Contents

AboutYour Fund's Expenses	1
S&P 500 Value Index Fund	3
S&P 500 Growth Index Fund	22

About Your Fund’s Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A fund‘s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund’s costs in two ways:

•

Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“

•

Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.

1

Six Months Ended February 28, 2023
	Beginning Account Value 8/31/2022	Ending Account Value 2/28/2023	Expenses Paid During Period
Based on Actual Fund Return
S&P 500 Value Index Fund
ETF Shares	$1,000.00	$1,078.60	$0.52
Institutional Shares	1,000.00	1,078.90	0.41
S&P 500 Growth Index Fund
ETF Shares	$1,000.00	$945.40	$0.48
Institutional Shares	1,000.00	945.50	0.39
Based on Hypothetical 5% Yearly Return
S&P 500 Value Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Institutional Shares	1,000.00	1,024.40	0.40
S&P 500 Growth Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Institutional Shares	1,000.00	1,024.40	0.40

The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the S&P 500 Value Index Fund, 0.10% for ETF Shares and 0.08% for Institutional Shares; and for the S&P 500 Growth Index Fund, 0.10% for ETF Shares and 0.08% for Institutional Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).

2

S&P 500 Value Index Fund

Fund Allocation

As of February 28, 2023

Communication Services	8.8%
Consumer Discretionary	10.8
Consumer Staples	6.7
Energy	1.7
Financials	20.5
Health Care	9.1
Industrials	12.3
Information Technology	16.9
Materials	3.2
Real Estate	4.7
Utilities	5.3

The table reflects the fund’s investments, except for short-term investments and derivatives. 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.

The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

3

S&P 500 Value Index Fund

Financial Statements (unaudited)

Schedule of Investments

As of February 28, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

					Shares	Market Value• ($000)
Common Stocks (99.7%)
Communication Services (8.8%)
*	Meta Platforms Inc. Class A				472,330	82,629
*	Walt Disney Co.				382,897	38,140
	Verizon Communications Inc.				882,134	34,236
	Comcast Corp. Class A				906,080	33,679
*	Netflix Inc.				93,472	30,110
	AT&T Inc.				1,301,991	24,621
*	Charter Communications Inc. Class A				22,582	8,301
*	Warner Bros Discovery Inc.				464,577	7,257
*	T-Mobile US Inc.				40,161	5,710
	Activision Blizzard Inc.				61,387	4,681
	Omnicom Group Inc.				42,811	3,877
*	Take-Two Interactive Software Inc.				33,166	3,633
	Interpublic Group of Cos. Inc.				81,581	2,899
*	Match Group Inc.				58,654	2,430
1	Paramount Global Class B				106,039	2,271
	Fox Corp. Class A				63,491	2,224
*	Live Nation Entertainment Inc.				30,090	2,168
	Electronic Arts Inc.				17,641	1,957
	News Corp. Class A				87,592	1,502
	Fox Corp. Class B				29,286	945
	Lumen Technologies Inc.				199,846	680
*	DISH Network Corp. Class A				52,777	602
	News Corp. Class B				17,496	302
						294,854
Consumer Discretionary (10.8%)
*	Amazon.com Inc.				1,006,710	94,862
	NIKE Inc. Class B				264,590	31,431
	Home Depot Inc.				101,073	29,972
*	Booking Holdings Inc.				8,147	20,563
	Target Corp.				96,673	16,289
	McDonald's Corp.				58,472	15,431
	Starbucks Corp.				118,173	12,064
	General Motors Co.				298,544	11,566

					Shares	Market Value• ($000)
	Ford Motor Co.				828,879	10,005
	Lowe's Cos. Inc.				40,394	8,311
	Ross Stores Inc.				72,863	8,054
	TJX Cos. Inc.				87,800	6,726
*	Aptiv plc				56,898	6,616
	eBay Inc.				114,023	5,234
	Lennar Corp. Class A				53,243	5,151
	Marriott International Inc. Class A				27,704	4,689
	Hilton Worldwide Holdings Inc.				29,555	4,271
*	Las Vegas Sands Corp.				68,989	3,965
	Darden Restaurants Inc.				25,707	3,676
	Best Buy Co. Inc.				42,068	3,496
*	Expedia Group Inc.				31,617	3,445
*	Royal Caribbean Cruises Ltd.				46,074	3,255
*	NVR Inc.				629	3,254
	Garmin Ltd.				32,241	3,164
	LKQ Corp.				53,351	3,057
	DR Horton Inc.				32,844	3,037
	MGM Resorts International				66,944	2,879
	Yum! Brands Inc.				21,364	2,717
	PulteGroup Inc.				47,846	2,616
	BorgWarner Inc.				49,169	2,472
*	Wynn Resorts Ltd.				21,649	2,346
*	CarMax Inc.				33,203	2,292
*	Caesars Entertainment Inc.				45,158	2,292
*	Carnival Corp.				210,224	2,233
	Tapestry Inc.				50,619	2,202
	Bath & Body Works Inc.				48,025	1,963
	Advance Auto Parts Inc.				12,678	1,838
	VF Corp.				69,349	1,721
	Whirlpool Corp.				11,435	1,578
	Hasbro Inc.				27,260	1,500
	Genuine Parts Co.				8,283	1,465
*	Etsy Inc.				11,105	1,348
*	Norwegian Cruise Line Holdings Ltd.				88,476	1,311
	Domino's Pizza Inc.				3,991	1,173
	Newell Brands Inc.				78,587	1,155
*	Mohawk Industries Inc.				11,076	1,139

