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The Vanguard Difference ™ a Promise You Can Count on Thank You for Taking Time to Learn More About Vanguard

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The Vanguard Difference ™ a Promise You Can Count on Thank You for Taking Time to Learn More About Vanguard Experience the Vanguard Difference ™ A Promise You Can Count On Thank you for taking time to learn more about Vanguard. I think you’ll find us to be unlike any other investment management firm you’ve ever encountered. The performance of tomorrow’s markets may be anything but guaranteed, but there’s one thing I can guarantee: Vanguard stands apart. We exist exclusively to benefit investors like you. The proof is in how we operate. Vanguard is owned by the Vanguard funds themselves—and the funds exist solely to build wealth for their shareholders. In stark contrast, other investment companies are held by private owners or stockholders, who rightly expect to enjoy profits. In real terms, our corporate structure makes our investors our owners. So everything we do—from managing assets prudently, to providing expert assistance with transactions, to operating at Come cost—revolves around meeting the financial needs of our clients. to Vanguard for a To appreciate the depth of our commitment, we invite you to talk to a relative, colleague, or neighbor . any of the millions of Lifetime of Investing people around the world who invest with us. Ask them about Vanguard. They’ll tell you that we deliver on our promise to manage their assets sensibly and with integrity. Millions of investors have come to Vanguard— Again, thanks for considering us. I look forward to welcoming you to the ever-growing Vanguard family of shareholders. and they’ve remained with us through up and Sincerely, down markets alike. Why? They’ve experienced some important benefits as Vanguard clients . John J. Brennan Chairman and Chief Executive Officer The Vanguard Group 1Trust 2 Value 3 Commitment 1 1Trust Our business revolves around your interests. Our Clients Come First Everything we do is focused on It’s not surprising that no one Vanguard, you’re the one Since launching in 1975, what’s best for those who have has copied our at-cost way who profits—because we Vanguard has built its business entrusted their assets to us—an of doing business. After all, don’t serve two masters. We’re on a client-first cornerstone. approach that’s won the loyalty profits are at the heart of most structured from top to bottom This has earned us a reputation of millions of investors. business models. But at solely to serve your interests. for integrity and straight talk. You Profit From Our Approach In other words, we don’t Vanguard is different from promise what we can’t deliver. A Striking Cost Advantage—Year After Year other investment companies We don’t hype short-term fund because we don’t generate performance, and we don’t 1.50% profits for private owners or seek new business by offering stockholders. All our profits 1.25 discounted fees that are, in are returned to Vanguard reality, paid by clients already 1.00 fund shareholders in the Mutual Fund Industry Average in the door. form of cost savings. 0.75 pense ratios ex 0.50 Vanguard Fund Average 0.25 0 1983 1988 1993 1998 2003 While the fund industry’s average costs have increased over the past 20 years, we’ve lowered our costs because it’s clear that’s in your best “I need a company that I can interest. This willingness to take a stand for investors has built a trust completely.” strong foundation of trust among our clients. 1-800-451-3332 2 Mutual fund industry data provided by Lipper Inc. unless otherwise noted. 3 “I’m sold on sticking to a long-term plan. I want an investment company that’s sold on it too.” A Beacon of Common Sense wealth takes the right Trust Must Be Earned Day after day throughout our In a business influenced too approach. So you can trust us Given the questionable entire history, we’ve earned often by short-term thinking, to maintain disciplined business practices recently the trust of our clients because Vanguard stands as a beacon of strategies, retain world-class exhibited by some high- we make sure our interests are common sense. Through bull investment talent, and rely profile companies, investors aligned with theirs. It’s no and bear markets alike, we on a proven approach to can hardly be blamed for surprise that our shareholders know that building enduring risk management. wondering whom they can hold their accounts nearly trust. At Vanguard, ethical twice as long as the industry behavior isn’t a new priority. average.* “I don’t want double talk... Give it to me straight.” www.vanguard.com 4 *Derived from data as of December 31, 2003, provided by the Investment Company Institute. 