[SHIP LOGO VANGUARD /(R)/]


                              VANGUARD/(R)/ FUNDS

             SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION




THE PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES SECTION OF THE
STATEMENT OF ADDITIONAL INFORMATION IS REPLACED WITH THE FOLLOWING:

INTRODUCTION

The Vanguard Group, Inc. (Vanguard) and the Boards of Trustees of the Vanguard
funds (Boards) have adopted Portfolio Holdings Disclosure Policies and
Procedures (Polices and Procedures) to govern the disclosure of the portfolio
holdings of a Vanguard fund. Vanguard and the Boards considered each of the
circumstances under which Vanguard fund portfolio holdings may be disclosed to
different categories of persons under the Policies and Procedures. Vanguard and
the Boards also considered actual and potential material conflicts that could
arise in such circumstances between the interests of Vanguard fund shareholders,
on the one hand, and those of the fund's investment advisor, distributor, or any
affiliated person of the fund, its investment advisor, or its distributor, on
the other. After giving due consideration to such matters and after the exercise
of their fiduciary duties and reasonable business judgment, Vanguard and the
Boards determined that the Vanguard funds have a legitimate business purpose for
disclosing portfolio holdings to the persons described in each of the
circumstances set forth in the Policies and Procedures and that the Policies and
Procedures are reasonably designed to ensure that disclosure of portfolio
holdings and information about portfolio holdings is in the best interests of
fund shareholders and appropriately addresses the potential for material
conflicts of interest.

  The Boards exercise continuing oversight of the disclosure of Vanguard fund
portfolio holdings by (1) overseeing the implementation and enforcement of the
Policies and Procedures, the Code of Ethics, and the Policies and Procedures
Designed to Prevent the Misuse of Inside Information (collectively, the
portfolio holdings governing policies) by the Chief Compliance Officer of
Vanguard and the Vanguard funds; (2) considering reports and recommendations by
the Chief Compliance Officer concerning any material compliance matters (as
defined in Rule 38a-1 under the Investment Company Act and Rule 206(4)-7 under
the Investment Advisers Act of 1940) that may arise in connection with any
portfolio holdings governing policies; and (3) considering whether to approve or
ratify any amendment to any portfolio holdings governing policies. Vanguard and
the Boards reserve the right to amend the Policies and Procedures at any time
and from time to time without prior notice in their sole discretion. For
purposes of the Policies and Procedures, the term "portfolio holdings" means the
equity and debt securities (e.g., stocks and bonds) held by a Vanguard fund and
does not mean the cash investments, derivatives, and other investment positions
(collectively, other investment positions) held by the fund.


ONLINE DISCLOSURE OF TEN LARGEST STOCK HOLDINGS

Each of the Vanguard equity funds and Vanguard balanced funds generally will
seek to disclose the fund's ten largest stock portfolio holdings and the
percentages that each of these ten largest stock portfolio holdings represent of
the fund's total assets (collectively, ten largest stock holdings) as of the
most recent calendar-quarter-end online at www.vanguard.com in the "Holdings"
section of the fund's Profile page, 15 calendar days after the end of the
calendar quarter. Online disclosure of the ten largest stock holdings is made to
all categories of persons, including individual investors, institutional
investors, intermediaries, third-party service providers, rating and ranking
organizations, affiliated persons of a Vanguard fund, and all other persons.

ONLINE DISCLOSURE OF COMPLETE PORTFOLIO HOLDINGS

Each of the Vanguard funds, excluding Vanguard money market funds, generally
will seek to disclose the fund's complete portfolio holdings (complete portfolio
holdings) as of the most recent calendar-quarter-end online at www.vanguard.com
in the "Holdings" section of the fund's Profile page, 30 calendar days after the
end of the calendar quarter. Online disclosure



of complete portfolio holdings is made to all categories of persons, including
individual investors, institutional investors, intermediaries, third-party
service providers, rating and ranking organizations, affiliated persons of a
Vanguard fund, and all other persons. Vanguard's Portfolio Review Department
will review complete portfolio holdings before online disclosure is made as
described above and, after consultation with a Vanguard fund's investment
advisor, may withhold any portion of the fund's complete portfolio holdings from
online disclosure as described above when deemed to be in the best interests of
the fund.

