[SHIP]
                             THE VANGUARD GROUP(R)



                   VANGUARD CONVERTIBLE SECURITIES FUND(R)
                  VANGUARD FIXED INCOME SECURITIES FUNDS(R)
                          VANGUARD HORIZON FUNDS(R)
                         VANGUARD WHITEHALL FUNDS(R)
             SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION


Effective  immediately,  the following text is added to the Investment  Policies
section in the Statement of Additional  Information.  The heading will relate to
the particular fund.

INVESTMENT   POLICY  RELATING  TO  THE  SALE  OF  INVESTOR  SHARES  OF  VANGUARD
CONVERTIBLE SECURITIES,  GLOBAL EQUITY, SELECTED VALUE, AND HIGH-YIELD CORPORATE
FUNDS IN JAPAN

Each  Fund may  borrow  (as  defined  under  Japanese  law and the  rules of the
Japanese  Securities  Dealers  Association)  money for  temporary  or  emergency
purposes only in an amount not to exceed 10% of the Fund's net assets.





















































(C)2005 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.                      102005