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Vanguard Funds Supplement to the Prospectus At a special meeting held on November 15, 2017, shareholders of the Vanguard funds voted on several proposed changes to the funds. As a result, the following change

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What is advisors that are wholly-owned?

Advisors that are wholly-owned refer to advisory entities that are fully owned by another corporation or individual.

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The information that must be reported on advisors that are wholly-owned includes details about the advisory entity's ownership structure, financial information, and any potential conflicts of interest.

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