0000932471-09-000974.txt : 20110309 0000932471-09-000974.hdr.sgml : 20110309 20090415170621 ACCESSION NUMBER: 0000932471-09-000974 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090702 FILED AS OF DATE: 20090415 DATE AS OF CHANGE: 20090415 EFFECTIVENESS DATE: 20090415 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD EXPLORER FUND CENTRAL INDEX KEY: 0000034066 IRS NUMBER: 510106626 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01530 FILM NUMBER: 09751777 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD EXPLORER FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: EXPLORER FUND INC DATE OF NAME CHANGE: 19900305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD INDEX FUNDS CENTRAL INDEX KEY: 0000036405 IRS NUMBER: 231999755 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02652 FILM NUMBER: 09751772 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD INDEX FUNDS/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD INDEX TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FIRST INDEX INVESTMENT TRUST DATE OF NAME CHANGE: 19800904 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD WORLD FUND CENTRAL INDEX KEY: 0000052848 IRS NUMBER: 046035483 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01027 FILM NUMBER: 09751743 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD WORLD FUNDS DATE OF NAME CHANGE: 20020402 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD WORLD FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: IVEST FUND INC DATE OF NAME CHANGE: 19850923 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD MORGAN GROWTH FUND CENTRAL INDEX KEY: 0000068138 IRS NUMBER: 510108190 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01685 FILM NUMBER: 09751765 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MORGAN GROWTH FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN W L GROWTH FUND INC DATE OF NAME CHANGE: 19900507 FORMER COMPANY: FORMER CONFORMED NAME: MORGAN GROWTH FUND DATE OF NAME CHANGE: 19681203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD WELLESLEY INCOME FUND CENTRAL INDEX KEY: 0000105544 IRS NUMBER: 231711688 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-01766 FILM NUMBER: 09751747 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 610-669-6295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD WELLESLEY INCOME FUND/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD/WELLESLEY INCOME FUND INC DATE OF NAME CHANGE: 19940608 FORMER COMPANY: FORMER CONFORMED NAME: WELLESLEY INCOME FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD WELLINGTON FUND CENTRAL INDEX KEY: 0000105563 IRS NUMBER: 510071687 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00121 FILM NUMBER: 09751746 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD/WELLINGTON FUND INC DATE OF NAME CHANGE: 19940608 FORMER COMPANY: FORMER CONFORMED NAME: WELLINGTON FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD FIXED INCOME SECURITIES FUNDS CENTRAL INDEX KEY: 0000106444 IRS NUMBER: 231899003 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02368 FILM NUMBER: 09751775 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696289 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD FIXED INCOME SECURITIES FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WESTMINSTER BOND FUND INC DATE OF NAME CHANGE: 19800619 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD MONEY MARKET RESERVES CENTRAL INDEX KEY: 0000106830 IRS NUMBER: 236607979 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02554 FILM NUMBER: 09751767 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MONEY MARKET FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MONEY MARKET RESERVES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MONEY MARKET TRUST DATE OF NAME CHANGE: 19851103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD WINDSOR FUNDS CENTRAL INDEX KEY: 0000107606 IRS NUMBER: 510082711 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-00834 FILM NUMBER: 09751744 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V37 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696289 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V37 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD WINDSOR FUNDS/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD/WINDSOR FUNDS INC DATE OF NAME CHANGE: 19931203 FORMER COMPANY: FORMER CONFORMED NAME: WINDSOR FUNDS INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD MUNICIPAL BOND FUNDS CENTRAL INDEX KEY: 0000225997 IRS NUMBER: 232022170 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02687 FILM NUMBER: 09751763 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MUNICIPAL BOND FUND DATE OF NAME CHANGE: 19851103 FORMER COMPANY: FORMER CONFORMED NAME: WARWICK MUNICIPAL BOND FUND INC DATE OF NAME CHANGE: 19800619 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD TRUSTEES' EQUITY FUND CENTRAL INDEX KEY: 0000313850 IRS NUMBER: 232120820 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-02968-99 FILM NUMBER: 09751752 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TRUSTEES EQUITY FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TRUSTEES EQUITY FUND DATE OF NAME CHANGE: 19930303 FORMER COMPANY: FORMER CONFORMED NAME: TRUSTEES COMINGLED FUND DATE OF NAME CHANGE: 19930302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD SPECIALIZED FUNDS CENTRAL INDEX KEY: 0000734383 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03916 FILM NUMBER: 09751756 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD SPECIALIZED FUNDS/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD SPECIALIZED PORTFOLIOS INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD STAR FUNDS CENTRAL INDEX KEY: 0000736054 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-03919 FILM NUMBER: 09751755 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD STAR FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD SPECIAL TAX ADVANTAGED RETIREMENT FUND DATE OF NAME CHANGE: 19850318 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CHESTER FUNDS CENTRAL INDEX KEY: 0000752177 IRS NUMBER: 232311358 FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04098 FILM NUMBER: 09751779 BUSINESS ADDRESS: STREET 1: PO BOX 2600 VM #V34 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696289 MAIL ADDRESS: STREET 1: P.O. BOX 2600 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD PRIMECAP FUND/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD/PRIMECAP FUND INC DATE OF NAME CHANGE: 19940608 FORMER COMPANY: FORMER CONFORMED NAME: PRIMECAP FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CALIFORNIA TAX-FREE FUNDS CENTRAL INDEX KEY: 0000783401 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04474 FILM NUMBER: 09751780 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD CALIFORNIA TAX FREE FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD CALIFORNIA TAX FREE FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD CALIFORNIA INSURED TAX FREE FUND DATE OF NAME CHANGE: 19870514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD NEW YORK TAX-FREE FUNDS CENTRAL INDEX KEY: 0000788599 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04570 FILM NUMBER: 09751760 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD NEW YORK INSURED TAX FREE FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD PENNSYLVANIA TAX-FREE FUNDS CENTRAL INDEX KEY: 0000788606 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04571 FILM NUMBER: 09751758 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD PENNSYLVANIA TAX FREE FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD PENNSYLVANIA INSURED TAX FREE FUND DATE OF NAME CHANGE: 19880407 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CONVERTIBLE SECURITIES FUND CENTRAL INDEX KEY: 0000791107 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04627 FILM NUMBER: 09751778 BUSINESS ADDRESS: STREET 1: PO BOX 2600 V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD CONVERTIBLE SECURITIES FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD BOND INDEX FUNDS CENTRAL INDEX KEY: 0000794105 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04681 FILM NUMBER: 09751750 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: P.O. BOX 2600 V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD BOND INDEX FUND INC DATE OF NAME CHANGE: 19940111 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD BOND MARKET FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD INDEX BOND FUND DATE OF NAME CHANGE: 19870105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD QUANTITATIVE FUNDS / CENTRAL INDEX KEY: 0000799127 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-04526 FILM NUMBER: 09751757 BUSINESS ADDRESS: STREET 1: 100 VANGUARD BLVD STREET 2: P O BOX 2600 CITY: MALVERN STATE: PA ZIP: 19355 BUSINESS PHONE: 6106696289 MAIL ADDRESS: STREET 1: 1300 MORRIS DR STREET 2: PO BOX 2600 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD NEW JERSEY TAX-FREE FUNDS CENTRAL INDEX KEY: 0000821404 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05340 FILM NUMBER: 09751761 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD NEW JERSEY TAX FREE FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD NEW JERSEY TAX FREE FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD FENWAY FUNDS CENTRAL INDEX KEY: 0000826473 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05445 FILM NUMBER: 09751776 BUSINESS ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD EQUITY INCOME FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD MALVERN FUNDS CENTRAL INDEX KEY: 0000836906 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05628 FILM NUMBER: 09751769 BUSINESS ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD ASSET ALLOCATION FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD INTERNATIONAL EQUITY INDEX FUNDS CENTRAL INDEX KEY: 0000857489 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05972 FILM NUMBER: 09751770 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD INTERNATIONAL EQUITY INDEX FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD VARIABLE INSURANCE FUNDS CENTRAL INDEX KEY: 0000857490 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-05962 FILM NUMBER: 09751764 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD VARIABLE INSURANCE FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD VARIABLE INSURANCE FUND INC DATE OF NAME CHANGE: 19910505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD INSTITUTIONAL INDEX FUNDS CENTRAL INDEX KEY: 0000862084 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06093 FILM NUMBER: 09751771 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD INSTITUTIONAL INDEX FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD INSTITUTIONAL EQUITY INDEX FUND INC DATE OF NAME CHANGE: 19900701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD OHIO TAX-FREE FUNDS CENTRAL INDEX KEY: 0000862341 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06083 FILM NUMBER: 09751759 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD OHIO TAX FREE FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD FLORIDA TAX-FREE FUND CENTRAL INDEX KEY: 0000888451 IRS NUMBER: 232687102 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-06709 FILM NUMBER: 09751774 BUSINESS ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD FLORIDA TAX-FREE FUND DATE OF NAME CHANGE: 20070223 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD FLORIDA TAX FREE FUND DATE OF NAME CHANGE: 20070221 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD FLORIDA INSURED TAX FREE FUND DATE OF NAME CHANGE: 19920717 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD VALLEY FORGE FUNDS CENTRAL INDEX KEY: 0000889519 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-58431 FILM NUMBER: 09751751 BUSINESS ADDRESS: STREET 1: P O BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD BALANCED INDEX FUNDS DATE OF NAME CHANGE: 20070223 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD BALANCED INDEX FUND DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD BALANCED INDEX FUND INC DATE OF NAME CHANGE: 19920715 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD ADMIRAL FUNDS CENTRAL INDEX KEY: 0000891190 IRS NUMBER: 232696041 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07043 FILM NUMBER: 09751748 BUSINESS ADDRESS: STREET 1: P.O. BOX 2600, V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 215-669-6295 MAIL ADDRESS: STREET 1: P.O. BOX 2600 V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD ADMIRAL FUNDS INC DATE OF NAME CHANGE: 19920908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD TAX-MANAGED FUNDS CENTRAL INDEX KEY: 0000923202 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07175 FILM NUMBER: 09751754 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: VM #V34 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 610-669-62 MAIL ADDRESS: STREET 1: PO BOX 2600 VM V#34 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TAX MANAGED FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TAX-MANAGED FUNDS DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TAX MANAGED FUND INC DATE OF NAME CHANGE: 19940517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD HORIZON FUNDS CENTRAL INDEX KEY: 0000932471 IRS NUMBER: 232787277 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07239 FILM NUMBER: 09751773 BUSINESS ADDRESS: STREET 1: P O BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD HORIZON FUND INC DATE OF NAME CHANGE: 19941107 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD WHITEHALL FUNDS CENTRAL INDEX KEY: 0001004655 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07443 FILM NUMBER: 09751745 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD WHITEHALL FUNDS INC DATE OF NAME CHANGE: 19951207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD TREASURY FUND CENTRAL INDEX KEY: 0001021882 IRS NUMBER: 232439140 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-07803 FILM NUMBER: 09751753 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD TREASURY FUND DATE OF NAME CHANGE: 19960829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD MASSACHUSETTS TAX-EXEMPT FUNDS CENTRAL INDEX KEY: 0001070414 IRS NUMBER: 232975858 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-09005 FILM NUMBER: 09751768 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696295 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD MASSACHUSETTS TAX EXEMPT FUNDS DATE OF NAME CHANGE: 19980915 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CMT FUNDS CENTRAL INDEX KEY: 0001273878 IRS NUMBER: 200961006 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-21478 FILM NUMBER: 09751749 BUSINESS ADDRESS: STREET 1: 100 VANGUARD BLVD CITY: MALVERN STATE: PA ZIP: 19355 BUSINESS PHONE: 610-669-1000 MAIL ADDRESS: STREET 1: 100 VANGUARD BLVD CITY: MALVERN STATE: PA ZIP: 19355 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD CASH MANAGEMENT TRUST DATE OF NAME CHANGE: 20031218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vanguard Montgomery Funds CENTRAL INDEX KEY: 0001409957 IRS NUMBER: 261082315 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 811-22114 FILM NUMBER: 09751766 BUSINESS ADDRESS: STREET 1: P.O. BOX 2600 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 610-669-1000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 CITY: VALLEY FORGE STATE: PA ZIP: 19482