5 2Value Vanguard clients enjoy more—for less. Investment Choices An Impressive Fund Lineup The Place for Index Funds A Diverse Selection of Actively Managed Funds From A to Z Vanguard’s highly regarded Index funds are ideal building fund roster is among the blocks for your portfolio, and If you’re looking for Whether you’re interested in nation’s largest. Choose from there’s no better place than experienced fund managers more than 100 no-load funds Vanguard to find the best annuities or zero-coupon bonds— and diverse investment that invest in stocks, bonds, selection. We were the first strategies at a single company, or anything in between—you and money market securities— to offer an index mutual fund you’ve come to the right place. funds designed to help you to individual investors, and We offer an impressive array can rely on Vanguard to offer build an investment program today our lineup includes more of actively managed funds everything you need to reach your for a lifetime. than 20. Some even offer run by managers based within exchange-traded shares. And Vanguard as well as from goals and simplify your financial life. of course, they’re all available leading investment advisory at very low costs. firms around the world. “Give me a range of investment choices, then help me select the best ones for me.” Vanguard Tops Two “Best” Lists Selected Vanguard Funds to Consider We’re proud to note that two prominent financial publications, Money Not sure where to start? Here are some funds that might fit your needs. and Forbes,have cited 34 Vanguard funds as among the industry’s best— Stock Bond far more than from any other fund company. Both outlets evaluated Morgan™ Growth Fund Intermediate-Term Tax-Exempt Fund thousands of funds in looking for the best combination of performance Total Stock Market Index Fund Short-Term Treasury Fund and cost efficiency. Windsor™ II Fund Total Bond Market Index Fund Balanced Money Market Money (August 2003) included 12 Vanguard funds among “The 100 Best Funds” in 13 stock and bond fund ™ Prime Money Market Fund * categories based on competitive performance, style consistency, management stability, and costs. Forbes (February 2, Wellington Fund 2004) listed 24 Vanguard funds among 71 stock, bond, and balanced funds in 16 categories as “Best Buys” based on risk-adjusted performance and costs during the five-year period ended December 31, 2003. The performance data shown *An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance 6 represent past performance, which is not a guarantee of future results. Investment returns and principal value will 7 fluctuate, so that investors’ shares, when sold, may be worth more or less than their original cost. For the most recent Corporation or any other government agency. Although a money market fund seeks to preserve the value performance, which may be higher or lower than that cited, visit our website at www.vanguard.com. of your investment at $1 per share, it is possible to lose money by investing in such a fund. “I’d like to get the most value for the least cost.” Savings That Compound Savings You Can’t Ignore Enjoy Convenient Support Your Nest Egg With to Your Advantage Brokerage Services Annuities Our average fund expenses You keep: Vanguard Brokerage Services® For investors who can benefit are the lowest you’ll find offers all the features you’d from the tax advantages, anywhere, so our funds $1,130 expect from a discount Vanguard offers annuities to have a head start on their brokerage firm. You can help save for retirement. And You spend: $250 competitors. Low costs also easily buy and sell stocks, for those seeking guaranteed Average for ® bonds, options, exchange- lifetime income during give you a higher percentage Amounts Vanguard$1,320 of your funds’ returns. Over deducted Funds traded funds, CDs, and any retirement, we offer an income in 2003 from time, this cost advantage $1,380 of 2,600 mutual funds from annuity. All of our annuities a $100,000 Average for can add up to substantial investment Fund Industry 300 other fund companies. feature low costs and are savings for you. Take advantage of powerful commission-free. If you own When you invest with a company that Web-based analytical tools an annuity from another works at keeping costs low—especially as you enjoy online, wireless, company, we can help you take one that doesn’t have to generate profits for company owners—you can save a lot touch-tone, or broker-assisted advantage of a tax-free transfer of money ...every year. access to your account. And of those assets to Vanguard our brokerage associates aren’t through a 1035 Exchange. paid sales commissions, so they can focus exclusively on your service needs. 1-800-451-3332 8 9 “I want to make sure I’m saving enough to reach my goals.” All the Services Retirement Know-How Special Services for But even the most experienced Those Who Qualify You’d Expect—and No matter what stage of investors can sometimes Some You Might Not life you’re in, the skilled Vanguard offers Voyager benefit from an expert opinion.
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