number":1,"box":{"x":39,"y":486,"width":3,"height":2}},{"id":"cdf04955-0de3-467e-bb58-0d95447acb4d","block_type":"box","text":"The Fund seeks to provide a moderate and sustainable level of current income by investing in a diversified portfolio of global credit bonds.","page_number":1,"box":{"x":51,"y":483,"width":685,"height":8}},{"id":"d551b61c-ebf6-439f-a287-5be3fcd58667","block_type":"box","text":"•","page_number":1,"box":{"x":39,"y":498,"width":3,"height":2}},{"id":"e2ae9040-818e-4123-8fe6-c56a3a3801fe","block_type":"box","text":"The Fund employs an “active management” strategy, and while the Fund will invest substantially in components of the Bloomberg Global Aggregate C","page_number":1,"box":{"x":51,"y":496,"width":750,"height":7}},{"id":"fd79bc19-2571-4711-a112-0038cf155d07","block_type":"box","text":"redit Index, its investment","page_number":1,"box":{"x":802,"y":496,"width":130,"height":7}},{"id":"d4097a57-28a5-4445-8d4c-587e187ddd91","block_type":"box","text":"manager will follow distinct approaches in managing the Fund’s assets.","page_number":1,"box":{"x":51,"y":506,"width":356,"height":8}},{"id":"355c006b-3c50-48e0-b260-4b487fd1a04f","block_type":"box","text":"•","page_number":1,"box":{"x":39,"y":521,"width":3,"height":2}},{"id":"395f58df-dd86-4813-8e6c-8b3be1478431","block_type":"box","text":"The Investment Manager may in its discretion restrict the extent to which the Fund’s holdings deviate from the Index constituents on a security sel","page_number":1,"box":{"x":51,"y":518,"width":730,"height":8}},{"id":"b24b4d6d-65dc-401b-aa35-a38049caa7e1","block_type":"box","text":"ection and fixed income sector","page_number":1,"box":{"x":782,"y":518,"width":152,"height":7}},{"id":"c707382f-ffc7-445b-8c0d-3cafa28e9233","block_type":"box","text":"basis. The Fund may take active fixed income sector views with the focus on bond specific selection. The extent to which the Fund can outperform the I","page_number":1,"box":{"x":51,"y":529,"width":752,"height":8}},{"id":"63b3b3f8-1b80-4d66-8d2a-1a8385145f6d","block_type":"box","text":"ndex may be restricted by","page_number":1,"box":{"x":805,"y":529,"width":128,"height":8}},{"id":"fbf821f0-f242-4725-ae2a-b5d6f8986e60","block_type":"box","text":"constraints applied by the Investment Manager which limit the potential volatility of the difference between the return of the Fund and the return of","page_number":1,"box":{"x":51,"y":540,"width":743,"height":7}},{"id":"0ae8aea9-8afe-4ee3-a198-71e7152956d2","block_type":"box","text":"the Index. Such constraints may","page_number":1,"box":{"x":797,"y":540,"width":160,"height":7}},{"id":"b53fd302-dfcc-46b5-ac2e-d715af98403d","block_type":"box","text":"change or be removed from time to time at the Investment Manager’s discretion and depending on market environments.","page_number":1,"box":{"x":51,"y":550,"width":607,"height":8}},{"id":"11423953-4933-433d-8cf8-e7d82f23c7d2","block_type":"box","text":"Investment manager","page_number":1,"box":{"x":39,"y":572,"width":133,"height":8}},{"id":"15fa33f2-aa8f-467f-a2cb-d62285c76ff5","block_type":"box","text":"Vanguard Asset Management, Limited","page_number":1,"box":{"x":38,"y":591,"width":193,"height":7}},{"id":"fdd5055f-1c7f-4a16-ab38-65343f22bb59","block_type":"box","text":"‡","page_number":1,"box":{"x":33,"y":964,"width":4,"height":6}},{"id":"55331abe-32cb-4981-a2e4-4136b91199f3","block_type":"box","text":"Synthetic Risk and Reward Indicator","page_number":1,"box":{"x":42,"y":964,"width":206,"height":7}},{"id":"cbaa1bff-53ba-489c-803e-1720a678ac1d","block_type":"box","text":"This document is directed at professional investors and should not be distributed to, or relied upon by retail investors.","page_number":1,"box":{"x":41,"y":975,"width":658,"height":8}},{"id":"e2efdec1-e4f3-4c1a-8063-ddc633cf077b","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":2,"box":{"x":38,"y":31,"width":501,"height":21}},{"id":"7fcac612-fd80-4cfb-90a7-89aa7b5aefe7","block_type":"box","text":"GBP Hedged Income Shares","page_number":2,"box":{"x":39,"y":57,"width":239,"height":13}},{"id":"07cbe414-eb62-4775-a5ba-3cce8a54fa83","block_type":"box","text":"Performance summary","page_number":2,"box":{"x":39,"y":124,"width":127,"height":8}},{"id":"f68bffe3-705a-4f3e-9505-a57bfcf28fcf","block_type":"box","text":"GBP","page_number":2,"box":{"x":39,"y":142,"width":21,"height":6}},{"id":"9f2bee2e-0a74-4f60-b275-b3bcd845bd06","block_type":"box","text":"—","page_number":2,"box":{"x":60,"y":145,"width":8,"height":1}},{"id":"16da1dad-3d1f-47fc-b66a-baaf47063229","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":2,"box":{"x":69,"y":142,"width":174,"height":8}},{"id":"020e8d0f-9d30-40e4-b872-5fa7673585cb","block_type":"box","text":"Benchmark","page_number":2,"box":{"x":39,"y":153,"width":56,"height":6}},{"id":"43777419-76f9-4169-b44a-18c7adeeac2b","block_type":"box","text":"— Bloomberg Global Aggregate Credit Index in GBP","page_number":2,"box":{"x":98,"y":153,"width":256,"height":7}},{"id":"699a6334-aed2-4625-ba58-7c0a2611425e","block_type":"box","text":"—","page_number":2,"box":{"x":220,"y":622,"width":7,"height":0}},{"id":"fc364e42-2dd8-4f0e-8822-f937ced6c11e","block_type":"box","text":"—","page_number":2,"box":{"x":297,"y":622,"width":7,"height":0}},{"id":"353748d5-3211-4d06-8f15-db417b202266","block_type":"box","text":"—","page_number":2,"box":{"x":375,"y":622,"width":7,"height":0}},{"id":"f04e5db5-e5fe-42c1-9cfd-a8349c334524","block_type":"box","text":"—","page_number":2,"box":{"x":452,"y":622,"width":7,"height":0}},{"id":"fe0829b8-c24e-4866-aebf-0b471ccaee13","block_type":"box","text":"01 Oct 2020","page_number":2,"box":{"x":507,"y":601,"width":53,"height":5}},{"id":"ff5cbb4d-d7c1-47c4-9010-e527d674efc0","block_type":"box","text":"-","page_number":2,"box":{"x":533,"y":613,"width":2,"height":0}},{"id":"414220a1-78ad-486c-9b8f-87c48a50cebc","block_type":"box","text":"30 Sep 2021","page_number":2,"box":{"x":506,"y":619,"width":54,"height":6}},{"id":"a6728d2a-acf0-4198-9187-6f04573e48cb","block_type":"box","text":"01 Oct 2021","page_number":2,"box":{"x":584,"y":601,"width":53,"height":5}},{"id":"db314d56-05c5-4392-a2fd-9b554be9f8a1","block_type":"box","text":"-","page_number":2,"box":{"x":610,"y":613,"width":3,"height":0}},{"id":"156369f5-202c-4319-bea3-2c9c869996d1","block_type":"box","text":"30 Sep 2022","page_number":2,"box":{"x":584,"y":619,"width":53,"height":6}},{"id":"e34010eb-d36f-48f4-bbb6-b5b663b01428","block_type":"box","text":"01 Oct 2022","page_number":2,"box":{"x":661,"y":601,"width":53,"height":5}},{"id":"28cf1d50-2b2e-4471-a4cd-c0a9f329524f","block_type":"box","text":"-","page_number":2,"box":{"x":688,"y":613,"width":2,"height":0}},{"id":"aa565a3b-59a3-4136-a29a-908e1c10a829","block_type":"box","text":"30 Sep 2023","page_number":2,"box":{"x":661,"y":619,"width":53,"height":6}},{"id":"67c68e13-6e60-4e6a-98cd-34711a1ca98e","block_type":"box","text":"01 Oct 2023","page_number":2,"box":{"x":739,"y":601,"width":53,"height":5}},{"id":"98844bd8-905e-44bc-b22b-e88947c84aca","block_type":"box","text":"-","page_number":2,"box":{"x":765,"y":613,"width":3,"height":0}},{"id":"a02dc7e3-09e3-47c6-a0d3-c6150123e618","block_type":"box","text":"30 Sep 2024","page_number":2,"box":{"x":739,"y":619,"width":53,"height":6}},{"id":"c1546aca-c826-491f-a9e7-37dd9926c485","block_type":"box","text":"01 Oct 2024","page_number":2,"box":{"x":816,"y":601,"width":53,"height":5}},{"id":"6d66a21c-0873-41ca-b4fe-96259f6f201b","block_type":"box","text":"-","page_number":2,"box":{"x":843,"y":613,"width":2,"height":0}},{"id":"8bee37f5-5386-4e9f-9bb1-0d0c16ef5d5e","block_type":"box","text":"30 Sep 2025","page_number":2,"box":{"x":816,"y":619,"width":53,"height":6}},{"id":"0b075ee0-14b2-4b51-a65e-e54f36e93028","block_type":"box","text":"01 Oct 2025","page_number":2,"box":{"x":894,"y":601,"width":53,"height":5}},{"id":"5e04c6f4-fdbf-45a7-bc35-f8d214dbeef6","block_type":"box","text":"-","page_number":2,"box":{"x":920,"y":613,"width":3,"height":0}},{"id":"d164dd05-ecbc-4595-a51d-6bb16d382744","block_type":"box","text":"30 Sep 2026","page_number":2,"box":{"x":894,"y":619,"width":53,"height":6}},{"id":"4556caaf-5ddf-453c-9e66-2d413e983243","block_type":"box","text":"Fund","page_number":2,"box":{"x":63,"y":635,"width":20,"height":5}},{"id":"b459c592-304b-48f7-b3be-eb90100e66eb","block_type":"box","text":"(Net of