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                             VANGUARD ADMIRAL FUNDS
                       Admiral Treasury Money Market Fund
                           VANGUARD MONEY MARKET FUNDS
                             Prime Money Market Fund
                            Federal Money Market Fund
                             VANGUARD TREASURY FUND
                           Treasury Money Market Fund
                        VANGUARD VARIABLE INSURANCE FUND
                             Money Market Portfolio

             SUPPLEMENT TO THE STATEMENTS OF ADDITIONAL INFORMATION
                                OCTOBER 22, 1999

Effective  October  22,  1999,  the  custodian  of each of the  above  funds was
replaced by The Bank of New York, One Wall Street,  New York, NY 10286. The Bank
of New York has assumed all  responsibilities of the prior custodian.  Custodian
information  appears in the "Service Providers" section of a fund's Statement of
Additional Information.


                                                               BSMFN2-10/22/1999



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