Gifting Shares to Nonprofit Organizations

Giving Fund Shares to Organizations FormTo give a gift of Vanguard mutual fund shares to an organization

Thank you for your interest in giving Vanguard®

fund shares—an excellent way to help a favoriteorganization now while potentially easing the impact of estate taxes for you in the future.

How to give your shares To transfer Vanguard fund shares to an organization,you and your recipient organization must use ourGiving Fund Shares to Organizations Form. Before you begin, you should know that:

• The minimum amount you can give is $1,000.

• The shares you’re giving must come from anonretirement account.1

• If your shares are held at another financialinstitution, you will have to arrange the transferthrough that institution.

• If your shares are held by a trust or corporation, or if you are the agent for the account owner, youmay have to provide additional documentation. Call us at 800-662-2739 for information.

To complete the Giving Fund Shares toOrganizations Form, follow these steps:

1. As the giver of the fund shares, you complete Section 1 of the form.

2. Send the form, along with the enclosedOrganization Resolution Form and the postage-paid envelope, to your recipient.

3. Ask your recipient to complete Section 2—as well as the Organization Resolution and the AccountRegistration Form, if necessary—and to mail theforms (plus any other required documentation) toVanguard, using the envelope provided.

If your recipient does not already own shares of thefund you’re giving, your gift must meet the fund’sminimum initial investment. You can find fundminimums on the list of Vanguard funds includedwith the form.

Once your shares are transferred to the organization’saccount, they may be exchanged for shares of anotherVanguard fund or redeemed.

Processing your requestVanguard will process your request as soon as we receive the completed form and any otherrequired documentation. If both you and yourrecipient have not fully completed the form,processing will be delayed, and the timing of your gift may be affected. You and your recipient willreceive a written confirmation after we complete the transfer.

Tax considerations If you are planning your gift for a particular year, make sure we receive your completed form by the last business day of that year.

Be aware that Vanguard does not provide tax or legaladvice. Since giving fund shares may have gift, estate,and income tax implications, you should consult yourtax advisor or estate-planning attorney.

Need more forms?If you need additional forms, contact us at 800-662-2739 on business days from 8 a.m. to 10 p.m., or on Saturdays from 9 a.m. to 4 p.m.,Eastern time. You can also download and print the forms from our website at www.vanguard.com/serviceforms.

To give Vanguard fund shares to an individual, use the Giving Fund Shares to Individuals Form, alsoavailable on our website or by contacting us.

Form FGSF

1 If you’re 70 1⁄2 or older, you can transfer up to $100,000 directly from your IRA to qualified organizations on a tax-free basis for tax year 2007. You must complete an IRA Distribution Request Form to make the transfer.

*INFL731121226229*

Form FGSF

Mailing information

Make a copy of your completed form for your records.

Mail your completed form and any attached documentation in the enclosed postage-paid envelope.

VanguardP. O. Box 1110Valley Forge, PA 19482-1110

Vanguard 455 Devon Park DriveWayne, PA 19087-1815

>If you do not have

a postage-paidenvelope, mail to:

>For overnight

delivery, mail to:

Reminder

The recipient organization must attach a completed Organization Resolution and a completedAccount Registration Form, if necessary.

*INFL731121226229*

Form FGSF

Use this form to give Vanguard mutual fund shares held in anonretirement account to an organization. You must complete aseparate form for each account from which you’re giving shares and for each organization that will receive shares.

Print in capital letters and use black ink.

Questions?Call 800-662-2739. If you need other forms, visit ourwebsite at www.vanguard.com/serviceforms.

Giving Fund Shares to Organizations Form

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1. Your Account Information

After you complete this section, the recipient organization must complete Section 2, as well as theenclosed Organization Resolution form and Account Registration Form, if necessary.

Name of Account Owner first, middle initial, last

Name of Joint Account Owner first, middle initial, last

Provide the full, legal name. >

Fund Shares You Want to GiveList each fund from which you want to give shares and the dollar amount or number of shares youwant to give. All funds must be held in the same account. If you indicate a partial transfer and theamount is more than your fund balance, we will transfer the entire fund balance.

Check one.

■■ Transfer all.

To list additionalfunds, provide the

information on aseparate sheet.

Gift Recipient

Name of Organization

■■ Transfer part:

Fund Number Exact Amount Enter dollar amount or shares.



Account Number

>

*INFL731121226229*

Form FGSF

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Signature(s) of Current Account Owner(s)

I agree to transfer ownership of my Vanguard fund shares as instructed on this form.

Account Owner’s Signature Date mm/dd/yyyy

>Sign exactly as your

name is registered onthe Vanguard account.

If additional signatures are

required, photocopythis page and attach

the copy to this form.

