This material has been prepared by Vanguard Fiduciary ...
• For the 12 months ended December 31, 2019, Vanguard Institutional Index Fund returned 31.46% for Institutional Shares and 31.48% for Institutional Plus Shares, closely tracking its target index, the Standard & Poor’s 500 Index. The fund provides exposure to the stocks of the largest U.S. companies. ................
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