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VANGUARD INSTITUTIONAL INDEX FUND
SUPPLEMENT TO THE PROSPECTUS DATED APRIL 20, 1998
Vanguard Institutional Index Fund reserves the right to redeem an investor's
Institutional Shares if the investor's account balance falls below $10 million,
which is the current minimum initial investment. Any such redemption will be
preceded by written notice to the investor.
IS854N-12/09/1998
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