Important Investment Information

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested. For funds that invest in overseas markets, the value of this investment may fall or rise as a result of changes in exchange rates. Some funds may invest in emerging markets which can be more volatile than more established markets. As a result the value of this investment may rise or fall. Corporate bonds may provide higher yields but as such may carry greater credit risk increasing the risk of default on repayment and erosion of the capital value of your investment and the level of income may fluctuate. Fixed interest securities also carry the risk of default on repayment and erosion of the capital value of your investment and the level of income may fluctuate. Movements in interest rates are likely to affect the capital value of fixed interest securities. Investments in smaller companies may be more volatile than investments in well-established blue chip companies. Some funds may invest in derivatives. The risks associated with the use of derivatives are different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. There is no assurance that any derivative strategy used by the Fund will succeed and a Fund may suffer a substantial loss as a result. Past performance is not a reliable indicator of future results.

The Central Bank of Ireland has granted authorisation for the Vanguard 20+ Year Euro Treasury Index Fund, Vanguard Eurozone Inflation Linked Bond Index Fund, Vanguard Japan Government Bond Index Fund, Vanguard UK Government Bond Index Fund, Vanguard U.S. Government Bond Index Fund and Vanguard U.S. Mortgage Backed Securities Bond Index Fund to invest up to 100% of net assets in different Transferable Securities and Money Market Instruments issued or guaranteed by any EU Member State, its local authorities, non-EU Member States or public international body of which one or more EU Member States are members. As at 31st May 2012, the Vanguard 20+ Year Euro Treasury Index Fund invests more than 35% of its scheme property in transferable securities and money market instruments issued or guaranteed by France and Germany; the Vanguard Eurozone Inflation Linked Bond Index Fund invests more than 35% of its scheme property in transferable securities and money market instruments issued or guaranteed by Italy and France; the Vanguard Japan Government Bond Index Fund invests more than 35% of its scheme property in transferable securities and money market instruments issued or guaranteed by Japan; the Vanguard UK Government Bond Index Fund invests more than 35% of its scheme property in transferable securities and money market instruments issued or guaranteed by the UK; the Vanguard U.S. Government Bond Index Fund invests more than 35% of its scheme property in transferable securities and money market instruments issued or guaranteed by the US; and the Vanguard U.S. Mortgage Backed Securities Bond Index Fund invests more than 35% of its scheme property in transferable securities and money market instruments issued or guaranteed by Federal National Mortgage Association (Fannie Mae). As at 31st May 2012 the Vanguard U.K. Long Duration Gilt Index Fund and the Vanguard U.K. Inflation-Linked Gilt Index Fund invested more than 35% its scheme property in transferable securities and money market instruments issued or guaranteed by the UK. For further information on the fund’s investment policy, please refer to the Key Investor Information Document ("KIID").

For The Vanguard FTSE UK Equity Income Index Fund, the charges are deducted from capital (not income). Whilst this may increase the level of income paid, it will result in capital erosion and will constrain growth.

The Authorised Corporate Director for Vanguard Investment Funds ICVC, Vanguard FTSE UK All Share Index Unit Trust and Vanguard Lifestrategy Funds ICVC is Vanguard Investments UK, Limited. Vanguard Asset Management, Limited is a distributor of Vanguard Investment Funds ICVC, Vanguard FTSE UK All Share Index Unit Trust and Vanguard Lifestrategy Funds ICVC.

The Manager of Vanguard Investment Series plc, Vanguard Common Contractual Fund and Vanguard Funds plc is Vanguard Group (Ireland) Limited. Vanguard Asset Management, Limited is a distributor of Vanguard Investment Series plc, Vanguard Common Contractual Fund and Vanguard Funds plc.

Vanguard Investment Series plc and Vanguard Funds plc have been authorised by the Central Bank of Ireland as a UCITS and have been registered for public distribution in certain EU countries.

Vanguard Common Contractual Fund has been authorised by the Central Bank of Ireland as a UCITS and has been registered for distribution to eligible investors in the UK. Prospective investors are referred to the Funds' prospectus for further information. Prospective investors are also urged to consult their own professional advisors on the implications of making an investment in, and holding or disposing shares of the Funds and the receipt of distributions with respect to such shares under the law of the countries in which they are liable to taxation.

For further information on the fund’s investment policy, please refer to the Key Investor Information Document ("KIID") or Non-UCITS Retail Scheme Key Investor Information Document (“NURS KII”), as relevant. The KIIDs or NURS KII (as relevant) and Prospectus are available in the relevant languages. These documents are available from Vanguard Asset Management, Limited via this website and on request.

Vanguard Asset Management, Limited is a sub-manager of some of the UK and Ireland domiciled sub-funds.

Vanguard Asset Management, Limited only gives information on products and does not give investment advice based on individual circumstances. If you have any questions related to your investment decision or the suitability or appropriateness for you of the product[s] described on this website, please contact your financial adviser.