Mutual fund dividend payment question

Which one will you own on the ex-dividend date is the one. Example is if the ex-dividend date is 9/30/09, then the one you own on that date is the one that you will receive any distributions for.

I believe CHSBear is correct except that if you purchase the fund on the exdividend date you do not get the gain. If you own it the day before, the "record" day then you do get the gain. Also remember if you get the gain you will have to pay taxes on it unless you have it in a tax deferred account such as an IRA.

To be sure I would check with the Vanguard people. Both of these funds are theirs and I've always found them to be very helpful assisting me.