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                              THE VANGUARD GROUP(R)

                                VANGUARD(R) FUNDS
                              PROSPECTUS SUPPLEMENT

IMPORTANT INFORMATION ABOUT FUND MINIMUMS FOR NEW ACCOUNTS
Effective  immediately,  $3,000  is  required  to open  and  maintain  new  IRAs
(excluding  SEP--IRAs)  and  custodial  accounts  for  minors.  This new account
minimum  applies to IRAs and  custodial  fund  accounts for minors  opened on or
after  November 1, 2005.  IRAs and custodial  fund accounts for minors that were
opened  prior to  November 1, 2005,  are not  subject to the new $3,000  account
minimum.
     The $3,000  investment  minimum for opening and  maintaining  regular  fund
accounts remains unchanged.
     Vanguard reserves the right,  without prior notice, to increase or decrease
the minimum  amount  required  to open or  maintain an account,  or to add to an
existing account.

























(C)2005 The Vanguard Group, Inc.  All rights reserved.             PSMINS112005
Vanguard Marketing Corporation, Distributor.