SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A)
OF THE SECURITIES EXCHANGE ACT OF 1934
FILED BY THE REGISTRANT [X]
FILED BY A PARTY OTHER THAN THE REGISTRANT [ ]
CHECK THE APPROPRIATE BOX:
[ ] PRELIMINARY PROXY STATEMENT
[ ] CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY
(AS PERMITTED BY RULE 14A-6(E)(2))
[ ] DEFINITIVE PROXY STATEMENT
[ ] DEFINITIVE ADDITIONAL MATERIALS
[ X ] SOLICITING MATERIAL UNDER RULE 14A-12
VANGUARD ADMIRAL FUNDS
VANGUARD BOND INDEX FUNDS
VANGUARD CMT FUNDS
VANGUARD CALIFORNIA TAX-FREE FUNDS
VANGUARD CHESTER FUNDS
VANGUARD CONVERTIBLE SECURITIES FUND
VANGUARD EXPLORER FUND
VANGUARD FENWAY FUNDS
VANGUARD FIXED INCOME SECURITIES FUNDS
VANGUARD FLORIDA TAX-FREE FUND
VANGUARD HORIZON FUNDS
VANGUARD INDEX FUNDS
VANGUARD INSTITUTIONAL INDEX FUNDS
VANGUARD INTERNATIONAL EQUITY INDEX FUNDS
VANGUARD MALVERN FUNDS
VANGUARD MASSACHUSETTS TAX-EXEMPT FUNDS
VANGUARD MONEY MARKET RESERVES
VANGUARD MONTGOMERY FUNDS
VANGUARD MORGAN GROWTH FUND
VANGUARD MUNICIPAL BOND FUNDS
VANGUARD NEW JERSEY TAX-FREE FUNDS
VANGUARD NEW YORK TAX-FREE FUNDS
VANGUARD OHIO TAX-FREE FUNDS
VANGUARD PENNSYLVANIA TAX-FREE FUNDS
VANGUARD QUANTITATIVE FUNDS
VANGUARD SPECIALIZED FUNDS
VANGUARD STAR FUNDS
VANGUARD TAX-MANAGED FUNDS
VANGUARD TREASURY FUND
VANGUARD TRUSTEES' EQUITY FUND
VANGUARD VALLEY FORGE FUNDS
VANGUARD VARIABLE INSURANCE FUNDS
VANGUARD WELLESLEY INCOME FUND
VANGUARD WELLINGTON FUND
VANGUARD WHITEHALL FUNDS
VANGUARD WINDSOR FUNDS
VANGUARD WORLD FUNDS
(NAME OF REGISTRANT AS SPECIFIED IN ITS DECLARATION OF TRUST)
(NAME OF PERSON(S) FILING PROXY STATEMENT IF OTHER THAN THE REGISTRANT)
PAYMENT OF FILING FEE (CHECK THE APPROPRIATE BOX):
[ X ] NO FEE REQUIRED.
[ ] FEE COMPUTED ON TABLE BELOW PER EXCHANGE ACT RULES 14A-6(I) AND 0-11.
(1) TITLE OF EACH CLASS OF SECURITIES TO WHICH TRANSACTION APPLIES:
(2) AGGREGATE NUMBER OF SECURITIES TO WHICH TRANSACTION APPLIES:
(3) PER UNIT PRICE OR OTHER UNDERLYING VALUE OF TRANSACTION COMPUTED
PURSUANT TO EXCHANGE ACT RULE 0-11 (SET FORTH THE AMOUNT ON WHICH THE
FILING FEE IS CALCULATED AND STATE HOW IT WAS DETERMINED):
(4) PROPOSED MAXIMUM AGGREGATE VALUE OF TRANSACTION: (5) TOTAL FEE PAID:
[ ] FEE PAID PREVIOUSLY WITH PRELIMINARY MATERIALS.
[ ] CHECK BOX IF ANY PART OF THE FEE IS OFFSET AS PROVIDED BY EXCHANGE ACT
RULE 0-11 (A)(2) AND IDENTIFY THE FILING FOR WHICH THE OFFSETTING FEE WAS
PAID PREVIOUSLY. IDENTIFY THE PREVIOUS FILING BY REGISTRATION STATEMENT
NUMBER, OR THE FORM OR SCHEDULE AND THE DATE OF ITS FILING.
(1) AMOUNT PREVIOUSLY PAID:
(2) FORM, SCHEDULE OR REGISTRATION STATEMENT NO.: (3) FILING PARTY; (4) DATE
FILED:
[SHIP LOGO VANGUARD(R)]
VANGUARD PROXY INFORMATION
All Vanguard(R) funds will hold a Special Meeting of Shareholders on July 2,
2009, in Scottsdale, Arizona. The funds' trustees are asking shareholders to
approve several proposals at the meeting. For the most part, the proposals
involve updating and standardizing your funds' investment policies to allow
Vanguard to serve your needs most effectively in changing market environments.
In addition, a core part of the proxy statement is a proposal to elect trustees
for all Vanguard funds. Eight of the ten nominees are wholly independent of
Vanguard management. The only "inside" nominees are John J. Brennan (who served
as an officer of Vanguard from 1989 through August 2008) and F. William McNabb
III (president and chief executive officer of Vanguard). Seven of the eight
independent nominees already serve as Vanguard fund trustees.