DISCLOSURE OF COMPLETE PORTFOLIO HOLDINGS TO SERVICE PROVIDERS SUBJECT TO
CONFIDENTIALITY AND TRADING RESTRICTIONS

Vanguard, for legitimate business purposes, may disclose Vanguard fund complete
portfolio holdings at times it deems necessary and appropriate to rating and
ranking organizations, financial printers, proxy voting service providers,
pricing information vendors, third-parties that deliver analytical, statistical,
or consulting services, and other third parties that provide services
(collectively, Service Providers) to Vanguard, Vanguard subsidiaries, and/or the
Vanguard funds. Disclosure of complete portfolio holdings to a Service Provider
is conditioned on the Service Provider being subject to a written agreement
imposing a duty of confidentiality, including a duty not to trade on the basis
of any material nonpublic information.
 The frequency with which complete portfolio holdings may be disclosed to a
Service Provider, and the length of the lag, if any, between the date of the
information and the date on which the information is disclosed to the Service
Provider, is determined based on the facts and circumstances, including, without
limitation, the nature of the portfolio holdings information to be disclosed,
the risk of harm to the funds and their shareholders, and the legitimate
business purposes served by such disclosure. The frequency of disclosure to a
Service Provider varies and may be as frequent as daily, with no lag. Disclosure
of Vanguard fund complete portfolio holdings by Vanguard to a Service Provider
must be authorized by a Vanguard fund officer or a Principal in Vanguard's
Portfolio Review or Legal Department. Any disclosure of Vanguard fund complete
portfolio holdings to a Service Provider as described previously may also
include a list of the other investment positions comprising the fund, such as
cash investments and derivatives.

 As of December 31, 2005, Vanguard fund complete portfolio holdings are
disclosed to the following Service Providers as part of ongoing arrangements
that serve legitimate business purposes: Alcom Printing Group Inc., Apple Press,
L.C., Automatic Data Processing, Inc., Brown Brothers Harriman & Co., FactSet
Research Systems Inc., Intelligencer Printing Company, Investment Technology
Group, Inc., McMunn Associates Inc., Moore Wallace Inc., Pitney Bowes Management
Services, Reuters America Inc., Triune Color Corporation, and Tursack Printing
Inc.

DISCLOSURE OF COMPLETE PORTFOLIO HOLDINGS TO VANGUARD AFFILIATES AND CERTAIN
FIDUCIARIES SUBJECT TO CONFIDENTIALITY AND TRADING RESTRICTIONS

Vanguard fund complete portfolio holdings may be disclosed between and among the
following persons (collectively, Affiliates and Fiduciaries) for legitimate
business purposes within the scope of their official duties and
responsibilities, subject to such persons' continuing legal duty of
confidentiality and legal duty not to trade on the basis of any material
nonpublic information, as such duties are imposed under the Code of Ethics, the
Policies and Procedures Designed to Prevent the Misuse of Inside Information, by
agreement, or under applicable laws, rules, and regulations: (1) persons who are
subject to the Code of Ethics or the Policies and Procedures Designed to Prevent
the Misuse of Inside Information; (2) an investment advisor, distributor,
administrator, transfer agent, or custodian to a Vanguard fund; (3) an
accounting firm, an auditing firm or outside legal counsel retained by Vanguard,
a Vanguard subsidiary, or a Vanguard fund; (4) an investment advisor to whom
complete portfolio holdings are disclosed for due diligence purposes when the
advisor is in merger or acquisition talks with a Vanguard fund's current
advisor; and (5) a newly hired investment advisor or sub-advisor to whom
complete portfolio holdings are disclosed prior to the time it commences its
duties.

 The frequency with which complete portfolio holdings may be disclosed between
and among Affiliates and Fiduciaries, and the length of the lag, if any, between
the date of the information and the date on which the information is disclosed
between and among the Affiliates and Fiduciaries, is determined by such
Affiliates and Fiduciaries based on the facts and circumstances, including,
without limitation, the nature of the portfolio holdings information to be
disclosed, the risk of harm to the funds and their shareholders, and the
legitimate business purposes served by such disclosure. The frequency of
disclosure between and among Affiliates and Fiduciaries varies and may be as
frequent as daily, with no lag. Any disclosure of Vanguard fund complete
portfolio holdings to



any Affiliates and Fiduciaries as previously described above may also include a
list of the other investment positions comprising the fund, such as cash
investments and derivatives. Disclosure of Vanguard fund complete portfolio
holdings or other investment positions by Vanguard, Vanguard Marketing
Corporation, or a Vanguard fund to Affiliates and Fiduciaries must be authorized
by a Vanguard fund officer or a Principal of Vanguard.

