GLOBAL GROWTH ACCOUNT

Following is a summary of information about the Global Growth Account. Investors are advised to learn key data about an investment prior to making any investment decision.

Objective

The objective of this account is to seek long-term growth of capital. It invests solely in the Vanguard © Global Equity Fund.

Investor Profile

The Global Growth Account may be suitable for investors seeking long-term growth of capital by investing in stocks from the United States and other countries. Multiple investment managers select securities that appear undervalued based on analyses of industry sectors and individual companies. Investors must be willing and able to accept substantial change in unit price in the short, long, and very-long term.

Investment Strategy

Vanguard Global Equity Fund invests in U.S. and foreign stocks chosen mainly on the basis of bottom-up stock analysis. The Fund typically invests across a wide range of industries, and its holdings are expected to represent a mix of value and growth stocks, as well as a mix of established and emerging stock markets. The Fund uses multiple investment advisers.

Investment Considerations

The principal value of the Global Growth Account is subject to extremely wide fluctuation in price. The unusually high volatility may stem from risk factors including international holdings which are subject to price declines caused by changes in the U.S. dollar against foreign currencies; the chance that investments in a foreign country will decrease is the U.S. dollar rises in value against the country’s currency, the chance that a country’s economy will be hurt by political upheaval, financial troubles, or natural disasters, and the chance that poor security selection will result is under performance relative to other investments with a similar objective.

PORTFOLIO DATA

Regional Allocation (as of 12-31-2009)     Stocks 99.80% Short-term Reserves 0.20%   Key Facts (as of 12-31-2009)     Number of Stocks 805 Turnover Rate (Fiscal Year End September) 34.0x Beta (vs. MSCI AC World) 0.98   Top Ten Stock Holdings (as of 12-31-2009) Concentration   Range   Royal Dutch Shell PLC Class A (Amsterdam Shares) 0 %     Pfizer, Inc. 0 %     Sanofi-Aventis SA 0 %     Cablevision Systems Corp. Class A 0 %     Exxon Mobil Corp. 0 %     ConocoPhillips Co. 0 %     BNP Paribas SA 0 %     International Business Machines Corp. 0 %     AmerisourceBergen Corp. 0 %     Chevron Corp. 0 %     Top Ten Holdings Equals 10.2% of Portfolio   Sector Diversification (as of 12-31-2009)       Financials 21.40 % Consumer Discretionary 14.40 % Industrials 12.70 % Information Technology 11.50 % Energy 9.70 % Health Care 9.20 % Consumer Staples 6.50 % Materials 6.50 % Telecommunication Services 6.10 % Utilities 2.00 % Total % of common stock 100.00 % Vanguard Global Equity Fund* Average Annual Returns Annual Total Returns (as of 02-28-2010) (as of 12-31)           1 Month 1.46%     3 Months 0.36%     YTD (2.36)%     1 year 63.15%     3 years (8.69)%     5 years 0.90%     10 years 6.17%                                     1996       15.59%     1997       6.91%     1998       9.39%     1999       25.95%     2000       (0.17)%     2001       (3.73)%     2002       (5.61)%     2003       44.51%     2004       20.09%     2005       11.77%     2006       23.59%     2007       11.67%     2008       (46.66)%     2009       32.98%