PROSPECTUS VANGUARD INVESTMENT SERIES PLC An

PROSPECTUSVANGUARD INVESTMENT SERIES PLCAn investment company with variable capital constituted as an umbrella fund with segregatedliability between sub-funds under the laws of Ireland authorised and regulated by the CentralBank of Ireland pursuant to the European Communities (Undertakings for CollectiveInvestment in Transferable Securities) Regulations 2011 (as amended)This Prospectus is dated and is valid as at 19 June 2020.43353433.71

VANGUARD INVESTMENT SERIES PLCIMPORTANT INFORMATIONInvestor ResponsibilityInvestors should review this Prospectus carefully and in its entirety and consult a stockbroker,bank manager, solicitor, accountant or other financial adviser.Central Bank AuthorisationAuthorisation of the Company is not an endorsement or guarantee of the Company by the CentralBank nor is the Central Bank responsible for the contents of this Prospectus. The authorisationof the Company by the Central Bank shall not constitute a warranty as to the performance of theCompany and the Central Bank shall not be liable for the performance or default of the Company.This Prospectus describes Vanguard Investment Series plc (the “Company”), an investment companywith variable capital incorporated in Ireland as a public limited company. The Company is constituted asan umbrella fund, with segregated liability between sub-funds, insofar as the share capital of theCompany is divided into different series of Shares with each series of Shares representing a portfolio ofassets that makes up a separate Fund. Shares of any particular series may be divided into differentclasses to accommodate different subscription and/or redemption provisions and/or dividends and/orcharges and/or fee arrangements, including different ongoing charges.The portfolio of assets maintained for each Fund is invested in accordance with the investment objectiveand policies applicable to such Fund. Details of each Fund are set out in Appendix 1. Details in respectof future Funds may also be set out in a separate supplement to this Prospectus.The Board of Directors (the “Directors”) whose names appear under the heading “Directory” jointlyaccept responsibility for the information contained in this Prospectus. To the best of the knowledge andbelief of the Directors (who have taken all reasonable care to ensure that such is the case), theinformation contained in this document is in accordance with the facts and does not omit anything likelyto affect the import of such information. The Directors accept responsibility accordingly.Reliance on this Prospectus and on the Key Investor Information DocumentsShares in any Fund described in this Prospectus as well as in the Key Investor Information Documentsare offered only on the basis of the information contained therein and (if applicable) any addendumhereto and the latest audited annual financial report and any subsequent semi-annual financial report ofthe Company.This Prospectus is based on information, law and practice at the date hereof. The Company cannot be243353433.71

bound by an out of date prospectus when it has issued a new prospectus, and investors should checkwith the Administrator that this is the most recently published prospectusNo person has been authorised by the Company to give any information or make any representationsconcerning the Company or in connection with the offering of Shares other than those contained in thisProspectus, and, if given or made, such information or representations must not be relied on as havingbeen given or made by the Company. The delivery of this Prospectus (whether or not accompanied byany reports) or the issue of Shares shall not, under any circumstances, create any implication that theaffairs of the Company have not changed since the date hereof.The distribution of this Prospectus and the offering of Shares in certain jurisdictions may be restricted.Persons into whose possession this Prospectus comes are required by the Company to informthemselves about and to observe any such restrictions. This Prospectus does not constitute an offer orsolicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorised or to anyperson to whom it is unlawful to make such offer or solicitation.Deposits made on a Plan d'Epargne en Actions (PEA) can be used for the acquisition of Shares ofVanguard Eurozone Stock Index Fund, Vanguard European Stock Index Fund and Vanguard SRIEuropean Stock Fund. Each of these Funds shall invest, in a permanent manner, more than 75% of itsassets in securities and rights with issuers registered in France, another Member State of the EuropeanUnion, or a State which is party to the EEA Agreement and has entered into a tax treaty with Francewhich contains an administrative assistance clause aimed to avoid tax fraud and avoidance. The issuersof these securities shall also be subject to corporate income tax or an equivalent tax under its localstandard tax lawThe distribution of this Prospectus in certain jurisdictions may require that this Prospectus is translatedinto the official language of those countries. Should any inconsistency arise between the translatedversion and the English version, the English version shall prevail and all disputes as to the contentsthereof shall be governed by, and construed, in accordance with the laws of Ireland.Governing LawThe provisions of the Prospectus and the Company's Articles of Association, the subscription agreementunder which the Shareholder subscribed for Shares in a Fund, the process for subscription for orredemption of Shares, the terms of holding of such Shares and of membership of the Company and anymatters relating to the Company or its operations will be governed by and construed in accordance withIrish law. The courts of Ireland have exclusive jurisdiction to settle any dispute, controversy or claimarising in respect of the foregoing matters.343353433.71

