[SHIP]
                            [THE VANGUARD GROUP LOGO]

                     VANGUARD(R) CONVERTIBLE SECURITIES FUND
                          SUPPLEMENT TO THE PROSPECTUS

IMPORTANT CHANGE TO VANGUARD CONVERTIBLE SECURITIES FUND

FUND REOPENS TO EXISTING SHAREHOLDERS
Effective  as of the close of business on March 23, 2005,  Vanguard  Convertible
Securities Fund began accepting additional purchases from current  shareholders.
The Fund remains closed to new shareholders.  Participants in certain retirement
plans may continue to invest in accordance with the terms of their plans.  There
is no specific time frame for when the Fund may reopen to new shareholders.
     Vanguard Convertible  Securities Fund may modify these transaction policies
at any time without advance notice to shareholders.
     For more  detailed  information  about  the  Fund's  transaction  policies,
investors  in  nonretirement  accounts  and IRAs may  call  Vanguard's  Investor
Information  Department  at  800-662-7447.  Participants  in  employer-sponsored
retirement plans may call Vanguard Participant Services at 800-523-1188.




















(C) 2005 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.                         PS82 032005