The portfolio seeks to track the performance of a benchmark index that measures the investment return of the overall stock market.
The Portfolio invests in Vanguard® Institutional Total Stock Market Index Fund, which employs a "passive management"—or indexing—investment approach designed to track the performance of the CRSP US Total Market Index. The Index represents approximately 100% of the investable U.S. stock market and includes large-, mid-, small-, and micro-cap stocks regularly traded on the New York Stock Exchange and Nasdaq. The Fund invests by sampling the Index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximate the full Index in terms of key characteristics. These key characteristics include industry weightings and market capitalization, as well as certain financial measures, such as price/earnings ratio and dividend yield.
The portfolio primarily is subject to stock market risk. The portfolio also has low levels of index sampling risk and derivatives risk.
**The Spliced Institutional Total Stock Market Index consists of the MSCI US Broad Market Index through January 14, 2013; and the CRSP US Total Market Index thereafter.
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Index performance is provided as a benchmark but is not illustrative of any particular investment. An investment cannot be made in an index.
The performance data shown represents past performance. Past performance - especially short-term past performance - is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' units, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data cited. For performance data current to the most recent quarter-end, click here.
