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Chris Philips

Christopher Philips, CFA, heads Vanguard Institutional Advisory Services, which assists and counsels institutional clients, including defined benefit plans, endowments, and foundations. Previously, he led a team of investment-only relationship managers in Vanguard Institutional Investor Services, and served as an senior investment analyst in Vanguard Investment Strategy Group, where he wrote and presented research on various topics, including international investing, indexing, and benchmark selection. Mr. Philips joined Vanguard in 2000. He earned a B.A. from Franklin and Marshall College and is a CFA® charterholder.

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Visit vanguard.com or contact your broker to obtain a Vanguard ETF or fund prospectus which contains investment objectives, risks, charges, expenses, and other information; read and consider carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

Investments in bond funds are subject to interest rate, credit, and inflation risk.

Diversification does not ensure a profit or protect against a loss in a declining market.

Foreign investing involves additional risks including currency fluctuations and political uncertainty.

Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries.

All investing is subject to risk, including possible loss of principal.