consolidated key investor information documents (kiids ... · underlying holdings of the managed...

Consolidated Key Investor Information Documents (KIIDs) for MPS 1

Managed Portfolio Service

This document contains important information about the underlying holdings that make up the Managed Portfolios. It should not be read or construed as investment advice. It is you adviser’s responsibility to assess your circumstances and make a personal recommendation that is suitable for your needs. The value of your investments can go down as well as up and you may get back less than you originally invested. Some investments need to be held for the long term.

This document contains the Key Investor Information Documents (KIIDs) for the underlying holdings of the Managed Portfolio Service MPS 1, where a KIID is available for the individual holding.

Individual KIIDs and more information about the individual holdings are available from the Research Centre at www.investcentre.co.uk.

This document should be read in conjunction with the Managed Portfolio Service guides and the portfolio factsheets, which are available from www.investcentre.co.uk.

KEY INVESTOR INFORMATIONThis 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 risks of investing in this Fund. You are advised to read it so you can make an informed decision about whether to invest.

BlackRock Emerging Markets Equity Tracker FundA sub-fund of BlackRock Collective Investment Funds

Class D Accumulating GBPISIN: GB00B84DY642Manager: BlackRock Fund Managers Limited

Objectives and Investment PolicyThe Fund aims to achieve capital growth by tracking closely the performance of the FTSE Emerging Index, the Fund’s benchmark index.The Fund invests in equity securities (e.g. shares) of companies that make up the benchmark index.The benchmark index measures the performance of equity securities of leading companies listed in the emerging markets. The benchmark index is a free float-adjusted market capitalisation weighted index. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the benchmark index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market.The Fund may indirectly invest in emerging markets by investing in American Depository Receipts (ADRs) and Global Depositary Receipts (GDRs), which are listed or traded on stock exchanges and regulated markets outside emerging markets. ADRs and GDRs are investments issued by financial institutions which give exposure to underlying equity securities.The Fund uses techniques to achieve a similar return to its benchmark index. These techniques may include the strategic selection of certain securities that make up the benchmark index. They may also include the use of derivatives (i.e. investments the prices of which are based on one or more underlying assets).The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.Recommendation: This Fund may not be appropriate for short-term investment.Your units will be accumulating (i.e. dividend income will be included in their value).Your units will be denominated in Sterling, the Fund's base currency.You can buy and sell your units daily. The minimum initial investment for this unit class is £100,000.

For more information on the Fund, share/unit classes, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com

Risk and Reward ProfileLower risk Higher riskTypically lower rewards Typically higher rewards

The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund.The risk category shown is not guaranteed and may change over time.The lowest category does not mean risk free.The Fund is rated six due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund’s investments or expose the Fund to losses.

- Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund.

- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.

- The value of equities and equity-related securities can be affected by daily stock market movements. Other influential factors include political, economic news, company earnings and significant corporate events.

Particular risks not adequately captured by the risk indicator include:

- Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or 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 Fund is authorised in the UK and regulated by the Financial Conduct Authority. BlackRock Fund Managers Limited, the manager, is authorised in the UK and regulated by the Financial Conduct Authority.This Key Investor Information is accurate as at 08 February 2017

ChargesThe charges 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.

The entry and exit charges shown are maximum figures. In some cases you might pay less. Please refer to your financial advisor or the distributor for the actual entry and exit charges.

*Subject to a charge of up to 2% paid into the Fund where the Manager suspects excessive trading by an investor.

The ongoing charges figure is based on expenses for the twelve month period ending 23 December 2016. This figure may vary from year to year. It excludes portfolio trade-related costs, except costs paid to the custodian and any entry/exit charge paid to an underlying collective investment scheme (if any).

** To the extent the Fund undertakes securities lending to reduce costs, theFund will receive 62.5% of the associated revenue generated and the remaining37.5% will be received by BlackRock as the securities lending agent. Assecurities lending revenue sharing does not increase the costs of running theFund, this has been excluded from the ongoing charges.

One-off charges taken before or after you invest

Entry Charge None

Exit Charge None*

This is the maximum that might be taken out of your money before it is invested or before proceeds of your investments are paid out.

Charges taken from the Fund over each yearOngoing Charges 0.24%**Charges taken from the Fund under certain conditionsPerformance Fee None

Past PerformancePast performance is not a guide to future performance.The chart shows the Fund's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Fund's net asset value at each year-end. The Fund was launched in 2009. The unit class was launched in 2012.Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.

Historic performance to 31 December 2016

2012 2013 2014 2015 2016

Fund -5.7 6.8 -12.1 36.3

Benchmark † -5.7 7.3 -11.1 36.4† Benchmark:FTSE Emerging Index (custom) (GBP). As of 31 December 2014, the Benchmark Index converted from a close of business valuation to a midday valuation. Historic performance of the Benchmark has been simulated by the Benchmark provider and such data is used for the purposes of demonstrating historic performance in the "Past Performance" table from 31 July 2009 or from the launch of the share class if later.

Practical InformationThe trustee of the Fund is BNY Mellon Trust & Depositary (UK) Limited. The trustee has delegated the function of custodian of the Fund to the Bank of New York Mellon (International) Limited.Further information about the Fund can be obtained from the the latest annual report and half-yearly reports of the BlackRock Collective Investment Funds (BCIF). These documents are available free of charge in English. These can be found, along with other information, such as unit prices, on the BlackRock website at www.blackrock.com or by calling Investor Services on 0800 44 55 22.Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.The Fund is a sub-fund of BCIF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and unit class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.BlackRock Fund Managers Limited 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 Fund's prospectus.The assets of the Fund are held on trust for its unitholders under English trust law which means that its assets cannot be used to discharge the liabilities of other sub-funds within BCIF. In addition, the Fund's assets are held separately from the assets of other sub-funds.Investors may switch their units in the Fund for units in another sub-fund within BCIF, subject to meeting certain conditions as set out in the prospectus.The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.


iShares Pacific ex Japan Equity Index Fund (UK)A sub-fund of BlackRock Collective Investment Funds

Class D Accumulating GBPISIN: GB00B849FB47Manager: BlackRock Fund Managers Limited

Objectives and Investment PolicyThe Fund aims to achieve capital growth by tracking closely the performance of the FTSE World Asia-Pacific ex-Japan Index, the Fund’s benchmark index.The Fund invests in equity securities (e.g. shares) of companies that make up the benchmark index.The benchmark index measures the performance of equity securities of leading companies listed in the Asia Pacific region excluding Japan. The benchmark index is a free float-adjusted market capitalisation weighted index. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the benchmark index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market.The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to the benchmark index.The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.Recommendation: This Fund may not be appropriate for short-term investment.Your units will be accumulating (i.e. dividend income will be included in their value).Your units will be denominated in Sterling, the Fund's base currency.You can buy and sell your units daily. The minimum initial investment for this unit class is £100,000.



This indicator is based on historical data and may not be a reliable indication of the future risk profile of the Fund.The risk category shown is not guaranteed and may change over time.The lowest category does not mean risk free.The Fund is rated five due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund’s investments or expose the Fund to losses.

- Emerging markets are generally more sensitive to economic and political conditions than developed markets. Other factors include greater 'Liquidity Risk', restrictions on investment or transfer of assets and failed/delayed delivery of securities or payments to the Fund.

- Currency Risk: The Fund invests in other currencies. Changes in exchange rates will therefore affect the value of the investment.





