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VANGUARD(R) BOND AND MONEY MARKET FUNDS
PROSPECTUS SUPPLEMENT
APRIL 7, 2000
Effective April 7, 2000, all Vanguard bond and money market funds will start to
credit dividends to shareholder accounts on a "next business day" basis. This
means that newly purchased shares in these funds will begin to earn dividends on
the first business day after the purchase. The shares will continue to earn
dividends until the first business day after they are redeemed.
(C)2000 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor. PSCD1-04/07/2000