Vanguard Personal Financial Planning Service

Online Kit Contents

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Vanguard® Personal Financial Planning Service

• Overview Letter

• Service Features Brochure

• Your Personal Profile (To request the assistance of a Vanguardfinancial planner, complete and send us Your Personal Profile.Please send your completed profile to TThhee VVaanngguuaarrdd GGrroouupp,, PP..OO..BBooxx 770099,, VVaalllleeyy FFoorrggee,, PPAA 1199448822--00770099..)

• Service Agreement and Disclosure Statement(Please read and keep for your records.)

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Dear Investor:

Thank you for considering Vanguard Personal Financial Planning Service to help you reach yourfinancial goals. You will find that our advisory service operates with the same integrity, candor, andclient focus that have made Vanguard a leader in the investment management industry for morethan a quarter century.

When you consult a Vanguard® financial planner, you will receive practical solutions, customized toyour financial concerns. Your dedicated planner will develop an investment strategy that will serveas the foundation for your financial plan. Your planner also may address retirement plans, educationsavings, and estate planning, based on your priorities and objectives. Once you are comfortable withour recommendations, you can count on us to help you put them into action.

We think you will agree that Vanguard Personal Financial Planning Service is an unmatchablevalue, especially when Vanguard’s high-quality service and low-cost investment products are addedto the customized solutions provided by your experienced financial planner.

It is easy to get started. Complete Your Personal Profile, which is located in the back pocket of the enclosed brochure. Or—if you are currently a Vanguard shareholder—you can visit www. vanguard.com/visit/financialplan to complete the profile online. Please read the ServiceAgreement and Disclosure Statement and keep it for your records.

If you have questions, call us at 1-800-567-5162, Monday to Friday, 8:30 a.m. to 6 p.m., Easterntime. We welcome the opportunity to help you plan your financial future.

Sincerely,

Duane D. CabreraPrincipal

Vanguard Personal FinancialPlanning Service

Vanguard® Personal Financial Planning ServicePost Office Box 709, Valley Forge, Pennsylvania 19482-0709www.vanguard.com

© 2004 The Vanguard Group, Inc. All rights reserved. LCPF2 082004

Vanguard Personal Financial Planning Service is provided by Vanguard Advisers, Inc., a registered investment advisor.


The right

M A K E S A L L T H E D I F F E R E N C E

approach

“I could use some help with

my investments from someone

I can trust.”

1 Every day, we hear from investors who have all sorts of financial concerns that don’t haveeasy answers:

• What strategy can I follow that doesn’t involve performance-chasing or market-timing?

• How can I find a mix of investments that will help me reach my goals without takingon more risk than I’m comfortable with?

• How should I reposition my investments as I approach retirement?

• What steps can I take to help ensure that my savings last for a lifetime?

There’s no need to go it alone

In addressing these kinds of questions, you and your family have so much to lose if youmake the wrong decisions—or fail to make any decisions at all. That’s why it’s importantto consider getting professional assistance.

When it comes to financial advice, you likely know what you don’t want. You don’t wanthigh-pressured sales pitches. You don’t want superficial advice. And you don’t want tospend a lot of money.

But you know you could benefit by talking to an expert who is trustworthy andexperienced . . . someone who knows the right questions to ask and listens to youranswers. And you want the advice at a reasonable price.

At Vanguard, you can get just the help you need.

What’s standing between you and financial peace of mind?

2 You want at least these three things when you seek financial guidance: proven solutions,personal attention, and peace of mind knowing that you can completely trust the adviceyou’re receiving. You can count on us to provide you with all three.

Using a time-tested approach

There’s no lack of “advice” about how you can get in on the next hot trend orinvestment. The noise from the media, salespeople, and friends can be deafening.

But here’s what really works: disciplined, long-term strategies; prudent risk control;diversity of thought; and consistent cost efficiency. And these are what Vanguard excelsin. Every day, people come to us looking for sensible solutions to their financial needs…and that’s exactly what they find at Vanguard. Over the years, this proven approach toinvesting has earned the loyalty of millions of investors.

Providing personal attention

When you come to us for help, you’ll discover that key to our service is the dedicatedattention you’ll receive from a Vanguard® financial planner, who will learn about you andyour concerns. Your planner will take the time to discuss your priorities, whether youneed assistance with a specific situation or a comprehensive evaluation of your entirefinancial picture.

Whatever your needs, your Vanguard planner will carefully apply our time-testedprinciples to your specific situation and develop solutions that will address exactly whatyou need to do, and why. These recommendations will give you a personalized andvaluable road map to follow in seeking financial security.

Serving only your interests

You’ll naturally want to be sure the advice you get is trustworthy. We prize the long-standing reputation we’ve earned for consistently putting investors’ interests first.One way we ensure that the focus remains solely on you is by employing salaried, notcommissioned, financial planners. That means our planners do not derive any benefitfrom their recommendations—they have only your best interests at heart.

A proven approach you can trust

3 Your planner’s first order of business is getting to know you and your specific needs, anddiscussing the particular concerns that are on your mind. You’ll be asked to share detailedinformation about your current assets, including your assets invested outside Vanguard,to give your planner an accurate picture of your financial situation. You and your plannerwill also discuss assumptions about important factors such as investment performance,expenses, and inflation.

Developing and implementing your plan

Only after thoroughly understanding and analyzing your situation will your planner beginto develop a plan specifically tailored to your circumstances and goals. You and yourplanner will discuss the recommendations in detail, spending as much time as you needto make sure you have a good understanding of the course of action that will follow.

Next, your financial planner will help you carry out the recommendations. After all, thesuccess of a good plan depends not just on how skillfully it’s designed, but how faithfullyit’s carried out. And you’ll find that our recommendations will be not only immediatelyuseful, but a valuable resource as you weigh future investment decisions.

Providing experience you can count on

Of course, you want to be sure the people helping you knowwhat they’re talking about. Vanguard financial planners haveconsiderable practical experience, backed by years of training.In addition, they are licensed under federal and stateregulatory authorities and maintain various professionaldesignations.

Your Vanguard planner’s invaluable assistance

“I want an expert

opinion on how I’m

investing my

savings.”

A plan built on a secure foundation

4 Regardless of how broad or narrow your financial concerns are today, you need to be sure you have the right foundation in place for tomorrow. That’s why we first undertake acareful review of your current investments.

