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Vanguard is owned by its funds, which are owned by Vanguard's fund shareholder clients. Our retail direct investment advisory strategies, in turn, are built on core investments in the Vanguard funds.

While we seek to put our clients’ interests first, we have sought to identify potential conflicts where interests and incentives differ, and we seek to disclose such conflicts or situations to you. Like other advisors, we are incentivized to recommend our programs and services over other third-party financial services solutions and products. You should consider carefully which of our services is appropriate for you and whether other products may be more suitable or appropriate. Note that Advisors are not required to recommend the lowest cost solution.

The experiences of any Vanguard client may not be representative of the experience of other Vanguard clients and are not a guarantee of future investment performance or success.

¹Enrollments in Vanguard Digital Advisor require at least $100 in each Vanguard Brokerage Account. For each account you wish to enroll, the entire balance must be in certain allowable investment types (based on eligibility screening by Digital Advisor at the time of enrollment) and/or the brokerage account's settlement fund.

²Vanguard Digital Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.20% for its all-index investment options and 0.25% for an active/index mix. Vanguard Personal Advisor charges Vanguard Brokerage Accounts an annual gross advisory fee of 0.35% for its all-index investment options and 0.40% for an active/index mix. These services reduce those fees by the amount of revenue that Vanguard (or a Vanguard affiliate) retains from your portfolio in order to calculate your net advisory fee. Note that this fee doesn't include investment expense ratios—such as fees paid to the funds' third-party managers, which aren't credited.

³The introductory waiver period for Vanguard Digital Advisor's net advisory fee begins when the first account's enrollment is complete and ends after the close of the first billing period (generally 90 days), which is specific to each client. If you enroll additional accounts at a later date, you can still take advantage of any remaining fee-waiver period. However, each additional account you enroll won't trigger a unique fee-waiver period but will instead be commingled with your first enrolled account. If you unenroll before your fee-waiver period ends, you won't owe an advisory fee. But if you choose to reenroll in Vanguard Digital Advisor during or after your fee-waiver period, you won't be eligible for a second fee waiver. This fee-waiver offer may be modified or discontinued anytime at the sole discretion of Vanguard Advisers, Inc. ("VAI"). Accounts in employer-sponsored retirement plans aren't eligible for this fee waiver.

You should consult your plan fee disclosure notice for the applicable annual gross advisory fees that apply to your employer retirement account.

⁴A promotional introductory fee waiver is available for Vanguard Brokerage Accounts eligible for enrollment into Vanguard Personal Advisor (“Personal Advisor”) and does not apply to employer-sponsored retirement plan accounts enrolled in the service. To qualify you must complete enrollment for your first account into Personal Advisor during the promotional period from October 1, 2025 (12:00am EST) to December 31, 2025 (11:59pm EST).

The fee-wavier period begins when your first account's enrollment is complete and ends after the close of the first billing period (generally 90 days). If you enroll additional promotion eligible accounts at a later date, you can still take advantage of any remaining days in the fee-waiver period. However, each additional account you enroll won't trigger a unique fee-waiver period. If you unenroll before your fee-waiver period ends, you won't owe an advisory fee. But if you choose to reenroll in Vanguard Personal Advisor during or after your fee-waiver period, you won't be eligible for a second fee waiver.

Personal Advisor clients who enrolled accounts prior to October 1, 2025 are not eligible for this offer. Additionally, if you previously enrolled accounts in other VAI proprietary retail offers you will not be eligible for the introductory fee waiver. This fee-waiver offer may be modified or discontinued anytime at the sole discretion of Vanguard Advisers, Inc. ("VAI").

⁵Vanguard Personal Advisor Select and Vanguard Personal Advisor Wealth Management charge fees based on a tiered fee schedule (maximum 0.30%) calculated as an average advisory fee on all advised assets. Note that this fee doesn't include investment expense ratios.

⁶Vanguard can help determine if tax-loss harvesting is appropriate for your specific situation. Tax-loss harvesting is included in your Vanguard advisory fee. Tax-loss harvesting involves certain risks, including, among others, the risk that the new investment could have higher costs than the original investment and could introduce portfolio tracking error into your accounts. There may also be unintended tax implications. We recommend that you carefully review the terms of the consent and consult a tax advisor before taking action.