Account Owner’s Signature Date mm/dd/yyyy

■■ The organization has an Organization Resolution form on file at Vanguard.

■■ The organization is submitting an Organization Resolution form with this form.

2. Recipient Organization Information

The representative(s) of the organization that is receiving the shares should complete this section.

Organization ResolutionThe organization must have an Organization Resolution form on file that names the personsauthorized to conduct transactions on its behalf.


Employer/Taxpayer ID Number

Street

City, State, Zip Country if not U.S.

Daytime Phone area code, number, extension

>

*INFL731121226229*

Form FGSF

■■ Transfer gifted shares to a new Vanguard account.

The organization does not have an account with Vanguard. We understand that we must open an account and provide Vanguard with an Organization Resolution form and an AccountRegistration Form.

■■ Transfer gifted shares to the organization’s existing Vanguard account.

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Account to Receive the Gifted SharesShares can only be transferred between accounts in the same Vanguard fund. After the transfer, theshares may be exchanged or redeemed. See Exchange or Redeem the Shares below.

Account Number

>Skip to page 4.

■■ Exchange the Vanguard fund shares given to the organization for shares of anotherVanguard fund.

■■ Redeem the shares given to the organization. Send a check to our address.

Exchange or Redeem the Shares optional

Choose one of the following options only if your organization does not want the shares to remain inthe account indicated above.

Fund Number Fund Name

*INFL731121226229*

Form FGSF

Signature Date mm/dd/yyyy

Signature(s) of Recipient Organization Representative(s)The authorized organization representative(s) must sign below.

The signer(s) must be listed on the Organization Resolution form as authorized to act on behalf of the organization.

By signing below, the authorized representative(s) acknowledges that the recipient organization:

• Has full authority and legal capacity to accept Vanguard fund shares.

• Has received a prospectus of each fund in which the organization is investing and agrees to bebound by its terms.

• If it is a U.S. entity, certifies under penalty of perjury that:

1. The employer/taxpayer ID number given on this form is correct.

2. It is not subject to backup withholding because (a) it is exempt from backup withholding,or (b) it has not been notified by the IRS that it is subject to backup withholding as aresult of a failure to report all interest or dividends, or (c) the IRS has notified it that it isno longer subject to backup withholding.

Important: Cross out item “2” if the organization has been notified by the IRS that it iscurrently subject to backup withholding because it has failed to report all interest ordividends on its tax return.

3. It is a U.S. person.

• If it is a non-U.S. entity, it must complete the appropriate Form W-8 to certify its foreign statusand acknowledges that it is not under penalty of perjury certifying the above information.

The IRS does not require the organization’s consent to any provision of this document otherthan the certification required to avoid backup withholding.

Sign in the center of the box. >


© 2007The Vanguard Group, Inc. All rights reserved.

FGSF 1007

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*INFL731121226229*

Form VORF

Important information you should knowOrganizations covered by this form:

• Corporations.

• Sole proprietorships.

• Partnerships.

• Limited liability companies and partnerships.

• Professional corporations and associations.

• Endowments.

• Business trusts.

• Other entities and organizations.

You can use this form if the organization is either:

• The registered account owner.

• An agent for another account owner.

Who can signAuthorized signatories may include officers, general partners, managing members, or other persons allowed to act on the organization’s Vanguard and Vanguard Brokerage Services® accounts.

Where noted, each authorized signatory or other authorized person for a Vanguard Brokerage account must check a box to indicate whether he or she is affiliated with or employed by a stock exchange, member firm of an exchange, FINRA, or a municipal securities broker-dealer. If the box is checked, the authorized signatory must include with this form a letter of account approval from the affiliated organization’s compliance officer. We will automatically send duplicate copies of confirmations and statements to the organization. Failure to include an approval letter may delay the processing of your form. An account approval letter is not needed for FINRA, New York Stock Exchange, or Vanguard employees.

Important: Two persons must sign this resolution in Section 5 for the organization. If your organization has only one authorized signatory, please have a bank officer, practicing attorney, or member of a domestic stock exchange complete the Third-Party Certificationin Section 5.

Once we have received your completed resolution, authorized persons can transact on your organization’s behalf without providing certified resolutions each time.

Personal trusts and most retirement trusts are covered by another formIf you are a trustee of a personal or retirement trust, do not use the attached form. Instead, you must complete and submit our Trustee Certification (available online at vanguard.com/serviceforms).

Mailing informationMail your completed form in the enclosed postage-paid envelope.

If you do not have an envelope, mail to:Vanguard P.O. Box 1110Valley Forge, PA 19482-1110

For overnight delivery, mail to:Vanguard 455 Devon Park DriveWayne, PA 19087-1815

Organization ResolutionFor naming officers or other persons who are authorized to conduct transactions for an organization.