0000034066 S000002578 VANGUARD EXPLORER FUND

C000007081 Investor Shares VEXPX

C000007082 Admiral Shares VEXRX

0000036405 S000002839 Vanguard 500 Index Fund

C000007773 Investor Shares VFINX

C000007774 Admiral Shares VFIAX

C000035202 Signal Shares VIFSX

0000036405 S000002840 Vanguard Value Index Fund

C000007775 Investor Shares VIVAX

C000007776 Admiral Shares VVIAX

C000007777 Institutional Shares VIVIX

C000007778 ETF Shares VTV

C000035203 Signal Shares VVISX

0000036405 S000002841 Vanguard Extended Market Index Fund

C000007779 Investor Shares VEXMX

C000007780 Admiral Shares VEXAX

C000007781 Institutional Shares VIEIX

C000007782 ETF Shares VXF

C000035204 Signal Shares VEMSX

0000036405 S000002842 Vanguard Growth Index Fund

C000007783 Investor Shares VIGRX

C000007784 Admiral Shares VIGAX

C000007785 Institutional Shares VIGIX

C000007786 ETF Shares VUG

C000035205 Signal Shares VIGSX

0000036405 S000002843 Vanguard Large-Cap Index Fund

C000007787 Investor Shares VLACX

C000007788 Admiral Shares VLCAX

C000007789 Institutional Shares VLISX

C000007790 ETF Shares VV

C000035206 Signal Shares VLCSX

0000036405 S000002844 Vanguard Mid-Cap Index Fund

C000007791 Investor Shares VIMSX

C000007792 Admiral Shares VIMAX

C000007793 Institutional Shares VMCIX

C000007794 ETF Shares VO

C000035207 Signal Shares VMISX

0000036405 S000002845 Vanguard Small-Cap Index Fund

C000007795 Investor Shares NAESX

C000007796 Admiral Shares VSMAX

C000007797 Institutional Shares VSCIX

C000007798 ETF Shares VB

C000035208 Signal Shares VSISX

0000036405 S000002846 Vanguard Small-Cap Growth Index Fund

C000007799 Investor Shares VISGX

C000007800 Institutional Shares VSGIX

C000007801 ETF Shares VBK

0000036405 S000002847 Vanguard Small-Cap Value Index Fund

C000007802 Investor Shares VISVX

C000007803 Institutional Shares VSIIX

C000007804 ETF Shares VBR

0000036405 S000002848 Vanguard Total Stock Market Index Fund

C000007805 Investor Shares VTSMX

C000007806 Admiral Shares VTSAX

C000007807 Institutional Shares VITSX

C000007808 ETF Shares VTI

C000035211 Signal Shares VTSSX

0000036405 S000012756 Vanguard Mid-Cap Growth Index Fund

C000034427 Investor Shares VMGIX

C000034428 ETF Shares VOT

0000036405 S000012757 Vanguard Mid-Cap Value Index Fund

C000034429 Investor Shares VMVIX

C000034430 ETF Shares VOE

0000052848 S000004440 Vanguard FTSE Social Index Fund

C000012203 Investor Shares VCSIX

C000012204 Institutional Shares VCSNX

0000052848 S000004441 Vanguard Materials Index Fund

C000012205 Admiral Shares VMIAX

C000012206 ETF Shares VAW

0000052848 S000004443 Vanguard Telecommunication Services Index Fund

C000012208 Admiral Shares VTCAX

C000012209 ETF Shares VOX

0000052848 S000004444 Vanguard U.S. Growth Fund

C000012210 Investor Shares VWUSX

C000012211 Admiral Shares VWUAX

0000052848 S000004445 Vanguard Utilities Index Fund

C000012212 Admiral Shares VUIAX

C000012213 ETF Shares VPU

0000052848 S000004446 Vanguard Consumer Discretionary Index Fund

C000012214 Admiral Shares VCDAX

C000012215 ETF Shares VCR

0000052848 S000004447 Vanguard Consumer Staples Index Fund

C000012216 Admiral Shares VCSAX

C000012217 ETF Shares VDC

0000052848 S000004448 Vanguard Energy Index Fund

C000012218 Admiral Shares VENAX

C000012219 ETF Shares VDE

0000052848 S000004449 Vanguard Financials Index Fund

C000012220 Admiral Shares VFAIX

C000012221 ETF Shares VFH

0000052848 S000004450 Vanguard Health Care Index Fund

C000012222 Admiral Shares VHCIX

C000012223 ETF Shares VHT

0000052848 S000004451 Vanguard Industrials Index Fund

C000012224 Admiral Shares VINAX

C000012225 ETF Shares VIS

0000052848 S000004452 Vanguard Information Technology Index Fund

C000012226 Admiral Shares VITAX

C000012227 ETF Shares VGT

0000052848 S000004453 Vanguard International Growth Fund

C000012228 Investor Shares VWIGX

C000012229 Admiral Shares VWILX

0000052848 S000018789 Vanguard Extended Duration Treasury Index Fund

C000051979 Institutional Shares VEDTX

C000051980 Institutional Plus Shares VEDIX

C000051981 ETF Shares EDV

0000052848 S000019698 Vanguard Mega Cap 300 Index Fund

C000055209 Institutional Shares VMCTX

C000055210 ETF Shares MGC

0000052848 S000019699 Vanguard Mega Cap 300 Value Index Fund

C000055212 Institutional Shares VMVLX

C000055213 ETF Shares MGV

0000052848 S000019700 Vanguard Mega Cap 300 Growth Index Fund

C000055215 Institutional Shares VMGAX

C000055216 ETF Shares MGK

0000068138 S000002871 VANGUARD MORGAN GROWTH FUND

C000007888 Investor Shares VMRGX

C000007889 Admiral Shares VMRAX

0000105544 S000004405 VANGUARD WELLESLEY INCOME FUND

C000012161 Investor Shares VWINX

C000012162 Admiral Shares VWIAX

0000105563 S000004406 VANGUARD WELLINGTON FUND

C000012163 Investor Shares VWELX

C000012164 Admiral Shares VWENX

0000106444 S000002582 Vanguard GNMA Fund

C000007087 Investor Shares VFIIX

C000007088 Admiral Shares VFIJX

0000106444 S000002583 Vanguard Short-Term Treasury Fund

C000007089 Investor Shares VFISX

C000007090 Admiral Shares VFIRX

0000106444 S000002584 Vanguard High-Yield Corporate Fund

C000007092 Investor Shares VWEHX

C000007093 Admiral Shares VWEAX

0000106444 S000002586 Vanguard Intermediate-Term Investment-Grade Fund

C000007097 Investor Shares VFICX

C000007098 Admiral Shares VFIDX

0000106444 S000002587 Vanguard Intermediate-Term Treasury Fund

C000007099 Investor Shares VFITX

C000007100 Admiral Shares VFIUX

0000106444 S000002588 Vanguard Long-Term Investment-Grade Fund

C000007101 Investor Shares VWESX

C000007102 Admiral Shares VWETX

0000106444 S000002589 Vanguard Long-Term Treasury Fund

C000007103 Investor Shares VUSTX

C000007104 Admiral Shares VUSUX

0000106444 S000002590 Vanguard Short-Term Federal Fund

C000007105 Investor Shares VSGBX

C000007106 Admiral Shares VSGDX

0000106444 S000002591 Vanguard Short-Term Investment-Grade Fund

C000007107 Investor Shares VFSTX

C000007108 Admiral Shares VFSUX

C000007109 Institutional Shares VFSIX

0000106830 S000004462 Vanguard Federal Money Market Fund

C000012238 Investor Shares VMFXX

0000106830 S000004463 Vanguard Prime Money Market Fund

C000012239 Investor Shares VMMXX

C000012240 Institutional Shares VMRXX

0000107606 S000004417 Vanguard Windsor Fund

C000012178 Investor Shares VWNDX

C000012179 Admiral Shares VWNEX

0000107606 S000004418 Vanguard Windsor II Fund

C000012180 Investor Shares VWNFX

C000012181 Admiral Shares VWNAX

0000225997 S000002892 Vanguard High-Yield Tax-Exempt Fund

C000007949 Investor Shares VWAHX

C000007950 Admiral Shares VWALX

0000225997 S000002894 Vanguard Intermediate-Term Tax-Exempt Fund

C000007953 Investor Shares VWITX

C000007954 Admiral Shares VWIUX

0000225997 S000002895 Vanguard Limited-Term Tax-Exempt Fund

C000007955 Investor Shares VMLTX

C000007956 Admiral Shares VMLUX

0000225997 S000002896 Vanguard Long-Term Tax-Exempt Fund

C000007957 Investor Shares VWLTX

C000007958 Admiral Shares VWLUX

0000225997 S000002897 Vanguard Short-Term Tax-Exempt Fund

C000007959 Investor Shares VWSTX

C000007960 Admiral Shares VWSUX

0000225997 S000002898 Vanguard Tax-Exempt Money Market Fund

C000007961 Investor Shares VMSXX

0000313850 S000004389 Vanguard International Value Fund

C000012145 Investor Shares VTRIX

0000313850 S000011877 Vanguard Diversified Equity Fund

C000032457 Investor Shares VDEQX

0000734383 S000002920 Vanguard Dividend Growth Fund

C000008004 Investor Shares VDIGX

0000734383 S000002921 Vanguard Energy Fund

C000008005 Investor Shares VGENX

C000008006 Admiral Shares VGELX

0000734383 S000002922 Vanguard Health Care Fund

C000008007 Investor Shares VGHCX

C000008008 Admiral Shares VGHAX

0000734383 S000002923 Vanguard Precious Metals and Mining Fund

C000008009 Investor Shares VGPMX

0000734383 S000002924 Vanguard REIT Index Fund

C000008010 Investor Shares VGSIX

C000008011 Admiral Shares VGSLX

C000008012 Institutional Shares VGSNX

C000032424 ETF Shares VNQ

C000038987 Signal Shares VGRSX

0000734383 S000011322 Vanguard Dividend Appreciation Index Fund

C000031349 Investor Shares VDAIX

C000031350 ETF Shares VIG

0000736054 S000002925 Vanguard Developed Markets Index Fund

C000008013 Vanguard Developed Markets Index Fund VDMIX

0000736054 S000002926 Vanguard Institutional Developed Markets Index Fund

C000008014 Vanguard Institutional Developed Markets Index Fund VIDMX

0000736054 S000002927 Vanguard LifeStrategy Conservative Growth Fund

C000008015 Vanguard LifeStrategy Conservative Growth Fund VSCGX

0000736054 S000002928 Vanguard LifeStrategy Growth Fund

C000008016 Vanguard LifeStrategy Growth Fund VASGX

0000736054 S000002929 Vanguard LifeStrategy Income Fund

C000008017 Vanguard LifeStrategy Income Fund VASIX

0000736054 S000002930 Vanguard LifeStrategy Moderate Growth Fund

C000008018 Vanguard LifeStrategy Moderate Growth Fund VSMGX

0000736054 S000002931 Vanguard Star Fund

C000008019 Vanguard Star Fund VGSTX

0000736054 S000002932 Vanguard Total International Stock Index Fund

C000008020 Vanguard Total International Stock Index Fund VGTSX

0000752177 S000002568 Vanguard PRIMECAP Fund

C000007070 Investor Shares VPMCX

C000007071 Admiral Shares VPMAX

0000752177 S000002569 Vanguard Target Retirement Income Fund

C000007072 Investor Shares VTINX

0000752177 S000002570 Vanguard Target Retirement 2005 Fund

C000007073 Investor Shares VTOVX

0000752177 S000002571 Vanguard Target Retirement 2015 Fund

C000007074 Investor Shares VTXVX

0000752177 S000002572 Vanguard Target Retirement 2025 Fund

C000007075 Investor Shares VTTVX

0000752177 S000002573 Vanguard Target Retirement 2035 Fund

C000007076 Investor Shares VTTHX

0000752177 S000002574 Vanguard Target Retirement 2045 Fund

C000007077 Investor Shares VTIVX

0000752177 S000012758 Vanguard Target Retirement 2010 Fund

C000034437 Investor Shares VTENX

0000752177 S000012759 Vanguard Target Retirement 2020 Fund

C000034438 Investor Shares VTWNX

0000752177 S000012760 Vanguard Target Retirement 2030 Fund

C000034439 Investor Shares VTHRX

0000752177 S000012761 Vanguard Target Retirement 2040 Fund

C000034440 Investor Shares VFORX

0000752177 S000012762 Vanguard Target Retirement 2050 Fund

C000034441 Investor Shares VFIFX

0000783401 S000002565 Vanguard California Tax-Exempt Money Market Fund

C000007065 Investor Shares VCTXX

0000783401 S000002566 Vanguard California Intermediate-Term Tax-Exempt Fund

C000007066 Investor Shares VCAIX

C000007067 Admiral Shares VCADX

0000783401 S000002567 Vanguard California Long-Term Tax-Exempt Fund

C000007068 Investor Shares VCITX

C000007069 Admiral Shares VCLAX

0000788599 S000002905 Vanguard New York Long-Term Tax-Exempt Fund

