Mutual Fund Summary Prospectus (497k)
April 28 2020 - 6:14AM
Edgar (US Regulatory)
Vanguard Total
Stock Market Index Fund
Summary
Prospectus
April 28, 2020
Institutional
Select Shares
Vanguard Total
Stock Market Index Fund Institutional Select Shares (VSTSX)
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The
Fund’s statutory Prospectus and Statement of Additional Information dated April 28, 2020, as may be amended or supplemented, are incorporated into and made part of this Summary Prospectus by reference.
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Before you invest,
you may want to review the Fund’s Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about the Fund online at
www.vanguard.com/prospectus. You can also obtain this information at no cost by calling 800-523-1036 or by sending an email request to online@vanguard.com.
See the inside
front cover for important information about access to your fund’s annual and semiannual shareholder reports.
The Securities and
Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Important information about access
to shareholder reports
Beginning on January 1, 2021, as permitted by
regulations adopted by the SEC, paper copies of your fund’s annual and semiannual shareholder reports will no longer be sent to you by mail, unless you specifically request them. Instead, you will be notified by
mail each time a report is posted on the website and will be provided with a link to access the report.
If you have already elected to
receive shareholder reports electronically, you will not be affected by this change and do not need to take any action. You may elect to receive shareholder reports and other communications from the fund
electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this prospectus
or by logging on to vanguard.com.
You may elect to receive paper
copies of all future shareholder reports free of charge. If you invest through a financial intermediary, you can contact the intermediary to request that you continue to receive paper copies. If you invest directly
with the fund, you can call Vanguard at one of the phone numbers on the back cover of this prospectus or log on to vanguard.com. Your election to receive paper copies will apply to all the funds you hold through an intermediary or directly with Vanguard.
Investment Objective
The Fund seeks to track the performance of a
benchmark index that measures the investment return of the overall stock market.
Fees and Expenses
The following table describes the fees and
expenses you may pay if you buy and hold Institutional Select Shares of the Fund.
Shareholder Fees
(Fees paid directly from your investment)
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Sales Charge (Load) Imposed on Purchases
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None
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Purchase Fee
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None
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Sales Charge (Load) Imposed on Reinvested Dividends
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None
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Redemption Fee
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None
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Annual Fund Operating
Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
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Management Fees
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0.01%
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12b-1 Distribution Fee
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None
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Other Expenses
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0.00%
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Total Annual Fund Operating Expenses
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0.01%
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Example
The following example is
intended to help you compare the cost of investing in the Fund’s Institutional Select Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over
various periods if you were to invest $10,000 in the Fund's shares. This example assumes that the shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding
table. You would incur these hypothetical expenses whether or not you were to redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your
costs would be:
1 Year
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3 Years
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5 Years
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10 Years
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$1
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$3
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$6
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$13
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Portfolio Turnover
The Fund pays transaction costs,
such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares
are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund's performance. During the most recent fiscal year, the Fund's
portfolio turnover rate was 4% of the average value of its portfolio.
Principal Investment Strategies
The Fund employs an indexing investment
approach designed to track the performance of the CRSP US Total Market Index, which represents approximately 100% of the investable U.S. stock market and includes large-, mid-, small-, and microcap stocks regularly
traded on the New York Stock Exchange and Nasdaq. The Fund invests by sampling the Index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full Index in
terms of key characteristics. These key characteristics include industry weightings and market capitalization, as well as certain financial measures, such as price/earnings ratio and dividend yield.
Principal Risks
An investment in the Fund could lose money over
short or long periods of time. You should expect the Fund's share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund's performance:
• Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. In
addition, the Fund’s target index may, at times, become focused in stocks of a particular market sector, which would subject the Fund to proportionately higher exposure to the risks of that sector.
• Index sampling risk, which is the chance that the securities selected for the Fund, in the aggregate, will not provide investment performance matching that of the Fund's target index.
Index sampling risk for the Fund is expected to be low.
An investment in the Fund is not a
deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended
to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's Institutional Select Shares has varied from one calendar year to another over the periods shown. The
table shows how the average annual total returns of the Institutional Select Shares compare with those of the Fund's target index, which has investment characteristics similar to those of the Fund. Keep in mind that
the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.
Annual Total Returns — Vanguard
Total Stock Market Index Fund Institutional Select Shares
During the periods shown in the
bar chart, the highest and lowest returns for a calendar quarter were:
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Total Return
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Quarter
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Highest
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14.05%
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March 31, 2019
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Lowest
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-14.26%
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December 31, 2018
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Average Annual Total Returns for
Periods Ended December 31, 2019
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1 Year
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Since
Inception
(Jun. 27,
2016)
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Vanguard Total Stock Market Index Fund Institutional Select Shares
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Return Before Taxes
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30.84%
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16.67%
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Return After Taxes on Distributions
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30.21
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16.11
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Return After Taxes on Distributions and Sale of Fund Shares
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18.59
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13.12
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CRSP US Total Market Index
(reflects no deduction for fees, expenses, or taxes)
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30.84%
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16.66%
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Actual after-tax returns depend
on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket
at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder
who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax
deduction for the shareholder.
Investment Advisor
The Vanguard Group, Inc. (Vanguard)
Portfolio Managers
Walter Nejman, Portfolio Manager
at Vanguard. He has co-managed the Fund since 2016.
Gerard C. O’Reilly,
Principal of Vanguard. He has managed the Fund since 1994 (co-managed since 2016).
Purchase and Sale of Fund Shares
Institutional clients (such as defined
contribution or benefit plans, endowments, foundations, and 529 plans) may purchase or redeem shares online (if you are registered for online access); through a trading platform; by mail (Vanguard, P.O. Box 1101,
Valley Forge, PA 19482-1101); or by telephone (800-523-1036). The minimum investment amount required to open and maintain a Fund account for Institutional Select Shares is generally $5 billion. The minimum investment
amount required to add to an existing Fund account is generally $1.
Tax Information
The Fund’s distributions may be taxable
as ordinary income or capital gain. If you are investing through a tax-advantaged account, such as a 401(k) plan, special tax rules apply.
Payments to Financial
Intermediaries
The Fund and its investment advisor do not pay
financial intermediaries for sales of Fund shares.
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Vanguard funds are not
sponsored, endorsed, sold, or promoted by the University of Chicago or its Center for Research in Security Prices, and neither the University of Chicago nor its Center for Research in Security Prices makes any
representation regarding the advisability of investing in the funds.
Vanguard Total Stock Market Index
Fund Institutional Select Shares—Fund Number 1785
To request additional information
about the Fund, please visit vanguard.com or contact us at 800-523-1036.
© 2020 The Vanguard
Group, Inc. All rights reserved.
Vanguard Marketing Corporation,
Distributor.
SPI 1785 042020
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