Freshness Article

May 5, 2009


VANGUARD SCHEDULES SHAREHOLDER VOTE

Shareholders will voteOUTBOUND 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 of proposals affectingand the Vanguardaddress 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
atreceive your vote to effectively  serve you and to help hold down costs. If they
don't achieve enough responses to conduct a specialshareholder meeting to be held on July 2, 2009,
at Vanguard's offices in
Scottsdale, Arizona. The funds are asking shareholdersthen 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 elect fundvote.  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 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 toanother would 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funds' investment policies some of which had become outdated or inconsistent.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' needsyou 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.effectively. 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 you vote for both of these proposals.

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

A third proposal from one or more  shareholders  of certain funds vote againstwould  institute a shareholder proposal requiring institution of proceduresprocedure to
prevent  holding  investments  in companies,  that in the judgment of the fund's
trustees,  substantially  contribute to matters such asgenocide or crimes against humanity. The
trustees  believerecommend  that  you  vote  against  this  proposal  duplicatesbecause  it would
duplicate existing Vanguard procedures.

Anyone who owned shares[End of a Vanguard fund onoptional content regarding 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

third proposal]