0000932471-13-000028.txt : 20130109 0000932471-13-000028.hdr.sgml : 20130109 20130109155933 ACCESSION NUMBER: 0000932471-13-000028 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130109 DATE AS OF CHANGE: 20130109 EFFECTIVENESS DATE: 20130110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD ADMIRAL FUNDS CENTRAL INDEX KEY: 0000891190 IRS NUMBER: 232696041 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-49023 FILM NUMBER: 13520627 BUSINESS ADDRESS: STREET 1: P.O. BOX 2600, V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD ADMIRAL FUNDS INC DATE OF NAME CHANGE: 19920908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD ADMIRAL FUNDS CENTRAL INDEX KEY: 0000891190 IRS NUMBER: 232696041 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07043 FILM NUMBER: 13520628 BUSINESS ADDRESS: STREET 1: P.O. BOX 2600, V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD ADMIRAL FUNDS INC DATE OF NAME CHANGE: 19920908 0000891190 S000002233 Vanguard Admiral Treasury Money Market Fund C000005732 Investor Shares VUSXX 0000891190 S000030012 Vanguard S&P 500 Growth Index Fund C000092034 ETF Shares VOOG C000092035 Institutional Shares VSPGX 0000891190 S000030013 Vanguard S&P 500 Value Index Fund C000092036 ETF Shares VOOV C000092037 Institutional Shares VSPVX 0000891190 S000030014 Vanguard S&P Mid-Cap 400 Index Fund C000092038 ETF Shares IVOO C000092039 Institutional Shares VSPMX 0000891190 S000030015 Vanguard S&P Mid-Cap 400 Value Index Fund C000092040 ETF Shares IVOV C000092041 Institutional Shares VMFVX 0000891190 S000030016 Vanguard S&P Mid-Cap 400 Growth Index Fund C000092042 Institutional Shares VMFGX C000092043 ETF Shares IVOG 0000891190 S000030017 Vanguard S&P Small-Cap 600 Index Fund C000092044 ETF Shares VIOO C000092045 Institutional Shares VSMSX 0000891190 S000030018 Vanguard S&P Small-Cap 600 Growth Index Fund C000092046 ETF Shares VIOG C000092047 Institutional Shares VSGNX 0000891190 S000030019 Vanguard S&P Small-Cap 600 Value Index Fund C000092048 ETF Shares VIOV C000092049 Institutional Shares VSMVX 485BPOS 1 admiral485b012013.htm ADMIRAL FUNDS 012013 admiral485b012013.htm - Generated by SEC Publisher for SEC Filing


 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form N-1A
 
REGISTRATION STATEMENT (NO. 33-49023)  
UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. [ ]
Post-Effective Amendment No. 32 [X]
and
 
REGISTRATION STATEMENT (NO. 811-07043) UNDER THE INVESTMENT COMPANY ACT
OF 1940  
Amendment No. 33 [X]
 
 
VANGUARD ADMIRAL FUNDS
(Exact Name of Registrant as Specified in Declaration of Trust)
 
P.O. Box 2600, Valley Forge, PA 19482
(Address of Principal Executive Office)
 
Registrant’s Telephone Number (610) 669-1000
 
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482
 
Approximate Date of Proposed Public Offering:  
It is proposed that this filing will become effective (check appropriate box)  
[ ] immediately upon filing pursuant to paragraph (b)  
[X] on January 10, 2013, pursuant to paragraph (b)  
[ ] 60 days after filing pursuant to paragraph (a)(1)  
[ ] on (date) pursuant to paragraph (a)(1)  
[ ] 75 days after filing pursuant to paragraph (a)(2)  
[ ] on (date) pursuant to paragraph (a)(2) of rule 485  
If appropriate, check the following box:  
[ ] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.  

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant hereby certifies that it meets all requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town of Valley Forge and the Commonwealth of Pennsylvania, on the 10th day of January, 2013.

VANGUARD ADMIRAL FUNDS

BY:_________/s/ F. William McNabb III*____________

F. William McNabb III
Chief Executive Officer, President, and Trustee

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

Signature Title Date
 
/s/ F. William McNabb III* Chairman and Chief Executive January 10, 2013
  Officer  
F. William McNabb    
/s/ Emerson U. Fullwood* Trustee January 10, 2013
Emerson U. Fullwood    
/s/ Rajiv L. Gupta* Trustee January 10, 2013
Rajiv L. Gupta    
/s/ Amy Gutmann* Trustee January 10, 2013
Amy Gutmann    
/s/ JoAnn Heffernan Heisen* Trustee January 10, 2013
JoAnn Heffernan Heisen    
/s/ F. Joseph Loughrey* Trustee January 10, 2013
F. Joseph Loughrey    
/S/ Mark Loughridge* Trustee January 10, 2013
Mark Loughridge    
/S/ Scott Malpass* Trusee January 10, 2013
Scott C. Malpass    
/s/ André F. Perold* Trustee January 10, 2013
André F. Perold    
/s/ Alfred M. Rankin, Jr.* Trustee January 10, 2013
Alfred M. Rankin, Jr.    
/s/ Peter F. Volanakis* Trustee January 10, 2013
Peter F. Volanakis    
/s/ Thomas J. Higgins* Chief Financial Officer January 10, 2013
Thomas J. Higgins    

 

*By: /s/ Heidi Stam

Heidi Stam, pursuant to a Power of Attorney filed on March 27, 2012, see File Number 2-11444, Incorporated by Reference.

 

INDEX TO EXHIBITS  
 
XBRL Instance Document Ex-101.INS
XBRL Taxonomy Extension Schema Document Ex-101.SCH
XBRL Taxonomy Extension Calculation Linkbase Document Ex-101.CAL
XBRL Taxonomy Extension Definition Linkbase Document. Ex-101.DEF
XBRL Taxonomy Extension Labels Linkbase Documen Ex-101.LAB
XBRL Taxonomy Extension Presentation Linkbase Document Ex-101.PRE

 

