Vanguard Institutional Index Fund Institutional Shares VINIX NASDAQ

Vanguard Institutional Index Fund Institutional Shares seeks to track the performance of the Standard & Poor's 500 Index, which measures the investment return of large-capitalization stocks in the United States. The fund employs a passively managed, full-replication approach to match the composition of the index, providing investors with convenient exposure to a substantial portion of the nation's largest publicly traded companies. Subject to certain exceptions for U.S. government obligations, the fund maintains diversification guidelines that limit concentration risk by restricting individual security purchases to no more than 10% of outstanding voting securities per issuer or 5% of total fund assets per issuer, except as necessary to accurately replicate the target index.