This Fund is authorised in the UK and regulated by the Financial Conduct Authority. BlackRock Fund Managers Limited, the manager, is authorised in the UK and regulated by the Financial Conduct Authority.This Key Investor Information is accurate as at 17 November 2017




The ongoing charges figure is based on expenses for the twelve month period ending 25 October 2017. This figure may vary from year to year. It excludes portfolio trade-related costs, except costs paid to the custodian and any entry/exit charge paid to an underlying collective investment scheme (if any).



Entry Charge None

Exit Charge None*





2012 2013 2014 2015 2016

Fund 2.5 4.4 -4.9 32.2

Benchmark † 2.7 4.8 -5.2 32.6† Benchmark:FTSE Asia Pacific ex Japan Index (custom) (GBP). As of 31 December 2014, the Benchmark Index converted from a close of business valuation to a midday valuation. Historic performance of the Benchmark has been simulated by the Benchmark provider and such data is used for the purposes of demonstrating historic performance in the "Past Performance" table from 31 July 2009 or from the launch of the share class if later.

Practical InformationThe trustee of the Fund is BNY Mellon Trust & Depositary (UK) Limited. The trustee has delegated the function of custodian of the Fund to the Bank of New York Mellon (International) Limited.Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the BlackRock Collective Investment Funds (BCIF). These documents are available free of charge in English. These can be found, along with other information, such as unit prices, on the BlackRock website at www.blackrock.com, on the iShares website at www.ishares.com or by calling Investor Services on 0800 44 55 22.Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.The Fund is a sub-fund of BCIF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and unit class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.BlackRock Fund Managers Limited 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 Fund's prospectus.The assets of the Fund are held on trust for its unitholders under English trust law which means that its assets cannot be used to discharge the liabilities of other sub-funds within BCIF. In addition, the Fund's assets are held separately from the assets of other sub-funds.Investors may switch their units in the Fund for units in another sub-fund within BCIF, subject to meeting certain conditions as set out in the prospectus.The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.


BlackRock UK Equity Tracker FundA sub-fund of BlackRock Collective Investment Funds

Class D Accumulating GBPISIN: GB00B7C44X99Manager: BlackRock Fund Managers Limited

Objectives and Investment PolicyThe Fund aims to achieve capital growth by tracking closely the performance of the FTSE All Share Index, the Fund’s benchmark index.The Fund invests in equity securities (e.g. shares) of companies that make up the benchmark index.The benchmark index is designed to measure the performance of equity securities of small, mid and large capitalisation companies listed in the United Kingdom. The benchmark index is a free float-adjusted market capitalisation weighted index. Free float-adjusted means that only shares readily available in the market rather than all of a company’s issued shares are used in calculating the benchmark index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market.The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to the benchmark index.The Fund may also engage in short-term secured lending of its investments to certain eligible third parties. This is used as a means of generating additional income and to off-set the costs of the Fund.Recommendation: This Fund may not be appropriate for short-term investment.Your units will be accumulating (i.e. dividend income will be included in their value).Your units will be denominated in Sterling, the Fund's base currency.You can buy and sell your units daily. The minimum initial investment for this unit class is £100,000.



The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Fund.The risk category shown is not guaranteed and may change over time.The lowest category does not mean risk free.The Fund is rated five due to the nature of its investments which include the risks listed below. These factors may impact the value of the Fund’s investments or expose the Fund to losses.

- Investment risk is concentrated in specific sectors, countries, currencies or companies. This means the Fund is more sensitive to any localised economic, market, political or regulatory events.




This Fund is authorised in the UK and regulated by the Financial Conduct Authority. BlackRock Fund Managers Limited, the manager, is authorised in the UK and regulated by the Financial Conduct Authority.This Key Investor Information is accurate as at 08 February 2017




The ongoing charges figure is based on expenses for the twelve month period ending 23 December 2016. This figure may vary from year to year. It excludes portfolio trade-related costs, except costs paid to the custodian and any entry/exit charge paid to an underlying collective investment scheme (if any).



Entry Charge None

Exit Charge None*





2012 2013 2014 2015 2016

Fund 20.6 0.8 1.1 16.2

Benchmark † 20.8 0.9 1.2 16.0† Benchmark:FTSE All Share Index (custom) (GBP). As of 31 December 2014, the Benchmark Index converted from a close of business valuation to a midday valuation. Historic performance of the Benchmark has been simulated by the Benchmark provider and such data is used for the purposes of demonstrating historic performance in the "Past Performance" table from 31 July 2009 or from the launch of the share class if later.

Practical InformationThe trustee of the Fund is BNY Mellon Trust & Depositary (UK) Limited. The trustee has delegated the function of custodian of the Fund to the Bank of New York Mellon (International) Limited.Further information about the Fund can be obtained from the the latest annual report and half-yearly reports of the BlackRock Collective Investment Funds (BCIF). These documents are available free of charge in English. These can be found, along with other information, such as unit prices, on the BlackRock website at www.blackrock.com or by calling Investor Services on 0800 44 55 22.Investors should note that the tax legislation that applies to the Fund may have an impact on the personal tax position of your investment in the Fund.The Fund is a sub-fund of BCIF, an umbrella structure comprising different sub-funds. This document is specific to the Fund and unit class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.BlackRock Fund Managers Limited 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 Fund's prospectus.The assets of the Fund are held on trust for its unitholders under English trust law which means that its assets cannot be used to discharge the liabilities of other sub-funds within BCIF. In addition, the Fund's assets are held separately from the assets of other sub-funds.Investors may switch their units in the Fund for units in another sub-fund within BCIF, subject to meeting certain conditions as set out in the prospectus.The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.

This document provides you with key investor information about this fund. It is not marketing material.Theinformation is required by law to help you understand the nature and the risks of investing in this fund.Youare advised to read it so you can make an informed decision about whether to invest.

Objectives and investment policy� To provide long term capital growth by matching the return of the

FTSE Japan Index.� The Index is made up of large and mid sized companies that form

part of the FTSE Japan Index.� The strategy is to use a replication approach to track the FTSE Japan

Index. This means that the fund will seek to invest in all of thecompanies that make up the index and in the same or very similarproportions in which they are included in the index.

� From time to time, the fund’s investment composition may differfrom the index in order to manage the fund’s transaction costs, tomaintain thefund’scharacteristicsduringdifferentmarketenvironmentsand differing levels of asset availability or where there are investmentrestrictions due to regulations or the ACD’s cluster munitions andcontroversial weapons policy.

� The fund may invest in financial derivative instruments for efficientportfolio management with a level of risk that is consistent withthe overall risk profile of the fund. In particular, exchange tradedfutures maybe used, with the aim of generating returns that areconsistent with the index in respect of dividends and cash flowinginto the fund.

� The fund may hold cash and collective investment schemes, includingcollective investment schemes managed or operated by the ACDor an associate of the ACD, to manage day-to-day cash flowrequirements.

� Income is distributed.� You may sell your investment on any business day by contacting

the administrator before the dealing deadline.� Recommendation: this fund may not be appropriate for investors

who plan to withdraw their money within a period of at least 5 years.

Risk and reward profileLower risk Higher risk

Typically lower rewards Typically higher rewards

1 2 3 4 5 6 7More about this rating

The rating is based on price volatility over the last five years, and isan indicator of absolute risk. Historical data may not be a reliable indicationfor the future. The value of an investment, and any income from it,may fall as well as rise, and you may not get back the amount youoriginally invested.The rating is not guaranteed to remain unchangedand the categorisation may shift over time.The lowest rating does notmean a risk-free investment.

Why is this fund in category 6?

Equity prices tend to fluctuate more than other asset classes as investorsdirectly participate in underlying companies and their earnings.