C000007969 Investor Shares VNYTX

C000007970 Admiral Shares VNYUX

0000788599 S000002906 Vanguard New York Tax-Exempt Money Market Fund

C000007971 Investor Shares VYFXX

0000788606 S000002911 Vanguard Pennsylvania Long-Term Tax-Exempt Fund

C000007976 Investor Shares VPAIX

C000007977 Admiral Shares VPALX

0000788606 S000002912 Vanguard Pennsylvania Tax-Exempt Money Market Fund

C000007978 Investor Shares VPTXX

0000791107 S000002837 VANGUARD CONVERTIBLE SECURITIES FUND

C000007767 Investor Shares VCVSX

0000794105 S000002561 Vanguard Intermediate-Term Bond Index Fund

C000007057 Investor Shares VBIIX

C000007058 Admiral Shares VBILX

C000024520 Institutional Shares VBIMX

C000035214 Signal Shares VIBSX

C000046841 ETF Shares BIV

0000794105 S000002562 Vanguard Long-Term Bond Index Fund

C000007059 Investor Shares VBLTX

C000024522 Institutional Shares VBLLX

C000046842 ETF Shares BLV

0000794105 S000002563 Vanguard Short-Term Bond Index Fund

C000007060 Investor Shares VBISX

C000007061 Admiral Shares VBIRX

C000035215 Signal Shares VBSSX

C000046843 ETF Shares BSV

0000794105 S000002564 Vanguard Total Bond Market Index Fund

C000007062 Investor Shares VBMFX

C000007063 Admiral Shares VBTLX

C000007064 Institutional Shares VBTIX

C000035216 Signal Shares VBTSX

C000046844 ETF Shares BND

0000794105 S000019554 Vanguard Inflation-Protected Securities Fund

C000054349 Investor Shares VIPSX

C000054350 Admiral Shares VAIPX

C000054351 Institutional Shares VIPIX

0000794105 S000025158 Vanguard Total Bond Market II Index Fund

C000075027 Investor Shares

C000075028 Institutional Shares

0000799127 S000002913 Vanguard Growth and Income Fund

C000007979 Investor Shares VQNPX

C000007980 Admiral Shares VGIAX

0000799127 S000012022 Structured Large-Cap Equity Fund

C000032754 Institutional Shares VSLIX

C000032755 Institutional Plus Shares VSLPX

0000799127 S000013496 Vanguard Structured Broad Market

C000036499 Institutional Shares VSBMX

C000039426 Institutional Plus Shares VSBPX

0000799127 S000013497 Vanguard Structured Large-Cap Growth

C000036500 Institutional Shares VSTLX

C000039427 Institutional Plus Shares VSGPX

0000799127 S000015173 Vanguard Structured Large-Cap Value Fund

C000041683 Institutional Shares VSEVX

C000041684 Institutional Plus Shares VSLVX

0000821404 S000002901 Vanguard New Jersey Long-Term Tax-Exempt Fund

C000007964 Investor Shares VNJTX

C000007965 Admiral Shares VNJUX

0000821404 S000002902 Vanguard New Jersey Tax-Exempt Money Market Fund

C000007966 Investor Shares VNJXX

0000826473 S000002579 Vanguard Equity Income Fund

C000007083 Investor Shares VEIPX

C000007084 Admiral Shares VEIRX

0000826473 S000002580 Vanguard Growth Equity Fund

C000007085 Investor Shares VGEQX

0000826473 S000002581 Vanguard PRIMECAP Core Fund

C000007086 Investor Shares VPCCX

0000836906 S000002867 Vanguard Asset Allocation Fund

C000007883 Investor Shares VAAPX

C000007884 Admiral Shares VAARX

0000836906 S000002868 Vanguard Capital Value Fund

C000007885 Investor Shares VCVLX

0000836906 S000002869 Vanguard U.S. Value Fund

C000007886 Investor Shares VUVLX

0000857489 S000005786 Vanguard Emerging Markets Stock Index Fund

C000015900 Investor Shares VEIEX

C000015901 Institutional Shares VEMIX

C000015902 ETF Shares VWO

C000035633 Admiral Shares VEMAX

C000038994 Signal Shares VERSX

0000857489 S000005787 Vanguard European Stock Index Fund

C000015903 Investor Shares VEURX

C000015904 Admiral Shares VEUSX

C000015905 Institutional Shares VESIX

C000015906 ETF Shares VGK

C000038995 Signal Shares VESSX

0000857489 S000005788 Vanguard Pacific Stock Index Fund

C000015907 Investor Shares VPACX

C000015908 Admiral Shares VPADX

C000015909 Institutional Shares VPKIX

C000015910 ETF Shares VPL

C000038996 Signal Shares VPASX

0000857489 S000015871 Vanguard FTSE All-World ex-US Index Fund

C000043571 Investor Shares VFWIX

C000043572 ETF Shares VEU

C000043573 Institutional Shares VFWSX

0000857489 S000022482 Vanguard Total World Stock Index Fund

C000065037 Investor Shares VTWSX

C000065038 ETF Shares VT

C000065039 Institutional Shares VTWIX

0000857489 S000025074 Vanguard FTSE All-World ex-US Small-Cap Index Fund

C000074579 Investor Shares VFSVX

C000074580 Institutional Shares VFSNX

C000074581 ETF Shares VSS

0000857490 S000004390 Balanced Portfolio

C000012146 Balanced Portfolio

0000857490 S000004391 Money Market Portfolio

C000012147 Money Market Portfolio

0000857490 S000004392 REIT Index Portfolio

C000012148 REIT Index Portfolio

0000857490 S000004393 Short-Term Investment-Grade Portfolio

C000012149 Short-Term Investment-Grade Portfolio

0000857490 S000004394 Small Company Growth Portfolio

C000012150 Small Company Growth Portfolio

0000857490 S000004395 Total Bond Market Index Portfolio

C000012151 Total Bond Market Index Portfolio

0000857490 S000004396 Total Stock Market Index Portfolio

C000012152 Total Stock Market Index Portfolio

0000857490 S000004397 Capital Growth Portfolio

C000012153 Capital Growth Portfolio

0000857490 S000004398 Diversified Value Portfolio

C000012154 Diversified Value Portfolio

0000857490 S000004399 Equity Income Portfolio

C000012155 Equity Income Portfolio

0000857490 S000004400 Equity Index Portfolio

C000012156 Equity Index Portfolio

0000857490 S000004401 Growth Portfolio

C000012157 Growth Portfolio

0000857490 S000004402 High-Yield Bond Portfolio

C000012158 High-Yield Bond Portfolio

0000857490 S000004403 International Portfolio

C000012159 International Portfolio

0000857490 S000004404 Mid-Cap Index Portfolio

C000012160 Mid-Cap Index Portfolio

0000862084 S000002853 Vanguard Institutional Index Fund

C000007825 Institutional Shares VINIX

C000007826 Institutional Plus Shares VIIIX

0000862084 S000002854 Vanguard Institutional Total Bond Market Index Fund

C000007827 Institutional Shares VITBX

0000862084 S000002855 Vanguard Institutional Total Stock Market Index Fund

C000007828 Institutional Shares VITNX

C000007829 Institutional Plus Shares VITPX

0000862341 S000002908 Vanguard Ohio Long-Term Tax-Exempt Fund

C000007973 Investor Shares VOHIX

0000862341 S000002909 Vanguard Ohio Tax-Exempt Money Market Fund

C000007974 Investor Shares VOHXX

0000888451 S000002592 Vanguard Florida Long-Term Tax-Exempt Fund

C000007110 Investor Shares VFLTX

C000007111 Admiral Shares VFLRX

0000889519 S000002560 VANGUARD BALANCED INDEX FUND

C000007054 INVESTOR SHARES VBINX

C000007055 ADMIRAL SHARES VBIAX

C000007056 INSTITUTIONAL SHARES VBAIX

C000035201 Signal Shares VBASX

0000889519 S000019760 Vanguard Managed Payout Growth Focus Fund

C000055411 Investor Shares VPGFX

0000889519 S000019761 Vanguard Managed Payout Growth and Distribution Fund

C000055412 Investor Shares VPGDX

0000889519 S000019762 Vanguard Managed Payout Distribution Focus Fund

C000055413 Investor Shares VPDFX

0000891190 S000002233 Vanguard Admiral Treasury Money Market Fund

C000005732 Investor Shares VUSXX

0000923202 S000004383 Vanguard Tax-Managed Balanced Fund

C000012133 Investor Shares VTMFX

0000923202 S000004384 Vanguard Tax-Managed Capital Appreciation Fund

C000012134 Investor Shares VMCAX

C000012135 Admiral Shares VTCLX

C000012136 Institutional Shares VTCIX

0000923202 S000004385 Vanguard Tax-Managed Growth and Income Fund

C000012137 Investor Shares VTGIX

C000012138 Admiral Shares VTGLX

C000012139 Institutional Shares VTMIX

0000923202 S000004386 Vanguard Tax-Managed International Fund

C000012140 Investor Shares VTMGX

C000012141 Institutional Shares VTMNX

C000051262 ETF Shares VEA

0000923202 S000004387 Vanguard Tax-Managed Small-Cap Fund

C000012142 Investor Shares VTMSX

C000012143 Institutional Shares VTSIX

0000932471 S000002593 Vanguard Strategic Equity Fund

C000007112 Investor Shares VSEQX

0000932471 S000002594 Vanguard Capital Opportunity Fund

C000007113 Investor Shares VHCOX

C000007114 Admiral Shares VHCAX

0000932471 S000002595 Vanguard Global Equity Fund

C000007115 Investor Shares VHGEX

0000932471 S000012432 Vanguard Strategic Small-Cap Equity Fund

C000033747 Investor Shares VSTCX

0001004655 S000004407 Vanguard International Explorer Fund

C000012165 Investor Shares VINEX

0001004655 S000004408 Vanguard Mid-Cap Growth Fund

C000012166 Investor Shares VMGRX

0001004655 S000004409 Vanguard Selected Value Fund

C000012167 Investor Shares VASVX

0001004655 S000014011 Vanguard High Dividend Yield Index Fund

C000038294 Investor Shares VHDYX

C000038295 ETF Shares VYM

0001021882 S000004388 Vanguard Treasury Money Market Fund

C000012144 Investor Shares VMPXX

0001070414 S000002870 Vanguard Massachusetts Tax-Exempt Fund

C000007887 Investor Shares VMATX

0001273878 S000002575 Vanguard Market Liquidity Fund

C000007078 Vanguard Market Liquidity Fund

0001273878 S000002576 Vanguard Municipal Cash Management Fund

C000007079 Vanguard Municipal Cash Management Fund

0001409957 S000019457 Vanguard Market Neutral Fund

C000054090 Investor Shares VMNFX

C000054091 Institutional Shares VMNIX

DEF 14A 1 definitivematerials.txt DEFINITIVE MATERIALS TOUCH-TONE TELEPHONE VOTING SCRIPT EXPECTED MAIL DATE: 04/18/2009 MEETING DATE: July 2, 2009 8:30 am Arizona Time TEST CONTROL NUMBER (s): ------------------------------------------ TEST SECURITY CODE (s): WHEN CONNECTED TO THE TOLL-FREE NUMBER 1-866-241-6192, THE SHAREHOLDER WILL HEAR: "Welcome! Please enter the 14 digit number located in the shaded box on your proxy card." -------------------------------------------------------------------------------- WHEN THE SHAREHOLDER ENTERS THE NUMBER, HE/SHE WILL HEAR: To proceed, please enter the 8 digit code located in the non-shaded box on your proxy card -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- WHEN THE SHAREHOLDER ENTERS THE CODE, HE/SHE WILL HEAR: "This is the automated telephone voting site for the Special Meeting of Shareholders of the Vanguard Funds." "To vote as the BOARD RECOMMENDS ON ALL PROPOSALS, press 1 now." "To vote on EACH PROPOSAL SEPARATELY, press 0 now." -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- OPTION 1: IF VOTING AS THE BOARD RECOMMENDS: "To hear how you have voted, press 1." "To cancel your vote, press 2." "To save how you have voted, press 3." IF THE SHAREHOLDER PRESSES 1 TO HEAR THE VOTES: "Your vote will be saved automatically should you decide to hang up during vote playback." "Your vote has been cast as follows, "You have voted as THE BOARD RECOMMENDED." "To hear how you have voted, press 1." "To cancel your vote, press 2." "To save how you have voted, press 3." IF THE SHAREHOLDER PRESSES 2 TO CANCEL THE VOTES:

IF THE SHAREHOLDER PRESSES 3 TO SAVE THE VOTES:

If the shareholder elects to vote another proxy, he/she is returned to the above speech "PLEASE ENTER THE NUMBER". IF THE SHAREHOLDER ELECTS TO END THE CALL, HE/SHE WILL HEAR: "Thank you for voting." -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- OPTION 2: IF THE SHAREHOLDER OPTS TO VOTE ON EACH PROPOSAL SEPARATELY:

IF THE SHAREHOLDER PRESSES 0, TO WITHHOLD FROM AN INDIVIDUAL NOMINEE, HE/SHE WILL HEAR: "To enter a vote to withhold from an individual nominee, enter the two digit number that appears next to the nominee you do not wish to vote for." "Press 0, if you have completed voting on nominees" AFTER THE SHAREHOLDER ENTERS THE FIRST NOMINEE NUMBER, HE/SHE HEARS: "Press 1 to WITHHOLD from another nominee, or press 0 if you have completed voting on the nominees." IF THE SHAREHOLDER PRESSES 0 AND HAS NOT ENTERED ANY NOMINEE NUMBERS, HE/SHE WILL HEAR: "Since no nominee numbers have been entered your vote has been cast to vote FOR ALL NOMINEES" -------------------------------------------------------------------------------- *IF A SHAREHOLDER OWNS MULTIPLE HOLDINGS, HE/SHE WILL HEAR:*

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

--------------------------------------------------------------------------------

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

--------------------------------------------------------------------------------

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

--------------------------------------------------------------------------------

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

--------------------------------------------------------------------------------

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

--------------------------------------------------------------------------------

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

--------------------------------------------------------------------------------

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

--------------------------------------------------------------------------------

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

-------------------------------------------------------------------------------- WHEN THE SHAREHOLDER HAS COMPLETED VOTING ON ALL HOLDINGS and PROPOSALS, HE/SHE WILL HEAR: "To hear how you have voted, press 1." "To cancel your vote, press 2." "To save how you have voted, press 3." IF THE SHAREHOLDER PRESSES 1, HE/SHE WILL HEAR: "Your vote will be saved automatically should you decide to hang up during vote playback." "Your vote has been cast as follows (vote for each proposal and holding are given)." "To hear how you have voted, press 1." "To cancel your vote, press 2." "To save how you have voted, press 3." IF THE SHAREHOLDER PRESSES 2, TO CANCEL THE VOTES, HE/SHE WILL HEAR:

IF THE SHAREHOLDER PRESSES 3, TO SAVE THE VOTES, HE/SHE WILL HEAR:

If the shareholder elects to vote another proxy, he/she is returned to the above speech "PLEASE ENTER THE NUMBER". IF THE SHAREHOLDER ELECTS TO END THE CALL, HE/SHE WILL HEAR: "Thank you for voting." Call is terminated. TOUCH-TONE TELEPHONE VOTING SCRIPT EXPECTED MAIL DATE: 04/18/09 MEETING DATE: July 2, 2009 8:30 am Arizona Time TEST CONTROL NUMBER (s): ------------------------------------------ TEST SECURITY CODE (s): WHEN CONNECTED TO THE TOLL-FREE NUMBER 1-866-235-4258, THE SHAREHOLDER WILL HEAR: "Welcome! Please enter the 14 digit number located in the shaded box on your voting instruction card." -------------------------------------------------------------------------------- WHEN THE SHAREHOLDER ENTERS THE NUMBER, HE/SHE WILL HEAR: To proceed, please enter the 8 digit code located in the non-shaded box on your voting instruction card -------------------------------------------------------------------------------- WHEN THE SHAREHOLDER ENTERS THE CODE, HE/SHE WILL HEAR: "This is the automated telephone voting site for the Special Meeting of Shareholders of The Vanguard Variable Insurance Fund." "To vote as the BOARD RECOMMENDS ON ALL PROPOSALS, press 1 now." "To vote on EACH PROPOSAL SEPARATELY, press 0 now." -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- OPTION 1: IF VOTING AS THE BOARD RECOMMENDS: "To hear how you have voted, press 1." "To cancel your vote, press 2." "To save how you have voted, press 3." IF THE SHAREHOLDER PRESSES 1 TO HEAR THE VOTES: "Your vote will be saved automatically should you decide to hang up during vote playback." "Your vote has been cast as follows, "You have voted as THE BOARD RECOMMENDED." "To hear how you have voted, press 1." "To cancel your vote, press 2." "To save how you have voted, press 3." IF THE SHAREHOLDER PRESSES 2 TO CANCEL THE VOTES:

IF THE SHAREHOLDER PRESSES 3 TO SAVE THE VOTES:

If the shareholder elects to vote another proxy, he/she is returned to the above speech "PLEASE ENTER THE NUMBER". IF THE SHAREHOLDER ELECTS TO END THE CALL, HE/SHE WILL HEAR: "Thank you for voting." -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- OPTION 2: IF THE SHAREHOLDER OPTS TO VOTE ON EACH PROPOSAL SEPARATELY:

IF THE SHAREHOLDER PRESSES 0, TO WITHHOLD FROM AN INDIVIDUAL NOMINEE, HE/SHE WILL HEAR: "To enter a vote to withhold from an individual nominee, enter the two digit number that appears next to the nominee you do not wish to vote for." "Press 0, if you have completed voting on nominees" AFTER THE SHAREHOLDER ENTERS THE FIRST NOMINEE NUMBER, HE/SHE HEARS: "Press 1 to WITHHOLD from another nominee, or press 0 if you have completed voting on the nominees." IF THE CONTRACT OWNER PRESSES 0 AND HAS NOT ENTERED ANY NOMINEE NUMBERS, HE/SHE WILL HEAR: "Since no nominee numbers have been entered your vote has been cast to vote FOR ALL NOMINEES" -------------------------------------------------------------------------------- *IF A SHAREHOLDER OWNS MULTIPLE HOLDINGS, HE/SHE WILL HEAR:*

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

--------------------------------------------------------------------------------

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

--------------------------------------------------------------------------------

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

--------------------------------------------------------------------------------

IF THE SHAREHOLDER OPTS TO VOTE EACH HOLDING INDIVIDUALLY, HE/SHE WILL HEAR:

IF THE SHAREHOLDER PRESSES 2, TO CANCEL THE VOTES, HE/SHE WILL HEAR:

IF THE SHAREHOLDER PRESSES 3, TO SAVE THE VOTES, HE/SHE WILL HEAR:

If the shareholder elects to vote another proxy, he/she is returned to the above speech "PLEASE ENTER THE NUMBER". IF THE SHAREHOLDER ELECTS TO END THE CALL, HE/SHE WILL HEAR: "Thank you for voting." Call is terminated. HARD COPY LETTER TO JOINT ACCOUNTS April 2009 Dear Vanguard Shareholders, We recently sent an e-mail to the person named first in your Vanguard joint account, explaining that you can now vote on important proposals presented in a proxy by the trustees of Vanguard's funds. As noted in the e-mail, the first listed account owner can log on to Vanguard.com and go to "My messages" to read a secure message about the proxy statement. The message describes how votes can be registered on behalf of your account. We encourage joint owners to discuss how they wish to vote on the proposals. All joint account owners have equal rights in deciding how to vote. You can vote on the proposals because you owned shares in one or more Vanguard funds on the "record date" of April 6, 2009. We encourage you to cast a vote, even if you sell any of your shares after that date. No matter how many shares you own, your vote is important. If you have any questions about the proxy, please call 800-822-8978. Thank you in advance for voting. Sincerely, F. William McNabb III President and Chief Executive Officer 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. (C) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. HARD COPY LETTER TO CO-TRUSTEES April 2009 Dear Vanguard Clients, We recently sent an e-mail to the trustee named first in the Vanguard account for which you are named as a trustee. The e-mail explained that you can now vote on important proposals presented in a proxy by the trustees of Vanguard's funds. As noted in the e-mail, the first listed trustee can log on to Vanguard.com and go to "My messages" to read a secure message about the proxy statement. The message describes how votes can be registered on behalf of the account. We encourage all account trustees to discuss how they wish to vote on the proposals. All trustees have equal rights in deciding how to vote. You can vote on the proposals because you were listed as a trustee for an account that owned shares in one or more Vanguard funds on the "record date" of April 6, 2009. We encourage you to cast a vote, even if any of the shares are sold after that date. No matter how many shares are owned, your vote is important. If you have any questions about the proxy, please call 800-822-8978. Thank you in advance for voting. Sincerely, F. William McNabb III President and Chief Executive Officer 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. (C) 2009 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. PROXY EFFECTIVE COMMUNICATION FOR CONSULTANTS FINAL DRAFT: 4-7-2009 SUBJECT: VANGUARD FUND SHAREHOLDERS ENCOURAGED TO VOTE ON PROPOSALS Dear #First Name#: We are writing to notify you that Vanguard will send a proxy statement presenting three proposals to its fund shareholders on or after April 9, 2009. Any person or entity that owns shares of a Vanguard(R) fund on the "record date," which is April 6, 2009, may vote on the proposals, even if that shareholder later sells those shares. A core part of the proxy statement is a proposal to update and standardize your funds' investment policies to allow Vanguard to serve your needs most effectively. Another important part of the proxy statement is a proposal to elect trustees for all Vanguard funds. The proxy statement 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. We encourage our investors to exercise their rights concerning the governance of Vanguard funds by reviewing the proxy statement and then casting their vote. For more information about the proxy, please go to: -------------------------------------------------------------------------------- www.vanguard.com/proxy -------------------------------------------------------------------------------- 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 | PROXY EFFECTIVE COMMUNICATION FOR EMG FINAL DRAFT: 4-7-2009 SUBJECT: VANGUARD FUND SHAREHOLDERS ENCOURAGED TO VOTE ON PROPOSALS Dear #First Name#: We are writing to notify you, as a shareholder, that Vanguard will send a proxy statement presenting three proposals to its fund shareholders on or after April 9, 2009. If you own shares of a Vanguard(R) fund on the "record date," which is April 6, 2009, you may vote on the proposals, even if you later sell those shares. A core part of the proxy statement is a proposal to update and standardize your funds' investment policies to allow Vanguard to serve your needs most effectively. Another important part of the proxy statement is a proposal to elect trustees for all Vanguard funds. The proxy statement 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. As we mentioned in a previous letter, we're encouraging all Vanguard fund shareholders to exercise their 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. For more information about the proxy, please go to: -------------------------------------------------------------------------------- www.vanguard.com/proxy -------------------------------------------------------------------------------- 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 | PROXY EFFECTIVE COMMUNICATION FAS April 20, 2009 VANGUARD MAILS PROXY STATEMENT Dear [insert contact name], We are writing to notify you that Vanguard will send a proxy statement presenting three proposals to its fund shareholders on or after April 20, 2009. Any person or entity that owns shares of a Vanguard(R) fund on the record date, which is April 6, 2009, may vote on the proposals, even if that shareholder later sells those shares. A core part of the proxy statement is a proposal to update and standardize the funds' investment policies to allow Vanguard to serve client needs most effectively. Another important part of the proxy statement is a proposal to elect trustees for all Vanguard funds. The proxy statement explains how shareholders can vote on the proposals, whether via Internet, by phone, by mail, or by attending a special meeting of Vanguard fund shareholders on July 2, 2009. We encourage all clients to exercise their rights concerning the governance of Vanguard funds by reviewing the proxy statement and then casting a vote. For more information about the proxy, please go to: [www.vanguard.com/proxy] make link ---------------------- If you or your clients have any questions regarding the proxy, please refer to Vanguard proxy information [make this a link to www.vanguard.com/proxy] on our website or contact the Vanguard Financial Advisor Services sales desk at 800-997-2798. Sincerely, [signature here] 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 advisors.vanguard.com, or call 800-997-2798, 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. (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.advisors.vanguard.com PROXY EFFECTIVE COMMUNICATION FOR IAM CS FINAL DRAFT: 4-7-2009 SUBJECT: VANGUARD FUND SHAREHOLDERS ENCOURAGED TO VOTE ON PROPOSALS Dear #First Name#: We are writing to notify you, as a shareholder, that Vanguard will send a proxy statement presenting three proposals to its fund shareholders on or after April 9, 2009. If you own shares of a Vanguard(R) fund on the "record date," which is April 6, 2009, you may vote on the proposals, even if you later sell those shares. A core part of the proxy statement is a proposal to update and standardize your funds' investment policies to allow Vanguard to serve your needs most effectively. Another important part of the proxy statement is a proposal to elect trustees for all Vanguard funds. The proxy statement 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. As we mentioned in a previous letter, we're encouraging all Vanguard fund shareholders to exercise their 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. For more information about the proxy, please go to: -------------------------------------------------------------------------------- www.vanguard.com/proxy -------------------------------------------------------------------------------- Participant-voted employer plans should contact their recordkeeper, trustee or Vanguard relationship manager for directions on voting. 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 | PROXY EFFECTIVE COMMUNICATION FOR IAM OPS FINAL DRAFT: 4-7-2009 SUBJECT: VANGUARD FUND SHAREHOLDERS ENCOURAGED TO VOTE ON PROPOSALS Dear #First Name#: We are writing to notify you, as a shareholder, that Vanguard will send a proxy statement presenting three proposals to its fund shareholders on or after April 20, 2009. If you own shares of a Vanguard(R) fund on the "record date," which is April 6, 2009, you may vote on the proposals, even if you later sell those shares. A core part of the proxy statement is a proposal to update and standardize your funds' investment policies to allow Vanguard to serve your needs most effectively. Another important part of the proxy statement is a proposal to elect trustees for all Vanguard funds. The proxy statement 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. As we mentioned in a previous letter, we're encouraging all Vanguard fund shareholders to exercise their 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. For more information about the proxy, please go to: -------------------------------------------------------------------------------- www.vanguard.com/proxy -------------------------------------------------------------------------------- Participant-voted employer plans should contact their recordkeeper, trustee or Vanguard relationship manager for directions on voting. 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 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 | PROXY EFFECTIVE COMMUNICATION FOR VANGUARD INTERNATIONAL - NON-CHILE CLIENTS FINAL DRAFT: 4-7-2009 SUBJECT: VANGUARD FUND SHAREHOLDERS ENCOURAGED TO VOTE ON PROPOSALS We are writing to notify you, as a shareholder, that Vanguard will send a proxy statement presenting three proposals to its fund shareholders on or after April 9, 2009. If you own shares of a Vanguard(R) fund on the "record date," which is April 6, 2009, you may vote on the proposals, even if you later sell those shares. A core part of the proxy statement is a proposal to update and standardize your funds' investment policies to allow Vanguard to serve your needs most effectively. Another important part of the proxy statement is a proposal to elect trustees for all Vanguard funds. The proxy statement 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. As we mentioned in a previous letter, we're encouraging all Vanguard fund shareholders to exercise their 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. For more information about the proxy, please go to: -------------------------------------------------------------------------------- www.vanguard.com/proxy -------------------------------------------------------------------------------- Thank you in advance for your prompt attention to the proxy. If you have any questions, please contact our Operations Department by phone, ##, or e-mail, ##. James M. Norris ----------------------------------------------------------------------- ----------------------------------------- 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 EFFECTIVE COMMUNICATION FOR VANGUARD INTERNATIONAL CHILE CLIENTS FINAL