Terms & conditions of use

Welcome! Please carefully read the following Terms and Conditions of Use ("Terms of Use") before using this website ("Site"). By using this Site, you agree to follow and be bound by these Terms of Use, which govern your use of the Site. Nothing contained in these Terms of Use is intended to modify or amend any other written agreement, if any, that may currently be in effect between you and Vanguard with regard to matters other than your use of the Site. Vanguard may periodically modify these Terms of Use, and any such modifications will be effective immediately upon posting. We suggest that you periodically check these Terms of Use for modifications. If you do not agree to these Terms of Use, do not use this Site.

This Site is owned and operated by The Vanguard Group, Inc. ("Vanguard"). Vanguard may modify, suspend, discontinue or restrict the use and availability of any portion of this Site at any time, without notice or liability. Your use of this Site may be monitored by Vanguard and used for Vanguard's internal business purposes, without liability.

Index:

Limited License and Restrictions on Use

Vanguard grants you a limited, revocable, nonexclusive, nontransferable license to view, store, bookmark, display, download and print the pages within this Site, and to customize designated pages within this Site, solely for educational and noncommercial uses or as expressly authorized by Vanguard in writing. You are responsible for obtaining and maintaining all equipment, services and other materials that you need to access this Site. Vanguard reserves all rights not expressly granted in these Terms of Use. Except as otherwise stated in these Terms of Use or as expressly authorized by Vanguard in writing, you may not (or enable others to):

Linking Conditions

You may not link to this Site unless you comply with these linking conditions ("Linking Conditions"). Vanguard grants you a limited, revocable, nonexclusive right to create a hyperlink to this Site ("Link"), provided you comply at all times with the following conditions:

If you have created a Link that conforms to these Linking Conditions, then you also may include one or more Links to any internal or subsidiary page of this Site that is located one or several levels down from the homepages (known as "deep links"), provided, however, that all such deep links must be in close physical proximity to the Link that conforms to the Linking Conditions. You may not maintain numerous or pervasive Links to this Site.

Copyright Policy, Notice and Claim Information

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, are owned or licensed by Vanguard and its third party information 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: Robyn Y. Ettricks, Esquire, Associate Counsel, The Vanguard Group, Inc., P.O. Box 2600, V-26, 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

All trademarks, service marks and logos appearing on this Site 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.

International Use

Because of the global nature of the Internet, you agree to comply with all local rules with respect to your online conduct, including all laws, rules, codes and regulations of the country in which you reside and the country from which you access this Site, including without limitation, all laws, rules, codes, regulations, decrees, acts, orders, directives, legislation, bills and statutes pertaining to tax, contracts, intellectual property, securities, e-commerce, banking, technology, computers, fraud and privacy. In addition, you agree to comply with all applicable laws, rules, codes and regulations regarding the transmission of technical data exported from the United States.

Third Party Content

Data and other materials appearing on this Site that are provided by third parties are believed by Vanguard to be obtained from reliable sources, but Vanguard cannot guarantee and is not responsible for their accuracy, timeliness, completeness or suitability for use. Vanguard is not responsible for, and does not prepare, edit or endorse, the content, advertising, products or other materials on or available from any website owned or operated by a third party that is linked to this Site via hyperlink. The fact that Vanguard has provided a link to a third party's website does not constitute an implicit or explicit endorsement, authorization, sponsorship or affiliation by Vanguard with respect to such website, its owners, providers or services. You will use any such third party content at your own risk and you agree that Vanguard is not liable for any loss or damage that you may suffer by using third party websites or any content, advertising, products or other materials in connection therewith.

Termination

The rights granted to you herein terminate immediately upon any violation by you of these Terms of Use. 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.

Warranty Disclaimers

YOU EXPRESSLY UNDERSTAND AND AGREE THAT:

YOUR USE OF THIS SITE IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. TO THE FULL EXTENT PERMITTED UNDER APPLICABLE LAW, VANGUARD AND ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS AND ANY THIRD PARTY INFORMATION PROVIDERS AND VENDORS EXPRESSLY DISCLAIM ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE, AND ALL WARRANTIES REGARDING SECURITY, CURRENCY, CORRECTNESS, QUALITY, ACCURACY, COMPLETENESS, RELIABILITY, PERFORMANCE, TIMELINESS OR CONTINUED AVAILABILITY, WITH RESPECT TO (I) THE SITE; (II) ANY MATERIALS, PRODUCTS OR SERVICES AVAILABLE ON OR THROUGH THE SITE; (III) USE OF THE SITE, MATERIALS, PRODUCTS OR SERVICES; AND (IV) THE RESULTS OF THE USE OF THE SITE, MATERIALS, PRODUCTS OR SERVICES.

FURTHER, VANGUARD AND ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS AND ANY THIRD PARTY INFORMATION PROVIDERS AND VENDORS EXPRESSLY DISCLAIM ALL WARRANTIES WITH RESPECT TO ANY DELAYS OR ERRORS IN THE TRANSMISSION OR DELIVERY OF ANY MATERIALS, PRODUCTS OR SERVICES AVAILABLE THROUGH THIS SITE.

EXCEPT AS PROVIDED BY LAW, NEITHER VANGUARD NOR ITS THIRD PARTY INFORMATION PROVIDERS AND VENDORS HAS ANY RESPONSIBILITY TO MAINTAIN THE MATERIALS, PRODUCTS OR SERVICES OFFERED ON THE SITE OR TO SUPPLY CORRECTIONS, UPDATES OR RELEASES FOR THE SAME.

TO THE EXTENT ANY JURISDICTION DOES NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES, SOME OF THE ABOVE EXCLUSIONS MAY NOT APPLY TO YOU. THIS WARRANTY GIVES YOU SPECIFIC LEGAL RIGHTS, AND YOU MAY HAVE OTHER RIGHTS, WHICH VARY FROM JURISDICTION TO JURISDICTION.

Liability and Indemnity

ANY MATERIALS DOWNLOADED OR OTHERWISE OBTAINED THROUGH THIS SITE ARE 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 SUCH DOWNLOAD.

NEITHER VANGUARD NOR ITS AFFILIATES, SUBSIDIARIES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS, LICENSORS OR ANY THIRD PARTY INFORMATION PROVIDERS AND 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 INFORMATION 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 and agents, 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 use of this Site, or any violation by you of these Terms of Use.

Integration and Severability

If any provision of these Terms of Use is deemed unlawful, void or unenforceable, then that provision will be deemed severable from these Terms of Use and will not affect the validity and enforceability of the remaining provisions. These Terms of Use represent the entire agreement between you and Vanguard relating to the subject matter herein.

Applicable Law and Venue

The laws of the Commonwealth of Pennsylvania, United States of America, without regard to principles of conflict of laws, govern these Terms of Use and any dispute that might arise between you and Vanguard. If you take legal action relating to these Terms of Use, you agree to file such action either in the Court of Common Pleas of Chester County, Pennsylvania, or the United States District Court for the Eastern District of Pennsylvania 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.