The ongoing advice you want from a partner you can trust

Vanguard Asset Management ServicesTM

Vanguard Asset Management

Services’ respected principles

and trustworthy service can

help you meet your financial

goals with confidence.

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As a concerned investor, you may have given serious thoughtto questions like:

• How can I spend less time worrying about my assets?• Where should I turn if I’m not comfortable managing my

assets on my own?• What are the right steps to take as I prepare to retire?• How can I make withdrawals from my portfolio

tax-efficiently?• How do I provide for my family and future generations?

If you have investable assets of $500,000 or more, VanguardAsset Management Services could be what you’re lookingfor. You’ll receive ongoing attention from a dedicated investment manager who understands you and your financial needs and will give your portfolio the care it deserves.

Your investment manager will: • Partner with you to build a customized investment

program for any life stage.• Focus on disciplined portfolio management, rather than

market noise, to help keep your investments on track.• Create a tax-efficient asset withdrawal strategy to help

meet your living expenses and achieve your financial goals. • Provide resources to address more complex financial

planning issues, such as estate planning, tax-efficiency,charitable giving, and trust services.

• Connect with you regularly through personal contact and in-depth quarterly performance reviews.

Keep in mind that while we manageand monitor your portfolio, you canstay as involved as you want to bein each critical investment decision.

Is an ongoing partnership with an investmentmanager right for you?

Connect with us® > www.vanguard.com/ongoingadvice > 800-335-2412

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What sets us apart?

Here are some of the benefits that helpmake Vanguard Asset ManagementServices an industry standout:

Ongoing personal attentionYour investment manager is committed to serving your financialneeds. You’ll build a solid partnership as you collaborate to discuss your goals and create a plan to help youmeet them. Plus our low client-to-investment-manager ratio means there is more consulting time available for you.

As much participation as you wantWhile your investment manager willoversee your portfolio, you can be as involved as you want to be. Yourinvestment manager will contact you on a regular basis, but you’re also encouraged to call at any time.

Vanguard’s disciplined approachYour investment program will follow a disciplined, long-term approach that focuses on managing risk throughappropriate asset allocation and diversification. We adhere to provenprinciples rather than short-term strategies or the latest trends to create a plan based on a custom mix of low-cost, tax-efficient mutual funds.

Exceptional valueOur outstanding service, investmentexpertise, and low costs add up to oneof the best values you’ll find for assetmanagement—a fact supported by ourextraordinary client retention rate.

Expertise customized for your needsOur advisory services are designed to provide you with tailor-made advicefrom a salaried Certified FinancialPlannerTM professional, so you can besure your financial needs will beaddressed by an expert.

Stewardship, not salesmanshipYou’ll receive financial advice basedsolely on your needs. Because yourinvestment manager is salaried andreceives no commissions, there’s neverany sales pressure. Our investmentmanagers focus on providing servicefor you—not selling to you.

Investing involves risk, and fluctuations in thefinancial markets and other factors may cause declines in account value. There’s no guaranteethat a particular asset allocation or fund mix will meet objectives or provide a given income.

Diversification doesn’t ensure a profit or protectagainst a loss in a declining market.

Assets under management $1,000,000 $2,000,000 $5,000,000Vanguard Asset Management Services fee1 0.75% 0.55% 0.34%

Average cost of Vanguard funds 2 0.14% 0.14% 0.14%

What you’d pay for both asset management and funds with us 3 0.89% 0.69% 0.48%

What you’d pay, on average—for funds only—at other companies 4 1.19% 1.19% 1.19%

1 The annual service fee, payable quarterly, is based on the market value of assets under management at the end of each calendar quarter. Mutual fund holdings are subject to the normal management expenses associated with their ownership and disclosed in the prospectus. These fees are paid at the fund level and don’t reduce the portfolio-level fees described on this schedule.

A minimum of $500,000 is necessary to establish an asset management relationship. A different fee schedule applies to qualified plans and relationships with $10 million or more. Additional fees of $2,500 per registration may apply for certain trust services.

2 Based on the weighted expense ratio of actual Vanguard Investor and Admiral Shares funds (index and managed) representing a typical 50% stock/50% bondportfolio allocation used by our asset management services in 2009. Admiral Shares, a class of Vanguard funds which require a minimum investment of $100,000, have expense ratios that range 18%–50% below the already low expenses of Vanguard Investor Shares.

