Federal Money Market Fund (VMFXX)

Federal Money Market Fund (VMFXX) Overview Investment approach Invests primarily in U.S. government agency obligations. Seeks current income. Seeks to maintain a constant $1 net asset value (NAV). Maintains an average maturity of 60 days or less. Options as of 12/23/2016 Share class Expense ratio Minimum Investor 0.11% N/A Fees Total returns Quarter-end as of 09/30/2017 5 2.5 0 1 year 3 year 5 year 10 year Since inception NAV 0.63% 0.30% 0.18% 0.51% 4.28% Purchase fee:none Redemption fee:none Key facts Product type: Taxable Money Market Product type: Government VMFXX inception on 07/13/1981 $82.2 billion net assets for VMFXX as of 10/31/2017 95 holdings as of 10/31/2017 Benchmarked to the US Gov't Money Market Funds Average Turnover rate (Fiscal year-end 08/31/2017) 0.00% SEC yield: 1.03%** Benchmark* 0.23% 0.08% 0.05% 0.30% The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. Note: Fee adjusted for mutual funds where applicable. *Derived from data provided by Lipper, a Thomson Reuters Company. **AVERAGE ANNUALIZED INCOME DIVIDEND OVER THE PAST 7 DAYS. The yield quotation more closely reflects the current earnings of the fund than the total return quotation. Page 1 of 3

Vanguard Federal Money Market Fund (VMFXX) overview Total returns Month-end as of 10/31/2017 1 year 3 year 5 year 10 year Since inception NAV 0.69% 0.32% 0.20% 0.47% 4.27% Benchmark* 0.27% 0.09% 0.05% 0.27% The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. Note: Fee adjusted for mutual funds where applicable. *Derived from data provided by Lipper, a Thomson Reuters Company. People and process Firms Product management Vanguard Federal Money Market Fund seeks to provide current income while maintaining a stable $1 NAV and a very short average maturity. The fund invests at least 99.5% of its total assets in cash, government securities, and/or repurchase agreements that are collateralized solely by government securities or cash (collectively, government securities). As government agency securities, the fund s holdings have very high credit quality, although most are not backed by the full faith and credit of the U.S. government. The portfolio managers seek to add value primarily by emphasizing specific issues that appear attractively priced based on historical yield-spread relationships. The average maturity typically ranges from 30 60 days, and the fund maintains a dollar-weighted average maturity of 60 days or less, and a dollar-weighted average life of 120 days or less. Fundamentals Money market as of 10/31/2017 VMFXX 1 Benchmark 2 Number of holdings 95 N/A Average maturity 48.0 (days) N/A Weighted average life 76.0 (days) N/A Risk and volatility as of 10/31/2017 The fund is designed for investors with a low tolerance for risk; however, the fund s performance could be hurt by: Income risk: 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. Manager risk: The chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective. Credit risk: The chance that the issuer of a security will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer s ability to make such payments will cause the price of that security to decline. Credit risk should be very low for the fund because it invests primarily in securities that are considered to be of high quality. Page 2 of 3

Short-Term Bond Index Fund Admiral Shares (VBIRX) Overview Investment approach Seeks to track the performance of the Bloomberg Barclays U.S. 1 5 Year Government/Credit Float Adjusted Index. Passively managed using index sampling. Diversified exposure to the short-term, investment-grade U.S. bond market. Provides current income with high credit quality. Total returns Quarter-end as of 09/30/2017 3 2 Options as of 04/26/2017 Share class Expense ratio Minimum Admiral 0.07% N/A Investor 0.15% N/A Inst 0.05% $5,000,000 Inst Plus 0.04% $100,000,000 ETF 0.07% ** Fees Purchase fee:none Redemption fee:none Key facts 1 0 1 year 3 year 5 year 10 year Since inception NAV 0.38% 1.43% 1.10% 2.69% 2.97% Benchmark* 0.51% 1.51% 1.21% 2.75% The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. Note: Fee adjusted for mutual funds where applicable. *Bloomberg Barclays U.S. 1 5 Year Government/Credit Bond Index through December 31, 2009; Bloomberg Barclays U.S. 1 5 Year Government/Credit Float Adjusted Index thereafter. **Vanguard ETF Shares can be bought and sold only through a broker (who may charge a commission) and cannot be redeemed with the issuing fund. The market price of Vanguard ETF Shares may be more or less than net asset value. Product type: Short-Term Bond VBIRX inception on 11/12/2001 Earliest share class inception on 03/01/1994 $51.2 billion total net assets as of 10/31/2017 $16.2 billion net assets for VBIRX as of 10/31/2017 2,496 holdings as of 10/31/2017 Indexed to the BloomBarc US 1-5Yr Gov/Cr FltAdj Ix (BFA1TRUU) Turnover rate (Fiscal year-end 12/31/2016) 51.00% Stylebox Bond Invests in U.S. Treasury, agency, and investment-grade corporate securities with short duration. Central tendency Expected range Page 1 of 4

Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX) overview Total returns Month-end as of 10/31/2017 1 year 3 year 5 year 10 year Since inception NAV 0.59% 1.28% 1.10% 2.63% 2.95% Benchmark* 0.63% 1.34% 1.19% 2.69% The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. Note: Fee adjusted for mutual funds where applicable. *Bloomberg Barclays U.S. 1 5 Year Government/Credit Bond Index through December 31, 2009; Bloomberg Barclays U.S. 1 5 Year Government/Credit Float Adjusted Index thereafter. Distribution by credit quality* (% of fund) as of 10/31/2017 Credit rating VBIRX 1 U.S. Government 64.3% Aaa 5.8% Aa 4.9% A 12.4% Baa 12.6% < Baa 0.0% 0% 65% Total 100.0% * Credit-quality ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). NR is used to classify securities for which a rating is not available. NR securities may include a fund s investment in Vanguard Market Liquidity Fund or Vanguard Municipal Cash Management Fund, each of which invests in high-quality money market instruments and may serve as a cash management vehicle for the Vanguard funds, trusts, and accounts. U.S. Treasury, U.S. Agency, and U.S. Agency mortgage-backed securities appear under U.S. Government. Credit-quality ratings for each issue are obtained from Barclays using ratings derived from Moody s Investors Service (Moody s), Fitch Ratings (Fitch), and Standard & Poor s (S&P). When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used. Fundamentals Bond as of 10/31/2017 VBIRX 1 Benchmark 2 Number of bonds 2,496 2,766 Yield to maturity 1.90% 1.91% Short-term reserves 0.50% N/A Average duration 2.7 (years) 2.7 (years) Average effective maturity 2.9 (years) 2.9 (years) Average coupon 2.01% 2.23% Page 2 of 4

Vanguard Short-Term Bond Index Fund Admiral Shares (VBIRX) overview Risk and volatility as of 10/31/2017 VBIRX 1 Benchmark 2 R-squared N/A 0.99 Beta N/A 1.03 Alpha -0.01 N/A Standard deviation 1.38% 1.32% Sharpe ratio 0.65 0.78 Risk and volatility are based on the share class with the earliest inception date. Risk measures are calculated from trailing 36-month fund returns relative to the associated benchmarks. The fund is designed for investors with a low tolerance for risk; however, the fund s performance could be hurt by: Interest rate risk: The chance that bond prices will decline because of rising interest rates. Interest rate risk should be low for the fund because it invests primarily in short-term bonds, whose prices are much less sensitive to interest rate changes than are the prices of long-term bonds. Income risk: The chance that the fund s income will decline because of falling interest rates. Credit risk: The chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer s ability to make such payments will cause the price of that bond to decline. Credit risk should be low for the fund because it purchases only bonds that are of investment-grade quality. Index sampling risk: The chance that the securities selected for the fund, in the aggregate, will not provide investment performance matching that of the index. Index sampling risk for the fund should be low. 1 Short-Term Bond Index Fund Admiral Shares 2 Bloomberg Barclays U.S. 1-5 Year Government/Credit Float Adjusted Index Page 3 of 4

