497 1 stickersetf.txt VANGUARD FUNDS 497 FILING [SHIP] [VANGUARD] VANGUARD(R) FUNDS SUPPLEMENT TO THE PROSPECTUS Effective July 6, 2006, Vanguard Index Participation Equity Receipts, also known as VIPER(R) Shares and VIPERs(R), are now known as ETF Shares. In the MORE ON THE FUND section under "Frequent Trading or Market-Timing," change the references from VIPER Shares to ETF Shares. In the SHARE PRICE section, change the reference from VIPERs to ETF Shares. In the INVESTING WITH VANGUARD section, in the frequent-trading text, change the reference from VIPER Shares to ETF Shares. (C) 2006 The Vanguard Group, Inc. All rights reserved. PSCETF 072006 Vanguard Marketing Corporation, Distributor. [SHIP] [VANGUARD] VANGUARD(R) U.S. STOCK VIPER SHARES VANGUARD DIVIDEND APPRECIATION VIPER SHARES VANGUARD REIT VIPER SHARES VANGUARD INTERNATIONAL STOCK VIPER SHARES VANGUARD U.S. SECTOR VIPER SHARES SUPPLEMENT TO THE PROSPECTUS Effective July 6, 2006, Vanguard Index Participation Equity Receipts, also known as VIPER(R) Shares and VIPERs(R), are now known as ETF Shares. On the inside front cover page, remove the reference to Vanguard Index Participation Equity Receipts. Name changes have occurred for the share class that was formerly identified as VIPERs or VIPER Shares. In the AN INTRODUCTION TO VIPER SHARES section add the following statement after the fund name chart: Prior to the close of business on July 6, 2006, Vanguard ETF(TM) Shares were known as VIPER Shares. The names of the shares have been changed as follows: FROM: TO: Vanguard Consumer Discretionary VIPERs Vanguard Consumer Discretionary ETF Vanguard Consumer Staples VIPERs Vanguard Consumer Staples ETF Vanguard Dividend Appreciation VIPERs Vanguard Dividend Appreciation ETF Vanguard Emerging Markets VIPERs Vanguard Emerging Markets ETF Vanguard Energy VIPERs Vanguard Energy ETF Vanguard European VIPERs Vanguard European ETF Vanguard Extended Market VIPERs Vanguard Extended Market ETF Vanguard Financials VIPERs Vanguard Financials ETF Vanguard Growth VIPERs Vanguard Growth ETF (over, please) FROM: TO: Vanguard Health Care VIPERs Vanguard Health Care ETF Vanguard Industrials VIPERs Vanguard Industrials ETF Vanguard Information Technology VIPERs Vanguard Information Technology ETF Vanguard Large-Cap VIPERs Vanguard Large-Cap ETF Vanguard Materials VIPERs Vanguard Materials ETF Vanguard Mid-Cap VIPERs Vanguard Mid-Cap ETF Vanguard Pacific VIPERs Vanguard Pacific ETF Vanguard REIT VIPERs Vanguard REIT ETF Vanguard Small-Cap VIPERs Vanguard Small-Cap ETF Vanguard Small-Cap Growth VIPERs Vanguard Small-Cap Growth ETF Vanguard Small-Cap Value VIPERs Vanguard Small-Cap Value ETF Vanguard Telecommunications Services VIPERs Vanguard Telecommunications Services ETF Vanguard Total Stock Market VIPERs Vanguard Total Stock Market ETF Vanguard Utilities VIPERs Vanguard Utilities ETF Vanguard Value VIPERs Vanguard Value ETF
Throughout the prospectus, change all references from VIPER Share to ETF Share, from VIPER Shares to ETF Shares, and from VIPERs to ETF Shares. In the PRECAUTIONARY NOTES section, under "A precautionary note to investment companies," the text is amended as follows: A PRECAUTIONARY NOTE TO INVESTMENT COMPANIES: For purposes of the Investment Company Act of 1940, ETF Shares are issued by registered investment companies. Accordingly, the acquisition of ETF Shares by other investment companies is subject to the restrictions of Section 12(d)(1) of that Act, except as permitted under the terms of an exemptive order issued to