*INFL731121226229*

Form VORF

Questions?Call 800-662-2739. If you need other forms, go to vanguard.com/serviceforms.

1. Organization Information

Complete Sections 3 and 5. >

2. Type of Authorization Check one and complete the appropriate section.

Complete Sections 4 and 5. >

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Organization ResolutionUse this form to authorize persons to conduct transactions on your organization’s Vanguard accounts or to authorize persons to act for the organization on behalf of another account owner.

This resolution remains in effect until Vanguard receives notification that it has been revoked or receives a new form. You must file a new Organization Resolution each time there is a change in the identity of individuals authorized to act for your organization.



Employer/Taxpayer Identification Number

Type of Organization

Street

City, State, Zip Country if not U.S

Daytime Phone area code, number, extension Evening Phone area code, number, extension

■ Authorization to Act on an Organization’s Accounts If you are authorizing individuals to act on the organization’s accounts, check this option and complete Section 3 and 5.

■ Authorization to Act on Behalf of Another Account Owner If you are authorizing individuals to act on the organization’s behalf in its capacity as agent for another account owner, check this option and complete Sections 4 and 5.

*INFL731121226229*

Form VORF

3. Authorization to Act on an Organization’s Accounts

Authorized SignatoriesIndividuals who sign below will be allowed to:

1. Sign documents related to Vanguard and Vanguard Brokerage Services® accounts owned by the organization.

2. Invest the assets of the organization.

3. Obtain account information and give instructions for the purchase, sale, exchange, or transfer of securities.

4. Engage in margin and option trading on Vanguard Brokerage Services accounts owned by the organization.

If you need more space to list additional authorized signatories, either photocopy this page or attach a separate sheet.


If you check this box, a letter of

account approval is required. (Refer to instructions page.)

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Number of Signatures Required on Documents Indicate how many signatures are required on documents other than checks. If you do not provide a number, Vanguard will assume only one authorized signatory must sign

Number of SignaturesRequired

Name of Authorized Signatory first, middle initial, last Title



■ Check here if you are affiliated with or employed by a stock exchange, member firm of an exchange, FINRA, or municipal securities broker–dealer.






*INFL731121226229*

Form VORF

If you do not already have checkwriting on these funds, you will

receive a checkbook in two to three weeks.

>

Checkwriting optional

This option is only available for money market funds and for bond funds other than Vanguard High-Yield Corporate Fund.

Minimum amount per check is $250. If you do not indicate the number of signatures required on checks, only one authorized signature will be required.

Additional Persons Who Can Conduct Transactions optional

The authorized persons listed below will not be allowed to sign any documents related to the Vanguard or Vanguard Brokerage Services accounts owned by the organization.

However, they will be allowed to:

1. Invest the assets of the organization.

2. Obtain account information and give instructions for the purchase, sale, exchange, or transfer of securities.

3. Engage in margin and option trading on Vanguard Brokerage Services accounts owned by the organization.



>



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Phone and Online Account AccessProvide the name of the authorized signatory, from the list above, who is authorized to establish secure access to the organization’s accounts online and use Vanguard’s automated telephone system for account inquiries and transactions.

Note: Any one of the authorized signatories listed above can obtain account information and perform transactions by calling a Vanguard associate.

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Important: Authorized persons must sign in Section 5.


Fund Number Your Account Number Iif known) Enter all 11 digits Number of Signatures Required on Checks

Fund Number Your Account Number Iif known) Enter all 11 digits Number of Signatures Required on Checks


Name of Authorized Person first, middle initial, last Title



*INFL731121226229*

Form VORF

4. Authorization to Act on Behalf of Another Account Owner

This section should be completed only if your organization is acting as an agent on behalf of another account owner.

To be eligible to serve as agent for another account owner, the organization must have been appointed to serve under a Vanguard Agent Authorization, Vanguard Inquiry Access Only Form, or Vanguard Agent Certification for Incapacitated Person that has been or is being completed and submitted to Vanguard by the other account owner.

Account Owner Provide information on the account owner for which the organization is acting as an agent.


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Authorized Persons Provide information on the persons authorized to act on behalf of the organization as agent for the other account owner.