 
 EX-101.INS 3 admiral-20121228.xml INSTANCE Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Average Annual Total Returns for Periods Ended December 31, 2011 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Policies 2012-12-28 (reflects no deduction for fees, expenses, or taxes) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Policies 2012-12-28 (reflects no deduction for fees, expenses, or taxes) <p>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 has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of comparative benchmarks, which have investment characteristics similar to those of the Fund. Returns for the iMoneyNet Money Fund Report's 100% Treasury Funds Average are derived from data provided by iMoneyNet, Inc.; returns for the U.S. Treasury Money Market Funds Average are derived from data provided by Lipper Inc. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available online at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide current income while maintaining liquidity and a stable share price of $1.</p> <p>The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:</p><p>Income risk, which is the chance that the Fund's income will decline because of falling interest rates. Because the Fund's income is based on short-term interest rates-which can fluctuate significantly over short periods-income risk is expected to be high.</p><p>Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. </p><p>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. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.</p> <p>The Fund invests solely in high-quality, short-term money market securities whose interest and principal payments are backed by the full faith and credit of the U.S. government. At least 80% of the Fund's assets will be invested in U.S. Treasury securities; the remainder of the assets may be invested in securities issued by U.S. governmental agencies. The Fund maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less.</p> <p>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. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.</p> <p>The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>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 has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of comparative benchmarks, which have investment characteristics similar to those of the Fund. Returns for the iMoneyNet Money Fund Report's 100% Treasury Funds Average are derived from data provided by iMoneyNet, Inc.; returns for the U.S. Treasury Money Market Funds Average are derived from data provided by Lipper Inc. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available online at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Fund provides 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide current income while maintaining liquidity and a stable share price of $1.</p> <p>The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:</p><p>Income risk, which is the chance that the Fund's income will decline because of falling interest rates. Because the Fund's income is based on short-term interest rates-which can fluctuate significantly over short periods-income risk is expected to be high.</p><p>Manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. </p><p>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. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.</p> <p>The Fund invests solely in high-quality, short-term money market securities whose interest and principal payments are backed by the full faith and credit of the U.S. government. At least 80% of the Fund's assets will be invested in U.S. Treasury securities; the remainder of the assets may be invested in securities issued by U.S. governmental agencies. The Fund maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less.</p> <p>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. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the Fund.</p> <p>The Fund is designed for investors with a low tolerance for risk; however, the Fund is subject to the following risks, which could affect the Fund's performance:</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <div style="display:none">~ http://vanguard/role/S000002233ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002233Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002233ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002233Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002233PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000002233Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002233PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000002233Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002233OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002233Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002233OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002233Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002233ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002233Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002233ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002233Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Average Annual Total Returns for Periods Ended December 31, 2011 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.22 2012-12-28 (reflects no deduction for fees, expenses, or taxes) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.22 2012-12-28 (reflects no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of 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.</p> <p>This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund. </p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in S&#38;P 500 Growth ETF with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in S&#38;P 500 Growth ETF. This example assumes that S&#38;P 500 Growth ETF provides 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold ETF Shares of the Fund.</p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 22%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from large-capitalization growth stocks will trail returns from the overall stock market. Large-cap growth stocks tend to go through cycles of doing better-or worse-than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years.</p><p>Because ETF Shares are traded on an exchange, they are subject to additional risks:</p><p>S&#38;P 500 Growth ETF Shares are listed for trading on NYSE Arca and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an S&#38;P 500 Growth ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy S&#38;P 500 Growth ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</p><p>Although S&#38;P 500 Growth ETF Shares are listed for trading on NYSE Arca, it is possible that an active trading market may not be maintained.</p><p>Trading of S&#38;P 500 Growth ETF Shares on NYSE Arca may be halted by the activation of individual or marketwide 'circuit breakers' (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of S&#38;P 500 Growth ETF Shares may also be halted if (1) the shares are delisted from NYSE Arca without first being listed on another exchange or (2) NYSE Arca officials determine that such action is appropriate in the interest of a fair and orderly market or to protect investors.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P 500(r) Growth Index, which represents the growth companies of the S&#38;P 500 Index. The Index measures the performance of large-capitalization growth stocks. 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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>The bar chart shows the performance of the Fund's ETF Shares in their first full calendar year.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>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.</p> <p>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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. Because there is no calendar-year performance information for the Fund's Institutional Shares, the information presented in the bar chart and table reflects the performance of the ETF Shares of Vanguard S&#38;P 500 Growth Index Fund. (ETF Shares are offered through a separate prospectus.) Performance based on net asset value for the Institutional Shares would be substantially similar because both share classes constitute an investment in the same portfolio of securities; their returns generally should differ only to the extent that the expenses of the two classes differ. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of the Fund's target index. 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.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund's Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund.</p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 22%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from large-capitalization growth stocks will trail returns from the overall stock market. Large-cap growth stocks tend to go through cycles of doing better-or worse-than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P 500(r) Growth Index, which represents the growth companies of the S&#38;P 500 Index. The Index measures the performance of large-capitalization growth stocks. 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.</p> <p>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.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>The bar chart shows how the performance of the Fund's ETF Shares has varied from one calendar year to another over the periods shown. The Fund's Institutional Shares were not available during the time periods shown.</p> <p>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.</p> <p>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.</p> <p>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.