Fund Description: Vanguard S&P 500 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 500 Value ETF Fund seeks to track the performance of the S&P 500 Value Index. INDEX DESCRIPTION: The S&P 500 Value Index is broadly diversified and measures the performance of value stocks of large U.S. companies. The Index represents the value companies of the S&P 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The Index tracks the value companies of the S&P 500 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. 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.