Material risks not adequately captured by the risk rating above

� Exchange rate risk Investing in assets denominated in a currencyother than that of the investor’s own currency perspective exposesthe value of the investment to exchange rate fluctuations.

� Derivative risk The value of derivative contracts is dependent uponthe performance of an underlying asset. A small movement in thevalue of the underlying can cause a large movement in the valueof the derivative. Unlike exchange traded derivatives, over-the-counter(OTC) derivatives have credit risk associated with the counterpartyor institution facilitating the trade.

� IndexTracking risk The performance of the Fund may not matchthe performance of the index it tracks because of fees and expenses,market opening times and regulatory constraints.

� Operational risk The main risks are related to systems and processfailures. Investment processes are overseen by independent riskfunctions which are subject to independent audit and supervisedby regulators.

�Key Investor Information

Japan Index FundIncome C GB00B80QGM70

A sub-fund of HSBC Index Tracker Investment Funds, an open ended investment company (“OEIC”), managed by HSBC GlobalAsset Management (UK) Limited.

Income C GB00B80QGM70 1 of 2

Charges for this fundThe charges you pay are used to pay the running costs of the fund, includingthe marketing and distribution costs.These charges reduce the potentialgrowth of the investment.


Entry charge 0.00%

Exit charge 0.00%

Charges taken from the fund over a year

Ongoing charge 0.20%

Charges taken from the fund under certain specific conditions

Performance fee None

The Entry and Exit charges shown are the maximum that may be charged.In some cases you may pay less.You can obtain the actual charges fromyour financial adviser.

A switching fee may be applied up to the amount of the entry chargeshown if you switch your shares into this share class of this Fund.

The ongoing charges figure is based on last year’s expenses for theyear ending 15/05/2017. Charges may vary from year to year.

Further information on Charges can be found in the Fees and Expensessection of the full Prospectus.

Past performance

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

-8.0

-2.4

-5.2

18.1

-13.8

3.8

23.7

2.4

15.9

23.0

-6.4

-1.1

-5.8

19.0

-12.9

3.3

24.9

2.7

17.6

22.7

Fund Benchmark

Warning: the performance returns before the change in investmentobjective(s) on 22/01/2007 were achieved under circumstances that nolonger apply.

Past performance is not a guide to future performance; the value ofyour investment and any income from it can go down as well as up.The past performance of this share class is calculated in GBP.

Performance returns are based on the net asset value with distributableincome reinvested. Past performance takes account of all ongoing charges,but not entry and exit charges.

The fund was launched on 14/01/1989.

The investment benchmark for the fund is the FTSE Japan Gross.

Performance returns prior to the first share class price date of 03/09/2012have been simulated using the track record of an older share class.

Practical informationDepositary

State StreetTrustees Limited, 525 Ferry Road, Edinburgh, EH5 2AW.

Further information

Further information about the OEIC including the latest Prospectus,latest published prices of shares, annual report and half yearly reportmay be obtained free of charge, in English, from the administrator,HSBC Global Asset Management (UK) Limited, PO Box 3733, RoyalWootton Bassett, Swindon SN4 4BG or by visitingwww.assetmanagement.hsbc.com.The Remuneration Policy of theAuthorised Corporate Director, which describes how remunerationand benefits are determined and awarded, is available athttp://www.global.assetmanagement.hsbc.com/about-us/governance-structure or on request from the Administrator. The most recentProspectus is available in English.This document describes a singleshare class of the OEIC.The Prospectus, annual and half yearly reportsare prepared for the entire OEIC.

Share classes

Other share classes are available, as detailed in the Prospectus. Itis possible to convert your shares into a different share class or switchyour shares into a different Fund within the OEIC. Details of howto do this are in the Prospectus (please note an initial charge mayapply).

Tax

UK tax legislation may have an impact on your personal position.

Authorised Corporate Director

HSBC Global Asset Management (UK) Limited may be held liablesolely on the basis of any statement contained in this documentthat is misleading, inaccurate or inconsistent with the relevant partsof the Prospectus for the OEIC.

Allocation of Assets and Liabilities

The OEIC is an umbrella investment company with segregated liabilitybetween Funds.This means that the holdings of one Fund are keptseparate from the holdings of the other Funds and your investmentin the Fund cannot be used to pay the liabilities of any other Fund.

Authorisations

The Fund is authorised in the United Kingdom and regulated by theFinancial Conduct Authority. HSBC Global Asset Management (UK)Limited is authorised in the United Kingdom and regulated by theFinancial Conduct Authority.

Publication date

This key investor information is accurate as at 8 September 2017.

Income C GB00B80QGM70 2 of 2

The benchmark is the intellectual property of the index provider. The Share Class is not sponsored or endorsed by the index provider. Please refer to the Fund's prospectus for full disclaimer.


iShares Core £ Corp Bond UCITS ETFA sub-fund of iShares plc

GBP (Dist) Share ClassISIN: IE00B00FV011 Exchange Traded Fund (ETF)

Manager: BlackRock Asset Management Ireland Limited

Objectives and Investment PolicyThe Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Sterling denominated investment grade bond market. The Fund aims to produce a return on your investment which reflects the return of the Markit iBoxx GBP Liquid Corporates Large Cap Index, the Fund’s benchmark index (Index).The Share Class, via the Fund, aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.The Index measures the performance of the most liquid (i.e. bonds that can be easily bought and sold in the market in normal market conditions) Sterling denominated bonds which are issued by companies. The bonds will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). Each issuer of bonds in the Index is capped at 4%. Only bonds with a minimum remaining time to maturity of one year, a minimum outstanding issuance of £750 million and have at least £300 million face value per individual bond are included in the benchmark index.The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.Recommendation: This Fund may not be appropriate for short-term investment.Your shares will be distributing shares (i.e. dividend income will be paid on the shares quarterly).Your shares will be denominated in Sterling, the Fund's base currency.The Fund’s shares are listed and traded on one or more stock exchanges. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange(s) on which the shares are traded.

For more information on the Fund, Share Class, risks and charges, please see the Fund's prospectus, available on the product pages at www.blackrock.com


This indicator is based on historical data and may not be a reliable indication of the future risk profile of this Share Class.The risk category shown is not guaranteed and may change over time.The lowest category does not mean risk free.The Share Class is rated four due to the nature of its investments which include the risks listed below. These factors may impact the value of the Share Class or expose the Share Class to losses.

- Credit risk, changes to interest rates and/or issuer defaults will have a significant impact on the performance of fixed income securities. Potential or actual credit rating downgrades may increase the level of risk.



- Counterparty Risk: The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Share Class to financial loss.

- Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due. If a financial institution is unable to meet its financial obligations, its financial assets may be subject to a write down in value or converted (i.e. “bail-in”) by relevant authorities to rescue the institution.


This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland.This Key Investor Information is accurate as at 23 January 2017

ChargesThe charges are used to pay the costs of running the Share Class, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.

*Not applicable to secondary market investors. Investors dealing on a stock exchange will pay fees charged by their stock brokers. Such charges are publicly available on exchanges on which the shares are listed and traded, or can be obtained from stock brokers.

*Authorised participants dealing directly with the Fund will pay related transaction costs.

The ongoing charges figure is based on the fixed annualised fee charged to the Share Class in accordance with the Fund’s prospectus. This figure excludes portfolio trade related costs, except costs paid to the custodian and any entry/exit charge paid to an underlying collective investment scheme (if any).



