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VANGUARD(R) PRIMECAP FUND
SUPPLEMENT TO THE PROSPECTUS DATED APRIL 9, 1999
CURRENT INVESTMENT MANAGEMENT TEAM
The individuals who oversee the PRIMECAP Fund's investments, along with the
percentage of Fund assets for which each is primarily responsible, are:
HOWARD B. SCHOW (35%), Chairman of PRIMECAP Management Company (PRIMECAP);
has worked in investment management since 1956; has managed assets since 1967;
with PRIMECAP since 1983; B.A., Williams College; M.B.A., Harvard Business
School.
THEO A. KOLOKOTRONES (35%), President of PRIMECAP, has worked in investment
management since 1970; has managed assets since 1983; with PRIMECAP since 1983;
B.A., University of Chicago; M.B.A., Harvard Business School.
JOEL P. FRIED (20%), Executive Vice President of PRIMECAP; has worked in
investment management since 1985; has managed assets since 1986; with PRIMECAP
since 1986; B.S., University of California, Los Angeles; M.B.A., Anderson
Graduate School of Business, University of California, Los Angeles.
Each of these three individuals manages his portion of the Fund
autonomously; there is no decision-making by committee. The remaining 10% of the
Fund is managed by individuals in PRIMECAP's research department.
This replaces information regarding the Fund's portfolio managers in "Plain
Talk About The Fund's Adviser" on page 7 of the prospectus.
(C) 2000 The Vanguard Group, Inc. All rights reserved. PS59N-02/04/2000
Vanguard Marketing Corporation, Distributor.