Vanguard. (C) 2006 The Vanguard Group, Inc. All rights reserved. PSAETF 072006 Vanguard Marketing Corporation, Distributor. [SHIP] [VANGUARD] VANGUARD(R) DIVIDEND APPRECIATION INDEX FUND VANGUARD INTERNATIONAL STOCK INDEX FUNDS VANGUARD REIT INDEX FUND VANGUARD U.S. SECTOR INDEX FUNDS VANGUARD U.S. STOCK INDEX FUNDS SUPPLEMENT TO THE PROSPECTUS Effective July 6, 2006, Vanguard Index Participation Equity Receipts, also known as VIPER(R) Shares and VIPERs(R), are now known as ETF Shares. Names changes have occurred for the share class that was formerly identified as VIPERs or VIPER Shares. In the CONTENTS, change the name of the section from VIPER Shares to ETF Shares. In the SHARE CLASS OVERVIEW text, change the references from VIPER Shares to ETF Shares. In the MORE ON THE FUND section under "Frequent Trading or Market-Timing," change the references from VIPER Shares to ETF Shares. In the SHARE PRICE section, change the reference from VIPERs to ETF Shares. In the INVESTING WITH VANGUARD section, under "Converting Shares," change the references from VIPER Shares to ETF Shares. In the INVESTING WITH VANGUARD section, in the frequent-trading text, change the reference from VIPER Shares to ETF Shares. In the VIPER Shares section, replace all references to Vanguard Index Participation Equity Receipts, VIPERs, and VIPER Shares with ETF Shares. Add the following statement at the end of the first paragraph: Prior to the close of business on July 6, 2006, Vanguard ETF(TM) Shares were known as VIPER Shares. (C) 2006 The Vanguard Group, Inc. All rights reserved. PSBETF 072006 Vanguard Marketing Corporation, Distributor. [SHIP] [VANGUARD] VANGUARD(R) VARIABLE INSURANCE FUNDS SUPPLEMENT TO THE PROSPECTUS DATED APRIL 28, 2006 Effective July 6, 2006, Vanguard Index Participation Equity Receipts, also known as VIPER(R) Shares and VIPERs(R), are now known as ETF Shares. In the MORE ON THE PORTFOLIOS section under "More on the Stock Portfolios," change the reference from VIPER Shares to ETF Shares in the description of the Equity Income Portfolio. In the ADDITIONAL INFORMATION section under "Exchange Traded Funds and VIPERs," change the references from VIPER Shares to ETF Shares. Add the following statement at the end of the paragraph: Prior to the close of business on July 6, 2006, Vanguard ETF(TM) Shares were known as VIPER Shares. In the ADDITIONAL INFORMATION section under "Frequent Trading or Market-Timing," change the reference from VIPER Shares to ETF Shares. In the SHARE PRICE section, change the reference from VIPERs to ETF Shares. (C) 2006 The Vanguard Group, Inc. All rights reserved. PS64 072006 Vanguard Marketing Corporation, Distributor. [SHIP] [VANGUARD] VANGUARD(R) MONEY MARKET FUNDS VANGUARD PRIME MONEY MARKET FUND VANGUARD MONEY MARKET PORTFOLIO SUPPLEMENT TO THE PROSPECTUS Effective July 6, 2006, Vanguard Index Participation Equity Receipts, also known as VIPER(R) Shares and VIPERs(R), are now known as ETF Shares. In the SHARE PRICE section, change the reference from VIPERs to ETF Shares. (C) 2006 The Vanguard Group, Inc. All rights reserved. PS30 072006 Vanguard Marketing Corporation, Distributor. [SHIP] [VANGUARD] VANGUARD(R) ENERGY FUND VANGUARD EQUITY INCOME FUND VANGUARD EXPLORER(TM) FUND VANGUARD GLOBAL EQUITY FUND VANGUARD INTERNATIONAL GROWTH FUND VANGUARD INTERNATIONAL VALUE FUND VANGUARD MID-CAP GROWTH FUND VANGUARD MORGAN(TM) GROWTH FUND VANGUARD SELECTED VALUE FUND VANGUARD STRATEGIC EQUITY FUND VANGUARD STRATEGIC SMALL-CAP EQUITY FUND VANGUARD U.S. GROWTH FUND VANGUARD