--------------------------------------------
KEY DATES FOR THE 2009 PROXY
SEC Filing: March 6, 2009
Record Date: April 6, 2009
Proxies mailed: After April 6, 2009
Meeting Date: July 2, 2009
--------------------------------------------
Also, shareholders of certain funds are being asked to vote against a proposal
submitted by one or more shareholders.
This proxy is considered preliminary prior to SEC approval.
PROPOSALS IN BRIEF
Shareholders of all Vanguard funds are being asked to vote on a number of
proposals. Not all proposals apply to each fund. The table shows each proposal
and the specific Vanguard funds to which it applies. Only shareholders of record
on April 6, 2009, are entitled to vote on a fund's
proposals.
VOTES NEEDED TO ELECT TRUSTEES
Shareholders of funds that are part of the same trust will elect their trustees
on a joint basis. For each trust, the ten nominees receiving the highest number
of affirmative votes cast at the meeting will be elected. A nominee will not be
elected, however, if more votes are cast against than for him or her.
VOTES NEEDED FOR PROPOSALS 2, 3, AND 4
Shareholders of each fund will vote separately on each proposal applicable to
that fund. For a proposal to pass for a fund, it must be approved by the lesser
of (i) shares representing 67% or more of the fund's net assets voted, so long
as shares representing more than 50% of the fund's net assets are present or
represented by proxy; or (ii) shares representing more than 50% of the fund's
net assets.
PROXY SOLICITATION COSTS
Each fund will pay all costs of soliciting proxies from its shareholders,
including costs relating to the printing, mailing, and tabulation of proxies.
Computershare Fund Services (CFS) has been engaged to assist in the solicitation
process. By voting in a timely fashion, you can help your fund avoid the
considerable expense of a second proxy solicitation.
QUORUM
Each fund must achieve a quorum in order for the shareholder meeting to go
forward. This means that a majority of a fund's shares (or 25% in the case of
Vanguard Market Neutral Fund) must be
represented at the meeting, either in person or by proxy. All returned proxies
count toward a quorum, regardless of how they are voted ("For," "Against," or
"Abstain"). The funds will count abstentions and broker non-votes toward
establishing a quorum, but not toward the approval of any proposals. (A broker
non-vote is a proxy received from a broker who holds fund shares on behalf of an
investor, but who does not have discretionary power to vote the shares on the
investor's behalf, indicating that the broker has not received instructions from
the investor on the matter at issue.)
------------------------------------------------------------------------------------------------------------------------------------
PROPOSAL APPLICABILITY RECOMMENDED VOTE REASONING
------------------------------------------------------------------------------------------------------------------------------------
Elect trustees for each All Vanguard funds Each fund's board of If this election is not held, the funds will not
fund. trustees recommends that be able to appoint new trustees in case of
you vote "for" each of the retirements or resignations.
nominees.
------------------------------------------------------------------------------------------------------------------------------------
Update and standardize All Vanguard funds Each fund's board of Adopting a uniform set of fundamental policies
fundamental policies for trustees recommends that for all Vanguard funds will greatly simplify
each fund.* you vote "for" Proposal 2. fund administration and monitoring of compliance
with investment policies and guidelines.
------------------------------------------------------------------------------------------------------------------------------------
Change certain index o Dividend Appreciation
funds' diversification Index Fund Each fund's board of As market values of each of these funds' largest
policy. o REIT Index Fund trustees recommends that holdings rise and fall, there may be times when
o VVIF-REIT Index Portfolio you vote "for" Proposal 3. each fund is diversified under legal standards,
and times when it is not. Accordingly, we want
to carry out each fund's mandate to track its
target index under all circumstances
by reclassifying each fund as nondiversified
and eliminating the current diversification
status.
------------------------------------------------------------------------------------------------------------------------------------
Institute procedures to o 500 Index Fund Each fund's board of Vanguard has a procedure for regular reporting
prevent holding o Emerging Markets trustees recommends that to the trustees on portfolio companies whose
investments in companies Stock Index Fund you vote "against" Proposal direct involvement in crimes against humanity or
that, in the judgment of o Energy Index Fund 4. patterns of egregious abuses of human rights
the Board, substantially o Equity Income Fund would warrant engagement or potential
contribute to genocide or o European Stock divestment. Adopting the proposal would
crimes against humanity, Index Fund duplicate the existing procedure and is
the most egregious o Explorer Fund therefore opposed by management.
