|
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 |
|
% |
30, 2020 |
|
%- |
31, 2020
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Total Stock Market Index Fund
Institutional
Shares
|
|
|
|
Return Before
Taxes
|
%21.00 |
%15.43 |
%13.79 |
Return After
Taxes on Distributions
|
20.48 |
14.89 |
13.30 |
Return After
Taxes on Distributions and Sale of Fund Shares
|
12.65 |
12.29 |
11.45 |
Comparative
Indexes
(reflect no
deduction for fees, expenses, or taxes)
|
|
|
|
Spliced Total
Stock Market Index |
20.99% |
15.44% |
13.80% |
CRSP US Total
Market Index |
20.99 |
15.44 |
— |
Dow Jones
U.S. Total Stock Market Float Adjusted Index |
20.79 |
15.36 |
13.74 |
|
1
Year |
5
Years |
Since
Inception
(Apr.
28,
2015) |
Vanguard
Total Stock Market Index Fund Institutional
Plus
Shares |
|
|
|
Return Before
Taxes |
%21.02 |
%15.45 |
12.82% |
Comparative
Indexes
(reflect no
deduction for fees, expenses, or taxes) |
|
|
|
CRSP US Total
Market Index |
20.99% |
15.44% |
12.81% |
Dow Jones
U.S. Total Stock Market Float Adjusted Index |
20.79 |
15.36 |
12.75 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
30, 2020 |
|
%- |
31, 2020
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Large-Cap Index Fund Institutional Shares
|
|
|
|
Return Before
Taxes
|
%21.05 |
%15.67 |
%14.02 |
Return After
Taxes on Distributions
|
20.52 |
15.14 |
13.53 |
Return After
Taxes on Distributions and Sale of Fund Shares
|
12.69 |
12.51 |
11.67 |
Comparative
Indexes
(reflect no
deduction for fees, expenses, or taxes)
|
|
|
|
Spliced Large
Cap Index |
21.09% |
15.71% |
14.07% |
CRSP US Large
Cap Index |
21.09 |
15.71 |
— |
Dow Jones
U.S. Total Stock Market Float Adjusted Index |
20.79 |
15.36 |
13.74 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
%- |
31, 2020
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Value Index Fund Institutional Shares
|
|
|
|
Return Before
Taxes
|
%2.30 |
%10.76 |
%11.24 |
Return After
Taxes on Distributions
|
1.57 |
10.06 |
10.60 |
Return After
Taxes on Distributions and Sale of Fund Shares
|
1.72 |
8.43 |
9.19 |
Comparative
Indexes
(reflect no
deduction for fees, expenses, or taxes)
|
|
|
|
Spliced Value
Index
|
%2.26 |
%10.77 |
%11.27 |
CRSP US Large
Cap Value Index |
2.26 |
10.77 |
— |
Dow Jones
U.S. Total Stock Market Float Adjusted Index |
20.79 |
15.36 |
13.74 |
| |
Sales
Charge (Load) Imposed on Purchases
|
|
Purchase
Fee
|
|
Sales
Charge (Load) Imposed on Reinvested Dividends
|
|
Redemption
Fee
|
|
| |
Management
Fees
|
|
12b-1
Distribution Fee
|
|
Other
Expenses
|
|
Total
Annual Fund Operating Expenses
|
|
1
Year
|
3
Years
|
5
Years
|
10
Years
|
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
30, 2020 |
|
- |
|
|
1
Year
|
5
Years
|
10
Years
|
Vanguard
Growth Index Fund Institutional Shares
|
|
|
|
Return Before
Taxes
|
%40.20 |
%20.34 |
%16.68 |
Return After
Taxes on Distributions
|
39.91 |
19.99 |
16.35 |
Return After
Taxes on Distributions and Sale of Fund Shares
|
23.91 |
16.51 |
14.12 |
Comparative
Indexes
(reflect no
deduction for fees, expenses, or taxes)
|
|
|
|
Spliced
Growth Index
|
%40.27 |
%20.37 |
%16.74 |
CRSP US Large
Cap Growth Index |
40.27 |
20.37 |
— |
Dow Jones
U.S. Total Stock Market Float Adjusted Index |
20.79 |
15.36 |
13.74 |
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.
|
Vanguard
Fund |
Asset-Weighted
Median
Market
Capitalization |
Total Stock
Market Index Fund |
$109 billion
|
Large-Cap
Index Fund |
158 |
Value Index
Fund |
110 |
Growth
Index Fund |
239
|
Plain
Talk About Growth Funds and Value Funds
|
Growth
investing and value investing are two styles employed by stock-fund
managers.
Growth funds generally invest in stocks of companies believed to
have
above-average potential for growth in revenue, earnings, cash flow, or
other
similar criteria. These stocks typically have low dividend yields, if any,
and
above-average prices in relation to measures such as earnings and book
value.