</p> <div style="display:none">~ http://vanguard/role/S000030012ShareholderFeesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030012Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030012ShareholderFeesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030012Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030012PerformanceTableDataETF column primary compact * row dei_LegalEntityAxis compact vanguard_S000030012Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030012PerformanceTableDataInstitutional column primary compact * row dei_LegalEntityAxis compact vanguard_S000030012Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030012OperatingExpensesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030012Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030012OperatingExpensesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030012Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030012ExpenseExampleNoRedemptionInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030012Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030012ExpenseExampleNoRedemptionETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030012Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Average Annual Total Returns for Periods Ended December 31, 2011 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.20 2012-12-28 (reflects no deduction for fees, expenses, or taxes) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.20 2012-12-28 (reflects no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of 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.</p> <p>This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund. </p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in S&#38;P 500 Value ETF with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in S&#38;P 500 Value ETF. This example assumes that S&#38;P 500 Value ETF provides 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold ETF Shares of the Fund.</p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization value stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 20%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from large-capitalization value stocks will trail returns from the overall stock market. Large-cap value stocks tend to go through cycles of doing better-or worse-than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years.</p><p>Because ETF Shares are traded on an exchange, they are subject to additional risks:</p><p>S&#38;P 500 Value ETF Shares are listed for trading on NYSE Arca and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an S&#38;P 500 Value ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy S&#38;P 500 Value ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</p><p>Although S&#38;P 500 Value ETF Shares are listed for trading on NYSE Arca, it is possible that an active trading market may not be maintained.</p><p>Trading of S&#38;P 500 Value ETF Shares on NYSE Arca may be halted by the activation of individual or marketwide 'circuit breakers' (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of S&#38;P 500 Value ETF Shares may also be halted if (1) the shares are delisted from NYSE Arca without first being listed on another exchange or (2) NYSE Arca officials determine that such action is appropriate in the interest of a fair and orderly market or to protect investors.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P 500(r) Value Index, which represents the value companies of the S&#38;P 500 Index. The Index measures the performance of large-capitalization value stocks. 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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>The bar chart shows the performance of the Fund's ETF Shares in their first full calendar year.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>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.</p> <p>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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. Because there is no calendar-year performance information for the Fund's Institutional Shares, the information presented in the bar chart and table reflects the performance of the ETF Shares of Vanguard S&#38;P Vanguard 500 Value Index. (ETF Shares are offered through a separate prospectus.) Performance based on net asset value for the Institutional Shares Shares would be substantially similar because both share classes constitute an investment in the same portfolio of securities; their returns generally should differ only to the extent that the expenses of the two classes differ. The bar chart shows how the performance of the Fund's ETF Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the ETF Shares compare with those of the Fund's target index. 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 online at vanguard.com or by calling 800-662-7447.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund's Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund.</p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization value stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 20%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from large-capitalization value stocks will trail returns from the overall stock market. Large-cap stocks tend to go through cycles of doing better-or worse-than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P 500(r) Value Index, which represents the value companies of the S&#38;P 500 Index. The Index measures the performance of large-capitalization value stocks. 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.</p> <p>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.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>The bar chart shows how the performance of the Fund's ETF Shares has varied from one calendar year to another over the periods shown. The Fund's Institutional Shares were not available during the time periods shown.</p> <p>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.</p> <p>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.</p> <p>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.</p> <div style="display:none">~ http://vanguard/role/S000030013ShareholderFeesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030013Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030013ShareholderFeesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030013Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030013PerformanceTableDataETF column primary compact * row dei_LegalEntityAxis compact vanguard_S000030013Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030013PerformanceTableDataInstitutional column primary compact * row dei_LegalEntityAxis compact vanguard_S000030013Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030013OperatingExpensesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030013Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030013OperatingExpensesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030013Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030013ExpenseExampleNoRedemptionInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030013Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030013ExpenseExampleNoRedemptionETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030013Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Average Annual Total Returns for Periods Ended December 31, 2011 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.26 2012-12-28 (reflects no deduction for fees, expenses, or taxes) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.26 2012-12-28 (reflects no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of 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.</p> <p>This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund. </p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in S&#38;P Mid-Cap 400 Growth ETF with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in S&#38;P Mid-Cap 400 Growth ETF. This example assumes that S&#38;P Mid-Cap 400 Growth ETF provides 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold ETF Shares of the Fund.</p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization growth stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 26%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from mid-capitalization growth 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.</p><p>Because ETF Shares are traded on an exchange, they are subject to additional risks:</p><p>S&#38;P Mid-Cap 400 Growth ETF Shares are listed for trading on NYSE Arca and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an S&#38;P Mid-Cap 400 Growth ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy S&#38;P Mid-Cap 400 Growth ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</p><p>Although S&#38;P Mid-Cap 400 Growth ETF Shares are listed for trading on NYSE Arca, it is possible that an active trading market may not be maintained.</p><p>Trading of S&#38;P Mid-Cap 400 Growth ETF Shares on NYSE Arca may be halted by the activation of individual or marketwide 'circuit breakers' (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of S&#38;P Mid-Cap 400 Growth ETF Shares may also be halted if (1) the shares are delisted from NYSE Arca without first being listed on another exchange or (2) NYSE Arca officials determine that such action is appropriate in the interest of a fair and orderly market or to protect investors.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P MidCap 400(r) Growth Index, which represents the growth companies of the S&#38;P MidCap 400 Index. The Index measures the performance of mid-capitalization growth stocks. 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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>The bar chart shows the performance of the Fund's ETF Shares in their first full calendar year.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>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.</p> <p>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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. Because there is no calendar-year performance information for the Fund's Institutional Shares, the information presented in the bar chart and table reflects the performance of the ETF Shares of Vanguard S&#38;P Mid-Cap 400 Growth Index Fund. (ETF Shares are offered through a separate prospectus.) Performance based on net asset value for the Institutional Shares would be substantially similar because both share classes constitute an investment in the same portfolio of securities; their returns generally should differ only to the extent that the expenses of the two classes differ. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of the Fund's target index. 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.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund's Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund.