0000932471-17-004596.txt : 20170713 0000932471-17-004596.hdr.sgml : 20170713 20170713160356 ACCESSION NUMBER: 0000932471-17-004596 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20171115 FILED AS OF DATE: 20170713 DATE AS OF CHANGE: 20170713 EFFECTIVENESS DATE: 20170713 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD WORLD FUND CENTRAL INDEX KEY: 0000052848 IRS NUMBER: 046035483 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01027 FILM NUMBER: 17963631 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD WORLD FUNDS DATE OF NAME CHANGE: 20020402 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD WORLD FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: IVEST FUND INC DATE OF NAME CHANGE: 19850923 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD FIXED INCOME SECURITIES FUNDS CENTRAL INDEX KEY: 0000106444 IRS NUMBER: 231899003 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02368 FILM NUMBER: 17963654 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD FIXED INCOME SECURITIES FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WESTMINSTER BOND FUND INC DATE OF NAME CHANGE: 19800619 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD WINDSOR FUNDS CENTRAL INDEX KEY: 0000107606 IRS NUMBER: 510082711 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00834 FILM NUMBER: 17963632 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD WINDSOR FUNDS/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD/WINDSOR FUNDS INC DATE OF NAME CHANGE: 19931203 FORMER COMPANY: FORMER CONFORMED NAME: WINDSOR FUNDS INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD SPECIALIZED FUNDS CENTRAL INDEX KEY: 0000734383 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03916 FILM NUMBER: 17963625 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD SPECIALIZED FUNDS/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD SPECIALIZED PORTFOLIOS INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD STAR FUNDS CENTRAL INDEX KEY: 0000736054 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03919 FILM NUMBER: 17963628 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD STAR FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD SPECIAL TAX ADVANTAGED RETIREMENT FUND DATE OF NAME CHANGE: 19850318 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CALIFORNIA TAX-FREE FUNDS CENTRAL INDEX KEY: 0000783401 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04474 FILM NUMBER: 17963661 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD CALIFORNIA TAX FREE FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD CALIFORNIA TAX FREE FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD CALIFORNIA INSURED TAX FREE FUND DATE OF NAME CHANGE: 19870514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD NEW YORK TAX-FREE FUNDS CENTRAL INDEX KEY: 0000788599 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04570 FILM NUMBER: 17963644 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD NEW YORK INSURED TAX FREE FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD QUANTITATIVE FUNDS / CENTRAL INDEX KEY: 0000799127 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04526 FILM NUMBER: 17963641 BUSINESS ADDRESS: STREET 1: 100 VANGUARD BLVD STREET 2: P O BOX 2600 CITY: MALVERN STATE: PA ZIP: 19355 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: 100 VANGUARD BLVD STREET 2: PO BOX 2600 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD MALVERN FUNDS CENTRAL INDEX KEY: 0000836906 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05628 FILM NUMBER: 17963651 BUSINESS ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD ASSET ALLOCATION FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD INTERNATIONAL EQUITY INDEX FUNDS CENTRAL INDEX KEY: 0000857489 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05972 FILM NUMBER: 17963626 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD INTERNATIONAL EQUITY INDEX FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD INSTITUTIONAL INDEX FUNDS CENTRAL INDEX KEY: 0000862084 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06093 FILM NUMBER: 17963627 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD INSTITUTIONAL INDEX FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD INSTITUTIONAL EQUITY INDEX FUND INC DATE OF NAME CHANGE: 19900701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD ADMIRAL FUNDS CENTRAL INDEX KEY: 0000891190 IRS NUMBER: 232696041 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07043 FILM NUMBER: 17963630 BUSINESS ADDRESS: STREET 1: P.O. BOX 2600, V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD ADMIRAL FUNDS INC DATE OF NAME CHANGE: 19920908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD TAX-MANAGED FUNDS CENTRAL INDEX KEY: 0000923202 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07175 FILM NUMBER: 17963639 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TAX MANAGED FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TAX-MANAGED FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TAX MANAGED FUND INC DATE OF NAME CHANGE: 19940517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD WHITEHALL FUNDS CENTRAL INDEX KEY: 0001004655 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07443 FILM NUMBER: 17963633 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD WHITEHALL FUNDS INC DATE OF NAME CHANGE: 19951207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CMT FUNDS CENTRAL INDEX KEY: 0001273878 IRS NUMBER: 200961006 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21478 FILM NUMBER: 17963658 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: MALVERN STATE: PA ZIP: 19355 BUSINESS PHONE: 610-669-1000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: MALVERN STATE: PA ZIP: 19355 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD CASH MANAGEMENT TRUST DATE OF NAME CHANGE: 20031218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD WELLESLEY INCOME FUND CENTRAL INDEX KEY: 0000105544 IRS NUMBER: 231711688 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01766 FILM NUMBER: 17963635 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD WELLESLEY INCOME FUND/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD/WELLESLEY INCOME FUND INC DATE OF NAME CHANGE: 19940608 FORMER COMPANY: FORMER CONFORMED NAME: WELLESLEY INCOME FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD MONEY MARKET RESERVES CENTRAL INDEX KEY: 0000106830 IRS NUMBER: 236607979 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02554 FILM NUMBER: 17963649 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MONEY MARKET FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MONEY MARKET RESERVES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MONEY MARKET TRUST DATE OF NAME CHANGE: 19851103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD TRUSTEES' EQUITY FUND CENTRAL INDEX KEY: 0000313850 IRS NUMBER: 232120820 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02968-99 FILM NUMBER: 17963638 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TRUSTEES EQUITY FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TRUSTEES EQUITY FUND DATE OF NAME CHANGE: 19930303 FORMER COMPANY: FORMER CONFORMED NAME: TRUSTEES COMINGLED FUND DATE OF NAME CHANGE: 19930302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD PENNSYLVANIA TAX-FREE FUNDS CENTRAL INDEX KEY: 0000788606 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04571 FILM NUMBER: 17963642 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD PENNSYLVANIA TAX FREE FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD PENNSYLVANIA INSURED TAX FREE FUND DATE OF NAME CHANGE: 19880407 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CONVERTIBLE SECURITIES FUND CENTRAL INDEX KEY: 0000791107 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04627 FILM NUMBER: 17963657 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD CONVERTIBLE SECURITIES FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD NEW JERSEY TAX-FREE FUNDS CENTRAL INDEX KEY: 0000821404 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05340 FILM NUMBER: 17963645 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD NEW JERSEY TAX FREE FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD NEW JERSEY TAX FREE FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD VARIABLE INSURANCE FUNDS CENTRAL INDEX KEY: 0000857490 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05962 FILM NUMBER: 17963636 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD VARIABLE INSURANCE FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD VARIABLE INSURANCE FUND INC DATE OF NAME CHANGE: 19910505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD MASSACHUSETTS TAX-EXEMPT FUNDS CENTRAL INDEX KEY: 0001070414 IRS NUMBER: 232975858 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-09005 FILM NUMBER: 17963650 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MASSACHUSETTS TAX EXEMPT FUNDS DATE OF NAME CHANGE: 19980915 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD EXPLORER FUND CENTRAL INDEX KEY: 0000034066 IRS NUMBER: 510106626 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01530 FILM NUMBER: 17963656 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD EXPLORER FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: EXPLORER FUND INC DATE OF NAME CHANGE: 19900305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD MUNICIPAL BOND FUNDS CENTRAL INDEX KEY: 0000225997 IRS NUMBER: 232022170 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02687 FILM NUMBER: 17963646 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19851103 FORMER COMPANY: FORMER CONFORMED NAME: WARWICK MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19800619 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD BOND INDEX FUNDS CENTRAL INDEX KEY: 0000794105 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04681 FILM NUMBER: 17963662 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD BOND INDEX FUND INC DATE OF NAME CHANGE: 19940111 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD BOND MARKET FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD INDEX BOND FUND DATE OF NAME CHANGE: 19870105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD OHIO TAX-FREE FUNDS CENTRAL INDEX KEY: 0000862341 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06083 FILM NUMBER: 17963643 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD OHIO TAX FREE FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vanguard Montgomery Funds CENTRAL INDEX KEY: 0001409957 IRS NUMBER: 261082315 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-22114 FILM NUMBER: 17963648 BUSINESS ADDRESS: STREET 1: P.O. BOX 2600 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 610-669-1000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CHESTER FUNDS CENTRAL INDEX KEY: 0000752177 IRS NUMBER: 232311358 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04098 FILM NUMBER: 17963659 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD PRIMECAP FUND/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD/PRIMECAP FUND INC DATE OF NAME CHANGE: 19940608 FORMER COMPANY: FORMER CONFORMED NAME: PRIMECAP FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD WELLINGTON FUND CENTRAL INDEX KEY: 0000105563 IRS NUMBER: 510071687 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00121 FILM NUMBER: 17963634 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD/WELLINGTON FUND INC DATE OF NAME CHANGE: 19940608 FORMER COMPANY: FORMER CONFORMED NAME: WELLINGTON FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD FENWAY FUNDS CENTRAL INDEX KEY: 0000826473 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05445 FILM NUMBER: 17963655 BUSINESS ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD EQUITY INCOME FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD SCOTTSDALE FUNDS CENTRAL INDEX KEY: 0001021882 IRS NUMBER: 232439140 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07803 FILM NUMBER: 17963640 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TREASURY FUND DATE OF NAME CHANGE: 19960829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD INDEX FUNDS CENTRAL INDEX KEY: 0000036405 IRS NUMBER: 231999755 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02652 FILM NUMBER: 17963652 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD INDEX FUNDS/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD INDEX TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIRST INDEX INVESTMENT TRUST DATE OF NAME CHANGE: 19800904 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD HORIZON FUNDS CENTRAL INDEX KEY: 0000932471 IRS NUMBER: 232787277 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07239 FILM NUMBER: 17963653 BUSINESS ADDRESS: STREET 1: P O BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD HORIZON FUND INC DATE OF NAME CHANGE: 19941107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD MORGAN GROWTH FUND CENTRAL INDEX KEY: 0000068138 IRS NUMBER: 510108190 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01685 FILM NUMBER: 17963647 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MORGAN GROWTH FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN W L GROWTH FUND INC DATE OF NAME CHANGE: 19900507 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN GROWTH FUND DATE OF NAME CHANGE: 19681203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vanguard Charlotte Funds CENTRAL INDEX KEY: 0001532203 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-22619 FILM NUMBER: 17963660 BUSINESS ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106695410 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD VALLEY FORGE FUNDS CENTRAL INDEX KEY: 0000889519 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-58431 FILM NUMBER: 17963637 BUSINESS ADDRESS: STREET 1: P O BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD BALANCED INDEX FUNDS DATE OF NAME CHANGE: 20070223 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD BALANCED INDEX FUND DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD BALANCED INDEX FUND INC DATE OF NAME CHANGE: 19920715 0000034066 S000002578 VANGUARD EXPLORER FUND C000007081 Investor Shares VEXPX C000007082 Admiral Shares VEXRX 0000036405 S000002839 Vanguard 500 Index Fund C000007773 Investor Shares VFINX C000007774 Admiral Shares VFIAX C000092055 ETF Shares VOO C000170274 Institutional Select Shares VFFSX 0000036405 S000002840 Vanguard Value Index Fund C000007775 Investor Shares VIVAX C000007776 Admiral Shares VVIAX C000007777 Institutional Shares VIVIX C000007778 ETF Shares VTV 0000036405 S000002841 Vanguard Extended Market Index Fund C000007779 Investor Shares VEXMX C000007780 Admiral Shares VEXAX C000007781 Institutional Shares VIEIX 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Treasury Money Market Fund C000005732 Investor Shares VUSXX 0000891190 S000030012 Vanguard S&P 500 Growth Index Fund C000092034 ETF Shares VOOG C000092035 Institutional Shares VSPGX 0000891190 S000030013 Vanguard S&P 500 Value Index Fund C000092036 ETF Shares VOOV C000092037 Institutional Shares VSPVX 0000891190 S000030014 Vanguard S&P Mid-Cap 400 Index Fund C000092038 ETF Shares IVOO C000092039 Institutional Shares VSPMX 0000891190 S000030015 Vanguard S&P Mid-Cap 400 Value Index Fund C000092040 ETF Shares IVOV C000092041 Institutional Shares VMFVX 0000891190 S000030016 Vanguard S&P Mid-Cap 400 Growth Index Fund C000092042 Institutional Shares VMFGX C000092043 ETF Shares IVOG 0000891190 S000030017 Vanguard S&P Small-Cap 600 Index Fund C000092044 ETF Shares VIOO C000092045 Institutional Shares VSMSX 0000891190 S000030018 Vanguard S&P Small-Cap 600 Growth Index Fund C000092046 ETF Shares VIOG C000092047 Institutional Shares VSGNX 0000891190 S000030019 Vanguard S&P Small-Cap 600 Value Index Fund C000092048 ETF Shares VIOV C000092049 Institutional Shares VSMVX 0000923202 S000004383 Vanguard Tax-Managed Balanced Fund C000012133 Admiral Shares VTMFX 0000923202 S000004384 Vanguard Tax-Managed Capital Appreciation Fund C000012135 Admiral Shares VTCLX C000012136 Institutional Shares VTCIX 0000923202 S000004386 Vanguard Developed Markets Index Fund C000012140 Admiral Shares VTMGX C000012141 Institutional Shares VTMNX C000051262 ETF Shares VEA C000135477 Institutional Plus Shares VDIPX C000135478 Investor Shares VDVIX 0000923202 S000004387 Vanguard Tax-Managed Small-Cap Fund C000012142 Admiral Shares VTMSX C000012143 Institutional Shares VTSIX 0000932471 S000002593 Vanguard Strategic Equity Fund C000007112 Investor Shares VSEQX 0000932471 S000002594 Vanguard Capital Opportunity Fund C000007113 Investor Shares VHCOX C000007114 Admiral Shares VHCAX 0000932471 S000002595 Vanguard Global Equity Fund C000007115 Investor Shares VHGEX 0000932471 S000012432 Vanguard Strategic Small-Cap Equity Fund C000033747 Investor Shares VSTCX 0001004655 S000004407 Vanguard International Explorer Fund C000012165 Investor Shares VINEX 0001004655 S000004408 Vanguard Mid-Cap Growth Fund C000012166 Investor Shares VMGRX 0001004655 S000004409 Vanguard Selected Value Fund C000012167 Investor Shares VASVX 0001004655 S000014011 Vanguard High Dividend Yield Index Fund C000038294 Investor Shares VHDYX C000038295 ETF Shares VYM 0001004655 S000040750 Vanguard Emerging Markets Government Bond Index Fund C000126407 Admiral Shares VGAVX C000126408 ETF Shares VWOB C000126409 Institutional Shares VGIVX C000126410 Investor Shares VGOVX 0001004655 S000043242 Vanguard Global Minimum Volatility Fund C000133791 Admiral Shares VMNVX C000133792 Investor Shares VMVFX 0001004655 S000051871 Vanguard International Dividend Appreciation Index Fund C000163310 Admiral Shares VIAAX C000163311 ETF Shares VIGI C000163312 Investor Shares VIAIX 0001004655 S000051872 Vanguard International High Dividend Yield Index Fund C000163313 Admiral Shares VIHAX C000163314 ETF Shares VYMI C000163315 Investor Shares VIHIX 0001021882 S000026859 Vanguard Short-Term Government Bond Index Fund C000080841 Admiral Shares VSBSX C000080842 Institutional Shares VSBIX C000080843 ETF Shares VGSH 0001021882 S000026860 Vanguard Intermediate-Term Government Bond Index Fund C000080844 Admiral Shares VSIGX C000080845 Institutional Shares VIIGX C000080846 ETF Shares VGIT 0001021882 S000026861 Vanguard Long-Term Government Bond Index Fund C000080847 Admiral Shares VLGSX C000080848 Institutional Shares VLGIX C000080849 ETF Shares VGLT 0001021882 S000026862 Vanguard Short-Term Corporate Bond Index Fund C000080850 Admiral Shares VSCSX C000080851 Institutional Shares VSTBX C000080852 ETF Shares VCSH 0001021882 S000026863 Vanguard Intermediate-Term Corporate Bond Index Fund C000080853 Admiral Shares VICSX C000080854 Institutional Shares VICBX C000080855 ETF Shares VCIT 0001021882 S000026864 Vanguard Long-Term Corporate Bond Index Fund C000080856 Admiral Shares VLTCX C000080857 Institutional Shares VLCIX C000080858 ETF Shares VCLT 0001021882 S000026865 Vanguard Mortgage-Backed Securities Index Fund C000080859 Admiral Shares VMBSX C000080860 Institutional Shares VMBIX C000080861 ETF Shares VMBS 0001021882 S000028087 Vanguard Explorer Value Fund C000085513 Investor Shares VEVFX 0001021882 S000030000 Vanguard Russell 1000 Index Fund C000092009 Institutional Shares VRNIX C000092010 ETF Shares VONE 0001021882 S000030001 Vanguard Russell 1000 Value Index Fund C000092011 Institutional Shares VRVIX C000092012 ETF Shares VONV 0001021882 S000030002 Vanguard Russell 1000 Growth Index Fund C000092013 Institutional Shares VRGWX C000092014 ETF Shares VONG 0001021882 S000030003 Vanguard Russell 2000 Index Fund C000092015 Institutional Shares VRTIX C000092016 ETF Shares VTWO 0001021882 S000030004 Vanguard Russell 2000 Value Index Fund C000092017 ETF Shares VTWV C000092018 Institutional Shares VRTVX 0001021882 S000030005 Vanguard Russell 2000 Growth Index Fund C000092019 Institutional Shares VRTGX C000092020 ETF Shares VTWG 0001021882 S000030006 Vanguard Russell 3000 Index Fund C000092021 Institutional Shares VRTTX C000092022 ETF Shares VTHR 0001070414 S000002870 Vanguard Massachusetts Tax-Exempt Fund C000007887 Investor Shares VMATX 0001273878 S000002575 Vanguard Market Liquidity Fund C000007078 Vanguard Market Liquidity Fund 0001273878 S000002576 Vanguard Municipal Cash Management Fund C000007079 Vanguard Municipal Cash Management Fund 0001409957 S000019457 Vanguard Market Neutral Fund C000054090 Investor Shares VMNFX C000054091 Institutional Shares VMNIX 0001532203 S000035729 Vanguard Total International Bond Index Fund C000109500 Investor Shares VTIBX C000109501 Admiral Shares VTABX C000109502 Institutional Shares VTIFX C000109503 ETF Shares BNDX C000170277 Institutional Select Shares VSIBX DEF 14A 1 def14a_final.htm PROXY SOLICITATION MATERIALS def14a_final.htm - Generated by SEC Publisher for SEC Filing

