Fund Description: Vanguard Communication Services Index Fund, formerly Vanguard Telecommunication Services ETF, formerly Vanguard Telecommunication Services VIPERs, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Vanguard World Fund, an open-end investment management company. INVESTMENT OBJECTIVE: The Vanguard Communication Services Index Fund seeks to track the performance of the MSCI US Investable Market Communication Services 25/50 Transition Index, formerly MSCI US Investable Market Telecommunication Services 25/50 Index. INDEX DESCRIPTION: The MSCI US Investable Market Communication Services 25/50 Transition Index is an index of stocks of large, medium-size, and small U.S. companies within the telecommunication services sector, as classified under the Global Industry Classification Standard (GICS). This GICS sector is made up of companies that provide communication services primarily through a fixed-line, cellular, wireless, high-bandwidth, and/or fiber-optic cable network. FUND STRATEGY: The Fund employs a passive management or indexing investment approach designed to track the performance of the Index. As its primary indexing strategy, the Fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the Index, holding each stock in approximately the same proportion as its weighting in the Index. The Fund may use a sampling strategy if regulatory constraints or other considerations prevent it from replicating the Index. FUND MANAGEMENT: The Vanguard Group serves as investment advisor to the Funds through its Quantitative Equity Group.