</p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization growth stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 26%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from mid-capitalization growth 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.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P MidCap 400(r) Growth Index, which represents the growth companies of the S&#38;P MidCap 400 Index. The Index measures the performance of mid-capitalization growth stocks. 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.</p> <p>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.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>The bar chart shows how the performance of the Fund's ETF Shares has varied from one calendar year to another over the periods shown. The Fund's Institutional Shares were not available during the time periods shown.</p> <p>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.</p> <p>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.</p> <p>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.</p> <div style="display:none">~ http://vanguard/role/S000030016ShareholderFeesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030016Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030016ShareholderFeesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030016Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030016PerformanceTableDataETF column primary compact * row dei_LegalEntityAxis compact vanguard_S000030016Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030016PerformanceTableDataInstitutional column primary compact * row dei_LegalEntityAxis compact vanguard_S000030016Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030016OperatingExpensesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030016Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030016OperatingExpensesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030016Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030016ExpenseExampleNoRedemptionInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030016Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030016ExpenseExampleNoRedemptionETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030016Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Average Annual Total Returns for Periods Ended December 31, 2011 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.13 2012-12-28 (reflects no deduction for fees, expenses, or taxes) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.13 2012-12-28 (reflects no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of 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.</p> <p>This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund. </p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in S&#38;P Mid-Cap 400 ETF with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in S&#38;P Mid-Cap 400 ETF. This example assumes that S&#38;P Mid-Cap 400 ETF provides 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold ETF Shares of the Fund. 'Acquired Fund Fees and Expenses' are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, such as business development companies. Business development company expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by Fund shareholders and are not used to calculate the Fund's net asset value. They have no impact on the costs associated with fund operations. </p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 13%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from large-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.</p><p>Because ETF Shares are traded on an exchange, they are subject to additional risks:</p><p>S&#38;P Mid-Cap 400 ETF Shares are listed for trading on NYSE Arca and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an S&#38;P Mid-Cap 400 ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy S&#38;P Mid-Cap 400 ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</p><p>Although S&#38;P Mid-Cap 400 ETF Shares are listed for trading on NYSE Arca, it is possible that an active trading market may not be maintained.</p><p>Trading of S&#38;P Mid-Cap 400 ETF Shares on NYSE Arca may be halted by the activation of individual or marketwide 'circuit breakers' (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of S&#38;P Mid-Cap 400 ETF Shares may also be halted if (1) the shares are delisted from NYSE Arca without first being listed on another exchange or (2) NYSE Arca officials determine that such action is appropriate in the interest of a fair and orderly market or to protect investors.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P MidCap 400(r) Index. The Index measures the performance of mid-capitalization stocks. 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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>The bar chart shows the performance of the Fund's ETF Shares in their first full calendar year.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>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.</p> <p>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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. Because there is no calendar-year performance information for the Fund's Institutional Shares, the information presented in the bar chart and table reflects the performance of the ETF Shares of Vanguard S&#38;P Mid-Cap 400 Index. (ETF Shares are offered through a separate prospectus.) Performance based on net asset value for the Institutional Shares would be substantially similar because both share classes constitute an investment in the same portfolio of securities; their returns generally should differ only to the extent that the expenses of the two classes differ. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF 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.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund's Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund. 'Acquired Fund Fees and Expenses' are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, such as business development companies. Business development company expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by Fund shareholders and are not used to calculate the Fund's net asset value. They have no impact on the costs associated with fund operations.</p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 13%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from mid-cap 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.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P MidCap 400(r) Index. The Index measures the performance of mid-capitalization stocks. 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.</p> <p>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.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>The bar chart shows how the performance of the Fund's ETF Shares has varied from one calendar year to another over the periods shown. The Fund's Institutional Shares were not available during the time periods shown.</p> <p>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.</p> <p>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.</p> <p>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.</p> <div style="display:none">~ http://vanguard/role/S000030014ShareholderFeesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030014Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030014ShareholderFeesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030014Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030014PerformanceTableDataETF column primary compact * row dei_LegalEntityAxis compact vanguard_S000030014Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030014PerformanceTableDataInstitutional column primary compact * row dei_LegalEntityAxis compact vanguard_S000030014Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030014OperatingExpensesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030014Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030014OperatingExpensesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030014Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030014ExpenseExampleNoRedemptionInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030014Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030014ExpenseExampleNoRedemptionETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030014Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Average Annual Total Returns for Periods Ended December 31, 2011 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.31 2012-12-28 (reflects no deduction for fees, expenses, or taxes) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.31 2012-12-28 (reflects no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of 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.</p> <p>This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund. </p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in S&#38;P Mid-Cap 400 Value ETF with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in S&#38;P Mid-Cap 400 Value ETF. This example assumes that S&#38;P Mid-Cap 400 Value ETF provides 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold ETF Shares of the Fund. 'Acquired Fund Fees and Expenses' are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, such as business development companies. Business development company expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by Fund shareholders and are not used to calculate the Fund's net asset value. They have no impact on the costs associated with fund operations. </p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization value stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 31%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from mid-capitalization value 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.</p><p>Because ETF Shares are traded on an exchange, they are subject to additional risks:</p><p>S&#38;P Mid-Cap 400 Value ETF Shares are listed for trading on NYSE Arca and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an S&#38;P Mid-Cap 400 Value ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy S&#38;P Mid-Cap 400 Value ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</p><p>Although S&#38;P Mid-Cap 400 Value ETF Shares are listed for trading on NYSE Arca, it is possible that an active trading market may not be maintained.