Vanguard Tax-Managed Capital Appreciation Fund Institutional Shares VTCIX Strategy

The investment seeks to provide a tax-efficient return consisting of long-term capital appreciation while tracking the performance of Russell 1000® Index that measures the investment return of large- and mid-capitalization stocks. The advisor uses statistical methods to sample the target index, meaning that it holds a range of securities that, in the aggregate, approximates other characteristics and the performance of the Target Index, while seeking to achieve capital gains and income tax efficiency. The target index, which is made up of common stocks of large- and mid-capitalization U.S. companies.