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THE VANGUARD GROUP OF INVESTMENT COMPANIES DECLARES DISTRIBUTIONS

 THE VANGUARD GROUP OF INVESTMENT COMPANIES DECLARES DISTRIBUTIONS
 VALLEY FORGE, Pa., Dec. 26 /PRNewswire/ -- The board of directors of the following members of The Vanguard Group of Investment Companies has declared the following distributions:
 VANGUARD INDEX TRUST/500 PORTFOLIO -- a quarterly distribution from ordinary net income in the amount of $0.61 (sixty-one cents) per share and an annual distribution from realized capital gains in the amount of $0.05 (five cents, long term) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD INDEX TRUST/EXTENDED MARKET PORTFOLIO -- an annual distribution from ordinary net income in the amount of $0.25 (twenty- five cents) per share and an annual distribution from realized capital gains in the amount of $0.19 (six cents, short term and thirteen cents, long term) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD INSTITUTIONAL INDEX FUND -- a quarterly distribution from ordinary net income in the amount of $0.62 (sixty-two cents) per share and an annual distribution from realized capital gains in the amount of $0.05 (five cents, long term), payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD INTERNATIONAL EQUITY INDEX FUND/EUROPEAN PORTFOLIO -- an annual distribution from ordinary net income in the amount of $0.26 (twenty-six cents) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD INTERNATIONAL EQUITY INDEX FUND/PACIFIC PORTFOLIO -- an annual distribution from ordinary net income in the amount of $0.05 (five cents) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD STAR FUND -- a semi-annual distribution from ordinary net income in the amount of $0.37 (thirty-seven cents) per share and an annual distribution from realized capital gains in the amount of $0.35 (four cents, short term and thirty-one cents, long term) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD EXPLORER FUND -- an annual distribution from ordinary net income in the amount of $0.26 (twenty-six cents) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD SPECIALIZED PORTFOLIOS/ENERGY -- an annual distribution from ordinary net income in the amount of $0.42 (forty-two cents) per share and an annual distribution from realized capital gains in the amount of $0.23 (sixteen cents, short term and seven cents, long term) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD SPECIALIZED PORTFOLIOS/HEALTH CARE -- an annual distribution from ordinary net income in the amount of $0.51 (fifty-one cents) per share and an annual distribution from realized capital gains in the amount of $0.53 (nine cents, short term and forty-four cents, long term) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD SPECIALIZED PORTFOLIOS/GOLD & PRECIOUS METALS -- an annual distribution from ordinary net income in the amount of $0.25 (twenty- five cents) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD SPECIALIZED PORTFOLIOS/SERVICE ECONOMY -- an annual distribution from ordinary net income in the amount of $0.25 (twenty- five cents) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD SPECIALIZED PORTFOLIOS/TECHNOLOGY -- an annual distribution from ordinary net income in the amount of $0.20 (twenty cents) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD WORLD FUND/U.S. GROWTH PORTFOLIO -- an annual distribution from ordinary net income in the amount of $0.19 (nineteen cents) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 VANGUARD WORLD FUND/INTERNATIONAL GROWTH PORTFOLIO -- an annual distribution from ordinary net income in the amount of $0.19 (nineteen cents) per share and an annual distribution from realized capital gains in the amount of $0.12 (twelve cents, long term) per share, payable on Jan. 2, 1992, to shareholders of record on Dec. 26, 1991.
 For more information, contact Richard F. Hyland, treasurer, The Vanguard Group of Investment Companies, at 215-669-6141.
 -0- 12/26/91
 /CONTACT: Richard F. Hyland, treasurer of The Vanguard Group of Investment Companies, 215-669-6141/ CO: The Vanguard Group of Investment Companies ST: Pennsylvania IN: FIN SU: DIV


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Date:Dec 26, 1991
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