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An Important Message from Vanguard Chief …

Your fund. Your proxy newsAn Important Message from Vanguard Chief executive officer F. William McNabb IIIDear fellow shareholder,Thank you for placing your trust in Vanguard . Every dollar you invest with us is a sign of faith in our funds, our people, and our way of doing business. We work hard every day to earn and maintain that trust and to give all investors the best chance for investment success. On behalf of the Boards of Trustees, I m pleased to announce all Vanguard funds will hold a Joint Special Meeting of Shareholders on November 15, 2017, at the DoubleTree Paradise Valley in Scottsdale, Arizona. All shareholders have an opportunity to vote on propos-als that affect their funds. Your vote is very Important . I urge you to review the enclosed information carefully and then vote either by Internet, mail, phone, or in person at the Important part of the proxy state-ment is a proposal to elect trustees for all Vanguard funds.

Your fund. Your vote. Important proxy news An Important Message from Vanguard . Chief Executive Officer F. William McNabb III. Dear fellow shareholder,

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