violations of human rights o Extended Market
Index Fund
o Global Equity Fund
o Growth Index Fund
o Health Care Fund
o Intermediate-Term
Tax-Exempt Fund
o International Growth
Fund
o LifeStrategy Moderate
Growth Fund
o Mid-Cap Index Fund
o Pacific Stock
Index Fund
o Precious Metals and
Mining Fund
o PRIMECAP Fund
o PRIMECAP Core Fund
o Prime Money Market
Fund
o REIT Index Fund
o Short-Term Bond
Index Fund
o Short-Term Treasury
Fund
o Small-Cap Growth
Index Fund
o STAR Fund
o Tax-Exempt Money Market
Fund
o Total Bond Market
Index Fund
o Total International
Stock Index Fund
o Total Stock Market
Index Fund
o Value Index Fund
o Windsor Fund
------------------------------------------------------------------------------------------------------------------------------------
* Shareholders of each fund will be asked to approve the adoption of a
uniform set of fundamental policies that conform to the parameters that
Congress and the SEC have established for the prudent regulation of mutual
funds. The uniform fundamental policies we are proposing to adopt include
only those policies that the Investment Company Act requires to be
fundamental. These include policies on borrowing money, purchasing and
selling commodities, concentrating investments in a particular industry or
group of industries, making loans, purchasing and selling real estate,
issuing senior securities, and underwriting securities. This will also
result in the elimination of many existing fundamental policies: investing
in illiquid securities; investing in a company for the purpose of
controlling its management; purchasing securities on margin or selling
securities short; investing in oil, gas, or other mineral exploration or
development programs; pledging, mortgaging, or hypothecating fund assets;
purchasing and selling put and call options and warrants; engage in
arbitrage; investing in unseasoned companies; investing in assessable
securities; investing in securities if certain persons associated with the
fund own more than specified amounts of the same security; investing in
securities other than municipal securities (applicable only to certain
municipal bond funds); engaging in transactions with certain persons
associated with the fund (applicable only to one fund); and owning
non-tax-exempt securities (applicable only to the state tax-exempt funds).
March 10, 2009
[Salutation/First Name/Middle Name/Last Name/Suffixes]
[Job title]
[Company Name 1]
[Company Name 2]
[Address 1]
[Address 2]
[City, State Zip]
VANGUARD FILES PROXY STATEMENT
Dear Investor:
On March 10, 2009, Vanguard filed a proxy statement with the SEC. A core part of
the proxy statement is a proposal to elect trustees for all Vanguard funds. As
the proxy explains, the proposals include updating and standardizing the funds'
investment policies to allow Vanguard to serve its clients' needs most
effectively.
For more information about the proxy, please go to:
www.vanguard.com/proxy
The proxy explains how shareholders can vote on these proposals, whether on the
Internet, by phone, by mail, or by attending a special meeting of Vanguard fund
shareholders on July 2, 2009 in Scottsdale, Arizona. Any person or entity that
owns shares of a Vanguard fund on the record date, April 6, 2009, may cast a
vote, even if that shareholder later sells those shares.
We encourage you to exercise your organization's rights concerning the
governance of Vanguard funds by reviewing the proxy statement and then casting
your vote. If you are not the correct person to take action on the proxy
statement, please forward this communication to the appropriate individual
within your organization.
Every shareholder's vote is important. Each fund must achieve a quorum in order
for the shareholder meeting to go forward. Every vote counts, so please be sure
to vote.
Thank you in advance for your prompt attention to the proxy. If you have any
questions, please contact our Operations Department by phone, 800-950-0053, or
e-mail, iam@vanguard.com.
Sincerely,
[signature here]
R. Gregory Barton
Managing Director
Vanguard Institutional Investor Group
For more information about Vanguard funds, visit institutional.vanguard.com, or
call 800-523-1036, to obtain a prospectus. Investment objectives, risks,
charges, expenses, and other important information about a fund are contained in
the prospectus; read and consider it carefully before investing.
Copies of the final proxy statement can be obtained from The Vanguard Group,
once it is available. Please note that a preliminary proxy statement is subject
to change.
(C) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing
Corporation, Distributor.
Proxy Filing IAM CS e-mail March 10.doc
Subject: Vanguard files proxy statement with SEC
Dear Investor:
On March 10, 2009, Vanguard filed a proxy statement with the SEC. A core part of
the proxy statement is a proposal to elect trustees for all Vanguard(R) funds.
As the proxy explains, the proposals include updating and standardizing the
funds' investment policies to allow Vanguard to serve its clients' needs most
effectively.
For more information about the proxy, please go to:
---------------------------------
http://www.vanguard.com/proxy
---------------------------------
The proxy explains how shareholders can vote on these proposals, whether on the
Internet, by phone, by mail, or by attending a special meeting of Vanguard fund
shareholders on July 2, 2009 in Scottsdale, Arizona. Any person or entity that
owns shares of a Vanguard fund on the record date, April 6, 2009, may cast a
vote, even if that shareholder later sells those shares.
We encourage you to exercise your organization's rights concerning the
governance of Vanguard funds by reviewing the proxy statement and then casting
your vote. If you are not the correct person to take action on the proxy
statement, please forward this communication to the appropriate individual
within your organization.
Every shareholder's vote is important. Each fund must achieve a quorum in order
for the shareholder meeting to go forward. Every vote counts, so please be sure
to vote.
Thank you in advance for your prompt attention to the proxy. If you have any
questions, please contact your [VGI title], [VGI Contact name], at [VGI contact
phone] or [VGI Contact Email].