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Name first, middle initial, last

Street

City, State, Zip Country if not U.S

Social Security Number or Individual Taxpayer ID Number





*INFL731121226229*

Form VORF

If signing to authorize persons to act on the Organization’s own Vanguard accounts, confirm the following by signing on page 7:

• Each of the authorized signatories listed in this section is duly authorized by resolution of the board of directors or other governing body of the organization, or under the organization’s charter or other organizing document, to act on behalf of the organization in connection with any Vanguard mutual fund and/or Vanguard Brokerage Services accounts owned by the organization. Each such signatory is authorized to invest the assets of the organization; obtain information and give instructions for the purchase, sale, exchange, or transfer of securities; engage in margin and option trading on Vanguard Brokerage Services accounts owned by the organization; and execute any necessary documents in connection with those securities and/or the Vanguard accounts owned by the organization.

• Each of the additional authorized persons listed in this section is authorized to act on behalf of the organization in connection with the any Vanguard mutual fund and/or Vanguard Brokerage Services accounts owned by the organization. Each such additional authorized person is authorized to invest the assets of the organization; obtain information and give instructions for the purchase, sale, exchange, or transfer of securities; and engage in margin and option trading on Vanguard Brokerage Services accounts owned by the organization. However, the additional authorized persons are not authorized to execute any documents in connection with the organization’s accounts.

The organization authorizes Vanguard’s custodian bank to honor checks drawn by the authorized signatory(ies) on the Vanguard fund account(s) listed in Section 3 and to effect a redemption of sufficient shares on the account(s) to cover payment of such checks. I/We understand that:

• This privilege may be amended or terminated at any time by the fund or the bank; and neither shall incur any liability to me for such amendment or termination, or for honoring such checks, or for effecting redemptions to pay such checks, or for returning checks that have not been accepted.

• No check shall be issued or honored, or redemption effected, for any amounts represented by shares unless payment of such shares has been made in full and any checks given in such payment have been collected through normal banking channels.

• Checks drawn on an organization account will require the signature of one authorized signatory unless indicated otherwise in Section 3.

• This privilege is subject to all the terms and conditions stated in the fund’s prospectus.

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5. Certification and Indemnification

*INFL731121226229*

Form VORF

If signing to identify persons authorized to act as agent for another account owner under a Vanguard Agent Authorization, Inquiry Access Only form or Agent’s Certification for Incapacitated Person, confirm the following by signing on page 7:

The undersigned authorized signatories of the organization identified in Section 1 hereby certify that each of the authorized signatories listed in this section is authorized to act on behalf of the organization to the extent of the authority granted the organization in a Vanguard Agent Authorization, Limited Agent Authorization, Inquiry Access Only Form, or Agent’s Certification for Incapacitated Person filed with Vanguard previously or at the same time as this form, with respect to the account owner identified in this section.

The organization acknowledges that:

• The authorized persons identified in this section are authorized to act only with respect to the Vanguard accounts owned by the account owner for which the organization has been authorized as an agent. The organization further acknowledges that it must file a separate Organization Resolution for each additional account owner for whom the organization serves as an agent.

• The organization is solely responsible for informing Vanguard of any changes in the authority or identity of the authorized persons listed in this section.

• Vanguard is not responsible for any acts or omissions taken in regard to any instructions believed by Vanguard to have originated from any authorized person identified in this section until Vanguard has received written notice of the revocation of such authorized person’s authority and Vanguard has had a reasonable period of time to act upon such notice.

The following applies to all organizations identified in Section 1 and submitting this resolution:

The organization agrees to indemnify and hold The Vanguard Group, Inc., Vanguard Marketing Corporation, their affiliates, each of the investment company members of The Vanguard Group, and their respective officers, employees, and agents (collectively, Vanguard) harmless from and against all losses, claims, and expenses (including attorney’s fees) of any kind incurred by Vanguard for relying in good faith upon information provided in this resolution and for acting on instructions believed by Vanguard to have originated from any authorized person listed in this section. This resolution remains in full force and effect until revoked by an authorized signatory of the organization. Each Organization Resolution filed with Vanguard revokes a corporate/organization resolution previously filed with Vanguard in its entirety. Any revocation will not affect any liability resulting from transactions initiated before Vanguard has had a reasonable amount of time to act upon the revocation.

The undersigned are authorized to certify this information on behalf of the organization and confirm that these provisions conform to the charter or other organizing document of our organization.

Important: All authorized signatories must sign on the next page.

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Form VORF

© 2009 The Vanguard Group, Inc. All rights reserved.

VORF 072009

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Vanguard Brokerage Services is a division of Vanguard Marketing Corporation, member FINRA.

Third-Party CertificationI certify that the person who signed above is the duly authorized signatory of the organization identified in Section 1.

Complete if the organization has

only one authorized signatory.

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Two authorized signatories must sign.

You can sign even if your name is included

on page 4 under Authorized Persons.

If the organization has only one authorized signatory, complete

the Third-Party Certification below.