Value funds typically invest in stocks whose prices are below average
in
relation to those measures; these stocks often have above-average
dividend
yields. Value stocks also may remain undervalued by the market for
long
periods of time. Growth and value stocks have historically produced
similar
long-term returns, though each category has periods when it
outperforms
the other.
|
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
as well as capital gains from the fund’s sale of investments. Income
consists
of interest the fund earns from its money market and bond
investments.
The portion of such dividends that is exempt from federal
income
tax will be designated as “exempt-interest dividends.” 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
|
$79.70 |
$62.10 |
$66.73 |
$56.09 |
$50.80 |
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
1.3741 |
1.3651 |
1.3541 |
1.1531 |
1.082
|
Net
Realized and Unrealized Gain (Loss) on
Investments |
15.024 |
17.649 |
(4.715) |
10.630 |
5.291
|
Total from
Investment Operations |
16.398 |
19.014 |
(3.361) |
11.783 |
6.373
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(1.348) |
(1.414) |
(1.269) |
(1.143) |
(1.083)
|
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(1.348) |
(1.414) |
(1.269) |
(1.143) |
(1.083)
|
Net
Asset Value, End of Period
|
$94.75 |
$79.70 |
$62.10 |
$66.73 |
$56.09 |
Total
Return
|
21.00% |
30.81% |
–5.16% |
21.17% |
12.67% |
Ratios/Supplemental
Data
|
|
|
|
|
|
Net Assets,
End of Period (Millions) |
$180,586 |
$152,716 |
$115,115 |
$113,557 |
$79,443
|
Ratio of
Total Expenses to Average Net Assets |
0.03% |
0.03% |
0.03% |
0.035% |
0.03%
|
Ratio of
Net Investment Income to Average
Net
Assets |
1.73% |
1.89% |
1.97% |
1.87% |
2.10%
|
Portfolio
Turnover Rate2
|
8% |
4% |
3% |
3% |
4%
|
|
Year Ended December 31,
| ||||
For a Share
Outstanding Throughout Each
Period |
2020 |
2019 |
2018 |
2017 |
2016
|
Net
Asset Value, Beginning of Period
|
$149.47 |
$116.46 |
$125.14 |
$105.18 |
$95.26 |
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
2.5911 |
2.5751 |
2.5551 |
2.1821 |
2.042
|
Net
Realized and Unrealized Gain (Loss) on
Investments |
28.172 |
33.100 |
(8.842) |
19.938 |
9.924
|
Total from
Investment Operations |
30.763 |
35.675 |
(6.287) |
22.120 |
11.966
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(2.543) |
(2.665) |
(2.393) |
(2.160) |
(2.046)
|
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(2.543) |
(2.665) |
(2.393) |
(2.160) |
(2.046)
|
Net
Asset Value, End of Period
|
$177.69 |
$149.47 |
$116.46 |
$125.14 |
$105.18 |
Total
Return
|
21.02% |
30.82% |
–5.15% |
21.19% |
12.69% |
Ratios/Supplemental
Data
|
|
|
|
|
|
Net Assets,
End of Period (Millions) |
$226,288 |
$188,188 |
$135,641 |
$126,130 |
$85,031
|
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 |
1.74% |
1.90% |
1.98% |
1.89% |
2.11%
|
Portfolio
Turnover Rate2
|
8% |
4% |
3% |
3% |
4%
|
|
Year Ended December 31,
| ||||
For a Share
Outstanding Throughout Each Period |
2020 |
2019 |
2018 |
2017 |
2016
|
Net
Asset Value, Beginning of Period
|
$307.39 |
$238.57 |
$254.60 |
$212.59 |
$194.40 |
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
5.3891 |
5.3631 |
5.3451 |
4.5291 |
4.215
|
Net
Realized and Unrealized Gain (Loss) on
Investments |
57.981 |
69.016 |
(16.390) |
41.958 |
18.199
|
Total from
Investment Operations |
63.370 |
74.379 |
(11.045) |
46.487 |
22.414
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(5.330) |
(5.559) |
(4.985) |
(4.477) |
(4.224)
|
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(5.330) |
(5.559) |
(4.985) |
(4.477) |
(4.224)
|
Net
Asset Value, End of Period
|
$365.43 |
$307.39 |
$238.57 |
$254.60 |
$212.59 |
