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Important Notice For Investors in UPAL International Fund

On April 4, 2014 the Vanguard Developed Markets Index Fund (ticker: VIDMX) will merge into the Vanguard Tax-Managed International Fund (ticker: VTMNX) in the UPAL International Pooled Fund. Both funds track the same benchmark, the FTSE Developed North America Index, and have over 96% of holdings in common. The combined fund will be called the Vanguard Developed Markets Index Fund but will trade under the ticker VTMNX.

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