Materials should only be sent to the shared address, unless all investors in the household designate a different address. Funds should not send prospectuses or reports to addresses that are not shared by all investors in the household since this may limit some investors' access to the information. If different investors in a household wish to receive materials through different media, then they should consider that factor in deciding whether to elect householding. Requiring all investors to choose a form of delivery would increase administrative costs due to the effort required to make all investors designate a form of delivery, and later to record and implement their choices. Again, the resulting increase in costs would diminish the benefits of the proposal.
Vanguard appreciates the opportunity to comment on the householding proposal.