Fund Description

Vanguard Growth Index Fund was incepted in November 1992 and is managed by the Vanguard Group. The objective of the fund is to seek long-term growth of capital. The fund holds all of the stocks in the unmanaged Standard and Poor's Growth Index in approximately the same proportions as those stocks represent in the index. These stocks typically share certain characteristics, including having prices that are above-average in comparison to their net worth, or book value. These stocks also are expected to grow at an above-average pace. The fund attempts to match the performance of the index, and remains fully invested in stocks at all times. The management does not speculate on the direction of the index and seeks to match the index. The fund distributes dividends quarterly in March, June, September and December. Capital gains are distributed annually in December.