</p><p>Trading of S&#38;P Mid-Cap 400 Value ETF Shares on NYSE Arca may be halted by the activation of individual or marketwide 'circuit breakers' (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of S&#38;P Mid-Cap 400 Value ETF Shares may also be halted if (1) the shares are delisted from NYSE Arca without first being listed on another exchange or (2) NYSE Arca officials determine that such action is appropriate in the interest of a fair and orderly market or to protect investors.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P MidCap 400(r) Value Index, which represents the value companies of the S&#38;P MidCap 400 Index. The Index measures the performance of mid-capitalization value stocks. 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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>The bar chart shows the performance of the Fund's ETF Shares in their first full calendar year.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>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.</p> <p>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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. Because there is no calendar-year performance information for the Fund's Institutional Shares, the information presented in the bar chart and table reflects the performance of the ETF Shares of Vanguard S&#38;P Mid-Cap 400 Value Index Fund. (ETF Shares are offered through a separate prospectus.) Performance based on net asset value for the Institutional Shares would be substantially similar because both share classes constitute an investment in the same portfolio of securities; their returns generally should differ only to the extent that the expenses of the two classes differ. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of the Fund's target index. 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.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund's Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund. 'Acquired Fund Fees and Expenses' are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, such as business development companies. Business development company expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by Fund shareholders and are not used to calculate the Fund's net asset value. They have no impact on the costs associated with fund operations.</p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization value stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 31%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from mid-capitalization value 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.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P MidCap 400(r) Value Index, which represents the value companies of the S&#38;P MidCap 400 Index. The Index measures the performance of mid-capitalization value stocks. 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.</p> <p>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.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>The bar chart shows how the performance of the Fund's ETF Shares has varied from one calendar year to another over the periods shown. The Fund's Institutional Shares were not available during the time periods shown.</p> <p>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.</p> <p>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.</p> <p>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.</p> <div style="display:none">~ http://vanguard/role/S000030015ShareholderFeesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030015Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030015ShareholderFeesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030015Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030015PerformanceTableDataETF column primary compact * row dei_LegalEntityAxis compact vanguard_S000030015Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030015PerformanceTableDataInstitutional column primary compact * row dei_LegalEntityAxis compact vanguard_S000030015Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030015OperatingExpensesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030015Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030015OperatingExpensesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030015Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030015ExpenseExampleNoRedemptionInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030015Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030015ExpenseExampleNoRedemptionETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030015Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Average Annual Total Returns for Periods Ended December 31, 2011 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.45 2012-12-28 (reflects no deduction for fees, expenses, or taxes) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.45 2012-12-28 (reflects no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of 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.</p> <p>This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund. </p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in S&#38;P Small-Cap 600 Growth ETF with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in S&#38;P Small-Cap 600 Growth ETF. This example assumes that S&#38;P Small-Cap 600 Growth ETF provides 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold ETF Shares of the Fund.</p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 45%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from small-capitalization growth stocks will trail returns from the overall stock market. Historically, small-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently.</p><p>Because ETF Shares are traded on an exchange, they are subject to additional risks:</p><p>S&#38;P Small-Cap 600 Growth ETF Shares are listed for trading on NYSE Arca and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an S&#38;P Small-Cap 600 Growth ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy S&#38;P Small-Cap 600 Growth ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</p><p>Although S&#38;P Small-Cap 600 Growth ETF Shares are listed for trading on NYSE Arca, it is possible that an active trading market may not be maintained.</p><p>Trading of S&#38;P Small-Cap 600 Growth ETF Shares on NYSE Arca may be halted by the activation of individual or marketwide 'circuit breakers' (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of S&#38;P Small-Cap 600 Growth ETF Shares may also be halted if (1) the shares are delisted from NYSE Arca without first being listed on another exchange or (2) NYSE Arca officials determine that such action is appropriate in the interest of a fair and orderly market or to protect investors.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P SmallCap 600(r) Growth Index, which represents the growth companies of the S&#38;P SmallCap 600 Index. The Index measures the performance of small-capitalization growth stocks. 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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>The bar chart shows the performance of the Fund's ETF Shares in their first full calendar year.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>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.</p> <p>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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. Because there is no calendar-year performance information for the Fund's Institutional Shares, the information presented in the bar chart and table reflects the performance of the ETF Shares of Vanguard S&#38;P Small-Cap 600 Growth Index Fund. (ETF Shares are offered through a separate prospectus.) Performance based on net asset value for the Institutional Shares would be substantially similar because both share classes constitute an investment in the same portfolio of securities; their returns generally should differ only to the extent that the expenses of the two classes differ. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of the Fund's target index. 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.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund's Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund.</p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 45%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from small-capitalization growth stocks will trail returns from the overall stock market. Historically, small-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P SmallCap 600(r) Growth Index, which represents the growth companies of the S&#38;P SmallCap 600 Index. The Index measures the performance of small-capitalization growth stocks. 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.</p> <p>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.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>The bar chart shows how the performance of the Fund's ETF Shares has varied from one calendar year to another over the periods shown. The Fund's Institutional Shares were not available during the time periods shown.</p> <p>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.</p> <p>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.</p> <p>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.</p> <div style="display:none">~ http://vanguard/role/S000030018ShareholderFeesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030018Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030018ShareholderFeesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030018Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030018PerformanceTableDataETF column primary compact * row dei_LegalEntityAxis compact vanguard_S000030018Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030018PerformanceTableDataInstitutional column primary compact * row dei_LegalEntityAxis compact vanguard_S000030018Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030018OperatingExpensesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030018Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030018OperatingExpensesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030018Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030018ExpenseExampleNoRedemptionInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030018Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030018ExpenseExampleNoRedemptionETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030018Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Average Annual Total Returns for Periods Ended December 31, 2011 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.12 2012-12-28 (reflects no deduction for fees, expenses, or taxes) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.12 2012-12-28 (reflects no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of 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.