Schedule 14A Information

Proxy Statement Pursuant to Section 14(a)

of the Securities Exchange Act of 1934

 

Filed by the Registrant [X]

Filed by a Party other than the Registrant [ ]

 

Check the appropriate box:

[ ] Preliminary Proxy Statement

 

[ ] Confidential, for Use of the Commission only (as permitted by Rule 14a-6(e)(2))

 

[ ] Definitive Proxy Statement

 

[ ] Definitive Additional Materials

 

[X]   Soliciting Material under or Rule 14a-12

 

Vanguard Admiral Funds

Vanguard Bond Index Funds

Vanguard CMT Funds

Vanguard California Tax-Free Funds

Vanguard Charlotte Funds

Vanguard Chester Funds

Vanguard Convertible Securities Fund

Vanguard Explorer Fund

Vanguard Fenway Funds

Vanguard Fixed Income Securities Funds

Vanguard Horizon Funds

Vanguard Index Funds

Vanguard Institutional Index Funds

Vanguard International Equity Index Funds

Vanguard Malvern Funds

Vanguard Massachusetts Tax-Exempt Funds

Vanguard Money Market Reserves

Vanguard Montgomery Funds

Vanguard Morgan Growth Fund

Vanguard Municipal Bond Funds

Vanguard New Jersey Tax-Free Funds

Vanguard New York Tax-Free Funds

Vanguard Ohio Tax-Free Funds

Vanguard Pennsylvania Tax-Free Funds

Vanguard Quantitative Funds

Vanguard Scottsdale Funds

Vanguard Specialized Funds

Vanguard STAR Funds

 

Vanguard Tax-Managed Funds

Vanguard Trustees’ Equity Fund

Vanguard Valley Forge Funds

Vanguard Variable Insurance Funds

Vanguard Wellesley Income Fund

Vanguard Wellington Fund

Vanguard Whitehall Funds

Vanguard Windsor Funds

Vanguard World Funds

 

(Name of Registrant as Specified in its Declaration of Trust)

 

(Name of Person(s) Filing Proxy Statement if other than the Registrant)

 

Payment of Filing Fee (Check the appropriate box):

 

[ X ] No fee required.

 

[ ] Fee computed on table below per Exchange Act Rules 14a-6(i) and 0-11.

(1)  Title of each class of securities to which transaction applies:

(2)  Aggregate number of securities to which transaction applies:

(3)  Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it was determined):

(4)  Proposed maximum aggregate value of transaction:

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[ ] Fee paid previously with preliminary materials.

 

[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11 (a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.

(1)  Amount previously paid:

(2)  Form, schedule or registration statement no.:

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(4)  Date filed:

 

 

Vanguard Proxy Press Release

                                                                                                                      Vanguard Signature

For more information, contact the Vanguard PR Hotline at 610-669-5002, vanguard_media_relations@vanguard.com, @Vanguard_PR, or visit pressroom.vanguard.com.

 

PRESS RELEASE

VANGUARD FUNDS FILE PRELIMINARY PROXY STATEMENT SEEKING

SHAREHOLDER ELECTION OF TRUSTEES AND APPROVAL OF POLICY CHANGES

 

Former U.S. Deputy Treasury Secretary and

Guardian Life Insurance CEO Nominated as Trustees

 

VALLEY FORGE, PA (July 13, 2017)—The Vanguard funds filed a preliminary proxy statement today with the U.S. Securities and Exchange Commission (SEC). The filing is the first step in seeking shareholder election of a board of trustees for all funds and approval of several fund policy changes. 

 

“We encourage Vanguard fund shareholders to vote on these important proposals, which will put in place the people and policies to enable us to continue to lower the cost of investing and enhance the management of our funds with the ultimate goal of improving client outcomes,” said Vanguard CEO Bill McNabb.

 

The proposals are summarized below. The preliminary proxy document can be accessed at the SEC’s website.

 

Election of trustees
Vanguard is asking shareholders of each fund to elect a board of trustees. In selecting trustee candidates, the independent nominating committee considers the overall composition of the funds’ board to ensure it reflects an optimal combination of professional experience and expertise.

 

The trustees are responsible for setting broad policies for the funds; monitoring fund operations, performance, regulatory compliance, risk management, and costs; reviewing and approving advisory contracts; nominating and selecting new trustees; and selecting fund officers.

 

 

The nominees include Vanguard Chairman Bill McNabb, newly elected President Tim Buckley, and eight current independent trustees: Lead Independent Trustee Mark Loughridge, Emerson U. Fullwood, Amy Gutmann, JoAnn Heffernan Heisen, F. Joseph Loughrey, Scott C. Malpass, André F. Perold, and Peter F. Volanakis. The nominee slate also includes two new trustee candidates: Sarah Bloom Raskin, former Deputy Secretary of the U.S. Treasury and Deanna Mulligan, president and CEO of The Guardian Life Insurance Company of America.

 

Standardizing external advisory arrangement policy

The trustees of the Vanguard Funds are seeking shareholder approval of a proposal that would give the funds the ability to retain external firms as investment advisors without expending the considerable time and expense to obtain shareholder approval via proxy solicitation.

 

Shareholders approved a similar proposal in 1993. Currently, 48 funds have this ability to enter into or amend advisory agreements.

 

The proposal, if approved, will standardize this policy across Vanguard’s entire line-up. While there are no current plans to employ the policy on Vanguard managed funds, it enables the trustees to retain an advisory firm to diversify a fund’s management team or ensure management continuity in the event of a contingency.

 

Ability to retain affiliates as advisors

The trustees are seeking shareholder approval of a proposal that would enable the funds to retain Vanguard affiliated subsidiaries as investment advisors without the time and expense of a proxy solicitation to gain shareholder approval.

 

Vanguard employs in-house investment teams, including the firm’s Fixed Income and Equity Index Groups, to manage a significant portion of its U.S. funds. Vanguard affiliated subsidiaries manage Vanguard’s non-U.S. domiciled funds and exchange-traded funds (ETFs). Vanguard has invested considerable resources in technology and talent to globalize its investment management function, and the firm’s subsidiaries follow the same disciplined approach and proprietary trading strategies employed domestically. 

 

 

Vanguard believes that there are considerable benefits for its affiliates to act as investment advisors on U.S. funds, particularly those with international exposure. Vanguard requested related exemptive relief from the SEC in February.

 

With shareholder approval of these two advisor-related proposals, all Vanguard funds could operate under the “manager of managers” structures that are widely used in the mutual fund industry. Since 1995, the SEC has issued more than 200 such orders, enabling other prominent mutual fund firms to enter into such advisory relationships to realize efficiencies while protecting shareholders’ interests.

 

New objective for REIT Index Funds

The trustees are seeking shareholder approval to change the investment objective for Vanguard REIT Index Fund and Vanguard Variable Insurance Fund - REIT Index Portfolio, which would result in a change in the benchmark. This change aligns the funds with the updated Global Industry Classification Standard (GICS) methodology, an industry-recognized approach to classifying global market sectors. Vanguard’s 10 other sector index funds currently seek to track MSCI benchmarks under this methodology.

 

The proposed benchmark is the MSCI US Investable Market Real Estate 25/50 Index, which includes real estate management and development companies in addition to real estate investment trusts (REITs), thereby offering broader exposure to the real estate market. The funds currently seek to track the performance of the MSCI US REIT Index, which solely comprises publicly traded equity REITs.

 

Vanguard is also proposing to reclassify the REIT Index Fund from “diversified” to “nondiversified” as defined by securities laws. The change will enable the fund to better replicate its target benchmark by holding securities in their appropriate weight. Many of Vanguard’s other equity sector funds are currently classified as nondiversified.

 

Separately, Vanguard filed a registration statement with the SEC for Vanguard REIT II Index Fund, which will seek to track the same benchmark as the REIT Index Fund. The new fund will be available for investment to the REIT Index Fund and other Vanguard funds, along with certain Vanguard institutional clients.

 

 

In addition to aligning the funds with other Vanguard sector funds and broadening the funds’ mandates, these related actions are designed to provide additional investment capacity while ensuring continued compliance with SEC and Internal Revenue Code diversification requirements.

 

Two funds propose to adopt standard service agreement

Vanguard is asking shareholders of Vanguard Institutional Index Fund and Vanguard Institutional Total Stock Market Index Fund to approve the Funds’ Service Agreement under which all other Vanguard U.S. mutual funds operate. This is an agreement between the funds and Vanguard to provide investment advisory, administrative, and distribution services. If approved, this arrangement will then be standardized across Vanguard’s entire U.S. mutual fund line-up.
 

Approval of this proposal is expected to reduce expense ratios of the Institutional Shares of the Institutional Index and Institutional Total Stock Market funds to 0.035% from 0.04%. In addition, minimum initial investment requirements will be reduced for three of the four share classes of the two funds, aligning the investment minimums to the standards of other Vanguard funds.

 

Shareholder proposals

Shareholders of certain funds submitted two proposals. The first calls for two Vanguard funds to separately disclose their votes on climate change proposals. The second seeks to prescribe specific investment limitations on several funds.

 

Shareholder voting and meeting

Like other U.S. investment companies, Vanguard holds a proxy when shareholder approval is needed for certain fund matters. Vanguard last conducted enterprise-wide proxies in 2002 and 2009. Following the SEC’s review, the fund proxy materials will be sent to Vanguard fund shareholders for voting online, by phone, or by mail. Vanguard encourages online voting for shareholder convenience and associated cost savings. The shareholders meeting is scheduled for November 15, 2017, in Scottsdale, Arizona.

###

 

About Vanguard
Vanguard is one of the world’s largest investment management companies. As of June 30 2017, Vanguard managed $4.4 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers 368 funds to its more than 20 million investors worldwide. For more information, visit vanguard.com.

 

 

Notes:

 

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

 

·         Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility.

