Vanguard Global Strategic Bond Fund GBP Hedged Acc

The Fund aims to provide a higher total return (capital growth plus income) than the Bloomberg Multiverse Index (the "Index") after the fees and expenses of the Fund. The Fund employs an "active management" strategy in aiming to outperform the Index and in doing so, the Investment Manager will follow distinct approaches in managing the Fund's assets. The Fund will invest in global fixed income bonds, including fixed and floating rate issues, primarily made up of treasury, government-related, securitised and corporate debt from developed and emerging market issuers. The Fund will primarily invest in investment grade bonds with a rating of the equivalent of Baa3 and above by Moody‘s or another independent rating agency or, are determined to be of comparable quality by the Investment Manager but may invest up to 25% of its assets in noninvestment grade bonds with a rating of the equivalent of Ba1 or below by Moody’s or another independent rating agency. The Investment Manager may in its discretion restrict the extent to which the Fund’s holdings deviate from the Index constituents on a security selection and fixed income sector 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 Index may be restricted by constraints applied by the Investment Manager which limit the potential volatility of the difference between the return of the Fund and the return of the Index. Such constraints may change or be removed from time to time at the Investment Manager’s discretion and depending on market environments. The Fund may use derivatives in order to reduce risk or cost and/or generate extra income or growth, and for investment purposes. A derivative is a financial contract whose value is based on the value of a financial asset (such as a share, bond, or currency) or a market index. The base currency of the Fund is USD. The Fund attempts to remain fully invested and hold small amounts of cash except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy to avoid losses. The Fund invests in securities which are denominated in currencies other than the base currency. Movements in currency exchange rates can affect the return of investments. Currency hedging techniques are used to minimise the risks associated with movements in currency exchange rates, where the Fund invests in securities denominated in currencies other than the listing currency, but these risks cannot be eliminated entirely. As this document relates to a share class where such techniques are used, the performance (see "Performance") of this share class is shown against the currency hedged version of the Index. The Fund is appropriate for long-term investment. You should have an investment horizon of at least 3 years. Income from the Fund will be paid out. Portfolio transaction costs will have an impact on performance. Subject to certain exceptions set out in the Prospectus, Shares in the Fund can be bought or sold or exchanged on a daily basis (save on certain bank / public holidays and subject to certain restrictions described in Appendix 1 of the Prospectus or in a separate Supplement) by submitting an application in writing. A list of the days on which shares in the Fund cannot be bought or sold is available on https://fund-docs.vanguard.com/holidaycalendar-vanguard-investment-series-plc-irish-funds.pdf For further information about the objectives and investment policy of the Fund, as well as the limited relationship with the Index provider, please see Appendix 1 and Appendix 6 of the Vanguard Investment Series plc prospectus (the “Prospectus”) on our website at https://global.vanguard.com