Vanguardfi Total Stock Market ...

Vanguard? Total Stock Market Index Fund

Product Summary

Seeks to track the performance of the CRSP US Total Market Index. Large, mid-, and small-cap equity diversified across growth and value styles. Passively managed, using index sampling. Fund remains fully invested. Low expenses minimize net tracking error.

Market capitalization

Vanguard Style View: Large Blend Index portfolio of large-, mid-, and small-capitalization stocks diversified across investment styles.

Investment style Value Blend Growth Large

Mid

Small

Central tendency Expected range of fund holdings

Quarterly Commentary

Global equity markets had a strong rebound in June, reversing May's decline, amid more dovish comments from the U.S. Federal Reserve and the European Central Bank. For the quarter, developed markets outperformed emerging markets. Cyclical sectors, led by financials and technology, outperformed more defensive sectors such as health care and consumer staples. Energy was the worst-performing sector. Large-capitalization stocks outperformed small-caps, growth stocks outpaced value, and high-yield stocks continued to lag the broader market. The CRSP US Total Market Index returned 4.08% for the three months ended June 30. The top contributors were financials (+6.8%), consumer services (+6.5%), and technology (+4.2%). The only detractor was oil & gas (?4.0%). For the 12 months ended June 30, the index returned 9.00%. The five largest-weighted sectors all contributed, with technology (+12.5%), financials (+8.7%), and industrials (+12.6%) adding the most. Oil & gas (?16.3%) and basic materials (?0.0%) detracted.

People and Process Vanguard Total Stock Market Index Fund seeks to track the investment 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 micro-cap 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. The experience and stability of Vanguard's Equity Index Group have permitted continuous refinement of techniques for reducing tracking error. The group uses proprietary software to implement trading decisions that accommodate cash flow and maintain close correlation with index characteristics. Vanguard's refined indexing process, combined with low management fees and efficient trading, has provided tight tracking net of expenses.

Vanguard Equity Index Group Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world's largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard's Equity Index, Quantitative Equity, and Fixed Income Groups. Rodney Comegys, Principal and global head of Vanguard's Equity Index Group, is responsible for all equity index funds. The Equity Index Group manages indexed equity portfolios covering U.S. and international markets. It has developed sophisticated portfolio construction methodologies and efficient trading strategies that seek to deliver returns that are highly correlated with target portfolio benchmarks. The group has advised Vanguard Total Stock Market Index Fund since 1992. Investment Manager Biographies Gerard C. O'Reilly, Principal. Portfolio manager. Advised the fund since 1994. Worked in investment management since 1992. B.S., Villanova University. Walter Nejman. Portfolio manager. Advised the fund since 2016. Worked in investment management since 2008. B.A., Arcadia University. M.B.A., Villanova University.

As of June 30, 2019

For institutional use only. Not for distribution to retail investors.

Vanguard Total Stock Market Index Fund

Total Returns

Total Stock Market Index Fund Investor Shares (4/27/1992) Admiral Shares (11/13/2000) Institutional Shares (7/7/1997) Institutional Plus Shares (4/28/2015) Institutional Select Shares (6/27/2016)

Spliced Total Stock Market Index

Quarter

4.05% 4.09 4.09 4.09

4.09 4.08

Year to Date

18.62% 18.71 18.71 18.71

18.71 18.71

1 Year

8.87% 8.99 9.00 9.01

9.02 9.00

3 Years

13.91% 14.03 14.04 14.05

14.06 14.04

5 Years

10 Years

Since Inception

10.05% 10.17 10.18

--

-- 10.18

14.58% 14.71 14.71

--

-- 14.72

-- -- -- 9.98%

15.92% --

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at performance. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses. Note: Spliced Total Stock Market Index: Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and CRSP US Total Market Index thereafter. Admiral class shareholders are required to maintain specific minimum balances and meet other special criteria. Institutional class shareholders are required to maintain a minimum balance of $5 million.

