VANGUARD SELECTED VALUE FUND
SUPPLEMENT TO THE PROSPECTUS DATED FEBRUARY 5, 1999
CHANGE IN FUND MANAGER--MARCH 25, 1999
Effective immediately, James P. Barrow will replace James S. McClure and John P.
Harloe as fund manager of Vanguard Selected Value Fund. Mr. Barrow is a founding
partner and vice president of the Fund's current investment adviser, Barrow,
Hanley, Mewhinney & Strauss, Inc. Mr. Barrow, who also manages a portion of
Vanguard Windsor II Fund, has a bachelor of science degree from the University
of South Carolina.
P934N-03/25/1999