Entry Charge None*

Exit Charge None*


Charges taken from the Share Class over each yearOngoing Charges 0.20%**Charges taken from the Share Class under certain conditionsPerformance Fee None

Past PerformancePast performance is not a guide to future performance.The chart shows the Share Class's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Share Class's net asset value at each year-end. The Fund was launched in 2004. The Share Class was launched in 2004.Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.

† Benchmark:Markit iBoxx GBP Liquid Corporates Large Cap Index (GBP)


2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Fund -1.5 -9.4 13.1 6.5 7.8 13.0 -0.1 13.2 -0.1 13.2

Benchmark † -1.8 -9.1 12.3 7.1 8.2 13.4 0.5 13.4 0.1 13.3

Practical InformationThe custodian of the Fund is State Street Custodial Services (Ireland) Limited.Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.The Fund is a sub-fund of iShares plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.iShares plc 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 Fund's prospectus.The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.Under Irish law, iShares plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.Switching of shares between the Fund and other sub-funds within iShares plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.



iShares Global High Yield Corp Bond UCITS ETFA sub-fund of iShares plc

USD (Dist) Share ClassISIN: IE00B74DQ490 Exchange Traded Fund (ETF)


Objectives and Investment PolicyThe Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the Markit iBoxx Global Developed Markets Liquid High Yield Capped Index, the Fund’s benchmark index (Index).The Share Class, via the Fund, aims to invest so far as possible and practicable in the fixed income (FI) securities (such as bonds) that make up the Index and comply with its credit rating requirements. If the credit ratings of the FI securities are upgraded to investment grade or downgraded to default grade or credit ratings are withdrawn, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them.The Index measures the performance of the global developed corporate high yield debt market.The Index is market-value weighted with a 3% issuer cap and a 10% cap for both 144A bonds without registration rights or with a registration period greater than one year and issues of securities pursuant to Regulation S of the US Securities Act 1933 that are not listed on a regulated market. The maximum original time to maturity for bonds within the Index is 15 years, and the minimum time to maturity is 1.5 years for new bonds to be included. All bonds must have a minimum maturity of 1 year to remain in the Index and be rated by at least one of three rating services: Fitch Ratings, Moody's Investors Service, or Standard & Poor's Rating Services. The Index currently includes sub-investment grade corporate bonds denominated in US Dollar, Euro, Sterling and Canadian dollar (these may include securities with a relatively low credit rating or which are unrated). The Index is market capitalisation weighted. Market capitalisation is the market value of the outstanding bond issuance.The Fund uses optimising techniques to achieve a similar return to the Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.Recommendation: This Fund may not be appropriate for short-term investment.Your shares will be distributing shares (i.e. dividend income will be paid on the shares semi-annually).Your shares will be denominated in US Dollar, the Fund's base currency.The Fund’s shares are listed and traded on one or more stock exchanges. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange(s) on which the shares are traded.



The risk indicator was calculated incorporating simulated historical data and may not be a reliable indication of the future risk profile of the Share Class.The risk category shown is not guaranteed and may change over time.The lowest category does not mean risk free.The Share Class is rated four due to the nature of its investments which include the risks listed below. These factors may impact the value of the Share Class or expose the Share Class to losses.

- Changes to interest rates, credit risk and/or issuer defaults will have a significant impact on the performance of fixed income securities. Non-investment grade fixed income securities can be more sensitive to changes in these risks than higher rated fixed income securities. Potential or actual credit rating downgrades may increase the level of risk.



- Credit Risk: The issuer of a financial asset held within the Fund may not pay income or repay capital to the Fund when due.


This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland.This Key Investor Information is accurate as at 08 September 2017







Entry Charge None*

Exit Charge None*



Past PerformancePast performance is not a guide to future performance.The chart shows the Share Class's annual performance in USD for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Share Class's net asset value at each year-end. The Fund was launched in 2012. The Share Class was launched in 2012.Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.

† Benchmark:Markit iBoxx Global Developed Markets Liquid High Yield Capped Index (USD)


2012 2013 2014 2015 2016

Fund 7.9 -1.1 -6.9 11.9

Benchmark † 7.7 -1.1 -6.7 12.5

Practical InformationThe custodian of the Fund is State Street Custodial Services (Ireland) Limited.Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.The Fund is a sub-fund of iShares plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.iShares plc 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 Fund's prospectus.The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.Under Irish law, iShares plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.Switching of shares between the Fund and other sub-funds within iShares plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.



iShares UK Property UCITS ETFA sub-fund of iShares II plc

GBP (Dist) Share ClassISIN: IE00B1TXLS18 Exchange Traded Fund (ETF)


Objectives and Investment PolicyThe Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of FTSE EPRA/NAREIT UK Index, the Fund’s benchmark index.The Share Class, via the Fund, aims to invest so far as possible and practicable in the equity securities (e.g. shares of listed real estate companies and Real Estate Investment Trusts (REITs)) that make up the benchmark index. REITs are closed-ended investment vehicles that invest in, manage and own, real estate.The benchmark index measures the performance of UK listed REITs and real estate holding and development companies.The Fund intends to replicate the benchmark index by holding the equity securities, which make up the benchmark index, in similar proportions to it.The Fund does not hold physical real estate property, but invests indirectly in property-related assets (i.e. the shares of listed real estate companies and REITs).The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.The investment manager may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) to help achieve the Fund’s investment objective. FDIs may be used for direct investment purposes. The use of FDIs is expected to be limited for this Share Class.Recommendation: This Fund may not be appropriate for short-term investment.Your shares will be distributing shares (i.e. dividend income will be paid on the shares quarterly).Your shares will be denominated in Sterling, the Fund's base currency.The Fund’s shares are listed and traded on one or more stock exchanges. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange(s) on which the shares are traded.



This indicator is based on historical data and may not be a reliable indication of the future risk profile of this Share Class.The risk category shown is not guaranteed and may change over time.The lowest category does not mean risk free.The Share Class is rated five due to the nature of its investments which include the risks listed below. These factors may impact the value of the Share Class or expose the Share Class to losses.



- Investments in property securities can be affected by the general performance of stock markets and the property sector. In particular, changing interest rates can affect the value of properties in which a property company invests.



This Fund and its manager, BlackRock Asset Management Ireland Limited, are authorised in Ireland and regulated by the Central Bank of Ireland.This Key Investor Information is accurate as at 19 May 2017







Entry Charge None*

Exit Charge None*



Past PerformancePast performance is not a guide to future performance.The chart shows the Share Class's annual performance in GBP for each full calendar year over the period displayed in the chart. It is expressed as a percentage change of the Share Class's net asset value at each year-end. The Fund was launched in 2007. The Share Class was launched in 2007.Performance is shown after deduction of ongoing charges. Any entry/exit charges are excluded from the calculation.