R. Gregory Barton
Managing Director
Vanguard Institutional Investor Group
------------------------------------------------------------------------
-----------------------------------------
| Legal notices and E-mail administration |
-----------------------------------------
We are sending this e-mail to let you know about fund changes that may affect
you. If you don't want to receive e-mails about investment topics, please send
an e-mail to:
mailto:UnsubIIG@investments.evanguard.com?Subject=Opt_out
** For more information about Vanguard funds, visit
institutional.vanguard.com, or call 800-523-1036, to obtain a prospectus.
Investment objectives, risks, charges, expenses, and other important
information about a fund are contained in the prospectus; read and consider
it carefully before investing.**
** Copies of the final proxy statement can be obtained from The Vanguard
Group, once it is available. Please note that a preliminary proxy statement
is subject to change.**
(c) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing
Corporation, Distributor. The material in this message is promotional in nature.
| Confidentiality statement: http://www.vanguard.com/visit/instlconfidentialstmt
455 Devon Park Drive | Wayne, PA 19087-1815 | institutional.vanguard.com
March 10, 2009
[Salutation/First Name/Middle Name/Last Name/Suffixes]
[Job title]
[Company Name 1]
[Company Name 2]
[Address 1]
[Address 2]
[City, State Zip]
VANGUARD FILES PROXY STATEMENT
Dear Investor:
On March 10, 2009, Vanguard filed a proxy statement with the SEC. A core part of
the proxy statement is a proposal to elect trustees for all Vanguard funds. As
the proxy explains, the proposals include updating and standardizing the funds'
investment policies to allow Vanguard to serve its clients' needs most
effectively.
For more information about the proxy, please go to:
www.vanguard.com/proxy
The proxy explains how shareholders can vote on these proposals, whether on the
Internet, by phone, by mail, or by attending a special meeting of Vanguard fund
shareholders on July 2, 2009 in Scottsdale, Arizona. Any person or entity that
owns shares of a Vanguard fund on the record date, April 6, 2009, may cast a
vote, even if that shareholder later sells those shares.
We encourage you to exercise your organization's rights concerning the
governance of Vanguard funds by reviewing the proxy statement and then casting
your vote. If you are not the correct person to take action on the proxy
statement, please forward this communication to the appropriate individual
within your organization.
Every shareholder's vote is important. Each fund must achieve a quorum in order
for the shareholder meeting to go forward. Every vote counts, so please be sure
to vote.
Thank you in advance for your prompt attention to the proxy. If you have any
questions, please contact your [VGI title], [VGI Contact name], at [VGI contact
phone] or [VGI Contact Email].
Sincerely,
[signature here]
R. Gregory Barton
Managing Director
Vanguard Institutional Investor Group
For more information about Vanguard funds, visit institutional.vanguard.com, or
call 800-523-1036, to obtain a prospectus. Investment objectives, risks,
charges, expenses, and other important information about a fund are contained in
the prospectus; read and consider it carefully before investing.
Copies of the final proxy statement can be obtained from The Vanguard Group,
once it is available. Please note that a preliminary proxy statement is subject
to change.
(C) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing
Corporation, Distributor.
Proxy filing consultants e-mail March 10.doc
Subject: Vanguard files proxy statement with SEC
Dear [preferred name]:
On March 10, 2009, Vanguard filed a proxy statement with the SEC. A core part of
the proxy statement is a proposal to elect trustees for all Vanguard(R) funds.
As the proxy explains, the proposals include updating and standardizing the
funds' investment policies to allow Vanguard to serve its clients' needs most
effectively.
For more information about the proxy, please go to:
---------------------------------
http://www.vanguard.com/proxy
---------------------------------
The proxy explains how shareholders can vote on these proposals, whether on the
Internet, by phone, by mail, or by attending a special meeting of Vanguard fund
shareholders on July 2, 2009 in Scottsdale, Arizona. Any person or entity that
owns shares of a Vanguard fund on the record date, April 6, 2009, may cast a
vote, even if that shareholder later sells those shares.
We encourage our investors to exercise their rights concerning the governance of
Vanguard funds by reviewing the proxy statement and then casting their vote.
As always, I'd be happy to discuss any questions about the proxy statement or
any matter related to Vanguard investments. Please feel free to contact me.
#VGI_Name#
#VGI_Title#
Phone: #VGI_Phone#, Ext. #VGI_Ext#
------------------------------------------------------------------------
-----------------------------------------
| Legal notices and E-mail administration |
-----------------------------------------
We are sending this e-mail to let you know about fund changes that may affect
you. If you don't want to receive e-mails about investment topics, please send
an e-mail to:
mailto:UnsubIIG@investments.evanguard.com?Subject=Opt_out
** For more information about Vanguard funds, visit
institutional.vanguard.com, or call 800-523-1036, to obtain a prospectus.
Investment objectives, risks, charges, expenses, and other important
information about a fund are contained in the prospectus; read and consider
it carefully before investing.**
** Copies of the final proxy statement can be obtained from The Vanguard
Group, once it is available. Please note that a preliminary proxy statement
is subject to change.**
(c) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing
Corporation, Distributor. The material in this message is promotional in nature.
| Confidentiality statement: http://www.vanguard.com/visit/instlconfidentialstmt
455 Devon Park Drive | Wayne, PA 19087-1815 | institutional.vanguard.com
Proxy Filing IAM ops e-mail March 10.doc
Subject: Vanguard files proxy statement with SEC
Dear Investor:
On March 10, 2009, Vanguard filed a proxy statement with the SEC. A core part of
the proxy statement is a proposal to elect trustees for all Vanguard(R) funds.
