Vanguard U.S. Equity Index Fund

The Fund seeks to track the performance of the Standard and Poors Total Market Index (the Index). The Index is comprised of large, mid, small and micro-sized company shares in the US. The Fund attempts to: 1. Track the performance of the Index by investing in a representative sample of Index constituent shares. 2. Remain fully invested and hold small amounts of cash except in extraordinary market, political or similar conditions where the Fund may temporarily depart from this investment policy.