† Benchmark:FTSE EPRA/NAREIT UK Index (GBP)


2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Fund -46.1 14.6 4.1 -8.8 28.5 22.6 20.3 11.6 -9.0

Benchmark † -46.5 14.2 4.5 -8.4 29.2 23.2 20.8 11.7 -8.9

Practical InformationThe custodian of the Fund is State Street Custodial Services (Ireland) Limited.Further information about the Fund and the Share Class can be obtained from the latest annual report and half-yearly reports of iShares II plc. These documents are available free of charge in English and certain other languages. These can be found, along with other information, such as details of the key underlying investments of the Share Class and share prices, on the iShares website at www.ishares.com or by calling +44 (0)845 357 7000 or from your broker or financial adviser.Investors should note that the tax legislation that applies to the Fund and Share Class may have an impact on the personal tax position of your investment.The Fund is a sub-fund of iShares II plc, an umbrella structure comprising different sub-funds. The Fund has one or more share classes. This document is specific to the Fund and Share Class stated at the beginning of this document. However, the prospectus, annual and half-yearly reports are prepared for the umbrella.iShares II plc 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 Fund's prospectus.The indicative intra-day net asset value of the Share Class is available at http://deutsche-boerse.com and/or http://www.reuters.com.Under Irish law, iShares II plc has segregated liability between its sub-funds (i.e. the Fund’s assets will not be used to discharge the liabilities of other sub-funds within iShares II plc). In addition, the Fund's assets are held separately from the assets of other sub-funds. Assets and liabilities specific to a share class would be attributable to only that share class, however there is no segregation of liabilities between share classes under Irish law.Switching of shares between the Fund and other sub-funds within iShares II plc is not available to investors. Only Authorised Participants dealing directly with the Fund may switch shares between share classes of the Fund subject to meeting certain conditions in the Fund's prospectus.The Remuneration Policy of the Management Company, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.blackrock.com/Remunerationpolicy or on request from the registered office of the Management Company.

This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help youunderstand 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.

SPDR Bloomberg Barclays Sterling Corporate Bond UCITS ETF(the "Fund")A sub-fund of SSGA SPDR ETFs Europe I plc (a UCITS compliant Exchange Traded Fund). (ISIN IE00B4694Z11)

Objectives and Investment Policy

Investment ObjectiveThe objective of the Fund is to track the performance of theSterling-denominated corporate bond market for fixed-rate, investmentgrade (high quality) securities.

Investment PolicyThe Fund seeks to track the performance of the Bloomberg Barclays SterlingCorporate Bond Index (the "Index") as closely as possible.

The Fund invests primarily in securities included in the Index. Thesesecurities include fixed rate, investment grade bonds denominated in PoundSterling. As it may be difficult to purchase all securities in the Indexefficiently, in seeking to track the performance of the Index the Fund will usea stratified sampling strategy to build a representative portfolio.Consequently, the Fund will typically hold only a subset of the securitiesincluded in the Index.

The Fund may use financial derivative instruments (that is, financialcontracts whose prices are dependent on one or more underlying assets) inorder to manage the portfolio efficiently.

Save in exceptional circumstances, the Fund will generally only issue andredeem shares to certain institutional investors. However, shares of theFund may be purchased or sold through brokers on one or more stockexchanges. The Fund trades on these stock exchanges at market priceswhich may fluctuate throughout the day. Market prices may be greater orless than the daily net asset value of the Fund.

The Fund does not currently engage in securities lending.

Shareholders may redeem shares on any UK business day (other than dayson which relevant financial markets are closed for business and/or the daypreceding any such day provided that a list of such closed market days willbe published for the Fund on www.spdrs.com); and any other day at theDirectors' discretion (acting reasonably) provided Shareholders are notifiedin advance of any such days.

Any income earned by the Fund will be paid to shareholders in respect ofthe shares.

The Fund's shares are issued in Pound Sterling.

Please refer to the prospectus for more information.

Index Source: BLOOMBERG® and BARCLAYS® are trademarks and servicemarks of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg")and Barclays Bank Plc (collectively with its affiliates, "Barclays"), respectively.Used under license. Bloomberg or Bloomberg's licensors, including Barclays,own all proprietary rights in the Barclays Sterling Corporate Index. SPDRBloomberg Barclays Sterling Corporate Bond UCITS ETF is not sponsored by,endorsed, sold or promoted by Bloomberg or Barclays, and neither makeany representation regarding the advisability of investing in it nor shall theyhave any liability in relation thereto, whether due to any delay, error,interruption or otherwise with respect to the Barclays Sterling CorporateIndex.

Risk and Reward Profile

Lower riskPotentially lower reward

Higher riskPotentially higher reward

1 2 3 4 5 6 7

Risk DisclaimerThe risk category above is not a measure of capital loss or gains but of howsignificant the rises and falls in the Fund's return have been historically.

For example a fund whose return has experienced significant rises and fallswill be in a higher risk category, whereas a fund whose return hasexperienced less significant rises and falls will be in a lower risk category.

The lowest category (i.e., category 1) does not mean that a fund is a risk freeinvestment.

As the Fund's risk category has been calculated using historical simulatedproxy data, it may not be a reliable indication of the Fund's future riskprofile.

The Fund's risk category shown is not guaranteed and may change in thefuture.

Why is this Fund in this category?The Fund is in risk category 4 as its return has experienced medium rises andfalls historically.

The following are material risks relevant to the Fund which are notadequately captured by the risk category.

Concentration Risk: When the Fund focuses its investments in a particularway, the issues affecting the investments will have a greater effect than if

the Fund was more diversified. This concentration may also limit the Fund'sliquidity.

Credit Risk: The value of debt securities that the Fund purchases may beimpacted by the ability of the issuer of those securities to pay the amountsof interest and principal owed as they become due. If there is a negativeperception of the issuer's ability to meet its payment obligations, the valueof the debt security may decrease.

Duration / Interest Rate Risk: Changes in interest rates are likely to affectthe value of debt instruments in which this Fund invests. A change ininterest rates could have a substantial and immediate negative effect on thevalues of the Fund's investments.

Index Tracking Risk: The Fund's performance may not exactly track theIndex. This can result from market fluctuations, changes in the compositionof the Index, transaction costs, the costs of making changes to the Fund'sportfolio and other Fund expenses.

Liquidity Risk & ETF Liquidity Risk: Lack of a ready market or resalerestrictions may limit the Fund's ability to sell a security at an advantageoustime or price or at all. Illiquid securities may trade at a discount and mayaffect the ability to meet redemptions on a timely basis. Where the Fundinvests in illiquid securities or does not trade in large volumes, the bid offerspreads may widen, the Fund may be exposed to increased valuation riskand reduced ability to trade. Shares in the Fund may also trade at pricesmaterially different to the last available NAV.

Please refer to the prospectus for full details about the risks associated withthis Fund.

spdrs.com

Key Investor Information

Charges

The charges you pay are used to pay the cost of running the Fund, includingthe costs of marketing and distributing it. These charges reduce thepotential growth of your investment.One-off charges taken before or after you investEntry charge noneExit charge none

This is the maximum that might be taken out of your money before it isinvested (entry charge) or before the proceeds of your investment are paidout (exit charge).

Charges taken from the Fund over a yearOngoing charge 0.20%

Charges taken from the Fund under certain specific conditionsPerformance fee none

The entry and exit charges shown are maximum figures. In some cases, youmight pay less – you can find this out from your financial advisor ordistributor.

Entry and exit charges are not applicable to investors buying/selling sharesof the Fund on stock exchanges, but these investors will do so at marketprices and may be subject to broker fees and/or other charges.

The ongoing charges figure shown here is based on expenses for the yearending December 2016. It excludes:

• Portfolio transaction costs, except in the case of an entry/exit charge paidby the Fund when buying or selling units in another fund

For more information about charges please refer to the "Fees and Expenses"section of the prospectus and the Fund supplement.

Past Performance

%

14

12

10

8

6

4

2

0

Q SPDR Bloomberg Barclays Sterling Corporate Bond UCITS ETFQ Index

2012 2013 2014 2015 20161.6 12.4 0.5 12.01.6 12.5 0.7 12.3

Past performance is not a guide to future results.

The past performance shown here takes account of all charges and costs.The entry/exit charges are excluded from the calculation of pastperformance.

The Fund was launched in May 2012.

Past performance has been calculated in Pound Sterling and is expressed asa percentage change in the Fund's net asset value at each year end.

