VANGUARD WORLD FUND INC
497, 1997-10-28
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Vanguard
U.S. Growth
Portfolio

Fund Profile
October 28, 1997

A member of
The Vanguard Group

<PAGE>

1        OBJECTIVE

Vanguard U.S. Growth Portfolio seeks to provide  long-term  capital growth.  The
Portfolio may not meet this objective.

2        INVESTMENT STRATEGY

The Portfolio invests primarily in common stocks of high-quality,  seasoned U.S.
companies,  emphasizing  companies  with strong growth  records,  leading market
positions,  and low sensitivity to changing economic conditions.  In addition to
investing in common stocks,  the Portfolio may also invest, to a limited degree,
in short-term fixed-income securities, and futures and options contracts.

3        RISKS

The  Portfolio's  total return will  fluctuate,  so an investor could lose money
over short or extended periods.  More  specifically,  investors in the Portfolio
are exposed to:

- - A HIGH  degree of STOCK  MARKET  RISK (the  possibility  that stock  prices in
general will decline over short or extended periods).

Historical  returns for the U.S.  stock  market (as  measured by the  Standard &
Poor's 500  Composite  Stock Price  Index) show some of this market  volatility.
From 1926 to 1996,  the S&P 500 Index  provided an  annualized  total  return of
10.7%,  but  provided a  negative  return--averaging  -12.3%--in  20 of these 71
years.  Annual  returns for the period  ranged from a low of -43.3% to a high of
53.9%.

Because  it  emphasizes  growth  stocks,  the  Portfolio  is likely  to  perform
differently than broader market benchmarks like the S&P 500 Index.

<PAGE>

4        APPROPRIATENESS

This Portfolio may be suitable for investors who:
- -        Are seeking long-term capital growth.
- -        Are willing to assume above-average investment risk.
- -        Want a growth fund as part of a balanced investment program.
- -        Plan to invest for at least five years.

The Portfolio is not suitable for investors who:
- -        Are seeking current income.
- -        Cannot tolerate fluctuating share prices.

5        FEES AND EXPENSES

Vanguard U.S. Growth  Portfolio--like  all Vanguard  funds--is offered on a pure
no-load  basis  (that is, the  Portfolio  has no 12b-1 fees or charges to buy or
sell shares).

The  Portfolio's  operating  expenses are deducted  from its total assets before
daily share prices and income  distributions  are  calculated.  The  Portfolio's
expense ratio for fiscal year 1997 was 0.42% of assets.

ANNUAL FUND OPERATING EXPENSES
- -------------------------------
Investment Advisory  Fees..................0.14%
Distribution Costs.........................0.02
Other Expenses.............................0.26
                                          -----
TOTAL OPERATING EXPENSES...................0.42%
                                          =====

The following example  illustrates the expenses that you would incur on a $1,000
investment over various periods, assuming (1) a 5% annual rate of return and (2)
redemption at the end of each period.

1 YEAR          3 YEARS          5 YEARS          10 YEARS
- ----------------------------------------------------------
  $4              $13              $24              $53

This example  should not be considered to represent  past or future  expenses or
performance. Actual expenses may be higher or lower than those shown.

<PAGE>

6        PAST PERFOMRANCE

                                   PERFORMANCE
                          ANNUAL RETURNS (%) 1987-1996

                  VANGUARD                             S&P 500
           U.S. GROWTH PORTFOLIO                        INDEX*

1987              -6.1                                    5.1
1988               8.8                                   16.6
1989              37.7                                   31.7
1990               4.6                                   -3.1
1991              46.8                                   30.5
1992               2.8                                    7.6
1993              -1.4                                   10.1
1994               3.9                                    1.3
1995              38.4                                   37.6
1996              26.0                                   23.0

                               PERFORMANCE SUMMARY
                       (PERIODS ENDED SEPTEMBER 30, 1997)

                          AVERAGE ANNUAL TOTAL RETURNS
                            U.S. GROWTH              S&P
                             PORTFOLIO               500*

1 Year                         28.1%                40.4%
5 Years                        17.1%                20.8%
10 Years                       14.8%                14.8%

Note: In evaluating past  performance,  it is important to consider that returns
from stocks were close to their  highest  levels in history  during the past ten
years. Past performance is not indicative of future performance.

Performance  figures  include the  reinvestment of all dividends and any capital
gains  distributions.  All returns are net of  expenses.  The  performance  data
quoted represent past performance.  The investment return and principal value of
an investment will fluctuate so that investors'  shares,  when redeemed,  may be
worth more or less than their original cost.

*The Standard & Poor's 500 Composite Stock Price Index is a diversified group of
500  securities  used to measure  U.S.  stock  market  performance.  An index is
unmanaged; you cannot invest in an index.

"Standard & Poor's 500," "S&P  500(R),"  "Standard &  Poor's(R),"  "S&P(R)," and
"500" are trademarks of The McGraw-Hill Companies, Inc.

<PAGE>

7        INVESTMENT ADVISER

The  Portfolio  has been managed by Lincoln  Capital  Management  Company  since
August 1987. Lincoln manages total assets of more than $46 billion.

The managers responsible for overseeing the Portfolio are J. Parker Hall III,
President of Lincoln, and David M. Fowler, Vice President of Lincoln. Both
have served in this capacity since August 1987.

8        PURCHASES

You may purchase shares by mail,  wire, or exchange from another  Vanguard fund.
The minimum initial investment is $3,000 ($1,000 for IRAs and custodial accounts
for minors).

9        REDEMPTIONS AND EXCHANGES

You may redeem or  exchange  shares by sending a letter to or calling  Vanguard.
You may exchange shares through Vanguard's website at  http://www.vanguard.com.*
The Portfolio's share price is expected to fluctuate and, at redemption,  may be
higher or lower than at the time of  initial  purchase,  resulting  in a taxable
gain or a loss.

10       DISTRIBUTIONS

The Portfolio expects to pay dividend and capital gains distributions  annually.
These  distributions  may be  automatically  reinvested or received in cash. All
distributions  are taxable to you whether  reinvested  in  additional  shares or
received in cash.

11       OTHER SERVICES

- -        Vanguard Fund Express(R)--electronic transfers between your bank
         account and the Portfolio.
- -        Vanguard  Tele-Account(R)--around-the-clock  access  to  Vanguard  fund
         information,   account  balances,  and  some  transactions  by  calling
         1-800-662-6273 (ON-BOARD).
- -        Investor Information--toll-free access to Vanguard Associates by
         calling 1-800-662-7447 (SHIP).

*Before using this service,  you must register  through our website and obtain a
confidential password.

<PAGE>

                            [THE VANGUARD GROUP LOGO]

Post Office Box 2600
Valley Forge, PA 19482

TOLL-FREE INVESTOR
INFORMATION
1-800-662-7447

World Wide Web
http://www.vanguard.com

E-mail
[email protected]

This Fund Profile  contains key  information  about the Portfolio.  If you would
like  more  information  before  you  invest,  please  consult  the  Portfolio's
accompanying  prospectus.  For details about the Portfolio's  holdings or recent
investment  strategies,  please  review the  Portfolio's  most recent  annual or
semiannual  report.  The  prospectus  and  reports can be obtained at no cost by
calling Vanguard.

(C) 1997 Vanguard Marketing
Corporation, Distributor

FP23 o  1097-11.5A


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