Once your planner has finished this step, he or she will help you prepare and then carryout a personalized investment plan based on your goals, financial circumstances, timeframe, risk tolerance, and tax situation.

Taking the right approach

When investing, people tend to use a “bottom-up” approach. This means that they firstchoose their investments and consider the resulting mix of assets only after the fact, if atall. At Vanguard, we employ a “top-down” approach, which research has shown is thebest way to build a successful long-term investment program. That’s why your plannerwill focus first on developing the best overall allocation of stock, bond, and short-termreserves to meet your needs.

Your planner will then determine the best mix of investments within that allocation byrecommending specific Vanguard funds. Our impressive roster of more than 100 funds—

which covers a complete array of investmentstrategies—allows us to build a comprehensive,diversified, and personalized investmentprogram for each of our clients.

An indexing leader, Vanguard offers one of thebroadest selections of indexed stock and bondmutual funds available. And Vanguard’sactively managed funds, highly regarded aswell, are run either by our experienced internalmanagers or by leading investment advisorsfrom around the world. This arrangementoffers one-stop access to an exceptionally widerange of investment viewpoints—and preventsthe overlap of investment themes and holdingsin our clients’ portfolios.

What should I

do with my

employer-

sponsored plan

when I retire?

Can I reduce

the taxes

on my

investments?

Am I saving

enough for

retirement?

What’s the

best way to

transfer assets

to my heirs?

Key Questions We Can Answer

5 Minimizing your taxes

Minimizing taxes on your investment returns is one of the cornerstones of ourinvestment approach. Your planner will tailor strategies to the tax status of your differentaccounts, including tax-advantaged assets such as IRAs and 401(k) plans. More goodnews for you: Your planner will be choosing from one of the largest selections of tax-advantaged and tax-managed mutual funds available anywhere.

Answering more complicated questions

Beyond the specific holdings in your portfolio, there may be other aspects of yourinvestment program that you’d like assistance with. After all, sound financial planning isnot just about what you invest in, but the additional strategies that can be applied to giveyou an added level of financial security.

Your planner can guide you through a variety of financial planning issues to addressspecific retirement, education, or estate-planning issues. Depending on your needs,you’ll be able to:

• Evaluate the suitability of different types of accounts, such as comparing Roth andtraditional IRAs, or determining which education savings program is best for you.

• Determine the most appropriate method for taking distributions from your retirement plans.

• Compare your spending habits to your saving needs to make sure you’re on track to reach your goals.

• Consider how beneficiary designations can help you better position your estate to minimize transfer taxes.

Your planner’s focus will be on designing solutions that address your specific financialconcerns. In the end, you’ll walk away with sensible recommendations that are bothobjective and easy to implement—and that are based on a proven philosophy that’s made Vanguard one of the premier providers of investment services.

6 Vanguard has never been a typical investment company. Since 1975, we have led the way in serving investors’ long-term interests, and we take pride in our reputation for candor,integrity, and cost efficiency. When you receive financial guidance from us, you’ll enjoythe many aspects of the Vanguard Difference.

A powerful combination. With more than 17 million shareholder accounts and some$650 billion in assets under management, Vanguard is one of the world’s leadinginvestment management companies. So many clients entrust their financial future to usbecause they believe they receive the best combination of investment performance,service, and value in the industry.

No conflicts of interest. The Vanguard Group is owned completely by its member funds,each of which is owned entirely by its shareholders. Because Vanguard’s investors are, in

essence, our owners, you’ll receive an extraordinary level ofpersonalized attention. We put our clients’ interests first ineverything we do.

Continuity. Another benefit of our corporate structure is that weare immune to the ownership changes common in the financialservices industry today. You don’t have to worry about a takeoveror merger leaving your assets in the hands of a company that nolonger seems familiar.

Low costs. Since we have no obligation to generate profits for outside owners, we’veconsistently kept our fund expenses among the lowest in the industry.* That means ourclients have been able to keep more of their investment returns, year after year.

Take advantage of the Vanguard Difference®

“I need advice

that won’t be

quickly outdated.”

*Source: Lipper Inc.

7 While the value of your overall experience with your Vanguard financial planner may be immeasurable, what is measurable is the very real effect our low costs have on yourbottom line. Consider the following example of the cost of our services versus what you’d pay other types of professionals (based on a $1 million portfolio).

When you add to these savings the expertise and level of personal attention you’ll getfrom your Vanguard financial planner, you can see why we’re convinced that we offer an unmatchable value.

Outstanding service at an outstanding value

*.The cost for clients who have at least one Vanguard mutual fund account. Substantial discounts apply for clients who maintaincertain asset levels at Vanguard.

**.Sales charge for a $1 million purchase of Class A or C shares.

***.Vanguard fund average expense ratio in 2003.

†.Includes mutual fund industry average expense ratio for 2002 (according to Lipper Inc.) and typical advisory fees.

††.Source: Morningstar, Inc.

Savings Too Large to Ignore

An example based on a $1 million portfolio

Initial cost for advice

Typical cost to implementrecommendations

Typical ongoing management expenses

Vanguard

$1,000*

$0

$2,500 a year(0.25%)***

Traditional Planner

$1,500–$4,500

$0

$5,000–$20,000a year (0.5%–2%)†

Traditional Broker

$0

$10,000–$20,000(1%–2%)**

$13,200 a year(1.32%)††

8 After reading about the scope of our services, you’re probably already thinkingabout the many ways we can help you. It’s easy to get started. Simply complete Your Personal Profile, and return it in the enclosed postage-paid envelope. Yourplanner will then contact you to discuss your situation in detail.

Of course, if you’d like more information, you can call us at 1-800-567-5162 on business days from 8:30 a.m. to 6 p.m.,Eastern time. We’d be happy to discuss our services with you.

Take the first step

“I need some

reassurance that

I’m doing the right

things.”

1-800-567-5162

To request the assistance of a Vanguard

financial planner, complete and send

us Your Personal Profile. (The Service

Agreement and Disclosure Statement

is yours to keep.)

Use the enclosed postage-paid envelope

to return these items, or mail them to

The Vanguard Group, P.O. Box 709,

Valley Forge, PA 19482-0709. Call us at

1-800-567-5162 if you have any questions.

