[VANGUARD LOGO]
VANGUARD U.S. GROWTH FUND
SUPPLEMENT TO THE PROSPECTUS DATED DECEMBER 29, 1998
NEW ADDITION TO INVESTMENT MANAGEMENT TEAM
John S. Cole, a Principal of Lincoln Capital Management Company--the Fund's
adviser--has been added to the team of investment managers responsible for
managing the Fund's portfolio. Mr. Cole has over seven years' experience in
investment management: He joined Lincoln in 1997 as an investment manager for
other accounts, and prior to 1997 served as Chief Equity Investment Officer for
another investment firm. He received a B.S. degree cum laude from Bentley
College, and an M.B.A. degree with honors from Notre Dame University.
(C) 1999 The Vanguard Group, Inc. All rights reserved. PS23N-10/15/1999
Vanguard Marketing Corporation, Distributor.
