THE VANGUARD GROUP


CONSENT TO ELECTRONIC DELIVERY AND WEBSITE TERMS AND CONDITIONS

THE FOLLOWING TERMS AND CONDITIONS ("Terms and Conditions") GOVERN YOUR USE OF THIS WEBSITE (the "Website" or "Site"). USE OF THIS WEBSITE CONSTITUTES YOUR CONTINUED ACCEPTANCE OF THESE TERMS AND CONDITIONS. IF YOU DO NOT AGREE TO THESE TERMS AND CONDITIONS, PLEASE IMMEDIATELY DISCONTINUE USE OF THE WEBSITE AND CONTACT US SO THAT WE MAY TERMINATE YOUR ACCESS TO THE WEBSITE.

THE PURPOSE OF THESE TERMS AND CONDITIONS IS TO SET FORTH OUR MUTUAL UNDERSTANDING WITH YOU IN USING OUR WEBSITE. NOTHING IN THESE TERMS AND CONDITIONS SHALL BE CONSTRUED TO LIMIT OUR RESPONSIBILITIES TO OUR CLIENTS UNDER THE TERMS OF ANY SERVICES AGREEMENT(S) OR TO SUPERSEDE OUR OBLIGATIONS TO OUR CLIENTS UNDER THOSE AGREEMENT(S).

VANGUARD

This Website presents information and content that is the property of The Vanguard Group, Inc., its affiliates and third-party providers ("Vanguard"). When used in these Terms and Conditions, "we" and "our" mean Vanguard. This Website is operated by third-party provider, Newport Group, Inc. ("Newport Group"), for Vanguard and its clients pursuant to an agreement with Vanguard.

CONSENT TO E-DELIVERY

The terms and conditions below apply to your election, as in effect from time to time, to receive fund prospectuses and fund shareholder reports (fund prospectuses and reports are collectively referred to herein as “fund information”) for your Vanguard 403(b) plan account(s) electronically.

Your consent applies to all plan accounts registered under your Social Security number and will be effective until you revoke it [or it is revoked by Vanguard]. You may revoke your e-delivery consent at any time by logging on to Vanguard.com, going to the Balance and Holdings page, clicking the “go to my 403(b) plan for details” link, then choosing My Profile, selecting Paperless Settings, and changing your Fund Information Delivery Method. You may also revoke your e-delivery consent by calling us at 1-800-569-4903. Vanguard will revoke your consent if your web access is blocked or if e-mail notifications are repeatedly returned as undeliverable. In the event Vanguard materially amends this consent agreement, you will be provided notice and will have the opportunity to revoke your consent.

Fund information are available only in portable document format (PDF). You must have PDF viewing software, such as Adobe Reader (available here), installed on your computer in order to view your fund information online. If you don't have Adobe Reader or are otherwise unable to view or print information on our website, do not accept this agreement.

You may change or verify your e-mail address at any time by logging on to Vanguard.com, going to the Balance and Holdings page, clicking the “go to my 403(b) plan for details” link, then choosing My Profile, clicking on Change Your Email Address link, entering the new information and clicking Submit.

Note: Please allow three business days for us to process your changes or revocation. It may be several days to several weeks before you stop receiving fund information via your previous delivery method.

On rare occasions, e-mails may not transmit properly, your internet service provider may experience system failure, or other problems may arise.

ACCESS TO THIS SITE

This Website is accessible by computers linked directly to the internet, as well as through a variety of mobile devices (smartphones, personal digital assistants, tablet computers, etc.) that are connected through wireless internet service. A more limited version of the Site has been developed to enable mobile device users to more easily navigate the Site and view account and other information. Financial and other transactions are not supported in the mobile version of the Site at this time. Because the mobile Site supports only encrypted wireless transmissions not all mobile devices may be compatible or capable of using the mobile version of this Site.

If you choose to access this Website using wireless internet service, site access as well as speed of data transmission, will be subject to the strength of your wireless service and the geographical coverage of your wireless service provider, factors over which Vanguard has no control. Wireless transmissions are likely to be slower than service through the Internet, and account transactions may not be received as quickly as they would if placed through your computer or other access channels. It is also possible that a wireless connection can be interrupted when attempting to process a transaction. For these reasons, consider using alternative means to initiate transactions that are time-sensitive.