World Wide Web

www.vanguard.com

Toll-Free Information

1-800-567-5162

Vanguard Personal Financial PlanningService is provided by VanguardAdvisers, Inc., a registered investmentadvisor.

Vanguard Personal FinancialPlanning Service

Post Office Box 709 Valley Forge, PA 19482-0709

© 2004 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. FPFP 112003

For more information about Vanguard funds, visit www.vanguard.com, or call 800-567-5162, to obtain a prospectus. Investmentobjectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read it carefullybefore investing.

Your Personal Profile

Vanguard ® Personal Financial Planning Service

We look forward to working with you as you take

this important step in securing your financial future.

Throughout the planning process, we will ask you a

number of questions to learn about your personal circumstances. Many of these questions

are in this Profile, which you can complete and return to us in the enclosed business reply

envelope. Or, if you are a Vanguard shareholder, you can easily complete Your Personal

Profile at www.vanguard.com/visit/financialplan.

Answering these initial questions will be time well spent because it helps us to begin

developing a financial plan tailored to your specific needs. If you don’t know how to answer

particular questions in Your Personal Profile, you will have ample opportunity to review

those issues in further detail with your planner.

You can be assured, of course, that we hold the information you share with us throughout

the planning process in strict confidence.

If you have any questions as you’re completing each section, call us at 800-567-5162.

A Vanguard representative will be happy to discuss the service with you in further detail.

Thank you for your

interest in Vanguard’s

Personal Financial

Planning Service.

Overview

A four-step financial planning process

Our goal is to learn about you, your specific needs, and your concerns. It’s this understanding that is the cornerstone of a sound,

practical, effective financial plan. That’s why your thoughtful completion of this Personal Profile, while a critical starting point,

is only the beginning step.

Step 1. You complete and mail your Profile to us along with any requested documentation and payment. Based on your needs

and your financial situation, Vanguard assigns a planner with the appropriate level of expertise. Your planner carefully reviews your

materials in preparation for future conversations. You can expect this assignment and review process to take several business

days. (Also, please allow additional time for your Profile to arrive in the mail.)

Step 2. Your planner calls you to begin a series of more detailed conversations about your current financial situation, goals, and

concerns. Together, you weigh alternative courses of action. Depending on the complexity of your financial situation, this step

may be completed quickly in one or two telephone conversations or may require additional discussions over several weeks.

Step 3. You receive an in-depth report explaining your planner’s recommendations. You and your planner review those

recommendations together, address any remaining issues, and agree on the next steps to take.

Step 4. In this final step, your planner will help you complete any paperwork required to make the transition to your new

financial strategy. Your planner remains involved until the agreed-upon recommendations are carried out and all of your questions

are answered.

The enrollment section

of this form—including

the signatures required

on page 2—must be

completed in its entirety

before we can proceed

with your recommendations.

Any information left blank

or incomplete will result in

a delayed start for your plan.

2

Payment Method

1

3

The standard fee for this service is $1,500. Depending on your existing relationship with

Vanguard and the total amount of the retirement and nonretirement assets you have invested

(or plan to invest) at Vanguard, you may be eligible for one of the following discounts.

Please select the option that best applies to your current situation:

■■ $1,500—Full payment if you are not a Vanguard shareholder.

■■ $1,000—Reflects an automatic 33% discount for all Vanguard shareholders, including

retirement plan participants.

■■ $500—Reflects an additional 50% discount for clients with at least $250,000 invested

with Vanguard.

■■ $250—Reflects an additional 75% discount for clients with at least $1 million invested with

Vanguard.

■■ $0—One complimentary plan for any investor who brings an additional $250,000 or more

in new assets to Vanguard mutual funds. (Skip to Step 4 on the next page.)

■■ I have enclosed a check made payable to The Vanguard Group, Inc.

■■ Please deduct my payment from the Vanguard nonretirement account listed below:

Fund Name Fund Number

Account Number

Name of Account Owner

Name of Joint Account Owner

If the account owner(s) listed above are not the same as Client A or Client B, please indicate the

relationship between each account owner and Client A and Client B and obtain their signatures

for approval to process the fee deduction as instructed above.

Signature of Account Owner Relationship to Clients A and B

Signature of Joint Account Owner Relationship to Clients A and B

Page 1

Name

Fees

Section 1: Enrollment

DO

NO

TD

ETA

CH

Please print all information clearly, preferably in black ink.

Your Name (hereafter referred to as “Client A”)

Name of Your Spouse / Domestic Partner (hereafter referred to as “Client B”)

Signature of Client A Date

Signature of Client B Date

Page 2

By signing below, I agree that I have received and read—and will be bound by the provisions of—

the accompanying Service Agreement and Disclosure Statement (VPFSA2 052005). I represent

that I have full legal authority and capacity to retain Vanguard Personal Financial Planning Service

(VPFPS). I understand that I can terminate this contract for any reason and without penalty within

five business days of the date indicated below and receive a full refund for any fees paid.

If I have chosen the fee deduction option, I authorize Vanguard to deduct a fee in the amount—

and from the fund—indicated on page 1 of the form. I verify that the account is not an IRA or

other type of retirement plan account. I understand that this authorization is a one-time allowance

and that subsequent requests for planning services will require a new enrollment form and

applicable payment for service. If the fund I have indicated is not a money market fund, I

acknowledge that I may realize a capital gain or loss as the result of the redemption.

I understand that if, through Vanguard, I have invested $250,000 or more of new assets in

Vanguard mutual funds in the past six months, or agree to do so within one year of the date on

this form, I qualify for this service at no cost. If I have not invested new assets of $250,000 or

more in the past six months, or if I do not invest an additional $250,000 or more within a one-

year period of the date on this form, I agree that Vanguard Personal Financial Planning Service

may deduct the appropriate fee from any nonretirement assets I currently own through Vanguard,

including a redemption of mutual fund shares. If the redemption is made from a fund that is not a

money market fund, I acknowledge that I may realize a capital gain or loss as a result of the

redemption.

Signatures:

REQUIRED

Authorization4

5

Section 1: Enrollment (cont.)

