Fund Description: Vanguard S&P Mid-Cap 400 Value ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Vanguard Admiral Funds, an investment management company. INVESTMENT OBJECTIVE: Vanguard S&P Mid-Cap 400 Value ETF Fund seeks to track the performance of the S&P MidCap 400 Value Index. INDEX DESCRIPTION: The S&P MidCap 400 Value Index measures the investment return of mid-capitalization value stocks in the United States. The Index is broadly diversified and measures performance of value stocks of medium-size U.S. companies. It tracks the value companies of the S&P MidCap 400 Index as identified by three factors: book value to price ratio, earnings to price ratio, and sales to price ratio. FUND STRATEGY: Under normal circumstances, the Fund will invest at least 80% of its assets in the stocks that make up the Index. In applying this 80% policy, assets will include net assets and borrowings for investment purposes. The Fund employs a passive management or indexing investment approach designed to track the performance of the Index which represents the value companies of the S&P MidCap 400 Index. The Fund uses efficient, cost-effective index management techniques. Using full replication, the portfolio holds all stocks in the index in approximately the same capitalization weighting as the index. FUND MANAGEMENT: The Vanguard Group, Inc. serves as advisor to the Fund.