VANGUARD CAPITAL OPPORTUNITY FUND INVESTOR SHARES 

This aggressive growth fund invests in companies of various sizes that the managers believe will grow in time, but may be volatile in the short-term. The fund managers have a long-term perspective and ignore short-term market “noise.” This investment approach, coupled with a focus in certain market sectors, including information technology and health care, helps differentiate the fund from its benchmark and peer funds. Capital Opportunity Fund may be considered complementary to an already diversified portfolio with a long-term time horizon.