Using wireless service to access this Website may involve the electronic transmission of personal financial information across the networks of your wireless service provider. Your wireless service provider may need to de-encrypt and then re-encrypt your wireless transmission so that it is suitable to be delivered across the Internet. Because there may be a brief moment during which your personal information may not be encrypted, you should only use wireless networks operated by wireless service providers that you trust. Although data in transmission is encrypted, Vanguard has no control over data in transit to or from its Website and cannot guarantee the privacy or security of data in transit or the speed or reliability of transmissions over internet connections. The possibility of an interrupted or delayed transmission should be considered when transmitting instructions to our Website. For questions regarding how your specific data is protected, you should review the privacy and security practices of your wireless service provider. In addition, your wireless service provider or other third parties may be able to identify your geographical location when you send electronic transmissions. You should check with your wireless service provider regarding its tracking practices.

Because wireless devices may be lost or stolen, using such devices carries risks that your personal information may be compromised. There are steps that you may take to reduce these risks. For example, you should avoid storing passwords or other personal information on your mobile devices to prevent unauthorized use. You should use the security features that come with your device. You should change your passwords on a periodic basis and refuse to share security information or passwords with others. You should avoid "bookmarking" pages that contain personal information and decline requests from sites to store your usernames and passwords. You should log off of the Site when you are finished using it so that someone else cannot access your account if the device is lost or left unattended. As a safety precaution, your access to this Site automatically "times out" after 20 minutes with no activity. BY ACCESSING THIS WEBSITE WITH A WIRELESS DEVICE, YOU AGREE YOU ARE RESPONSIBLE FOR TAKING ALL NECESSARY PRECAUTIONS TO SECURE THE DEVICE AND ANY PERSONAL INFORMATION STORED ON OR ACCESSIBLE BY THAT DEVICE.

We do not operate any wireless network and have no control over the operation of any wireless service provider. We cannot guarantee the privacy or security of wireless data transmissions. You assume all risk when using a wireless service to access this Site and are responsible for safeguarding your personal passwords and other user codes and wireless devices. For more information on the Security protocols for this Website, please refer to the Security section below. Please also refer to our Privacy Policy, the terms of which are incorporated into and made a part of these Terms and Conditions, for information on how we safeguard our clients' personal information.

INFORMATION PROVIDED ON THIS WEBSITE

As with all financial matters, you should exercise great care in using the information provided on this Website or available through links from this Website. You should research the facts and opinions contained in this information, and discuss them with your financial advisor, before making any financial decisions. The information provided on this Site is provided to you for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product that may be referenced on the Site. Vanguard has not independently verified or passed on the merits of any information contained in third-party materials posted on this Site and Vanguard does not guarantee the accuracy, adequacy or completeness of such materials. You alone will bear the sole responsibility of evaluating the merits and risks associated with the use of any information provided on this Website before making any decisions based on such information. In exchange for using such information, you agree not to hold Vanguard or its third-party information providers liable for any possible claim for damages arising from any decision you make based on the information made available to you through this website.

The information about your account available through this Website is not the official record of your account. Nothing on this Website should be construed as rendering tax, legal, investment, or accounting advice. The posting of any prospectus or any other information on this Website should not be interpreted as a recommendation or opinion that you should make any purchase or sale or participate in any transaction.

USE OF CONTENT

Except as may be otherwise provided pursuant to our client agreement(s), all materials on this Site, whether separate or compiled, including, but not limited to, text, graphics, audio clips, logos, buttons, images, digital downloads, data compilations, software, icons, html code and xml code, as well as all copyright, patent, trademark, trade dress, and other rights therein ("Materials"), are owned or licensed by Vanguard and its third-party providers, and are protected by United States and international intellectual property laws.

You agree that you are solely responsible for all information, data, content, text, photographs, graphics, images, videos, messages, comments, quotations, files, documents, and any other materials that you submit, upload, post, e-mail, transmit, or otherwise make available via the Site ("User Content"). By submitting, uploading, posting, e-mailing, or transmitting User Content to the Site, you represent and warrant that either you own all right, title, and interest in and to the User Content or have express permission from the owner to copy and use such User Content for all purposes related to the Site. Vanguard does not control and is not responsible for the User Content uploaded via the Site, and Vanguard neither guarantees the accuracy, quality, or appropriateness of nor endorses any User Content submitted to the Site.

