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VANGUARD(R) FUNDS

PROSPECTUS SUPPLEMENT

IMPORTANT INFORMATION ABOUT THE ACCOUNT SERVICE FEE

In the Other Rules You Should  Know  section of  Investing  With  Vanguard,  the
following  change is made to the  categories of accounts that are not subject to
the Account Service Fee:

The third  bullet  point is deleted in its  entirety  and is  replaced  with the
following bullet point:

.    Accounts registered to 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(R),
     $500,000  for  Vanguard  Voyager  Select  Services(TM),  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.




















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Vanguard Marketing Corporation, Distributor.