 

A registration statement relating to Vanguard REIT II Index Fund has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard and Poor's, a division of McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based.  The preliminary proxy statement the Vanguard funds filed with the SEC contains a more detailed description of the limited relationship MSCI has with The Vanguard Group, Inc. and any related funds.

For more information about Vanguard funds, visit vanguard.com or call 800-523-1036 to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing. Please note that a preliminary prospectus is subject to change.

2017 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

 

 

 

 
 

Freshness Article for U.S. Shareholders

 

Vanguard announces shareholder meeting;                                                  

also plans for new REIT II Index Fund

July 13, 2017

 

Vanguard filed a preliminary proxy statement today with the U.S. Securities and Exchange Commission (SEC), the first step in a process that will solicit votes later this year from all shareholders of Vanguard’s U.S.-based funds.

Like other U.S. investment companies, Vanguard periodically holds shareholder meetings when shareholder approval is needed for certain matters affecting the funds. At an upcoming shareholder meeting, or by proxy beforehand, shareholders will vote on the election of trustees for all U.S.-based Vanguard funds.

“We encourage Vanguard fund shareholders to vote on these important proposals, which will put in place the people and policies to enable us to continue to lower the cost of investing and enhance the management of our funds with the ultimate goal of improving client outcomes,” said Vanguard CEO Bill McNabb.

Shareholders will also be asked to vote on several fund policy proposals that, if approved, will give the funds more operational flexibility and, in Vanguard’s view, be in the best interests of their shareholders.

Following the SEC’s review, the fund proxy materials will be provided to Vanguard fund shareholders beginning in late August 2017. That’s when shareholders can begin to vote online, by phone, or by mail. The shareholder meeting is scheduled for November 15, 2017, in Scottsdale, Arizona.

Shareholders will vote on the following management proposals presented by Vanguard in the proxy statement:

  • Elect trustees: Trustees oversee the funds to make sure they effectively serve the interests of shareholders. Shareholders of each U.S.-based Vanguard fund will be asked to elect a board of trustees.

 

  • Enable all funds to retain third-party investment advisors: Many Vanguard funds retain, or reserve the right to retain, one or more third-party investment advisors. Those funds that hire third-party advisors benefit from complementary strategies, diversity of thought, and managerial and operational flexibility. Funds that already have shareholder approval to retain these advisors can avoid incurring costs or delays involved in obtaining shareholder consent. Shareholders will be asked to expand this ability so that all U.S.-based Vanguard funds can enter into or amend investment advisory agreements with third-party advisors without obtaining additional shareholder approval in the future.

 

  • Enable all funds to retain Vanguard-affiliated investment advisors: To give Vanguard funds managerial and operational flexibility and facilitate greater efficiency, shareholders will be asked to approve a proposal that will enable U.S.-based Vanguard funds to enter into or amend investment advisory agreements with subsidiaries of Vanguard without obtaining additional shareholder approval in the future.
 

 

  • Broaden the investment objective for Vanguard’s two REIT offerings: To better align Vanguard REIT Index Fund and Vanguard Variable Insurance Fund—REIT Index Portfolio with the newly constituted Global Industry Classification Standard (GICS) real estate sector, create greater investment capacity for the two funds, and provide broader exposure to the real estate market, the two funds are seeking shareholder approval to broaden their investment objective to allow for the inclusion of real estate-related investments beyond real estate investment trusts (REITs). If the proposal is approved, the funds will seek to track the MSCI US Investable Market Real Estate 25/50 Index instead of the MSCI US REIT Index. Broadening the investment objective and then changing the funds’ benchmark index will provide more complete real estate exposure for investors, including those who use Vanguard’s equity sector investment fund lineup for portfolio construction. Also, if the proposal is approved, the two funds’ names will be changed to Vanguard Real Estate Index Fund and Vanguard Variable Insurance Fund—Real Estate Index Portfolio.

 

  • Change the diversification status, as defined by the Investment Company Act of 1940, of Vanguard REIT Index Fund: To allow Vanguard REIT Index Fund to track more closely its benchmark index, the fund is seeking shareholder approval to change its status from “diversified” to “nondiversified” as defined by the Investment Company Act of 1940. Many of Vanguard’s other equity sector index funds are already classified as nondiversified because the market segments in which they invest are relatively narrow in scope.

 

  • Approve new advisory agreements for two funds: Shareholders of Vanguard Institutional Index Fund and Vanguard Institutional Total Stock Market Index Fund will be asked to adopt the Vanguard Funds’ Service Agreement, which will harmonize their investment advisory, administrative, and distribution arrangements with those of other U.S.-based Vanguard funds. Adopting the Funds’ Service Agreement will lead to lower expenses for certain share classes and broader availability of lower-cost share classes.

 

Additionally, shareholders submitted two proposals. The first calls for the Vanguard funds to separately disclose their votes on climate change proposals. The second seeks to prescribe specific investment limitations on the funds.

Vanguard files for new REIT II Index Fund

In a separate filing, Vanguard submitted a registration statement to the SEC today to launch a new fund—Vanguard REIT II Index Fund. The new fund’s investment objective, strategies, and index will be identical to the existing Vanguard REIT Index Fund, which was launched in 1996 and has grown to be the largest REIT fund in the industry.* The REIT II Index Fund will also invest in the same portfolio of securities as the REIT Index Fund.

 

The REIT Index Fund will be the principal investor in the REIT II Index Fund. This structure will provide increased investment capacity for the REIT Index Fund, which has attracted considerable shareholder investment in recent years. Shareholders of the REIT Index Fund will be able to continue to interact with the fund as they do today.

The new REIT II Index Fund will be offered to select institutional clients, separately managed accounts, and other Vanguard funds through Institutional Plus Shares with a minimum investment of $100 million. More details about the new fund will be available when it begins operations, which is expected to happen late in the third quarter of this year.

*Source: Morningstar, Inc.

 

Notes:

·         A registration statement relating to Vanguard REIT II Index Fund has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

·         The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard and Poor's, a division of McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

·         The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The preliminary proxy statement the Vanguard funds filed with the SEC contains a more detailed description of the limited relationship MSCI has with The Vanguard Group, Inc. and any related funds.

·         For more information about Vanguard funds, visit XXXXX.vanguard.com or call XXX-XXX-XXXX to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing. Please note that a preliminary prospectus is subject to change.

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

·         Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility.

 

 

 

Freshness Article for non-U.S. Shareholders in Japan

 

Vanguard plans shareholder meeting and new REIT index fund

Vanguard filed a preliminary proxy statement today with the United States Securities and Exchange Commission (SEC), the first step in a process that will solicit votes later this year from all shareholders of Vanguard's U.S.-based funds, including investors outside the U.S.

Like other U.S. investment companies, Vanguard periodically holds shareholder meetings when shareholder approval is needed for certain matters affecting the funds. At an upcoming shareholder meeting, or by proxy beforehand, shareholders will vote on the election of trustees for all U.S.-based Vanguard funds.

"We encourage Vanguard fund shareholders to vote on these important proposals, which will put in place the people and policies to enable us to continue to lower the cost of investing and enhance the management of our funds with the ultimate goal of improving client outcomes," said Vanguard CEO Bill McNabb.

Shareholders will also be asked to vote on several fund policy proposals that, if approved, will give the funds more operational flexibility and, in Vanguard’s view, be in the best interests of their shareholders.

Following the SEC's review, the fund proxy materials will be provided to Vanguard fund shareholders, including those in Japan and other countries, beginning in late August 2017. That's when shareholders can begin to vote online, by phone, or by mail. The shareholder meeting is scheduled for November 15, 2017, in Scottsdale, Arizona.

Shareholders will vote on the following management proposals presented by Vanguard in the proxy statement:

  • Elect trustees: Trustees oversee the funds to make sure they effectively serve the interests of shareholders. Shareholders of each U.S.-based Vanguard fund will be asked to elect a board of trustees.
  • Enable all funds to retain third-party investment advisors: Many Vanguard funds retain, or reserve the right to retain, one or more third-party investment advisors. Those funds that hire third-party advisors benefit from complementary strategies, diversity of thought, and managerial and operational flexibility. Funds that already have shareholder approval to retain these advisors can avoid incurring costs or delays involved in obtaining shareholder consent. Shareholders will be asked to expand this ability so that all U.S.-based Vanguard funds can enter into or amend investment advisory agreements with third-party advisors without obtaining additional shareholder approval in the future.
  • Enable all funds to retain Vanguard-affiliated investment advisors: To give Vanguard funds managerial and operational flexibility and facilitate greater efficiency, shareholders will be asked to approve a proposal that will enable U.S.-based Vanguard funds to enter into or amend investment advisory agreements with subsidiaries of Vanguard without obtaining additional shareholder approval in the future.
  • Broaden the investment objective for Vanguard's two real estate investment trust (REIT) offerings: To better align Vanguard REIT Index Fund and Vanguard Variable Insurance Fund—REIT Index Portfolio with the newly constituted Global Industry Classification Standard (GICS) real estate sector, create greater investment capacity for the two funds, and provide broader exposure to the real estate market, the two funds are seeking shareholder approval to broaden their investment objective to allow for the inclusion of real estate-related investments beyond real estate investment trusts. If the proposal is approved, the funds will seek to track the MSCI US Investable Market Real Estate 25/50 Index instead of the MSCI US REIT Index. Broadening the investment objective and then changing the benchmark index will provide more complete real estate exposure for investors, including those who use Vanguard's equity sector investment fund lineup for portfolio construction. Also, if the proposal is approved, the two funds' names will be changed to Vanguard Real Estate Index Fund and Vanguard Variable Insurance Fund—Real Estate Index Portfolio.
  • Change the diversification status, as defined by the U.S. Investment Company Act of 1940, of Vanguard REIT Index Fund: To allow Vanguard REIT Index Fund to track more closely its benchmark index, the fund is seeking shareholder approval to change its status from "diversified" to "nondiversified" as defined by the Investment Company Act of 1940. Many of Vanguard's other equity sector index funds are already classified as nondiversified because the market segments in which they invest are relatively narrow in scope.
  • Approve new advisory agreements for two funds: Shareholders of Vanguard Institutional Index Fund and Vanguard Institutional Total Stock Market Index Fund will be asked to adopt the Vanguard Funds' Service Agreement, which will harmonize their investment advisory, administrative, and distribution arrangements with those of other U.S.-based Vanguard funds. Adopting the Funds' Service Agreement will lead to lower expenses for certain share classes and broader availability of lower-cost share classes.
 