</p> <p>This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund. </p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in S&#38;P Small-Cap 600 ETF with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in S&#38;P Small-Cap 600 ETF. This example assumes that S&#38;P Small-Cap 600 ETF provides 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold ETF Shares of the Fund. 'Acquired Fund Fees and Expenses' are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, such as business development companies. Business development company expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by Fund shareholders and are not used to calculate the Fund's net asset value. They have no impact on the costs associated with fund operations. </p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 12%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from small-capitalization stocks will trail returns from the overall stock market. Historically, small-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently.</p><p>Because ETF Shares are traded on an exchange, they are subject to additional risks:</p><p>S&#38;P Small-Cap 600 ETF Shares are listed for trading on NYSE Arca and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an S&#38;P Small-Cap 600 ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy S&#38;P Small-Cap 600 ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</p><p>Although S&#38;P Small-Cap 600 ETF Shares are listed for trading on NYSE Arca, it is possible that an active trading market may not be maintained.</p><p>Trading of S&#38;P Small-Cap 600 ETF Shares on NYSE Arca may be halted by the activation of individual or marketwide 'circuit breakers' (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of S&#38;P Small-Cap 600 ETF Shares may also be halted if (1) the shares are delisted from NYSE Arca without first being listed on another exchange or (2) NYSE Arca officials determine that such action is appropriate in the interest of a fair and orderly market or to protect investors.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P SmallCap 600(r) Index. The Index measures the performance of small-capitalization stocks. 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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>The bar chart shows the performance of the Fund's ETF Shares in their first full calendar year.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>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.</p> <p>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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. Because there is no calendar-year performance information for the Fund's Institutional Shares, the information presented in the bar chart and table reflects the performance of the ETF Shares of Vanguard S&#38;P Small-Cap 600 Index. (ETF Shares are offered through a separate prospectus.) Performance based on net asset value for the Institutional Shares would be substantially similar because both share classes constitute an investment in the same portfolio of securities; their returns generally should differ only to the extent that the expenses of the two classes differ. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of the Fund's target index. 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.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund's Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund. 'Acquired Fund Fees and Expenses' are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, such as business development companies. Business development company expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by Fund shareholders and are not used to calculate the Fund's net asset value. They have no impact on the costs associated with fund operations.</p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 12%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from small-capitalization stocks will trail returns from the overall stock market. Historically, small-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P SmallCap 600(r) Index. The Index measures the performance of small-capitalization stocks. 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.</p> <p>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.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>The bar chart shows how the performance of the Fund's ETF Shares has varied from one calendar year to another over the periods shown. The Fund's Institutional Shares were not available during the time periods shown.</p> <p>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.</p> <p>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.</p> <p>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.</p> <div style="display:none">~ http://vanguard/role/S000030017ShareholderFeesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030017Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030017ShareholderFeesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030017Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030017PerformanceTableDataETF column primary compact * row dei_LegalEntityAxis compact vanguard_S000030017Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030017PerformanceTableDataInstitutional column primary compact * row dei_LegalEntityAxis compact vanguard_S000030017Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030017OperatingExpensesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030017Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030017OperatingExpensesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030017Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030017ExpenseExampleNoRedemptionInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030017Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030017ExpenseExampleNoRedemptionETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030017Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2011 Average Annual Total Returns for Periods Ended December 31, 2011 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.29 2012-12-28 (reflects no deduction for fees, expenses, or taxes) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.29 2012-12-28 (reflects no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of 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.</p> <p>This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund. </p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in S&#38;P Small-Cap 600 Value ETF with the cost of investing in other funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in S&#38;P Small-Cap 600 Value ETF. This example assumes that S&#38;P Small-Cap 600 Value ETF provides 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold ETF Shares of the Fund. 'Acquired Fund Fees and Expenses' are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, such as business development companies. Business development company expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by Fund shareholders and are not used to calculate the Fund's net asset value. They have no impact on the costs associated with fund operations. </p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 29%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from small-capitalization value stocks will trail returns from the overall stock market. Historically, small-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently.</p><p>Because ETF Shares are traded on an exchange, they are subject to additional risks:</p><p>S&#38;P Small-Cap 600 Value ETF Shares are listed for trading on NYSE Arca and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an S&#38;P Small-Cap 600 Value ETF Share typically will approximate its net asset value (NAV), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy S&#38;P Small-Cap 600 Value ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares.</p><p>Although S&#38;P Small-Cap 600 Value ETF Shares are listed for trading on NYSE Arca, it is possible that an active trading market may not be maintained.</p><p>Trading of S&#38;P Small-Cap 600 Value ETF Shares on NYSE Arca may be halted by the activation of individual or marketwide 'circuit breakers' (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of S&#38;P Small-Cap 600 Value ETF Shares may also be halted if (1) the shares are delisted from NYSE Arca without first being listed on another exchange or (2) NYSE Arca officials determine that such action is appropriate in the interest of a fair and orderly market or to protect investors.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P SmallCap 600(r) Value Index, which represents the value companies of the S&#38;P SmallCap 600 Index. The Index measures the performance of small-capitalization value stocks. 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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>The bar chart shows the performance of the Fund's ETF Shares in their first full calendar year.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>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.</p> <p>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.</p> <p>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.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. Because there is no calendar-year performance information for the Fund's Institutional Shares, the information presented in the bar chart and table reflects the performance of the ETF Shares of Vanguard S&#38;P Small-Cap 600 Value Index Fund. (ETF Shares are offered through a separate prospectus.) Performance based on net asset value for the Institutional Shares would be substantially similar because both share classes constitute an investment in the same portfolio of securities; their returns generally should differ only to the extent that the expenses of the two classes differ. The bar chart shows the performance of the Fund's ETF Shares (based on NAV) in their first full calendar year. The table shows how the average annual total returns of the ETF Shares compare with those of the Fund's target index. 