Bill McNabb

Bill McNabb is chairman of the board of Vanguard. He joined Vanguard in 1986, served as CEO from 2008 through 2017, and became chairman of the board in 2010. Mr. McNabb also serves as a director of Vanguard Marketing Corporation, and he served as a managing director of Vanguard from 1995 to 2008. Mr. McNabb is active elsewhere in the investment management industry and serves on the executive committee of the Investment Company Institute's board of governors. He is on the boards of the Zoological Society of Philadelphia and United Way of Greater Philadelphia and Southern New Jersey.

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Visit institutional.vanguard.com to obtain a prospectus or, if available, a summary prospectus, which contains investment objectives, risks, charges, expenses, and other information; read and consider it carefully before investing.

Investments in bond funds are subject to interest rate, credit, and inflation risk.

Diversification does not ensure a profit or protect against a loss.

Foreign investing involves additional risks including currency fluctuations and political uncertainty.

Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries.

All investing is subject to risk, including the possible loss of the money you invest.

Vanguard Marketing Corporation, Distributor.

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