Total
Return
|
21.05% |
31.39% |
–4.46% |
22.03% |
11.66% |
Ratios/Supplemental
Data
|
|
|
|
|
|
Net Assets,
End of Period (Millions) |
$2,149 |
$1,796 |
$1,178 |
$1,212 |
$932
|
Ratio of
Total Expenses to Average Net Assets |
0.04% |
0.04% |
0.04% |
0.04% |
0.05%
|
Ratio of
Net Investment Income to Average Net
Assets |
1.74% |
1.92% |
2.04% |
1.94% |
2.15%
|
Portfolio
Turnover Rate2
|
3% |
5% |
4% |
3% |
5%
|
|
Year Ended December 31,
| ||||
For a Share
Outstanding Throughout Each Period |
2020 |
2019 |
2018 |
2017 |
2016
|
Net
Asset Value, Beginning of Period
|
$46.77 |
$38.17 |
$41.41 |
$36.23 |
$31.82 |
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
1.1931 |
1.1891 |
1.0631 |
0.9691 |
0.893
|
Net
Realized and Unrealized Gain (Loss) on
Investments |
(0.368) |
8.581 |
(3.260) |
5.165 |
4.407
|
Total from
Investment Operations |
0.825 |
9.770 |
(2.197) |
6.134 |
5.300
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(1.185) |
(1.170) |
(1.043) |
(0.954) |
(0.890)
|
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(1.185) |
(1.170) |
(1.043) |
(0.954) |
(0.890)
|
Net
Asset Value, End of Period
|
$46.41 |
$46.77 |
$38.17 |
$41.41 |
$36.23 |
Total
Return
|
2.30% |
25.83% |
–5.42% |
17.14% |
16.87% |
Ratios/Supplemental
Data
|
|
|
|
|
|
Net Assets,
End of Period (Millions) |
$12,579 |
$12,481 |
$9,789 |
$10,085 |
$8,684
|
Ratio of
Total Expenses to Average Net Assets |
0.04% |
0.04% |
0.04% |
0.04% |
0.05%
|
Ratio of
Net Investment Income to Average Net
Assets |
2.87% |
2.76% |
2.56% |
2.53% |
2.77%
|
Portfolio
Turnover Rate2
|
10% |
12% |
8% |
9% |
7%
|
|
Year Ended December 31,
| ||||
For a Share
Outstanding Throughout Each Period |
2020 |
2019 |
2018 |
2017 |
2016
|
Net
Asset Value, Beginning of Period
|
$93.85 |
$69.09 |
$72.35 |
$57.31 |
$54.77 |
Investment
Operations
|
|
|
|
|
|
Net
Investment Income |
0.8671 |
0.9121 |
0.9281 |
0.8411 |
0.792
|
Net
Realized and Unrealized Gain (Loss) on
Investments |
36.620 |
24.742 |
(3.274) |
15.032 |
2.549
|
Total from
Investment Operations |
37.487 |
25.654 |
(2.346) |
15.873 |
3.341
|
Distributions
|
|
|
|
|
|
Dividends
from Net Investment Income |
(0.867) |
(0.894) |
(0.914) |
(0.833) |
(0.801)
|
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(0.867) |
(0.894) |
(0.914) |
(0.833) |
(0.801)
|
Net
Asset Value, End of Period
|
$130.47 |
$93.85 |
$69.09 |
$72.35 |
$57.31 |
Total
Return
|
40.20% |
37.26% |
–3.33% |
27.81% |
6.13% |
Ratios/Supplemental
Data
|
|
|
|
|
|
Net Assets,
End of Period (Millions) |
$22,582 |
$16,426 |
$12,400 |
$12,495 |
$9,733
|
Ratio of
Total Expenses to Average Net Assets |
0.04% |
0.04% |
0.04% |
0.04% |
0.05%
|
Ratio of
Net Investment Income to Average Net
Assets |
0.82% |
1.09% |
1.21% |
1.28% |
1.44%
|
Portfolio
Turnover Rate2
|
6% |
11% |
11% |
8% |
11%
|
Web
|
|
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|
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the most complete source of Vanguard news
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| |
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|
|
Inception Date
|
Newspaper
Abbreviation
|
Vanguard
Fund Number
|
CUSIP
Number
|
Total
Stock Market Index Fund
| ||||
Institutional
Shares |
7/7/1997
|
TotStInst
|
855
|
922908801
|
Institutional
Plus
Shares
|
4/28/2015
|
TTLstkMKTinstpls
|
1871
|
922908355
|
Large-Cap
Index Fund
| ||||
Institutional
Shares |
6/30/2005
(Investor
Shares
1/30/2004)
|
LaCapInt
|
807
|
922908561
|
Value
Index Fund
| ||||
Institutional
Shares |
7/2/1998
(Investor
Shares
11/2/1992)
|
ValueInst
|
867
|
922908850
|
Growth
Index Fund
|
|
|
|
|
Institutional
Shares |
5/14/1998
(Investor
Shares
11/2/1992)
|
GrwthInst
|
868
|
922908868
|