Additionally, shareholders submitted two proposals. The first calls for the Vanguard funds to separately disclose their votes on climate change proposals. The second seeks to prescribe specific investment limitations on the funds.

Vanguard files for new REIT II Index Fund

In a separate filing, Vanguard submitted a registration statement to the SEC today to launch a new fund—Vanguard REIT II Index Fund. The new fund's investment objective, strategies, and index will be identical to the existing Vanguard REIT Index Fund, which was launched in 1996 and has grown to be the largest REIT fund in the industry.* The REIT II Index Fund will also invest in the same portfolio of securities as the REIT Index Fund.

The REIT Index Fund will be the principal investor in the REIT II Index Fund. This structure will provide increased investment capacity for the REIT Index Fund, which has attracted considerable shareholder investment in recent years. Shareholders of the REIT Index Fund will be able to continue to interact with the fund as they do today.

The new REIT II Index Fund will be offered to select institutional clients, separately managed accounts, and other Vanguard funds through Institutional Plus Shares with a minimum investment of USD 100 million. More details about the new fund will be available when it begins operations, which is expected to happen late in the third quarter of this year.

 

*Source: Morningstar, Inc.

 

Important information:

The information contained herein does not constitute an offer or solicitation and may not be treated as an offer or solicitation in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. Broker-dealers, advisors and other intermediaries must determine whether their clients are eligible for investment in the products discussed herein.

All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss. Past performance is no guarantee of future returns.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard and Poor's, a division of McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The preliminary proxy statement the Vanguard funds filed with the SEC contains a more detailed description of the limited relationship MSCI has with The Vanguard Group, Inc. and any related funds.

There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income.

 

 

Freshness Article for non-U.S. Shareholders in Mexico

 

Vanguard plans shareholder meeting

Vanguard filed a preliminary proxy statement today with the United States Securities and Exchange Commission (SEC), the first step in a process that will solicit votes later this year from all shareholders of Vanguard's U.S.-based funds, including investors outside the U.S.

Like other U.S. investment companies, Vanguard periodically holds shareholder meetings when shareholder approval is needed for certain matters affecting the funds. At an upcoming shareholder meeting, or by proxy beforehand, shareholders will vote on the election of trustees for all U.S.-based Vanguard funds.

"We encourage Vanguard fund shareholders to vote on these important proposals, which will put in place the people and policies to enable us to continue to lower the cost of investing and enhance the management of our funds with the ultimate goal of improving client outcomes," said Vanguard CEO Bill McNabb.

Shareholders will also be asked to vote on several fund policy proposals that, if approved, will give the funds more operational flexibility and, in Vanguard’s view,be in the best interests of their shareholders.

Following the SEC's review, the fund proxy materials will be provided to Vanguard fund shareholders, including those in Mexico and other countries, beginning in late August 2017. That's when shareholders can begin to vote online, by phone, or by mail. The shareholder meeting is scheduled for November 15, 2017, in Scottsdale, Arizona.

Shareholders will vote on the following management proposals presented by Vanguard in the proxy statement:

  • Elect trustees: Trustees oversee the funds to make sure they effectively serve the interests of shareholders. Shareholders of each U.S.-based Vanguard fund will be asked to elect a board of trustees.
  • Enable all funds to retain third-party investment advisors: Many Vanguard funds retain, or reserve the right to retain, one or more third-party investment advisors. Those funds that hire third-party advisors benefit from complementary strategies, diversity of thought, and managerial and operational flexibility. Funds that already have shareholder approval to retain these advisors can avoid incurring costs or delays involved in obtaining shareholder consent. Shareholders will be asked to expand this ability so that all U.S.-based Vanguard funds can enter into or amend investment advisory agreements with third-party advisors without obtaining additional shareholder approval in the future.
  • Enable all funds to retain Vanguard-affiliated investment advisors: To give Vanguard funds managerial and operational flexibility and facilitate greater efficiency, shareholders will be asked to approve a proposal that will enable U.S.-based Vanguard funds to enter into or amend investment advisory agreements with subsidiaries of Vanguard without obtaining additional shareholder approval in the future.
  • Broaden the investment objective for Vanguard's two real estate investment trust (REIT) offerings: To better align Vanguard REIT Index Fund and Vanguard Variable Insurance Fund—REIT Index Portfolio with the newly constituted Global Industry Classification Standard (GICS) real estate sector, create greater investment capacity for the two funds, and provide broader exposure to the real estate market, the two funds are seeking shareholder approval to broaden their investment objective to allow for the inclusion of real estate-related investments beyond real estate investment trusts. If the proposal is approved, the funds will seek to track the MSCI US Investable Market Real Estate 25/50 Index instead of the MSCI US REIT Index. Broadening the investment objective and then changing the benchmark index will provide more complete real estate exposure for investors, including those who use Vanguard's equity sector investment fund lineup for portfolio construction. Also, if the proposal is approved, the two funds' names will be changed to Vanguard Real Estate Index Fund and Vanguard Variable Insurance Fund—Real Estate Index Portfolio.
  • Change the diversification status, as defined by the U.S. Investment Company Act of 1940, of Vanguard REIT Index Fund. To allow Vanguard REIT Index Fund to track more closely its benchmark index, the fund is seeking shareholder approval to change its status from "diversified" to "nondiversified" as defined by the Investment Company Act of 1940. Many of Vanguard's other equity sector index funds are already classified as nondiversified because the market segments in which they invest are relatively narrow in scope.
  • Approve new advisory agreements for two funds. Shareholders of Vanguard Institutional Index Fund and Vanguard Institutional Total Stock Market Index Fund will be asked to adopt the Vanguard Funds' Service Agreement, which will harmonize their investment advisory, administrative, and distribution arrangements with those of other U.S.-based Vanguard funds. Adopting the Funds' Service Agreement will lead to lower expenses for certain share classes and broader availability of lower-cost share classes.
 

 

Additionally, shareholders submitted two proposals. The first calls for the Vanguard funds to separately disclose their votes on climate change proposals. The second seeks to prescribe specific investment limitations on the funds.

Important information:

The placement of the securities does not constitute a public offering of securities under Mexican law and therefore it is not subject to obtaining the prior authorization of the Mexican Banking and Securities Commission or the registration of the securities with the Mexican National Registry of Securities, and therefore the securities may not be publicly offered or sold, or otherwise subject to brokerage activities in Mexico.

The securities have not been and will not be registered with the Registro Nacional de Valores (National Securities Registry) maintained by the Mexican Comisión Nacional Bancaria y de Valores (National Banking and Securities Commission), and may not be offered or sold, or otherwise be the subject of brokerage activities in Mexico. The investor shall be responsible for calculating and paying its own taxes and receiving any necessary tax advice. Neither the Funds nor Vanguard shall be deemed to have provided tax advice to the potential investor.

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard and Poor's, a division of McGraw-Hill Companies, Inc. ("S&P") and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

 

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The preliminary proxy statement the Vanguard funds filed with the SEC contains a more detailed description of the limited relationship MSCI has with The Vanguard Group, Inc. and any related funds.

The information contained herein does not constitute an offer or solicitation and may not be treated as an offer or solicitation in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. Broker-dealers, advisors and other intermediaries must determine whether their clients are eligible for investment in the products discussed herein.

All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss. Past performance is no guarantee of future returns.

There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income.

 

 

 

Written Client Outreach to U.S. Shareholders

 

Subject: Vanguard announces leadership changes and shareholder meeting to appoint fund trustees

 

#FirstName#,

Vanguard today announced two important pieces of news related to the firm’s leadership team and funds.

First, effective today, the Board of Directors of The Vanguard Group unanimously elected Vanguard’s Chief Investment Officer Tim Buckley as president and director of Vanguard and announced plans for him to succeed Bill McNabb as chief executive officer on January 1, 2018. 

 

Under the planned succession, Mr. Buckley, 48, will become the firm’s fourth CEO since its founding in 1975. Mr. McNabb, 60, who has served as Vanguard’s CEO since 2008, will remain as chairman of the board. Greg Davis, 46, global head of Vanguard’s Fixed Income Group, assumes the position of chief investment officer.

 

Mr. Buckley has been a member of Vanguard’s senior leadership team since 2001 and has served as Vanguard’s chief investment officer since 2013. He joined Vanguard in 1991 as assistant to then Chairman John C. Bogle.

 

In an announcement Thursday afternoon, Bill McNabb stated that Mr. Buckley “brings a strong passion for serving Vanguard clients and crew, a global mindset, and significant leadership experience in all facets of our operations.”  He also said that Mr. Davis’s “experience as a portfolio manager and as a leader of investment management teams, long-term orientation, and exceptional judgment, make him an excellent steward of our clients’ assets.”

