Fund Description: Vanguard Utilities ETF, formerly Vanguard Utilities 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: Vanguard Utilities ETF seeks to track the performance of the MSCI US Investable Market Utilities 25/50 Index. INDEX DESCRIPTION: The MSCI US Investable Market Utilities 25/50 Index is an index of stocks of large, medium, and small U.S. companies within the utilities sector, as classified under the Global Industry Classification Standard (GICS). This GICS sector is made up of electric, gas, and water utilities companies, or companies that operate as independent producers and/or distributors of power. The sector includes both nuclear and nonnuclear facilities. 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.