As the proxy explains, the proposals include updating and standardizing the
funds' investment policies to allow Vanguard to serve its clients' needs most
effectively.
For more information about the proxy, please go to:
---------------------------------
http://www.vanguard.com/proxy
---------------------------------
The proxy explains how shareholders can vote on these proposals, whether on the
Internet, by phone, by mail, or by attending a special meeting of Vanguard fund
shareholders on July 2, 2009 in Scottsdale, Arizona. Any person or entity that
owns shares of a Vanguard fund on the record date, April 6, 2009, may cast a
vote, even if that shareholder later sells those shares.
We encourage you to exercise your organization's rights concerning the
governance of Vanguard funds by reviewing the proxy statement and then casting
your vote. If you are not the correct person to take action on the proxy
statement, please forward this communication to the appropriate individual
within your organization.
Every shareholder's vote is important. Each fund must achieve a quorum in order
for the shareholder meeting to go forward. Every vote counts, so please be sure
to vote.
Thank you in advance for your prompt attention to the proxy. If you have any
questions, please contact our Operations Department by phone, 800-950-0053, or
e-mail, iam@vanguard.com.
R. Gregory Barton
Managing Director
Vanguard Institutional Investor Group
------------------------------------------------------------------------
-----------------------------------------
| Legal notices and E-mail administration |
-----------------------------------------
We are sending this e-mail to let you know about fund changes that may affect
you. If you don't want to receive e-mails about investment topics, please send
an e-mail to:
mailto:UnsubIIG@investments.evanguard.com?Subject=Opt_out
** For more information about Vanguard funds, visit
institutional.vanguard.com, or call 800-523-1036, to obtain a prospectus.
Investment objectives, risks, charges, expenses, and other important
information about a fund are contained in the prospectus; read and consider
it carefully before investing.**
** Copies of the final proxy statement can be obtained from The Vanguard
Group, once it is available. Please note that a preliminary proxy statement
is subject to change.**
(c) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing
Corporation, Distributor. The material in this message is promotional in nature.
| Confidentiality statement: http://www.vanguard.com/visit/instlconfidentialstmt
455 Devon Park Drive | Wayne, PA 19087-1815 | institutional.vanguard.com
Proxy Filing International Chile e-mail March 10.doc
Subject: Vanguard files proxy statement with SEC
Today, Vanguard filed a proxy statement with the SEC. A core part of the proxy
statement is a proposal to elect trustees for all Vanguard(R) funds. As the
proxy explains, the proposals include updating and standardizing the funds'
investment policies to allow Vanguard to serve its clients' needs most
effectively.
For more information about the proxy, please go to:
---------------------------------
http://www.vanguard.com/proxy
---------------------------------
The proxy explains how shareholders can vote on these proposals, whether on the
Internet, by phone, by mail, or by attending a special meeting of Vanguard fund
shareholders on July 2, 2009 in Scottsdale, Arizona. Any person or entity that
owns shares of a Vanguard fund on the record date, April 6, 2009, may cast a
vote, even if that shareholder later sells those shares.
We encourage you to exercise your or your organization's rights concerning the
governance of Vanguard funds by reviewing the proxy statement and then casting
your vote. If you are not the correct person to take action on the proxy
statement, please forward this communication to the appropriate individual
within your organization.
Every shareholder's vote is important. Each fund must achieve a quorum in order
for the shareholder meeting to go forward. Every vote counts, so please be sure
to vote.
Thank you in advance for your prompt attention to the proxy. If you have any
questions, please contact your Relationship Manager.
#RM_Name#
#RM_Title#
#RM_Phone#
#RM_Ext#
#RM_Email#
------------------------------------------------------------------------
-----------------------------------------
| Legal notices and E-mail administration |
-----------------------------------------
We are sending this e-mail to let you know about fund changes that may affect
you. If you don't want to receive e-mails about investment topics, please send
an e-mail to:
mailto:UnsubIIG@investments.evanguard.com?Subject=Opt_out
For more information about Vanguard funds, visit www.vanguard.com, or call
800-662-7447, to obtain a prospectus. Investment objectives, risks, charges,
expenses, and other important information about a fund are contained in the
prospectus; read and consider it carefully before investing.
Copies of the final proxy statement can be obtained from The Vanguard Group,
once it is available. Please note that a preliminary proxy statement is subject
to change.
This information is intended for investors outside the United States. The
information contained herein does not constitute an offer or solicitation and
may not be treated as an offer or solicitation in any jurisdiction where such an
offer or solicitation is against the law, or to anyone to whom it is unlawful to
make such an offer or solicitation, or if the person making the offer or
solicitation is not qualified to do so.