 

In his new role, Mr. Davis has oversight responsibility for more than $3.8 trillion managed by Vanguard’s Fixed Income, Equity Index, and Quantitative Equity Groups. In his 18-year tenure at Vanguard, Mr. Davis has also served as the company’s Asia-Pacific chief investment officer and as head of bond indexing.

 

 

Replacing Mr. Davis as global head of fixed income is John Hollyer, CFA. Mr. Hollyer joined Vanguard in 1989 and has served in a variety of bond and money market portfolio management roles and as head of investment risk management. Mr. Hollyer holds a B.S. in economics from The Wharton School of the University of Pennsylvania.

For more information on these leadership changes, please click on the following link: [Insert link to freshness piece on website]

 

Vanguard to hold shareholder vote

In addition, Vanguard today filed a preliminary proxy statement today with the U.S. Securities and Exchange Commission (SEC), the first step in a process that will solicit votes later this year from all shareholders of Vanguard’s U.S.-based funds. Shareholders are being asked to vote on several fund policy proposals and elect fund trustees, including Mr. Buckley and two new trustee candidates: Deanna Mulligan, President and Chief Executive Officer of The Guardian Life Insurance Company of America, and Sarah Bloom Raskin, former U.S. Deputy Secretary of the Treasury. 

Following the SEC’s review, the proxy materials will be distributed to shareholders beginning late August. The shareholder meeting is scheduled for November 15, 2017, in Scottsdale, Arizona. As a valued client, your votes are extremely important. Rest assured, we’ll provide you with all of the information you need once the SEC’s review has concluded. 

For more information about the shareholder vote, please follow this link <insert>.

We recognize that these are significant announcements and you may have additional questions, so please don't hesitate to contact us.

 

#VGI_Name#

#VGI_Title#

Phone: #VGI_Phone#, Ext. #VGI_EXT#

Email: mailto:#VGI_Email#?subject=Vanguard_announces_leadership_changes_and_shareholder_meeting

 

_____________________________________________________________

 

 

**For more information about Vanguard funds, visit institutional.vanguard.com or call 800-523-1036 to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.**

 

For institutional use only. Not for distribution to retail investors.
 
© 2017 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. | Privacy statement: http://www.vanguard.com/instlprivacystmt

455 Devon Park Drive | Wayne, PA 19087-1815 | institutional.vanguard.com

 

 

Written Client Outreach to non-U.S. Shareholders

 

Japan

Subject: Vanguard plans shareholder meeting

 

#FirstName#,

I wanted to let you know that Vanguard filed a preliminary proxy statement with the U.S. Securities and Exchange Commission (SEC) on July 13, 2017, in preparation for a shareholder meeting to be held later this year. Shareholders will be asked to elect a board of trustees for each U.S.-based Vanguard(R) fund and to approve several Vanguard proposals aimed primarily at increasing operational flexibility for the funds.

 

**Highlights of Vanguard proxy proposals**

After the SEC's review, proxy materials are expected to be distributed to shareholders starting in late August and voting will begin online, by phone, and by mail. The shareholder meeting is scheduled for November 15, 2017, in Scottsdale, Arizona.

Shareholders will be asked to vote on the following management proposals:

* Elect a board of trustees for each fund.

* Enable all U.S.-based Vanguard funds to enter into investment advisory agreements with one or more third-party investment advisors without obtaining additional shareholder approval. Several U.S.-based funds already operate under this policy.

* Enable all U.S.-based Vanguard funds to enter into investment advisory agreements with Vanguard subsidiaries without obtaining additional shareholder approval.

* Broaden the investment objective for Vanguard REIT Index Fund and Vanguard Variable Insurance Fund REIT Index Portfolio to allow for investments in real estate-related investments beyond real estate investment trusts (REITs).

* Reclassify Vanguard REIT Index Fund to "nondiversified" from "diversified," as defined by the U.S. Investment Company Act of 1940.

* Approve new advisory agreements for Vanguard Institutional Index Fund and Vanguard Institutional Total Stock Market Index Fund to harmonize their investment advisory, administrative, and distribution arrangements with those of other U.S.-based Vanguard funds.  

Additionally, shareholders submitted two proposals. The first calls for the Vanguard funds to separately disclose their votes on climate change proposals. The second seeks to prescribe specific investment limitations on the funds.

If you have any questions or would like more information, please don't hesitate to contact me.

 

 

#VGI_Name#

#VGI_Title#

Phone: #VGI_Phone#, Ext. #VGI_EXT#

 

 

Hong Kong

Subject: Vanguard plans shareholder meeting

 

#FirstName#,

I wanted to let you know that Vanguard filed a preliminary proxy statement with the US Securities and Exchange Commission (SEC) on 13 July 2017, in preparation for a shareholder meeting to be held later this year. Shareholders will be asked to elect a board of trustees for each US-based Vanguard(R) fund and to approve several Vanguard proposals aimed primarily at increasing operational flexibility for the funds.

 

**Highlights of Vanguard proxy proposals**

 

After the SEC's review, proxy materials are expected to be distributed to shareholders stating in late August and voting will begin online, by phone and by mail. The shareholder meeting is scheduled for 15 November 2017, in Scottsdale, Arizona.

Shareholders will be asked to vote on the following management proposals:

* Elect a board of trustees for each fund.

* Enable all US-based Vanguard funds to enter into investment advisory agreements with one or more third-party investment advisors without obtaining additional shareholder approval. Several US-based funds already operate under this policy.

* Enable all US-based Vanguard funds to enter into investment advisory agreements with Vanguard subsidiaries without obtaining additional shareholder approval.

* Broaden the investment objective for Vanguard REIT Index Fund and Vanguard Variable Insurance Fund REIT Index Portfolio to allow for investments in real estate-related investments beyond real estate investment trusts (REITs).

* Reclassify Vanguard REIT Index Fund to "nondiversified" from "diversified," as defined by the US Investment Company Act of 1940.

* Approve new advisory agreements for Vanguard Institutional Index Fund and Vanguard Institutional Total Stock Market Index Fund to harmonise their investment advisory, administrative and distribution arrangements with those of other US-based Vanguard funds.

 

 

Additionally, shareholders submitted two proposals. The first calls for the Vanguard funds to separately disclose their votes on climate change proposals. The second seeks to prescribe specific investment limitations on the funds.

 

If you have any questions or would like more information, please don't hesitate to contact me.

 

#VGI_Name#

#VGI_Title#

Phone: #VGI_Phone#, Ext. #VGI_EXT#

_____________________________________________________________

 

The contents of this document and any attachments/links contained in this document are for general information only and are not advice. The information does not take into account your specific investment objectives, financial situation and individual needs and is not designed as a substitute for professional advice. You should seek independent professional advice regarding the suitability of an investment product, taking into account your specific investment objectives, financial situation and individual needs before making an investment.

The contents of this document and any attachments/links contained in this document have been prepared in good faith. The Vanguard Group, Inc., and all of its subsidiaries and affiliates (collectively, the "Vanguard Entities") accept no liability for any errors or omissions. Please note that the information may also have become outdated since its publication.

This document contains links to materials which may have been prepared in the United States and which may have been commissioned by the Vanguard Entities. They are for your information and reference only and they may not represent our views. The materials may include incidental references to products issued by the Vanguard Entities. The information contained in this document does not constitute an offer or solicitation and may not be treated as an offer or solicitation in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The Vanguard Entities may be unable to facilitate investment for you in any products which may be offered by The Vanguard Group, Inc.

This document is being made available in Hong Kong by Vanguard Investments Hong Kong Limited (CE No. : AYT820) ("Vanguard Hong Kong"). Vanguard Hong Kong is licensed with the Securities and Futures Commission to carry on Type 1 – Dealing in Securities, Type 4 – Advising on Securities, Type 6 – Advising on Corporate Finance and Type 9 – Asset Management regulated activities, as defined under the Securities and Futures Ordinance of Hong Kong (Cap. 571). The contents of this document have not been reviewed by the Securities and Futures Commission in Hong Kong.

In China, the information contained in this document does not constitute a public offer of any investment products in the People's Republic of China (the "PRC"). No Vanguard fund is being offered or sold directly or indirectly in the PRC to or for the benefit of, legal or natural persons of the PRC. Further, no legal or natural persons of the PRC may directly or indirectly purchase any of Vanguard funds or any beneficial interest therein without obtaining all prior governmental approvals that are required by the PRC (which includes conducting due approval or registration or filing formalities under the PRC laws), whether statutorily or otherwise. Persons who come into possession of this document are required by the issuer to observe these restrictions.

In Taiwan, Vanguard funds are not registered and may not be sold, issued or offered. No person or entity in Taiwan has been authorised to offer, sell, give advice regarding or otherwise intermediate the offering and sale of any Vanguard funds in Taiwan.

 

(c) 2017 Vanguard Investments Hong Kong Limited. All rights reserved.

 

 

 

Canada

Subject: Vanguard plans shareholder meeting

 

#FirstName#,

I wanted to let you know that The Vanguard Group, Inc., ("Vanguard") filed a preliminary proxy statement with the U.S. Securities and Exchange Commission (SEC) on July 13, 2017, in preparation for a shareholder meeting to be held later this year. Shareholders will be asked to elect a board of trustees for each U.S.-based Vanguard(R) fund and to approve several Vanguard proposals aimed primarily at increasing operational flexibility for the funds.

 

**Highlights of Vanguard proxy proposals**

 

After the SEC's review, proxy materials are expected to be distributed to shareholders starting in late August and voting will begin online, by phone and by mail. The shareholder meeting is scheduled for November 15, 2017, in Scottsdale, Arizona.

Shareholders will be asked to vote on the following management proposals:

* Elect a board of trustees for each fund.