DO

NO

TD

ETA

CH

My signature below represents my authorization for VPFPS to begin my financial plan. I

understand that VPFPS may provide advice regarding all accounts held at Vanguard (or at any

other financial institution) of which I am an owner or a joint owner, or on which I have been

authorized by Vanguard to transact (collectively, an “Authorized Person”).

I also understand that Vanguard requires the signature(s) of the Authorized Person(s) of

additional accounts to be considered in this financial plan, but of which I am not an Authorized

Person. For example, in order for VPFPS to include my spouse’s or partner’s IRA in this financial

plan, I must obtain my spouse’s or partner’s signature, since I am not an owner of that IRA and

thus cannot authorize the inclusion of that IRA in the plan.

Page 3

Please provide the following information for the person who will be considered the primary

contact as we develop your recommendations.

Name

Street Address

Apartment or Suite Number

City State Zip

Primary Phone Number ■■ Home ■■ Work

Secondary Phone Number ■■ Home ■■ Work

Best Time to Call ■■ Morning ■■ Midday ■■ Afternoon

E-Mail Address

Please provide the following information for both you and your immediate family members,

including your spouse or domestic partner, all minor and adult children, and anyone else who is

financially dependent on you.

U.S. LegalSocial Security Date of Gender Citizen State of

Name (first, middle, last) Number Birth (M/F) (Y/N) Residence Relationship

Client A

Client B

Please list all other tax identification numbers under which you have additional Vanguard

accounts registered (e.g., trust accounts, etc.).

Other Tax Identification

Numbers

Your Family

Primary Contact1

2

3

Section 2: Your Personal Information

The primary contact may

engage in discussions with

a Vanguard financial planner

regarding the plan and the

various accounts identified to

receive advice, and will receive

the Personal Financial Report at

the end of the planning process.

However, the primary contact

will not be permitted to

implement the financial plan

recommendations, or to

otherwise transact on any

account identified in the plan,

unless the primary contact is

an Authorized Person.

Page 4

Please provide the following employment information:

Employer’s Name Occupation Projected Retirement Date

Client A

Client B

Are you—or anyone else in your household—an

officer or director of a publicly traded company? ■■ No ■■ Yes

If yes, provide the name of the family member and the name and ticker symbol of the company

with which he or she is affiliated:

Please provide the following information from your most recent returns for federal, state, and local

income tax (please select one):

■■ I have enclosed photocopies of my most recent tax returns.

■■ Details provided below are for tax year _________:

Adjusted Gross Income (AGI) $

Taxable Income $

Federal Income Tax Liability $

State Income Tax Liability $

Local Income Tax Liability $

Do you have any carryover losses from prior tax years? ■■ No ■■ Yes

If yes, indicate the amount: $

Current Income Tax

Status

Employment Information5

6

Section 2: Your Personal Information (cont.)

■■ Single (or widowed) ■■ Married ■■ Domestic PartnersMarital Status4

Page 5

Your financial planner will tailor his or her recommendations to your unique concerns and

financial objectives. While the centerpiece of your financial plan will involve asset allocation and

the selection of specific investments, you may have other concerns that may be as specific as

whether to invest in a 529 savings plan or as broad as an evaluation of your retirement outlook.

For example, many of our clients have asked questions such as:

• Will I have enough money to maintain my lifestyle after retirement?

• What’s the best way for me to take distributions from my retirement plan?

• How would an unexpected expense or loss of income affect my financial situation?

• Are my accounts set up to minimize the impact of estate transfer taxes?

Please take a moment to write down the issues that are of most concern to you. The information

you provide here will give your planner a starting point for further discussion.

Your Financial Planning

Concerns

Section 3: Your Financial Planning Concerns

Page 6

■■ 1 to 2 years ■■ 3 to 4 years ■■ 5 to 6 years ■■ 7 to 8 years ■■ 9 years or longer

The following questions are designed to help your planner select the most appropriate allocation

for you based on your personal circumstances.

Please do not include objectives that will be covered by your normal salary, pension, or Social

Security income; only include those that will require assets from your investment portfolio.

How Much Is NeededFrom Investments How Many Years How Long Will

Description of Each Year Before Withdrawals Withdrawals NeedObjective (before taxes)? Will Begin? to Last?

Example: Retirement $15,000 5 years 15+ years

Objective #1

Objective #2

Objective #3

If you owned stocks during this period, check the answer that corresponds to your actual behavior.

■■ Sell all of the remaining investment ■■ Hold the investment and sell nothing

■■ Sell a portion of the remaining investment ■■ Buy more of the investment

When making a long-term

investment, I plan to hold

the investment for. . .

From August 31, 2000,

through March 31, 2001,

stocks lost more than

25%. If I owned a stock

investment that fell more

than 25% in seven

months, I would. . .

My primary objectives are

(for example, retirement,

education, wedding,

etc.). . .

Risk Tolerance Profile1

2

3

Generally, I prefer

investments with little

or no fluctuation in value,

and I am willing to accept

the lower returns

associated with these

investments.

4

Section 4: Your Investment Objectives and Experience

■■ Strongly disagree ■■ Disagree ■■ Somewhat agree ■■ Agree ■■ Strongly agree

■■ Fund A ■■ Fund B ■■ Fund C

If you owned bonds during this period, check the answer that corresponds to your actual

behavior.

■■ Sell all of the remaining investment ■■ Hold the investment and sell nothing

■■ Sell a portion of the remaining investment ■■ Buy more of the investment

This chart shows the

greatest one-year loss

and the highest one-year

gain on three different

hypothetical investments

of $10,000.* Given the

potential gain or loss in

any one year, I would

invest my money in. . .

From January 31, 1999,

through December 31,

1999, some bonds lost

almost 9%. If I owned a

bond investment that lost

9% in 11 months,

I would. . .

10

11

$1,921

–$1,020

–$3,639

$4,229

$593

–$164

Page 7

■■ Strongly disagree ■■ Disagree ■■ Somewhat agree ■■ Agree ■■ Strongly agree

*The maximum gain or loss on an investment is impossible to predict. The ranges shown in this chart are hypothetical and are designed solely to gauge aninvestor’s risk tolerance.

I would invest in a mutual

fund based solely on a

brief conversation with a

friend, coworker, or

relative.

6

7

8

Section 4: Your Investment Objectives and Experience (cont.)

When the market goes

down, I tend to sell some

of my riskier assets and

put the money in safer

assets.