Practical InformationDepositaryState Street Custodial Services (Ireland) Limited.

Further InformationCopies of the prospectus, its supplements, details of the Fund's portfolioand the latest annual and semi-annual reports prepared for SSGA SPDR ETFsEurope I plc may be obtained, free of charge, from the Administrator oronline at www.spdrs.com. These documents are available in English.

Remuneration PolicyThe Company's up to date remuneration policy is available fromwww.spdrs.com. Paper copies are available free of charge on request.

Net Asset Valuation PublicationThe net asset value and indicative net asset value per share is available atwww.spdrs.com and at the registered office of the company. Additionallythe indicative net asset value is available via Bloomberg, Telekurs andReuters terminals.

Tax LegislationThe Fund is subject to the tax laws and regulations of Ireland. Depending onyour own country of residence this might have an impact on yourinvestments. For further details, you should consult a tax advisor.

Liability StatementSSGA SPDR ETFs Europe I plc may be held liable solely on the basis of anystatement contained in this document that is misleading, inaccurate orinconsistent with the relevant parts of the prospectus.

Switching between Sub-FundsShareholders have no specific right to convert shares of the Fund into sharesof another sub-fund of SSGA SPDR ETFs Europe I plc. Conversion can only beeffected by the investor selling/redeeming the shares of the Fund andbuying/subscribing shares of another sub-fund of SSGA SPDR ETFs Europe Iplc. Detailed information on how to switch between sub-funds is provided inthe "Purchase and Sale Information - Conversions" section of theprospectus.

Segregation of Assets and LiabilitiesSSGA SPDR ETFs Europe I plc has segregated liability between its sub-funds.As a consequence, the assets of the Fund should not be available to pay thedebts of any other sub-fund of SSGA SPDR ETFs Europe I plc.

This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. This key investor information is accurate as at 8 January 2018.


This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to helpyou 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 toinvest.

SSGA GBP Liquidity Fund (the "Fund"), a sub-fund of State Street Global Advisors Liquidity plc.

Share Class: Institutional Stable NAV Shares (ISIN IE0003410440)

OBJECTIVES AND INVESTMENT POLICY

Investment ObjectiveThe objective of the Fund is to provide investors with a stableinvestment which can be easily bought and sold and which provides areturn in line with Pound Sterling money market rates.

Investment PolicyTo seek to achieve these objectives, the Fund invests in short-term debtsecurities primarily denominated in Pound Sterling which pays a rate ofinterest to the Fund. This rate of interest is the Fund's only source ofreturn.

The Fund invests in debt securities which are issued by governments,banks, corporations and other financial institutions. The Fund can onlyinvest in securities which have the highest short-term credit ratings.

The investment manager conducts in-depth analysis on each investmentwhich the Fund makes and chooses investments it believes will provide astable return and remain easy to sell until it is repaid.

The Fund is classified as a Short-Term Money Market Fund.

The Fund itself is also rated triple-A by one or more credit ratingagencies (that is, companies that rate the ability of the issuers of debtsecurities to repay borrowed money). To maintain these highest creditratings, the Fund's investments are tightly controlled and closelymonitored by each agency.

The Class Institutional Stable NAV Shares seek to maintain a stable NetAsset Value per share however this may not be guaranteed. On any daywhere the assets of the Fund (less fees and expenses) produce anegative return, a mechanism will be implemented so that the Net AssetValue per share remains stable at £1 per share. In order to achieve this,the number of shares held by each Shareholder will be reduced pro ratato reflect the negative return of the Fund on that day. This will take placeby way of a share redemption; the proceeds of such redemption will notbe paid to the Shareholders but will be retained by the Fund to meet thenegative return.

The Fund may use financial derivative instruments (that is, financialcontracts whose prices are dependent on one or more underlying assets)in order to manage the portfolio efficiently.

Shareholders may redeem shares on any business day other than dayson which the relevant financial markets are closed for business inEngland; and any other day at the Directors' discretion (actingreasonably) provided Shareholders are notified in advance of any suchdays. Any Income earned by the Class Institutional Stable NAV Shareswill be paid to shareholders in respect of these shares.

The Fund's shares are issued in Pound Sterling.

Please refer to the prospectus for more information.

RISK AND REWARD PROFILE

Lower riskPotentially lower reward

Higher riskPotentially higher reward

1 2 3 4 5 6 7

Risk DisclaimerThe risk category above is not a measure of capital loss or gains but ofhow significant the rises and falls in the Fund's return have beenhistorically.

For example a fund whose return has experienced significant rises andfalls will be in a higher risk category, whereas a fund whose return hasexperienced less significant rises and falls will be in a lower risk category.

The lowest category (i.e., category 1) does not mean that a fund is a riskfree investment.

As the Fund's risk category has been calculated using historical data, itmay not be a reliable indication of the Fund's future risk profile.

The Fund's risk category shown is not guaranteed and may change in thefuture.

Why is this Fund in this category?The Fund is in risk category 1 as its return has experienced relatively lowrises and falls historically.

The following are material risks relevant to the Fund which are notadequately captured by the risk category.

Liquidity Risk: It may be difficult for the Fund to buy or sell certaininvestments in difficult market conditions. Consequently the priceobtained when selling securities may be lower than under normalmarket conditions.

Credit Risk: The value of debt securities that the Fund purchases may beimpacted by the ability of the issuer of those securities to pay theamounts of interest and principal owed as they become due. If there is anegative perception of the issuer's ability to meet its paymentobligations, the value of the debt security may decrease.

Share Reduction Risk: On any day where the assets of the Fund (lessfees and expenses) produce a negative return, the number of sharesheld by each Shareholder will be reduced by way of a share redemption,the proceeds of such redemption will not be paid to the Shareholdersbut will be retained by the Fund to meet the negative return.

Please refer to the prospectus for full details about the risks associatedwith this Fund.


CHARGES

The charges you pay are used to pay the cost of running the Fund,including the costs of marketing and distributing it. These charges reducethe potential growth of your investment.

One-off charges taken before or after you investEntry charge noneExit charge noneThis is the maximum that might be taken out of your money before it isinvested (entry charge) or before the proceeds of your investment are paid out(exit charge).

Charges taken from the Fund over a yearOngoing charge 0.15%

Charges taken from the Fund under certain specific conditionsPerformance fee none

The entry and exit charges shown are maximum figures. In some cases,you might pay less – you can find this out from your financial advisor ordistributor.

The ongoing charges figure is based on expenses for the year endingDecember 2016. This figure may vary from year to year. It excludes:

· Portfolio transaction costs, except in the case of an entry/exit chargepaid by the Fund when buying or selling units in another fund.

For more information about charges please refer to the "Fees andExpenses" section of the prospectus and the Fund supplement.

PAST PERFORMANCE

%

Q SSGA GBP Liquidity Fund Institutional Stable NAV Shares(IE0003410440)

2007 2008 2009 2010 2011 2012 2013 2014 2015 20165.8 5.2 0.9 0.5 0.6 0.5 0.3 0.4 0.4 0.4

Past performance is not a guide to future results.

The past performance shown here takes account of all charges and costs.The entry/exit charges are excluded from the calculation of pastperformance.

The Fund was launched in March 1997.The Class Institutional Stable NAV Shares were launched in March 1997.

Past performance has been calculated in Pound Sterling and is expressedas a percentage change in the Fund's net asset value at each year end.

PRACTICAL INFORMATION

DepositaryState Street Custodial Services (Ireland) Limited.

