Bill McNabb

Bill McNabb is chairman and chief executive officer of Vanguard. Mr. McNabb joined Vanguard in 1986, became chief executive officer in 2008, and chairman of the board of directors and the board of trustees in 2010. Previously, he led each of Vanguard’s client-facing business divisions. Mr. McNabb is active in the investment management industry and serves as the chairman of the Investment Company Institute. He also serves as chairman of the Zoological Society of Philadelphia and on the board of the United Way of Greater Philadelphia and Southern New Jersey, the Wharton Leadership Advisory Board, and the Dartmouth Athletic Advisory Board. Mr. McNabb earned an A.B. at Dartmouth College and an M.B.A. at The Wharton School of the University of Pennsylvania.

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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.

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