Global Exchange Market ListingShare classes in all Funds except the Vanguard European Enhanced Equity Fund, Vanguard JapanEnhanced Equity Fund, Vanguard U.K. Stock Index Fund, Vanguard U.S. Enhanced Equity Fund,Vanguard Global Corporate Bond Index Fund and Vanguard Global Short-Term Corporate Bond IndexFund have been admitted to listing on the Global Exchange Market. An application may be made toEuronext Dublin for Shares of other series or classes to be admitted to the Global Exchange Market.Neither the admission of the Shares to the Global Exchange Market nor the approval of the Prospectuspursuant to the listing requirements of Euronext Dublin constitutes a warranty or representation byEuronext Dublin as to the competence of the service providers or any other party connected with theCompany, the adequacy of information contained in this Prospectus or the suitability of the Companyfor investment purposes.Memorandum and Articles of AssociationThe provisions of the Company's Memorandum and Articles of Association are binding on each of itsShareholders (who are taken to have notice of them).The value of Funds may fall as well as rise, and investors may not get back the amount investedor any return on an investment. There can be no assurance that any Fund will achieve its investmentobjective. Potential investors should not treat the contents of this Prospectus as advice relating to legal,taxation, investment or any matters and are recommended to consult their own professional advisersconcerning the acquisition, holding or disposal of Shares. The Company makes no representation orwarranties in respect of suitability. The difference at any one time between the sale and repurchaseprice of Shares (taking into account any portfolio transaction charges payable) in any Fundmeans that an investor should view his or her investment as for the medium to long term.443353433.71

CONTENTSPage NoImportant Information . 2Terms used in this Document . 10Directory . 17The Company . 19General . 19Umbrella Fund . 19Share Capital . 20The Directors . 20Company Secretary . 23Base currency . 23Category of scheme . 23Further information . 23Management and Administration . 24The Manager . 24The Distributors . 31Paying Agents, Local Representatives and Distributors . 32The Auditors . 32Conflicts of interest . 32The Funds. 35General . 35Investment Objectives and Policies of the Funds . 36Profile of a Typical Investor . 37Shares . 40Classes of Shares . 40Currency Hedging . 40Distributing and Accumulation Shares . 41Institutional Plus Shares . 41Register of Shareholders . 42Dealing. 43General . 43Money Laundering Prevention . 43543353433.71

Minimum Holdings . 44Buying Shares . 45Procedure . 45Refusal of Subscriptions . 45Swing Pricing . 46Settlement. 46Minimum Subscriptions . 46Documents the Applicant will Receive . 47Market Timing and Frequent Trading . 47Issue of Shares in Exchange for In Kind Assets . 48Redeeming Shares . 49Procedure . 49Swing Pricing . 49In Kind Redemptions . 49Holding Over . 50Mandatory Redemption . 50Price and Settlement . 51Conversions and Exchanges . 52Temporary Suspension of Dealing in Shares . 54Restrictions and Compulsory Transfer and Redemption of Shares . 56General . 56U.S. Persons . 57Transfer of Shares . 58Procedure . 58Restrictions on Transfer . 58Valuation . 59Valuation . 59Share Prices . 60Calculation of Share Prices . 60Publication of Prices . 60Change of Index and Temporary Investment Measures . 61Change of Index . 61Temporary Investment Measures . 61Risk Factors . 62Asset Concentration Risk . 62643353433.71

Auditing and Accounting Standards Risk . 62Bond and Fixed Interest Securities Risk . 62Collection Account Risk . 63Counterparty Risk . 64Country Risk . 64Currency Risk . 64Emerging Markets Risk . 65Environmental Social and Governance Risk . 66Euro and Euro Zone Risk . 66FDI Risks . 66Foreign Taxes Risk . 72Futures Contracts Risk . 72Index Accuracy Risk . 73Index Sampling Risk . 74Index Tracking Risk . 74Index Unscheduled Rebalancing Risk . 75Industry Concentration Risk . 76Investment Manager Risk . 76Investment Style Risk . 76Investment Techniques Risk . 76Liquidity Risk . 77Market Risk . 77No Investment Guarantee equivalent to Deposit Protection . 77Past Performance . 77Paying Agents Risk . 78Political and/or Regulatory Risk . 78Portfolio Transaction Charges . 78Repurchase and Reverse Repurchase Agreements Risk . 78Russian Markets Risk . 79Securities Lending Arrangements Risk . 79Socially Responsible Investing Risk . 80Stock Market Risk . 80Application of Screening Process . 81Swing Pricing Risk . 81Umbrella Structure of the Company and Segregated Liability between Sub-Funds . 81Fees and Expenses . 82Manager and Service Provider Fees . 82Organisational Fees . 82743353433.71

Operational Fees . 82Ongoing Charges Cap . 83Directors’ Fees . 83Deduction and Allocation of Expenses . 83Dividend Distribution Policy . 85Accumulation Shares . 85Distributing Shares . 85Distributing Shares - Equalisation . 86Taxation . 87Taxation of the Company . 87Taxation of Non-Irish Shareholders . 87Taxation of Exempt Investors . 88Taxation of Other Irish Shareholders . 89Stamp Duty . 91Gift and Inheritance Tax . 91Reporting of Information under the EU Directive on the Taxation of InvestmentSavings . 92Meaning of Terms. 92Appendix 1 . 95The Funds. 95Vanguard Emerging Markets Stock Index Fund. 102Vanguard European Enhanced Equity Fund . 108Vanguard European Stock Index Fund . 112Vanguard Eurozone Stock Index Fund . 118Vanguard Global Enhanced Equity Fund . 124Vanguard Global Small-Cap Index Fund . 129Vanguard Global Stock Index Fund . 135Vanguard Japan Enhanced Equity Fund . 141Vanguard Japan Stock Index Fund . 145Vanguard Pacific Ex-Japan Stock Index Fund . 151Vanguard SRI European Stock Fund . 157Vanguard ESG Developed World All Cap Equity Index Fund . 164Vanguard U.K. Stock Index Fund . 170Vanguard U.S. Enhanced Equity Fund . 176Vanguard U.S. 500 Stock Index Fund . 180Vanguard U.S. Fundamental Value Fund . 186Vanguard U.S. Opportunities Fund . 190843353433.71