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                            [THE VANGUARD GROUP LOGO]
                     VANGUARD(R) FUNDS PROSPECTUS SUPPLEMENT
                            EFFECTIVE AUGUST 26, 2002

             ALL VANGUARD FUNDS TO HOLD SHAREHOLDER MEETINGS IN 2002

There  will be a  Special  Meeting  of  Shareholders  of the  Vanguard  funds on
December 3, 2002, to vote on one or more proposals that have been recommended by
each fund's board of trustees.  All shareholders of record on September 6, 2002,
will have an opportunity to vote on the proposals, which are described in detail
in a proxy statement that was first filed with the U.S.  Securities and Exchange
Commission on August 26, 2002.
     Concurrent  with the  distribution  of the proxy  statement to shareholders
beginning  September 23, 2002,  copies of the proxy  statement will be available
without   charge  online  at   www.vanguard.com   or  by  calling   Vanguard  at
1-800-992-0833.  Prior to September 23, 2002, a preliminary version of the proxy
statement  is  available  from  the   Securities  and  Exchange   Commission  at
www.sec.gov or by calling the SEC at 1-202-942-8090.


























(C)2002 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.                        PSAFS 082002