Foreign countries often have laws governing who can sell securities (such as mutual fund shares) to residents of their countries. To reduce the risk that Vanguard might violate these foreign securities laws and regulations, we have a Foreign Investor Policy. This policy outlines who can open an account, who can maintain an account and who is not permitted to invest in our funds. Clients with an existing account that are changing to a non-U.S. address, can continue to make additional purchases or open new account registration types unless they live in Canada or a sanctioned country. Our Advice Services Group, however, generally will not offer services to foreign investors. They offer service to persons who maintain a legal, permanent residence-in the United States. Permanent residents of the United States, regardless of citizenship can use advice services; conversely, people who live outside of the United States, even if they are U.S. citizens, generally cannot.