The shareholder voting process will begin on Wednesday, August 16. Shareholders can vote by proxy online, by phone, or by mail once they receive their voting instructions. Proxy materials with full details will be distributed to shareholders in the coming weeks.

Vanguard is asking shareholders to vote promptly so that the funds can avoid the extra cost of soliciting sufficient shareholder participation before voting ends in mid-November.

“We’re encouraging every shareholder to participate by voting as soon as possible,” said Vanguard CEO Bill McNabb. “These proposals are important because they’ll put in place the people and policies that will help us continue to protect shareholders’ interests, manage our funds efficiently, and lower the cost of investing for our clients.”

Voting concludes on Wednesday, November 15, at the Joint Special Meeting of Shareholders in Scottsdale, Arizona.

Shareholders of all U.S.-based Vanguard funds are being asked to elect the members of each fund’s board of trustees, 10 of whom would be “independent” trustees. The nominees include:

  • 2 interested nominees: Vanguard Chairman Bill McNabb and newly elected President Tim Buckley.
  • 8 current independent trustees: Mark Loughridge, who is the lead independent trustee; and Emerson U. Fullwood, Amy Gutmann, JoAnn Heffernan Heisen, F. Joseph Loughrey, Scott C. Malpass, André F. Perold, and Peter F. Volanakis.
  • 2 new independent trustee nominees: 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.

This slate of trustees encompasses individuals with diverse backgrounds and a broad range of experience. The chief responsibility of the trustees is to oversee the funds to make sure they’re managed in the best interests of their shareholders.

Shareholders are also being asked to vote on several fund proposals that will harmonize policies across Vanguard’s U.S.-based funds. If the proposals are approved, the funds will have more operational flexibility, helping them run more efficiently and effectively.

In addition, shareholders of certain funds will be able to vote on a proposal submitted by other shareholders. The proposal seeks to prescribe specific investment limitations on several funds.

Details on the proposals and voting methods are available at Vanguard’s proxy resource center.


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