expenses)","page_number":2,"box":{"x":87,"y":635,"width":62,"height":6}},{"id":"91574ee1-3dcc-4f79-bff5-0be0b65b8969","block_type":"box","text":"—","page_number":2,"box":{"x":220,"y":639,"width":7,"height":0}},{"id":"df6aa262-2c29-436c-bf1c-0cbd853c37a0","block_type":"box","text":"—","page_number":2,"box":{"x":297,"y":639,"width":7,"height":0}},{"id":"553bd4c3-3501-4b95-bd8c-298090e920d4","block_type":"box","text":"—","page_number":2,"box":{"x":375,"y":639,"width":7,"height":0}},{"id":"0beb124e-91a2-48ea-8b96-47f067e35833","block_type":"box","text":"—","page_number":2,"box":{"x":452,"y":639,"width":7,"height":0}},{"id":"adac300a-38a5-4a18-b3d1-958f66e46e45","block_type":"box","text":"2.49%","page_number":2,"box":{"x":520,"y":636,"width":26,"height":5}},{"id":"955718f1-3cfa-4fb0-bf4d-1555bd33c2e5","block_type":"box","text":"-16.98%","page_number":2,"box":{"x":592,"y":636,"width":36,"height":5}},{"id":"0fa210d6-7284-4449-991e-f60349dc0af5","block_type":"box","text":"3.26%","page_number":2,"box":{"x":674,"y":636,"width":27,"height":5}},{"id":"51368612-c6f5-407c-bfc6-a850bc03094b","block_type":"box","text":"13.36%","page_number":2,"box":{"x":749,"y":636,"width":32,"height":5}},{"id":"bb36c8d1-54c7-420d-9b22-73a53390cae1","block_type":"box","text":"4.52%","page_number":2,"box":{"x":829,"y":636,"width":27,"height":5}},{"id":"c10d005c-d2c4-4dc6-8543-35afacd2da43","block_type":"box","text":"-0.66%","page_number":2,"box":{"x":905,"y":636,"width":30,"height":5}},{"id":"360bf317-1424-4354-a6a1-dc8195e121ad","block_type":"box","text":"Benchmark","page_number":2,"box":{"x":63,"y":651,"width":48,"height":6}},{"id":"20eb1f13-d5a6-40cc-9589-f943d0041f87","block_type":"box","text":"—","page_number":2,"box":{"x":220,"y":656,"width":7,"height":0}},{"id":"e42f69d4-d92a-4b8e-b39e-f652f06ef6c2","block_type":"box","text":"—","page_number":2,"box":{"x":297,"y":656,"width":7,"height":0}},{"id":"ad46a4f3-6e6c-4c9e-8617-f7d7686b8d30","block_type":"box","text":"—","page_number":2,"box":{"x":375,"y":656,"width":7,"height":0}},{"id":"0cc7a8a1-09f6-40a7-94a5-b420a32fb602","block_type":"box","text":"—","page_number":2,"box":{"x":452,"y":656,"width":7,"height":0}},{"id":"f28696fb-56cf-4b50-8a98-600003a98ec3","block_type":"box","text":"1.19%","page_number":2,"box":{"x":520,"y":653,"width":26,"height":5}},{"id":"56eaf744-1e13-4309-9277-10de2cb36db6","block_type":"box","text":"-17.39%","page_number":2,"box":{"x":592,"y":653,"width":36,"height":5}},{"id":"e2d085b3-f880-49f4-897e-80638933fe1b","block_type":"box","text":"3.05%","page_number":2,"box":{"x":674,"y":653,"width":27,"height":5}},{"id":"31384b07-9b42-4f1e-8e35-8898b2dc4425","block_type":"box","text":"12.11%","page_number":2,"box":{"x":749,"y":653,"width":32,"height":5}},{"id":"29341cc5-cc31-4525-9a9e-0342644fedb9","block_type":"box","text":"4.07%","page_number":2,"box":{"x":829,"y":653,"width":27,"height":5}},{"id":"2b144d80-da9c-4cb6-9045-b57da5329254","block_type":"box","text":"-0.95%","page_number":2,"box":{"x":905,"y":653,"width":30,"height":5}},{"id":"7c1f19c7-4850-4603-ada4-3a8d35f0cd31","block_type":"box","text":"Annualised performance**","page_number":2,"box":{"x":38,"y":196,"width":148,"height":8}},{"id":"d298c06e-2392-4b4b-9a93-d9ba6d024feb","block_type":"box","text":"1 month","page_number":2,"box":{"x":281,"y":196,"width":41,"height":6}},{"id":"e1c7eaa1-e1b1-4cb4-ab0a-8300f9dbc7ea","block_type":"box","text":"Quarter","page_number":2,"box":{"x":374,"y":196,"width":39,"height":6}},{"id":"011a9067-e2e3-4eca-bcea-b475d643ed06","block_type":"box","text":"Year to","page_number":2,"box":{"x":468,"y":186,"width":36,"height":6}},{"id":"ca967ad4-6028-4492-adaf-bc7b4550139f","block_type":"box","text":"date","page_number":2,"box":{"x":482,"y":196,"width":22,"height":6}},{"id":"55150996-5b67-4442-a109-6a2caa474ae8","block_type":"box","text":"1 year","page_number":2,"box":{"x":552,"y":196,"width":30,"height":8}},{"id":"4316817d-02f2-4899-ba2f-f199f7c180e1","block_type":"box","text":"3 years","page_number":2,"box":{"x":627,"y":196,"width":35,"height":8}},{"id":"d661e461-1b9f-4bab-bbef-739d22c5b576","block_type":"box","text":"5 years","page_number":2,"box":{"x":724,"y":196,"width":36,"height":8}},{"id":"1ea13fed-56f3-449b-9e30-f6c017a420ea","block_type":"box","text":"10 years","page_number":2,"box":{"x":813,"y":196,"width":41,"height":8}},{"id":"5a6695ae-35b8-4d9f-9bfc-d3c94c99fd38","block_type":"box","text":"Since","page_number":2,"box":{"x":926,"y":186,"width":26,"height":6}},{"id":"154c5788-7efc-45e8-84d8-18ef6ff3774d","block_type":"box","text":"inception","page_number":2,"box":{"x":907,"y":196,"width":44,"height":8}},{"id":"754296dc-45a8-45aa-ae66-c5f9b57205df","block_type":"box","text":"Fund","page_number":2,"box":{"x":39,"y":214,"width":20,"height":5}},{"id":"dc30a344-918d-438f-a5d1-a03e21410c27","block_type":"box","text":"(Net of expenses","page_number":2,"box":{"x":63,"y":214,"width":59,"height":6}},{"id":"f7a45980-e6e1-4c98-a6ba-9c72b211943b","block_type":"box","text":")","page_number":2,"box":{"x":123,"y":214,"width":3,"height":6}},{"id":"b0e338e8-2004-4ccd-a9c7-cb3001f02fc8","block_type":"box","text":"-2.45%","page_number":2,"box":{"x":291,"y":214,"width":30,"height":5}},{"id":"31d705e4-9554-498a-9a40-c9e51b842168","block_type":"box","text":"-3.35%","page_number":2,"box":{"x":382,"y":214,"width":31,"height":5}},{"id":"fef9cabc-7c7a-4121-84da-fcb6905361a9","block_type":"box","text":"-1.68%","page_number":2,"box":{"x":474,"y":214,"width":30,"height":5}},{"id":"533f1c02-2085-4650-9d8c-f48c6b7195ad","block_type":"box","text":"-0.66%","page_number":2,"box":{"x":551,"y":214,"width":30,"height":5}},{"id":"f83dfc11-aa50-45c9-8ed3-45d049c77cd2","block_type":"box","text":"5.58%","page_number":2,"box":{"x":635,"y":214,"width":27,"height":5}},{"id":"b6111fcc-6cb8-46f0-adb1-e5aac9120148","block_type":"box","text":"0.18%","page_number":2,"box":{"x":732,"y":214,"width":27,"height":5}},{"id":"cae9e9f1-f6b3-48f8-bac2-a0355d12aa65","block_type":"box","text":"—","page_number":2,"box":{"x":848,"y":217,"width":6,"height":0}},{"id":"7dc0452e-45a5-4ec6-92ce-97c821703bbe","block_type":"box","text":"1.63%","page_number":2,"box":{"x":925,"y":214,"width":27,"height":5}},{"id":"99ea0695-3b3e-4d39-9195-cedc383e649e","block_type":"box","text":"Benchmark","page_number":2,"box":{"x":39,"y":230,"width":48,"height":6}},{"id":"ff0bd0fa-2d95-4f8c-956f-3b8af06f66fc","block_type":"box","text":"-2.12%","page_number":2,"box":{"x":291,"y":229,"width":30,"height":5}},{"id":"cec41376-5a85-49b2-85a1-3bcc1ea8576d","block_type":"box","text":"-3.14%","page_number":2,"box":{"x":382,"y":229,"width":31,"height":5}},{"id":"a5f10483-f78f-4113-a4cd-4f7912a656cd","block_type":"box","text":"-1.86%","page_number":2,"box":{"x":474,"y":229,"width":30,"height":5}},{"id":"a4ae0c60-1bfd-49fb-9385-ba0d6f48f448","block_type":"box","text":"-0.95%","page_number":2,"box":{"x":551,"y":229,"width":30,"height":5}},{"id":"7818b55e-872c-45ae-b7c3-b02d50328c99","block_type":"box","text":"4.94%","page_number":2,"box":{"x":635,"y":229,"width":27,"height":5}},{"id":"e3f74381-2f1d-40ee-a9ec-6acb82f0b3a4","block_type":"box","text":"-0.33%","page_number":2,"box":{"x":729,"y":229,"width":30,"height":5}},{"id":"a1d6ddc3-1028-4a20-a4a8-45043768d65d","block_type":"box","text":"1.29%","page_number":2,"box":{"x":828,"y":229,"width":26,"height":5}},{"id":"f96db1e4-5188-40b8-8e70-4c84b038e3e0","block_type":"box","text":"0.56%","page_number":2,"box":{"x":925,"y":229,"width":27,"height":5}},{"id":"73271de0-5dbb-492e-a169-91a3a6542061","block_type":"box","text":"**In this document the performance displayed for the Fund(s) and therefore relative performance to the benchmark index may be impacted by swing pric","page_number":2,"box":{"x":39,"y":246,"width":766,"height":7}},{"id":"bb5e7ac5-da30-4397-91dd-3aa0f9084d29","block_type":"box","text":"ing. The NAV of a Fund","page_number":2,"box":{"x":806,"y":246,"width":115,"height":7}},{"id":"0ae57652-33c5-46f5-935b-adb72d11bda4","block_type":"box","text":"may swing according to subscription/redemption activity so that transaction costs caused by these cashflows are not borne by the existing holders in a","page_number":2,"box":{"x":39,"y":255,"width":754,"height":8}},{"id":"6eae2567-ad84-49d2-942e-4d58d6412319","block_type":"box","text":"Fund. The benchmark","page_number":2,"box":{"x":798,"y":255,"width":109,"height":6}},{"id":"885370d9-eec7-493f-b96b-85a7405de511","block_type":"box","text":"index