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VANGUARD CAPITAL OPPORTUNITY FUND
SUPPLEMENT TO THE PROSPECTUS DATED FEBRUARY 18, 2000
IMPORTANT CHANGE AS OF JANUARY 8, 2001
LIMITS ON ADDITIONAL INVESTMENTS BY EXISTING SHAREHOLDERS
Effective as of the close of business on January 8, 2001, existing shareholders
of the Capital Opportunity Fund may invest up to an additional $25,000 in the
Fund during each calendar year. This $25,000 limit applies to the total amount
invested in all Fund accounts registered to the same Social Security or Taxpayer
Identification Number. Investments made on or before January 8, 2001, do not
count toward the $25,000 yearly limit, nor do dividend and capital gains
reinvestments.
FUND CLOSED TO NEW ACCOUNTS
Vanguard Capital Opportunity Fund will remain closed and will not accept new
accounts.
ELECTRONIC TRANSACTIONS
During the closed period, it will not be possible to purchase Fund shares
through Vanguard's website or Tele-Account(R) service. However, shareholders may
continue to redeem Fund shares using these electronic methods.
Vanguard Capital Opportunity Fund may modify these policies at any time without
giving advance notice to shareholders. Please call Vanguard's Investor
Information Department at 1-800-662-7447 for more detailed information about the
Fund's transaction policies.
(C)2000 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor. - 012001
