|
Institutional
Shares
|
Institutional
Plus Shares
|
Sales
Charge (Load) Imposed on Purchases
|
|
|
Purchase
Fee
|
|
|
Sales
Charge (Load) Imposed on Reinvested
Dividends
|
|
|
Redemption
Fee
|
|
|
|
Institutional
Shares
|
Institutional
Plus Shares
|
Management
Fees
|
|
|
12b-1
Distribution Fee
|
|
|
Other
Expenses
|
|
|
Total
Annual Fund Operating Expenses
|
|
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
Institutional
Shares
|
$ |
$ |
$ |
$ |
Institutional
Plus Shares
|
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
%- |
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Institutional Index Fund Institutional Shares
|
|
|
|
Return Before
Taxes
|
%18.39 |
%15.19 |
%13.86 |
Return After
Taxes on Distributions
|
17.37 |
14.46 |
13.25 |
Return After
Taxes on Distributions and Sale of Fund Shares
|
11.38 |
12.06 |
11.49 |
Vanguard
Institutional Index Fund Institutional
Plus
Shares
|
|
|
|
Return Before
Taxes
|
%18.41 |
%15.21 |
%13.88 |
Comparative
Indexes
(reflect no
deduction for fees, expenses, or taxes)
|
|
|
|
Standard
& Poor's 500 Index |
18.40% |
15.22% |
13.88% |
Dow Jones
U.S. Total Stock Market Float Adjusted Index |
20.79 |
15.36 |
13.74 |
Plain
Talk About Fund Expenses
|
All
mutual funds have operating expenses. These expenses, which are
deducted
from a fund’s gross income, are expressed as a percentage of the
net
assets of the fund. Assuming that operating expenses remain as stated
in the
Fees and Expenses section, Vanguard Institutional Index Fund’s
expense
ratios would be as follows: for Institutional Shares, 0.035%, or
$0.35
per $1,000 of average net assets; for Institutional Plus Shares, 0.02%,
or $0.20
per $1,000 of average net assets. The average expense ratio for
large-cap
core funds in 2020 was
0.93%, or $9.30 per $1,000 of average net
assets
(derived from data provided by Lipper, a Thomson Reuters Company,
which
reports on the mutual fund industry).
|
Plain
Talk About Costs of Investing
|
Costs
are an important consideration in choosing a mutual fund. That is
because
you, as a shareholder, pay a proportionate share of the costs of
operating
a fund and any transaction costs incurred when the fund buys or
sells
securities. These costs can erode a substantial portion of the gross
income
or the capital appreciation a fund achieves. Even seemingly small
differences
in expenses can, over time, have a dramatic effect on a
fund’s
performance.
|
Plain
Talk About Vanguard’s Unique Corporate Structure
|
The
Vanguard Group is owned jointly by the funds it oversees and thus
indirectly
by the shareholders in those funds. Most other mutual funds are
operated
by management companies that are owned by third parties—either
public
or private stockholders—and not by the funds they serve.
|
Plain
Talk About Distributions
|
As
a shareholder, you are entitled to your portion of a fund’s income from
interest
and dividends as well as capital gains from the fund’s sale of
investments.
Income consists of both the dividends that the fund earns from
any
stock holdings and the interest it receives from any money market and
bond
investments. Capital gains are realized whenever the fund sells
securities
for higher prices than it paid for them. These capital gains are
either
short-term or long-term, depending on whether the fund held the
securities
for one year or less or for more than one year.
|
Plain
Talk About Buying a Dividend
|
Unless
you are a tax-exempt investor or investing through a tax-advantaged
account
(such as an IRA or an employer-sponsored retirement or savings
plan),
you should consider avoiding a purchase of fund shares shortly before
the
fund makes a distribution, because doing so can cost you money in
taxes.
