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Important performance information for Vanguard mutual funds

Total returns

Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Share price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell your shares. Average annual returns include changes in share price and reinvestments of dividends and capital gains.

Since-inception returns for less than 1 year and year-to-date returns aren't annualized.

Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.

Standardized returns

To see quarterly fee-adjusted returns, review the fund's Price & Performance details.

Expense ratios

Expense ratios are displayed on each fund's Overview. For funds that are less than 1 fiscal year old, expense ratios are estimated.

Prospectuses

For more information about a Vanguard fund, download its prospectus or summary prospectus by selecting the "View prospectus and reports" link on the fund's Overview, or ask us to mail you a 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.