You agree not to use the Site to:


Except as may otherwise be provided pursuant to our client agreement(s), you grant Vanguard and its affiliates, subsidiaries, directors, officers, employees, agents, licensors, third-party providers and vendors a perpetual, worldwide, irrevocable, nonexclusive, fully-paid up, royalty-free, sublicensable, and transferable right and license to use, store, modify, adapt, translate, publish, display, broadcast, perform, disclose, distribute, sell, reproduce and create derivative works from any User Content, in whole or in part, in any medium or technology throughout the world, including any inventions, concepts, techniques, know-how, ideas or expressions of ideas arising out of or based on the User Content, for any purpose in Vanguard’s sole discretion, without the requirement of any permission from or compensation or notice, and without liability, to you or any third party. Except as may otherwise be provided pursuant to our client agreement(s), Vanguard shall exclusively own all right, title and interest in and to any derivative works or inventions created by or on behalf of Vanguard that incorporate or otherwise make use of any User Content, without the requirement of any permission from or compensation or notice, and without liability, to you or any third party.

Except as set forth in our client agreement(s) and/or our Privacy Policy, none of the User Content that you submit, upload, post, e-mail or transmit or otherwise make available via the Site shall be subject to any confidentiality obligations by Vanguard and its affiliates, subsidiaries, directors, officers, employees, agents, licensors, third-party providers and vendors. Except as may be provided by applicable laws, Vanguard shall not be liable in any way for any User Content or for the use or disclosure of any User Content.

You acknowledge that Vanguard may or may not (but are not obligated to) monitor User Content, but that Vanguard shall have the right in its sole discretion to monitor, post, move, refuse or remove any User Content, in whole or in part, for any reason whatsoever, without notice and without liability.

INTELLECTUAL PROPERTY MATTERS

Copyright Policy, Notice and Claim Information

All Materials on this Site, as well as all copyright, patent, trademark, trade dress and other rights therein, are owned or licensed by Vanguard and its third-party providers, and are protected by United States and international intellectual property laws.

Pursuant to Section 512(c)(2) of the Copyright Revision Act, as enacted through the Digital Millennium Copyright Act, Vanguard designates an agent as described below to receive notifications of claimed copyright infringement by mail: Intellectual Property, The Vanguard Group, Inc., P.O. Box 2600, M37, Valley Forge, PA 19482-2600.

The designated copyright agent can also be reached by telephone at (610) 669-6100, by fax at (610) 669-6600, and by e-mail at intellectualproperty@vanguard.com.

Trademarks and Patents

All patents, trademarks, service marks and logos appearing on this Site and otherwise contained in the Materials are the exclusive property of their respective owners.

All Vanguard graphics, logos, page headers and service names are trademarks, service marks or trade dress of Vanguard. Vanguard's trademarks, service marks and trade dress may not be used in connection with any product or service that is not Vanguard's, in any manner that is likely to cause confusion among customers or investors, or in any manner that disparages or discredits Vanguard. Nothing contained on this Site should be construed as granting any license or right in or to any trademarks, service marks, or trade dress of Vanguard.

The Vanguard ETFs are not sponsored, endorsed, sold, or promoted by Barclays. Barclays does not make any representation regarding the advisability of investing in Vanguard ETFs or the advisability of investing in securities generally. Barclays' only relationship with Vanguard is the licensing of the Index, which is determined, composed and calculated by Barclays without regard to Vanguard or the Vanguard ETFs. Barclays has no obligation to take the needs of Vanguard or the owners of the Vanguard ETFs into consideration in determining, composing, or calculating the Index. Barclays has no obligation or liability in connection with administration, marketing, or trading of the Vanguard ETFs.

Vanguard funds are not sponsored, endorsed, sold or promoted by the University of Chicago or its Center for Research in Security Prices, and neither the University of Chicago nor its Center for Research in Security Prices makes any representation regarding the advisability of investing in the funds.

Morningstar data: © 2013 Morningstar, Inc. All rights reserved. Some of the information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Some of the funds or securities referred to herein that are offered by Vanguard and track an MSCI index are not sponsored, endorsed or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities. For such funds or securities, the prospectus or the Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with Vanguard.

Dividend Achievers is a trademark of The NASDAQ OMX Group, Inc. (collectively, with its affiliates, "NASDAQ OMX") and has been licensed for use by Vanguard. Vanguard mutual funds are not sponsored, endorsed, sold, or promoted by NASDAQ OMX, and NASDAQ OMX MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE VANGUARD MUTUAL FUNDS.