 As of December 31, 2005, Vanguard fund complete portfolio holdings are
disclosed to the following Affiliates and Fiduciaries as part of ongoing
arrangements that serve legitimate business purposes: The Vanguard Group, Inc.,
and each investment advisor, custodian, and independent registered public
accounting firm for a Fund identified in this Statement of Additional
Information.

DISCLOSURE OF PORTFOLIO HOLDINGS TO BROKER-DEALERS IN THE NORMAL COURSE OF
MANAGING A FUND'S ASSETS

An investment advisor, administrator, or custodian for a Vanguard fund may, for
legitimate business purposes within the scope of its official duties and
responsibilities, disclose portfolio holdings (whether partial portfolio
holdings or complete portfolio holdings) and other investment positions
comprising the fund to one or more broker-dealers during the course of, or in
connection with, normal day-to-day securities and derivatives transactions with
or through such broker-dealers subject to the broker-dealer's legal obligation
not to use or disclose material nonpublic information concerning the fund's
portfolio holdings, other investment positions, securities transactions, or
derivatives transactions without the consent of the fund or its agents. The
Vanguard funds have not given their consent to any such use or disclosure and no
person or agent of Vanguard is authorized to give such consent except as
approved in writing by the Boards of the Vanguard funds. Disclosure of portfolio
holdings or other investment positions by Vanguard to broker-dealers must be
authorized by a Vanguard fund officer or a Principal of Vanguard.

DISCLOSURE OF NON-MATERIAL INFORMATION

The Policies and Procedures permit Vanguard fund officers, Vanguard fund
portfolio managers, and other Vanguard representatives (collectively, Approved
Vanguard Representatives) to disclose any views, opinions, judgments, advice, or
commentary, or any analytical, statistical, performance, or other information,
in connection with or relating to a Vanguard fund or its portfolio holdings
and/or other investment positions (collectively, commentary and analysis) or any
changes in the portfolio holdings of a Vanguard fund that occurred after the
most recent calendar-quarter end (recent portfolio changes) to any person if (1)
such disclosure serves a legitimate business purpose, (2) such disclosure does
not effectively result in the disclosure of the complete portfolio holdings of
any Vanguard fund (which can be disclosed only in accordance with the Policies
and Procedures), and (3) such information does not constitute material nonpublic
information. Disclosure of commentary and analysis or recent portfolio changes
by Vanguard, Vanguard Marketing Corporation, or a Vanguard fund must be
authorized by a Vanguard fund officer or a Principal of Vanguard.

  An Approved Vanguard Representative must make a good faith determination
whether the information constitutes material nonpublic information, which
involves an assessment of the particular facts and circumstances. Vanguard
believes that in most cases recent portfolio changes that involve a few or even
several securities in a diversified portfolio or commentary and analysis would
be immaterial and would not convey any advantage to a recipient in making an
investment decision concerning a Vanguard fund. Nonexclusive examples of
commentary and analysis about a Vanguard fund include (1) the allocation of the
fund's portfolio holdings and other investment positions among various asset
classes, sectors, industries, and countries; (2) the characteristics of the
stock and bond components of the fund's portfolio holdings and other investment
positions; (3) the attribution of fund returns by asset class, sector, industry,
and country; and (4) the volatility characteristics of the fund. An Approved
Vanguard Representative may in its sole discretion determine whether to deny any
request for information made by any person, and may do so for any reason or for
no reason. "Approved Vanguard Representatives" include, for purposes of the
Policies and Procedures, persons employed by or associated with Vanguard or a
subsidiary of Vanguard who have been authorized by Vanguard's Portfolio Review
Department to disclose recent portfolio changes and/or commentary and analysis
in accordance with the Policies and Procedures.



DISCLOSURE OF PORTFOLIO HOLDINGS RELATED INFORMATION TO THE ISSUER OF A SECURITY
FOR LEGITIMATE BUSINESS PURPOSES

Vanguard, it its sole discretion, may disclose portfolio holdings information
concerning a security held by one or more Vanguard funds to the issuer of such
security if the issuer presents, to the satisfaction of Fund Financial Services,
convincing evidence that the issuer has a legitimate business purpose for such
information. Disclosure of this information to an issuer is conditioned on the
issuer being subject to a written agreement imposing a duty of confidentiality,
including a duty not to trade on the basis of any material nonpublic
information. The frequency with which portfolio holdings information concerning
a security may be disclosed to the issuer of such security, and the length of
the lag, if any, between the date of the information and the date on which the
information is disclosed to the issuer, is determined based on the facts and
circumstances, including, without limitation, the nature of the portfolio
holdings information to be disclosed, the risk of harm to the funds and their
shareholders, and the legitimate business purposes served by such disclosure.
The frequency of disclosure to an issuer cannot be determined in advance of a
specific request and will vary based upon the particular facts and circumstances
and the legitimate business purposes, but in unusual situations could be as
frequent as daily, with no lag. Disclosure of portfolio holdings information
concerning a security held by one or more Vanguard funds to the issuer of such
security must be authorized by a Vanguard fund officer or a Principal in
Vanguard's Portfolio Review or Legal Department.