is not affected by swing pricing and therefore you may see tracking difference between the performance of the Fund and the benchmark.","page_number":2,"box":{"x":39,"y":264,"width":715,"height":8}},{"id":"f1f26185-0f67-4a99-9823-51c7269e64d5","block_type":"box","text":"Performance and Data is calculated on closing NAV as at 30 September 2026.","page_number":2,"box":{"x":39,"y":278,"width":390,"height":8}},{"id":"62ba8755-09ef-4f03-b848-7d8f808e4c95","block_type":"box","text":"Past performance is not a reliable indicator of future results.","page_number":2,"box":{"x":39,"y":292,"width":307,"height":7}},{"id":"2909719b-65ff-4a8e-89d8-f9ab32d3314e","block_type":"box","text":"Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the","page_number":2,"box":{"x":39,"y":306,"width":736,"height":7}},{"id":"2cbd22e0-d92a-4b11-bdee-2a4d7a28c0b5","block_type":"box","text":"reinvestment of all dividends","page_number":2,"box":{"x":779,"y":306,"width":143,"height":6}},{"id":"125f7101-d352-4f45-a62d-00ddce75eaa3","block_type":"box","text":"and any capital gains distributions. The performance data does not take account of the commissions and costs incurred in the issue and redemption of s","page_number":2,"box":{"x":39,"y":315,"width":759,"height":8}},{"id":"d1e69f33-277b-49f2-b75b-d644824c0bb9","block_type":"box","text":"hares. Basis of fund","page_number":2,"box":{"x":799,"y":315,"width":97,"height":6}},{"id":"4d14f27c-be7d-448e-a045-876ad4a08dfe","block_type":"box","text":"performance is NAV to NAV. Basis of index performance is total return. All performance is calculated in GBP, net of fees.","page_number":2,"box":{"x":39,"y":324,"width":604,"height":8}},{"id":"557a6b28-f639-4fc5-9bf0-c5746693cc0f","block_type":"box","text":"The Fund invests in securities which are denominated in currencies other than the share class currency. Movements in currency exchange rates can affec","page_number":2,"box":{"x":38,"y":338,"width":759,"height":8}},{"id":"af601a9f-0fd6-488b-ba90-e398ea0fdb62","block_type":"box","text":"t the return of","page_number":2,"box":{"x":798,"y":338,"width":71,"height":6}},{"id":"008a6477-7bde-4768-9bf0-3c657294bb0c","block_type":"box","text":"investments. Currency hedging techniques are used to minimise the risks associated with movements in currency exchange rates but these risks cannot be","page_number":2,"box":{"x":39,"y":347,"width":769,"height":8}},{"id":"d9dfbb4a-6ea6-4555-824f-cd9ae8faf038","block_type":"box","text":"eliminated entirely. As","page_number":2,"box":{"x":812,"y":347,"width":110,"height":8}},{"id":"63fbfbe7-767d-47b9-b336-421065b5fb6c","block_type":"box","text":"this information relates to a share class where such techniques are used, for the purposes of the “Past performance” section above, the performa","page_number":2,"box":{"x":38,"y":357,"width":727,"height":7}},{"id":"a6e2c7bd-8685-48e9-b80d-821bc345b882","block_type":"box","text":"nce of this share class is shown","page_number":2,"box":{"x":766,"y":357,"width":154,"height":6}},{"id":"50e123e7-57f6-45c5-9ce9-a60679656cd9","block_type":"box","text":"against the Bloomberg Global Aggregate Credit Index in GBP (the “Hedged Index”), which is a currency hedged version of the Index.","page_number":2,"box":{"x":39,"y":366,"width":655,"height":8}},{"id":"0e9b9eef-c8c3-450d-a9a5-02755c4930aa","block_type":"box","text":"Source: Vanguard","page_number":2,"box":{"x":39,"y":380,"width":88,"height":8}},{"id":"310423ba-9cb2-4465-a512-fce564a98528","block_type":"box","text":"Rolling 12-month performance","page_number":2,"box":{"x":39,"y":429,"width":167,"height":8}},{"id":"146b6a58-618d-4720-aa9f-5b8fdf48eabd","block_type":"box","text":"This document is directed at professional investors and should not be distributed to, or relied upon by retail investors.","page_number":2,"box":{"x":38,"y":965,"width":658,"height":8}},{"id":"97a07370-3de3-4e6e-9bfa-f4b290fe0d5b","block_type":"box","text":"Key investment risks","page_number":2,"box":{"x":39,"y":696,"width":117,"height":7}},{"id":"beb38143-a562-4408-9f2b-2f94b99e819a","block_type":"box","text":"The value of bonds and fixed income-related securities is affected by influential factors such as interest rates, inflation, credit spreads and volati","page_number":2,"box":{"x":38,"y":710,"width":721,"height":8}},{"id":"869dac53-4806-40ff-99ff-25244bf70fe0","block_type":"box","text":"lity which, in turn, are driven by","page_number":2,"box":{"x":761,"y":710,"width":154,"height":8}},{"id":"2ddf7e00-ef8b-4821-bf93-8fa236862341","block_type":"box","text":"other factors including political, economic news, company earnings and significant corporate events. Currency hedging may not completely eliminate cur","page_number":2,"box":{"x":39,"y":720,"width":760,"height":8}},{"id":"e2178ac8-2a4b-4124-8c86-a3d4c727d65b","block_type":"box","text":"rency risk in the Fund, and","page_number":2,"box":{"x":800,"y":720,"width":129,"height":8}},{"id":"ea922f98-c180-4248-98c1-a3b4148007a6","block_type":"box","text":"may affect the performance of the Fund.","page_number":2,"box":{"x":39,"y":730,"width":205,"height":7}},{"id":"2b68c922-e5b2-4e6e-9c6c-191fe5921881","block_type":"box","text":"Credit risk. The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due.","page_number":2,"box":{"x":39,"y":744,"width":608,"height":8}},{"id":"4b632f28-f4f2-481d-9ced-c73010503e37","block_type":"box","text":"Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily.","page_number":2,"box":{"x":39,"y":758,"width":627,"height":8}},{"id":"f53927de-3b12-4214-b804-ce5f9589952c","block_type":"box","text":"Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or oth","page_number":2,"box":{"x":39,"y":772,"width":734,"height":8}},{"id":"3cd38d3c-9793-4894-a1fb-acf2b9e53dff","block_type":"box","text":"er instruments, may expose the","page_number":2,"box":{"x":774,"y":772,"width":157,"height":8}},{"id":"5ada99fc-ac60-4cf3-8ef5-0f20cb517109","block_type":"box","text":"Fund to financial loss.","page_number":2,"box":{"x":39,"y":782,"width":107,"height":6}},{"id":"76c10027-e788-487f-9fac-ad75419ec9cc","block_type":"box","text":"Inflation risk. The value of your investments may not be worth as much in the future due to changes in purchasing power resulting from inflation.","page_number":2,"box":{"x":39,"y":796,"width":721,"height":8}},{"id":"476dcbb5-771d-4bec-846d-f8ce23ed71b2","block_type":"box","text":"Please also read the risk factors section in the prospectus and the Key Investor Information Document, both of which are available on the Vanguard web","page_number":2,"box":{"x":39,"y":812,"width":772,"height":8}},{"id":"a2ed75c3-2fb5-41c5-8be1-32a053d390d0","block_type":"box","text":"site.","page_number":2,"box":{"x":811,"y":812,"width":22,"height":6}},{"id":"f756524b-6bdf-4bed-b7f4-d737e8e0005e","block_type":"box","text":"Characteristics","page_number":3,"box":{"x":39,"y":95,"width":87,"height":6}},{"id":"3451fb48-d8b4-4086-8824-fa6ed2f8516b","block_type":"box","text":"Fund","page_number":3,"box":{"x":610,"y":96,"width":20,"height":5}},{"id":"b8eb3f37-88d5-45e8-8c5d-c3ac66f7f10c","block_type":"box","text":"Benchmark","page_number":3,"box":{"x":765,"y":96,"width":47,"height":5}},{"id":"e54040aa-44bc-44f1-9807-cf85651dbdf1","block_type":"box","text":"Number of bonds","page_number":3,"box":{"x":39,"y":107,"width":73,"height":5}},{"id":"d6a50d6c-ddac-45a4-abc5-65a67fabea94","block_type":"box","text":"1,775","page_number":3,"box":{"x":607,"y":107,"width":23,"height":6}},{"id":"b2c98812-55a8-41e8-8396-da04bdfeb758","block_type":"box","text":"21,736","page_number":3,"box":{"x":782,"y":107,"width":29,"height":6}},{"id":"bce5365d-05af-4ed2-aaf8-bc9ba7fd8922","block_type":"box","text":"Yield to worst","page_number":3,"box":{"x":38,"y":118,"width":60,"height":5}},{"id":"83d42802-a544-4d94-91fc-6af8f7388fe8","block_type":"box","text":"5.62%","page_number":3,"box":{"x":603,"y":118,"width":27,"height":5}},{"id":"5614a5b7-d8f6-4bdb-8ba8-b705f2b8ce89","block_type":"box","text":"5.36%","page_number":3,"box":{"x":785,"y":118,"width":26,"height":5}},{"id":"7850dd8d-7b01-450d-8503-ae62c48247bd","block_type":"box","text":"Average coupon","page_number":3,"box":{"x":38,"y":130,"width":69,"height":6}},{"id":"46e66aac-e5c1-405a-988f-8f95e896b0cd","block_type":"box","text":"4.8%","page_number":3,"box":{"x":609,"y":130,"width":21,"height":5}},{"id":"808c606d-8cab-441f-9b0e-7b879056f5e0","block_type":"box","text":"4.1%","page_number":3,"box":{"x":790,"y":130,"width":21,"height":5}},{"id":"589b0367-8a52-40e1-bfdc-8c9746b507e6","block_type":"box","text":"Average