The Dow Jones indexes (the "Indexes") are products of Dow Jones Indexes, licensed trademarks of CME Group Index Services LLC ("CME"), and have been licensed for use. "Dow Jones®" and "Dow Jones Indexes" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones"), have been licensed to CME, and have been sublicensed for use for certain purposes by Vanguard. Vanguard's funds and/or ETFs based on the Indexes are not sponsored, endorsed, sold or promoted by Dow Jones, CME or their respective affiliates and Dow Jones, CME and their respective affiliates make no representation regarding the advisability of investing in such product(s).

Sector categories are based on the Global Industry Classification Standard system ("GICS"), except for the "Other" category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.

London Stock Exchange Group companies includes FTSE International Limited ("FTSE"), Frank Russell Company ("Russell"), MTS Next Limited ("MTS") and FTSE TMX Global Debt Capital Markets Inc ("FTSE TMX"). All rights reserved. "FTSE®", "Russell®", "MTS®", "FTSE TMX®" and "FTSE Russell" and other service marks and trademarks related to the FTSE or Russell indexes are trade marks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under licence. All information is provided for information purposes only. No responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of their licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE Indexes or the fitness or suitability of the Indexes for any particular purpose to which they might be put.

The Russell Indexes and Russell® are registered trademarks of Russell Investments and have been licensed for use by Vanguard. The products are not sponsored, endorsed, sold, or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in the products.

S&P® and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Vanguard. The S&P Index is a product of S&P Dow Jones Indices LLC and has been licensed for use by Vanguard. The Vanguard Fund(s) is not sponsored, endorsed, sold, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates, and none of S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates, and none of the S&P Dow Jones Indices LLC, Dow Jones, S&P nor their respective affiliates makes any representation regarding the advisability of investing in such product(s).

SEDOL Data has been provided from the London Stock Exchange's SEDOL Masterfile®. SEDOL and SEDOL Masterfile® are registered trademarks of the London Stock Exchange Group PLC.

Vanguard Annuity Access is offered in collaboration with Hueler Investment Services, Inc. through the Income Solutions platform. Income Solutions is a registered trademark of Hueler Investment Services, Inc. and used under license. United States Patent No. 7,653,560.

"Wilshire 4500" and "Wilshire 5000" are trademarks and "Wilshire" is a service mark of Wilshire Associates Incorporated and they have been licensed for use by Vanguard. The Vanguard funds and/or ETFs (the "Products") are not sponsored, endorsed, sold or promoted by Wilshire Associates Incorporated or any of its subsidiaries or affiliates, and they make no representation regarding the advisability of investing in the Products.

CGS identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2017 American Bankers Association. "CUSIP" is a registered trademark of the American Bankers Association.

Automated Form and Signature Capture Technology Licensed under Comfidex U.S. Patent Nos. 6,189,009 and 6,725,220.

Vanguard Exchange-Traded Funds ("Vanguard ETFs®") are produced by U.S. Patent No. 6,879,964; 7,337,138; 7,720,749; 7,925,573; 8,090,646; and 8,417,623.

Vanguard Auto-Rebalancing methodology is protected by U.S. Patent Nos. 7,149,713 and 7,552,079.

Vanguard Bond ETF Dividend Declaration model is protected by U.S. Patent Nos. 7,792,725 and 8,175,944.

Vanguard Personal QDI Calculation Process are protected by U.S. Patent Application No. 7,953,661.

Vanguard Managed Payout Funds are protected by U.S. Patent Nos. 8,180,695 and 8,185,464.

E-MAIL AND ELECTRONIC TRANSMISSION OF INFORMATION

Certain portions of this Website may offer you the ability to e-mail a message to Vanguard. E-mail functionality, if any, is provided to you to facilitate certain communications between you and Vanguard. However, because these communications are not generally encrypted or secured, Vanguard will not accept transactional instructions via e-mail. Accordingly, you agree that you will not use e-mail to request, authorize or effect the purchase or sale of any securities or other product or service, to change your address or other account information, to change your password or other user codes, to transmit non-public personally identifiable information (such as birthdate, social security numbers or credit card numbers), to send fund transfer instructions, or for any other financial transactions that require formal authorization in accordance with applicable law or Vanguard’s policies and procedures. Any such requests, orders, or instructions that you send to Vanguard by e-mail will not be accepted or processed. Vanguard shall have no liability for any loss or damage that arises from e-mail requests, orders or instructions sent in violation of this provision. Moreover, Vanguard shall have no liability for any loss or damage that results from interception and/or unauthorized use by third parties of any information you send by e-mail.