DISCLOSURE OF PORTFOLIO HOLDINGS AS REQUIRED BY APPLICABLE LAW

Vanguard fund portfolio holdings (whether partial portfolio holdings or complete
portfolio holdings) and other investment positions comprising a fund shall be
disclosed to any person as required by applicable laws, rules, and regulations.
Examples of such required disclosure include, but are not limited to, disclosure
of Vanguard fund portfolio holdings (1) in a filing or submission with the SEC
or another regulatory body, (2) in connection with seeking recovery on defaulted
bonds in a federal bankruptcy case, (3) in connection with a lawsuit, or (4) as
required by court order. Disclosure of portfolio holdings or other investment
positions by Vanguard, Vanguard Marketing Corporation, or a Vanguard fund as
required by applicable laws, rules, and regulations must be authorized by a
Vanguard fund officer or a Principal of Vanguard.

PROHIBITIONS ON DISCLOSURE OF PORTFOLIO HOLDINGS

No person is authorized to disclose Vanguard fund portfolio holdings or other
investment positions (whether online at www.vanguard.com, in writing, by fax, by
e-mail, orally, or by other means) except in accordance with the Policies and
Procedures. In addition, no person is authorized to make disclosure pursuant to
the Policies and Procedures if such disclosure is otherwise unlawful under the
antifraud provisions of the federal securities laws (as defined in Rule
38a-1under the Investment Company Act). Furthermore, Vanguard's management, in
its sole discretion, may determine not to disclose portfolio holdings or other
investment positions comprising a Vanguard fund to any person who would
otherwise be eligible to receive such information under the Policies and
Procedures, or may determine to make such disclosures publicly as provided by
the Policies and Procedures.

PROHIBITIONS ON RECEIPT OF COMPENSATION OR OTHER CONSIDERATION

The Policies and Procedures prohibit a Vanguard fund, its investment advisor,
and any other person to pay or receive any compensation or other consideration
of any type for the purpose of obtaining disclosure of Vanguard fund portfolio
holdings or other investment positions. "Consideration" includes any agreement
to maintain assets in the fund or in other investment companies or accounts
managed by the investment advisor or by any affiliated person of the investment
advisor.

THE FIRST TWO PARAGRAPHS OF THE "MANAGEMENT OF THE FUNDS - DISTRIBUTION" SECTION
OF THE STATEMENT OF ADDITIONAL INFORMATION ARE REPLACED BY THE FOLLOWING:

DISTRIBUTION. Vanguard Marketing Corporation (VMC), a wholly-owned subsidiary of
Vanguard, is the principal underwriter for the funds and in that capacity
performs and finances marketing, promotional, and distribution activities
(collectively, marketing and distribution activities) that are primarily
intended to result in the sale of the funds' shares. VMC performs marketing and
distribution activities at cost in accordance with the terms and conditions of a
1981 SEC exemptive order that permits the Vanguard funds to internalize and
jointly finance the



marketing, promotion, and distribution of their shares. Under the terms of the
SEC order, the funds' trustees review and approve the marketing and distribution
expenses incurred on their behalf, including the nature and cost of the
activities and the desirability of each fund's continued participation in the
joint arrangement.

 To ensure that each fund's participation in the joint arrangement falls within
a reasonable range of fairness, each fund contributes to VMC's marketing and
distribution expenses in accordance with an SEC-approved formula. Under that
formula, one half of the marketing and distribution expenses are allocated among
the funds based upon their relative net assets. The remaining half of those
expenses is allocated among the funds based upon each fund's sales for the
preceding 24 months relative to the total sales of the funds as a group;
provided, however, that no fund's aggregate quarterly rate of contribution for
marketing and distribution expenses shall exceed 125% of the average marketing
and distribution expense rate for Vanguard, and that no fund shall incur annual
marketing and distribution expenses in excess of 0.20 of 1% of its average
month-end net assets. As of September 30, 2005, none of the Vanguard funds'
allocated share of VMC's marketing and distribution expenses was greater than
0.02% of the fund's average month-end net assets. Each fund's contribution to
these marketing and distribution expenses helps to maintain and enhance the
attractiveness and viability of the Vanguard complex as a whole, which benefits
all of the funds and their shareholders.

