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VANGUARD(R) EQUITY INCOME FUND
SUPPLEMENT TO THE PROSPECTUS DATED JANUARY 21, 2000
Jeffrey A. Kigner, former Co-Chairman and Chief Investment Officer of John A.
Levin & Co., Inc., has left the firm effective July 14, 2000. While Mr. Kigner
no longer serves as a Fund Manager, John A. Levin, Chairman and Chief Executive
Officer, continues to serve as Fund Manager.
Notwithstanding this change, the investment philosophy, practices, and
strategies of Levin remain the same.
(C)2000 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor. PS65N 092000
