Prospectus		Annual & Semiannual Reports

This prospectus, intended for broker-dealers, contains important details on every ETF™ Share, including investment risks, objectives and strategies, past performance, and management.

See our special notice to non-U.S. investors.

Vanguard® funds are offered by prospectus only. Prospectuses contain complete information on advisory fees, distribution charges, and other expenses and should be read and considered carefully before you invest or send money.

Annual and semiannual reports provide important information on Vanguard funds, including past performance, investment holdings, liabilities and earnings, and an analysis of the fund's most recent performance from the investment advisor or fund sponsor.

Glossary