VGSLX Vanguard Real Estate Index Fund Admiral Shares

Also available as an ETF (starting at the price of $1).

Management style

Index

Asset class

Domestic Stock - Sector-Specific

Category

Real Estate

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 4

Less

More

End of Risk Scale.

Expense ratio

0.13%

as of 05/24/2024

Investment minimum

$3,000

as of 03/28/2025

NAV price

$127.21

as of 03/28/2025

Overview

Key facts

CUSIP

921908877

Management style

Index

Asset class

Domestic Stock - Sector-Specific

Category

Real Estate

Inception date

11/12/2001

Fund Number

5123

Ratings

Risk / reward scale

Start of Risk Scale. On a scale of 1 to 5, 1 is less risk less reward, 5 is more risk more reward
The fund risk level is a 4

Less

More

End of Risk Scale.
Price

Minimum Investment

$3,000

NAV Price

$127.21

as of 03/28/2025

NAV change

decreased-$0.11 (-0.09%)

as of 03/28/2025

Expense Ratio

0.13%

as of 05/24/2024

Performance

YTD returns

1.76%

as of 03/28/2025

Product summary

This fund invests in real estate investment trusts—companies that purchase office buildings, hotels, and other real estate property. REITs have often performed differently than stocks and bonds, so this fund may offer some diversification to a portfolio already made up of stocks and bonds. The fund may distribute dividend income higher than other funds, but it is not without risk. One of the fund’s primary risks is its narrow scope, since it invests solely within the real estate industry and may be more volatile than more broadly diversified stock funds.

Fund management

Vanguard Equity Index Group

Performance & fees

Total returns
Month-end/Quarterly Pre-Tax Toggle

as of 02/28/2025

Recent returns

Average annual

Month-end3-Month totalYTD1-yr3-yr5-yr10-yr

Since inception

11/12/2001

VGSLX

3.61%-3.32%5.34%14.01%1.03%5.36%5.30%9.13%

Benchmark

3.62%-3.30%5.35%14.14%1.15%5.49%5.42%9.15%

as of 12/31/2024

Year1st Qtr2nd Qtr3rd Qtr4th QtrYear-end

Benchmark

2025
2024-1.18%-1.90%17.19%-7.64%4.92% 5.05%
20231.80%1.64%-8.52%18.13%11.81% 11.96%
2022-5.97%-15.46%-11.00%4.31%-26.20% -26.12%
20218.70%11.66%0.68%14.90%40.40% 40.56%
2020-24.10%13.46%1.33%9.26%-4.65% -4.55%
201917.28%1.73%7.40%0.62%28.94% 29.03%
2018-8.11%8.83%0.52%-6.44%-5.95% -5.88%
20170.96%1.61%0.89%1.39%4.94% 5.07%
20166.27%6.80%-1.47%-2.97%8.50% 8.60%
20154.72%-10.46%2.01%7.04%2.39% 2.52%

as of 12/31/2024

Year

Capital return by NAV

Income return by NAV

Total return by NAV

Benchmark

20241.87% 3.05%4.92%5.05%
20238.28% 3.52%11.81%11.96%
2022-27.98% 1.78%-26.20%-26.12%
202137.79% 2.61%40.40%40.56%
2020-6.92% 2.27%-4.65%-4.55%
201925.56% 3.38%28.94%29.03%
2018-9.09% 3.14%-5.95%-5.88%
20171.88% 3.06%4.94%5.07%
20165.49% 3.01%8.50%8.60%
2015-0.40% 2.79%2.39%2.52%
201427.01% 3.30%30.32%30.38%
2013-0.54% 2.95%2.42%2.47%
201214.79% 2.89%17.69%17.77%
20116.00% 2.62%8.62%8.69%
201023.86% 4.63%28.49%28.48%

as of 02/28/2025

1-yr3-yr5-yr10-yr

Since inception

11/12/2001

VGSLX14.01% 3.11%29.85% 67.65% 664.91%

Benchmark

14.14%3.50%30.61%69.48%

Expense ratio

VGSLX

0.13%

Average expense ratio of similar funds2

1.15%

Historical volatility measures
as of 02/28/2025
BenchmarkR-Squared3Beta3
Real Estate Spliced Index11.001.00
Dow Jones U.S. Total Stock Market Index0.731.04
Fund-specific fees

Purchase fee

None

Fund family redemption fee

None

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.

