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Objective
The U.S. Small-Mid Cap Portfolio seeks to track the performance of a benchmark index that measures the investment return of small- and mid-capitalization stocks.
Strategy
The Portfolio invests 100% of its assets in Vanguard Extended Market Index Fund. The Underlying Fund employs an indexing investment approach designed to track the performance of the Standard & Poor's Completion Index, a broadly diversified index of stocks of small and mid-size U.S. companies. The S&P Completion Index contains all of the U.S. common stocks regularly traded on the NYSE and the Nasdaq over-the-counter market, except those stocks included in the S&P 500 Index. The Underlying Fund invests by sampling the Index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full Index in terms of key characteristics. These characteristics include industry weightings and market capitalization, as well as certain financial measures, such as price/earnings ratio and dividend yield.
Risks
As with any investment, your investment in the Portfolio could lose money or the Portfolio's performance could trail that of other investments. Each Portfolio has a different level of risk. For a full description of the investment risks associated with this Portfolio, see the Program Description.
