Sail Boat

Quarterly Distributions From The Vanguard Group

Sail Boat

The Vanguard Group declared quarterly distributions from ordinary net income, payable on September 24, 2001, to shareholders of record on September 20, 2001, as follows:

Fund                                                        Income Per Share

500 Index Fund Admiral Shares $0.335
500 Index Fund Investor Shares $0.320
Balanced Index Fund Admiral Shares $0.153
Balanced Index Fund Institutional Shares $0.156
Balanced Index Investor Shares $0.150
Convertible Securities $0.140
Equity Income Fund Admiral Shares* $0.257
Equity Income Fund Investor Shares* $0.120
Growth Index Fund Admiral Shares $0.048
Growth Index Fund Institutional Shares $0.053
Growth Index Fund Investor Shares $0.045
Inflation-Protected Securities $0.120
Institutional Index Fund Institutional Plus Shares $0.362
Institutional Total Stock Market Index Institutional Shares $0.050
Institutional Index Fund $0.355
Institutional Total Stock Market Index Institutional Plus Shares $0.050
LifeStrategy Conservative Growth $0.120
LifeStrategy Income Fund $0.140
REIT Index Fund $0.210
Tax-Managed Balanced Fund $0.120
Tax-Managed Growth & Income Institutional Shares $0.082
Tax-Managed Growth & Income $0.075
Total Stock Market VIPERs*** $0.315
Total Stock Market Index Admiral Shares** $0.076
Total Stock Market Index Institutional Shares** $0.080
Total Stock Market Index Investor Shares** $0.073
Utilities Income Fund $0.100
Value Index Fund Admiral Shares $0.082
Value Index Fund Institutional Shares $0.085
Value Index Fund Investor Shares $0.080
Wellesley Income Fund Admiral Shares* $0.578
Wellesley Income Fund Investor Shares* $0.235
Wellington Fund Admiral Shares $0.415
Wellington Fund Investor Shares $0.230


* Payable date for Investor and Admiral classes of shares of the Equity Income Fund and the Wellesley Income Fund is October 1, 2001.
** Payable date for Investor, Admiral, and Institutional classes of shares of the Total Stock Market Index Fund is September 28, 2001.
*** Total Stock Market VIPERs record date is September 26, 2001; ex-dividend date is September 24, 2001; and payable date is September 28, 2001.