* Enable all U.S.-based Vanguard funds to enter into investment advisory agreements with one or more third-party investment advisors without obtaining additional shareholder approval. Several U.S.-based funds already operate under this policy.

* Enable all U.S.-based Vanguard funds to enter into investment advisory agreements with Vanguard subsidiaries without obtaining additional shareholder approval.

* Broaden the investment objective for Vanguard REIT Index Fund and Vanguard Variable Insurance Fund REIT Index Portfolio to allow for investments in real estate-related investments beyond real estate investment trusts (REITs).

 

* Reclassify Vanguard REIT Index Fund to "nondiversified" from "diversified," as defined by the U.S. Investment Company Act of 1940.

* Approve new advisory agreements for Vanguard Institutional Index Fund and Vanguard Institutional Total Stock Market Index Fund to harmonize their investment advisory, administrative and distribution arrangements with those of other U.S.-based Vanguard funds.

 

Additionally, shareholders submitted two proposals. The first calls for the Vanguard funds to separately disclose their votes on climate change proposals. The second seeks to prescribe specific investment limitations on the funds.

If you have any questions or would like more information, please don't hesitate to contact me.

 

#VGI_Name#

#VGI_Title#

Phone: #VGI_Phone#, Ext. #VGI_EXT#

_____________________________________________________________

(c) 2017 Vanguard Investments Canada Inc.

 

 

 

Americas ex-Canada

Subject: Vanguard plans shareholder meeting

 

#FirstName#,

I wanted to let you know that Vanguard filed a preliminary proxy statement with the U.S. Securities and Exchange Commission (SEC) on July 13, 2017, in preparation for a shareholder meeting to be held later this year. Shareholders will be asked to elect a board of trustees for each U.S.-based Vanguard(R) fund and to approve several Vanguard proposals aimed primarily at increasing operational flexibility for the funds.

 

**Highlights of Vanguard proxy proposals**

 

After the SEC's review, proxy materials are expected to be distributed to shareholders starting in late August and voting will begin online, by phone, and by mail. The shareholder meeting is scheduled for November 15, 2017, in Scottsdale, Arizona.

Shareholders will be asked to vote on the following management proposals:

* Elect a board of trustees for each fund.

* Enable all U.S.-based Vanguard funds to enter into investment advisory agreements with one or more third-party investment advisors without obtaining additional shareholder approval. Several U.S.-based funds already operate under this policy.

* Enable all U.S.-based Vanguard funds to enter into investment advisory agreements with Vanguard subsidiaries without obtaining additional shareholder approval.

 

* Broaden the investment objective for Vanguard REIT Index Fund and Vanguard Variable Insurance Fund REIT Index Portfolio to allow for investments in real estate-related investments beyond real estate investment trusts (REITs).

* Reclassify Vanguard REIT Index Fund to "nondiversified" from "diversified," as defined by the U.S. Investment Company Act of 1940.

* Approve new advisory agreements for Vanguard Institutional Index Fund and Vanguard Institutional Total Stock Market Index Fund to harmonize their investment advisory, administrative, and distribution arrangements with those of other U.S.-based Vanguard funds.

Additionally, shareholders submitted two proposals. The first calls for the Vanguard funds to separately disclose their votes on climate change proposals. The second seeks to prescribe specific investment limitations on the funds.

If you have any questions or would like more information, please don't hesitate to contact me.

 

#VGI_Name#

#VGI_Title#

Phone: #VGI_Phone#, Ext. #VGI_EXT#

_____________________________________________________________

 

**The information contained herein does not constitute an offer or solicitation and may not be treated as such an offer solicitation in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation or if the person making the offer or solicitation is not qualified to do so. Broker-dealers, advisors and other intermediaries must determine whether their clients are eligible for investment in the products discussed herein.**

 

All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility.

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PROVIDED AT THE REQUEST OF AND FOR THE EXCLUSIVE USE OF [NAME OF RECIPIENT]. VANGUARD IS NOT MAKING ANY REPRESENTATION WITH RESPECT TO THE ELIGIBILITY OF ANY RECIPIENT OF THESE MATERIALS TO ACQUIRE THE INTERESTS IN THE FUNDS DESCRIBED IN THE MATERIALS UNDER THE LAWS OF BRAZIL. SUCH FUNDS HAVE NOT BEEN REGISTERED IN BRAZIL AND NONE OF THE INTERESTS IN SUCH FUNDS MAY BE OFFERED, SOLD OR DELIVERED, DIRECTLY OR INDIRECTLY, IN BRAZIL OR TO ANY RESIDENT OF BRAZIL EXCEPT PURSUANT TO THE APPLICABLE LAWS AND REGULATIONS OF BRAZIL.

This document is not, and is not intended as, a public offer or advertisement of, or solicitation in respect of, securities, investments, or other investment business in the British Virgin Islands, and is not an offer to sell, or a solicitation or invitation to make offers to purchase or subscribe for, any securities, other investments, or services constituting investment business in the British Virgin Islands. Neither the securities mentioned in this document nor any prospectus or other document relating to them have been or are intended to be registered or filed with the Financial Services Commission of the British Virgin Islands or any department thereof.

 

 This document is not intended to be distributed to individuals that are members of the public in the BVI or otherwise to individuals in the BVI. The funds are only available to, and any invitation or offer to subscribe, purchase, or otherwise acquire such funds will be made only to, persons outside the BVI, with the exception of persons resident in the BVI solely by virtue of being a company incorporated in the BVI or persons who are not considered to be "members of the public" under the Securities and Investment Business Act, 2010 ("SIBA"). Any person who receives this document in the BVI (other than a person who is not considered a member of the public in the BVI for purposes of SIBA, or a person resident in the BVI solely by virtue of being a company incorporated in the BVI and this document is received at its registered office in the BVI) should not act or rely on this Document or any of its contents.

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The distribution of this material and the offering of shares may be restricted in certain jurisdictions. The information contained in this material is for general guidance only, and it is the responsibility of any person or persons in possession of this material and wishing to make application for shares to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdiction. Prospective applicants for shares should inform themselves of any applicable legal requirements, exchange control regulations and applicable taxes in the countries of their respective citizenship, residence or domicile.

The placement of the securities does not constitute a public offering of securities under Mexican law and therefore it is not subject to obtaining the prior authorization of the Mexican Banking and Securities Commission of the registration of the securities with the Mexican National Registry of Securities, and therefore the securities may not be publicly offered or sold, or otherwise subject to brokerage activities in Mexico.

 

The securities have not been and will not be registered with the Registro Nacional de Valores (National Securities Registry) maintained by the Mexican Comision Nacional Bancaria y de Valores (National Banking and Securities Commission), and may not be offered or sold, or otherwise be the subject of brokerage activities in Mexico. The investor shall be responsible for calculating and paying its own taxes and receiving any necessary tax advice. Neither the Funds nor Vanguard shall be deemed to have provided tax advice to the potential investor.

The shares have not been registered under the Peruvian Securities Market Law (Decreto Supremo No 093-2002-EF) or before the Superintendencia del Mercado de Valores (SMV). There will be no public offering of the shares in Peru and the shares may only be offered or sold to institutional investors (as defined in Appendix I of the Institutional Investors Market Regulation) in Peru by means of a private placement. The shares offered and sold in Peru may not be sold or transferred to any person other than an institutional investor unless such shares have been registered with the Registro Publico del Mercado de Valores kept by the SMV.

The SMV has not reviewed the information provided to the investor. This material is for the exclusive use of institutional investors in Peru and is not for public distribution.

 

For institutional or financial advisor use only. Not for public distribution.

 

(c) 2017 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor of the Vanguard Funds.

 

 

Europe

Subject: Vanguard plans shareholder meeting

 

#FirstName#,

I wanted to let you know that Vanguard filed a preliminary proxy statement with the US Securities and Exchange Commission (SEC) on 13 July 2017 in preparation for a shareholder meeting to be held later this year. Shareholders will be asked to elect a board of trustees for each US-based Vanguard(R) fund and to approve several Vanguard proposals aimed primarily at increasing operational flexibility for the funds.

 

**Highlights of Vanguard proxy proposals**

 

After the SEC's review, proxy materials are expected to be distributed to shareholders starting in late August and voting will begin online, by phone and by mail. The shareholder meeting is scheduled for 15 November 2017 in Scottsdale, Arizona.

Shareholders will be asked to vote on the following management proposals:

* Elect a board of trustees for each fund.

 

* Enable all US-based Vanguard funds to enter into investment advisory agreements with one or more third-party investment advisers without obtaining additional shareholder approval. Several US-based funds already operate under this policy.

* Enable all US-based Vanguard funds to enter into investment advisory agreements with Vanguard subsidiaries without obtaining additional shareholder approval.

* Broaden the investment objective for Vanguard REIT Index Fund and Vanguard Variable Insurance Fund REIT Index Portfolio to allow for investments in real estate-related investments beyond real estate investment trusts (REITs).

* Reclassify Vanguard REIT Index Fund to "nondiversified" from "diversified", as defined by the US Investment Company Act of 1940.

* Approve new advisory agreements for Vanguard Institutional Index Fund and Vanguard Institutional Total Stock Market Index Fund to harmonise their investment advisory, administrative and distribution arrangements with those of other US-based Vanguard funds.

 

Additionally, shareholders submitted two proposals. The first calls for the Vanguard funds to separately disclose their votes on climate change proposals. The second seeks to prescribe specific investment limitations on the funds.

If you have any questions or would like more information, please don't hesitate to contact me.