DRAFT: 4-7-2009 SUBJECT: VANGUARD FUND SHAREHOLDERS ENCOURAGED TO VOTE ON PROPOSALS We are writing to notify you, as a shareholder, that Vanguard will send a proxy statement presenting three proposals to its fund shareholders on or after April 9, 2009. If you own shares of a Vanguard(R) fund on the "record date," which is April 6, 2009, you may vote on the proposals, even if you later sell those shares. A core part of the proxy statement is a proposal to update and standardize your funds' investment policies to allow Vanguard to serve your needs most effectively. Another important part of the proxy statement is a proposal to elect trustees for all Vanguard funds. The proxy statement 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. As we mentioned in a previous letter, we're encouraging all Vanguard fund shareholders to exercise their 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. For more information about the proxy, please go to: -------------------------------------------------------------------------------- www.vanguard.com/proxy -------------------------------------------------------------------------------- Thank you in advance for your prompt attention to the proxy. If you have any questions, please contact our Operations Department by phone, ##, or e-mail, ##. James M. Norris --------------------------------------------------------------------- ----------------------------------------- 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 EFFECTIVE COMMUNICATION FOR IRPS FINAL DRAFT: 4-7-2009 SUBJECT: VANGUARD FUND SHAREHOLDERS ENCOURAGED TO VOTE ON PROPOSALS Dear #First Name#: Vanguard will be sending a proxy statement presenting three proposals to its fund shareholders as of a "record date" of April 6, 2009. We will be sending the proxy proposals based on the voting rights for your plan(s). Any plan or participant that owns shares of a Vanguard(R) fund on the record date may vote on the proposals, even if that shareholder later sells those shares. A core part of the proxy statement is a proposal to update and standardize your funds' investment policies to allow Vanguard to serve your needs most effectively. Another important part of the proxy statement is a proposal to elect trustees for all Vanguard funds. The proxy statement 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. As we mentioned in a previous letter, we're encouraging all Vanguard fund shareholders to exercise their 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. For more information about the proxy, please go to: -------------------------------------------------------------------------------- www.vanguard.com/proxy -------------------------------------------------------------------------------- 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 | AMS EFFECTIVE DATE AWARENESS COMMUNICATION APRIL 2009 [Client name] [Field 1] [Field 2] [Field 3] [Field 4] [Field 5] Dear [Client's Name]: Vanguard sent a proxy statement presenting three proposals to its fund shareholders on April 18, 2009. For Vanguard accounts which are not managed by Vanguard Asset Management Services ("AMS"), any person or entity that owns shares of a Vanguard(R) fund on the "record date," which is April 6, 2009, may vote on the proposals, even if that shareholder later sells those shares. For accounts managed by AMS or accounts where Vanguard National Trust Company serves as trustee, AMS will vote proxies on behalf of our clients as part of the services provided and in accordance with our fiduciary and contractual responsibilities. A core part of the proxy statement is a proposal to update and standardize your funds' investment policies to allow Vanguard to serve your needs most effectively. Another important part of the proxy statement is a proposal to elect trustees for all Vanguard funds. For more information about the proxy, please go to: [link to www.vanguard.com/proxy] ---- If you have any questions, or would like to discuss the proxy vote in more detail, please call your investment manager at 800-567-5163. Sincerely, Martin J. Riehl Principal Vanguard Asset Management Services Vanguard Asset Management Services are provided by Vanguard National Trust Company, which is a federally chartered, limited-purpose trust company operated under the supervision of the Office of the Comptroller of the Currency. (C) 2009 The Vanguard Group, Inc. All rights reserved. IN THE VANGUARD ARTICLE VANGUARD SCHEDULES VOTE OF SHAREHOLDERS 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 are recommending that shareholders of certain funds vote against a shareholder proposal. 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. -------------------------------------------------------------------------------- VOTE ON THE INTERNET Log on to: www.proxy-direct.com/vanguard. Follow the on-screen instructions. [COMPUTER ICON] VOTE BY PHONE Call the phone number indicated on your proxy or voting instruction card. Follow the recorded instructions. [PHONE ICON] VOTE BY MAIL Vote, sign, and date the proxy card and return in the postage-paid envelope. [MAIL BOX ICON] VOTE IN PERSON Time: 8:30 a.m. (local AZ time). Attend the Shareholder Meeting at Vanguard, 14321 N. Northsight Blvd., Scottsdale, AZ 85260 (11/2 miles from Scottsdale Airpark) on July 2, 2009. -------------------------------------------------------------------------------- Title: 2009 Proxy Overview SLIDE 1: THREE PROPOSALS FOR THE 2009 PROXY -------------------------------------------------------------------------------- Proposal Applicability Recommended Vote -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1. Elect trustees for each fund. All Vanguard funds Each fund's board of trustees recommends that you vote "for" each of the nominees -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 2. Update and All Vanguard funds Each fund's board of standardize fundamental trustees recommends policies for each fund. that you vote "for" a. Proposal and selling real estate Proposals 2a through b. Issuing senior securities 2g. c. Borrowing money d. Making loans e. PUrchasing and selling commodities f. Concentrating investments in a particular industry or group of industries g. To eliminate outdated fund policies not required by law -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 3. Institute procedures to prevent Only to the 30 funds Each fund's holding investments in companies referenced in certain board of trustees that, in the judgment of shareholder proponents' recommendeds that the Board, substantially sybmissions you vote "against" contribute to genocide or crimes Proposal 3. against humanity, the most egregious violations of human rights -------------------------------------------------------------------------------- SLIDE 2 - PROPOSAL 1: ELECTION OF TRUSTEES FOR ALL FUNDS o Federal law requires that shareholders elect a fund's board of trustees under certain circumstances. o The law permits a fund's board to fill board vacancies only if, immediately after filling the vacancy, at least two-thirds of the trustees were elected by shareholders. o Currently Vanguard funds have nine trustees; six elected by shareholders and three appointed by the board. o Vanguard is at the two-thirds threshold for board-appointed trustees and is unable to appoint new trustees SLIDE 3 - PROPOSAL 1: ELECTION OF TRUSTEES FOR ALL FUNDS Nominees to the board Interested trustees: - John J. Brennan (Current Trustee) - F. William McNabb III (Nominee) Independent trustees: - Charles D. Ellis (Current Trustee) - Emerson U. Fullwood (Current Trustee) - Rajiv L. Gupta (Current Trustee) - Amy Gutmann (Current Trustee) - JoAnn Heffernan Heisen (Current Trustee) - Andre F. Perold (Current Trustee) - Alfred M. Rankin, Jr. (Current Trustee) - Peter F. Volanakis (Nominee) SLIDE 4 - PROPOSAL 2: UPDATE AND STANDARDIZE ALL FUNDS' FUNDAMENTAL INVESTMENT POLICIES o Fundamental policies may only be changed by obtaining shareholder approval. o Vanguard funds currently have varying policies that differ from fund to fund SLIDE 5 - PROPOSAL 2: UPDATE AND STANDARDIZE ALL FUNDS' FUNDAMENTAL INVESTMENT POLICIES o Adopt a uniform, yet comprehensive, set of updated fundamental policies for all Vanguard funds that conform to the standards that Congress and the U.S. Securities and Exchange Commission (SEC) have established for mutual funds. o The objective: - Simplify compliance monitoring and provide additional flexibility for the funds. - Manage costs associated with fund oversight by avoiding costly proxies in the future in response to regulatory changes. SLIDE 6 - PROPOSAL 2: UPDATE AND STANDARDIZE ALL FUNDS' FUNDAMENTAL INVESTMENT POLICIES The revised policies . . . - Will be consistent with the bounds of prudence and safety established by law. - Will enhance Vanguard's ability to manage the funds' assets efficiently and effectively in changing regulatory and market environments. - Will remove several fundamental policies that are not required by law or are more restrictive than the law requires. - Are designed for the protection of the underlying shareholder. SLIDE 7 - PROPOSAL 2: UPDATE AND STANDARDIZE ALL FUNDS' FUNDAMENTAL INVESTMENT POLICIES Proposed standardized fundamental policies a. Purchasing and selling real estate. b. Issuing senior securities. c. Borrowing money. d. Making loans. e. Purchasing and selling commodities. f. Concentrating investments in a particular industry or group of industries. g. To eliminate outdated fundamental policies not required by law. SLIDE 8 - PROPOSAL 3: SHAREHOLDER PROPOSAL o Certain shareholders have proposed that Vanguard institute procedures for 30 funds to prevent investing in companies that, in the judgment of the Board of Trustees, substantially contribute to genocide or crimes against humanity. o The Board has already adopted a policy that requires Vanguard to provide regular reporting on portfolio companies whose direct involvement in crimes against humanity or patterns of egregious abuses of human rights would warrant engagement or potential divestment. SLIDE 9 - PROPOSAL 3: SHAREHOLDER PROPOSAL o The shareholder proposal and Vanguard's existing policy are similar. However, the existing policy affects all 157 of our funds, well beyond the 30 funds subject to the proposal. o As a fiduciary, Vanguard is required to manage funds in the best interests of shareholders and maximize returns to help them meet their financial goals. o Ultimately, the Trustees' judgment on the issues and actions regarding specific companies may differ from that of special interest groups and other institutions. SLIDE 10 - SUMMARY OF PROPOSALS AND RECOMMENDED VOTES 1. Elect board of trustees: Vote "for" 2. Standardize fundamental investment policies: Vote "for" 3. Shareholder proxy: Vote "against" SLIDE 11 - PLEASE VOTE! o All shareholders of record on April 6, 2009, will receive a ballot o Exercise your organization's rights concerning the governance of Vanguard funds. o Every shareholder's vote is important. o For more information go to: www.vanguard.com/proxy ---------------------- o Voting options are listed on your ballot(s). o Every vote is confidential. SLIDE 12 - APPENDIX PROPOSAL 2 - UPDATE AND STANDARDIZE THE FUNDS' FUNDAMENTAL POLICIES 2a. Purchasing and selling real estate 2b. Issuing senior securities 2c. Borrowing money 2d. Making loans 2e. Purchasing and selling commodities 2f. Concentrating