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                          VANGUARD(R) WINDSOR(TM) FUND
               SUPPLEMENT TO THE PROSPECTUS DATED OCTOBER 30, 2001


AN IMPORTANT MESSAGE ABOUT ADMIRAL(TM) SHARES
The Fund  expects  to begin  offering  a new share  class,  Admiral  Shares,  on
November 12, 2001.  Any Fund  purchases  made prior to this date will be for the
original share class,  Investor Shares. Once Admiral Shares are available,  Fund
accounts that meet the minimum balance and tenure  requirements will be eligible
for tax-free conversion to Admiral Shares.

For more information on Vanguard's Admiral Shares, including conversion details,
please contact us at 1-800-662-7447.





(C)2001 The Vanguard Group, Inc. All rights reserved.             PS22AS  102001
Vanguard Marketing Corporation, Distributor.