5 ■■ Strongly disagree ■■ Disagree ■■ Somewhat agree ■■ Agree ■■ Strongly agree

Page 8

Short-term securities(cash / money market)

High-grade U.S. bonds (government /corporate / municipal)

Lower-grade U.S. bonds (high-yield /junk)

Large-cap U.S. stocks

Mid- / small-cap U.S. stocks

International stocks /bonds

Investment Type(both individual securitiesand mutual funds investedin these categories)

Level of Experience With the Investment

Level of Satisfaction With the Investment

Low

■■

■■

■■

■■

■■

■■

Medium

■■

■■

■■

■■

■■

■■

High

■■

■■

■■

■■

■■

■■

None

■■

■■

■■

■■

■■

■■

VeryLow

■■

■■

■■

■■

■■

■■

Low

■■

■■

■■

■■

■■

■■

Medium

■■

■■

■■

■■

■■

■■

High

■■

■■

■■

■■

■■

■■

VeryHigh

■■

■■

■■

■■

■■

■■

NA

■■

■■

■■

■■

■■

■■

Please provide us with

a snapshot of your

experience and level of

satisfaction with various

types of investments.

10

Section 4: Your Investment Objectives and Experience (cont.)

■■ Very unstable ■■ Unstable ■■ Somewhat stable ■■ Stable ■■ Very stableMy current and future

income sources (such as

salary, Social Security,

and pension plans) are. . .

9

Page 9

List and provide information for all investment accounts that you currently hold outside Vanguard.

Be sure to include information for all types of retirement and nonretirement accounts, such as

brokerage accounts, mutual fund accounts, IRAs, annuities, company retirement plans, and bank

accounts. When possible, please enclose copies of your most recent account statements

that you’ve received from your other financial provider(s). Do not send spreadsheets or other

personal recordkeeping documents.

You do not need to enclose copies of your Vanguard account statements. Your planner will obtain

that information using the Social Security and other tax identification numbers you provided in

Section 2 for you and other members of your household.

Approximate Additional StatementAccount Type Owner (Name) Account Balance Annual Savings Enclosed?

Ex. Brokerage Account Joe $ 145,000 $ 2,500 ■■

1 $ $ ■■

2 $ $ ■■

3 $ $ ■■

4 $ $ ■■

5 $ $ ■■

6 $ $ ■■

7 $ $ ■■

8 $ $ ■■

9 $ $ ■■

10 $ $ ■■

11 $ $ ■■

12 $ $ ■■

13 $ $ ■■

14 $ $ ■■

15 $ $ ■■

16 $ $ ■■

Your Current Investment

Accounts

A special note about

cost basis

If cost-basis information

is not displayed on the

statements you provide,

please begin gathering

those details from the other

financial institutions. Cost

basis—that is, the original

price paid for each

investment, including

any reinvested dividends—

is a key component of

the data you provide for

assets you hold outside

of Vanguard.

1

Section 5: Your Financial Information

✔

Page 10

■■ Check here if you have been granted stock options (that is, a formal written offer from your

employer to buy or sell company stock at a specified price within a stated time period) or if

you currently own restricted stock (that is, company stock that you own but that is subject to

conditions regarding sale, forfeiture, and transferability). Please provide a copy of the offer

and be prepared to discuss this in more detail with your planner.

Please provide information on the income you are receiving now and expect to receive in future years.

In addition to the sources we’ve identified, be sure to include others such as bonuses, alimony,

and income from trusts. Report the information separately for Client A and Client B.

Client A:Annual Starting Ending Annual % Continued

Source of Income Amount Year Year Increase Beneficiaries at Death

Salary $ % NA NA

Part-time income $ % NA NA

Social Security $ NA NA

Current pension $ % %

Future pension $ % %

Net rental income $ % %

Other $ % %

Client B:Annual Starting Ending Annual % Continued

Source of Income Amount Year Year Increase Beneficiaries at Death

Salary $ % NA NA

Part-time income $ % NA NA

Social Security $ NA NA

Current pension $ % %

Future pension $ % %

Net rental income $ % %

Other $ % %

Income

Stock Options2

3

Section 5: Your Financial Information (cont.)

(wecalculate)

(wecalculate)

Page 11

Please provide an estimate for the total amount that you spend annually on your everyday living

expenses, such as food, clothing, utilities, entertainment, and charitable giving.

You should exclude the following items, which are covered elsewhere within this Profile:

• Income tax payments (previously supplied on page 4).

• Mortgage payments (to be supplied below).

• Liability payments, such as student loans, home equity loans, personal loans, or credit card

debt (to be supplied on page 13).

• Life, long-term care, and disability insurance premiums (to be supplied on pages 12 and 13).

• Future expenses, such as the purchase of a home or car, an extended vacation, or education

expenses (to be supplied on page 14).

• Savings directed into your investment and retirement accounts (previously supplied on page 9).

Estimated Total Annual Living Expenses $

Please provide information on your primary residence, vacation homes, rental properties, and

the like.

Current Original BeginningMarket Mortgage Mortgage Mortgage Monthly Current Interest

Property Description Owner Value Amount Date Term Payment Balance Rate

$ $ P&I: $ $ %

Ins.: $

Tax: $

Total: $

$ $ P&I: $ $ %

Ins.: $

Tax: $

Total: $

$ $ P&I: $ $ %

Ins.: $

Tax: $

Total: $

Current Real Estate

Expenses

Current Living Expenses4

5


P&I = Principal and interest; Ins. = Insurance (for example, homeowners or mortgage)

Ex.: Primary Residence Joint 120,000 100,000 1/1990 30 yrs 805 55,000 9

40

130

975

Page 12

Please indicate current education expenses—including private school or other tuition or

expenses—that are a significant part of your typical expenses but will be ending at a specific time.

Any student loans that you carry will be addressed in Current Liability Expenses on page 13.

Payment FrequencyStudent’s Name Payment Amount (Monthly / Quarterly / Annually) Ending Date (MM / YY)

$

$

$

$

$

In the “Benefit Amount” column, provide the amount the beneficiary or insured will receive.

If you have a whole life (permanent) policy, provide the current cash value in the “Total Cash /

Investment Value” column without taking any outstanding loans into consideration. If you have

a variable life policy, enter the investment value in that column and—in the “Additional Personal

Commentary” section on page 15—provide us with information on the investment options

offered by the policy.

