Freshness Article

May 5, 2009


VANGUARD SCHEDULES SHAREHOLDER VOTE

Shareholders will vote on a number of proposals affecting the Vanguard funds at
a special meeting to be held on July 2, 2009, at Vanguard's offices in
Scottsdale, Arizona. The funds are asking shareholders to elect fund trustees
and to approve certain changes in fund governance.


Such a vote is commonly called a proxy, because shareholders who don't plan to
attend the meeting in person can choose to give Vanguard's management their
"proxy," which is the right to vote on the shareholders' behalf. Every vote is
important, so please be sure to review your proxy statement and respond as soon
as possible if you haven't done so already.


A core part of the proxy statement is intended to standardize the funds'
investment policies, some of which had become outdated or inconsistent.
Standardizing the policies would not change any fund's investment goals or
strategies, but would allow Vanguard to serve shareholders' needs more
efficiently and cost-effectively.


Another proposal asks shareholders to elect trustees for all Vanguard funds.
Eight of the ten nominees are independent of Vanguard's management, and all but
one of the eight already serve as trustees of the funds. The two "inside"
nominees are John J. Brennan (Vanguard's chairman and former chief executive
officer) and F. William McNabb (our president and current CEO).


Also, the trustees recommend that shareholders of certain funds vote against a
shareholder proposal requiring institution of procedures to prevent holding
investments in companies that substantially contribute to matters such as crimes
against humanity. The trustees believe that this proposal duplicates existing
Vanguard procedures.


Anyone who owned shares of a Vanguard fund on the "record date," which was April
6, 2009, gets to vote--even if that person later sold those shares.


WHY YOUR VOTE IS SO IMPORTANT

Even if you have only a few shares of a fund, we encourage you to take the time
to vote. Your vote does make a difference. If many shareholders choose not to
vote, the funds might not receive enough votes to reach a quorum and conduct the
shareholder meeting in July. If that appears likely to happen, the funds will
have to send additional mailings to shareholders to try to get more votes--a
process that would be very costly for the funds and thus for you as a fund
shareholder.


Your vote will count toward reaching a quorum no matter how you cast it--whether
you are in favor of or opposed to the proposals on the ballot. We encourage you
to vote as soon as possible to make sure that your fund receives enough votes to
act on the proposals. The final opportunity to cast your vote is at the
shareholder meeting on July 2