Performance data do not reflect the deduction of the $25 annual account service fee that may be applied to certain accounts. If this fee was included, performance would be lower.

Price

Closing price

Closing price as of 03/28/2025

NAV

$127.21

NAV change

decreased-$0.11 (-0.09%)

52-week High

$140.29

as of 09/16/2024

52-week Low

$111.39

as of 04/17/2024

52-week Difference

$28.90 (25.95%)

Historical prices
Chart/Table Toggle
NameDateNAV
VGSLX 03/28/2025
$127.21

This chart can’t be displayed on mobile devices. For the best viewing experience, visit this page from your desktop or laptop.

Portfolio composition

Characteristics

as of 02/28/2025

FundamentalVGSLX
Benchmark
Number of stocks 158 156
Median market cap $32.2 B $32.2 B
Earnings growth rate 6.4% 6.3%
Short-term reserves
P/E ratio 39.0x 38.9x
P/B ratio 2.6x 2.6x
Turnover rate (Fiscal Year-end 01/31/2025) 9.1%
Return on equity 7.0% 7.0%
Foreign holdings 0.0%
Fund total net assets as of 02/28/2025 $67.8 B
Share class total net assets $21.2 B
Weighted exposures

as of 02/28/2025

Sectors4VGSLX Benchmark Benchmark+/- Weight Data Center REITs9.00%9.00%0.00%Diversified Real Estate Activities0.20%0.20%0.00%Diversified REITs2.00%2.00%0.00%Health Care REITs12.70%12.80%-0.10%Hotel & Resort REITs2.10%2.10%0.00%Industrial REITs11.20%11.10%0.10%Multi-Family Residential REITs9.00%9.00%0.00%Office REITs3.10%3.00%0.10%Other Specialized REITs6.50%6.70%-0.20%Real Estate Development0.20%0.20%0.00%Real Estate Operating Companies0.10%0.10%0.00%Real Estate Services7.70%7.60%0.10%Retail REITs13.50%13.40%0.10%Self-Storage REITs6.10%6.10%0.00%Single-Family Residential REITs4.20%4.10%0.10%Telecom Tower REITs10.60%10.60%0.00%Timber REITs1.90%1.90%0.00%

Weighted equity exposures exclude any temporary cash investments and equity index futures. Some short-term fixed income securities are classified as cash and are excluded from the weighted bond exposures.