VANGUARD'S INVESTMENT MANAGEMENT SERVICES ARE PROVIDED OUTSIDE OF CHILE. THE
PRODUCTS DESCRIBED HEREIN HAVE NOT BEEN REGISTERED (OTHER THAN BY THE CCR),
APPROVED OR DISAPPROVED IN CHILE AND ARE NOT REGISTERED IN THE SVS SECURITIES
REGISTRY. THE PRODUCTS DESCRIBED HEREIN ARE NOT GOVERNED BY CHILEAN PUBLIC OFFER
RULES. THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER MADE ON A
ONE-ON-ONE BASIS AND DOES NOT CONSTITUTE A PUBLIC OFFER OF FOREIGN SECURITIES IN
CHILE.
(c) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing
Corporation, Distributor. The material in this message is promotional in nature.
| Confidentiality statement: http://www.vanguard.com/visit/instlconfidentialstmt
455 Devon Park Drive | Wayne, PA 19087-1815 | www.vanguard.com
Proxy filing IRPS e-mail March 10.doc
Subject: Vanguard files proxy statement with SEC
Dear #First Name#:
Today, Vanguard filed a proxy statement with the SEC. A core part of the proxy
statement is a proposal to elect trustees for all Vanguard(R) funds. As the
proxy explains, the proposals include updating and standardizing the funds'
investment policies to allow Vanguard to serve its clients' needs most
effectively.
For more information about the proxy, please go to:
---------------------------------
http://www.vanguard.com/proxy
---------------------------------
The proxy explains how shareholders can vote on these proposals, whether on the
Internet, by phone, by mail, or by attending a special meeting of Vanguard fund
shareholders on July 2, 2009 in Scottsdale, Arizona. Any person or entity that
owns shares of a Vanguard fund on the record date, April 6, 2009, may cast a
vote, even if that shareholder later sells those shares.
We encourage you to exercise your or your organization's rights concerning the
governance of Vanguard funds by reviewing the proxy statement and then casting
your vote. If you are not the correct person to take action on the proxy
statement, please forward this communication to the appropriate individual
within your organization.
Every shareholder's vote is important. Each fund must achieve a quorum in order
for the shareholder meeting to go forward. Every vote counts, so please be sure
to vote.
Thank you in advance for your prompt attention to the proxy. If you have any
questions, please contact your relationship manager.
#RM_Name#
#RM_Title#
#RM_Phone#
#RM_Ext#
#RM_Email#
R. Gregory Barton
Managing Director
Vanguard Institutional Investor Group
------------------------------------------------------------------------
-----------------------------------------
| Legal notices and E-mail administration |
-----------------------------------------
We are sending this e-mail to let you know about fund changes that may affect
you. If you don't want to receive e-mails about investment topics, please send
an e-mail to:
mailto:UnsubIIG@investments.evanguard.com?Subject=Opt_out
For more information about Vanguard funds, visit www.vanguard.com, or call
800-662-7447, to obtain a prospectus. Investment objectives, risks, charges,
expenses, and other important information about a fund are contained in the
prospectus; read and consider it carefully before investing.
Copies of the final proxy statement can be obtained from The Vanguard Group,
once it is available. Please note that a preliminary proxy statement is subject
to change.
(c) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing
Corporation, Distributor. The material in this message is promotional in nature.
| Confidentiality statement: http://www.vanguard.com/visit/instlconfidentialstmt
455 Devon Park Drive | Wayne, PA 19087-1815 | www.vanguard.com
Proxy Filing International Non-Chile e-mail March 10.doc
Subject: Vanguard files proxy statement with SEC
Today, Vanguard filed a proxy statement with the SEC. A core part of the proxy
statement is a proposal to elect trustees for all Vanguard(R) funds. As the
proxy explains, the proposals include updating and standardizing the funds'
investment policies to allow Vanguard to serve its clients' needs most
effectively.
For more information about the proxy, please go to:
---------------------------------
http://www.vanguard.com/proxy
---------------------------------
The proxy explains how shareholders can vote on these proposals, whether on the
Internet, by phone, by mail, or by attending a special meeting of Vanguard fund
shareholders on July 2, 2009 in Scottsdale, Arizona. Any person or entity that
owns shares of a Vanguard fund on the record date, April 6, 2009, may cast a
vote, even if that shareholder later sells those shares.
We encourage you to exercise your or your organization's rights concerning the
governance of Vanguard funds by reviewing the proxy statement and then casting
your vote. If you are not the correct person to take action on the proxy
statement, please forward this communication to the appropriate individual
within your organization.
Every shareholder's vote is important. Each fund must achieve a quorum in order
for the shareholder meeting to go forward. Every vote counts, so please be sure
to vote.
Thank you in advance for your prompt attention to the proxy. If you have any
questions, please contact your Relationship Manager.
#RM_Name#
#RM_Title#
#RM_Phone#
#RM_Ext#
#RM_Email#
------------------------------------------------------------------------
-----------------------------------------
| Legal notices and E-mail administration |
-----------------------------------------
We are sending this e-mail to let you know about fund changes that may affect
you. If you don't want to receive e-mails about investment topics, please send
an e-mail to:
mailto:UnsubIIG@investments.evanguard.com?Subject=Opt_out
For more information about Vanguard funds, visit www.vanguard.com, or call
800-662-7447, to obtain a prospectus. Investment objectives, risks, charges,
expenses, and other important information about a fund are contained in the
prospectus; read and consider it carefully before investing.