maturity","page_number":3,"box":{"x":38,"y":142,"width":76,"height":6}},{"id":"a33d8fe9-fe16-4a0a-8924-97b6f9eb0002","block_type":"box","text":"8.4 years","page_number":3,"box":{"x":592,"y":141,"width":38,"height":7}},{"id":"ef450997-07fa-448b-8f13-98047649856b","block_type":"box","text":"8.2 years","page_number":3,"box":{"x":773,"y":141,"width":39,"height":7}},{"id":"adde9645-74be-4c4d-b6ea-658f7a89bf29","block_type":"box","text":"Average quality","page_number":3,"box":{"x":38,"y":153,"width":67,"height":6}},{"id":"731bcd1f-6b31-4aa1-8ede-f7c983fb3895","block_type":"box","text":"A-","page_number":3,"box":{"x":621,"y":153,"width":9,"height":5}},{"id":"72fb88ac-2844-4612-a105-d07a0f964a89","block_type":"box","text":"A","page_number":3,"box":{"x":806,"y":153,"width":6,"height":5}},{"id":"a469a306-21dc-4640-9f27-84cc436d4f5e","block_type":"box","text":"Average duration","page_number":3,"box":{"x":38,"y":164,"width":74,"height":7}},{"id":"53ad87eb-a1f7-4ef2-b634-9f31562ac631","block_type":"box","text":"5.6 years","page_number":3,"box":{"x":592,"y":165,"width":38,"height":6}},{"id":"7ce251c2-3202-4b47-abe1-c662cd23114f","block_type":"box","text":"5.6 years","page_number":3,"box":{"x":773,"y":165,"width":39,"height":6}},{"id":"1bbe2e66-d0aa-411b-b1f7-5569982fcd84","block_type":"box","text":"Cash investment*","page_number":3,"box":{"x":39,"y":176,"width":75,"height":5}},{"id":"83491c67-4d17-4d97-b494-16c8f0bbfff4","block_type":"box","text":"-0.6%","page_number":3,"box":{"x":605,"y":176,"width":25,"height":5}},{"id":"93ef8ed1-8bbc-4f2c-a735-bec4d1738db9","block_type":"box","text":"—","page_number":3,"box":{"x":805,"y":179,"width":7,"height":1}},{"id":"a0527c3e-fb68-4cd5-a9a4-b73e3c4f295a","block_type":"box","text":"Turnover rate","page_number":3,"box":{"x":38,"y":188,"width":58,"height":5}},{"id":"b727af08-1bac-4087-91b1-ef57ffe9a959","block_type":"box","text":"584%","page_number":3,"box":{"x":605,"y":188,"width":25,"height":5}},{"id":"1d8f94d4-23b8-4a76-b17c-697a9ecf2fc5","block_type":"box","text":"—","page_number":3,"box":{"x":805,"y":191,"width":7,"height":0}},{"id":"ffada19c-9ce8-44d9-a96a-21d50f420303","block_type":"box","text":"The PTR (Portfolio Turnover Rate) approach considers the total security purchases and sales, the total subscriptions and redemptions and the average","page_number":3,"box":{"x":38,"y":201,"width":644,"height":6}},{"id":"b2add229-1791-4856-ab2a-33cd0a34545d","block_type":"box","text":"net assets of the fund to","page_number":3,"box":{"x":686,"y":201,"width":105,"height":5}},{"id":"cdf2d482-d9d6-4db1-9bf5-bc871e0bfa17","block_type":"box","text":"calculate the turnover figure. Yield to Worst is based on the local currencies of the underlying holdings. As such, the actual yield received in the s","page_number":3,"box":{"x":39,"y":210,"width":613,"height":6}},{"id":"93fb6629-916a-4fe2-af59-267b2ee94a6b","block_type":"box","text":"hare class currency may differ from the","page_number":3,"box":{"x":653,"y":210,"width":168,"height":6}},{"id":"7139d937-e838-4a09-9503-02bf830ac44c","block_type":"box","text":"yield to maturity stated. Data as at 30 September 2026.","page_number":3,"box":{"x":38,"y":219,"width":243,"height":6}},{"id":"448b6529-a8ac-4be7-becc-ec0447571adc","block_type":"box","text":"Market allocation","page_number":3,"box":{"x":39,"y":246,"width":99,"height":6}},{"id":"83accc01-4a3f-48d0-81c4-9c6a73b89051","block_type":"box","text":"United States","page_number":3,"box":{"x":163,"y":268,"width":58,"height":5}},{"id":"a758f5e4-c05b-4f16-ba12-534b743b31ef","block_type":"box","text":"43.6","page_number":3,"box":{"x":434,"y":268,"width":18,"height":5}},{"id":"8337df6b-65ad-4193-b78e-0af4101651b2","block_type":"box","text":"%","page_number":3,"box":{"x":453,"y":268,"width":8,"height":5}},{"id":"f38fe25a-d7e5-458f-9c75-68d4df29b50f","block_type":"box","text":"United Kingdom","page_number":3,"box":{"x":163,"y":279,"width":68,"height":6}},{"id":"e0d7cdab-517a-4964-aac9-7fb35ac2c4e7","block_type":"box","text":"7.1","page_number":3,"box":{"x":440,"y":279,"width":12,"height":5}},{"id":"ecc31a82-9355-4b96-b393-3fcf16a30458","block_type":"box","text":"Australia","page_number":3,"box":{"x":162,"y":290,"width":38,"height":5}},{"id":"6fb5f12e-9e35-402c-9c57-0500f31e4a7e","block_type":"box","text":"5.8","page_number":3,"box":{"x":440,"y":290,"width":12,"height":5}},{"id":"53a62e57-8dd5-46a8-b13a-0de22ce50202","block_type":"box","text":"Supranational","page_number":3,"box":{"x":162,"y":301,"width":60,"height":6}},{"id":"6e35492e-4a46-40da-b5b9-fb64f67e3c83","block_type":"box","text":"5.3","page_number":3,"box":{"x":440,"y":301,"width":12,"height":5}},{"id":"a593dbfe-7bfd-48e6-8d47-ee7bbf846e51","block_type":"box","text":"Germany","page_number":3,"box":{"x":162,"y":312,"width":39,"height":6}},{"id":"31f3a7a5-b4c8-4fad-8202-6d42c9c2e806","block_type":"box","text":"5.1","page_number":3,"box":{"x":440,"y":312,"width":12,"height":5}},{"id":"bc519e9a-56a7-4503-b0c9-0b81c4711661","block_type":"box","text":"Italy","page_number":3,"box":{"x":512,"y":268,"width":18,"height":6}},{"id":"8f457f5b-fb39-4910-9409-65194cb9e0ee","block_type":"box","text":"4.1","page_number":3,"box":{"x":786,"y":268,"width":13,"height":5}},{"id":"d30ec544-531b-4add-81e7-a22ccb336020","block_type":"box","text":"%","page_number":3,"box":{"x":800,"y":268,"width":8,"height":5}},{"id":"f76f89d2-a35f-46a4-ae57-06e3e0a4ffe0","block_type":"box","text":"France","page_number":3,"box":{"x":512,"y":279,"width":28,"height":5}},{"id":"de5ee46f-68f2-4a3f-8ad7-4525565e28ce","block_type":"box","text":"3.7","page_number":3,"box":{"x":786,"y":279,"width":13,"height":5}},{"id":"7b8f19c9-baf1-4089-a2ab-34d765b58b9d","block_type":"box","text":"Austria","page_number":3,"box":{"x":511,"y":290,"width":30,"height":5}},{"id":"fdd8c86d-c2ea-44e7-abb8-81695cc315bb","block_type":"box","text":"2.5","page_number":3,"box":{"x":786,"y":290,"width":13,"height":5}},{"id":"adc68832-20b4-44b3-a524-8170147ed7e1","block_type":"box","text":"Lithuania","page_number":3,"box":{"x":512,"y":301,"width":39,"height":5}},{"id":"555358f8-02fe-43f0-8220-75bf0176ed84","block_type":"box","text":"1.8","page_number":3,"box":{"x":787,"y":301,"width":12,"height":5}},{"id":"dd8acc39-468c-43d7-b3c8-b5b578d074df","block_type":"box","text":"Switzerland","page_number":3,"box":{"x":511,"y":312,"width":51,"height":5}},{"id":"1ad4d9d2-99fa-4ce0-a272-d0de2ea00f1b","block_type":"box","text":"1.3","page_number":3,"box":{"x":787,"y":312,"width":11,"height":5}},{"id":"6677474f-ddce-4622-b98b-94c19dc54506","block_type":"box","text":"Distribution by credit maturity (% of fund)","page_number":3,"box":{"x":39,"y":344,"width":240,"height":8}},{"id":"18a47bd6-2d74-4241-8f3b-dc150c4f2fe3","block_type":"box","text":"Distribution by credit quality (% of fund)","page_number":3,"box":{"x":39,"y":445,"width":229,"height":7}},{"id":"6f34dd19-611e-4001-aa16-4ac3dd20472d","block_type":"box","text":"AAA","page_number":3,"box":{"x":163,"y":467,"width":19,"height":5}},{"id":"204cef4f-f589-458b-b4ab-a2e084309515","block_type":"box","text":"4.4","page_number":3,"box":{"x":441,"y":467,"width":12,"height":5}},{"id":"b40b8df9-0d54-4931-8057-e6263fee1f41","block_type":"box","text":"%","page_number":3,"box":{"x":454,"y":467,"width":8,"height":5}},{"id":"b153d2d2-3031-4f45-93f5-52f16d388e90","block_type":"box","text":"Not Rated","page_number":3,"box":{"x":512,"y":467,"width":43,"height":5}},{"id":"2827f1f1-67f2-47b9-8a4e-3df1f3a82c30","block_type":"box","text":"0.4","page_number":3,"box":{"x":786,"y":467,"width":13,"height":5}},{"id":"0389e925-e676-4c2c-a713-3ac24c1faa6d","block_type":"box","text":"%","page_number":3,"box":{"x":800,"y":467,"width":8,"height":5}},{"id":"9c3a74e4-654b-44b8-9ce1-e1a5085c37b1","block_type":"box","text":"AA","page_number":3,"box":{"x":163,"y":478,"width":12,"height":5}},{"id":"43035472-ae3c-4cc0-b65d-ef8a0f053b0c","block_type":"box","text":"9.2","page_number":3,"box":{"x":441,"y":478,"width":12,"height":5}},{"id":"0c9c54c0-3e5e-42ae-afc5-5d80fd948b2c","block_type":"box","text":"A","page_number":3,"box":{"x":163,"y":489,"width":6,"height":5}},{"id":"24172609-05d1-4706-823a-a71cc047ee27","block_type":"box","text":"25.6","page_number":3,"box":{"x":435,"y":489,"width":18,"height":5}},{"id":"2f73598c-8e49-4d56-8a5b-72553bf669e9","block_type":"box","text":"BBB","page_number":3,"box":{"x":164,"y":500,"width":17,"height":5}},{"id":"4beb334a-acf9-4ef6-ae40-afa7bc48c270","block_type":"box","text":"55.2","page_number":3,"box":{"x":435,"y":500,"width":18,"height":5}},{"id":"5a56a016-f5cb-4ef6-82ca-873c73eafc57","block_type":"box","text":"Less