“We’re very grateful to all the Vanguard shareholders who voted,” said Bill McNabb, Vanguard chairman and CEO. “This proxy campaign was the largest ever undertaken in the mutual fund industry, so we’re pleased that we’ve concluded voting and that we have such an accomplished group of trustees, including 3 new board members—Guardian Life CEO Deanna Mulligan, former Deputy Treasury Secretary Sarah Bloom Raskin, and incoming Vanguard CEO Tim Buckley.”

Nine other trustees were reelected to the boards of the funds: McNabb; Mark Loughridge, who is the lead independent trustee; Emerson U. Fullwood; Amy Gutmann; JoAnn Heffernan Heisen; F. Joseph Loughrey; Scott C. Malpass; André F. Perold; and Peter F. Volanakis. All except McNabb and Buckley are considered independent trustees. The new slate of trustees will take effect on January 1, 2018.

In addition, policy proposals that will help the funds run more efficiently and effectively were approved for most of the funds. These include proposals that will allow the trustees to make investment advisor changes, and a change to the investment objective for Vanguard REIT Index Fund and the REIT Index Portfolio of Vanguard Variable Insurance Fund that will give clients broader diversification and exposure to the real estate market.

Also at the November 15 meeting, a shareholder proposal that would have placed investment limitations on several funds was not approved by any of the affected funds. 

“With the proxy campaign concluded, we’ve strengthened our ability to give our clients the best chance for investment success, which is always our ultimate goal,” added McNabb.

For more information on the preliminary proxy results, Vanguard shareholders are encouraged to visit a special proxy campaign website. The website includes updated information that addresses questions shareholders may have.


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

For more information about Vanguard funds and ETFs, visit vanguard.com or call 800-662-2739 to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

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