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                PROXY VOTING REQUEST--PLEASE VOTE YOUR PROXY NOW


Fellow Vanguard Shareholder:

     WE NEED  YOUR  VOTE!  We  recently  mailed  you proxy  materials  outlining
important  proposals affecting your Vanguard  investments.  Our records indicate
that you have not yet voted your shares, and we would appreciate it if you would
do so as soon as possible.  Each  Vanguard  fund's board of trustees  recommends
that you vote "FOR" all applicable proposals.

     You can vote in any one of four ways:

1.   Through  the  INTERNET  at   www.proxyweb.com/vanguard   (or  by  going  to
     www.vanguard.com and clicking on "Vote My Proxy").

2.   By TELEPHONE with a toll-free call to 1-888-221-0689.

3.   By MAIL.

4.   IN PERSON at the shareholder meeting on December 3, 2002.

     If you need another copy of the proxy materials or have questions about the
proposals, please don't hesitate to call us.

o    If you are an investor  through our Direct Investor  Services Unit,  please
     call us at 1-800-922-0833.

o    if you are a participant in a company-sponsored  401(k) or other retirement
     plan administered by Vanguard, please call us at 1-800-523-1188.

o    If you represent a Plan Sponsor or an Investment-Only  client,  please call
     your Relationship Manager.

     By  voting  your  proxy  now,  you can help the  Vanguard  funds  avoid the
substantial cost of another proxy solicitation.  In addition, voting by Internet
or telephone will help reduce the funds' return postage costs.

     Thank you in advance for acting quickly on this request.

Sincerely,

/s/ John J. Brennan
John J. Brennan
Chairman and Chief Executive Officer




          Post Office Box 2600, Valley Forge, Pennsylvania 19482-2600
                       (610) 669-1000 o www.vanguard.com

                                                                    PROXL 112002