3 On a $500,000 portfolio, the minimum annual fee of $4,500 would be assessed. This represents 0.90% of the total portfolio, which—when added toVanguard’s average expense ratio of 0.20%—would result in a total cost of 1.10%, which is less than the average mutual fund expense ratio of 1.19%(source: Lipper Inc., December 31, 2008). This hypothetical illustration is not intended to represent the actual cost associated with any particular investment.

4 Source: Lipper Inc., December 31, 2008.

3Connect with us® > www.vanguard.com/ongoingadvice > 800-335-2412

With Vanguard Asset Management Services, you’ll find management fees and fund costs that are among the lowest in the industry, allowing more of your money to remain in your portfolio, working for you.

Compare the costs

Fee schedule

Assets under management (Minimum assets: $500,000) Annual fee1

First $1 million 0.75%

Next $1 million 0.35%

Subsequent amounts 0.20%

Minimum annual fee: $4,500

Advisory services for less than the average cost of a mutual fund

How can I invest wisely for several goals, like retirement and college?

We will . . .• Help you prioritize your goals.• Recommend appropriate types of accounts

(such as an IRA or 529 college plan). • Establish a diversified asset allocation

that fits your situation.

I want my decisions to be the best for myinvestments in the long run.

• Apply Vanguard’s time-tested principles to construct a strategy that mitigates costlymistakes such as overlapping of holdings,market-timing, and chasing returns.

How can I stay on track to retire if I stillhave major expenses like college and a mortgage?

We will . . .• Analyze your investments and projected

spending to help you plan a suitable strategy for both your short- and long-term goals.

I want my retirement assets in a trustedplace that I can get to easily, if needed.

• Help you consolidate your assets atVanguard—a company known for stabilityand integrity—to give you one clear financial picture.

• Design a plan for withdrawing assets tax-efficiently.

How can I preserve my investments and maintain my standard of living?

We will . . .• Establish an asset allocation and diversify

your portfolio to help your assets grow and last throughout retirement.

• Help set up a withdrawal plan to meet your needs in retirement.

I need to create an appropriate retirementwithdrawal strategy.

• Help you determine how much you can safely withdraw from your portfolio annually.

• Identify the accounts to withdraw from, based on a tax-efficient and risk-management perspective.

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A strategy created just for youWe recognize that when it comes to managing your assets, one strategy doesn’t fit all, and the approach we take withyou depends on where you are in your financial life.

Retiring within five to ten years?

Living in retirement?

Still building your portfolio?

I feel that I don’t have the time or ability tokeep track of all my accounts.

• Monitor your portfolio and see that yourassets are working toward your goals, andmake your outside accounts a part of youroverall plan.

How can I reduce the effects of taxes andexpenses on my returns?

• Create a portfolio of low-cost, tax-efficientmutual funds that’s designed for the long term.

I want to develop a withdrawal strategy so I’ll be prepared for retirement.

• Manage and readjust your portfolio as you near retirement.

• Assist you in the transition from accumulating assets to withdrawing tax-efficiently from them.

How do I know the best time to start takingSocial Security?

• Identify pertinent factors, such as your healthhistory, family longevity, and your plans forworking in retirement.

• Evaluate strategies that may be appropriatefor you.

I want to provide for my heirs without causing too much loss to taxes.

• Set up a complimentary consultation with anestate planning and trust expert to discussyour estate plan.

• Collaborate with your attorney and otheradvisors to develop an estate plan that canachieve your goals.

I want to establish a trust and appoint atrustee who can serve for the long term.

• Act as a trustee to administer and manageyour assets in accordance with your trustdocument, and ensure a stable, continuoustrust relationship for your beneficiaries.

5Connect with us® > www.vanguard.com/ongoingadvice > 800-335-2412

2. Implement the strategy

• Decide upon an appropriate asset mix among stock, bond, and moneymarket funds.

• Diversify among the market segmentswithin the asset classes.

• Incorporate tax strategies and selectindividual funds.

3. Monitor and rebalance your portfolio

• Conduct investment reviews and analyses.