than BBB","page_number":3,"box":{"x":164,"y":511,"width":61,"height":5}},{"id":"811c70ca-c916-4309-8d00-1972a51d3abc","block_type":"box","text":"5.2","page_number":3,"box":{"x":441,"y":511,"width":12,"height":5}},{"id":"770f33f8-e781-4255-9e63-3dcf0ffe1508","block_type":"box","text":"Distribution by issuer (% of fund)","page_number":3,"box":{"x":39,"y":583,"width":186,"height":7}},{"id":"84ee30d2-57f8-4495-9ad9-e92724d8045f","block_type":"box","text":"Source: Vanguard","page_number":3,"box":{"x":39,"y":718,"width":90,"height":8}},{"id":"40bc95e3-61f6-4ecf-9e11-aad0be227016","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":3,"box":{"x":38,"y":31,"width":474,"height":19}},{"id":"50f1c13d-915d-4df3-9b2d-ebe0c260e0e1","block_type":"box","text":"GBP Hedged Income Shares","page_number":3,"box":{"x":39,"y":55,"width":239,"height":13}},{"id":"f11c3c64-b14a-490d-807c-67859366f2b9","block_type":"box","text":"Data as at 30 September 2026 unless otherwise stated.","page_number":3,"box":{"x":39,"y":71,"width":318,"height":8}},{"id":"09e6cf9f-444d-48ff-ab81-cb59b3354152","block_type":"box","text":"This document is directed at professional investors and should not be distributed to, or relied upon by retail investors.","page_number":3,"box":{"x":38,"y":968,"width":658,"height":8}},{"id":"93468290-b7d9-4c4b-9b3a-86d2c43339a2","block_type":"box","text":"Corporate - financial institutions","page_number":3,"box":{"x":162,"y":603,"width":140,"height":7}},{"id":"bd3b6cc5-92cd-432a-8bfb-14097b2482a0","block_type":"box","text":"33.1","page_number":3,"box":{"x":434,"y":603,"width":18,"height":5}},{"id":"a6b838fb-8308-429f-8658-634ac8c9ff50","block_type":"box","text":"%","page_number":3,"box":{"x":453,"y":603,"width":8,"height":5}},{"id":"ec6847ad-feb9-4a58-9b8e-b7774fe0c64c","block_type":"box","text":"Corporate - industrials","page_number":3,"box":{"x":162,"y":615,"width":97,"height":7}},{"id":"f544a338-2067-4546-94a9-f10d6fb4a858","block_type":"box","text":"29.9","page_number":3,"box":{"x":434,"y":615,"width":18,"height":5}},{"id":"31e0ed63-96ff-4d69-8a92-97ec479e4727","block_type":"box","text":"Corporate - utilities","page_number":3,"box":{"x":162,"y":627,"width":84,"height":7}},{"id":"a85ebdaa-ed32-452e-bd02-04fc2a18d68d","block_type":"box","text":"8.7","page_number":3,"box":{"x":439,"y":627,"width":13,"height":5}},{"id":"2420e1d2-1ac2-4456-bd34-e3b1405ab6c3","block_type":"box","text":"Government-related - agencies","page_number":3,"box":{"x":162,"y":639,"width":133,"height":7}},{"id":"ee19c56e-ac3d-4033-9e92-a7a8b875180e","block_type":"box","text":"7.6","page_number":3,"box":{"x":440,"y":639,"width":12,"height":5}},{"id":"e3144264-ccfa-4201-a826-ac8ed4ce1a65","block_type":"box","text":"Treasury/federal","page_number":3,"box":{"x":162,"y":651,"width":72,"height":7}},{"id":"2ad2e94f-026b-427e-b17a-28491bc581ea","block_type":"box","text":"7.3","page_number":3,"box":{"x":440,"y":651,"width":12,"height":5}},{"id":"5805d645-7bf9-47c6-8a57-bd21080eef14","block_type":"box","text":"Government-related - sovereign","page_number":3,"box":{"x":511,"y":603,"width":137,"height":7}},{"id":"407731a4-3a12-48c6-be7e-4891ec0031ad","block_type":"box","text":"6.1","page_number":3,"box":{"x":786,"y":603,"width":13,"height":5}},{"id":"5e3970df-1ac6-4778-8f2e-2fc599a862e1","block_type":"box","text":"%","page_number":3,"box":{"x":800,"y":603,"width":8,"height":5}},{"id":"d72c9213-24c6-4778-bda3-4a6add7b134e","block_type":"box","text":"Government-related - supranationals","page_number":3,"box":{"x":511,"y":615,"width":160,"height":7}},{"id":"cd69e22d-edf7-412f-9e95-f4070aa76d21","block_type":"box","text":"5.3","page_number":3,"box":{"x":786,"y":615,"width":12,"height":5}},{"id":"c3aaac1d-b690-465a-8d90-4cd4b4d338c9","block_type":"box","text":"Other","page_number":3,"box":{"x":511,"y":627,"width":25,"height":5}},{"id":"c0d01918-7938-4a89-9c14-ac193f243e8e","block_type":"box","text":"1.3","page_number":3,"box":{"x":787,"y":627,"width":11,"height":5}},{"id":"40a688f8-1022-428f-846c-607d70d19fee","block_type":"box","text":"Government-related - local authority","page_number":3,"box":{"x":511,"y":639,"width":158,"height":7}},{"id":"be6d1ab5-ac9d-49e4-98da-c578c1e58563","block_type":"box","text":"1.2","page_number":3,"box":{"x":787,"y":639,"width":11,"height":5}},{"id":"00336691-468b-4732-aa60-87e88730019c","block_type":"box","text":"Provincials/municipals","page_number":3,"box":{"x":512,"y":651,"width":94,"height":7}},{"id":"6b507568-fd4d-47a1-b21e-a86f8783776b","block_type":"box","text":"0.1","page_number":3,"box":{"x":786,"y":651,"width":13,"height":5}},{"id":"ba85db8a-b832-473f-81ae-50b87bf42bfe","block_type":"box","text":"Glossary for fund characteristics","page_number":3,"box":{"x":39,"y":744,"width":184,"height":8}},{"id":"8aa7ef68-ee2b-4bf1-8409-8e74e9f625ca","block_type":"box","text":"The fund characteristics section above contains a number of metrics that professional investors use to value individual stocks against a market or ind","page_number":3,"box":{"x":38,"y":760,"width":745,"height":8}},{"id":"d430479c-275a-4aa0-ae72-f2f553a5adec","block_type":"box","text":"ex average. These","page_number":3,"box":{"x":784,"y":760,"width":88,"height":8}},{"id":"bcf3cfca-d37f-4d93-bdaf-08dc691ba4d9","block_type":"box","text":"metrics can also be used to value and compare funds to the market by taking the average of all the stocks held in the fund and comparing them to those","page_number":3,"box":{"x":39,"y":769,"width":761,"height":8}},{"id":"2996b3c0-1693-499d-871e-b404520abeaf","block_type":"box","text":"of the fund’s","page_number":3,"box":{"x":803,"y":769,"width":63,"height":7}},{"id":"0c8ec5b9-7458-4e63-ac0a-8cd0f0ccef2d","block_type":"box","text":"benchmark index. We’ve provided a definition of the terms used for your convenience.","page_number":3,"box":{"x":39,"y":779,"width":426,"height":7}},{"id":"9eae942d-a190-4d4a-bda5-779012a29c0d","block_type":"box","text":"Yield to worst","page_number":3,"box":{"x":38,"y":793,"width":72,"height":6}},{"id":"7d5e0199-8a8c-4922-bb46-b60d6e15ba7c","block_type":"box","text":"applies when the portfolio is invested into callable bonds. When it is not the case Yield to worst=Yield to maturity.","page_number":3,"box":{"x":113,"y":792,"width":566,"height":8}},{"id":"373ab927-3c4a-4be5-a0c7-2aefbebee17e","block_type":"box","text":"Average coupon","page_number":3,"box":{"x":38,"y":806,"width":82,"height":8}},{"id":"6434b242-4ee1-478e-afa7-a8e2035c04eb","block_type":"box","text":"is the average interest rate paid on the fixed income securities held by a fund. It is expressed as a percentage of face value.","page_number":3,"box":{"x":123,"y":806,"width":612,"height":8}},{"id":"21ec7d53-e36d-4c4d-9d81-078111f56784","block_type":"box","text":"Average maturity","page_number":3,"box":{"x":38,"y":820,"width":91,"height":8}},{"id":"b90f82c4-f91f-4ff3-9b40-a426f3ab9d47","block_type":"box","text":"is the average length of time until fixed income securities held by a fund reach maturity and are repaid, taking into consideration the possibility t","page_number":3,"box":{"x":132,"y":820,"width":719,"height":8}},{"id":"7c18e080-053c-40a1-b709-9ae90ad38e13","block_type":"box","text":"hat the","page_number":3,"box":{"x":852,"y":820,"width":35,"height":6}},{"id":"b15b06ed-fa95-4aaf-8c1f-7ebe3a48b9e5","block_type":"box","text":"issuer may call the bond before its maturity date. The figure reflects the proportion of fund assets represented by each security; it also reflects an","page_number":3,"box":{"x":39,"y":829,"width":727,"height":8}},{"id":"0fd8aebf-cb82-416f-bba4-b7728e699236","block_type":"box","text":"y futures contracts held. In","page_number":3,"box":{"x":767,"y":829,"width":133,"height":8}},{"id":"7f402f09-0555-4bc6-88d4-7cd472ade2f6","block_type":"box","text":"general, the longer the average effective maturity, the more a fund’s share price will fluctuate in response to changes in market interest