Products and services provided to you through this Site may involve the electronic transmission, including via any e-mail address you provide to us, of information that you may consider to be personal financial information or promotional and marketing materials, and by use of this Site, you consent to such transmission.

HYPERLINKS

From time to time, as a convenience for you, we may provide links to third party websites, or permit third parties to link to this Website. Links to or from a third party site, whether or not provided by Vanguard, do not imply any affiliation between Vanguard and the site owner, or an endorsement, approval, or verification by Vanguard of any content available on such third party sites. We do not review any of these third party sites and we are not responsible or liable for the accuracy or completeness of the content on any such third party sites. By providing access to other websites, Vanguard is not recommending the purchase or sale of products or services provided by the sponsoring organization of any linked site. Subject to the terms of applicable service or other agreements, we will remove any link from this Website upon request from the owner of the linked site.

SECURITY

For your protection, Vanguard requires the use of encryption technologies for certain types of communications conducted through this Website. While we provide those technologies and use other reasonable precautions to protect confidential information and provide security, we do not guarantee or warrant that information transmitted through the Internet is secure, or that such transmissions will be free from delay, interruption, interception or error. However, the following browsers are believed to be compatible for use with this Website:


Platform Browser
Windows
  • MS-supported configurations of Internet Explorer and Edge
  • Firefox
  • Chrome
Mac OS X
  • Safari
  • Firefox
  • Chrome

Certain parts of this Website may be protected by passwords or require a login. Further, for authentication purposes, certain features on this Site may require you to answer a designated security question. You agree to provide Vanguard with current, complete and accurate information about you as prompted by the applicable registration process and agree to regularly update this information to maintain its completeness and accuracy. You agree to use this Website to access only those accounts on which you are authorized to act, and you agree to use your own user names, logins, passwords and security questions and answers for such accounts. You agree not to obtain or attempt to obtain unauthorized access to such parts of or features on this Website, or to any other protected materials or information, through any means not intentionally made available to you by Vanguard.

You are responsible for maintaining the confidentiality of any account information, user names, logins, passwords and security questions and answers that you use to access any page or feature on this Website, and for logging off of your account and any protected areas of the Website. Further, you are fully responsible for all activities occurring under your accounts, user names, logins, passwords and security questions and answers that result from your negligence, carelessness, misconduct or failure to use or maintain appropriate security measures. Vanguard is under no duty to inquire as to the authority or propriety of any instructions given to Vanguard using your passwords and other user codes. Vanguard will not be liable for any loss or damage arising from your failure to comply with this paragraph or for unauthorized transactions that are conducted by third parties using your passwords or other user codes, with or without your permission.

You agree to contact Vanguard immediately if you become aware of:


All notices should be sent via email to Information Security at phish@vanguard.com.

TIMELINESS OF CONTENT

All content on this Site is presented only as of the date published or indicated, and may be superseded by subsequent market events or for other reasons. In addition, you are responsible for setting the cache settings on your browser to ensure you are receiving the most recent data.

AVAILABILITY OF WEBSITE AND TERMINATION OF ACCESS

Not all of the products or services described on this Website are available in all geographic areas of the United States. You may not be eligible for all of the described products or services and we reserve the right to determine the eligibility of any user for any product or service. The pages relating to each product or service may provide additional information on the availability of each product or service and may contain terms governing eligibility.

The rights granted to you herein terminate immediately upon any violation by you of these Terms and Conditions. Vanguard, in its sole discretion, reserves the right to temporarily or permanently terminate your access to and use of this Site at any time and for any reason whatsoever, without notice or liability. Vanguard will not be liable to you or any third party for any termination of your access to or use of this Site.