Copies of the final proxy statement can be obtained from The Vanguard Group,
once it is available. Please note that a preliminary proxy statement is subject
to change.
This information is intended for investors outside the United States. The
information contained herein does not constitute an offer or solicitation and
may not be treated as an offer or solicitation in any jurisdiction where such an
offer or solicitation is against the law, or to anyone to whom it is unlawful to
make such an offer or solicitation, or if the person making the offer or
solicitation is not qualified to do so.
(c) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing
Corporation, Distributor. The material in this message is promotional in nature.
| Confidentiality statement: http://www.vanguard.com/visit/instlconfidentialstmt
455 Devon Park Drive | Wayne, PA 19087-1815 | www.vanguard.com
Proxy filing Education Markets Group e-mail March 10.doc
Subject: Vanguard files proxy statement with SEC
Dear #First Name#:
Today, Vanguard filed a proxy statement with the SEC. A core part of the proxy
statement is a proposal to elect trustees for all Vanguard(R) funds. As the
proxy explains, the proposals include updating and standardizing the funds'
investment policies to allow Vanguard to serve its clients' needs most
effectively.
For more information about the proxy, please go to:
---------------------------------
http://www.vanguard.com/proxy
---------------------------------
The proxy explains how shareholders can vote on these proposals, whether on the
Internet, by phone, by mail, or by attending a special meeting of Vanguard fund
shareholders on July 2, 2009 in Scottsdale, Arizona. Any person or entity that
owns shares of a Vanguard fund on the record date, April 6, 2009, may cast a
vote, even if that shareholder later sells those shares.
We encourage you to exercise your or your organization's rights concerning the
governance of Vanguard funds by reviewing the proxy statement and then casting
your vote. If you are not the correct person to take action on the proxy
statement, please forward this communication to the appropriate individual
within your organization.
Every shareholder's vote is important. Each fund must achieve a quorum in order
for the shareholder meeting to go forward. Every vote counts, so please be sure
to vote.
Thank you in advance for your prompt attention to the proxy. If you have any
questions, please contact me.
#RM_Name#
#RM_Title#
#RM_Phone#
#RM_Ext#
#RM_Email#
------------------------------------------------------------------------
-----------------------------------------
| Legal notices and E-mail administration |
-----------------------------------------
We are sending this e-mail to let you know about fund changes that may affect
you. If you don't want to receive e-mails about investment topics, please send
an e-mail to:
mailto:UnsubIIG@investments.evanguard.com?Subject=Opt_out
For more information about Vanguard funds, visit www.vanguard.com, or call
800-662-7447, to obtain a prospectus. Investment objectives, risks, charges,
expenses, and other important information about a fund are contained in the
prospectus; read and consider it carefully before investing.
Copies of the final proxy statement can be obtained from The Vanguard Group,
once it is available. Please note that a preliminary proxy statement is subject
to change.
(c) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing
Corporation, Distributor. The material in this message is promotional in nature.
| Confidentiality statement: http://www.vanguard.com/visit/instlconfidentialstmt
455 Devon Park Drive | Wayne, PA 19087-1815 | www.vanguard.com
Proxy Filing FAS broker-dealer e-mail March 10 doc
Subject: Vanguard files proxy statement with SEC
Dear Vanguard Financial Advisor Services Client:
Today, Vanguard filed a proxy statement with the SEC. A core part of the proxy
statement is a proposal to elect trustees for all Vanguard(R) funds. As the
proxy explains, the proposals include updating and standardizing the funds'
investment policies to allow Vanguard to serve its clients' needs most
effectively.
For more information about the proxy, please go to:
---------------------------------
http://www.vanguard.com/proxy
---------------------------------
The proxy explains how shareholders can vote on these proposals, whether on the
Internet, by phone, by mail, or by attending a special meeting of Vanguard fund
shareholders on July 2, 2009 in Scottsdale, Arizona. Any person or entity that
owns shares of a Vanguard fund on the record date, April 6, 2009, may cast a
vote, even if that shareholder later sells those shares.
We encourage all clients to exercise their right concerning the governance of
Vanguard funds by reviewing the proxy statement and then casting a vote. We have
provided the link above for your reference should your clients have questions
regarding the proxy.
Thank you in advance for your prompt attention to the proxy. If you have any
questions, please contact your Vanguard Relationship Manager or a Vanguard
Financial Advisor Services Representative at 800-997-2798 or
intermediaries@vanguard.com.
R. Gregory Barton
Managing Director
Institutional Investor Group
------------------------------------------------------------------------
-----------------------------------------
| Legal notices and E-mail administration |
-----------------------------------------
We are sending this e-mail to let you know about fund changes that may affect
you. If you don't want to receive e-mails about investment topics, please send
an e-mail to:
mailto:UnsubIIG@investments.evanguard.com?Subject=Opt_out
For more information about Vanguard funds, visit www.vanguard.com, or call
800-662-7447, to obtain a prospectus. Investment objectives, risks, charges,
expenses, and other important information about a fund are contained in the
prospectus; read and consider it carefully before investing.