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Applies only if Section 4 has

been completed.>

The following applies to Vanguard Brokerage option accounts only:

I/We understand the investment objectives and trading plan of the registered account owner(s) and will only use trading strategies that are consistent with these objectives and plans.

I/We acknowledge that I/we have received from the registered account owner(s) (or I/we already possess) copies of the Vanguard Option Application and Vanguard Brokerage Option Account Agreement (Option Agreement), and I/we have read and understand them. I/We also acknowledge that if the registered account owner(s) are approved for options trading, they will be sent the booklet, Characteristics and Risks of Standardized Options. I/We agree to read the booklet prior to conducting any trades in the registered account owner’s(s’) account. I/We also accept all the terms and conditions of the Option Agreement.

I/We acknowledge receiving a copy of the Option Agreement, which contains a predispute arbitration clause highlighted in paragraphs 14 and 15 on page 3. By signing this application, I/we agree to be bound by the terms of the Option Agreement.






Name of Bank Officer, Practicing Attorney, or Member of a Domestic Stock Exchange

Title

Name of Bank or Firm

*INFL731121226229*

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Form AREG

Use this form to open a nonretirement mutual fund account.

Don’t use this form to open a retirement account or a brokerage account.

Vanguard funds are registered for sale to U.S. residents only. You must provide your U.S. address on this form.


Questions?Call 800-662-7447. If you need other forms or want to complete this form online, go to vanguard.com/serviceforms.

Account Registration Form

■ Joint Account owned by two or more people. Joint accounts will be registered as “joint tenants with right of survivorship” unless you indicate otherwise below. Verify that any registration you indicate here is valid in your state.

Joint account registration i.e., tenants in common, community property

■ Individual Account owned by one person.

1. Type of account Check only one.

Enter the trustee information in

Section 3 and the trust information

in Section 4.

All currently serving trustees must sign

in Section 11.

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State under whose law the gift or transfer is being made

■ Uniform Gifts to Minors Act/Uniform Transfers to Minors Act (UGMA/UTMA)

Account established as an irrevocable gift or transfer of assets to a minor. The assets in this account may only be used for the benefit of the minor. An adult custodian administers the account until the minor reaches the age of termination (or later age, if permitted by state law) for the state under whose law the gift or transfer is being made.

■ GuardianAccount administered by a court-appointed guardian or conservator.

Important: You must submit an original or certified (within 90 days) copy of the court appointment of the guardian or conservator.

■ Trust for an existing trust only Account established to invest assets held in a trust.

For trusts under will/testamentary: You must attach copies of the pages of the will that confirm the creation of the trust and those that contain the trustee(s’) name(s) and the testator’s (decedent’s) signature. The pages of the will should indicate it was filed with the probate court and include a court stamp (the stamp doesn’t need to be original or include a date).

For all other types of trusts: You must attach a copy of the pages of the trust agreement that shows the name of the trust, the trust date, and a listing of all trustees and their signatures.

■ Organization or other entity, including estateAccount owned by an entity.

Enter information about the

organization in Section 2.

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Verify that any registration you indicate here is

valid in your state.

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*INFL731121226229*

Form AREG

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Organization description Check any that describe the organization.

■ Broker-dealer

■ Mutual fund

■ National bank

■ State-regulated bank

■ Government agency or instrumentality

■ Publicly traded on the Nasdaq (except small-cap issues), NYSE, or NYSE Arca

Ticker symbol

Name of organization

*You only need to complete our Organization Resolution form if the estate representative is an organization.

Employer ID number ■ Organization is exempt from backup withholding.

If this box is checked, you must specify a reason.

Name of organization as shown on federal tax documents

Country where organization was established

■ Corporation

Articles of incorporation, state-issued charter, or certificate of good standing. Check one. If you don’t check a box, we’ll treat your organization as an S corporation for tax reporting purposes.

■ C corporation ■ S corporation

■ EndowmentPages in the trust document that show the name of the endowment and a listing of all trustees and their signatures.

■ Estate*Certified (within 90 days) copy of the court appointment of fiduciary, such as letters testamentary or letters of administration.

■ Foundation Articles of incorporation.

■ Partnership Partnership agreement.

■ Sole proprietorship Document filed to form the proprietorship.

■ Unincorporated enterpriseDocument evidencing the existence of the enterprise, such as the charter or resolution.

■ Other Specify type. Document filed to form the organization (if a legal entity), or organization bylaws or similar document (if not a legal entity).

■ Professional association,professional corporation, or limited liability company

Articles of association, certificate of organization, or similar document. If a limited liability company, check one.

■ C corporation ■ S corporation ■ Partnership

Registration type Check one. Required documentation

You must send us a copy of the required

documentation. In most cases, you must also

complete a Vanguard Organization

Resolution form.