Holding details

as of 02/28/2025

Ticker Holdings Shares Market value
VRTPX Vanguard Real Estate II Index Fund Institutional Plus Shares 420,563,078 $9,487,903,041
PLD Prologis Inc. 35,396,137 $4,386,289,297
AMT American Tower Corp. 17,858,890 $3,672,144,962
WELL Welltower Inc. 23,297,982 $3,576,473,217
EQIX Equinix Inc. 3,587,606 $3,245,420,140
SPG Simon Property Group Inc. 12,469,426 $2,320,435,484
DLR Digital Realty Trust Inc. 12,677,277 $1,981,711,941
O Realty Income Corp. 33,450,574 $1,907,686,235
PSA Public Storage 6,025,709 $1,829,525,767
CBRE CBRE Group Inc. Class A 11,695,068 $1,659,997,952
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
922031695
74340W103
03027X100
95040Q104
29444U700
828806109
253868103
756109104
74460D109
12504L109
Ticker Description Shares
VRTPX
PLD
AMT
WELL
EQIX
SPG
DLR
O
PSA
CBRE
Ticker Holdings Shares Market value
VRTPX Vanguard Real Estate II Index Fund Institutional Plus Shares 420,563,078 $9,487,903,041
PLD Prologis Inc. 35,396,137 $4,386,289,297
AMT American Tower Corp. 17,858,890 $3,672,144,962
WELL Welltower Inc. 23,297,982 $3,576,473,217
EQIX Equinix Inc. 3,587,606 $3,245,420,140
SPG Simon Property Group Inc. 12,469,426 $2,320,435,484
DLR Digital Realty Trust Inc. 12,677,277 $1,981,711,941
O Realty Income Corp. 33,450,574 $1,907,686,235
PSA Public Storage 6,025,709 $1,829,525,767
CBRE CBRE Group Inc. Class A 11,695,068 $1,659,997,952
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
922031695
74340W103
03027X100
95040Q104
29444U700
828806109
253868103
756109104
74460D109
12504L109
Ticker Description Shares
VRTPX
PLD
AMT
WELL
EQIX
SPG
DLR
O
PSA
CBRE
Ticker Holdings Shares Market value
VRTPX Vanguard Real Estate II Index Fund Institutional Plus Shares 420,563,078 $9,487,903,041
PLD Prologis Inc. 35,396,137 $4,386,289,297
AMT American Tower Corp. 17,858,890 $3,672,144,962
WELL Welltower Inc. 23,297,982 $3,576,473,217
EQIX Equinix Inc. 3,587,606 $3,245,420,140
SPG Simon Property Group Inc. 12,469,426 $2,320,435,484
DLR Digital Realty Trust Inc. 12,677,277 $1,981,711,941
O Realty Income Corp. 33,450,574 $1,907,686,235
PSA Public Storage 6,025,709 $1,829,525,767
CBRE CBRE Group Inc. Class A 11,695,068 $1,659,997,952
Name

of issuer

Title of issuer Coupon/Yield Category of investment Cusip/Other id Effective maturity date Final maturity date Principal amount Amortized cost
922031695
74340W103
03027X100
95040Q104
29444U700
828806109
253868103
756109104
74460D109
12504L109
Ticker Description Shares
VRTPX
PLD
AMT
WELL
EQIX
SPG
DLR
O
PSA
CBRE

Distributions

Realized/Unrealized gains

as of 02/28/2025

Realized gain

-$9.39

% of NAV

decreased-7.06%

Unrealized gains of NAV

$10.19

% of NAV

increased7.66%

Fiscal year end

01/31/2025

Distribution schedule

Quarterly

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses

How your fund can affect your taxes

A fund's capital gains and losses can reveal the tax implications of holding a particular fund in a taxable account. This is true of both realized and unrealized capital gains and losses.

These tax implications don't apply to investors holding a fund in a tax-deferred account, such as an IRA or employer-sponsored retirement plan.

Learn about realized and unrealized gains and losses
Dividend income and capital gains
Type$/Share Payable date Record date Reinvest date Reinvest price
Dividend$1.32060003/26/202503/24/202503/25/2025$127.13
Dividend$0.92278912/24/202412/20/202412/23/2024$125.90
Return of Capital$0.28981112/24/202412/20/202412/23/2024$125.90
Dividend$0.87621509/30/202409/26/202409/27/2024$137.10
Return of Capital$0.27518509/30/202409/26/202409/27/2024$137.10
Dividend$1.11402807/01/202406/27/202406/28/2024$118.82
Return of Capital$0.34987207/01/202406/27/202406/28/2024$118.82
Dividend$0.78938503/25/202403/21/202403/22/2024$119.81
Return of Capital$0.24791503/25/202403/21/202403/22/2024$119.81
Dividend$1.12489912/21/202312/19/202312/20/2023$122.66

Fund management

Vanguard Real Estate Index Fund seeks to track the investment performance of the MSCI US Investable Market Real Estate 25/50 Index. The fund seeks to provide high income and moderate long-term capital growth by investing in stocks issued by commercial REITs. Using a full-replication process, the fund seeks to hold all stocks in the same capitalization weighting as the index. REITs and real estate securities included in the index must have enough shares and trading volume to be considered liquid. Vanguard’s Equity Index Group uses proprietary software to implement trading decisions that accommodate cash flow and maintain close correlation with index characteristics. Vanguard’s refined indexing process, combined with low management fees and efficient trading, has provided tight tracking net of expenses.