Copies of the final proxy statement can be obtained from The Vanguard Group,
once it is available. Please note that a preliminary proxy statement is subject
to change.
(c) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing
Corporation, Distributor. The material in this message is promotional in nature.
| Confidentiality statement: http://www.vanguard.com/visit/instlconfidentialstmt
455 Devon Park Drive | Wayne, PA 19087-1815 | www.vanguard.com
Proxy filing RIA and Bank Trust Internal Sales e-mail March 10.doc
Subject: Vanguard files proxy statement with SEC
Dear Vanguard Financial Advisor Services Client:
Today, Vanguard filed a proxy statement with the SEC. A core part of the proxy
statement is a proposal to elect trustees for all Vanguard(R) funds. As the
proxy explains, the proposals include updating and standardizing the funds'
investment policies to allow Vanguard to serve its clients' needs most
effectively.
For more information about the proxy, please go to:
---------------------------------
http://www.vanguard.com/proxy
---------------------------------
The proxy explains how shareholders can vote on these proposals, whether on the
Internet, by phone, by mail, or by attending a special meeting of Vanguard fund
shareholders on July 2, 2009 in Scottsdale, Arizona. Any person or entity that
owns shares of a Vanguard fund on the record date, April 6, 2009, may cast a
vote, even if that shareholder later sells those shares.
We encourage all clients to exercise their right concerning the governance of
Vanguard funds by reviewing the proxy statement and then casting a vote. We have
provided the link above for your reference should your clients have questions
regarding the proxy.
Thank you in advance for your prompt attention to the proxy. If you have any
questions, please contact the internal sales desk at 800-997-2798 or
intermediaries@vanguard.com.
R. Gregory Barton
Managing Director
Vanguard Institutional Investor Group
------------------------------------------------------------------------
-----------------------------------------
| Legal notices and E-mail administration |
-----------------------------------------
We are sending this e-mail to let you know about fund changes that may affect
you. If you don't want to receive e-mails about investment topics, please send
an e-mail to:
mailto:UnsubIIG@investments.evanguard.com?Subject=Opt_out
For more information about Vanguard funds, visit www.vanguard.com, or call
800-662-7447, to obtain a prospectus. Investment objectives, risks, charges,
expenses, and other important information about a fund are contained in the
prospectus; read and consider it carefully before investing.
Copies of the final proxy statement can be obtained from The Vanguard Group,
once it is available. Please note that a preliminary proxy statement is subject
to change.
(c) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing
Corporation, Distributor. The material in this message is promotional in nature.
| Confidentiality statement: http://www.vanguard.com/visit/instlconfidentialstmt
455 Devon Park Drive | Wayne, PA 19087-1815 | www.vanguard.com
Proxy Filing RIA and Bank Trust Sales Executive e-mail 3-10.doc
Subject: Vanguard files proxy statement with SEC
Dear Vanguard Financial Advisor Services Client:
Today, Vanguard filed a proxy statement with the SEC. A core part of the proxy
statement is a proposal to elect trustees for all Vanguard(R) funds. As the
proxy explains, the proposals include updating and standardizing the funds'
investment policies to allow Vanguard to serve its clients' needs most
effectively.
For more information about the proxy, please go to:
---------------------------------
http://www.vanguard.com/proxy
---------------------------------
The proxy explains how shareholders can vote on these proposals, whether on the
Internet, by phone, by mail, or by attending a special meeting of Vanguard fund
shareholders on July 2, 2009 in Scottsdale, Arizona. Any person or entity that
owns shares of a Vanguard fund on the record date, April 6, 2009, may cast a
vote, even if that shareholder later sells those shares.
We encourage all clients to exercise their right concerning the governance of
Vanguard funds by reviewing the proxy statement and then casting a vote. We have
provided the link above for your reference should your clients have questions
regarding the proxy.
Thank you in advance for your prompt attention to the proxy. If you have any
questions, please contact your Sales Executive at 800-997-2798 or
intermediaries@vanguard.com.
R. Gregory Barton
Managing Director
Vanguard Institutional Investor Group
------------------------------------------------------------------------
-----------------------------------------
| Legal notices and E-mail administration |
-----------------------------------------
We are sending this e-mail to let you know about fund changes that may affect
you. If you don't want to receive e-mails about investment topics, please send
an e-mail to:
mailto:UnsubIIG@investments.evanguard.com?Subject=Opt_out
For more information about Vanguard funds, visit www.vanguard.com, or call
800-662-7447, to obtain a prospectus. Investment objectives, risks, charges,
expenses, and other important information about a fund are contained in the
prospectus; read and consider it carefully before investing.
Copies of the final proxy statement can be obtained from The Vanguard Group,
once it is available. Please note that a preliminary proxy statement is subject
to change.
(c) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing
Corporation, Distributor. The material in this message is promotional in nature.
| Confidentiality statement: http://www.vanguard.com/visit/instlconfidentialstmt
455 Devon Park Drive | Wayne, PA 19087-1815 | www.vanguard.com