| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$ |
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total
Annual Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Communication Services Index Fund
Admiral
Shares |
|
|
|
Return Before
Taxes |
-
% |
-
% |
% |
Return After
Taxes on Distributions |
- |
- |
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Communication
Services Spliced Index
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
-
% |
% |
MSCI
US IMI/Communication Services 25/50
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Investable Market 2500 Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$ |
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total
Annual Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Consumer Discretionary Index Fund
Admiral
Shares |
|
|
|
Return Before
Taxes |
-
% |
% |
% |
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Consumer
Discretionary Spliced Index
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
MSCI
US IMI/Consumer Discretionary 25/50
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Investable Market 2500 Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$ |
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total
Annual Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Consumer Staples Index Fund Admiral Shares |
|
|
|
Return Before
Taxes |
-
% |
% |
% |
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
MSCI
US IMI/Consumer Staples 25/50
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
MSCI
US Investable Market 2500 Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$ |
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total
Annual Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Energy Index Fund Admiral Shares |
|
|
|
Return Before
Taxes |
% |
% |
% |
Return After
Taxes on Distributions |
|
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
|
|
|
MSCI
US IMI/Energy 25/50
(reflects no
deduction for fees, expenses, or taxes) |
% |
% |
% |
MSCI
US Investable Market 2500 Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$ |
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total
Annual Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Financials Index Fund Admiral Shares |
|
|
|
Return Before
Taxes |
-
% |
% |
% |
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
MSCI
US IMI/Financials 25/50
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
MSCI
US Investable Market 2500 Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$ |
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total
Annual Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Health Care Index Fund Admiral Shares |
|
|
|
Return Before
Taxes |
-
% |
% |
% |
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
MSCI
US IMI/Health Care 25/50
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
MSCI
US Investable Market 2500 Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$ |
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total
Annual Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Industrials Index Fund Admiral Shares |
|
|
|
Return Before
Taxes |
-
% |
% |
% |
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
MSCI
US IMI/Industrials 25/50
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
MSCI
US Investable Market 2500 Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$ |
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total
Annual Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Information Technology Index Fund
Admiral
Shares |
|
|
|
Return Before
Taxes |
-
% |
% |
% |
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Information
Technology Spliced Index
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
MSCI
US IMI/Information Technology 25/50
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
MSCI
US Investable Market 2500 Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$ |
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total
Annual Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Materials Index Fund Admiral Shares |
|
|
|
Return Before
Taxes |
-
% |
% |
% |
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
MSCI
US IMI/Materials 25/50
(reflects no
deduction for fees, expenses, or taxes) |
-
% |
% |
% |
MSCI
US Investable Market 2500 Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $5,000,000) |
$ |
| |
Management
Fees |
% |
12b-1
Distribution Fee |
|
Other
Expenses |
% |
Total
Annual Fund Operating Expenses |
% |
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
% |
|
|
-
% |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
Utilities Index Fund Admiral Shares |
|
|
|
Return Before
Taxes |
% |
% |
% |
Return After
Taxes on Distributions |
|
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
|
|
|
MSCI
US IMI/Utilities 25/50
(reflects no
deduction for fees, expenses, or taxes) |
% |
% |
% |
MSCI
US Investable Market 2500 Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Communication
Services |
