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VANGUARD HORIZON FUNDS
GLOBAL ASSET ALLOCATION FUND
GLOBAL EQUITY FUND
VANGUARD INTERNATIONAL STOCK INDEX FUNDS
EUROPEAN STOCK INDEX FUND
PACIFIC STOCK INDEX FUND
EMERGING MARKETS STOCK INDEX FUND
VANGUARD INTERNATIONAL VALUE FUND
VANGUARD VARIABLE INSURANCE FUND
INTERNATIONAL PORTFOLIO
SUPPLEMENT TO THE STATEMENTS OF ADDITIONAL INFORMATION
JULY 15, 1999
Effective July 15, 1999, the custodian of each of the above funds was replaced
by Brown Brothers Harriman & Co., 40 Water Street, Boston, Massachusetts
02109-3661. Brown Brothers has assumed all responsibilities of the prior
custodians. To learn more about custodians of other funds, see the "Service
Providers" section in a fund's Statement of Additional Information.
BSMFN-07/15/1999