  VMC's principal marketing and distribution expenses are for advertising,
promotional materials, and marketing personnel. Other marketing and distribution
activities that VMC undertakes on behalf of the funds may include, but are not
limited to:

- - Conducting or publishing Vanguard-generated research and analysis concerning
  the funds, other investments, the financial markets or the economy;

- - Providing views, opinions, advice or commentary concerning the funds, other
  investments, the financial markets or the economy;

- - Providing analytical, statistical, performance or other information concerning
  the funds, other investments, the financial markets, or the economy;

- - Providing administrative services in connection with investments in the funds
  or other investments, including, but not limited to, shareholder services,
  recordkeeping services and educational services;

- - Providing products or services that assist investors or financial service
  providers (as defined below) in the investment decision-making process;

- - Providing promotional discounts, commission-free trading, fee waivers and
  other benefits to clients of Vanguard Brokerage Services(R) who maintain
  qualifying investments in the funds; and

- - Sponsoring, jointly sponsoring, financially supporting or participating in
  conferences, programs, seminars, presentations, meetings or other events
  involving fund shareholders, financial service providers or others concerning
  the funds, other investments, the financial markets or the economy, such as
  industry conferences, prospecting trips, due diligence visits, training or
  education meetings and sales presentations.


 VMC performs most marketing and distribution activities itself. Some activities
may be conducted by third parties pursuant to shared marketing arrangements
under which VMC agrees to share the costs and performance of marketing and
distribution activities in concert with a financial service provider. Financial
service providers include, but are not limited to, investment advisors,
broker-dealers, financial planners, financial consultants, banks, and insurance
companies. Under these cost- and performance-sharing arrangements, VMC may pay
or reimburse a financial service provider (or a third party it retains) for
marketing and distribution activities that VMC would otherwise perform. VMC's
cost- and performance-sharing arrangements may be established in connection with
Vanguard investment products or services offered or provided to or through the
financial service providers. VMC's arrangements for shared marketing and
distribution activities may vary among financial service providers, and its
payments or reimbursements to financial service providers in connection with
shared marketing and distribution activities may be significant. VMC does not
participate in the offshore arrangement Vanguard has established for qualifying
Vanguard funds to be distributed in certain foreign countries on a
private-placement basis to government-sponsored and other institutional
investors through a third-party asesor de inversiones" (investment adviser),
which includes incentive-based remuneration, in accordance with applicable
foreign laws and regulations.

 In connection with its marketing and distribution activities, VMC may give
financial service providers (or their representatives): (1) promotional items of
nominal value that display Vanguard's logo, such as golf balls, shirts,



towels, pens, and mouse pads; (2) gifts that do not exceed $100 per person
annually and are not preconditioned on achievement of a sales target; (3) an
occasional meal, a ticket to a sporting event or the theater, or comparable
entertainment which is neither so frequent nor so extensive as to raise any
question of propriety and is not preconditioned on achievement of a sales
target; and (4) reasonable travel and lodging accommodations to facilitate
participation in marketing and distribution activities.

 VMC, as a matter of policy, does not pay asset-based fees, sales-based fees, or
account-based fees to financial service providers in connection with its
marketing and distribution activities for the Vanguard funds. VMC policy also
prohibits marketing and distribution activities that are intended, designed, or
likely to compromise suitability determinations by, or the fulfillment of any
fiduciary duties or other obligations that apply to, financial service
providers. Nonetheless, VMC's marketing and distribution activities are
primarily intended to result in the sale of the funds' shares, and as such its
activities, including shared marketing activities, may influence participating
financial service providers (or their representatives) to recommend, promote,
include, or invest in a Vanguard fund or share class. In addition, Vanguard or
any of its subsidiaries may retain a financial service provider to provide
consulting or other services, and that financial service provider also may
provide services to investors. Investors should consider the possibility that
any of these activities or relationships may influence a financial service
provider's (or its representatives') decision to recommend, promote, include, or
invest in a Vanguard fund or share class. Each financial service provider should
consider its suitability determinations, fiduciary duties, and other legal
obligations (or those of its representatives) in connection with any decision to
consider, recommend, promote, include, or invest in a Vanguard fund or share
class.

















(C)2006 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.                  BSPHMDNOV 012006