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 Emerging Markets All Cap (USD) Distributing UCITS ETF (the "Fund") ISIN: IE0001VXZTV7 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 not adhere to the screening criteria, the Fund may temporarily hold such securities until such time as they cease to form part of the Index and it is approach, through physical acquisition of securities, and seeks to track the possible and practicable (in the investment manager's view) to liquidate performance of the FTSE Emerging All Cap Choice Index (the “Index”). the position. The Fund attempts to: 1. Track the performance of the Index by investing in all constituent securities of the Index in the same proportion as the• The Fund attempts to remain fully invested and hold small amounts of cash Index. Where not practicable to fully replicate, the Fund will use a sampling except in extraordinary market, political or similar conditions where the process. 2. Remain fully invested and hold small amounts of cash except Fund may temporarily depart from this investment policy to avoid losses. in extraordinary market, political or similar conditions where the Fund may Where the Index provider has insufficient or no data available to temporarily depart from this investment policy to avoid losses. adequately assess a particular company relative to the screening criteria • The Index is a market-capitalisation-weighted index composed of large-, of the Index, stocks of such company will be excluded from the Index until such time as they may be determined to be eligible by the Index provider. mid-, and small-cap stocks of companies located in emerging markets around the world. Market-capitalisation is the value of a company's • The Fund may use derivatives in order to reduce risk or cost and/or outstanding shares in the market and shows the size of a company. The generate extra income or growth. A derivative is a financial contract whose Index is constructed from the FTSE Emerging All Cap Index (the “Parentvalue is based on the value of a financial asset (such as a share, bond, or Index”) which is then screened for certain environmental, social, and currency) or a market index. Derivatives on an index (e.g. swaps, futures) governance (i.e. controversy-related) criteria which is independent ofmay contain some underlying constituents which may not meet the Vanguard. Through the screening out of stocks of companies from its screening criteria. portfolio based on the potentially detrimental impact of their conduct or • The base currency of the Fund is USD. products on society and / or the environment, the Fund promotes certain • The Fund invests in securities which are denominated in currencies other environmental characteristics and social characteristics relating to social than the base currency. Movements in currency exchange rates can affect norms and standards. the return of investments. • The Index methodology excludes stocks of companies that the sponsor of • The Fund is appropriate for long-term investment. You should have an the Index determines (a) to be engaged or involved in specific activities of investment horizon of at least 5 years. the supply chain for, and / or (b) derive revenue (above a threshold• Income from the ETF Shares will be paid out. specified by the Index provider) from, certain activities relating to the • Portfolio transaction costs will have an impact on performance. following activities: (a) Vice Products (i.e., adult entertainment, alcohol,• ETF Shares in the Fund can be bought or sold on a daily basis (save on gambling, tobacco, cannabis); (b) Non-Renewable Energy (nuclear power,certain bank / public holidays and subject to certain restrictions described and fossil fuels (which includes: (i) companies that have greater than 50%in Appendix 1 of the Prospectus or in a separate Supplement). ETF Shares ownership of companies that own proved or probable reserves in coal, oil are listed on one or more stock exchange(s). Subject to certain exceptions or gas, (ii) oil and gas production and supporting services, (iii) coal set out in the Prospectus, investors who are not Authorised Participants extraction, production and supporting services, (iv) oil and gas and thermal may only buy or sell ETF Shares through a company that is a member of coal power generation, (v) extraction of arctic oil and gas, and (vi) a relevant stock exchange at any time when that stock exchange is open extraction of oil sands)); and (c) Weapons (chemical & biological weapons,for business. A list of the days on which shares in the Fund cannot be cluster munitions, anti-personnel landmines, nuclear weapons, civilianbought or sold is available on https://fund-docs.vanguard.com/holiday- firearms, and conventional military weapons).The Index provider defines calendar-vanguard-funds-plc-ETFs.pdf what constitutes “involvement” in each activity. This may be based on percentage of revenue or any connection to a restricted activity regardless For further information about the objectives and investment policy of of the amount of revenue received, and will relate to specific parts of the the Fund, as well as the limited relationship with the Index provider, supply chain. The Index methodology also excludes stocks of companies please see the supplement for the Fund ("Supplement") and Appendix based on certain controversial conduct, which is achieved by excluding 6 of the Vanguard Funds plc prospectus (the "Prospectus") on our companies that meet certain criteria in relation to the United Nations website at https://global.vanguard.com Global Compact Principles. • The Fund's investments will, at the time of purchase, comply with the screening criteria, except as otherwise described below or in the Prospectus. In circumstances where the Fund holds securities which do Risk and reward profileLower risk Higher risk The risk and reward indicator does not take account of the following risks of investing in the Fund:Typically lower rewards Typically higher rewards • Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or 1 234 5 6 7 other instruments, may expose the Fund to financial loss. • Liquidity risk. Lower liquidity means there are insufficient buyers or sellers to allow the Fund to sell or buy investments readily. This could cause the • This indicator is based on historical data and may not be a reliable Fund to incur higher costs when buying or selling investments or could indication of the future risk profile of the Fund. mean that the Fund is not able to buy or sell investments when it would • The risk category shown is not guaranteed and may change over time.like to do so. • The lowest category does not mean “risk free”. • 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, • The Fund is rated 6 due to the nature of its investments which include the expected to provide investment results that, before expenses, generally risks listed below. These factors may impact the value of the Fund's correspond to the price and yield performance of the Index. investments or expose the Fund to losses. - The value of equities and equity-related securities can be affected by• Index sampling risk. The Fund uses an index sampling technique whereby daily stock market movements. Other influential factors include political, a representative sample of securities are selected to represent the Index. economic news, company earnings and significant corporate events. This means there is the risk that the securities selected for the Funds may not, in the aggregate, approximate the full index. - Movements in currency exchange rates can adversely affect the return • Index Accuracy Risk. There is no assurance that the Index provider will of your investment.compile the Index accurately or that the Index will be determined, - Emerging markets are generally more sensitive to economic and political composed or calculated correctly. conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfers of assets and failed/delayed • Screening risk. A Fund may track an index which screens out possible delivery of securities or payments to the Fund.investments if they do not meet certain screening criteria. This may affect the Fund's exposure to certain issuers and cause the Fund to forego - Investment risk is concentrated in specific sectors, countries, currencies certain investment opportunities. The relevant Fund may perform or companies. This means the Fund is more sensitive to any localised differently to other funds, including underperforming funds that do not seek economic, market, political or regulatory events. to screen investments in this way - Use of derivatives. The use of derivatives could increase or reduce • Unscheduled rebalancing risk. Apart from scheduled rebalances, the exposure to underlying assets and result in greater fluctuations of theIndex provider may carry out additional ad hoc rebalances to the Index. Fund's net asset value. For further information on risks please see the “Risk Factors” section 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 0.24% * 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 performance14 • Past performance: • Is not a reliable indication of future performance.12 • Includes ongoing charges and the reinvestment of income. It excludes entry and exit fees.10 • Has been calculated in USD. • Shares in the Fund were first issued in 2022. • This share class was launched in 2022. Per cent (%)8 6 4 2 0 2020 20212022 2023 2024 8.5% 11.9% 9.1% 12.5% Fund 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. • Further information on the Index Provider please 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.