(PUB) Morningstar FundInvestor

6

Data through April 30, 2014 Vanguard Total Stock Mkt Idx Adm

Ticker

Status Yield Total Assets

Mstar Category

VTSAX Open

1.8% $328,278 mil

Large Blend

Morningstar Analyst Rating 04-29-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Average Above Avg

99% 99% 99% 100% 100% 93% 100% 100% 100%

Œ

Manager Change Partial Manager Change

14.0 18.0 22.0 26.0

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Positive

∞ ∞ ∞ ∞ ∞

Investment Values of Fund Investment Values of S&P 500

People Parent Price

10.0

NAV Total Return % +/-S&P 500 +/-Russ 1000 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 04-14

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

25.99 31.42

28.77 12.61

30.00 6.09 1.18 -0.18 1.76 4.33

34.09 15.63 -0.16

35.36

21.80

27.45 28.83

31.57 17.26

31.30 1.08 -1.03 -0.42 1.91 -0.83

35.65 16.38 0.38 -0.04 2.45 13.93

46.69 33.52

47.46 2.09 -0.47 -0.44 0.44 1.65

-36.99 5.57

2.74 1.53 1.69

1.73 1.21 1.81

0.08 -0.20 1.86

0.01 0.61 1.73

2.37 0.40 2.50

2.20 1.16 2.06

1.13 0.41 2.30

0.17 1.87

29.73

10.80

13.76

-38.72 3.71

26.33

15.20

31.22

11

17

44

24

47

37

39

12

31

27

31

50

Pillar Spectrum Positive ∞

0.34 0.00 0.15 1.54

0.47 0.00 0.10 1.79

0.50 0.00 0.09 1.72

0.56 0.00 0.09 1.76

0.63 0.00 0.07 1.79

0.61 0.00 0.08 2.12

0.54 0.00 0.07 2.33

0.56 0.00 0.06 1.96

0.60 0.00 0.05 1.91

0.76 0.00 0.05 2.23

0.81 0.00 0.05 1.96

0.21 0.00

§ Negative

¶ Neutral

. . .

Performance 04-30-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

12 . .

4

4

5

5

5

5

3

4

2010 2011 2012 2013 2014

6.03 -11.30 11.64 11.68 17.26 6.36 -0.02 -15.23 12.14 1.08 12.91 -3.15 6.24 0.18 16.38 11.02 2.79 6.27 10.10 33.52 2.03 . . . .

90,940 86,541 59,771 49,496 47,190 27,762 18,781 27,895 26,853 20,347 10,856 7,969

Portfolio Analysis 03-31-14 Share change since 02-14 Total Stocks:3692Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Apple Inc

Technology 14.7 5.73 2.29

1 Yr 3 Yr 5 Yr

20.73 13.55 19.65

Trailing

Total

+/-

+/- Russ %Rank Growth of

Exxon Mobil Corporation Google Inc Class A Microsoft Corporation Johnson & Johnson Wells Fargo & Co General Electric Co JPMorgan Chase & Co

Energy

13.9 1.82 2.02

Return% S&P 500 5.37 -0.86 7.83 -0.53 20.73 0.29 13.55 -0.28 19.65 0.51 8.28 0.61

1000 -0.54 -0.42 -0.08 -0.25 0.13 0.23

Cat

$10,000

+Avg +Avg +Avg

Avg Avg Avg

Technology 29.2 -4.64 1.49 Technology 15.2 8.74 1.46 Hlth care 21.1 11.31 1.33 Finan Svs 12.8 10.00 1.25

3 Mo 6 Mo 1 Yr

64 10,537 42 10,783 32 12,073 26 14,641 13 24,522

10 Yr Incept

8.28 5.32

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Industrl

18.3 -3.28 1.24

Other Measures

Standard Index

Best Fit Index

Finan Svs 12.9 -2.98 1.10

S&P 500

R3000

16 22,156 . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Chevron Corp

Energy

11.3 1.29 1.08

Alpha

-0.8 1.04

0.0

Procter & Gamble Co

Cnsmr Def 22.0 2.93 1.04 Finan Svs 15.5 8.68 1.04

Beta

1.00 100

Berkshire Hathaway Inc C

R-Squared

99

Pfizer Inc Hlth care 19.0 2.97 0.98 International Business M Technology 13.4 5.25 0.96 Verizon Communications I Comm Svs 10.4 -2.75 0.94 AT&T Inc Comm Svs 10.5 4.15 0.87 Bank of America Corporat Finan Svs 20.3 -2.70 0.87 Merck & Co Inc Hlth care 39.8 17.88 0.80 Coca-Cola Co Cnsmr Def 21.7 -0.52 0.73 Oracle Corporation Technology 17.1 7.48 0.66 Citigroup Inc Finan Svs 11.3 -8.04 0.66

