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VANGUARD EQUITY INCOME FUND
SUPPLEMENT TO THE PROSPECTUS DATED JANUARY 29, 1999
NEW ADDITION TO INVESTMENT MANAGEMENT TEAM
Jennifer C. Newell, CFA, co-manages the portion of the Fund's assets assigned to
Newell Associates, one of the Fund's four investment advisers. Ms. Newell serves
as President and Portfolio Manager of Newell, and has 13 years of experience in
the mutual fund industry. She joined Newell in 1992, and its investment team in
1993. She received a B.A. from Wheaton College and an M.B.A. from Haas Business
School, University of California, Berkeley.
(C) 1999 The Vanguard Group, Inc. All rights reserved. PS65N-11/30/1999
Vanguard Marketing Corporation, Distributor.
