Vanguard offers a broad array of mutual funds designed to support long-term investing. The funds' policies and strict rules to help to protect investors from the costs of short-term trading.

Vanguard's Pledge to Their Clients

Vanguard promises to:

• Put your interests first at all times and invest the majority of their personal assets alongside yours.
• Manage your investments with prudence, a long-term perspective, and the goal of providing returns that are consistently better than those of competitors.
• Adhere to the highest standards of ethical behavior and fiduciary responsibility.
• Strive to be the highest-value provider of investment services by offering outstanding performance and service, while keeping costs as low as possible.
• Communicate candidly with you about investment risks and costs, as well as potential rewards, in keeping with their "plain talk" philosophy.
• Maintain highly effective controls to protect your assets and confidential information.
• Employ a talented, diligent, and diverse crew to ensure your money and your needs are well cared for.
• Adapt, evolve, and continuously improve, because you should expect excellence in all that we do.

Source: Vanguard's Pledge, personal.vanguard.com (2/2012)