Do not include accidental death policies, travel insurance benefits, or business insurance.

Life Insurance

Total Cash /Benefit Investment Loan Annual

Policy Type Owner Insured Beneficiaries Amount Value Balance Premium

$ $ $ $

$ $ $ $

$ $ $ $

$ $ $ $

Current Insurance

Expenses

Current Education

Expenses6

7


Ex.: Term Insurance Trust Client A Client B 250,000 NA NA 800


Include items such as student loans, home equity loans, personal loans, and credit card debt that

you carry on an ongoing basis.

Current Current Loan Monthly Interest Loan LoanLiability Description Owner Market Value Balance Payment Rate Start Date End Date

$ $ $ %

$ $ $ %

$ $ $ %

$ $ $ %

Current Liability Expenses8

Ex.: Car Loan Client A&B 20,000 18,000 396 7 1 / 2004 12 / 2009

Long-Term Care Insurance

Daily Maximum MaximumAnnual Benefit Coverage Benefit Inflation

Policy Name Insured Premium Amount Period Amount Adjustment

$ $ $ %

$ $ $ %

$ $ $ %

Disability Insurance

Annual Maximum MaximumPre-Tax or Annual Benefit Coverage Benefit

Policy Type After-Tax Insured Premium (% of Salary) Period Amount

$ % $

$ % $

$ % $

Page 13

Ex.: ABC Co. Client A 800 100/day 4 years unlimited 5

Ex.: Employer-Provided After-Tax Client A 800 60 5 years 250,000

Page 14Section 5: Your Financial Information (cont.)

Give your planner an indication of what types of estate planning strategies you’ve considered to

this point (check the appropriate boxes):

Client A Client B

Yes No Yes No

Have you ever met with an estate planning attorney or other estate specialist? ■■ ■■ ■■ ■■

Do you have a will? ■■ ■■ ■■ ■■

Do you have a revocable living trust? ■■ ■■ ■■ ■■

Does your will or revocable living trust attempt to take advantage of applicable credits? ■■ ■■ ■■ ■■

Do you have any of the following documents:

Power-of-attorney for assets? ■■ ■■ ■■ ■■

Letter of direction? ■■ ■■ ■■ ■■

Living will? ■■ ■■ ■■ ■■

Estate Planning

Considerations 10

List any expenses that you expect to incur that aren’t part of your ordinary living expenses

(for example, the purchase of a car or home, an extended vacation, a wedding, or educational

expenses). If you will incur the expense over multiple years, indicate what you’ll be spending

each year in the “Annual Amount in Today’s Dollars” column.

Annual Amount in Starting Ending How Often Will theExpense Description Today’s Dollars Year Year Expense Occur?

$

$

$

$

$

$

$

$

Future Expenses9

Ex.: New Car 25,000 2007 2037 Every 5 years

Ex.: Janie’s College 20,000 2009 2012 Annually

Page 15

Please use the space

provided on the next

two pages to continue

a response to a previous

question or to provide

us with additional

information that would

help your planner better

understand your

objectives, situation,

or concerns.

Section 6: Additional Personal Commentary

Page 16

The information you have provided here will be valuable in the development of your personal

financial plan. You will hear from your planner shortly after Vanguard receives this information.

Thank you for the

time you have taken

to complete this profile.

Section 6: Additional Personal Commentary (cont.)

World Wide Webwww.vanguard.com

Toll-Free Information800-567-5162

Vanguard Personal Financial Planning Service is provided byVanguard Advisers, Inc., a registered investment advisor.

Vanguard PersonalFinancial Planning ServicePost Office Box 709Valley Forge, PA 19482-0709

© 2005 The Vanguard Group, Inc. All rights reserved.

PFPPP 052005

Service Agreement and Disclosure Statement


Read this Service

Agreement and

Disclosure

Statement

carefully, and keep

it for your records.

Page 2Service Agreement and Disclosure Statement

Vanguard Advisers, Inc. (VAI), a Pennsylvania corporation and a registered investment advisor,

through its Vanguard Personal Financial Planning Service (VPFPS) division, will provide financial

planning services to you as described below, according to the terms of this Agreement. None

of the fees for such services are commission-based.

VPFPS will assign a financial planner to work with you throughout the financial planning process.

Your financial planner will discuss your financial goals with you and provide advice designed to

help you meet your goals. Your planner will prepare a detailed, written explanation of the advice

and the steps you’ll need to take to act on that advice.

The investment advice VPFPS provides to you will be based on an asset allocation strategy that

is appropriate for your financial circumstances at the time the planning process is conducted.

We will recommend the allocation of your financial assets across different asset classes (stocks,

bonds, short-term reserves) and, within a particular asset class, across different market sectors

(e.g., growth versus value stocks, domestic versus international stocks, long-term versus short-

term bonds).

Once we have determined an asset allocation for you, we will recommend a combination of

mutual funds that is appropriate for your situation. After you’ve reviewed the recommendations,

you and your planner will discuss them in detail. VPFPS will then assist with activities required to

put the approved recommendations into place and to ensure that all remaining questions are

answered to your satisfaction.

The following are key features of this service:

• Goals-based methodology. All of VPFPS’s investment and asset allocation strategies are

driven by your long-term financial goals, not by short-term investment performance. The

advice that you receive is customized for you based on our evaluation of your objectives,

risk tolerance, time horizon, tax status, and other factors.

• Broad diversification of assets. Rather than attempting to predict which investments will

provide superior performance at any given time, VPFPS seeks to control risk by maintaining

broad diversification among investments from a variety of market sectors and asset classes.

• Flexible planning approach. VPFPS will take your entire portfolio into account with a top-

down approach that focuses on the best allocation of stocks, bonds, and short-term reserves

for you. This approach will help ensure that our advice meshes with your overall investment

strategy—even if you ask your financial planner to focus on just a segment of your assets.

Overview1

Services2

Page 3

In addition to specific asset allocation strategies, your planner will also help you prioritize issues

related to retirement, education, or estate planning. The advice you receive could encompass any

of the following issues:

• Identifying available financial resources and projecting your financial situation in retirement.

• Evaluating your savings and spending habits as they relate to your financial objectives.