WINDSOR(TM)FUND VANGUARD WINDSOR(TM) II FUND SUPPLEMENT TO THE PROSPECTUSES Effective July 6, 2006, Vanguard Index Participation Equity Receipts, also known as VIPER(R) Shares and VIPERs(R), are now known as ETF Shares. In the MORE ON THE FUND section under "Other Investment Policies and Risks," change the references from VIPER Shares to ETF Shares in the paragraph about exchange-traded funds. Add the following statement at the end of the paragraph: Prior to the close of business on July 6, 2006, Vanguard ETF(TM) Shares were known as VIPER Shares. In the MORE ON THE FUND section under "Frequent Trading or Market-Timing, "change the references from VIPER Shares to ETF Shares. In the SHARE PRICE section, change the reference from VIPERs to ETF Shares. In the INVESTING WITH VANGUARD section, in the frequent-trading text, change the reference from VIPER Shares to ETF Shares. (C) 2006 The Vanguard Group, Inc. All rights reserved. PSETF 072006 Vanguard Marketing Corporation, Distributor. [SHIP] [VANGUARD] VANGUARD(R) TARGET RETIREMENT FUNDS SUPPLEMENT TO THE PROSPECTUS DATED JUNE 7, 2006 Effective July 6, 2006, Vanguard Index Participation Equity Receipts, also known as VIPER(R) Shares and VIPERs(R), are now known as ETF Shares. In the MORE ON THE FUNDS section under "Security Selection," change all references from VIPER Shares to ETF Shares. Add the following statement at the end of the last paragraph: Prior to the close of business on July 6, 2006, Vanguard ETF(TM) Shares were known as VIPER Shares. In the MORE ON THE FUNDS section under "Frequent Trading or Market-Timing, "change the references from VIPER Shares to ETF Shares. In the SHARE PRICE section, change the references from VIPERs and VIPER Shares to ETF Shares. In the INVESTING WITH VANGUARD section, in the frequent-trading text, change the reference from VIPER Shares to ETF Shares. (C) 2006 The Vanguard Group, Inc. All rights reserved. PSC308 072006 Vanguard Marketing Corporation, Distributor. [SHIP][VANGUARD LOGO] VANGUARD FUNDS(R) SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION TRUSTEE ADDED TO VANGUARD FUNDS' BOARD OF TRUSTEES The Boards of Trustees of the Vanguard funds have added Amy Gutmann Ph.D. as a trustee effective June 30, 2006. The trustees set broad policies for the Funds; select investment advisors; monitor fund operations, performance, and costs; nominate and select new trustees; and elect fund officers. Dr. Gutmann's principal occupations during the past five years include: President of the University of Pennsylvania (since 2004); Professor in the School of Arts and Sciences, Annenberg School for Communication, and Graduate School of Education of the University of Pennsylvania (since 2004); Provost (2001-2004) and Laurance S. Rockefeller University Professor of Politics and the University Center for Human Values (1990-2004), Princeton University; Director of Carnegie Corporation of New York and Philadelphia 2016 (since 2005) and of Schuylkill River Development Corporation and Greater Philadelphia Chamber of Commerce (since 2004). SHARE CLASS NAME CHANGE Effective July 6, 2006, Vanguard Index Participation Equity Receipts, also known as VIPER(R) Shares and VIPERs(R), are now known as Vanguard ETF/TM/ Shares. Because name changes have occurred for the share class that was formerly identified as VIPERs or VIPER Shares, replace text references to Vanguard Index Participation Equity Receipts, VIPERs, and VIPER Shares with ETF Shares. (C)2006 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. SAI062006