As of June 30, 2019

Vanguard Total Stock Market Index Fund

Quarterly Returns: Investor Shares

Year 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

1st Quarter 14.00% -0.63 5.76 0.90 1.76 2.00 10.99 12.91 6.34 6.00 -10.73

2nd Quarter 4.05% 3.88 3.01 2.66 0.08 4.83 2.74 -3.21 -0.02

-11.32 16.95

3rd Quarter --

7.06% 4.52 4.38 -7.29 -0.06 6.26 6.21 -15.26 11.57 16.46

4th Quarter --

-14.28% 6.31 4.08 6.23 5.21

10.05 0.15

12.07 11.66

5.85

Total Stock Market Index

-- -5.26% 21.05 12.53 0.29 12.43 33.35 16.25 0.96 17.09 28.70

Spliced Total Stock Market

Index --

-5.17% 21.19 12.68

0.40 12.58 33.51 16.44

1.08 17.28 28.76

Year-End

Assets (Millions) $138,965 121,266 126,766 103,932

96,323 117,966 105,008

78,936 62,668 56,063 58,004

Quarterly Returns: Admiral Shares

Year 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

1st Quarter 14.04% -0.60 5.79 0.94 1.79 2.03 11.02 12.91 6.36 6.03 -10.67

2nd Quarter 4.09% 3.91 3.03 2.69 0.08 4.86 2.79 -3.15 -0.02

-11.30 16.92

3rd Quarter --

7.09% 4.54 4.40 -7.27 -0.03 6.27 6.24 -15.23 11.64 16.53

4th Quarter --

-14.26% 6.34 4.12 6.26 5.24

10.10 0.18

12.14 11.68

5.84

Total Stock Market Index

-- -5.17% 21.17 12.66 0.39 12.56 33.52 16.38 1.08 17.26 28.83

Spliced Total Stock Market

Index --

-5.17% 21.19 12.68

0.40 12.58 33.51 16.44

1.08 17.28 28.76

Year-End

Assets (Millions) $224,946 185,102 190,099 151,612 126,363 117,476

86,541 59,771 49,496 47,190 27,762

As of June 30, 2019

Vanguard Total Stock Market Index Fund

Quarterly Returns: Institutional Shares

Year 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009

1st Quarter 14.04% -0.60 5.79 0.95 1.81 2.03 11.02 12.95 6.37 6.03 -10.70

2nd Quarter 4.09% 3.91 3.03 2.67 0.09 4.86 2.77 -3.18 0.01

-11.29 16.98

3rd Quarter --

7.09% 4.54 4.42 -7.26 -0.01 6.29 6.24 -15.23 11.59 16.48

4th Quarter --

-14.26% 6.34 4.12 6.26 5.22

10.08 0.21

12.10 11.69

5.88

Total Stock Market Index

-- -5.16% 21.17 12.67 0.42 12.56 33.49 16.42 1.09 17.23 28.83

Spliced Total Stock Market

Index --

-5.17% 21.19 12.68

0.40 12.58 33.51 16.44

1.08 17.28 28.76

Year-End

Assets (Millions) $139,892 115,115 113,557

79,443 57,438 96,674 65,738 39,367 29,467 23,785 16,047

Quarterly Returns: Institutional Plus Shares

Year 2019 2018 2017 2016 2015 1

1st Quarter 14.05% -0.59 5.80 0.95 --

2nd Quarter 4.09% 3.91 3.04 2.68 -1.85

1 Since inception of the share class, 4/28/2015.

3rd Quarter --

7.10% 4.55 4.42 -7.26

4th Quarter --

-14.26% 6.34 4.11 6.26

Total Stock Market Index

-- -5.15% 21.19 12.69 -3.28

Spliced Total Stock Market

Index --

-5.17% 21.19 12.68 -3.29

Year-End

Assets (Millions) $169,559 135,641 126,130

85,030 63,093

Quarterly Returns: Institutional Select Shares

Year 2019 2018 2017 2016 2

1st Quarter 14.05% -0.60 5.79 --

2nd Quarter 4.09% 3.92 3.04 5.09

3rd Quarter --

7.10% 4.55 4.41

2 Since inception of the share class, 6/27/2016.

4th Quarter --

-14.26% 6.34 4.12

Spliced Total

Total Stock Stock Market

Market Index

Index

--

--

-5.14%

-5.17%

21.20

21.19

14.24

14.23

Year-End

Assets (Millions) $24,388

20,262 14,163

8,545

As of June 30, 2019

Vanguard Total Stock Market Index Fund

Fund Facts

Fund Number Ticker Newspaper Listing CUSIP Number Assets (millions)

(Total $814,086) Inception Expense Ratio

(as of 4/2019)

Investor Shares

0085 VTSMX

TotSt 922908306

$138,965

4/27/1992

0.14%

Admiral Shares

0585 VTSAX TotStAdml 922908728 $224,946

11/13/2000

0.04%

Institutional Shares 0855 VITSX

TotStInst 922908801

$139,892

Institutional Plus

Shares

1871

VSMPX

TTLstkMKTinstpls

922908355

$169,559

Institutional Select Shares

1785

VSTSX

VanTStMIxInsSel

922908330

$24,388

7/7/1997 0.03%

4/28/2015 0.02%

6/27/2016 0.01%

ETF 0970

VTI VangdVipersTot

922908769 $116,336

5/24/2001

0.03%

Equity Characteristics

Number of stocks Median market cap Average market cap Price/earnings ratio Price/book ratio Return on equity Earnings growth rate Equity yield (dividend) Foreign holdings Short-term reserves Turnover rate (fiscal year end)

Total Stock Market Index

CRSP US Total Market

Index

3,637

3,575

$72.6 Billion $72.6 Billion

$202.2 Billion $201.9 Billion

20.4x

20.4x

3.0x

2.9x

15.7%

15.7%

10.6%

10.6%

1.8%

1.8%

0.4%

0.0%

0.0%

--

3.4%

--

Sector Diversification (% of Stocks)

Total Stock Market Index

CRSP US Total Market

Index

Overweight/ Underweight

Basic Materials

2.3%

2.3%

0.0

Consumer Goods Consumer Services

7.8

7.8

0.0

13.8

13.8

0.0

Financials

19.4

19.4

0.0

Health Care

12.9

12.9

0.0

Industrials

13.6

13.5

0.1

Oil & Gas

4.7

4.7

0.0

Other

0.0

0.0

0.0

Technology

20.4

20.5

-0.1

Telecommunications

1.9

1.9

0.0

Utilities

3.2

3.2

0.0

Total

100.0%

100.0%

Sector categories are based on the Industry Classification Benchmark ("ICB"), except for the "Other" category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.

Volatility Measures

R-Squared

Beta

Spliced Total Stock Market Index

1.00

1.00

DJ US Total Stock Mkt Float Adj Idx

1.00

1.00

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

Top 10 Largest Holdings

% of Total Net Assets

Microsoft Corp.

3.5 %

Apple Inc.

2.8

Inc.

2.7

Alphabet Inc.

2.2

Facebook Inc.

1.6

Berkshire Hathaway Inc.

1.4

Johnson & Johnson

1.3

JPMorgan Chase & Co.

1.2

Exxon Mobil Corp.

1.1

Visa Inc.

1.0

Total

18.8 %

The holdings listed exclude any temporary cash investments and equity index products.

As of June 30, 2019

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