NOTES TO FINANCIAL STATEMENTS
Vanguard Calvert Social Index Fund is registered under the Investment Company Act of 1940 as an open-end
investment company, or mutual fund. The fund offers two classes of shares, Investor Shares and Institutional Shares.
Investor Shares are available to any investor who meets the fund's minimum purchase requirements. Institutional
Shares are designed for investors who meet certain administrative and servicing criteria and invest a minimum of $10
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. mutual
funds. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange
(generally 4:00 p.m. Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices
or official closing prices taken from the primary market in which each security trades; such securities not traded on
the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market
quotations are not readily available, or whose values have been materially affected by events occurring before the
fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the board
of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset
value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using
valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and
ratings), both as furnished by independent pricing services.
Other temporary cash investments are valued at amortized cost, which approximates market value.
2. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and
distribute all of its tax