[SHIP LOGO] The Vanguard Group(R)

VANGUARD(R) FUNDS

SUPPLEMENT TO THE PROSPECTUS

IMPORTANT INFORMATION ABOUT FUND FEES

Vanguard has eliminated the following annual fees:

o    The $10 custodial fee on IRA accounts (including SEP-IRA) 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.

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



                                                                   (over please)









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 held by Voyager(TM), Voyager Select(TM), and Flagship(TM) clients.
     Membership  is based on total  household  assets held at  Vanguard,  with a
     minimum of $100,000 to qualify for Vanguard Voyager Services(TM),  $500,000
     for  Vanguard  Voyager  Select  Services(R),  and $1 million  for  Vanguard
     Flagship Services(TM). Vanguard determines membership by aggregating assets
     of all eligible  accounts held by the investor and immediate family members
     who reside at the same address.  Aggregate  assets  include  investments in
     Vanguard mutual funds, Vanguard ETFs(TM),  annuities through Vanguard,  the
     Vanguard 529 Plan, certain small-business  accounts, and employer-sponsored
     retirement plans for which Vanguard provides recordkeeping services.

o    Section 529 college savings plans.
















(C) 2007 The Vanguard Group, Inc. All rights reserved.            PSASF1  082007
Vanguard Marketing Corporation, Distributor.