• Rebalance your portfolio, as needed.• Provide customized quarterly

performance reports.

1. Evaluate your situation anddevelop your plan

• Conduct a thorough review of yourcurrent financial situation.

• Determine your goals, time horizon,and risk tolerance.

• Arrive at a mutually agreed-uponapproach that becomes your starting point. 4. Perform an annual review

• Revisit your financial planning needs.• Review your portfolio based on your

objectives and goals.• Validate your overall strategy.

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Here’s how it works

Before developing your financial plan,your investment manager will become familiar with more than just your financial information: We want tounderstand your concerns, your visions for retirement, and many other factors critical to creating your plan.

Your investment manager will considerthis information, as well as a review of your income and expenses, to createan appropriate investment portfolio and suitable spending plan that takes intoaccount your risk tolerance and goals.Once it’s established, your investmentmanager will review your plan regularlyand make adjustments as your financialsituation changes.

You’ll partner with your investment manager to design a customized planbased on Vanguard’s disciplined, time-tested methodology.

Our investment management approach

Continuous evaluation

Access a team of experts

You and your investment managercan get professional, in-depth inputon a range of topics that includes:

• Estate planning. Discover how to help ensure that your family’s financial needs are met and your assets are distributed in a proper manner to the people and organizations you want to benefit.

• Trust services. Understand the value a trust can add to your estateplan and the importance of selectinga trustee who can provide an objective, continuous trust relationship for your heirs.

Your dedicated investment manager will be your primary source of guidance, but some situations may call for specialized advice. That’swhere our team of expertscomes into play.

Our asset management services team includes100+ salaried investment professionals who have130+ advanced degrees and certifications.*

*As of June 15, 2009.

• Tax-efficiency. Keep up to date ontax law changes, and learn aboutstrategies to reduce income taxes,estate taxes, gift taxes, and more.

• College saving. Learn how to setaside what you need for your child’sor grandchild’s education through529 plans and other savings options.

• Charitable giving. Get details aboutvehicles like charitable trusts anddonor-advised funds, and determinethe most effective and tax-efficientway to support your favorite causes.

• Long-term care. Review long-termcare options and develop a plan tohelp pay for your potential long-termcare needs.

7Connect with us® > www.vanguard.com/ongoingadvice > 800-335-2412

Ask us to help manage your trusts

You can also benefit from comprehensive trust services offered by Vanguard Asset Management Services.

We can serve as your trustee now, step in as successor trustee later on, or handle just the investment management of your trust assets.

Whatever your trust needs, we'll be there to help you and your family.

Call 800-335-2412 on business days from 8:30 a.m. to 6 p.m., Eastern time, to talk with a specialist about VanguardAsset Management Services.

The specialist will help you determine whether an ongoingadvisory relationship is right for you and will introduce you to your personal investment manager if you’re ready to get started.

You can expect honest answers with no pressure. It’s theway we do business at Vanguard.

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Ready for the next step?

Personal attention from your dedicated

investment manager—together with our

reasonable fees and fund costs that are

among the lowest in the industry—will add

extraordinary value to your portfolio.

Connect with us® > www.vanguard.com/ongoingadvice > 800-335-2412

Vanguard Asset Management Services

P.O. Box 709Valley Forge, PA 19482-0709

© 2009 The Vanguard Group, Inc.All rights reserved. Vanguard Marketing Corporation, Distributor.

BTFK 082009

Connect with Vanguard® > www.vanguard.com/ongoingadvice > 800-335-2412

Vanguard Asset Management Services are provided by VanguardNational Trust Company, which is a federally chartered, limited-purpose trust company operated under the supervision of theOffice of the Comptroller of the Currency.

Investments in bond funds are subject to interest rate, credit, and inflation risk.

An investment in a money market fund is not insured or guaranteed by the Federal DepositInsurance Corporation or any other governmentagency. Although a money market fund seeks to preserve the value of your investment at $1 pershare, it is possible to lose money by investing in such a fund.

For more information about Vanguard funds, visitwww.vanguard.com, or call 800-662-7447, to obtaina prospectus. Investment objectives, risks, charges,expenses, and other important information about a fund are contained in the prospectus; read andconsider it carefully before investing.