Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. Vanguard ESG USD Corporate Bond UCITS GBP Hedged Accumulating ETF (the "Fund")ISIN: IE0000MOWF88 A sub-fund of Vanguard Funds PLCManager: Vanguard Group (Ireland) Limited (“VGIL”) Objectives and investment policy • The Fund employs a passive management – or indexing – investment• The Fund may use derivatives in order to reduce risk or cost and/or approach, through physical acquisition of securities, and seeks to track the generate extra income or growth. A derivative is a financial contract whose performance of the Bloomberg MSCI USD Corporate Float-Adjustedvalue is based on the value of a financial asset (such as a share, bond, or Liquid Bond Screened Index (the “Index”). currency) or a market index. Derivatives on an index (e.g. swaps, futures) • In tracking the performance of the Index, the Fund will invest in a USD may contain some underlying constituents which may not meet the ESG denominated portfolio of investment grade corporate fixed-rate bonds that criteria. so far as possible and practicable consists of a representative sample of • The base currency of the Fund is USD. the component securities of the Index. • The Fund invests in securities which are denominated in currencies other • The Index is constructed from the Bloomberg Global Aggregate Corporatethan the base currency. Movements in currency exchange rates can affect – United States Dollar Index (the “Parent Index”) which represents a the return of investments. Currency hedging techniques are used to similar investment universe which is then screened for certainminimise the risks associated with movements in currency exchange environmental, social, and corporate governance criteria (the “ESGrates, where the Fund invests in securities denominated in currencies criteria”) by Bloomberg as the sponsor of the Index, which is independent other than the listing currency, but these risks cannot be eliminated of Vanguard. entirely. As this document relates to a share class where such techniques • The Fund promotes environmental and social characteristics by excluding are used, the performance (see "Performance") of this share class is securities based on the impact of the issuer's conduct or products on shown against the currency hedged version of the Index. society and / or the environment. This is met by tracking the Index.• The Fund attempts to remain fully invested and hold small amounts of cash • The Index excludes issuers that engage in activities in, and/or deriveexcept in extraordinary market, political or similar conditions where the revenue (above a threshold specified by Bloomberg) from, certain Fund may temporarily depart from this investment policy to avoid losses. business segments of the following: adult entertainment, alcohol, • The Fund is appropriate for long-term investment. You should have an gambling, tobacco, nuclear weapons, controversial or conventional investment horizon of at least 3 years. weapons, civilian firearms, nuclear power, or thermal coal, oil, or gas.• Income from the ETF Shares will be reinvested and reflected in the price • The Index excludes the bonds of issuers that have a controversy score of of shares in the ETF. less than one as defined by MSCI's ESG controversies assessment • Portfolio transaction costs will have an impact on performance. framework (or which have not been assessed by MSCI). • Where MSCI has insufficient or no data available to adequately assess a • ETF Shares in the Fund can be bought or sold on a daily basis (save on particular issuer relative to the ESG criteria of the Index, bonds of suchcertain bank / public holidays and subject to certain restrictions described issuer may be excluded from the Index until such time as they may be in Appendix 1 of the Prospectus or in a separate Supplement). ETF Shares determined to be eligible by MSCI.are listed on one or more stock exchange(s). Subject to certain exceptions set out in the Prospectus, investors who are not Authorised Participants • The Fund may also hold fixed-rate government and corporate bonds that may only buy or sell ETF Shares through a company that is a member of are not component securities of the Index, but whose risk and return a relevant stock exchange at any time when that stock exchange is open characteristics closely resemble the risk and return characteristics of for business. A list of the days on which shares in the Fund cannot be constituents of the Index or of the Index as a whole. bought or sold is available on https://fund-docs.vanguard.com/holiday- • The Fund's investments will, at the time of purchase, comply with the ESG calendar-vanguard-funds-plc-ETFs.pdf criteria, except as otherwise described below or in the Supplement. In For further information about the objectives and investment policy of circumstances where the Fund holds securities which do not comply with the Fund, as well as the limited relationship with the Index provider, the ESG criteria, the Fund may hold such securities until such time as they please see the supplement for the Fund ("Supplement") and Appendix are removed from the Index, and it is possible and practicable (in the 6 of the Vanguard Funds plc prospectus (the "Prospectus") on our investment manager's view) to liquidate the position. website at https://global.vanguard.com Risk and reward profileLower risk Higher risk • Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. This could cause theTypically lower rewards Typically higher rewards Fund to incur higher costs when buying or selling investments or could mean that the Fund is not able to buy or sell investments when it would like to do so. 1 234 5 6 7• Index tracking risk. The Fund is not expected to track the performance of the Index at all times with perfect accuracy. The Fund is, however, • This indicator is based on historical data and may not be a reliable expected to provide investment results that, before expenses, generallyindication of the future risk profile of the Fund. correspond to the price and yield performance of the Index. • The risk category shown is not guaranteed and may change over time. • Index sampling risk. The Fund uses an index sampling technique whereby • The lowest category does not mean “risk free”.a representative sample of securities are selected to represent the Index. This means there is the risk that the securities selected for the Funds may • The Fund is rated 4 due to the nature of its investments which include thenot, in the aggregate, approximate the full index.risks listed below. These factors may impact the value of the Fund's • Credit risk. The issuer of a financial asset held within the Fund may notinvestments or expose the Fund to losses.pay income or repay capital to the Fund when due.