[VANGUARD SHIP LOGO/R/]

Vanguard/(R)/ Funds Prospectus Supplement

Modification to Vanguard's Redemption Fee Policy

Effective immediately, redemption fees will not apply to:

Redemptions of shares to remove excess shareholder contributions to an IRA.

(C) 2008 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. PSRFP 022008

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[VANGUARD SHIP LOGO/R/]

Vanguard/(R)/ Funds

Supplement to the Statement of Additional Information

Modification to Vanguard's Redemption Fee Policy Effective immediately, redemption fees will not apply to:

Redemptions of shares to remove excess shareholder contributions to an IRA.

(C)2008 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. SAIRFP 022008

This page intentionally left blank.

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