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VANGUARD(R) FUNDS

SUPPLEMENT TO THE PROSPECTUS


IMPORTANT INFORMATION ABOUT FUND FEES
Effective immediately, Vanguard has eliminated the following annual fees charged
by Vanguard Funds:

o    The $10 custodial fee on IRA accounts  (including  SEP-IRAs) with a balance
     of less than $5,000 in the fund account.
o    The $10 custodial fee on Education  Savings Accounts with a balance of less
     than $5,000 in the fund account.
o    The $10  maintenance fee on index fund accounts with a balance of less than
     $10,000 in the fund account.
o    The $10  low-balance  fee on all  nonretirement  accounts with a balance of
     less than $2,500 in the fund account.

Vanguard has replaced these four fees with a single annual  account  service fee
of $20.  Vanguard will deduct this fee from each fund account that has a balance
below $10,000 for any reason, including market fluctuation.  The account service
fee applies to both retirement and nonretirement  accounts.  It will be assessed
on accounts in all Vanguard  funds,  regardless of a fund's  minimum  investment
amount.

The  account  service  fee will be  deducted  from a fund  account  once in each
calendar year and will be paid into the fund's assets.  The fee will be assessed
by redeeming fund shares in the amount of $20.

EXEMPTION FROM ACCOUNT SERVICE FEE

If you register on Vanguard.com(R)  and elect electronic delivery of statements,
reports, and other materials for all of your fund accounts,  the account service
fee will not be charged for any balance below $10,000.



OTHER INSTANCES IN WHICH THE FEE DOES NOT APPLY

In addition, the account service fee does not apply to the following accounts:

o    Money market sweep accounts held through Vanguard Brokerage Services(R).
o    Accounts held through intermediaries.
o    Accounts  registered  under your  Taxpayer  Identification  Number  (Social
     Security  Number) that hold aggregate  Vanguard  mutual fund assets greater
     than  $100,000  (including  IRAs,   employer-sponsored   retirement  plans,
     annuities, and non-IRA accounts).
o    Participant  accounts  in  employer-sponsored  defined  contribution  plans
     (other  than  those  served  by  the  Vanguard  Small   Business   Services
     department,  which are subject to various fee  structures;  please  consult
     your  account  registration  paperwork  for the  rules  that  apply to your
     account).
o    Section 529 college savings plans.

Existing  purchase fees and  redemption  fees charged by Vanguard  funds are not
changed.


(R)2007 The Vanguard Group, Inc. All rights reserved.               PSASF 042007
Vanguard Marketing Corporation, Distributor.