Institutional Index Fund Institutional Shares (VINIX) Overview Investment approach Seeks to track the performance of the Standard & Poor s 500 Index. U.S. large-cap equity diversified across growth and value styles. Passively managed, full-replication approach. Fund remains fully invested. Low expenses minimize net tracking error. Total returns Quarter-end as of 09/30/2017 20 15 10 Options as of 04/27/2017 Share class Expense ratio Minimum Admiral 0.04% N/A Investor 0.14% N/A Inst 0.04% $5,000,000 Inst Plus 0.02% $200,000,000 Inst Select 0.01% $5,000,000,000 ETF 0.04% ** Fees Purchase fee:none Redemption fee:none Key facts 5 0 1 year 3 year 5 year 10 year Since inception NAV 18.57% 10.79% 14.19% 7.44% 9.77% Benchmark* 18.61% 10.81% 14.22% 7.44% The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. Note: Fee adjusted for mutual funds where applicable. *A widely used barometer of U.S. stock market performance; as a market-weighted index of leading companies in leading industries, it is dominated by large-capitalization companies. **Vanguard ETF Shares can be bought and sold only through a broker (who may charge a commission) and cannot be redeemed with the issuing fund. The market price of Vanguard ETF Shares may be more or less than net asset value. Product type: Domestic Large Blend VINIX inception on 07/31/1990 Earliest share class inception on 08/31/1976 $367.5 billion total net assets as of 10/31/2017 $138.5 billion net assets for VINIX as of 10/31/2017 507 holdings as of 10/31/2017 Indexed to the S&P 500 Index (SPTR) Turnover rate (Fiscal year-end 12/31/2016) 4.80% Stylebox Stock Index portfolio of large-capitalization U.S. stocks diversified across investment styles. Central tendency Expected range Page 1 of 5

Vanguard Institutional Index Fund Institutional Shares (VINIX) overview Total returns Month-end as of 10/31/2017 1 year 3 year 5 year 10 year Since inception NAV 23.59% 10.75% 15.15% 7.52% 9.83% Benchmark* 23.63% 10.77% 15.18% 7.51% The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. Note: Fee adjusted for mutual funds where applicable. *A widely used barometer of U.S. stock market performance; as a market-weighted index of leading companies in leading industries, it is dominated by large-capitalization companies. Sector weightings as of 10/31/2017 Sector VINIX 1 Benchmark 2 +/-Weight Information Technology 24.5% 24.5% 0.0% Financials 14.7% 14.7% 0.0% Health Care 14.1% 14.1% 0.0% Consumer Discretionary 11.9% 11.9% 0.0% Industrials 10.0% 10.0% 0.0% Consumer Staples 7.9% 7.9% 0.0% Energy 5.9% 5.9% 0.0% Utilities 3.2% 3.2% 0.0% Materials 3.0% 3.0% 0.0% Real Estate 2.9% 2.9% 0.0% Telecommunication Services 1.9% 1.9% 0.0% Other 0.0% 0.0% 0.0% 0% 25% Total 100.0% 100.0% Page 2 of 5

Vanguard Institutional Index Fund Institutional Shares (VINIX) overview Top 10 holdings as of 10/31/2017 Rank Holding 1 Apple Inc. 2 Microsoft Corp. 3 Alphabet Inc. 4 Amazon.com Inc. 5 Facebook Inc. 6 Johnson & Johnson 7 Berkshire Hathaway Inc. 8 JPMorgan Chase & Co. 9 Exxon Mobil Corp. 10 Bank of America Corp. Top 10 equals 21.2% of net assets Portfolio holdings may exclude any temporary cash investments and equity index products. Fundamentals Stock as of 10/31/2017 VINIX 1 Benchmark 2 Number of stocks 507 505 Avg market cap $192.0 billion $192.0 billion Median market cap $90.7 billion $90.7 billion P/E ratio 22.5x 22.5x P/B ratio 3.1x 3.1x Turnover rate 4.8% Fiscal year end 12/2016 N/A Risk and volatility as of 10/31/2017 VINIX 1 Benchmark 2 R-squared N/A 1.00 Beta N/A 1.00 Alpha -0.01 N/A Standard deviation 10.07% 10.06% Sharpe ratio 1.03 1.04 Risk and volatility are based on the share class with the earliest inception date. Risk measures are calculated from trailing 36-month fund returns relative to the associated benchmarks. 1 Institutional Index Fund Institutional Shares 2 S&P 500 Index Page 3 of 5

Vanguard Institutional Index Fund Institutional Shares (VINIX) overview An investment in the fund could lose money over short or even long periods. You should expect the fund s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The fund s performance could be hurt by: Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund s target index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the fund seeks to track its target index, the fund may underperform the overall stock market. Investment style risk: The chance that returns from large-capitalization 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. 1 Institutional Index Fund Institutional Shares 2 S&P 500 Index Page 4 of 5