investments in a particular industry or group of industries 2g. To eliminate outdated fundamental policies not required by law VANGUARD'S VIEW: SOCIAL CONCERNS AND INVESTING APPENDIX SLIDE 13- 2A. TO AMEND THE FUNDAMENTAL POLICY ON PURCHASING AND SELLING REAL ESTATE o Proposed Policy: The Fund may not invest directly in real estate unless it is acquired as a result of ownership of securities or other instruments. This restriction shall not prevent the Fund from investing in securities or other instruments (1) issued by companies that invest, deal, or otherwise engage in transactions in real estate, or (2) backed or secured by real estate or interests in real estate. o Comparison to existing policy: - The proposed policy differs from the exiting policy for select funds in that it: o Permits a fund to own real estate acquired as a result of ownership of securities or other instruments o Does not prohibit investment in real estate investment trust (REIT) securities - For the REIT Index Fund, the proposed policy is more restrictive than the existing policy in that it prohibits direct investment in real estate - Overall, the differences between the proposed and existing policy are minimal and in Vanguard's view these differences do not affect the funds' risk profile o The funds do not intend to change their approach to investing in real estate in response to the modification of the real estate policy. SLIDE 14- 2B. TO AMEND THE FUNDAMENTAL POLICY ON ISSUING SENIOR SECURITIES A senior security is any security that gives its holder a priority claim on the assets of, or dividends paid by, a fund. o Proposed Policy: The Fund may not issue senior securities except as permitted by the 1940 Act or other governing statute, by the Rules thereunder, or by the SEC or other regulatory agency with authority over the Fund. o The 1940 Act generally prohibits mutual funds from issuing senior securities, but the SEC takes the position that instruments and strategies that otherwise might be considered senior securities will not be so considered if the fund uses certain protective techniques. o Comparison to existing policy: - The proposed fundamental policy on issuing senior securities is essentially identical to the various versions of the policy, with two very minor exceptions. 1. Clarifies guidance and rules provided by the SEC, not just the 1940 Act. 2. Clarifies how bond index funds may use senior securities in tandem with protective techniques - The differences between the proposed and existing policies are minimal and in Vanguard's view these differences do not affect the funds' risk profile, for all but seven funds. The proposed changes would allow six bond index funds and the Capital Opportunity Fund to take advantage of future changes to the regulations governing the issuance of senior securities. o The funds have no intention to change their approach to issuing senior securities in response to the modification of the policy. SLIDE 15- 2C. TO AMEND THE FUNDAMENTAL POLICY ON BORROWING MONEY o Proposed Policy: The Fund may borrow money only as permitted by the 1940 Act or other governing statute, by the Rules thereunder, or by the SEC or other regulatory agency with authority over the Fund. o The 1940 Act imposes certain limitations on the borrowing activities of mutual funds. These limitations protect shareholders in two ways: - Limits on borrowing limit priority claims - Limits on borrowing limit leverage o Comparison to existing policies: - For many funds there is no material difference between the proposed policy and the existing policy. However, for some funds, the proposed policy would permit a fund to borrow more than it could under the existing policy. If the fund did borrow more, it would be subject to a greater degree of risk, including the possibility of lower performance (if the return on the borrowed money is less than the interest cost on the borrowing) and greater volatility (if the borrowing is used for leverage). That said, merely modifying the borrowing policy, without changing a fund's borrowing activities, will not affect a fund's risk profile. o The funds do not intend to change their borrowing activities in response to the modification of the policy. SLIDE 16- 2D. TO AMEND THE FUNDAMENTAL POLICY ON MAKING LOANS o Proposed Policy: The Fund may make loans to another person only as permitted by the 1940 Act or other governing statute, by the Rules thereunder, or by the SEC or other regulatory agency with authority over the Fund. o The 1940 Act generally does not restrict a mutual fund's ability to make loans, except that the Act prohibits a fund from lending money or other property to affiliated persons. o Like other mutual fund families, the funds are permitted to lend money or other property primarily in four ways: - by purchasing bonds and other fixed income instruments; - by entering into repurchase agreements (which is economically equivalent to a short-term loan); - by lending its portfolio securities; and - through an inter-fund lending program permitted under an SEC order. o Comparison to existing policy: - The existing policies limit the methods by which a fund may make loans; the proposed policy permits a fund to make any loan permitted by law. - The existing policies also often limit the amount a fund can lend to a specific amount, while the proposed policy contains no comparable limitation. The proposed policy does, however, clarify that loans will remain subject to all legal limits and restrictions. - In our view, these differences do not affect the fund's risk profile. Funds do not intend to change their lending activities in response to modification of the policy. SLIDE 17- 2E. TO AMEND THE FUNDAMENTAL POLICY ON PURCHASING AND SELLING COMMODITIES o Proposed Policy: The Fund may invest in commodities only as permitted by the 1940 Act or other governing statute, by the Rules thereunder, or by the SEC or other regulatory agency with authority over the Funds. o The 1940 Act and the Internal Revenue Code contain provisions that limit how much a mutual fun can invest in commodities o Comparison to existing policy: - The proposed policy would permit a fund to invest in any commodity, not just those identified specifically in the existing policies, and would permit a fund to invest more of its assets in commodities than it could under the existing policies - The proposed policy would enable the STAR Fund to optimize returns by using futures (a commodity) to gain exposure to the equity and fixed income markets without regularly buying and selling shares of its underlying mutual fund holdings to maintain its target allocation/manage cash flow o The funds (with the exception of STAR Fund as noted above) do not intend to change their approach to investing in commodities in response to modification in this policy. SLIDE 18- 2F. TO AMEND THE FUNDAMENTAL POLICY ON CONCENTRATING INVESTMENTS IN A PARTICULAR INDUSTRY OR GROUP OF INDUSTRIES o Proposed policy: Adopt revised policies on industry concentration defined by five versions: - Three versions relate to funds other than money market funds i. Funds that concentrate ii. Funds (other then index funds) that do not concentrate iii. Index funds that concentrate - Two versions relate to money market funds i. Money market funds that concentrate ii. Money market funds that do not concentrate o The 1940 Act requires every mutual fund to have a fundamental policy on industry concentration, but does not specifically define the what it means to "concentrate" or what constitutes an "industry." The SEC staff has issued helpful guidelines - a fund concentrates its investments if it invests more than 25% of its assets in any particular industry. o Comparison to existing policies: - Move from 18 varying versions of industry concentration policies depending on the type of fund to which each applies to five. - For many non-indexed funds there is no material difference between the proposed policy and the existing policy - For indexed funds the proposed policy would permit an index fun to concentrate "as may be necessary to approximate the composition of its target index o The funds do not intend to change how they invest in response to the modification of the concentration policy. (deleted extra text) SLIDE 19- 2G - PROPOSE ELIMINATING OUTDATED FUNDAMENTAL POLICIES We propose eliminating fundamental policies that deal with: - 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 - Engaging 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 Balanced Index Fund) SLIDE 20 - VANGUARD'S VIEW: SOCIAL CONCERNS AND INVESTING Vanguard understands that people have a wide variety of deeply felt humanitarian, ethical, environmental, and social concerns, and that some may want to see their beliefs reflected in their investments. As a fiduciary, Vanguard is required to manage our funds in the best interests of shareholders and obligated to maximize returns in order to help shareholders meet their financial goals. It would be exceedingly difficult, if not impossible, to fulfill these obligations while managing portfolios that reflect the social concerns of all of our shareholders. We acknowledge, however, that there may be instances when it is appropriate to assess, and possibly address, certain social issues. To that end, we have established a formal procedure for all Vanguard funds for identifying and monitoring portfolio companies whose direct involvement in crimes against humanity or patterns of egregious abuses of human rights would warrant engagement or potential divestment. While ultimately our judgment on these issues and actions with respect to specific companies may differ from that of special interest groups and other institutions, we believe our approach strikes the appropriate balance between corporate responsibility and our fiduciary obligations. Like other investment management firms, Vanguard understands that some individuals choose investments based exclusively on social matters and personal beliefs. For such investors, we have offered Vanguard FTSE Social Index Fund since 2000. This low-cost, broadly diversified fund seeks to track a benchmark that screens companies on social, human rights, and environmental criteria. [SHIP LOGO] [VANGUARD LOGO] 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 (our chairman and former chief executive officer) and F. William McNabb III (president and chief executive officer of Vanguard). Seven of the eight independent nominees already serve as Vanguard fund trustees. Also, shareholders of certain funds are being asked to vote on a proposal submitted by one or more shareholders. ----------------------------------------------- KEY DATES FOR THE 2009 PROXY Record Date: April 6, 2009 Mail Date: April 18-30, 2009 Meeting Date: July 2, 2009 ----------------------------------------------- PROPOSALS IN BRIEF The trustees are recommending that shareholders of all Vanguard funds vote on a number of proposals. Not all proposals apply to each fund. The table on the reverse 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 (withhold on the proxy ballot) than for him or her. VOTES NEEDED FOR PROPOSALS 2 AND 3 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 immediately, 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, and as a vote against proposals 2 and 3. (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.) (over)

