Mutual Fund Summary Prospectus (497k)
April 12 2013 - 9:50AM
Edgar (US Regulatory)
|
Vanguard Mid-Cap Index Fund
|
|
Summary Prospectus
|
|
|
April 12, 2013
|
|
|
Investor Shares & Admiral Shares
|
|
Vanguard Mid-Cap Index Fund Investor Shares (VIMSX)
|
Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX)
|
|
|
|
|
The Funds statutory Prospectus and Statement of Additional Information dated
|
April 12, 2013, are incorporated into and made part of this Summary Prospectus
|
by reference.
|
Before you invest, you may want to review the Funds Prospectus, which
|
contains more information about the Fund and its risks. You can find
|
the Funds Prospectus and other information about the Fund online at
|
www.vanguard.com/prospectus
. You can also get this information at no
|
cost by calling 800-662-7447 or by sending an e-mail request to
|
online@vanguard.com.
|
|
|
|
|
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.
|
Investment Objective
The Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.
|
|
|
Shareholder Fees
|
|
|
(Fees paid directly from your investment)
|
|
|
|
Investor Shares
|
Admiral Shares
|
Sales Charge (Load) Imposed on Purchases
|
None
|
None
|
Purchase Fee
|
None
|
None
|
Sales Charge (Load) Imposed on Reinvested Dividends
|
None
|
None
|
Redemption Fee
|
None
|
None
|
Account Service Fee (for fund account balances below $10,000)
|
$20/year
|
$20/year
|
|
|
Annual Fund Operating Expenses
|
|
|
(Expenses that you pay each year as a percentage of the value of your investment)
|
|
|
Investor Shares
|
Admiral Shares
|
Management Expenses
|
0.20%
|
0.08%
|
12b-1 Distribution Fee
|
None
|
None
|
Other Expenses
|
0.04%
|
0.02%
|
Total Annual Fund Operating Expenses
|
0.24%
|
0.10%
|
1
Examples
The following examples are intended to help you compare the cost of investing in the Funds Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Funds shares. These examples assume that the Shares provide a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you 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
|
3 Years
|
5 Years
|
10 Years
|
Investor Shares
|
$25
|
$77
|
$135
|
$306
|
Admiral Shares
|
$10
|
$32
|
$56
|
$128
|
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 examples, reduce the Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 17%.
Primary Investment Strategies
The Fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Index, a broadly diversified index of stocks of mid-size U.S. companies. The Fund 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.
Primary Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Funds share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The Fund is subject to the following risks, which could affect the Funds 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. The Funds target index may, at times, become focused in stocks of a particular sector,
2
category, or group of companies, which could cause the Fund to underperform the overall stock market.
Investment style risk
, which is the chance that returns from mid-capitalization stocks will trail returns from the overall stock market. Historically, 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.
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 Funds Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index and other comparative indexes, which have investment characteristics similar to those of the Fund. Keep in mind that the Funds 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 Mid-Cap Index Fund Investor Shares
During the periods shown in the bar chart, the highest return for a calendar quarter was 21.53% (quarter ended September 30, 2009), and the lowest return for a quarter was 25.63% (quarter ended December 31, 2008).
3
|
|
|
|
Average Annual Total Returns for Periods Ended December 31, 2012
|
|
|
|
1 Year
|
5 Years
|
10 Years
|
Vanguard Mid-Cap Index Fund Investor Shares
|
|
|
|
Return Before Taxes
|
15.80%
|
3.01%
|
9.90%
|
Return After Taxes on Distributions
|
15.55
|
2.78
|
9.67
|
Return After Taxes on Distributions and Sale of Fund Shares
|
10.52
|
2.51
|
8.77
|
Vanguard Mid-Cap Index Fund Admiral Shares
|
|
|
|
Return Before Taxes
|
15.99%
|
3.15%
|
10.02%
|
Comparative Indexes
|
|
|
|
(reflect no deduction for fees, expenses, or taxes)
|
|
|
|
S&P MidCap 400 Index
|
17.88%
|
5.15%
|
10.53%
|
Spliced Mid Cap Index
|
16.04
|
3.19
|
10.01
|
MSCI US Mid Cap 450 Index
|
16.04
|
3.19
|
10.43
|
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 shown only for the Investor Shares and may differ for each share class. 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
will 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.
Portfolio Manager
Donald M. Butler, CFA, Principal of Vanguard. He has managed the Fund since its inception in 1998.
4
Purchase and Sale of Fund Shares
You may purchase or redeem shares online through our website (
vanguard.com)
, by mail (The Vanguard Group, P.O. Box 1110, Valley Forge, PA 19482-1110), or by telephone (800-662-2739). The following table provides the Funds minimum initial and subsequent investment requirements.
|
|
|
Account Minimums
|
Investor Shares
|
Admiral Shares
|
To open and maintain an account
|
$3,000
|
$10,000
|
To add to an existing account
|
Generally $100 (other than
|
Generally $100 (other than
|
|
by Automatic Investment
|
by Automatic Investment
|
|
Plan, which has no
|
Plan, which has no
|
|
established minimum)
|
established minimum)
|
Tax Information
The Funds distributions may be taxable as ordinary income or capital gain.
Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of Fund shares.
5
This page intentionally left blank.
Vanguard Mid-Cap Index Fund Investor Shares—Fund Number 859
Vanguard Mid-Cap Index Fund Admiral Shares—Fund Number 5859
CFA
®
is a trademark owned by CFA Institute.
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.
© 2013 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SP 859 042013