rates.","page_number":3,"box":{"x":39,"y":839,"width":710,"height":7}},{"id":"79d5188f-b535-4ce8-9ea0-9d8ed60d670c","block_type":"box","text":"Average quality","page_number":3,"box":{"x":38,"y":852,"width":81,"height":8}},{"id":"22313f73-b665-44b9-9346-61f4271d67d6","block_type":"box","text":"is an indicator of credit risk. This figure is the average of the ratings assigned to a fund’s fixed income holdings by credit-rating agencies. Th","page_number":3,"box":{"x":122,"y":852,"width":694,"height":8}},{"id":"cfb1f522-1ba3-4077-bc9b-10ad3b42811e","block_type":"box","text":"e agencies make","page_number":3,"box":{"x":818,"y":852,"width":81,"height":8}},{"id":"4b4c094c-5405-45ab-b0ef-dafa4bb94579","block_type":"box","text":"their judgment after appraising an issuer’s ability to meet its obligations. Quality is graded on a scale, with Aaa or AAA indicating the most cred","page_number":3,"box":{"x":38,"y":862,"width":717,"height":7}},{"id":"b7f806b7-cb65-42e4-b611-8dafe94e3eb0","block_type":"box","text":"itworthy bond issuers.","page_number":3,"box":{"x":756,"y":862,"width":109,"height":7}},{"id":"f21f3b25-5a79-45d1-9813-b99be9e7f16a","block_type":"box","text":"Average duration","page_number":3,"box":{"x":38,"y":875,"width":88,"height":8}},{"id":"51af7017-cafd-4433-a128-5333ef67594d","block_type":"box","text":"is an estimate of how much the value of the bonds held by a fund will fluctuate in response to a change in interest rates. To see how the value could","page_number":3,"box":{"x":130,"y":875,"width":735,"height":8}},{"id":"c571a2b5-d7c4-45b1-8c8c-87518d824c83","block_type":"box","text":"change, multiply the average duration by the change in rates. If interest rates rise by 1 percentage point, the value of the bonds in a fund with an a","page_number":3,"box":{"x":39,"y":885,"width":729,"height":8}},{"id":"23494c76-0119-4b14-9c7a-856974e9e962","block_type":"box","text":"verage duration of five","page_number":3,"box":{"x":769,"y":885,"width":114,"height":8}},{"id":"cb10ffa7-2143-46e2-96f9-7d46a1ad7152","block_type":"box","text":"years would decline by about 5%. If rates decrease by a percentage point, the value would rise by 5%.","page_number":3,"box":{"x":38,"y":894,"width":505,"height":8}},{"id":"296f8215-fca0-4450-8312-8850549aea76","block_type":"box","text":"Distribution yield","page_number":3,"box":{"x":39,"y":908,"width":86,"height":8}},{"id":"51109a04-403f-4305-83d4-f98129bf7123","block_type":"box","text":"reflects the amounts that may be expected to be distributed over the next twelve months as a percentage of mid-market unit price as at the date shown","page_number":3,"box":{"x":129,"y":908,"width":765,"height":8}},{"id":"ae1f7644-e6c2-4ac5-9da3-804bab4723dc","block_type":"box","text":".","page_number":3,"box":{"x":895,"y":913,"width":1,"height":1}},{"id":"8f571e74-0fff-4afc-b89a-310f78c42189","block_type":"box","text":"It is based on a snapshot of the portfolio on that day. It does not include preliminary charge and investors may be subject to tax on distributions.","page_number":3,"box":{"x":39,"y":917,"width":719,"height":8}},{"id":"42870325-8932-4cdd-92b4-17cd695fe7b1","block_type":"box","text":"20 - 25 Years","page_number":3,"box":{"x":511,"y":365,"width":56,"height":5}},{"id":"4edbe7a2-4375-40f2-a3ef-7c0b037ba016","block_type":"box","text":"2.5","page_number":3,"box":{"x":786,"y":365,"width":13,"height":5}},{"id":"e26ff139-f26c-4f54-bd22-d1e45e71d2fd","block_type":"box","text":"%","page_number":3,"box":{"x":800,"y":365,"width":8,"height":5}},{"id":"69d561d8-7351-4c7f-a618-cc78e163bd13","block_type":"box","text":"Over 25 Years","page_number":3,"box":{"x":511,"y":376,"width":60,"height":5}},{"id":"4bff4b2f-f378-447d-b158-e0cc6aefed90","block_type":"box","text":"9.9","page_number":3,"box":{"x":786,"y":376,"width":13,"height":5}},{"id":"e9bcef3e-b40b-4047-a5d9-30792c0b8475","block_type":"box","text":"Under 1 Year","page_number":3,"box":{"x":164,"y":365,"width":55,"height":5}},{"id":"a54f66ad-b74e-4bed-b747-df3f3e3aca9a","block_type":"box","text":"0.7","page_number":3,"box":{"x":441,"y":365,"width":12,"height":5}},{"id":"5ceaca9a-ef18-4032-805f-320f0d0df995","block_type":"box","text":"%","page_number":3,"box":{"x":454,"y":365,"width":8,"height":5}},{"id":"ba29fe1a-f5f7-4e54-8423-2707e9b7dd42","block_type":"box","text":"1 - 5 Years","page_number":3,"box":{"x":164,"y":376,"width":44,"height":5}},{"id":"fb06f484-7977-4cff-9774-0deb4df85a7d","block_type":"box","text":"37.2","page_number":3,"box":{"x":435,"y":376,"width":18,"height":5}},{"id":"3df17061-e861-4ce1-988a-dc622984ed49","block_type":"box","text":"5 - 10 Years","page_number":3,"box":{"x":163,"y":387,"width":51,"height":5}},{"id":"6a70dc05-12ba-4618-a91e-82b435612b3a","block_type":"box","text":"36.2","page_number":3,"box":{"x":435,"y":387,"width":18,"height":5}},{"id":"ba2db242-5bdf-4bcd-a20c-26b23172a33b","block_type":"box","text":"10 - 15 Years","page_number":3,"box":{"x":164,"y":398,"width":56,"height":5}},{"id":"31a2f513-7a03-4c26-8784-9bec30e8052a","block_type":"box","text":"8.4","page_number":3,"box":{"x":441,"y":398,"width":12,"height":5}},{"id":"4843459a-6ffb-455c-85eb-484febebe017","block_type":"box","text":"15 - 20 Years","page_number":3,"box":{"x":164,"y":409,"width":56,"height":5}},{"id":"c8066a20-a4ee-413c-be11-fd94b67e1124","block_type":"box","text":"5.0","page_number":3,"box":{"x":441,"y":409,"width":12,"height":5}},{"id":"3af76c96-c6a4-4459-867f-ab479ebd1bff","block_type":"box","text":"*The allocations are subject to circumstances such as timing differences between trade and settlement dates of underlying securities, that may result","page_number":3,"box":{"x":39,"y":672,"width":748,"height":7}},{"id":"3a187b34-57d2-422b-8079-a73bff77aa90","block_type":"box","text":"in negative weightings.","page_number":3,"box":{"x":790,"y":672,"width":114,"height":7}},{"id":"81e82a7b-8a2d-4030-9478-96a9c8582c50","block_type":"box","text":"The fund may also employ certain derivative instruments for cash management or risk management purposes that may also result in negative weightings. A","page_number":3,"box":{"x":38,"y":682,"width":781,"height":8}},{"id":"59ad7a9c-e0de-468d-a1ef-0a9cd4acabef","block_type":"box","text":"llocations are","page_number":3,"box":{"x":820,"y":682,"width":66,"height":6}},{"id":"33d177b9-0cac-49f5-b588-d448676f10ae","block_type":"box","text":"subject to change. Cash includes physical cash on the account, cash like instruments (such as ultra-short term treasury bonds) and derivative instru","page_number":3,"box":{"x":39,"y":693,"width":734,"height":8}},{"id":"bd496959-46c7-4755-97a9-3ae98753f0e8","block_type":"box","text":"ments.","page_number":3,"box":{"x":774,"y":694,"width":33,"height":5}},{"id":"9f5afce8-2755-4c56-a08c-da9db871d074","block_type":"box","text":"Credit-quality ratings for each issue are obtained from Bloomberg using ratings derived from Moody’s Investors Service, Fitch Ratings and Standard","page_number":3,"box":{"x":39,"y":537,"width":739,"height":8}},{"id":"5402ce7f-9fca-4406-a05e-fb298d94d4e6","block_type":"box","text":"& Poor’s. When ratings","page_number":3,"box":{"x":782,"y":537,"width":114,"height":8}},{"id":"69c8b966-d090-46ee-b35a-e172a4c0399f","block_type":"box","text":"from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When","page_number":3,"box":{"x":38,"y":548,"width":739,"height":8}},{"id":"e4700840-e028-4fad-a93d-6fb98442320d","block_type":"box","text":"one rating is available,","page_number":3,"box":{"x":781,"y":548,"width":110,"height":8}},{"id":"cbe4a847-c685-4807-96c5-ce076e79f771","block_type":"box","text":"that rating is used.","page_number":3,"box":{"x":38,"y":559,"width":94,"height":7}},{"id":"ef13453d-3895-466f-bd83-e6d493e223d5","block_type":"box","text":"Vanguard Global Credit Bond Fund","page_number":4,"box":{"x":38,"y":31,"width":501,"height":21}},{"id":"d545cc50-ca55-4d50-9a08-94ebdcfb7655","block_type":"box","text":"GBP Hedged Income Shares","page_number":4,"box":{"x":39,"y":57,"width":239,"height":13}},{"id":"1dc7ab71-7cad-4289-8a99-89535d8daaaf","block_type":"box","text":"9536EN_092026","page_number":4,"box":{"x":895,"y":971,"width":71,"height":6}},{"id":"61e4a1d5-59b1-4647-9071-6f666174f97e","block_type":"box","text":"Issued by Vanguard Asset Management, Limited which is authorised and regulated in the UK by the Financial Conduct Authority.","page_number":4,"box":{"x":39,"y":961,"width":627,"height":7}},{"id":"4a0b0f0c-e2d4-4dd7-a2c7-080c142d04d8","block_type":"box","text":"© 