April 12, 2016

The Vanguard Group, Inc. (Vanguard) traces its roots to the Wellington Fund, which began in 1928. Vanguard was founded in 1975 and is owned by its member funds and, in turn, the shareholders of those funds. The firm has more than $3 trillion in assets under management in a variety of passive and actively managed mutual funds across a wide array of asset classes and investment styles serving individual investors, retirement plans, institutions, and financial advisors.