DEF 14A 1 definitive14a.txt DEFINITIVE MATERIALS CEO URGES FUND SHAREHOLDERS TO VOTE THEIR SHARES [F. WILLIAM MCNABB PHOTO] As you may know, Vanguard will hold a special meeting of shareholders on July 2, 2009, to seek approval on several proposals. Anyone who held shares as of April 6, 2009, is eligible to vote. A core proposal would update and standardize your funds' investment policies to allow Vanguard to serve your needs most effectively in today's market environment. Another important proposal is to elect trustees for all Vanguard funds. Prompt action by our shareholders will help ensure that the funds reach a quorum--and will also help us keep expenses as low as possible. If your funds do not receive enough votes to achieve a quorum by the date of the shareholder meeting on July 2, they will incur the considerable expense of a second proxy solicitation. That's why, if you have not already voted, I strongly advocate that you exercise your rights in any of four ways: > ON THE INTERNET. Log on to www.proxy-direct.com/vanguard and follow the on-screen instructions. (If you are a registered user of Vanguard.com, you may be able to vote through a secure message once you log on to your account; it's the quickest and easiest way available.) > BY PHONE. Call toll-free to 866-241-6192 and follow the recorded instructions. > BY MAIL. Vote, sign, and date the proxy card enclosed with your proxy statement, and return it in the postage-paid envelope. > In person. Attend the shareholder meeting in Scottsdale, AZ. By voting via the Internet or telephone, using the 14-digit control number and 8-digit security code on your proxy card or voting instruction card, you'll help to save the funds money (in return postage). If you own a joint account at Vanguard, please consult with your joint owner(s) regarding the vote on the proposals. Remember that every vote counts. No matter how many shares you own, your vote is important.