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Country of establishment if not U.S.

■ U.S. ■ Other

2. Organization information organizations and other entities only

Country of tax residence if not U.S.

■ U.S. ■ Other

Tax residency

Reason Attach supporting documents.

You must complete this entire section. >

*INFL731121226229*

Form AREG

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3. Account owner information

Every person to be registered on the account must provide all of the requested information. For all accounts, except trusts and organizations, the first individual listed will be named first in the account registration. This individual’s Social Security number will be used for tax reporting purposes, and his or her address will be used as the primary address for any mailings.

For trusts and organizations, the Social Security number or individual taxpayer ID number listed in this section won’t be used for tax reporting, but the first mailing address listed will be the primary address for any mailings. All current trustees and executors must sign this form.

If all account owners aren’t of legal adult age for the state in which they reside (18 for most states, 19 in Alabama, and 21 in Mississippi), we can’t open the account (unless the account is to be opened as a custodian account for a minor and the custodian is identified on the following page).

Name of owner, minor, trustee, or organization representativeIf the trustee is an organization, you must complete our Organization Resolution form and mail it with this form.

Daytime phone area code, number, extension Evening phone area code, number, extension

Birth date mm/dd/yyyy E-mail address optional


Social Security number (SSN) or individual taxpayer ID number (ITIN)

Street address P.O. box or rural route is NOT acceptable; address can be military APO or FPO. For trusts or organizations, use the trust’s or organization’s address.

City, state, zip Country if not U.S.

Mailing address For trusts or organizations, use the trust’s or organization’s address.

If you’ve applied for an SSN or ITIN but haven’t received it,

enter the date on which you applied.

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Provide full, legal name. >

This is required if it‘sdifferent from mailing

address or if mailing address is a P.O. box.

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Country of tax residence if not U.S.Country of citizenship if not U.S.

■ U.S. ■ Resident alien ■ Nonresident alien ■ U.S. ■ Other

Citizenship Tax residency


Street or P.O. box


Street

*INFL731121226229*

4 of 10

Form AREG




Social Security number (SSN) or individual taxpayer ID number (ITIN)

Street address P.O. box or rural route is NOT acceptable; address can be military APO or FPO.

If you’ve applied for an SSN or ITIN but haven’t received it,

enter the date on which you applied.

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Provide full,legal name. >

Name of joint owner, custodian, co-trustee, or organization representativeIf you need more space to list additional owners, attach a separate sheet.

This is required if it’s different from mailing

address or if mailing address is a P.O. box.

■ U.S. ■ Resident alien ■ Nonresident alien ■ U.S. ■ Other

Country of tax residence if not U.S.Country of citizenship if not U.S.

Citizenship Tax residency



Street

>




Social Security number or individual taxpayer ID number

Name of successor custodian Provide this information in the event that the custodian listed above dies, becomes disabled, resigns, or is removed.

Complete this section only if

you’re establishing an UGMA/UTMA

account for a minor.

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Mailing address


Street or P.O. box

Mailing address


Street or P.O. box

*INFL731121226229*

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Form AREG

5. Funds you’d like to invest in Refer to the enclosed fund prospectus(es) or go to vanguard.com for fund names, numbers, and minimum investment amounts. Be sure the funds you want are currently open to new investors. If you need more space to list funds, provide the information on a separate sheet.

Fund name Fund number Amount

$Fund name Fund number Amount

$

Total investment

$

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Be sure you meet the minimum

initial investment for each fund.

You must list both fund name and

fund number.

Note: We charge a $20 annual account service fee for each Vanguard fund with a balance of less than $10,000 in an account. We’ll withdraw the fee directly from the fund accounts each June. This fee doesn’t apply if you sign up for account access on vanguard.com and choose electronic delivery of statements, confirmations, and Vanguard fund reports and prospectuses. This fee also doesn’t apply to Flagship, Voyager Select, or Voyager Services clients.



$

Employer ID number (EIN) or Social Security number (SSN) Date of trust agreement mm/dd/yyyy

Type of trust Check all that apply.■ Trust under ■ Trust under will/ ■ Grantor trust agreement testamentary

Name of grantor if grantor trust

Name of trust Provide full, legal name of trust.

Country of tax residence if not U.S.Country of establishment if not U.S.

■ U.S. ■ Other ■ U.S. ■ Other

Country where trust was established Tax residency

Only grantor trusts may use the grantor’s

SSN. All other trusts must provide an EIN.

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4. Trust information for trust accounts only

• All current trustees must sign where indicated in Section 11.

• The employer ID number or Social Security number you provide below will be used for tax reporting purposes.