- The value of bonds and fixed income-related securities is affected by• ESG risk. The Index screens out possible investments which do not meetinfluential factors such as interest rates, inflation, credit spreads andthe ESG criteria. This may affect the Fund's exposure to certain issuersvolatility which, in turn, are driven by other factors including political, and cause the Fund to forego certain investment opportunities. The Fundeconomic news, company earnings and significant corporate events.may perform differently to other funds, including underperforming funds- Investment risk is concentrated in specific sectors, countries, currencies that do not seek to screen investments in this way.or companies. This means the Fund is more sensitive to any localisedeconomic, market, political or regulatory events. • Index Accuracy Risk. There is no assurance that the Index provider will compile the Index accurately or that the Index will be determined,- Use of derivatives. The use of derivatives could increase or reducecomposed or calculated correctly.exposure to underlying assets and result in greater fluctuations of theFund's net asset value.• Unscheduled rebalancing risk. Apart from scheduled rebalances, the Index provider may carry out additional ad hoc rebalances to the Index. The risk and reward indicator does not take account of the following risks of investing in the Fund: • 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. • Counterparty risk. The insolvency of any institutions providing servicessuch as safekeeping of assets or acting as counterparty to derivatives or For further information on risks please see the “Risk Factors” sectionother instruments, may expose the Fund to financial loss. of the Prospectus on our website at https://global.vanguard.com Charges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest Investors who are not Authorised Participants ("APs") may have to pay fees to a stockbroker when you buy or sell on stock exchange(s). The fees are Entry charge* None available directly from your stockbroker and are not charged by, or payable to, the Fund. Exit charge* None The entry and exit charges shown are maximum figures and in some cases you might pay less. Investors can find out the actual entry and exit charges This is the maximum that might be taken out of your money before it is from their distributor and or adviser. invested / before the proceeds of your investment are paid out. APs dealing directly with the Fund will pay related transaction costs. For cash creations or redemptions there may be a cash transaction fee of a maximum Charges taken from the Fund over a year of 2% which is paid to the Fund, and all transactions will have associated transaction costs. Investors who are not APs will not pay these fees or costs. Ongoing charges 0.16% * In the case of a large subscription or redemption by an investor, that investor may have to pay an additional charge (e.g. anti-dilution levy) to the Charges taken from the Fund under certain specific conditions Fund to cover transaction costs incurred. None The ongoing charges figure is based on expenses for the year ended 31 Performance fee December 2024. This figure may vary from year to year. It excludes portfolio transaction costs. For further information about charges, please see the Supplement and the sections entitled “Buying Shares”, “Redeeming Shares”, and “Fees and Expenses” in the Prospectus on our website at https://global.vanguard.com Past performance8• Past performance: • Is not a reliable indication of future performance.7 • Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees.6 • Has been calculated in GBP.5 • Shares in the Fund were first issued in 2022. • This share class was launched in 2022. Per cent (%)4 3 2 1 0 2020 2021 2022 2023 2024 7.3% 1.7% 7.2% 1.7% FundHedged IndexPractical information • Depositary: Brown Brothers Harriman Trustee Services (Ireland) Limited. • Documents, prices of shares and further information: You can obtain copies of the Prospectus and the latest annual and semi-annual report and accounts for Vanguard Funds plc (“VF”) along with the latest published prices of shares and other practical information, from VF c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website at https://global.vanguard.com. Information on the Fund's portfolio disclosure policy and publication of the iNAV can be obtained at https://global.vanguard.com/portal/site/portal/ucits- documentation. The documents are available in English and are free of charge. • Prices: The last published prices of shares in the Fund are also available from the FT's website www.ft.com or https://global.vanguard.com • Tax: VF is subject to the tax laws of Ireland. Depending on your country of residence, this may have an impact on your personal tax position. You are recommended to consult your professional tax adviser. • Liability: VGIL may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for VF. • Sub-funds: VF is an umbrella fund with a number of sub-funds. This document describes a sub-fund of VF. The prospectus and periodic reports are prepared for the entire company. • VF is an umbrella Fund with segregated liability between sub-funds. This means that the holdings of the Fund are maintained separately under Irish law from holdings of other sub-funds of VF and your investment in the Fund will not be affected by any claims against any other sub-fund of VF. • Shares: ETF Shares in the Fund may not be exchanged for ETF Shares in any other sub-funds of VF, however APs may, with prior approval, switch ETF Shares in the Fund to a different share class of the same Fund, where other share classes are available. • Information about other share classes offered by VF can be found in the prospectus or from our website at https://global.vanguard.com. • Index provider: The Fund is not sponsored, endorsed or promoted by MSCI and MSCI bears no liability with respect to the Fund or the Benchmark. For more information, see the Fund's prospectus. • Remuneration policy: Details of VGIL's Remuneration Policy are available at https://www.ie.vanguard/content/dam/intl/europe/documents/ch/en/ucits-v- remuneration-policy.pdf including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration and benefits. A paper copy of these details may be obtained, free of charge, on request from VGIL at 70 Sir John Rogerson's Quay, Dublin 2, Ireland. The Fund is authorised in Ireland and regulated by the Central Bank of Ireland (the “Central Bank”). VGIL is authorised in Ireland and regulated by the Central Bank. This key investor information is accurate as at 10/02/2025.