Further InformationCopies of the prospectus, its supplements and the latest annual andsemi-annual reports prepared for State Street Global Advisors Liquidityplc may be obtained, free of charge, from the Administrator or online atwww.ssga.com. These documents are available in English. Forinformation about other share classes, please refer to the website.

Remuneration PolicyThe up to date remuneration policy of State Street Global AdvisorsLiquidity plc is available from www.ssga.com. Paper copies are availablefree of charge on request.

Net Asset Valuation PublicationThe Net Asset Value per share is available at www.bloomberg.com andthe registered office of the company.

Tax LegislationThe Fund is subject to the tax laws and regulations of Ireland. Dependingon your own country of residence this might have an impact on yourinvestments. For further details, you should consult a tax advisor.

Liability StatementState Street Global Advisors Liquidity plc may be held liable solely on thebasis of any statement contained in this document that is misleading,inaccurate or inconsistent with the relevant parts of the prospectus.

Switching between Sub-FundsShareholders have no specific right to convert shares of the Fund intoshares of another sub-fund of State Street Global Advisors Liquidity plc.Conversion can only be effected by the investor selling/redeeming theshares of the Fund and buying/subscribing shares of another sub-fund ofState Street Global Advisors Liquidity plc. Detailed information on howto switch between sub-funds is provided in the "Redemptions" -"Conversion of Shares" section of the prospectus.

Segregation of Assets and LiabilitiesState Street Global Advisors Liquidity plc has segregated liabilitybetween its sub-funds. As a consequence, the assets of the Fund shouldnot be available to pay the debts of any other sub-fund of State StreetGlobal Advisors Liquidity plc.

This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. This key investor information is accurate as at 16 June 2017.

0

2

4

6

8

10


Key Investor InformationThis document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help youunderstand 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 FTSE Developed Europe ex-U.K.Equity Index Fund (the "Fund")A sub-fund of Vanguard® Investments Funds ICVC

A GBP Accumulation SharesISIN: GB00B5B71H80Authorised Corporate Director: Vanguard Investments UK, Limited ("VIUK")

Objectives and investment policy2 The Fund seeks to track the performance of the FTSE Developed Europe

ex U.K. Index (the “Index”).2 The Index is comprised of large and mid-sized company stocks in

developed markets in Europe, excluding the UK.2 The Fund attempts to:

1. Track the performance of the Index by investing in all constituentsecurities of the Index in the same proportion as the Index. Where notpracticable to fully replicate, the Fund will use a sampling process.2. Remain fully invested invested and hold small amounts of cash exceptin extraordinary market, political or similar conditions where the Fund maytemporarily depart from this investment policy.

2 The Fund may invest in financial derivative instruments that could increaseor reduce exposure to underlying assets and result in greater fluctuationsof the Fund's net asset value. Some derivatives give rise to increasedpotential for loss where the Fund's counterparty defaults in meeting itspayment obligations.

2 The currency of the share class is GBP.2 The Fund invests in securities which are denominated in currencies other

than the share class currency. Movements in currency exchange ratescan affect the return of investments.

2 The Fund may engage in short term secured lending of its investmentsto certain eligible third parties. This is used as a means of generatingadditional income and to off-set the costs of the Fund.

2 The Fund may not be appropriate for short-term investment.2 Income from the Fund will be reinvested and reflected in the price of

shares in the Fund.2 Portfolio transaction costs will have an impact on performance.2 Shares in the Fund can be bought or sold on a daily basis (save on certain

bank holidays or public holidays and subject to certain restrictionsdescribed in Appendix 1 of the prospectus) by submitting an applicationin writing or by telephone. A full list of the days on which shares in theFund cannot be sold is available on https://global.vanguard.com/conten-t/documents/calendar.pdf

For further information about the objectives and investment policy ofthe Fund, and Vanguard's limited relationship with the Index provider,please see Appendix 1 and the “Disclaimers” section of the VanguardInvestments Funds ICVC prospectus (the “prospectus”) on ourwebsite at https://global.vanguard.com



1 2 3 4 5 6 72 This indicator is based on historical data and may not be a reliable

indication of the future risk profile of the Fund.2 The risk category shown is not guaranteed and may change over time.2 The lowest category does not mean “risk free”.2 The Fund is rated 5 due to the nature of its investments which include

the risks listed below. These factors may impact the value of the Fund'sinvestments or expose the Fund to losses.- The value of equities and equity-related securities can be affected bydaily stock market movements. Other influential factors include political,economic news, company earnings and significant corporate events.- Movements in currency exchange rates can adversely affect the returnof your investment.- Investment risk is concentrated in specific sectors, countries, currenciesor companies. This means the Fund is more sensitive to any localisedeconomic, market, political or regulatory events.

The risk and reward indicator does not take account of the followingrisks of investing in the Fund:2 Counterparty risk. The insolvency of any institutions providing services

such as safekeeping of assets or acting as counterparty to derivatives orother instruments, may expose the Fund to financial loss.

2 Liquidity risk. Lower liquidity means there are insufficient buyers or sellersto allow the Fund to sell or buy investments readily.

2 Index tracking risk. The Fund is not expected to track the performance ofthe Index at all times with perfect accuracy. The Fund is, however,expected to provide investment results that, before expenses, generallycorrespond to the price and yield performance of the Index.

For further information on risks please see the “Risk Factors” sectionof the prospectus on our website at https://global.vanguard.com

ChargesThe 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 potentialgrowth of your investment.

One-off charges taken before or after you invest Entry charge None Exit charge NoneThis is the maximum that might be taken out of your money before it isinvested / before the proceeds of your investment are paid out.Charges taken from the Fund over a year Ongoing charges 0.12%Charges taken from the Fund under certain specific conditions Performance fee None

The entry and exit charges shown are maximum figures and in some casesyou might pay less. Investors can find out the actual entry and exit chargesfrom their financial adviser.The ongoing charges figure is based on expenses for the year ended 31December 2016. This figure may vary from year to year. It excludes portfoliotransaction costs.For further information about charges please see the sections entitled“Buying Shares”, “Redeeming Shares”, “Charges and Expenses”, ”Dilution Adjustment” and Appendix 1 of the prospectus on our websiteat https://global.vanguard.com

Past performance

Per c

ent (

%)

FundIndex

2 Past performance:1. Is not a reliable indication of future performance.2. Includes ongoing charges and the reinvestment of income. It

excludes entry and exit fees.3. Has been calculated in GBP.

2 Shares in the Fund were first issued in 2009.This share class was launched in 2009.

Practical information2 Depositary: The Vanguard Investments Funds ICVC ("VIF") depositary is State Street Trustees Limited.2 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 VIF, along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investments UK,Limited, P.O. Box 10315, Chelmsford CM99 2AT (tel. 0800 408 2065) or from our website at https://global.vanguard.com These documents are availablein English only.

2 Sub-funds: VIF is an umbrella fund with segregated liability between sub-funds. This means that the assets of the Fund are maintained separately underlaw from the assets of the other sub-funds of VIF, and each sub-fund is insulated from any liabilities or claims associated with the other sub-funds.

2 Shares: The Fund is part of VIF and has both accumulation and income shares. You may switch some or all of your shares of one type, to shares ofanother type within the same Fund, or between other funds of VIF. An entry charge may apply. Details of switching are provided in the prospectus.