Extended Market Index Fund Investor Shares (VEXMX) Overview Investment approach Seeks to track the performance of the S&P Completion Index. Mid- and small-cap equity diversified across growth and value styles. Passively managed, using index sampling. Fund remains fully invested. Low expenses help minimize net tracking error. Total returns Quarter-end as of 09/30/2017 20 15 10 Options as of 04/27/2017 Share class Expense ratio Minimum Admiral 0.08% N/A Investor 0.21% N/A Inst 0.06% $5,000,000 Inst Plus 0.05% $100,000,000 Inst Select 0.02% $3,000,000,000 ETF 0.08% ** Fees Purchase fee:none Redemption fee:none Key facts 5 0 1 year 3 year 5 year 10 year Since inception NAV 18.85% 10.30% 14.06% 8.17% 10.89% Benchmark* 18.91% 10.34% 14.11% 8.20% The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. Note: Fee adjusted for mutual funds where applicable. *Dow Jones Wilshire 4500 Index through June 17, 2005; S&P Transitional Completion Index through September 16, 2005; S&P Completion Index thereafter. **Vanguard ETF Shares can be bought and sold only through a broker (who may charge a commission) and cannot be redeemed with the issuing fund. The market price of Vanguard ETF Shares may be more or less than net asset value. Product type: Domestic Mid-Cap Blend VEXMX inception on 12/21/1987 $60.7 billion total net assets as of 10/31/2017 $1.5 billion net assets for VEXMX as of 10/31/2017 3,160 holdings as of 10/31/2017 Indexed to the S&P Completion Index (SPTRCMI) Turnover rate (Fiscal year-end 12/31/2016) 12.20% Stylebox Stock Index portfolio of mid- and small-capitalization stocks diversified across investment styles. Central tendency Expected range Page 1 of 5

Vanguard Extended Market Index Fund Investor Shares (VEXMX) overview Total returns Month-end as of 10/31/2017 1 year 3 year 5 year 10 year Since inception NAV 25.37% 9.35% 14.68% 8.05% 10.91% Benchmark* 25.43% 9.40% 14.73% 8.08% The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. Note: Fee adjusted for mutual funds where applicable. *Dow Jones Wilshire 4500 Index through June 17, 2005; S&P Transitional Completion Index through September 16, 2005; S&P Completion Index thereafter. Sector weightings as of 10/31/2017 Sector VEXMX 1 Benchmark 2 +/-Weight Information Technology 18.8% 18.7% 0.1% Financials 17.0% 17.2% -0.2% Industrials 13.9% 13.8% 0.1% Consumer Discretionary 13.8% 13.8% 0.0% Health Care 11.0% 10.9% 0.1% Real Estate 8.6% 8.6% 0.0% Materials 5.5% 5.5% 0.0% Energy 4.1% 4.1% 0.0% Utilities 3.3% 3.3% 0.0% Consumer Staples 3.0% 3.0% 0.0% Telecommunication Services 1.0% 1.1% -0.1% Other 0.0% 0.0% 0.0% 0% 20% Total 100.0% 100.0% Page 2 of 5

Vanguard Extended Market Index Fund Investor Shares (VEXMX) overview Top 10 holdings as of 10/31/2017 Rank Holding 1 Tesla Inc. 2 Liberty Global plc 3 Las Vegas Sands Corp. 4 ServiceNow Inc. 5 T-Mobile US Inc. 6 Dell Technologies Inc. Class V 7 Liberty Broadband Corp. 8 FleetCor Technologies Inc. 9 Markel Corp. 10 First Republic Bank Top 10 equals 4.3% of net assets Portfolio holdings may exclude any temporary cash investments and equity index products. Fundamentals Stock as of 10/31/2017 VEXMX 1 Benchmark 2 Number of stocks 3,160 3,278 Avg market cap $6.5 billion $6.5 billion Median market cap $4.3 billion $4.4 billion P/E ratio 19.7x 19.7x P/B ratio 2.3x 2.3x Turnover rate 12.2% Fiscal year end 12/2016 N/A Risk and volatility as of 10/31/2017 VEXMX 1 Benchmark 2 R-squared N/A 1.00 Beta N/A 1.00 Alpha 0.00 N/A Standard deviation 12.23% 12.21% Sharpe ratio 0.74 0.74 Risk and volatility are based on the share class with the earliest inception date. Risk measures are calculated from trailing 36-month fund returns relative to the associated benchmarks. 1 Extended Market Index Fund Investor Shares 2 S&P Completion Index Page 3 of 5

