Vanguard Small-Cap Index Fund Admiral Shares

MANAGEMENT STYLE

Vanguard Small-Cap Index Fund Admiral Shares

AS OF SEPTEMBER 30, 2017

TICKER: VSMAX

FUND INVESTMENT OBJECTIVE The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of small U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

RISK RANKING (WITHIN CATEGORY)

GENERAL INFORMATION Morningstar Category: Small Blend Broad Asset Class: U.S. Stock Share Price (09/30/17): $67.70 Fund Size (09/30/17): $31,887.7m Fund Began: 11/13/00 Manager: William Coleman Manager Tenure: Since 04/16 Fund of Funds: No Family & Address Vanguard Vanguard Index Funds PO Box 2600 Valley Forge, PA 19482 FUND STATISTICS R2 (3-Yr.): 73.75%* Alpha (3-Yr.): -0.63%* Beta (3-Yr.): 1.05* Standard Deviation (3-Yr.): 12.33% Sharpe Ratio (3-Yr.): 0.84 Average Market Cap: $3,616m Average P/E Ratio: 19.3 Average P/B Ratio: 2.28

*Calculated against S&P 500 TR USD.

PORTFOLIO COMPOSITION TOP HOLDINGS (08/31/17) CBOE Holdings Inc Cadence Design Systems Inc Packaging Corp of America Take-Two Interactive Software Inc CDW Corp Teleflex Inc CoStar Group Inc Atmos Energy Corp Broadridge Financial Solutions Inc Vail Resorts Inc

Top 10 Holdings As Percentage of Total: Total Number of Holdings Annual Turnover Ratio

0.34% 0.33% 0.32% 0.30% 0.30% 0.28% 0.28% 0.28% 0.27% 0.27% 2.97% 1,445

14%

ASSET TYPES (08/31/17)

Stocks Cash

97.90% 2.09%

Bonds Other

0.00% 0.01%

TOP INDUSTRY/SECTOR WEIGHTINGS (08/31/17)

Technology Industrials Financial Services Consumer Cyclical Real Estate Health Care Materials Energy Utilities Consumer Defensive Telecom Service

15.97% 15.34% 13.01% 12.33% 12.25% 11.03% 5.62% 4.02% 3.95% 3.70% 0.68%

ANNUAL RETURNS

Fund Benchmark* Peer

YTD 10.60% 10.59% 8.45%

2016 18.30% 18.26% 20.78%

2015 -3.64% -3.68% -5.38%

GROWTH OF $10,000 (SINCE 12/31/06)

2014 7.50% 7.54% 3.79%

2013 37.81% 38.48% 37.39%

2012 18.24% 18.59% 15.46%

2011 -2.69% -1.85% -4.07%

2010 27.89% 27.98% 25.61%

ANNUALIZED TOTAL RETURN

2009 36.33% 40.11% 31.80%

2008 -36.00% -36.81% -36.56%

$30,000 $25,000 $20,000 $15,000 $10,000

$5,000 $0

3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17

Fund Benchmark* Peer

FEES & EXPENSES

$24,277 N/A N/A

20%

15%

10%

5%

0%

Cur. Qtr 4.57% 4.58% 5.10%

1 Yr 17.35% 17.33% 18.91%

3 Yr 10.44% 10.41% 10.01%

5 Yr 13.94% 14.12% 12.83%

10 Yr 8.58% 8.94% 7.19%

Management Fee: 0.05% | 12b-1 Fee: None | Other Expenses: 0.01%

Expense Ratio (net): 0.06% | Expense Ratio (gross): 0.06%

Fund report published by DST Systems, Inc. This report is for informational purposes only. The report contains statements and statistics that have been obtained from sources believed to be reliable but not guaranteed as to accuracy or completeness. Neither DST Systems, Inc. nor the information providers shall have any liability, contingent or otherwise, for the accuracy, completeness, or timeliness of the information or for any decision made or action taken by you in reliance upon the information. The Management Style represents the DST Systems, Inc. style classification of the Morningstar, Inc. category for the fund. Morningstar, Inc. data is subject to the rights and protections as stated herein. ? 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Total return performance is historical and assumes reinvestment of all dividends and capital gain distributions. Past performance is no guarantee of future results. Mutual and collective funds are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Investment return and principal value will fluctuate, so that when redeemed, an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted; current performance information can be obtained at or 800-662-7447. Securities of smaller companies may be more volatile than those of larger companies. You should consider the fund's investment goals, risks, charges, and expenses before you invest. You'll find this and other information in the fund's prospectus, which you should read carefully before investing. *B enchm ar k for this fund is CRSP U S Sm all Cap T R U SD . Benchmark description is currently unavailable.

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