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.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund's Institutional Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold Institutional Shares of the Fund. 'Acquired Fund Fees and Expenses' are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, such as business development companies. Business development company expenses are similar to the expenses paid by any operating company held by the Fund. They are not direct costs paid by Fund shareholders and are not used to calculate the Fund's net asset value. They have no impact on the costs associated with fund operations.</p> <p>The Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks in the United States.</p> <p>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 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.</p> <p>Portfolio Turnover</p> <p>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 29%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>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 is subject to the following risks, which could affect the Fund's performance:</p><p>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 Fund's target index may, at times, become focused in stocks of a particular sector, category, or group of companies, which could cause the Fund to underperform the overall stock market.</p><p>Investment style risk, which is the chance that returns from small-capitalization value stocks will trail returns from the overall stock market. Historically, small-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently.</p><p>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.</p> <p>The Fund employs an indexing investment approach designed to track the performance of the S&#38;P SmallCap 600(r) Value Index, which represents the value companies of the S&#38;P SmallCap 600 Index. The Index measures the performance of small-capitalization value stocks. 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.</p> <p>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.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>The bar chart shows how the performance of the Fund's ETF Shares has varied from one calendar year to another over the periods shown. The Fund's Institutional Shares were not available during the time periods shown.</p> <p>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.</p> <p>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.</p> <p>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.</p> <div style="display:none">~ http://vanguard/role/S000030019ShareholderFeesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030019Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030019ShareholderFeesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030019Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030019PerformanceTableDataETF column primary compact * row dei_LegalEntityAxis compact vanguard_S000030019Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030019PerformanceTableDataInstitutional column primary compact * row dei_LegalEntityAxis compact vanguard_S000030019Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000030019OperatingExpensesInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030019Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030019OperatingExpensesETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030019Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030019ExpenseExampleNoRedemptionInstitutional column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030019Member ~ </div> <div style="display:none">~ http://vanguard/role/S000030019ExpenseExampleNoRedemptionETF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000030019Member ~ </div> 0.0002 0.0001 0.0025 0.0210 0.0476 0.0471 0.0294 0.0118 0.0099 0.0169 1992-12-14 0.0125 0.0000 2006-12-31 2010-03-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000005732Member ~ </div> Annual Total Returns - Vanguard Admiral Treasury Money Market Fund Investor Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 0.01%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 1.25% (quarter ended December 31, 2006 ), and the lowest return for a quarter was 0.00% (quarter ended March 31, 2010 ).</p> (quarter ended December 31, 2006 ) (quarter ended March 31, 2010 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000005732Member ~ </div> Annual Total Returns - Vanguard Admiral Treasury Money Market Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 1.25% (quarter ended December 31, 2006 ), and the lowest return for a quarter was 0.00% (quarter ended March 31, 2010 ).</p> (quarter ended December 31, 2006 ) (quarter ended March 31, 2010 ) 1992-12-14 0.0002 0.0141 0.0185 Comparative Benchmarks 0.0000 0.0000 20. 0 0 10. 32. 56. 128. 0.0008 0 0.0002 Vanguard and the Fund's Board have voluntarily agreed to temporarily limit certain net operating expenses in excess of the Fund's daily yield so as to maintain a zero or positive yield for the Fund. Vanguard and the Fund's Board may terminate the temporary expense limitation at any time. 0.0010 0.0000 0.0000 20. 0 0 8. 26. 45. 103. 0.0001 0 0.0007 0.0008 0.0000 0.0000 20. 0 0 8. 26. 45. 103. 0.0002 0 0.0006 0.0008 0.0000 0.0000 20. 0 0 9. 29. 51. 115. 0.0002 0 0.0006 0.0001 0.0009 0.0000 0.0000 20. 0 0 8. 26. 45. 103. 0.0002 0 0.0006 0.0008 0.0000 0.0000 20. 0 0 10. 32. 56. 128. 0.0001 0 0.0007 0.0002 0.0010 0.0000 0.0000 20. 0 0 10. 32. 56. 128. 0.0003 0 0.0005 0.0002 0.0010 0.0000 0.0000 20. 0 0 12. 39. 68. 154. 0.0001 0 0.0007 0.0004 0.0012 0.0000 0.0000 20. 0 0 8. 26. 45. 103. 0.0001 0 0.0007 0.0008 -0.0070 2010-09-07 0.1291 -0.1637 2011-12-31 2011-09-30 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092036Member ~ </div> Annual Total Returns - Vanguard S&P 500 Value Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 15.69%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 12.91% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -16.37% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092036Member ~ </div> Annual Total Returns - Vanguard S&P 500 Value Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 15.69%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 12.91% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -16.37% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) 2012-09-30 0.1569 2010-09-07 -0.0070 0.1030 -0.0100 0.0996 -0.0007 0.0877 -0.0070 0.1032 0 0 0 15. 48. 85. 192. 0.0006 0 0.0009 0.0015 0.0444 2010-09-07 0.1078 -0.1165 2011-12-31 2011-09-30 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092034Member ~ </div> Annual Total Returns - Vanguard S&P 500 Growth Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 16.88%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 10.78% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -11.65% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092034Member ~ </div> Annual Total Returns - Vanguard S&P 500 Growth Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 16.88%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 10.78% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -11.65% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) 2012-09-30 0.1688 2010-09-07 0.0444 0.1660 0.0418 0.1634 0.0321 0.1415 0.0446 0.1664 0 0 0 15. 48. 85. 192. 0.0009 0 0.0006 0.0015 -0.0189 2010-09-07 0.1294 -0.1993 2011-12-31 2011-09-30 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092038Member ~ </div> Annual Total Returns - Vanguard S&P Mid-Cap 400 Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 13.67%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 12.94% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -19.93% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092038Member ~ </div> Annual Total Returns - Vanguard S&P Mid-Cap 400 Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 13.67%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 12.94% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -19.93% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) 2012-09-30 0.1367 2010-09-07 -0.0189 0.1367 -0.0204 0.1349 -0.0110 0.1162 -0.0259 0.1363 0 0 0 16. 52. 90. 205. 0.0008 0 0.0007 0.0001 0.0016 -0.0115 2010-09-07 0.1019 -0.1888 2011-12-31 2011-09-30 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092043Member ~ </div> Annual Total Returns - Vanguard S&P Mid-Cap 400 Growth Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 14.01%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 10.19% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -18.88% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092043Member ~ </div> Annual Total Returns - Vanguard S&P Mid-Cap 400 Growth Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 14.01%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 10.19% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -18.88% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) 2012-09-30 0.1401 2010-09-07 -0.0115 0.1570 -0.0125 0.1557 -0.0066 0.1336 -0.0117 0.1570 0 0 0 20. 64. 113. 255. 0.0015 0 0.0005 0.0020 -0.0265 2010-09-07 0.1579 -0.2098 2011-12-31 2011-09-30 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092040Member ~ </div> Annual Total Returns - Vanguard S&P Mid-Cap 400 Value Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 13.26%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 15.79% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -20.98% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092040Member ~ </div> Annual Total Returns - Vanguard S&P Mid-Cap 400 Value Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 13.26%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 15.79% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -20.98% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) 2012-09-30 0.1326 2010-09-07 -0.0265 0.1160 -0.0290 0.1130 -0.0150 0.0982 -0.0323 0.1155 0 0 0 23. 71. 124. 280. 0.0012 0 0.0008 0.0002 0.0022 0.0077 2010-09-07 0.1707 -0.1990 2011-12-31 2011-09-30 <div style="display:none">~ 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ended on September 30, 2012 was 13.68%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 17.07% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -19.90% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) 2012-09-30 0.1368 2010-09-07 0.0077 0.1833 0.0062 0.1809 0.0062 0.1558 0.0069 0.1831 0 0 0 17. 55. 96. 217. 