VANGUARD INDEX TRUST
VANGUARD TAX-MANAGED FUND
VANGUARD SPECIALIZED PORTFOLIOS
VANGUARD INTERNATIONAL EQUITY INDEX FUND
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
JULY 24, 1998
The following nonfundamental investment limitations no longer apply to the funds
listed above:
(i) The Fund will not invest more than 5% of its assets in the securities of
issuers which have, with predecessors, a record of less than three years'
continuous operation, and
(ii)The Fund will not purchase or retain any security if one or more officers,
trustees, or partners of a Fund or its investment adviser individually owns
or would own, directly or beneficially, more than one-half of 1% of the
securities of such issuer, and in the aggregate such persons own or would
own more than 5% of such securities.
These limitations originally applied to the funds because of state regulations
that have since been superseded by federal law.
PSPB
