Fund Description: Vanguard S&P Small-Cap 600 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 Small-Cap 600 ETF seeks to track the performance of the S&P SmallCap 600 Index. INDEX DESCRIPTION: The S&P SmallCap 600 Index represents the small-cap segment of the U.S. equity market and measures the investment return of small-capitalization stocks in the United States. The Index includes stocks of 600 small U.S. companies, representing a spectrum of industries. On average, these stocks have smaller market capitalizations than those in the S&P 400 Index. 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. The indexing approach provides broad exposure to small-cap companies in the United States, diversified across growth and value styles. 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.