 

Vanguard Equity Index Group
Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard’s Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. Rodney Comegys, Principal and global head of Vanguard's Equity Index Group, is responsible for all equity index funds. The Equity Index Group manages indexed equity portfolios covering U.S. and international markets. It has developed sophisticated portfolio construction methodologies and efficient trading strategies that seek to deliver returns that are highly correlated with target portfolio benchmarks. The group has advised Vanguard Real Estate Index Fund since 1996.
Gerard C. O'Reilly
Principal, Portfolio manager.
Advised the fund since 1996. Worked in investment management since 1992. B.S., Villanova University.
Walter Nejman
Portfolio manager.
Advised the fund since 2016. Worked in investment management since 2008. B.A., Arcadia University. M.B.A., Villanova University.
Chris Nieves
CFA, Portfolio manager.
Advised the fund since 2025. Worked in investment management since 2013. B.A., Cornell University. MEng., Cornell University.
Jena Stenger
Portfolio manager.
Advised the fund since 2025. Worked in investment management since 2013. B.S., Villanova University. M.B.A., University of Chicago Booth School of Business.

Performance & fees

1
MSCI US REIT Index adjusted to include a 2% cash position (Lipper Money Market Average) through April 30, 2009; MSCI US REIT Index through February 1, 2018; MSCI US Investable Market Real Estate 25/50 Transition Index through July 24, 2018; MSCI US Investable Market Real Estate 25/50 Index thereafter.
2

Most recent data available. © 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

3

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

Portfolio composition

4

Sector categories are based on the Global Industry Classification Standard (“GICS”), except for the “Other” category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Vanguard average mutual fund expense ratio: 0.09%. Industry average mutual fund expense ratio: 0.50%. All averages are asset-weighted. Industry average excludes Vanguard. Sources: Vanguard and Morningstar, Inc., as of December 31, 2023.

Total returns: Short-term total return information is provided only as a service. Historical performance—particularly short-term performance—is no guarantee of future returns. Price, yield, and return on an actual investment will fluctuate, and you may have a gain or loss when you sell. Average annual returns include changes in price and reinvestments of dividends and capital gains. Since-inception returns for less than 1 year and year-to-date returns aren't annualized. Index performance is provided as a benchmark but isn't illustrative of any particular investment. You can't invest in an index.

Standardized returns: To see quarterly fee-adjusted returns, refer to the Price & Performance details.

Expense ratios: Expense ratios are displayed on Overview. For investments that are less than 1 fiscal year old, expense ratios are estimated.

Risk: All investing is subject to risk, including the possible loss of the money you invest. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Investments in stocks or bonds issued by non-U.S. companies are subject to risks including country/regional risk and currency risk.

An investment in the fund could lose money over short or even long periods. You should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The fund’s performance could be hurt by:

  • Industry concentration risk: The chance that the stocks of REITs and other real estate-related investments will decline because of adverse developments affecting the real estate industry and real property values. Because the fund concentrates its assets in real estate stocks, industry concentration risk is high.
  • Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. The fund’s target index may, at times, become focused in stocks of a particular sector, category, or group of companies. Because the fund seeks to track its target index, the fund may underperform the overall stock market.
  • Interest rate risk: The chance that REIT stock prices overall will decline, and that the cost of borrowing for REITs will increase because of rising interest rates. Interest rate risk is high for the portfolio.
  • Investment style risk: The chance that the returns from REIT stocks—which frequently are small- or mid-capitalization stocks—will trail returns from the overall stock market. Historically, REIT stocks have performed quite differently from the overall market.
  • Nondiversification risk: The chance that the fund may invest a greater percentage of its assets in a particular issuer or group of issuers or may own larger positions of an issuer’s voting stock than a diversified fund.