 

#VGI_Name#

#VGI_Title#

Phone: #VGI_Phone#, Ext. #VGI_EXT#

_____________________________________________________________

 

**This document is directed at professional investors only as defined under the MiFID Directive. Not for Public Distribution.**

The material contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information in this document does not constitute legal, tax, or investment advice. You must not, therefore, rely on the content of this document when making any investment decisions.

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

Issued by Vanguard Asset Management, Limited, which is authorised and regulated in the UK by the Financial Conduct Authority.

(c) 2017 Vanguard Asset Management, Limited. All rights reserved.

 

 

 

 

Singapore

Subject: Vanguard plans shareholder meeting

 

#FirstName#,

I wanted to let you know that Vanguard filed a preliminary proxy statement with the US Securities and Exchange Commission (SEC) on 13 July 2017 in preparation for a shareholder meeting to be held later this year. Shareholders will be asked to elect a board of trustees for each US-based Vanguard(R) fund and to approve several Vanguard proposals aimed primarily at increasing operational flexibility for the funds.

 

**Highlights of Vanguard proxy proposals**

 

After the SEC's review, proxy materials are expected to be distributed to shareholders starting in late August and voting will begin online, by phone and by mail. The shareholder meeting is scheduled for 15 November 2017 in Scottsdale, Arizona.

Shareholders will be asked to vote on the following management proposals:

* Elect a board of trustees for each fund.

* Enable all US-based Vanguard funds to enter into investment advisory agreements with one or more third-party investment advisers without obtaining additional shareholder approval. Several US-based funds already operate under this policy.

* Enable all US-based Vanguard funds to enter into investment advisory agreements with Vanguard subsidiaries without obtaining additional shareholder approval.

* Broaden the investment objective for Vanguard REIT Index Fund and Vanguard Variable Insurance Fund REIT Index Portfolio to allow for investments in real estate-related investments beyond real estate investment trusts (REITs).

* Reclassify Vanguard REIT Index Fund to "nondiversified" from "diversified", as defined by the US Investment Company Act of 1940.

* Approve new advisory agreements for Vanguard Institutional Index Fund and Vanguard Institutional Total Stock Market Index Fund to harmonise their investment advisory, administrative and distribution arrangements with those of other US-based Vanguard funds.

Additionally, shareholders submitted two proposals. The first calls for the Vanguard funds to separately disclose their votes on climate change proposals. The second seeks to prescribe specific investment limitations on the funds.

If you have any questions or would like more information, please don't hesitate to contact me.

 

#VGI_Name#

 

#VGI_Title#

Phone: #VGI_Phone#, Ext. #VGI_EXT#

_____________________________________________________________

 

For Accredited Investors and Institutional Investors as defined in section 4A of the Securities and Futures Act (Cap.289). Not for public distribution.

The contents of this document and any attachments/links contained in this document are for general information only and are not advice. The information does not take into account your specific investment objectives, financial situation and individual needs and is not designed as a substitute for professional advice. You should seek independent professional advice regarding the suitability of an investment product, taking into account your specific investment objectives, financial situation and individual needs before making an investment.

 

The contents of this document and any attachments/links contained in this document have been prepared in good faith. The Vanguard Group, Inc., and all of its subsidiaries and affiliates (collectively, the "Vanguard Entities") accept no liability for any errors or omissions. Please note that the information may also have become outdated since its publication. The Vanguard Entities make no representation that such information is accurate, reliable or complete. In particular, any information sourced from third parties is not necessarily endorsed by the Vanguard Entities, and the Vanguard Entities have not checked the accuracy or completeness of such third party information.

This document contains links to materials which may have been prepared in the United States and which may have been commissioned by the Vanguard Entities. They are for your information and reference only and they may not represent our views. The materials may include incidental references to products issued by the Vanguard Entities. The information contained in this document does not constitute an offer or solicitation and may not be treated as an offer or solicitation in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The Vanguard Entities may be unable to facilitate investment for you in any products which may be offered by The Vanguard Group, Inc.

No part of this document or any attachments/links contained in this document may be reproduced in any form, or referred to in any other publication, without express written consent from the Vanguard Entities. Any attachments and any information in the links contained in this document may not be detached from this document and/or be separately made available for distribution.

This document is issued for use in Singapore by Vanguard Investments Singapore Pte. Ltd. ("Vanguard Singapore"), registration number 200303953E operates under a capital markets services licence for fund management and as an exempt financial adviser under Singapore law. Vanguard Singapore serves only accredited investors and institutional investors, as defined in section 4A of the Securities and Futures Act (Cap.289).

(c) 2017 Vanguard Investments Singapore Pte. Ltd. All rights reserved.

 

Switzerland

 

Subject: Vanguard plans shareholder meeting

 

#FirstName#,

I wanted to let you know that Vanguard filed a preliminary proxy statement with the US Securities and Exchange Commission (SEC) on 13 July 2017 in preparation for a shareholder meeting to be held later this year. Shareholders will be asked to elect a board of trustees for each US-based Vanguard(R) fund and to approve several Vanguard proposals aimed primarily at increasing operational flexibility for the funds.

 

 

**Highlights of Vanguard proxy proposals**

 

After the SEC's review, proxy materials are expected to be distributed to shareholders starting in late August and voting will begin online, by phone and by mail. The shareholder meeting is scheduled for 15 November 2017 in Scottsdale, Arizona.

Shareholders will be asked to vote on the following management proposals:

* Elect a board of trustees for each fund.

* Enable all US-based Vanguard funds to enter into investment advisory agreements with one or more third-party investment advisers without obtaining additional shareholder approval. Several US-based funds already operate under this policy.

* Enable all US-based Vanguard funds to enter into investment advisory agreements with Vanguard subsidiaries without obtaining additional shareholder approval.

* Broaden the investment objective for Vanguard REIT Index Fund and Vanguard Variable Insurance Fund REIT Index Portfolio to allow for investments in real estate-related investments beyond real estate investment trusts (REITs).

* Reclassify Vanguard REIT Index Fund to "nondiversified" from "diversified", as defined by the US Investment Company Act of 1940.

* Approve new advisory agreements for Vanguard Institutional Index Fund and Vanguard Institutional Total Stock Market Index Fund to harmonise their investment advisory, administrative and distribution arrangements with those of other US-based Vanguard funds.

Additionally, shareholders submitted two proposals. The first calls for the Vanguard funds to separately disclose their votes on climate change proposals. The second seeks to prescribe specific investment limitations on the funds.

If you have any questions or would like more information, please don't hesitate to contact me.

 

#VGI_Name#

#VGI_Title#

Phone: #VGI_Phone#, Ext. #VGI_EXT#

_____________________________________________________________

 

This document is directed at professional investors and should not be distributed to, or relied upon by retail investors.

 

 

The material contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           The information in this document is general in nature and does not constitute legal, tax, or investment advice. Potential investors are urged to consult their professional advisers on the implications of making an investment in, holding or disposing of shares of, and the receipt of distribution from any investment.

The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

Issued by Vanguard Investments Switzerland GmbH.

(c) 2017 Vanguard Investments Switzerland GmbH. All rights reserved.

 

 

 

Australia

Subject: Vanguard plans shareholder meeting

 

#FirstName#,

I wanted to let you know that Vanguard filed a preliminary proxy statement with the US Securities and Exchange Commission (SEC) on 13 July 2017, in preparation for a shareholder meeting to be held later this year. Shareholders will be asked to elect a board of trustees for each US-based Vanguard(R) fund and to approve several Vanguard proposals aimed primarily at increasing operational flexibility for the funds.

 

**Highlights of Vanguard proxy proposals**

 

After the SEC's review, proxy materials are expected to be distributed to shareholders starting in late August and voting will begin online, by phone and by mail. The shareholder meeting is scheduled for 15 November 2017, in Scottsdale, Arizona.

Shareholders will be asked to vote on the following management proposals:

* Elect a board of trustees for each fund.

* Enable all US-based Vanguard funds to enter into investment advisory agreements with one or more third-party investment advisors without obtaining additional shareholder approval. Several US-based funds already operate under this policy.

* Enable all US-based Vanguard funds to enter into investment advisory agreements with Vanguard subsidiaries without obtaining additional shareholder approval.

 

* Broaden the investment objective for Vanguard REIT Index Fund and Vanguard Variable Insurance Fund REIT Index Portfolio to allow for investments in real estate-related investments beyond real estate investment trusts (REITs).

* Reclassify Vanguard REIT Index Fund to "nondiversified" from "diversified," as defined by the US Investment Company Act of 1940.

* Approve new advisory agreements for Vanguard Institutional Index Fund and Vanguard Institutional Total Stock Market Index Fund to harmonise their investment advisory, administrative and distribution arrangements with those of other US-based Vanguard funds.

Additionally, shareholders submitted two proposals. The first calls for the Vanguard funds to separately disclose their votes on climate change proposals. The second seeks to prescribe specific investment limitations on the funds.

If you have any questions or would like more information, please don't hesitate to contact me.

 

#VGI_Name#

#VGI_Title#

Phone: #VGI_Phone#, Ext. #VGI_EXT#

_____________________________________________________________

Vanguard Investments Australia Ltd (ABN 72 072 881 086 / AFS Licence 227263) is the product issuer. We have not taken yours and your clients' circumstances into account when preparing our website content so it may not be applicable to the particular situation you are considering. You should consider yours and your clients' circumstances and our Product Disclosure Statement (PDS) or Prospectus before making any investment decision. You can access our PDS or Prospectus online or by calling us. This website was prepared in good faith and we accept no liability for any errors or omissions. Past performance is not an indication of future performance.

(c) 2017 Vanguard Investments Australia Ltd. All rights reserved.

 

 

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