* 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 a) purchasing and selling real estate, b) issuing senior securities, c) borrowing money, d) making loans, e) purchasing and selling commodities, and f) concentrating investments in a particular industry or group of industries. This will also result in g) 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). COVER 2 filename2.txt April 15, 2009 Division of Investment Management U.S. Securities & Exchange Commission 100 F Street, N.E. Washington, DC 20549 Re: Vanguard Admiral Funds; File Nos. 33-49023; 811-7043 Vanguard Bond Index Funds; File Nos. 33-6001; 811-4681 Vanguard CMT Funds; File Nos. 333-111362; 811-21478 Vanguard California Tax-Free Funds; File Nos. 33-1569; 811-4474 Vanguard Chester Funds; File Nos. 2-92948; 811-4098 Vanguard Convertible Securities Fund; File Nos. 33-4424; 811-4627 Vanguard Explorer Fund; File Nos. 2-27203; 811-1530 Vanguard Fenway Funds; File Nos.33-19446; 811-5445 Vanguard Fixed Income Securities Funds; File Nos. 2-47371; 811-2368 Vanguard Florida Tax-Free Fund; File Nos.33-48783; 811-6709 Vanguard Horizon Funds; File Nos.33-56443; 811-07239 Vanguard Index Funds; File Nos. 2-56846; 811-2652 Vanguard Institutional Index Funds; File Nos. 33-34494; 811-6093 Vanguard International Equity Index Funds; File Nos. 33-32548; 811-5972 Vanguard Malvern Funds; File Nos. 33-23444; 811-5628 Vanguard Massachusetts Tax-Exempt Funds; File Nos. 333-63579; 811-09005 Vanguard Money Market Reserves; File Nos. 2-52698; 811-2554 Vanguard Montgomery Funds; File Nos. 333-145624; 811-22114 Vanguard Morgan Growth Fund; File Nos. 2-29601; 811-1685 Vanguard Municipal Bond Funds; File Nos. 2-57689; 811-2687 Vanguard New Jersey Tax-Free Funds; File Nos. 33-17351; 811-5340 Vanguard New York Tax-Free Funds; File Nos. 33-2908; 811-4570 Vanguard Ohio Tax-Free Funds; File Nos. 33-34261; 811-6083 Vanguard Pennsylvania Tax-Free Funds; File Nos. 33-2907; 811-4571 Vanguard Quantitative Funds; File Nos. 33-8553; 811-4526 Vanguard Specialized Funds; File Nos.2-88116; 811-3916 Vanguard STAR Funds; File Nos. 2-88373; 811-3919 Vanguard Tax-Managed Funds; File Nos. 33-53683; 811-07175 Vanguard Treasury Fund; File Nos. 333-11763; 811-7803 Vanguard Trustees' Equity Fund; File Nos. 2-65955-99; 811-2968 Vanguard Valley Forge Funds; File Nos. 33-48863; 811-7023 Vanguard Variable Insurance Funds; File Nos. 33-32216; 811-5962 Vanguard Wellesley Income Fund; File Nos. 2-31333; 811-1776 Vanguard Wellington Fund; File Nos. 2-11444; 811-121 Vanguard Whitehall Funds; File Nos. 33-64845; 811-07443 Vanguard Windsor Funds; File Nos. 2-14336; 811-834 Vanguard World Funds; File Nos. 2-17620; 811-1027 (the "Vanguard Funds") Commissioners: Pursuant to Rule 14a-6(b) under the Securities Exchange Act of 1934, we hereby file definitive proxy soliciting materials for each of the registrants listed above. If you have any questions or comments concerning the enclosed Amendment, please contact me at (610) 669-1538. Sincerely, Judith L. Gaines, Esq. Securities Regulation, Legal Department The Vanguard Group, Inc. Enclosures cc: Christian Sandoe, Esq. U.S. Securities and Exchange Commission