Health
Care |
|
|
Consumer
Discretionary |
Industrials |
|
|
Consumer
Staples |
Information
Technology |
|
|
Energy |
Materials |
|
|
Financials |
Utilities |
|
|
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, including costs generated by shareholders of other share
classes
offered by the fund. 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. |
Sectors
and Key Past Performance Factors |
Communication
Services Sector:
Overall
economic conditions, competition, and government
regulation. |
Consumer
Discretionary Sector:
Overall
economic conditions, interest rates, consumer confidence, and disposable
income. |
Consumer
Staples Sector:
Consumer
tastes, government regulation, marketing, and consumer
confidence. |
Energy
Sector:
Geopolitical
events, government regulation, economic cycles, and fuel
prices. |
Financials
Sector:
Government
regulation, interest rates, cost of capital funds, credit losses, and
financial
markets. |
Health
Care Sector:
Patent
protection, government regulation, research and development costs,
litigation, and
competitive
forces. |
Industrials
Sector:
Government
regulation, world events and economic conditions, insurance costs, and
labor
relations
issues. |
Information
Technology Sector:
Overall
economic conditions, short product cycles, rapid obsolescence of products,
competition,
and government regulation. |
Materials
Sector:
Commodity
prices, government regulation, inflation expectations, resource
availability, and
economic
cycles. |
Utilities
Sector:
Government
regulation, overall economic conditions, and fuel
prices. |
Target
Index |
Large-Cap
˃$36.06
billion |
Mid-Cap
$6.46
- $36.06 billion |
Small-Cap
˂$6.46
billion |
MSCI
US Investable Market Index
(IMI)/Communication
Services 25/50 |
74.68% |
12.95
% |
12.37
% |
MSCI
US Investable Market Index
(IMI)/Consumer
Discretionary 25/50 |
75.88 |
11.72 |
12.40 |
MSCI
US Investable Market Index
(IMI)/Consumer
Staples 25/50 |
78.59 |
13.39 |
8.02 |
MSCI
US Investable Market Index
(IMI)/Energy
25/50 |
78.36 |
9.40 |
12.23 |
MSCI
US Investable Market Index
(IMI)/Financials
25/501 |
75.25 |
13.44 |
11.25 |
MSCI
US Investable Market Index
(IMI)/Health
Care 25/501 |
80.06 |
11.01 |
8.94 |
MSCI
US Investable Market Index
(IMI)/Industrials
25/50 |
64.35 |
19.86 |
15.79 |
MSCI
US Investable Market Index
(IMI)/Information
Technology 25/50 |
82.24 |
9.08 |
8.68 |
MSCI
US Investable Market Index
(IMI)/Materials
25/50 |
56.14 |
25.46 |
18.40 |
MSCI
US Investable Market Index
(IMI)/Utilities
25/50 |
52.07 |
39.04 |
8.89 |
Vanguard
Fund |
Number of
Stocks
in Target
Index |
|
Percentage
of
Index
Holdings in
Top 10
Stocks |
Vanguard
Communication Services Index
Fund |
118 |
|
70.6
% |
Vanguard
Consumer Discretionary Index
Fund |
307 |
|
61.8 |
Vanguard
Consumer Staples Index Fund |
105 |
|
60.6 |
Vanguard
Energy Index Fund |
111 |
|
66.1 |
Vanguard
Financials Index Fund |
394 |
|
43.3 |
Vanguard
Health Care Index Fund |
407 |
|
47.8 |
Vanguard
Industrials Index Fund |
385 |
|
28.1 |
Vanguard
Information Technology Index Fund |
320 |
|
59.3 |
Vanguard
Materials Index Fund |
113 |
|
51.3 |
Vanguard
Utilities Index Fund |
65 |
|
52.1 |
Plain
Talk About Derivatives |
Derivatives
can take many forms. Some forms of derivatives—such as
exchange-traded
futures and options on securities, commodities, or
indexes—have
been trading on regulated exchanges for decades. These
types
of derivatives are standardized contracts that can easily be bought and
sold
and whose market values are determined and published daily. On the
other
hand, non-exchange-traded derivatives—such as certain swap
agreements—tend
to be more specialized or complex and may be more
difficult
to accurately value. |
Plain
Talk About Vanguard’s Unique Corporate Structure |
Vanguard
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. |
For a
Share Outstanding
Throughout
Each Period |
Year Ended August
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$47.97 |
$76.38 |
$55.06 |
$44.46 |
$44.25 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.591 |
.572 |
.519 |
.512 |
.470 |
Net
Realized and Unrealized Gain (Loss) on Investments |
7.682 |
(28.388) |
21.259 |
10.571 |
.157 |
Total from
Investment Operations |
8.273 |
(27.816) |
21.778 |
11.083 |
.627 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.493) |
(.594) |
(.458) |
(.483) |
(.417) |
Distributions
from Realized Capital Gains |
— |
— |
— |
— |
— |
Total
Distributions |
(.493) |
(.594) |
(.458) |
(.483) |
(.417) |
Net
Asset Value, End of Period |
$55.75 |
$47.97 |
$76.38 |
$55.06 |
$44.46 |
Total
Return2 |
17.44% |
-36.61% |
39.76% |
25.16% |
1.46% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$115 |
$70 |
$124 |
$67 |
$50 |
Ratio of
Total Expenses to Average Net Assets |
0.10%3 |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of
Net Investment Income to Average Net Assets |
1.21% |
0.93% |
0.79% |
1.10% |
1.09% |
Portfolio
Turnover Rate4 |
15% |
16% |
15% |
15% |
33% |
|
|
1 |