2026 Vanguard Asset Management, Limited. All rights reserved.","page_number":4,"box":{"x":39,"y":970,"width":323,"height":7}},{"id":"cd6b7e42-7685-4085-8f83-f25df28a48e7","block_type":"box","text":"For more information contact your local sales team or:","page_number":4,"box":{"x":39,"y":426,"width":305,"height":8}},{"id":"68d4ed95-3382-4bcf-bedc-d63d7b0ff77e","block_type":"box","text":"Web: http://global.vanguard.com","page_number":4,"box":{"x":38,"y":439,"width":169,"height":8}},{"id":"57b55cc5-22e5-40e4-8d87-10685ea243f5","block_type":"box","text":"Transfer Agent (Europe): Tel. +353 1 241 7144","page_number":4,"box":{"x":38,"y":450,"width":224,"height":7}},{"id":"11307ba4-47e0-4342-8ab9-4186ad5835da","block_type":"box","text":"Client Services (Europe): Tel. +44 (0)203 753 4305","page_number":4,"box":{"x":39,"y":460,"width":250,"height":8}},{"id":"6e34862f-18cc-4ecf-852a-0dac4a1fb854","block_type":"box","text":"Email:","page_number":4,"box":{"x":39,"y":471,"width":30,"height":6}},{"id":"f705b56b-972e-4c31-bbb9-8cb745b509a1","block_type":"box","text":"european_client_services@vanguard.co.uk","page_number":4,"box":{"x":73,"y":471,"width":209,"height":7}},{"id":"ddaa4f1b-c3d7-48aa-8714-3508b45ac3fe","block_type":"box","text":"Important information","page_number":4,"box":{"x":39,"y":490,"width":126,"height":7}},{"id":"e8c7b6a5-30e1-4562-bbfe-1149ac624f90","block_type":"box","text":"This is a marketing communication.","page_number":4,"box":{"x":38,"y":507,"width":179,"height":8}},{"id":"6a0cd00e-90d6-4af6-9184-a20baf98e80d","block_type":"box","text":"This document is directed at professional investors and should not be distributed to, or relied upon by retail investors.","page_number":4,"box":{"x":38,"y":525,"width":595,"height":7}},{"id":"f0ac40f6-f114-4138-889b-a5d35ed7cb96","block_type":"box","text":"For further information on the fund's investment policies and risks, please refer to the prospectus of the UCITS and to the KIID before making any fin","page_number":4,"box":{"x":39,"y":544,"width":744,"height":7}},{"id":"ce4d7c82-97ca-443c-a2ce-92aa5aa51e33","block_type":"box","text":"al investment decisions. The","page_number":4,"box":{"x":785,"y":544,"width":138,"height":6}},{"id":"519ce6be-52ff-4264-98ac-838258ca43c4","block_type":"box","text":"KIID for this fund is available, alongside the prospectus via Vanguard’s website https://global.vanguard.com/.","page_number":4,"box":{"x":39,"y":553,"width":548,"height":8}},{"id":"c709cded-aeba-4b63-9b77-fb78fb74c16b","block_type":"box","text":"This document is designed for use by and is directed only at persons resident in the UK.","page_number":4,"box":{"x":38,"y":567,"width":432,"height":7}},{"id":"aa4a2d23-aadc-4a08-bfae-bed366afaf3f","block_type":"box","text":"The information contained herein is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any ju","page_number":4,"box":{"x":38,"y":580,"width":709,"height":8}},{"id":"f305a42c-e22d-4a0d-858a-3387ee59e4dc","block_type":"box","text":"risdiction where such an offer or","page_number":4,"box":{"x":748,"y":580,"width":161,"height":7}},{"id":"ad9a2b7d-ab1c-4690-8796-461627d045b8","block_type":"box","text":"solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solic","page_number":4,"box":{"x":39,"y":590,"width":716,"height":8}},{"id":"ae6332e3-2be7-4b45-87a1-8c4427d4d073","block_type":"box","text":"itation is not qualified to do so. The","page_number":4,"box":{"x":756,"y":590,"width":175,"height":7}},{"id":"61a562fc-28e0-47ff-9d08-1e2780213486","block_type":"box","text":"information in this document is general in nature and does not constitute legal, tax, or investment advice. Potential investors are urged to consult t","page_number":4,"box":{"x":39,"y":599,"width":733,"height":8}},{"id":"6dd86d40-b277-43c1-8907-8038a46b4379","block_type":"box","text":"heir professional advisers on the","page_number":4,"box":{"x":773,"y":599,"width":160,"height":8}},{"id":"6617aa44-2cc2-4119-ab57-003332f7ca8d","block_type":"box","text":"implications of making an investment in, holding or disposing of ''units/shares'', and the receipt of distribution from any investment.","page_number":4,"box":{"x":39,"y":608,"width":661,"height":8}},{"id":"9365cf2d-ba44-4e6a-9934-ee2feb4b24f3","block_type":"box","text":"Vanguard Investment Series plc has been authorised by the Central Bank of Ireland as a UCITS and has been registered for public distribution in","page_number":4,"box":{"x":38,"y":622,"width":717,"height":8}},{"id":"760e5685-70c6-4b98-b53d-7b7815815a32","block_type":"box","text":"certain EEA countries and the UK.","page_number":4,"box":{"x":759,"y":622,"width":168,"height":6}},{"id":"fe9d58aa-d317-48ce-af79-790f6d1ad1e8","block_type":"box","text":"Prospective investors are referred to the Funds' prospectus for further information. Prospective investors are also urged to consult their own profess","page_number":4,"box":{"x":39,"y":632,"width":743,"height":7}},{"id":"091d5a24-3b23-4300-8ad7-83dc2edba531","block_type":"box","text":"ional advisers on the","page_number":4,"box":{"x":784,"y":632,"width":101,"height":6}},{"id":"8c3d9734-b2bf-449f-a5c4-9b1a9cfab1a7","block_type":"box","text":"implications of making an investment in, and holding or disposing shares of the Funds and the receipt of distributions with respect to such shares und","page_number":4,"box":{"x":39,"y":641,"width":744,"height":8}},{"id":"e8066f86-55c8-43dd-87c9-109ba45c99ef","block_type":"box","text":"er the law of the countries in","page_number":4,"box":{"x":785,"y":641,"width":142,"height":6}},{"id":"a1af2cde-c560-49bb-97b5-611c10b30d8b","block_type":"box","text":"which they are liable to taxation.","page_number":4,"box":{"x":38,"y":651,"width":163,"height":7}},{"id":"373f3d2e-0409-4cf1-8c85-ac6062c35a0e","block_type":"box","text":"The Manager of Vanguard Investment Series plc is Vanguard Group (Ireland) Limited. Vanguard Asset Management, Limited is a distributor of Vanguar","page_number":4,"box":{"x":38,"y":664,"width":758,"height":8}},{"id":"fb1b0502-ed46-4eec-b62e-9678650f760b","block_type":"box","text":"d Investment Series plc.","page_number":4,"box":{"x":797,"y":664,"width":117,"height":8}},{"id":"7a2792d5-6a1e-427d-ba57-745c16b7d268","block_type":"box","text":"The Manager of the Ireland-domiciled funds may determine to terminate any arrangements made for marketing the shares in one or more jurisdictions in a","page_number":4,"box":{"x":38,"y":680,"width":774,"height":7}},{"id":"b7a1b374-f065-4bdf-99b6-a21d908da286","block_type":"box","text":"ccordance with the","page_number":4,"box":{"x":813,"y":680,"width":95,"height":6}},{"id":"20ac1ad5-0b25-40d3-ad57-f5b69775ba47","block_type":"box","text":"UCITS Directive, as may be amended from time to time.","page_number":4,"box":{"x":39,"y":689,"width":278,"height":8}},{"id":"186d9b61-b16d-4d34-8f28-1aecf6180a92","block_type":"box","text":"For investors in Ireland-domiciled funds, a summary of investor rights can be obtained via","page_number":4,"box":{"x":39,"y":702,"width":445,"height":8}},{"id":"89529228-4af6-44dd-abc9-c467499fbddd","block_type":"box","text":"https://www.ie.vanguard/content/dam/intl/europe/documents/en/vanguard-investors-rights-summary-irish-funds-jan22.pdf and is available in English, Ge","page_number":4,"box":{"x":39,"y":711,"width":790,"height":8}},{"id":"6c51384b-c1c9-45c6-a283-9d7a0096ed45","block_type":"box","text":"rman, French,","page_number":4,"box":{"x":831,"y":712,"width":67,"height":7}},{"id":"9f26b3a7-f08e-42da-913e-ecb78c9d8234","block_type":"box","text":"Spanish, Dutch and Italian.","page_number":4,"box":{"x":39,"y":721,"width":133,"height":8}},{"id":"12990352-1155-457d-9318-eae628383eb6","block_type":"box","text":"BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services","page_number":4,"box":{"x":39,"y":750,"width":757,"height":7}},{"id":"bfcf6ec2-2135-4684-82f6-9b91bdaea775","block_type":"box","text":"Limited (“BISL”) (collectively,","page_number":4,"box":{"x":800,"y":750,"width":143,"height":7}},{"id":"8eca2955-0610-4691-8121-d0fdec90c768","block_type":"box","text":"“Bloomberg”), or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices.","page_number":4,"box":{"x":39,"y":759,"width":452,"height":8}},{"id":"347d136e-c4a0-45c7-a5a1-fd70d895dcfc","block_type":"box","text":"The products are not sponsored, endorsed, issued, sold or promoted by “Bloomberg.” Bloomberg