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                                VANGUARD(R) FUNDS
                              PROSPECTUS SUPPLEMENT

IMPORTANT INFORMATION ABOUT ADMIRAL(TM) SHARES

The Vanguard  Group,  Inc., is pleased to announce  that the initial  investment
minimum for Admiral Shares has been lowered from $250,000 to $100,000, effective
May 10, 2005.
     All  prospectus  references  to the former  investment  minimums are hereby
changed  accordingly.  In  addition,  the  following  changes  are  made  to the
INVESTING WITH VANGUARD section of the prospectus.

The Buying Shares section is amended as follows:

ACCOUNT MINIMUMS FOR ADMIRAL SHARES
TO OPEN AND MAINTAIN AN ACCOUNT.  $100,000 for new investors.  Shareholders  who
are registered on  Vanguard.com(R),  have held shares of the Fund for ten years,
and have  $50,000 or more in that Fund  account are  eligible  to convert  their
Investor Shares to Admiral Shares. See Converting Shares.  Institutional clients
should contact Vanguard for information on special rules that may apply to them.

TO ADD TO AN EXISTING ACCOUNT. $50 by Automatic Investment Plan; $100 by check,
exchange, or electronic bank transfer (other than Automatic Investment Plan);
$1,000 by wire.
     Vanguard  reserves  the right to increase or  decrease  the minimum  amount
required  to open or maintain  an  account,  or to add to an  existing  account,
without prior notice.  Investment  minimums may differ for certain categories of
investors.


The Converting Shares section is amended as follows:

A CONVERSION BETWEEN SHARE CLASSES OF THE SAME FUND IS A NONTAXABLE EVENT.

PRICING OF SHARE CLASS CONVERSIONS
If you convert from one class of shares to another, the transaction will be
based on the respective share prices of the separate classes on the trade date
for the conversion. Consequently, a conversion may provide you with fewer shares
or more shares than you originally owned, depending on that day's share prices.
At the time of conversion, the total value of your "old" shares will equal the
total value of your "new" shares. However, subsequent share price fluctuations
may decrease or increase the total value of your "new" shares as compared with
that of your "old" shares.

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CONVERSIONS INTO ADMIRAL SHARES
All shares  purchased  before the  issuance  of  Admiral  Shares are  considered
Investor Shares.

SELF-DIRECTED  CONVERSIONS.  You may convert Investor Shares into Admiral Shares
at any time if your account balance in the Fund is at least $100,000. Registered
users of Vanguard.com may request a conversion to Admiral Shares online,  or you
may contact Vanguard by telephone or by mail to request this transaction.

TENURE  CONVERSIONS.  You  are  eligible  for a  self-directed  conversion  from
Investor  Shares into Admiral  Shares if you have had an account in the Fund for
ten years, that account balance is at least $50,000, and you are registered with
Vanguard.com.  Registered users of Vanguard.com may request a tenure  conversion
online,  or you may contact  Vanguard by  telephone  or by mail to request  this
transaction.

AUTOMATIC  CONVERSIONS.  The Fund conducts  periodic reviews of account balances
and may convert an eligible  investor's Investor Shares into Admiral Shares. The
Fund will notify the investor in writing  before any automatic  conversion  into
Admiral  Shares.  You may instruct the Fund if you do not wish to convert to the
lower-cost Admiral Shares.  Automatic  conversions do not apply to accounts that
qualify for Admiral Shares on the basis of tenure in the Fund.

MANDATORY CONVERSIONS INTO INVESTOR SHARES
If an investor no longer meets the requirements for Admiral Shares, the Fund may
automatically  convert the  investor's  Admiral Shares into Investor  Shares.  A
decline in the investor's  account balance because of market movement may result
in such a  conversion.  The Fund will notify the investor in writing  before any
mandatory conversion into Investor Shares.

The first paragraph of Investing With Vanguard  Through Other Firms in the Other
Rules You Should Know section is amended as follows:

INVESTING WITH VANGUARD THROUGH OTHER FIRMS
You may  purchase  or sell  Investor  Shares of most  Vanguard  funds  through a
financial intermediary,  such as a bank, broker, or investment advisor. HOWEVER,
ACCESS TO ADMIRAL SHARES  THROUGH A FINANCIAL  INTERMEDIARY  IS RESTRICTED,  AND
AUTOMATIC  CONVERSIONS  BETWEEN INVESTOR SHARES AND ADMIRAL SHARES GENERALLY ARE
NOT  AVAILABLE TO ACCOUNTS  HELD  THROUGH  INTERMEDIARIES.  PLEASE  CONSULT YOUR
FINANCIAL INTERMEDIARY TO DETERMINE WHETHER ADMIRAL SHARES ARE AVAILABLE THROUGH
THAT FIRM AND TO LEARN ABOUT OTHER RULES THAT MAY APPLY.




(C) 2005 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor                       PSADM 052005