2 Tax: UK tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser.2 Liability: VIUK 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 this Fund.2 Remuneration policy: Details of the Vanguard European Remuneration Policy are available at https://www.vanguard.co.uk/uk/portal/investment-information.jsp

including: (a) a description of how remuneration and benefits are calculated; and (b) the identities of persons responsible for awarding remuneration andbenefits, including the composition of Vanguard's European Remuneration Committee. A paper copy of these details may be obtained, free of charge,on request from the Head of Human Resources, Europe; Vanguard Asset Services, Limited; 4th Floor; The Walbrook Building; 25 Walbrook; LondonEC4N 8AF.

The Fund is authorised in the UK and regulated by the Financial Conduct Authority (“FCA”). VIUK is authorised and regulated in the UK by the FCA.This key investor information is accurate as at 02/10/2017.


Vanguard U.K. Inflation-Linked Gilt Index Fund(the "Fund")A sub-fund of Vanguard® Investments Funds ICVC

A GBP Gross Accumulation SharesISIN: GB00B45Q9038Authorised Corporate Director: Vanguard Investments UK, Limited ("VIUK")

Objectives and investment policy2 The Fund seeks to track the performance of the Bloomberg Barclays

U.K. Government Inflation-Linked Float Adjusted Bond Index (the“Index”).

2 The Index includes UK government inflation-linked bonds with maturitiesgreater than one year.

2 The Fund attempts to:1. Track the performance of the Index by investing in a representativesample of Index constituent securities.2. Remain fully invested and hold small amounts of cash except inextraordinary market, political or similar conditions where the Fund maytemporarily depart from this investment policy.


2 The currency of the share class is GBP.










the risks listed below. These factors may impact the value of the Fund'sinvestments or expose the Fund to losses.- The value of bonds and fixed income-related securities is affected byinfluential factors such as interest rates, inflation, credit spreads andvolatility which, in turn, are driven by other factors including political,economic news, company earnings and significant corporate events.- Investment risk is concentrated in specific sectors, countries, currenciesor companies. This means the Fund is more sensitive to any localisedeconomic, market, political or regulatory events.




2 Credit risk. The issuer of a financial asset held within the Fund may notpay income or repay capital to the Fund when due.


2 Index sampling risk. As the Fund uses an index sampling techniquewhereby a representative sample of securities are selected to representthe Index, there is a risk that the securities selected for the Fund may not,in the aggregate, approximate the full Index.





Past performance

Per c

ent (

%)

FundIndex













Vanguard U.K. Government Bond Index Fund(the "Fund")A sub-fund of Vanguard Investment Series Plc

“Pound Sterling” Accumulation SharesISIN: IE00B1S75374Manager: Vanguard Group (Ireland) Limited (“VGIL”)

Objectives and investment policy2 The Fund seeks to provide returns consistent with the performance of the

Bloomberg Barclays U.K. Government Float Adjusted Bond Index (the“Index”).

2 The Index includes UK government bonds denominated in UK poundssterling with maturities greater than one year.

2 The Fund attempts to:1. Track the performance of the Index by investing in a portfolio ofsecurities that, insofar as possible and practicable, consists of arepresentative sample of the component securities of the Index.2. Remain fully invested except in extraordinary market, political or similarconditions.


2 The currency of the share class is GBP.




bank holidays or public holidays and subject to certain restrictionsdescribed in Appendix 1 of the prospectus) by submitting an applicationin writing. A full list of the days on which shares in the Fund cannot besold is available on https://global.vanguard.com/content/documents/calendar.pdf

For further information about the objectives and investment policy ofthe Fund, as well as the limited relationship with the Index provider,please see Appendix 1 and Appendix 6 of the Vanguard InvestmentSeries plc prospectus (the “prospectus”) on our websiteat https://global.vanguard.com





the risks listed below. These factors may impact the value of the Fund'sinvestments or expose the Fund to losses.- The value of bonds and fixed income-related securities is affected byinfluential factors such as interest rates, inflation, credit spreads andvolatility which, in turn, are driven by other factors including political,economic news, company earnings and significant corporate events.- Investment risk is concentrated in specific sectors, countries, currenciesor companies. This means the Fund is more sensitive to any localisedeconomic, market, political or regulatory events.




2 Credit risk. The issuer of a financial asset held within the Fund may notpay income or repay capital to the Fund when due.


2 Inflation risk. The value of your investments may not be worth as muchin the future due to changes in purchasing power resulting from inflation.




The entry and exit charges shown are maximum figures and in some casesyou might pay less.Investors can find out the actual entry and exit charges from their financialadviser.The ongoing charges figure is based on expenses for the year ended 31December 2016. This figure may vary from year to year. It excludes portfoliotransaction costs.For further information about charges, please see the sections entitled“Buying Shares”, “Redeeming Shares”,"Anti-Dilution Levy", “Fees andExpenses”, Appendix 1, and the "Swing Pricing" section in Appendix 2of the prospectus on our website at https://global.vanguard.com

Past performance

Per c

ent (

%)

FundIndex




Practical information2 Depositary: The Vanguard Investment Series plc ("VIS") depositary is Brown Brothers Harriman Trustee Services (Ireland) Limited.2 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 VIS, along with the latest published prices of shares and other information on the Fund, free of charge from Vanguard Investment Seriesplc c/o Brown Brothers Harriman Fund Administration Services (Ireland) Limited, 30 Herbert Street, Dublin 2, D02 W329, Ireland or from our website athttps://global.vanguard.com These documents are available in English only.

2 Sub-funds: VIS is an umbrella fund with segregated liability between sub-funds. This means that the holdings of the fund are maintained separatelyunder Irish law from holdings of other sub-funds of VIS and your investment in the Fund will not be affected by any claims against any other sub-fund ofVIS.

2 Shares: You may exchange your shares in the Fund for shares in any other sub-funds of VIS. An entry charge may apply. Details of switching are providedin the prospectus.

2 Tax: Irish tax legislation may have an impact on your personal tax position. You are recommended to consult your professional tax adviser.2 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 this Fund.2 Remuneration policy: Details of VGIL's Remuneration Policy are available at https://www.vanguard.co.uk/uk/portal/investment-information.jsp, 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 theCentral Bank.This key investor information is accurate as at 02/10/2017.


Vanguard U.S. Equity Index Fund (the "Fund")A sub-fund of Vanguard® Investments Funds ICVC

A GBP Accumulation SharesISIN: GB00B5B71Q71Authorised Corporate Director: Vanguard Investments UK, Limited ("VIUK")

Objectives and investment policy2 The Fund seeks to track the performance of the Standard and Poor's Total

Market Index (the “Index”).2 The Index is comprised of large, mid, small and micro-sized company

stocks in the US.2 The Fund attempts to:

1. Track the performance of the Index by investing in a representativesample of Index constituent securities.2. Remain fully invested and hold small amounts of cash except inextraordinary market, political or similar conditions where the Fund maytemporarily depart from this investment policy.


2 The currency of the share class is GBP.2 The Fund invests in securities which are denominated in currencies other

than the share class currency. Movements in currency exchange ratescan affect the return of investments.










the risks listed below. These factors may impact the value of the Fund'sinvestments or expose the Fund to losses.- The value of equities and equity-related securities can be affected bydaily stock market movements. Other influential factors include political,economic news, company earnings and significant corporate events.- Movements in currency exchange rates can adversely affect the returnof your investment.- Investment risk is concentrated in specific sectors, countries, currenciesor companies. This means the Fund is more sensitive to any localisedeconomic, market, political or regulatory events.





2 Index sampling risk. As the Fund uses an index sampling techniquewhereby a representative sample of securities are selected to representthe Index, there is a risk that the securities selected for the Fund may not,in the aggregate, approximate the full Index.





Past performance

Per c

ent (

%)

FundIndex










