OUTBOUND PROXY SCRIPT

Good morning/afternoon/evening. This is _______________ calling from Vanguard on
a recorded  line.  May I please  speak with Mr. /Mrs.  [client's  first and last
name]? ------------------------------


Hello, Mr./Mrs. [client's last name]. Thank you for speaking with me.

I'm calling  because our  records  indicate  that you  recently  received  proxy
materials from Vanguard. Do you have one minute to speak with me about the proxy
that Vanguard is conducting?


For security reasons, I first need to verify the last four digits of your Social
Security number and the address on your account.



Thank you for this information Mr./Mrs. [Client last name]. Our records indicate
that you have not yet voted your proxy ballot.  It is important  that your funds
receive your vote to effectively  serve you and to help hold down costs. If they
don't achieve enough responses to conduct a shareholder meeting on July 2, 2009,
then they will incur the considerable expense of a second proxy solicitation.

You can make sure your voice is heard by voting today.  I can connect you with a
representative of the company conducting the proxy for Vanguard,  who can record
your vote.  It will only take a minute to vote.  May I have your  permission  to
connect you?



Please hold while I transfer you. And thank you for investing with Vanguard.

--------------------------------------------------------------------------------
IF THE SHAREHOLDER ASKS WHAT IS IN THE PROXY, USE THE FOLLOWING

One proposal is for the election of trustees,  and another would standardize the
funds' investment policies to serve you more effectively. The trustees recommend
that you vote for both of these proposals.

[Optional content regarding the third proposal--if applicable]

A third proposal from one or more  shareholders  would  institute a procedure to
prevent  holding  investments  in companies,  that in the judgment of the fund's
trustees,  substantially  contribute to genocide or crimes against humanity. The
trustees  recommend  that  you  vote  against  this  proposal  because  it would
duplicate existing procedures.

[End of optional content regarding the third proposal]