NO WARRANTY

THE CONTENT ON THIS WEBSITE (INCLUDING ANY GRAPHICS) AND ANY MATERIALS MADE AVAILABLE THROUGH THIS WEBSITE ARE SUBJECT TO APPLICABLE STATUTES AND REGULATIONS, AND ARE PROVIDED "AS IS" AND "AS AVAILABLE" AND WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW, VANGUARD DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT. VANGUARD DOES NOT WARRANT OR MAKE ANY REPRESENTATIONS REGARDING THE USE OR THE RESULTS OF THE USE OF THE CONTENT ON THIS WEBSITE IN TERMS OF ITS CORRECTNESS, ACCURACY, RELIABILITY OR OTHERWISE.

THE CONTENT ON THIS WEBSITE COULD INCLUDE TECHNICAL INACCURACIES OR TYPOGRAPHICAL ERRORS. THIS CONTENT COULD BECOME INACCURATE AS A RESULT OF DEVELOPMENTS OCCURRING AFTER THEIR RESPECTIVE DATES. VANGUARD UNDERTAKES NO OBLIGATION TO MAINTAIN THE CURRENCY OF SUCH INFORMATION.

VANGUARD ENDEAVORS TO MAINTAIN THIS WEBSITE AND ITS OPERATION, BUT IS NOT, AND CANNOT BE, RESPONSIBLE FOR THE RESULTS OF ANY DEFECTS THAT MAY EXIST IN THIS WEBSITE OR ITS OPERATION. AS TO THE OPERATION OF THIS WEBSITE, VANGUARD EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. WE MAKE NO WARRANTY THAT (i) THE OPERATION OF THIS WEBSITE WILL MEET THE USER'S REQUIREMENTS; (ii) ACCESS TO THIS WEBSITE WILL BE UNINTERRUPTED, TIMELY, SECURE, FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR FREE OF ERRORS; (iii) THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THIS WEBSITE WILL BE ACCURATE OR RELIABLE; (iv) THE WEBSITE WILL BE COMPATIBLE WITH ALL SOFTWARE AND/OR HARDWARE; OR (v) DEFECTS WILL BE CORRECTED. YOU (AND NOT VANGUARD) ASSUME THE ENTIRE COST OF ALL SERVICING, REPAIR, OR CORRECTION THAT MAY BE NECESSARY FOR YOUR COMPUTER EQUIPMENT, SOFTWARE AND/OR MOBILE DEVICES AS A RESULT OF ANY VIRUSES, LOSS OF DATA, ERRORS OR OTHER PROBLEMS YOU MAY HAVE AS A RESULT OF VISITING THIS WEBSITE.

TO THE EXTENT THAT THE LAW DOES NOT PERMIT THE DISCLAIMER OF WARRANTIES, ALL CONTENT ACCESSIBLE ON THIS WEBSITE, OR ANY OTHER WEBSITE TO WHICH WE LINK, AND ALL OPERATIONS ON THIS WEBSITE ARE WARRANTED ONLY TO THE MINIMUM AMOUNT LEGALLY REQUIRED.

LIMITATION OF LIABILITY

USE OF THIS WEBSITE IS DONE AT YOUR OWN RISK. YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM OR OTHER EQUIPMENT, OR LOSS OF DATA THAT RESULTS FROM USE OF THIS WEBSITE.

SUBJECT TO THE TERMS OF OUR CLIENT AGREEMENT(S), NEITHER VANGUARD NOR ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS, OR ANY THIRD-PARTY PROVIDERS OR VENDORS WILL BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, REVENUE, INCOME, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES, OR DAMAGES CAUSED BY THEFT, UNAUTHORIZED ACCESS, SYSTEMS FAILURE OR COMMUNICATIONS LINE FAILURE, OR THE COST OF PROCURING SUBSTITUTE GOODS OR SERVICES, CAUSED BY THE USE OF OR INABILITY TO USE THE SITE, MATERIALS OR ANY PRODUCTS OR SERVICES PROVIDED HEREIN, OR ANY OTHER MATTER RELATING TO THIS SITE, EVEN IF VANGUARD HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. SOME JURSIDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE EXCLUSIONS OR LIMITATIONS MAY NOT APPLY TO YOU. TO THE EXTENT THAT A JURISDICTION DOES NOT PERMIT THE EXCLUSION OR LIMITATION OF LIABILITY AS SET FORTH HEREIN, THE LIABILITY OF VANGUARD AND ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS, AND ANY THIRD-PARTY PROVIDERS AND VENDORS IS LIMITED TO THE EXTENT PERMITTED BY LAW IN SUCH JURISDICTIONS.