makes no representation or warranty, express or imp","page_number":4,"box":{"x":38,"y":773,"width":747,"height":8}},{"id":"7b76185f-08c3-4bc8-ad0d-90babe3780e9","block_type":"box","text":"lied, to the owners or","page_number":4,"box":{"x":787,"y":773,"width":104,"height":7}},{"id":"b1371dae-ec8f-4cf9-a964-573c66cbc16a","block_type":"box","text":"purchasers of the products or any member of the public regarding the advisability of investing in securities generally or in the products particularly","page_number":4,"box":{"x":39,"y":782,"width":729,"height":8}},{"id":"fe82e234-5eca-428a-84fa-2d5f8b869770","block_type":"box","text":"or the ability of the Bloomberg","page_number":4,"box":{"x":771,"y":782,"width":153,"height":8}},{"id":"4806e86b-ba0f-4408-8475-47541c375c41","block_type":"box","text":"Indices to track general bond market performance. Bloomberg shall not pass on the legality or suitability of the products with respect to any person o","page_number":4,"box":{"x":39,"y":792,"width":745,"height":7}},{"id":"9ca35691-5fa3-4a84-bb60-8fe620302cee","block_type":"box","text":"r entity. Bloomberg’s only","page_number":4,"box":{"x":786,"y":792,"width":127,"height":7}},{"id":"db723153-440f-479e-9458-83e5caab71e1","block_type":"box","text":"relationship to Vanguard and the products are the licensing of the Bloomberg Indices which are determined, composed and calculated by BISL without reg","page_number":4,"box":{"x":39,"y":801,"width":769,"height":8}},{"id":"e3e20aed-9233-4b1e-83ce-60aa0c7fcebc","block_type":"box","text":"ard to Vanguard or the","page_number":4,"box":{"x":809,"y":801,"width":114,"height":8}},{"id":"ddc93493-c494-497d-b7f7-a1c00b794fe4","block_type":"box","text":"products or any owners or purchasers of the products. Bloomberg has no obligation to take the needs of the products or the owners of the products into","page_number":4,"box":{"x":39,"y":810,"width":760,"height":8}},{"id":"6b83e562-dcbd-4322-87d1-e16989f00c7e","block_type":"box","text":"consideration in","page_number":4,"box":{"x":802,"y":811,"width":78,"height":6}},{"id":"f7a012a9-ea36-4786-99c7-47713813d262","block_type":"box","text":"determining, composing or calculating the Bloomberg Indices. Bloomberg shall not be responsible for and has not participated in the determination of t","page_number":4,"box":{"x":39,"y":820,"width":753,"height":8}},{"id":"575744bc-6b78-48e9-a957-cc9bcc4ef5ef","block_type":"box","text":"he timing of, prices at, or","page_number":4,"box":{"x":793,"y":820,"width":124,"height":8}},{"id":"17f0e591-12b3-4113-8c75-e00293898736","block_type":"box","text":"quantities of the products to be issued. Bloomberg shall not have any obligation or liability in connection with the administration, marketing or trad","page_number":4,"box":{"x":39,"y":829,"width":734,"height":8}},{"id":"c9fb1e72-a9b4-44ff-9f03-cb538e7160a1","block_type":"box","text":"ing of the products.","page_number":4,"box":{"x":774,"y":829,"width":97,"height":8}},{"id":"a9bbbda0-21ae-4ae8-8788-5a9e4054fc52","block_type":"box","text":"SEDOL and SEDOL Masterfile® are registered trademarks of the London Stock Exchange Group PLC.","page_number":4,"box":{"x":39,"y":843,"width":506,"height":8}},{"id":"b7ca0bd3-e35f-4f13-acf1-303550433eb0","block_type":"box","text":"SEDOL Data has been provided from the London Stock Exchange’s","page_number":4,"box":{"x":39,"y":852,"width":326,"height":8}},{"id":"2d7c14d3-1f29-48e3-988c-10e4653d5112","block_type":"box","text":"SEDOL Masterfile®.","page_number":4,"box":{"x":368,"y":852,"width":98,"height":6}},{"id":"7baccdd2-348a-4f12-b608-b7a0abc84438","block_type":"box","text":"Investment risk information","page_number":4,"box":{"x":39,"y":111,"width":156,"height":6}},{"id":"aff964d3-2a5c-437a-abf3-c9e5e50113d2","block_type":"box","text":"The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.","page_number":4,"box":{"x":38,"y":125,"width":603,"height":7}},{"id":"09eb861a-b4a7-4dfb-9d64-87d0dae94dc7","block_type":"box","text":"Past performance is not a reliable indicator of future results.","page_number":4,"box":{"x":39,"y":138,"width":302,"height":8}},{"id":"d03bb9e9-38ea-4599-81d6-f93ca4c16dd9","block_type":"box","text":"Some funds invest in emerging markets which can be more volatile than more established markets. As a result the value of your investment may rise or f","page_number":4,"box":{"x":39,"y":152,"width":761,"height":8}},{"id":"6d4f0621-0e16-4f74-9edf-086a4319d2d4","block_type":"box","text":"all.","page_number":4,"box":{"x":801,"y":152,"width":13,"height":6}},{"id":"97fb848f-5f0f-4e29-9061-90bd3a7f49eb","block_type":"box","text":"Funds investing in fixed interest securities carry the risk of default on repayment and erosion of the capital value of your investment and the level","page_number":4,"box":{"x":39,"y":166,"width":723,"height":8}},{"id":"8bc4f899-67f9-4077-842e-6da6c94fd2ce","block_type":"box","text":"of income may fluctuate.","page_number":4,"box":{"x":767,"y":166,"width":124,"height":7}},{"id":"ca1d2842-a77c-4384-bc6b-483747b282b5","block_type":"box","text":"Movements in interest rates are likely to affect the capital value of fixed interest securities. Corporate bonds may provide higher yields but as such","page_number":4,"box":{"x":39,"y":175,"width":731,"height":8}},{"id":"e775ab3f-48df-46b6-a611-10370885347e","block_type":"box","text":"may carry greater credit risk","page_number":4,"box":{"x":774,"y":175,"width":141,"height":8}},{"id":"0e59a97e-2acb-430c-8810-9898502a998f","block_type":"box","text":"increasing the risk of default on repayment and erosion of the capital value of your investment. The level of income may fluctuate and movements in in","page_number":4,"box":{"x":39,"y":185,"width":751,"height":7}},{"id":"d8a938f8-d851-4b25-b240-1f762d3d3c69","block_type":"box","text":"terest rates are likely to","page_number":4,"box":{"x":792,"y":185,"width":118,"height":7}},{"id":"e3c06214-1135-4d38-a824-566ef26ade40","block_type":"box","text":"affect the capital value of bonds.","page_number":4,"box":{"x":39,"y":194,"width":164,"height":8}},{"id":"d9d4154f-88f0-40b6-b90b-74ab54a216d1","block_type":"box","text":"The Fund may use derivatives, including for investment purposes, in order to reduce risk or cost and/or generate extra income or growth. For all other","page_number":4,"box":{"x":38,"y":207,"width":745,"height":8}},{"id":"df400a7a-ce0d-4b85-8a88-badee7e70e83","block_type":"box","text":"funds they will be used to","page_number":4,"box":{"x":787,"y":208,"width":126,"height":7}},{"id":"424ce9c5-3095-47ee-b38b-bf8c524daf1b","block_type":"box","text":"reduce risk or cost and/or generate extra income or growth. The use of derivatives could increase or reduce exposure to underlying assets and result i","page_number":4,"box":{"x":39,"y":217,"width":741,"height":8}},{"id":"df6084aa-6fdf-45f8-a36c-67682a366770","block_type":"box","text":"n greater fluctuations of the","page_number":4,"box":{"x":782,"y":217,"width":141,"height":8}},{"id":"b8ead3a7-4151-4c9e-b616-85d6907ad19d","block_type":"box","text":"Fund’s net asset value. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or cur","page_number":4,"box":{"x":39,"y":227,"width":702,"height":7}},{"id":"767d94b4-fe15-4cf2-b520-934f2c7ab394","block_type":"box","text":"rency) or a market index.","page_number":4,"box":{"x":742,"y":227,"width":123,"height":7}},{"id":"1bf18bb2-d349-4830-a278-36746438632f","block_type":"box","text":"Some funds invest in securities which are denominated in different currencies. Movements in currency exchange rates can affect the return of investmen","page_number":4,"box":{"x":39,"y":240,"width":761,"height":8}},{"id":"2e501da6-f876-42b3-b7ad-0e5d7c22c952","block_type":"box","text":"ts.","page_number":4,"box":{"x":802,"y":241,"width":11,"height":5}},{"id":"b7beb805-1dfd-4cf5-b586-d4bd7653c700","block_type":"box","text":"For further information on risks please see the “Risk Factors” section of the prospectus on our website at https://global.vanguard.com.","page_number":4,"box":{"x":39,"y":254,"width":674,"height":8}}],"unit":"per_mille","page_width":595,"page_height":842,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":4}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"d3e2a523-bcb8-41cf-9bab-699319d840cf"},"user_id":1000002,"date_created":"2026-10-15T22:16:49.710000Z","date_modified":"2026-10-15T22:16:49.710000Z","private":false}