VANGUARD FUNDS
PROSPECTUS SUPPLEMENT
Effective October 27, 1998, many Vanguard funds will simplify their names. For
most funds, the change simply substitutes the word "Fund" for "Portfolio." Other
funds, however, will make additional--although still minor--revisions to their
names. The list below shows "old" and "new" names for the Vanguard funds that
are making these slightly more significant changes. If you have questions about
the name change, call us at one of these numbers: 1-800-662-7447 for individual
investors, 1-800-523-1188 for participants in employer-sponsored plans, and
1-800-523-1036 for institutional investors.
Old Name New Name
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Vanguard Horizon Fund Vanguard Aggressive Growth Fund
--Aggressive Growth Portfolio
Vanguard Horizon Fund
--Capital Opportunity Portfolio Vanguard Capital Opportunity Fund
Vanguard Horizon Fund
--Global Asset Allocation Portfolio Vanguard Global Asset Allocation Fund
Vanguard Horizon Fund
--Global Equity Portfolio Vanguard Global Equity Fund
Vanguard International Equity Index Fund Vanguard Emerging Markets Stock Index
--Emerging Markets Portfolio Fund
Vanguard International Equity Index Fund Vanguard European Stock Index Fund
--European Portfolio
Vanguard International Equity Index Fund Vanguard Pacific Stock Index Fund
--Pacific Portfolio
Vanguard Total International Portfolio Vanguard Total International Stock
Index Fund
Vanguard Specialized Portfolios
--Energy Portfolio Vanguard Energy Fund
Vanguard Specialized Portfolios
--Gold & Precious Metals Portfolio Vanguard Gold and Precious Metals Fund
Vanguard Specialized Portfolios
--Health Care Portfolio Vanguard Health Care Fund
Vanguard Specialized Portfolios
--REIT Index Portfolio Vanguard REIT Index Fund
Vanguard Specialized Portfolio
--Utilities Income Portfolio Vanguard Utilities Income Fund
Vanguard Municipal Bond Fund
--Money Market Portfolio Vanguard Tax-Exempt Money Market Fund
Vanguard Municipal Bond Fund
--Short-Term Portfolio Vanguard Short-Term Tax-Exempt Fund
Vanguard Municipal Bond Fund
--Limited-Term Portfolio Vanguard Limited-Term Tax-Exempt Fund
Vanguard Municipal Bond Fund
--Intermediate-Term Portfolio Vanguard Intermediate-Term Tax-Exempt
Fund
Vanguard Municipal Bond Fund
--Long-Term Portfolio Vanguard Long-Term Tax-Exempt Fund
Vanguard Municipal Bond Fund
--Insured Long-Term Portfolio Vanguard Insured Long-Term Tax-Exempt
Fund
Vanguard Municipal Bond Fund
--High-Yield Portfolio Vanguard High-Yield Tax-Exempt Fund
Vanguard California Tax-Free Fund
--Money Market Portfolio Vanguard California Tax-Exempt Money
Market Fund
Vanguard California Tax-Free Fund
--Insured Intermediate-Term Portfolio Vanguard California Insured
Intermediate-Term Tax-Exempt Fund
Vanguard California Tax-Free Fund
--Insured Long-Term Portfolio Vanguard California Insured Long-Term
Tax-Exempt Fund
Vanguard Florida Insured Tax-Free Fund Vanguard Florida Insured Long-Term
Tax-Exempt Fund
Vanguard New Jersey Tax-Free Fund Vanguard New Jersey Tax-Exempt Money
--Money Market Portfolio Market Fund
Vanguard New Jersey Tax-Free Fund Vanguard New Jersey Insured Long-Term
--Insured Long-Term Portfolio Tax-Exempt Fund
Vanguard New York Tax-Free Fund Vanguard New York Tax-Exempt Money
--Money Market Portfolio Market Fund
Vanguard New York Tax-Free Fund Vanguard New York Insured Long-Term
--Insured Long-Term Portfolio Tax-Exempt Fund
Vanguard Ohio Tax-Free Fund Vanguard Ohio Tax-Exempt Money Market
--Money Market Portfolio Fund
Vanguard Ohio Tax-Free Fund Vanguard Ohio Insured Long-Term
--Insured Long-Term Portfolio Tax-Exempt Fund
Vanguard Pennsylvania Tax-Free Fund Vanguard Pennsylvania Tax-Exempt Money
--Money Market Portfolio Market Fund
Vanguard Pennsylvania Tax-Free Fund Vanguard Pennsylvania Insured Long-
--Insured Long-Term Portfolio Term Tax-Exempt Fund
Vanguard Fixed Income Securities Fund Vanguard Short-Term Treasury Fund
--Short-Term U.S. Treasury Portfolio
Vanguard Fixed Income Securities Fund Vanguard Short-Term Federal Fund
--Short-Term Federal Portfolio
Vanguard Fixed Income Securities Fund Vanguard Short-Term Corporate Fund
--Short-Term Corporate Portfolio
Vanguard Fixed Income Securities Fund Vanguard Intermediate-Term Treasury
--Intermediate-Term U.S. Treasury Fund
Portfolio
Vanguard Fixed Income Securities Fund Vanguard Intermediate-Term Corporate
--Intermediate-Term Corporate Fund
Portfolio
Vanguard Fixed Income Securities Fund Vanguard GNMA Fund
--GNMA Portfolio
Vanguard Fixed Income Securities Fund Vanguard Long-Term Treasury Fund
--Long-Term U.S.Treasury Portfolio
Vanguard Fixed Income Securities Fund Vanguard Long-Term Corporate Fund
--Long-Term Corporate Portfolio
Vanguard Fixed Income Securities Fund Vanguard High-Yield Corporate Fund
--High Yield Corporate Portfolio
Vanguard Fixed Income Securities Fund
--Short-Term Corporate Portfolio-- Vanguard Short-Term Corporate Fund--
Institutional Shares Institutional Shares
PSFNC-10/07/1998
