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 EUR Corporate Bond UCITS GBP Hedged Accumulating ETF (the "Fund") ISIN: IE000UQLOH05 A sub-fund of Vanguard Funds PLC Manager: Vanguard Group (Ireland) Limited (“VGIL”) Objectives and investment policy • The Fund employs a passive management – or indexing – investment • The base currency of the Fund is EUR. approach, through physical acquisition of securities, and seeks to track the • The Fund may also hold fixed-rate government and corporate bonds that performance of the Bloomberg MSCI EUR Corporate Liquid Bond are not component securities of the Index, but whose risk and return Screened Index (the “Index”). characteristics closely resemble the risk and return characteristics of • In tracking the performance of the Index, the Fund will invest in a EUR constituents of the Index or of the Index as a whole and which, in the case denominated portfolio of investment grade corporate fixed-rate bonds that of corporate bonds, meet the screening criteria. so far as possible and practicable consists of a representative sample of • The Fund may use derivatives in order to reduce risk or cost and/or the component securities of the Index. generate extra income or growth. A derivative is a financial contract whose • The Index is constructed from the Bloomberg Euro-Aggregate Corporates value is based on the value of a financial asset (such as a share, bond, or Index (the “Parent Index”) which represents a similar investment universe currency) or a market index. Derivatives on an index (e.g. swaps, futures) which is then screened for certain environmental, social, and governancemay contain some underlying constituents which may not meet the (i.e. controversy-related) criteria which is independent of Vanguard. screening criteria. criteria (the “screening criteria") by Bloomberg as the sponsor of the Index, • The Fund invests in securities which are denominated in currencies other which is independent of Vanguard. Through the screening out of bondsthan the base currency. Movements in currency exchange rates can affect issued by corporate issuers from its portfolio based on the potentially the return of investments. Currency hedging techniques are used to detrimental impact of the relevant corporate issuer’s conduct or products minimise the risks associated with movements in currency exchange on society and / or the environment, the Fund promotes certain rates, where the Fund invests in securities denominated in currencies environmental characteristics and social characteristics relating to social other than the listing currency, but these risks cannot be eliminated norms and standards. The Index methodology excludes the bonds ofentirely. As this document relates to a share class where such techniques corporate issuers that MSCI determines (a) to be engaged in activities in are used, the performance (see "Performance") of this share class is or involved in specific parts of the supply chain for, and/or (b) deriveshown against the currency hedged version of the Index. revenue (above a threshold specified by the Index provider) from, certain • The Fund is appropriate for long-term investment. You should have an business segments of activities related to the following: (i) adult investment horizon of at least 3 years. entertainment, (ii) alcohol, (iii) gambling, (iv) tobacco, (v) nuclear weapons, • Income from the ETF Shares will be reinvested and reflected in the price (vi) controversial weapons, (vii) conventional weapons, (viii) civilian of shares in the ETF. firearms, (ix) nuclear power, or (x) fossil fuels (which includes thermal coal, • Portfolio transaction costs will have an impact on performance. oil, gas, oil sands, arctic oil or arctic gas). The index provider defines what • ETF Shares in the Fund can be bought or sold on a daily basis (save on constitutes “involvement” in each activity. This may be based oncertain bank / public holidays and subject to certain restrictions described percentage of revenue or any connection to a restricted activity regardless in Appendix 1 of the Prospectus or in a separate Supplement). ETF Shares of the amount of revenue received, and will relate to specific parts of the are listed on one or more stock exchange(s). Subject to certain exceptions supply chain. The Index methodology also excludes the bonds of set out in the Prospectus, investors who are not Authorised Participants corporate issuers that have a controversy score of zero as defined by may only buy or sell ETF Shares through a company that is a member of MSCI's ESG controversies assessment framework. a relevant stock exchange at any time when that stock exchange is open • The Fund's investments will, at the time of purchase, comply with the for business. A list of the days on which shares in the Fund cannot be screening criteria, except as otherwise described below or in the bought or sold is available on https://fund-docs.vanguard.com/holiday- Prospectus. In circumstances where the Fund holds securities which do calendar-vanguard-funds-plc-ETFs.pdf not adhere to the screening criteria, the Fund may temporarily hold such For further information about the objectives and investment policy of securities until such time as they cease to form part of the Index and it is the Fund, as well as the limited relationship with the Index provider, possible and practicable (in the investment manager's view) to liquidate please see the supplement for the Fund ("Supplement") and Appendix the position. The Fund attempts to remain fully invested and hold small 6 of the Vanguard Funds plc prospectus (the "Prospectus") on our amounts of cash except in extraordinary market, political or similar website at https://global.vanguard.com conditions where the Fund may temporarily depart from this investment policy to avoid losses. Where MSCI has insufficient or no data available to adequately assess a particular issuer relative to the ESG criteria of the Index, bonds of such issuer may be excluded from the Index until such time as they may be determined to be eligible by MSCI. Risk and reward profileLower risk Higher risk 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 wouldTypically lower rewards Typically higher rewards like to do so. • 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, 1 23 4 5 6 7 expected to provide investment results that, before expenses, generally correspond to the price and yield performance of the Index. • This indicator is based on historical data and may not be a reliable • Index sampling risk. The Fund uses an index sampling technique wherebyindication of the future risk profile of the Fund. a representative sample of securities are selected to represent the Index. • The risk category shown is not guaranteed and may change over time. This means there is the risk that the securities selected for the Funds may not, in the aggregate, approximate the full index. • The lowest category does not mean “risk free”.• Credit risk. The issuer of a financial asset held within the Fund may not • The Fund is rated 4 due to the nature of its investments which include the pay income or repay capital to the Fund when due.risks listed below. These factors may impact the value of the Fund's • Screening risk. A Fund may track an index which screens out possibleinvestments or expose the Fund to losses. investments if they do not meet certain screening criteria. This may affect- The value of equities and equity-related securities can be affected by the Fund's exposure to certain issuers and cause the Fund to foregodaily stock market movements. Other influential factors include political, certain investment opportunities. The relevant Fund may performeconomic news, company earnings and significant corporate events. differently to other funds, including underperforming funds that do not seek- Investment risk is concentrated in specific sectors, countries, currencies to screen investments in this wayor companies. This means the Fund is more sensitive to any localised • Index Accuracy Risk. There is no assurance that the Index provider willeconomic, market, political or regulatory events. compile the Index accurately or that the Index will be determined,- Use of derivatives. The use of derivatives could increase or reduce composed or calculated correctly.exposure to underlying assets and result in greater fluctuations of the • Unscheduled rebalancing risk. Apart from scheduled rebalances, theFund's net asset value.Index provider may carry out additional ad hoc rebalances to the Index. The risk and reward indicator does not take account of the following• Inflation risk. The value of your investments may not be worth as much in risks of investing in the Fund: the future due to changes in purchasing power resulting from inflation. • Counterparty risk. The insolvency of any institutions providing services For further information on risks please see the “Risk Factors” sectionsuch as safekeeping of assets or acting as counterparty to derivatives orof the Prospectus on our website at https://global.vanguard.comother instruments, may expose the Fund to financial loss. • Liquidity risk. Lower liquidity means there are insufficient buyers or sellersto allow the Fund to sell or buy investments readily. This could cause the 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 performance12 • Past performance: • Is not a reliable indication of future performance.10 • Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees. • Has been calculated in GBP.8• Shares in the Fund were first issued in 2022. • This share class was launched in 2022. Per cent (%)6 4 2 0 2020 2021 20222023 2024 9.4% 5.9% 9.6% 6.1% Fund Hedged 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 31/03/2025.