• Considering the most appropriate retirement and education savings vehicles.

• Determining the best way to withdraw assets from your investment portfolio.

• Identifying opportunities to minimize estate transfer taxes.

• Discussing how life, long-term care, and disability insurance can help you protect your family

from an unexpected loss of income.

Services (cont.)2


Financial Planners3

Enrollment and Online Accessibility

4 You may enroll for this service by completing Your Personal Profile in writing or online at

www.vanguard.com/visit/financialplan. You must be an existing Vanguard client and a

registered user of Vanguard.com® to access the online Profile. When completing the Profile

online, any information that you save before final submission will remain stored for 90 days,

after which it will be deleted from our system.

Once you submit your completed Profile online, you will be able to view a copy of that Profile

through the Statements page of your individually designated, password-protected Vanguard.com

account. You will also be given the option to access your completed Personal Financial Plan on

our website through your Statements page. Each Personal Profile and Personal Financial Plan

stored on your Statements page will be accessible to you for seven years from the date it was

originally posted.

VPFPS assigns a financial planner to provide advice to you. Your financial planner will:

• Have a minimum of two years of work experience with investments and/or the Vanguard funds.

• Have an undergraduate college degree and will have completed or will be pursuing a

program of related graduate education and/or a professional designation such as Certified

Financial Planner™.

• Be registered as a general securities representative (Series 7), a state securities representative

(Series 63), and an investment advisor representative (Series 65 or 66).

All VPFPS financial planners have completed an internal training program covering retirement,

education, and estate planning; investment and asset allocation principles; VPFPS’s investment

advisory methodology; client communications; ethics; and compliance issues. In addition, all

financial planners are required to participate in ongoing seminars and training programs

conducted by Vanguard and by external organizations.


Fees5 The fee for our planning service described in Section 2 of this Agreement is $1,500. Discounts

are available based on assets held at Vanguard, and one complimentary planning service is

available to clients who invest new assets of $250,000 or more in Vanguard mutual funds.

Additional discounts and fee waivers may also apply.

Vanguard’s advice is based on our own fundamental research as well as research obtained from

a wide variety of external sources, both public and private. All our investment recommendations

are based on methodology that is approved and periodically reviewed by a committee composed

of the following members.

• John J. Brennan. Mr. Brennan is a director and the president of Vanguard Advisers, Inc.

Mr. Brennan also serves as director and chairman of the board of The Vanguard Group, Inc.

Associated with Vanguard since 1982, he holds an A.B. degree from Dartmouth College and

an M.B.A. from Harvard Business School.

• R. Gregory Barton. Mr. Barton is a director and the secretary of Vanguard Advisers, Inc., and

is a managing director of The Vanguard Group, Inc. He holds a B.A. from Colgate University,

a J.D. from Marshall-Wythe School of Law, and an L.L.M. from Temple University Law School.

• James H. Gately. Mr. Gately is a director of Vanguard Advisers, Inc., and is a managing

director of The Vanguard Group, Inc. He holds an A.B. degree from Wesleyan University and

an M.B.A. from Harvard Business School.

• F. William McNabb, III. Mr. McNabb is a director of Vanguard Advisers, Inc., and is a

managing director of The Vanguard Group, Inc. He holds an A.B. from Dartmouth College and

an M.B.A. from The Wharton School, University of Pennsylvania.

• Michael S. Miller. Mr. Miller is a director of Vanguard Advisers, Inc., and is a managing

director of The Vanguard Group, Inc. He holds a B.A. from the University of Virginia and a J.D.

from the University of Virginia School of Law.

• Ralph K. Packard. Mr. Packard is a director of Vanguard Advisers, Inc., and is chief financial

officer of The Vanguard Group, Inc. He holds a B.A. from Holy Cross College and an M.B.A.

from Cornell University.

• George U. Sauter. Mr. Sauter is a director of Vanguard Advisers, Inc., and is chief investment

officer of The Vanguard Group, Inc. He holds an A.B. from Dartmouth College and an M.B.A.

from the University of Chicago.

Methodology andLeadership

6

Other ImportantDisclosures

8


Your Responsibilities 7 You are responsible for providing VPFPS with all necessary information about your financial

circumstances and with any other facts or information that might affect the manner in which the

services described in this Agreement are provided to you. Also, since this process requires open

communication between you and your financial planner, you are responsible for being available

for conversations with your planner. VPFPS strategies and recommendations will be made based

on these conversations and the information that you provide. If VPFPS receives incomplete or

inaccurate information, or if you are unable to fully participate in the financial planning process,

VPFPS will not be responsible for the completeness or accuracy of the recommendations.

It is your responsibility to decide whether to act on the advice provided by VPFPS. It is also up to

you to determine that the recommendations you take action on, with or without the assistance of

VPFPS, have been carried out correctly. If you transfer assets from another financial institution to

Vanguard, it is your responsibility to notify VPFPS when the assets have arrived at Vanguard. It is

also your responsibility to subsequently initiate any remaining transactions.

VPFPS reserves the right to terminate this Agreement if, in the opinion of VPFPS, you fail to

provide complete and accurate information within a reasonable period of time, or if the services

provided by VPFPS do not appear to be suitable for your particular situation.

Financial Planning Recommendations

During the financial planning process, you and your planner may discuss a variety of financial

strategies, and your planner will present you with documentation of his or her recommendations.

Within this document, your planner will suggest strategies that are specifically designed to help

you achieve your financial goals. Any financial statements that may be included in the Report are

unaudited and may not follow generally accepted accounting principles. Accordingly, they should

not be relied upon by third parties to evaluate your creditworthiness and should not be used for

any purpose other than to assist you in developing your financial strategy.

In developing your recommendations, VPFPS will make certain assumptions, such as rates of

return on investments, inflation rates, etc. All assumptions are estimates based on historical data

that, in our opinion, serve as a useful and reasonable basis on which to develop financial

strategies. Please keep in mind that past performance is not a guarantee of future results.

Standard of Care

VPFPS and its representatives will perform the services described in this Agreement in good faith

and in accordance with applicable law. However, except for gross negligence, willful malfeasance,

or bad faith, neither VPFPS nor any Vanguard affiliate will be held liable for any action performed

or omitted, or for errors of judgment made within the scope of the performance of such services.

