VANGUARD FUNDS
PROSPECTUS SUPPLEMENT
June 23, 1998
TRANSACTIONS ONLINE
As a Vanguard shareholder, you can use your personal computer to perform certain
transactions for most Vanguard funds by accessing our website at
www.vanguard.com. To establish this online service for your account, you must
first register through the website. We will then send you, by mail, an account
access password that allows you to process the following financial and
administrative transactions online:
- - Open a new account
- - Buy more shares
- - Exchange shares
- - Sell shares
- - Change name
- - Change address
- - Add/change fund options:
Dividend options: cash/reinvest, Vanguard Dividend Express (TM), Directed
Dividend Plan
Vanguard Fund Express(R)
Bank instructions
Checkwriting
Vanguard Automatic Exchange Service (TM)
Online transactions are subject to the same limitations and policies that are
described in the funds' prospectuses.
PSTO
