Vanguard PRIMECAP Fund Admiral Shares (VPMAX)

This large- and mid-capitalization growth fund is managed with a long-term perspectiveextremely low turnoverand a well-established investment strategy. Since the fund’s inception in 1984PRIMECAP Management Companythe advisorhas followed an approach in which multiple portfolio managers independently manage a portion of the fundwhich provides diversification of thought. One risk to note is that the fund may become concentrated in a few sectorsnotably technology and health care. Short-term performance may be volatile when these sectors are strongly in or out of favor. This fund may be considered a complement to an already diversified portfolio with a long-term time horizon.