This is known as “buying a dividend.” For example: On December 15,
you
invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution
of $1 per share on December 16, its share price will drop to $19
(not
counting market change). You still have only $5,000 (250 shares x $19 =
$4,750
in share value, plus 250 shares x $1 = $250 in distributions), but you
owe
tax
on the $250 distribution you received—even if you reinvest it in
more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before
you invest.
|
|
Year Ended December 31,
| ||||
For a Share
Outstanding Throughout Each
Period |
2020 |
2019 |
2018 |
2017 |
2016
|
Net
Asset Value, Beginning of Period
|
$290.23 |
$227.55 |
$243.46 |
$203.83 |
$186.62 |
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
5.2611 |
5.2031 |
5.0591 |
4.3791 |
4.210
|
Net
Realized and Unrealized Gain (Loss) on
Investments |
46.122 |
65.746 |
(15.434) |
39.687 |
17.814
|
Total from
Investment Operations |
51.383 |
70.949 |
(10.375) |
44.066 |
22.024
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(5.273) |
(5.550) |
(4.837) |
(4.436) |
(4.223)
|
Distributions
from Realized Capital Gains |
(4.870) |
(2.719) |
(0.698) |
— |
(0.591)
|
Total
Distributions |
(10.143) |
(8.269) |
(5.535) |
(4.436) |
(4.814)
|
Net
Asset Value, End of Period
|
$331.47 |
$290.23 |
$227.55 |
$243.46 |
$203.83 |
Total
Return
|
18.39% |
31.46% |
–4.42% |
21.79% |
11.93% |
Ratios/Supplemental
Data
|
|
|
|
|
|
Net Assets,
End of Period (Millions) |
$119,012 |
$116,814 |
$104,296 |
$140,591 |
$120,014
|
Ratio of
Total Expenses to Average Net
Assets
|
0.035% |
0.035% |
0.035% |
0.04% |
0.04%
|
Ratio of
Net Investment Income to Average
Net
Assets |
1.83% |
1.98% |
2.03% |
1.96% |
2.19%
|
Portfolio
Turnover Rate2
|
4% |
4% |
6% |
5% |
5%
|
|
Year Ended December
31, | ||||
For a Share
Outstanding Throughout Each Period |
2020 |
2019 |
2018 |
2017 |
2016 |
Net
Asset Value, Beginning of Period |
$290.25 |
$227.57 |
$243.48 |
$203.84 |
$186.63 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income |
5.3101 |
5.2521 |
5.1671 |
4.4141 |
4.248 |
Net
Realized and Unrealized Gain (Loss) on
Investments |
46.108 |
65.739 |
(15.503) |
39.705 |
17.814 |
Total from
Investment Operations |
51.418 |
70.991 |
(10.336) |
44.119 |
22.062 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(5.318) |
(5.592) |
(4.876) |
(4.479) |
(4.261) |
Distributions
from Realized Capital Gains |
(4.870) |
(2.719) |
(0.698) |
— |
(0.591) |
Total
Distributions |
(10.188) |
(8.311) |
(5.574) |
(4.479) |
(4.852) |
Net
Asset Value, End of Period |
$331.48 |
$290.25 |
$227.57 |
$243.48 |
$203.84 |
Total
Return |
18.41% |
31.48% |
–4.41% |
21.82% |
11.95% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net Assets,
End of Period (Millions) |
$142,174 |
$125,359 |
$95,707 |
$91,567 |
$91,481 |
Ratio of
Total Expenses to Average Net Assets |
0.02% |
0.02% |
0.02% |
0.02% |
0.02% |
Ratio of
Net Investment Income to Average Net
Assets |
1.84% |
1.99% |
2.05% |
1.98% |
2.21% |
Portfolio
Turnover Rate2 |
4% |
4% |
6% |
5% |
5% |
Web
|
|
Vanguard.com
|
For
the most complete source of Vanguard news
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literature requests
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| |
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|
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trust institutions, and insurance
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|
|
Inception
Date
|
Newspaper
Abbreviation
|
Vanguard
Fund Number
|
CUSIP
Number
|
Institutional
Index Fund
|
| |||
Institutional
Shares |
7/31/1990
|
InstIdx
|
94
|
922040100
|
Institutional
Plus Shares |
7/7/1997
|
InstPlus
|
854
|
922040209
|