CEO URGES FUND SHAREHOLDERS TO VOTE THEIR SHARES

[F. WILLIAM MCNABB PHOTO]


As you may know, Vanguard will hold a special meeting of shareholders on July 2,
2009, to seek approval on several proposals. Anyone who held shares as of April
6, 2009, is eligible to vote.

A core proposal would update and standardize your funds' investment  policies to
allow  Vanguard  to  serve  your  needs  most   effectively  in  today's  market
environment.

Another important proposal is to elect trustees for all Vanguard funds.

Prompt  action by our  shareholders  will  help  ensure  that the funds  reach a
quorum--and will also help us keep expenses as low as possible. If your funds do
not  receive  enough  votes to  achieve a quorum by the date of the  shareholder
meeting on July 2, they will incur the  considerable  expense of a second  proxy
solicitation.

That's why, if you have not already voted, I strongly advocate that you exercise
your rights in any of four ways:

>    ON THE  INTERNET.  Log on to  www.proxy-direct.com/vanguard  and follow the
     on-screen instructions.  (If you are a registered user of Vanguard.com, you
     may be  able to vote  through  a  secure  message  once  you log on to your
     account; it's the quickest and easiest way available.)
>    BY  PHONE.   Call  toll-free  to  866-241-6192   and  follow  the  recorded
     instructions.
>    BY MAIL.  Vote,  sign,  and date the proxy  card  enclosed  with your proxy
     statement,  and return it in the postage-paid envelope. > In person. Attend
     the shareholder meeting in Scottsdale, AZ.

By voting via the Internet or telephone, using the 14-digit control number and
8-digit security code on your proxy card or voting instruction card, you'll help
to save the funds money (in return postage). If you own a joint account at
Vanguard, please consult with your joint owner(s) regarding the vote on the
proposals.

Remember that every vote counts. No matter how many shares you own, your vote is
important.