Federal and state securities laws impose liabilities under certain circumstances on persons even

when they act in good faith, and nothing contained in this Agreement shall constitute a waiver or

limitation of rights that you may have under federal or state securities laws.

Page 6

Taxes

Recommendations made by VPFPS may result in taxable gains or losses, or the generation of taxable

dividend income or tax-preference items for purposes of the alternative minimum tax. Although VPFPS

may advise you with respect to the tax consequences of its investment recommendations, you agree and

acknowledge that the payment of all taxes due on income or capital gains remains your sole obligation,

and neither VPFPS, VAI, nor any affiliated or related party or person shall have any responsibility with

respect to them. Nonresident aliens may be subject to withholding taxes on income or capital gains.

Transaction and Redemption Fees

Some Vanguard funds charge fees on the purchase of shares. These fees, designed to offset the cost

of buying and selling securities, are paid directly to the fund and are not sales charges. Additionally,

some Vanguard funds charge redemption fees in order to discourage short-term trading. VPFPS may

recommend Vanguard funds with either or both of these types of fees. Should you incur such fees as

a result of acting on VPFPS’s recommendations, you acknowledge that these fees will be assessed on

your purchase or deducted from your redemption proceeds in accordance with the conditions set

forth in the prospectus of the particular Vanguard fund you are buying or selling.

Additionally, other financial institutions may impose certain fees or other charges on assets that

you transfer to Vanguard. Be sure to consult your other financial providers to ensure your

understanding of all fees that may result from carrying out our recommendations.

Confidentiality

Your personal and financial information will be held in strict confidence and will not be disclosed to

any unaffiliated third party except as part of a regulatory examination or as set forth in the Vanguard

privacy policy.

Investment Results

There is no assurance that you will achieve positive investment results by following the advice

provided by VPFPS. Although VPFPS will recommend strategies that are designed to be prudent

and diversified, all investments are subject to risks, as described in the prospectuses of the funds

you invest in. As with any investment in stocks, bonds, or mutual funds, you could lose money.

Vanguard Advisers, Inc.

VPFPS is a division of VAI, which is a wholly owned subsidiary of The Vanguard Group, Inc.

(Vanguard). Vanguard is owned by The Vanguard Group of Mutual Funds. VPFPS recommends

Vanguard mutual funds and other Vanguard products and services.

Vanguard funds are distributed by Vanguard Marketing Corporation, a registered broker-dealer

affiliated with VAI and Vanguard. VAI has established and operates under a Code of Ethics that

complies with the requirements of the federal securities laws. VAI will provide a free copy of its

Code of Ethics to any client or prospective client upon request.

Other ImportantDisclosures (cont.)

8


Other ImportantDisclosures (cont.)

8


Arbitration

All controversies arising out of or relating to any services provided by VAI, VPFPS, Vanguard, or

any of their affiliates, directors, or employees with respect to transactions of any kind executed

pursuant to this Agreement, with respect to any accounts serviced according to this Agreement,

or which relate in any way to this Agreement will be resolved by arbitration and governed by the

laws of the Commonwealth of Pennsylvania without reference to its conflicts of laws rule.

Arbitration shall be conducted in accordance with and subject to the then-applicable Commercial

Dispute Resolution Procedures of the American Arbitration Association (the AAA Rules). Unless

otherwise mutually agreed upon by the parties, the arbitration hearings will be held in the City of

Philadelphia, Pennsylvania. A panel of three arbitrators will be selected in accordance with the AAA

Rules. The arbitrators will allow such discovery as is appropriate and consistent with the purposes of

arbitration in accomplishing a fair, speedy, and cost-effective resolution of disputes. The arbitrators will

reference the Federal Rules of Evidence and the Federal Rules of Civil Procedure then in effect in

setting the scope of discovery. Judgment upon the award rendered in any such arbitration may be

entered in any court having jurisdiction thereof, or application may be made to such court for a judicial

acceptance of the award and an enforcement, as the law of such jurisdiction may require or allow. You

consent to service of process by first-class mail to your addresses maintained on record at Vanguard.

You should know that: (1) arbitration awards will be final and binding on all parties; (2) by signing

the enrollment section of Your Personal Profile, all parties are waiving their right to seek remedies in

court, including the right to a jury trial; (3) prearbitration discovery is generally more limited than and

different from court proceedings; (4) the arbitrator’s decision is not required to include factual findings

or legal reasoning; and (5) any party’s right to appeal or to seek modification of rulings by arbitrators

is strictly limited.

Note that the arbitration clause may not constitute a waiver of any right under federal or state

securities laws, including the right to choose the forum in which to seek resolution of disputes.

The arbitration clause may not apply to residents of all states.

Effectiveness

This Agreement will take effect once Vanguard receives a fully executed copy of Your Personal

Profile and accepts it. All fees payable, as described in Your Personal Profile, must be submitted

by check or deducted from one of your Vanguard nonretirement accounts in order for us to

begin providing services. No services will be provided until such conditions have been met.

Assignment, Amendment, and Termination of Services

Neither party may assign or amend this Agreement without the consent of the other party. VPFPS

can terminate this Agreement at any time by notifying you in writing and refunding the fees you

paid. You can terminate this Agreement at any time by notifying Vanguard in writing. If you do so

within five business days of the date you sign Your Personal Profile, you will receive a full refund

of any fees paid. If you do so after the five days, the amount of your refund—if any—will depend

on the amount of work performed by, and expenses incurred by, VPFPS prior to receipt of your

termination notice. Written notice of termination should be sent to Vanguard Personal Financial

Planning Service, Post Office Box 709, Valley Forge, PA 19482-0709.

World Wide Web www.vanguard.com

Toll-Free Information 800-567-5162

Vanguard Personal Financial PlanningService is provided by VanguardAdvisers, Inc., a registered investmentadvisor.

Vanguard, The Vanguard Group, Vanguard.com, and the ship logo aretrademarks of The Vanguard Group,Inc. All other marks are the exclusiveproperty of their respective owners.

Vanguard Personal Financial Planning Service Post Office Box 709 Valley Forge, PA 19482-0709

© 2005 The Vanguard Group, Inc. All rights reserved.

VPFSA2 052005

Documents

Vanguard Personal Financial Planning Service