*INFL731121226229*

6 of 10

Form AREG

7. Distribution options Check only one.

Your selection will apply to all funds opened through this form, and you may change your distribution options at any time. If you don’t select an option, all distributions (dividends and capital gains) will be reinvested in additional shares of the same fund.

■ Reinvest dividends and capital gains in additional shares of the same fund.

■ Mail dividends and capital gains by check to my mailing address.

■ Send dividends and capital gains by electronic transfer to my bank account. For this option,

you must complete Section 9.

>

8. Automatic investment plan optional

Transfer money from your bank account to your Vanguard account on a set schedule.1

You can’t use automatic investment to pay for your initial investment. If you need more space to list funds or specify a different schedule for each fund, provide the information on a separate sheet.

Starting month and date mm/dd (between the 5th and the 25th)




$

For this option, you must complete

Section 9.>

1Your Vanguard account will be credited one business day before the withdrawal from your bank account.2 If the date you choose falls on a weekend, holiday, or other nonbusiness day, the transfers will be initiated on the previous business day.

■ By check Make check payable to Vanguard. If you’re investing in more than one fund, you may write a single check for the total amount.

Total investment

$

■ By wire Call us at 877-662-7447 for wiring instructions.

Date of wire mm/dd/yyyy Total investment

$

■ By electronic transfer Make a one-time withdrawal from the bank account listed in Section 9.

Total investment

$

For this option, you must complete

Section 9.>

6. How you’d like to make your initial investment Check only one.

■ Monthly ■ Twice each month

■ Weekly ■ Every other week Day of the weekCheck only one.

Please allow us two weeks to establish

this option after we’ve received

this form.

>

Transfer schedule If you don’t make a selection, we’ll transfer assets monthly on the 15th.2

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Form AREG

9. Electronic transfers and wire redemptions Complete this section if you selected electronic transfer in Section 6 or 7, or the automatic investment plan in Section 8. If the name(s) on your bank account aren’t identical to the name(s) on your Vanguard account, also complete our Electronic Bank Transfer Service Form.

Providing your bank information also enables you to make future requests for electronic transfers1 and wire redemptions2 by telephone or online.

Bank routing number located in the bottom left corner of your check

Name(s) on bank account3

Note: Preprinted deposit slips generally don’t show the bank routing number, so you may need to call your bank for this information.1 Electronic transfers can take several days, depending on the timing of your request. Your bank, savings and loan, or credit union must be a member of the Automated Clearing House (ACH) network, and your account type must permit electronic transfers.

2 Your bank must be a member of the Federal Reserve System.3 If the name(s) on your bank account aren’t identical to the name(s) on your Vanguard account, also complete the Electronic Bank Transfer Service Form.

Bank name Bank telephone number

Tape or clip your voided check here.

Don’t staple.>

J. A. Sample123 StreetAnywhere, USA 12345

PAY TO THEORDER OF

MEMO

:000123456: 12345678987654321: 87654

Bank routing number Your account number

YOUR BANKYOUR CITY USA 87654

VOID AFTER 60 DAYS

DOLLARS

$

Check number

You must attach a voided check.

If you don’t have a check, provide your account information below. In addition, attach either a preprinted deposit slip or a letter from your bank that contains your account information and the name(s) on the bank account.

Provide this information only

if you don’t have a voided

check to attach.

>

Account type ■ Savings ■ Checking

Bank account number

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11. Signatures of all account owners

Important information about opening a new account. The Vanguard Group, Inc. (Vanguard),

is required by federal law to obtain from each person who opens an account certain

personal information—including name, street address, and date of birth—that will be used

to verify identity. If you don’t provide us with this information, we won’t be able to open the

account. If we’re unable to verify your identity, Vanguard reserves the right to close your

account or take other steps we deem reasonable.

• I have full authority and legal capacity to purchase fund shares.

• I have received a current prospectus of each fund I am investing in and agree to be bound by its terms.

• If I represent an organization, I confirm that the organization is in existence and that I have full authority to enter into investment transactions on behalf of the organization and to execute and deliver documents on its behalf.

• If I am investing in a state tax-exempt fund, I certify that I am a legal resident of the state indicated below, although I may occasionally use an out-of-state address.

Form AREG

Fund name Fund number Number of signaturesrequired on checks



You should receive your checkbook in

two to three weeks.>

This information is required

only for state tax-exempt funds.

>

10. Checkwriting optional

This option is only available for money market funds and for bond funds other than Vanguard High-Yield Corporate Fund.

Minimum amount per check is $250. All registered account owners, except minors, must sign in Section 11 exactly as the checks will be signed. For custodial or guardian accounts, only the custodian or guardian should sign. If you don’t indicate the number of signatures required on checks, the signature of only one account owner will be required.

