A bar chart compares the average portion of expense ratios that are offset by securities lending income for small-cap, mid-cap, and large-cap funds between the industry excluding Vanguard and Vanguard. The average portion of expense ratios that are offset for small-cap funds was 51 percent for the industry excluding Vanguard and 90 percent for Vanguard. The average portion of expense ratios that are offset for mid-cap funds was 18 percent for the industry excluding Vanguard and 85 percent for Vanguard. The average portion of expense ratios that are offset for large-cap funds was 6 percent for the industry excluding Vanguard and 23 percent for Vanguard.