Vanguard Funds

Barclays Indexes to Become Bloomberg Barclays Indexes

On August 24, 2016, Bloomberg L.P. acquired Barclays Risk Analytics
and Index Solutions Ltd. from Barclays PLC. As a result of this
acquisition, the Barclays indexes have been rebranded as Bloomberg
Barclays indexes. Within the prospectus, references to Barclays as
part of an index name are replaced with Bloomberg Barclays. At this
time, there have been no changes to the composition of the indexes
as a result of the rebranding.

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Vanguard Marketing Corporation, Distributor.

PS BL 092016