0.0009 0 0.0006 0.0002 0.0017 -0.0154 2010-09-07 0.1853 -0.2005 2011-12-31 2011-09-30 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092048Member ~ </div> Annual Total Returns - Vanguard S&P Small-Cap 600 Value Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 14.41%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 18.53% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -20.05% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092048Member ~ </div> Annual Total Returns - Vanguard S&P Small-Cap 600 Value Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 14.41%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 18.53% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -20.05% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 ) (quarter ended September 30, 2011 ) 2012-09-30 0.1441 2010-09-07 -0.0154 0.1571 -0.0173 0.1543 -0.0082 0.1335 -0.0158 0.1573 0 0 0 25. 77. 135. 306. 0.0002 0 0.0018 0.0004 0.0024 0.0341 2010-09-07 0.1580 -0.1968 2011-12-31 2011-09-30 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000092046Member ~ </div> Annual Total Returns - Vanguard S&P Small-Cap 600 Growth Index Fund ETF Shares <p>1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 was 12.99%</p> The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2012 <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 15.80% (quarter ended December 31, 2011 ), and the lowest return for a quarter was -19.68% (quarter ended September 30, 2011 ).</p> (quarter ended December 31, 2011 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link:calculationLink link:presentationLink link:definitionLink 0000000 - Document - Supplement link:definitionLink link:presentationLink link:calculationLink EX-101.CAL 5 admiral-20121228_cal.xml CALCULATIONS EX-101.DEF 6 admiral-20121228_def.xml DEFINITIONS EX-101.LAB 7 admiral-20121228_lab.xml LABELS Vanguard Admiral Treasury Money Market Fund Vanguard S&P 500 Growth Index Fund Vanguard S&P 500 Value Index Fund Vanguard S&P Mid-Cap 400 Growth Index Fund Vanguard S&P Mid-Cap 400 Index Fund Vanguard S&P Mid-Cap 400 Value Index Fund Vanguard S&P Small-Cap 600 Growth Index Fund Vanguard S&P Small-Cap 600 Index Fund Vanguard S&P Small-Cap 600 Value Index Fund Vanguard Admiral Treasury Money Market Fund - Investor Shares Vanguard S&P 500 Value Index Fund - Institutional Shares Vanguard S&P 500 Growth Index Fund - Institutional Shares Vanguard S&P Mid-Cap 400 Index Fund - Institutional Shares Vanguard S&P Mid-Cap 400 Growth Index Fund - Institutional Shares Vanguard S&P Mid-Cap 400 Value Index Fund - Institutional Shares Vanguard S&P Small-Cap 600 Index Fund - Institutional Shares Vanguard S&P Small-Cap 600 Value Index Fund - Institutional Shares Vanguard S&P Small-Cap 600 Growth Index Fund - Institutional Shares Vanguard S&P 500 Value Index Fund - ETF Shares Vanguard S&P 500 Growth Index Fund - ETF Shares Vanguard S&P Mid-Cap 400 Index Fund - ETF Shares Vanguard S&P Mid-Cap 400 Growth Index Fund - ETF Shares Vanguard S&P Mid-Cap 400 Value Index Fund - ETF Shares Vanguard S&P Small-Cap 600 Index Fund - ETF Shares Vanguard S&P Small-Cap 600 Value Index Fund - ETF Shares Vanguard S&P Small-Cap 600 Growth Index Fund - ETF Shares S&P 500 Value Index S&P 500 Growth Index U.S. Treasury Money Market Funds Average S&P MidCap 400 Index S&P MidCap 400 Growth Index S&P MidCap 400 Value Index S&P SmallCap 600 Index S&P SmallCap 600 Growth Index S&P SmallCap 600 Value Index IMoneyNet Money Fund Report's 100 Percent Treasury Funds Average S&P 500 Value Index S&P 500 Growth Index U.S. Treasury Money Market Funds Average S&P MidCap 400 Index S&P MidCap 400 Growth Index S&P MidCap 400 Value Index S&P SmallCap 600 Index S&P SmallCap 600 Growth Index S&P SmallCap 600 Value Index IMoneyNet Money Fund Report's 100 Percent Treasury Funds Average ETF Institutional Participant Retail Acquired Fund Fees and Expenses (based on estimates) Acquired Fund Fees and Expenses Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions Annual Fund Operating Expenses [Expenses that you pay each year as a percentage of the value of your investment] 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Annual Return Caption Annual Return Column Annual Return Inception Date Average Annual Return Caption Average Annual Return Column Inception Date Average Annual Return Label Since Inception One Year Five Years Ten Years Bar Chart and Performance Table Bar Chart and Performance Table Section: Bar Chart Closing: Bar Chart Closing Bar Chart Does Not Reflect Sales Loads Bar Chart Footnotes Bar Chart Bar Chart Highest Quarterly Return Bar Chart Highest Quarterly Return Date Bar Chart Lowest Quarter Return Bar Chart Lowest Quarter Return Date Bar Chart Narrative: Bar Chart Narrative Bar Chart Reason Selected Class Different from Immediately Preceding Period Bar Chart Returns for Class Not Offered in Prospectus Annual Total Return Bar Chart: Year to Date Return Date Dividend Expenses on Securities Sold Short Borrowing Expenses on Securities Sold Short Other Operating Expenses 12b-1 Distribution Fee Distribution or Similar (Non 12b-1) Fees / Assets Exchange Fee Exchange Fee / Redemption Expense Breakpoint Discounts Expense Breakpoint, Minimum Investment Required Expense Example Expense Example, with Redemption, Caption Expense Example, with Redemption, Column Expense Example Heading Expense Example Closing Expense Example Footnotes EXAMPLE Expense Example, Narrative [Text Block] Expense Example, No Redemption: Expense Example, no Redemption, Caption Expense Example, no Redemption, Column Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption 1 YEAR 3 YEAR 5 YEAR 10 YEAR Expense Example, With Redemption 1 YEAR, 3 YEAR, 5 YEAR, 10 YEAR, Expense Exchange Traded Fund Commissions Expense Footnotes: Expense Footnotes Expenses Heading Fees and Expenses of the Fund Expenses: Deferred Charges Narrative Expenses Explanation of Nonrecurring Account Fee Expenses Not Correlated to Ratio Due to Acquired Fund Fees Expenses Other Expenses Had Extraordinary Expenses Been Included Net Expenses / Assets Expenses / Assets Range of Exchange Fees Narrative Expenses Represent Both Master and Feeder Expenses Restated to Reflect Current Fee Waiver or Reimbursement Fee Waiver or Reimbursement, Date of Termination Highest Quarterly Return Label Index No Deduction for Fees, Expenses, Taxes Lowest Quarterly Return Label Management Expenses Market Index Performance Account Service Fee (for fund account balances below $10,000) Maximum Account Fee / Assets Sales charge (load) imposed on purchases Purchase Fee Maximum deferred sales charge (load) (as a percentage of the amount redeemed) Maximum Deferred Sales Charge / Other Maximum Sales Charge Imposed on Purchases / Offering Price Sales charge (load) imposed on reinvested dividends 7-Day Tax Equivalent Yield Money Market Seven Day Yield Money Market 7-Day Yield Caption Money Market 7-Day Yield Column 7-Day Yield Phone Total Annual Fund Operating Expenses Net Expenses / Assets: Investment objective: Investment objective Secondary objectives Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Operating Expenses Caption Operating Expenses Column Other Expenses, New Fund, Based on Estimates Other Expenses Other Expenses: Performance Additional Market Index Performance Availability Phone Performance Availability Website Address Performance Information Illustrates Variability of Returns Performance Measure [Axis] Return Before Taxes Performance Narrative: Performance Narrative Performance One Year or Less Past Performance Does Not Indiciate Future Returns Performance Table Closing: Performance Table Closing Performance Table Does Reflect Sales Loads Performance Table Explains why after Tax Higher Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period Performance Table Footnotes Bar Chart and Performance Table: Performance Table Market Index Changed Performance Table Narrative Performance Table Not Relevant to Tax Deferred One Class of After-Tax Shown Bar Chart and Performance Table Section Performance Performance Table Uses Highest Federal Rate Portfolio Turnover: Portfolio Turnover Heading PortfolioTurnover, Rate Portfolio Turnover Prospectus Date Prospectus: Share Class [Axis] Prospectus [Table] Redemption Fee USD Redemption Fee Risk Risk Caption Risk Closing [Text Block] Risk Column Risk Footnotes Risk: May Lose Money Money Market Fund Risk Narrative Nondiversified Not Insured Depository Institution Risk/Return: Risk/Return Detail [Table] Risk/Return RiskSection: Share Classes Other Shareholder Fees (fees paid directly from your investment] Shareholder Fees Caption Shareholder Fees Column Shareholder Fees (Fees paid directly from your investment) [Table] Strategy: StrategyNarrative Strategy Portfolio Concentration Strategy Section: 30-DayTax Equivalent Yield Thirty Day Yield: 30-Day Yield Caption 30-Day Yield Column 30-Day Yield Phone Year to Date Return Label Series [Axis] All Series All Prospectuses Prospectus [Axis] Document Creation Date Document Effective Date Document Period End Date Document Type Registrant Name Central Index Key Amendment Flag Amendment Description Transaction Fee on Conversion to ETF Shares Transaction Fee On Purchases and Sales Transaction Fee On Reinvested Dividends Average Annual Returns for Periods Ended December 31, 2011 Supplement Text: Supplement Text Redemption Fee Parenthetical Purchase Fee Parenthetical Based on Market Value Comparative Benchmark Fund Operating Expenses Excluding AFFE Acquired Fund Fees and Expenses Return Before Taxes Dividend Expenses on Securities Sold Short Borrowing Expenses on Securities Sold Short Other Operating Expenses 12b-1 Distribution Fee Management Expenses Account Service Fee (for fund account balances below $10,000) Sales Charge (Load) Imposed on Purchases Purchase Fee Sales Charge (Load) Imposed on Reinvested Dividends Total Annual Fund Operating Expenses Other Expenses Redemption Fee Acquired Fund Fees and Expenses Return Before Taxes Dividend Expenses on Securities Sold Short Borrowing Expenses on Securities Sold Short Other Operating Expenses 12b-1 Distribution Fee Management Expenses Account Service Fee (for fund account balances below $10,000) Sales Charge (Load) Imposed on Purchases Purchase Fee Sales Charge (Load) Imposed on Reinvested Dividends Total Annual Fund Operating Expenses Other Expenses Redemption Fee EX-101.PRE 8 admiral-20121228_pre.xml PRESENTATION