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

13.02 19.17

16 10

0.47 0.40 0.35

36 37 14

Standard Deviation

13.03 13.55

Mean

7.90

9

Sharpe Ratio

1.04

Potential Capital Gain Exposure: 32% of assets

Morningstar’s Take by Michael Rawson 04-29-14 With rock-bottom costs and complete market coverage, this is the quintessential core stock fund. Vanguard Total Stock Market Index Fund covers virtually the entire U.S. stock market, holding more than 3,600 securities. Investors could use this fund exclusively for exposure to U.S stocks, or pair it with individual stocks or with active mutual funds. The fund’s low cost, broad diversification, and excellent index tracking record warrant a Morningstar Analyst rating of Gold. The index this fund tracks represents the dollar-weighted average of all investors’ U.S. stock holdings. Therefore, its performance should be similar to the average investor’s, before fees. However, its 0.05% expense ratio gives it a nearly 1% expense ratio edge over the average large-blend fund. It is difficult for most managers to overcome this hurdle. In fact, this fund has beaten 84% of large-blend funds over the past 10 years. Total stock market indexes funds cover nearly all listed stocks, so they are more comprehensive than the

S&P 500 Index, which focus primarily on large-cap stocks. However, because both indexes use a market-cap-weighting approach, they tend to be highly correlated and have a lot of overlap. Part of the fund’s superior performance relative to its peers over the past decade is due to its small- and mid-cap holdings, which have outperformed large-cap stocks during that period. While these stocks may not continue to outperform, the fund’s broad diversification should serve investors well over the long run. This fund may be an appealing holding for taxable accounts. Because it covers the full market-cap range, it is not forced to trade as stocks move across market-cap segments. Its market-cap weighting approach also helps reduce turnover because changes in the market value of each holding mirror changes to their weights in the portfolio. This helps reduce the incidence of large capital gains distributions. As a

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 40.8 Large 31.0 Mid 19.3 Small 6.4 Micro 2.5 Avg $mil: 37,211

Value Blnd Growth

Large Mid Small

Cyclical 33.35 1.16 BasicMat 3.70 1.21 4 3 CnsmrCyc11.54 1.34 12 10 FinanSvs 14.72 0.94 15 12 Real Est 3.39 2.32 4 3 Sensitive 41.95 0.96 CommSrvs 3.57 0.89 4 3 Energy 9.27 0.87 10 9 Industrl 12.29 1.08 13 11 Technlgy 16.82 0.96 20 16 Defensive24.70 0.90 CnsmrDef 8.85 0.73 11 9 Hlthcare 12.77 1.08 13 11 Utilities 3.08 0.85 4 2

h r t y u j i o p a k s d f

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

17.07 2.26 1.53 7.43 2.17

1.19 1.11 1.21 1.05 1.00 1.00 0.74 NMF 0.86 0.27

% Rel Category

10.38 3.94 -10.84

result, this fund has been among the most tax-efficient in the large-blend category.

Composition - Net

Cash 0.6 Stocks 99.4 Bonds 0.0 Other 0.0 Foreign 1.7

5.86 4.88

Address:

Vanguard Index Funds Valley Forge, PA 19482 800-662-7447 www.vanguard.com

Minimum Purchase: Min Auto Inv Plan:

$10000

Add: $100 IRA: $0

$0

Add: .

Profitability

% Rel Category

Sales Fees:

No-load 0.03% 3Yr:$16 Quarterly

Return on Equity Return on Assets Net Margin

18.69 7.13 13.17

0.97 0.92 1.04

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

(% of Stock)

11-13-00

Actual Fees:

Mgt:0.03% Dist: .

Vanguard Group, Inc.

Expense Projections: Income Distribution:

5Yr:$28 10Yr:$64

None

Vanguard NTF

Mutual Funds ß ®

© 2014Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

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