Extended Market Index Fund Institutional Shares (VIEIX)

Also available in 

more share classes

, including an 

ETF

.

Indexed to S&P Completion Index

  Fact sheet (12/31/2013)

Summary of this fund

Vanguard Extended Market Index Fund seeks to track the performance of a benchmark index that measures the investment return of small- and mid-capitalization stocks.

Investment approach

  • Seeks to track the performance of the S&P Completion Index.
  • Mid- and small-cap equity diversified across growth and value styles.
  • Passively managed, using index sampling.
  • Fund remains fully invested.
  • Low expenses help minimize net tracking error.

About the benchmark

  • The S&P Completion Index represents mid- and small-capitalization stocks in the U.S. equity market.
  • Developed by Standard & Poor’s to complement the large-capitalization S&P 500 Index.

PRICE AND DISTRIBUTIONS

Price and distributions

as of 04/16/2014

NAV

The market value of a mutual fund's total assets, minus liabilities, divided by the number of shares outstanding. The value of a single share is called its share value or share price.

Change $/%
$62.69
$0.78 positive change   1.26%
SEC yield

A non-money market fund's SEC yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield.



The SEC yield for a money market fund is calculated by annualizing its daily income distributions for the previous seven days.

1.15% B

BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH

Dividend yield

The annual rate of return on a share of stock, determined by dividing the annual dividend by its current share price. In a stock mutual fund, this figure represents the average dividend yield of the stocks held by the fund.

1.24%

KEY FUND FACTS

Key fund facts

Expense ratio
0.12% as of 08/12/2013
Lipper peer average
expense ratio
1.21% as of 12/31/2013
Designation
Domestic Mid-Cap Blend
Inception on
07/07/1997
Earliest share class
inception on
12/21/1987
Total net assets

This represents the total net assets for all share classes of Vanguard's U.S. funds that share the same investment strategy, management and holdings, but does not include any collective trusts sharing the same investment mandate.

$38.3 billion as of 03/31/2014
Net assets for
VIEIX
 
$8.1 billion as of 03/31/2014
Holdings 
3,190 as of 03/31/2014
Management style
Index
Benchmark
S&P Completion Index (EMW)
Turnover rate 
 10.90%(Fiscal year-end  12/31/2013)

Fees and minimums

Fees and minimums

Purchase fee:

A fee charged by some mutual funds when an investor buys shares. This fee is not a sales charge or load because it is paid directly to the fund to offset the costs of trading certain securities.

None
Redemption fee:

A fee charged by some mutual funds when an investor sells shares. A redemption fee differs from a back-end load because the money is paid back into the fund. Many funds charge redemption fees only when shares are bought and then sold within a specific period of time, generally in an effort to discourage market-timing and short-term trading. Some brokers also charge their clients redemption fees for the sale of securities.

None
Minimum investment:
$5,000,000

ETF Knowledge Center™   

STYLEBOX

Stylebox

Stock
Index portfolio of mid- and small-capitalization stocks diversified across investment styles.



Expected range
Central tendency

About our styleboxes  

Objective

Vanguard Extended Market Index Fund seeks to track the performance of a benchmark index that measures the investment return of small- and mid-capitalization stocks.

Investment approach

  • Seeks to track the performance of the S&P Completion Index.
  • Mid- and small-cap equity diversified across growth and value styles.
  • Passively managed, using index sampling.
  • Fund remains fully invested.
  • Low expenses help minimize net tracking error.

About the benchmark

  • The S&P Completion Index represents mid- and small-capitalization stocks in the U.S. equity market.
  • Developed by Standard & Poor’s to complement the large-capitalization S&P 500 Index.

Total returns

as of 03/31/2014

View as:

as of 03/31/2014

View as:
30%
25
20
15
10
5
0%
 
 
 
 
 
  YTD 1 year 5 year 10 year Since inception

07/07/1997

NAV 
2.73% 25.90% 26.05% 10.03% 8.86%
Benchmark

Spliced Extended Market Index

*
2.77% 25.81% 25.95% 9.87%

Note: Fee adjusted for mutual funds where applicable.

* Dow Jones Wilshire 4500 Index through June 17, 2005; S&P Transitional Completion Index through September 16, 2005; S&P Completion Index thereafter.

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.


Sector weightings as of 03/31/2014

as of 03/31/2014
  Sector  VIEIX Benchmark

S&P Completion Index

+/- Weight
Financials 22.7% 22.7% 0.0%
Information Technology 16.0% 16.0% 0.0%
Consumer Discretionary 15.5% 15.5% 0.0%
Industrials 15.0% 15.0% 0.0%
Health Care 11.5% 11.5% 0.0%
Energy 6.3% 6.4% – 0.1%
Materials 5.4% 5.4% 0.0%
Utilities 3.2% 3.2% 0.0%
Consumer Staples 3.1% 3.0% 0.1%
Telecommunication Services 1.3% 1.3% 0.0%
Other 0.0% 0.0% 0.0%
0%
25%
Total 100.0% 100.0%

Sector categories are based on the Global Industry Classification Standard system.

Top 10 holdings as of 03/31/2014

 as of 03/31/2014
Rank Holding
1 Las Vegas Sands Corp.
2 Liberty Global plc
3 Illumina Inc.
4 LinkedIn Corp.
5 Tesla Motors Inc.
6 United Continental Holdings Inc.
7 HCA Holdings Inc.
8 Avago Technologies Ltd.
9 Liberty Media Corp.
10 DISH Network Corp.
Top 10 equals 4.5% of net assets

Portfolio holdings may exclude any temporary cash investments and equity index products.

Holdings policy for this fund  

Fundamentals

Stockas of 03/31/2014 VIEIX Benchmark

S&P Completion Index

Number of stocks 3,190 3,297
Median market cap $3.9 billion $4.0 billion
P/E ratio 30.7x 30.8x
P/B ratio 2.5x 2.6x
Turnover rate 10.9% Fiscal year end 12/2013 N/A

Risk and volatility as of 03/31/2014

as of 03/31/2014
  VIEIX Benchmark

Spliced Extended Market Index

R-squared N/A 1.00
Beta N/A 1.00
Alpha – 0.01 N/A
Standard deviation 16.17% 16.15%
Sharpe ratio 0.88 0.88

Risk and volatility are based on the share class with the earliest inception date.

Risk measures are calculated from trailing 36-month fund returns relative to the associated benchmarks.

An investment in the fund could lose money over short or even long periods. You should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The fund’s performance could be hurt by:

  • Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the fund seeks to track its target index, the fund may underperform the overall stock market.
  • Investment style risk: The chance that returns from small- and mid-capitalization stocks will trail returns from the overall stock market. Historically, small- and mid-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently. Small and mid-size companies tend to have greater stock volatility because, among other things, these companies are more sensitive to changing economic conditions.
  • Index sampling risk: The chance that the securities selected for the fund, in the aggregate, will not provide investment performance matching that of the index. Index sampling risk for the fund should be low.



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