You agree to indemnify, defend and hold harmless Vanguard, its subsidiaries and affiliates, and each of its and their officers, directors, employees, agents, licensors, third-party providers and vendors from and against all claims, demands, liabilities, damages, losses, or expenses, including attorney's fees and costs, arising out of or related to your improper access to or use of this Site, or any violation by you of these Terms and Conditions.

In connection with different products or services available on this Website and other websites provided by Vanguard, we may have established additional or different terms and conditions. In many instances, our products or services involve sophisticated financial instruments or investments that are regulated by public authorities. As a result, the additional terms and conditions are very important to providing you a thorough understanding of the related products and services. If applicable, these additional or different terms and conditions are available on the web pages associated with the appropriate products or services. You are encouraged to review all of the terms and conditions relating to our products or services so that you fully understand their features. In the event of any conflict between the terms and conditions on this Website and such additional terms and conditions, the additional terms and conditions shall govern and control. Further, if you have a policy or account with Vanguard, your customer relationship is also governed by other agreements, such as your policy or account agreement, as applicable. Our Privacy Policy is also a part of these Terms and Conditions and should be reviewed.

Additional Information

Subject to the terms of our client agreement(s), all information submitted to Vanguard through this or related websites, other than personal information subject to Vanguard’s Privacy Policy, is the property of Vanguard. Please do not send us any unsolicited materials including without limitation pitches, ideas, concepts, suggestions, photographs, drawings, videos, audiovisual works and/or other similar materials ("Unsolicited Materials"). If, despite our warnings, you send us any Unsolicited Materials, you agree that your submission of Unsolicited Materials shall constitute an assignment to Vanguard of all right, title and interest in and to such Unsolicited Materials, including without limitation any ideas, methods, inventions and copyrightable materials contained therein. Vanguard shall be free to use such Unsolicited Materials for any purpose whatsoever, commercial or otherwise, without compensation to you. We shall not be subject to any obligations of confidentiality regarding any submitted information except as specified in our Privacy Policy, as set forth in any additional terms and conditions relating to specific products or services, or as otherwise specifically agreed or required by law. If there is any doubt or ambiguity about whether there has been an actual submission of Unsolicited Materials, such materials shall be collectively and conclusively deemed to be a submission for purposes of this Agreement.

By submitting Unsolicited Materials to us, you hereby appoint us as your agent with the power to enter into and execute any contract, document and/or do any act that we consider appropriate to confirm the grant of rights, consents, agreements, assignments and waivers set forth in this Agreement. To the extent any "moral rights," "ancillary rights," or similar rights in or to the Unsolicited Materials exist and are not exclusively owned by us, you agree not to enforce any such rights against us or our licensees, agents, members or other authorized users.

Updates to the Terms and Conditions

The Content on this Website, and these Terms and Conditions, are subject to change or updating by us at any time without prior notice. The changes may include superseding terms and conditions or specific notices. Your continuing use of this Website following any changes about which you are notified constitutes your continued acceptance of the Terms and Conditions, as modified.

Governing Law and Venue

The laws of the State of Delaware, United States of America, without regard to principles of conflict of laws, govern these Terms and Conditions and any dispute that might arise between you and Vanguard relating to your use of the Website. If you take legal action relating to these Terms and Conditions, you agree to file such action either in a Delaware state court in New Castle County, Delaware, or the United States District Court for the District of Delaware and in no other venue, and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

The services and products described and information provided through this Website are directed to and are intended to be made available only to persons in the United States and are not intended for distribution to, or use by, any person in any other country or any jurisdiction where such distribution or use would be contrary to law or regulation or that would subject Vanguard to any registration requirement within such jurisdiction or country. Persons who access this Website do so on their own initiative, and are responsible for compliance with applicable local laws and regulations. If any part of these Terms and Conditions is unlawful, void or unenforceable, that part will be deemed severable and will not affect the validity and enforceability of any remaining provisions. The Terms and Conditions may be reformed by a court of law as necessary to give them full effect without violating any applicable public policy.

Miscellaneous Provisions

You agree that the provisions contained in these Terms and Conditions are reasonable and supported by adequate consideration, the receipt of which is acknowledged by you. No delay or failure by Vanguard to exercise any right we have under these Terms and Conditions shall be treated as a waiver of any other rights we may have under our agreement(s) or law.

Revised 11/8/2017