• If I have chosen an electronic transfer option, I authorize Vanguard, upon telephone or online request, to pay amounts representing redemptions made by me, or to secure payment of amounts invested by me, by initiating credit or debit entries to my account at the bank named in Section 9. I authorize the bank to accept any such credits or debits to my account without responsibility for their correctness. I acknowledge that the origination of ACH transactions to my account must comply with U.S. law. I further agree that Vanguard will not incur any loss, liability, cost, or expense for acting upon my telephone or online request. I understand that this authorization may be terminated by me at any time by written notification to Vanguard and to the bank. The termination request will be effective as soon as Vanguard has had a reasonable amount of time to act upon it. I represent and warrant to Vanguard that I am an owner or authorized signer on the bank account specified in Section 9 and that no other owner or authorized signer of such bank account (other than the joint Vanguard account owner(s), if applicable) is required to sign in order to authorize the initiation of ACH entries to such bank account.

• If I have chosen the checkwriting option, I authorize Vanguard’s custodian bank to honor checks drawn by me on my Vanguard fund account and to effect a redemption of sufficient shares in the account to cover payment of such checks. I understand that (1) this privilege may be amended

State of legal residence

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Form AREG

If I am a U.S. citizen, a U.S. resident alien, or a representative of a U.S. entity, I certify under penalties of perjury that:

1. The taxpayer identification number I have given on this form as mine is correct (or I am waiting for a number to be issued to me);

2. I am not subject to backup withholding because (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and

Important: Cross out item 2 if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest or dividends on your tax return.

3. I am a U.S. citizen or other U.S. person (as defined by the IRS in its Form W-9 instructions).

If I am a nonresident alien, I am required to complete the appropriate Form W-8 to certify my foreign status. I understand that I am not under penalties of perjury certifying the above information.

The IRS does not require your consent to any provision of this document other than the certification required to avoid backup withholding.

• If I am signing as custodian of an UGMA or UTMA account, I acknowledge that I understand that the assets in such account legally belong to the minor for whom the account is registered and may be used for the benefit of said minor.

Number of trust ee signatures required to take any action on behalf of the trust. (Telephone and online requests may be made by any individual trustee.)

Signature of owner, custodian, trustee, or organization representative Date mm/dd/yyyy

Signature of joint owner, co-trustee, or organization representative Date mm/dd/yyyy

>

Please sign here.All those listed in Section 3 (except

minors) must sign.

If additional signatures are

required, attach a separate sheet.

If a number is not provided, the signature of one

trustee will be required for written

transaction requests.

>

or terminated at any time by the fund, Vanguard, or the bank, and none of them shall incur any liability to me for such amendment or termination, or for honoring such checks, or for effecting redemptions to pay such checks, or for returning checks that have not been accepted; (2) checks drawn on a joint account will require the signature of one registered owner unless indicated otherwise in Section 10; (3) no check shall be issued or honored, or redemption effected, for any amounts represented by shares unless payment for such shares has been made in full and any checks given in such payment have been collected through normal banking channels; and (4) this privilege is subject to all the terms and conditions stated in the Vanguard fund’s prospectus.

• I understand that if an account is registered in more than one name, Vanguard will accept written or telephone instructions from any one of the owners.

• If I am signing as a trustee of a trust, I understand that I also must confirm the following by signing below:

The trust is valid and in full force and effect as of the date below; the trustees have full authority under the trust document and applicable law to enter into investment transactions on behalf of the trust, including the purchase, sale, exchange, transfer, and redemption of mutual funds; and the trustees may issue general instructions.

The individuals listed and signing this form are all of the currently serving trustees.

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Form AREG

Mailing informationMail your completed form and any attached information in the enclosed postage-paid envelope.

Vanguard P.O. Box 1110Valley Forge, PA 19482-1110

Vanguard 455 Devon Park DriveWayne, PA 19087-1815

>If you don’t have

a postage-paid envelope, mail to:

RemindersIf the new account is a (an):

• Trust account. Attach a copy of the pages of your trust agreement that show the name of the trust, the trust date, and a listing of all trustees and their signatures.

• Organization account. Attach a copy of the documentation required for registration, and complete our Organization Resolution form, if needed.

• Guardian account. Attach an original or certified (within 90 days) copy of the court appointment of the guardian or conservator.

Electronic transfers and wire redemptions

If you’re investing by electronic transfer, selecting an automatic investment plan, or plan to make redemptions by wire, you must attach a voided check. If the names on your bank account and your Vanguard account differ, complete and attach our Electronic Bank Transfer Service Form.

>For overnight

delivery, mail to:

© 2011 The Vanguard Group, Inc. All rights reserved.

AREG 102011

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