[SHIP LOGO VANGUARD/(R)/]

VANGUARD/(R)/ FUNDS

SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION

NEW PRESIDENT ELECTED

The boards of trustees of the Vanguard funds have elected F. William McNabb III as President, effective March 1, 2008. Mr. McNabb has been with Vanguard since 1986 and has been a Managing Director of Vanguard since 1995.

(C)2008 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. SAIALL032008

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