Vanguard Extended Market Index Fund Investor Shares (VEXMX) overview An investment in the fund could lose money over short or even long periods. You should expect the fund s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The fund s performance could be hurt by: Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund s target index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the fund seeks to track its target index, the fund may underperform the overall stock market. Investment style risk: The chance that returns from small- and mid-capitalization stocks will trail returns from the overall stock market. Historically, small- and mid-cap stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently. Small and mid-size companies tend to have greater stock volatility because, among other things, these companies are more sensitive to changing economic conditions. Index sampling risk: The chance that the securities selected for the fund, in the aggregate, will not provide investment performance matching that of the index. Index sampling risk for the fund should be low. 1 Extended Market Index Fund Investor Shares 2 S&P Completion Index Page 4 of 5

Total International Stock Index Fund Admiral Shares (VTIAX) Overview Investment approach Seeks to track the performance of the FTSE Global All Cap ex US Index. Broad exposure across developed and emerging non-u.s. equity markets. Passively managed. Fund remains fully invested. Low expenses minimize net tracking error. Total returns Quarter-end as of 09/30/2017 20 15 10 Options as of 02/23/2017 Share class Expense ratio Minimum Admiral 0.11% N/A Investor 0.18% N/A Inst 0.09% $5,000,000 Inst Plus 0.07% $100,000,000 Inst Select 0.045% $3,000,000,000 ETF 0.11% ** Fees Purchase fee:none Redemption fee:none Key facts 5 0 1 year 3 year 5 year 10 year Since inception NAV 19.27% 5.31% 7.49% 5.64% Benchmark* 19.39% 5.26% 7.46% Fair value impact -0.07% 0.12% 0.07% The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. Note: Fee adjusted for mutual funds where applicable. *Total International Composite Index through August 31, 2006; MSCI EAFE + Emerging Markets Index through December 15, 2010; MSCI ACWI ex USA IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes. **Vanguard ETF Shares can be bought and sold only through a broker (who may charge a commission) and cannot be redeemed with the issuing fund. The market price of Vanguard ETF Shares may be more or less than net asset value. Product type: International Large Blend VTIAX inception on 11/29/2010 Earliest share class inception on 04/29/1996 $315.6 billion total net assets as of 10/31/2017 $65.2 billion net assets for VTIAX as of 10/31/2017 6,270 holdings as of 10/31/2017 Indexed to the FTSE Global All Cap ex US Index (TGPVAN17) Turnover rate (Fiscal year-end 10/31/2017) 3.10% Stylebox Stock Diversified index portfolio of non-us stocks representing the major developed and emerging equity markets. Central tendency Expected range Page 1 of 5

Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) overview Total returns Month-end as of 10/31/2017 1 year 3 year 5 year 10 year Since inception NAV 23.73% 6.07% 7.77% 5.86% Benchmark* 23.52% 6.32% 7.80% Fair value impact 0.43% -0.12% 0.05% The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. Note: Fee adjusted for mutual funds where applicable. *Total International Composite Index through August 31, 2006; MSCI EAFE + Emerging Markets Index through December 15, 2010; MSCI ACWI ex USA IMI Index through June 2, 2013; and FTSE Global All Cap ex US Index thereafter. Benchmark returns are adjusted for withholding taxes. Regional exposure as of 10/31/2017 Region VTIAX 1 Benchmark 2 +/- Weight Europe 43.5% 43.6% -0.1% Pacific 29.6% 29.6% 0.0% Emerging Markets 19.9% 19.8% 0.1% North America 6.5% 6.6% -0.1% Middle East 0.3% 0.3% 0.0% Other 0.2% 0.1% 0.1% 0% 45% Total 100.0% 100.0% Top 10 countries as of 10/31/2017 Country Region VTIAX 1 Benchmark 2 +/- Weight Japan Pacific 17.4% 17.4% 0.0% United Kingdom Europe 12.4% 12.4% 0.0% France Europe 6.5% 6.6% -0.1% Germany Europe 6.5% 6.5% 0.0% Canada North America 6.5% 6.6% -0.1% China Emerging Markets 5.6% 5.5% 0.1% Switzerland Europe 5.3% 5.3% 0.0% Australia Pacific 4.8% 4.8% 0.0% Korea Pacific 3.8% 3.8% 0.0% Taiwan Emerging Markets 3.3% 3.2% 0.1% Top 10 equals 72.1% of stock Page 2 of 5

Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) overview Sector weightings as of 10/31/2017 Sector VTIAX 1 Benchmark 2 +/-Weight Financials 25.6% 25.6% 0.0% Consumer Goods 16.3% 16.2% 0.1% Industrials 15.4% 15.4% 0.0% Consumer Services 8.1% 8.1% 0.0% Basic Materials 7.8% 7.9% -0.1% Health Care 7.1% 7.1% 0.0% Technology 6.5% 6.5% 0.0% Oil & Gas 6.2% 6.2% 0.0% Telecommunications 3.8% 3.8% 0.0% Utilities 3.2% 3.2% 0.0% Other 0.0% 0.0% 0.0% 0% 30% Total 100.0% 100.0% Top 10 holdings as of 10/31/2017 Rank Holding 1 Samsung Electronics Co. Ltd. 2 Royal Dutch Shell plc 3 Nestle SA 4 Tencent Holdings Ltd. 5 HSBC Holdings plc 6 Taiwan Semiconductor Manufacturing Co. Ltd. 7 Novartis AG 8 Roche Holding AG 9 Toyota Motor Corp. 10 Unilever Top 10 equals 8.7% of net assets Portfolio holdings may exclude any temporary cash investments and equity index products. 1 Total International Stock Index Fund Admiral Shares 2 FTSE Global All Cap ex US Index Page 3 of 5

Vanguard Total International Stock Index Fund Admiral Shares (VTIAX) overview Fundamentals Stock as of 10/31/2017 VTIAX 1 Benchmark 2 Number of stocks 6,270 5,902 Avg market cap $57.6 billion $57.6 billion Median market cap $26.5 billion $26.5 billion P/E ratio 16.1x 16.1x P/B ratio 1.7x 1.7x Turnover rate 3.1% Fiscal year end 10/2017 N/A % Emerging 19.90% 19.80% % Developed 80.10% 80.20% Risk and volatility as of 10/31/2017 VTIAX 1 Benchmark 2 R-squared N/A 0.98 Beta N/A 0.94 Alpha 0.00 N/A Standard deviation 11.51% 12.06% Sharpe ratio 0.50 0.50 Risk and volatility are based on the share class with the earliest inception date. Risk measures are calculated from trailing 36-month fund returns relative to the associated benchmarks. An investment in the fund could lose money over short or even long periods. You should expect the fund s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The fund s performance could be hurt by: Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund s investments in foreign stocks can be riskier than U.S. stock investments. Foreign stocks tend to be more volatile and less liquid than U.S. stocks. The prices of foreign stocks and the prices of U.S. stocks may move in opposite directions. In addition, the fund s target index may, at times, become focused in stocks of a particular market sector, which would subject the fund to proportionately higher exposure to the risks of that sector. Country/Regional risk: The chance that world events such as political upheaval, financial troubles, or natural disasters will adversely affect the value of securities issued by companies in foreign countries or regions. Because the fund may invest a large portion of its assets in securities of companies located in any one country or region, its performance may be hurt disproportionately by the poor performance of its investments in that area. Country/Regional risk is especially high in emerging markets. Currency risk: The chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Investment style risk: The chance that returns from small- and mid-capitalization stocks, to the extent that the fund invests in them, will trail returns from the overall stock market. Historically, these stocks have been more volatile in price than the large-cap stocks that dominate the overall market, and they often perform quite differently. Emerging markets risk: The chance that the stocks of companies located in emerging markets will be substantially more volatile, and substantially less liquid, than the stocks of companies located in more developed foreign markets because, among other factors, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, and accounting systems; and greater political, social, and economic instability than developed markets. 1 Total International Stock Index Fund Admiral Shares 2 FTSE Global All Cap ex US Index Page 4 of 5