4

S&P 500 Value Index Fund

5

S&P 500 Value Index Fund

6

S&P 500 Value Index Fund

7

S&P 500 Value Index Fund

8

S&P 500 Value Index Fund

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts
			($000)
	Expiration	Number of Long (Short) Contracts	Notional Amount	Value and Unrealized Appreciation (Depreciation)
Long Futures Contracts
E-mini S&P 500 Index	March 2023	24	4,771	(162)

    

Over-the-Counter Total Return Swaps
Reference Entity	Termination Date	Counterparty	Notional Amount ($000)	Floating Interest Rate Received (Paid)1 (%)	Value and Unrealized Appreciation ($000)	Value and Unrealized (Depreciation) ($000)
AT&T Inc.	8/31/23	BANA	3,972	(4.569)	—	(244)

1	Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly.
	BANA—Bank of America, N.A.

  

See accompanying Notes, which are an integral part of the Financial Statements.

9

S&P 500 Value Index Fund

Statement of Assets and Liabilities

As of February 28, 2023

($000s, except shares, footnotes, and per-share amounts)	Amount
Assets
Investments in Securities, at Value1
Unaffiliated Issuers (Cost $3,279,773)	3,343,884
Affiliated Issuers (Cost $8,695)	8,695
Total Investments in Securities	3,352,579
Investment in Vanguard	123
Cash Collateral Pledged—Futures Contracts	260
Receivables for Investment Securities Sold	44
Receivables for Accrued Income	6,650
Receivables for Capital Shares Issued	14
Total Assets	3,359,670
Liabilities
Due to Custodian	45
Payables for Investment Securities Purchased	5,033
Collateral for Securities on Loan	1,479
Payables for Capital Shares Redeemed	647
Payables to Vanguard	121
Variation Margin Payable—Futures Contracts	15
Unrealized Depreciation—Over-the-Counter Swap Contracts	244
Total Liabilities	7,584
Net Assets	3,352,086
1 Includes $1,377,000 of securities on loan.

10

S&P 500 Value Index Fund

Statement of Assets and Liabilities (continued)
At February 28, 2023, net assets consisted of:
($000s, except shares, footnotes, and per-share amounts)	Amount
Paid-in Capital	3,276,263
Total Distributable Earnings (Loss)	75,823
Net Assets	3,352,086
ETF Shares—Net Assets
Applicable to 21,825,000 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	3,173,673
Net Asset Value Per Share—ETF Shares	$145.41
Institutional Shares—Net Assets
Applicable to 559,409 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	178,413
Net Asset Value Per Share—Institutional Shares	$318.93

See accompanying Notes, which are an integral part of the Financial Statements.

11

S&P 500 Value Index Fund

Statement of Operations

	Six Months Ended February 28, 2023
	($000)
Investment Income
Income
Dividends1	35,278
Interest2	90
Securities Lending—Net	23
Total Income	35,391
Expenses
The Vanguard Group—Note B
Investment Advisory Services	38
Management and Administrative—ETF Shares	1,280
Management and Administrative—Institutional Shares	62
Marketing and Distribution—ETF Shares	84
Marketing and Distribution—Institutional Shares	3
Custodian Fees	27
Shareholders’ Reports—ETF Shares	55
Shareholders’ Reports—Institutional Shares	—
Trustees’ Fees and Expenses	1
Other Expenses	6
Total Expenses	1,556
Expenses Paid Indirectly	(3)
Net Expenses	1,553
Net Investment Income	33,838
Realized Net Gain (Loss)
Investment Securities Sold2,3	146,533
Futures Contracts	(779)
Swap Contracts	305
Realized Net Gain (Loss)	146,059
Change in Unrealized Appreciation (Depreciation)
Investment Securities2	32,266
Futures Contracts	(2)
Swap Contracts	5
Change in Unrealized Appreciation (Depreciation)	32,269
Net Increase (Decrease) in Net Assets Resulting from Operations	212,166

1	Dividends are net of foreign withholding taxes of $4,000.
2	Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $86,000, $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
3	Includes $235,263,000 of net gain (loss) resulting from in-kind redemptions.

See accompanying Notes, which are an integral part of the Financial Statements.

12

S&P 500 Value Index Fund

Statement of Changes in Net Assets

	Six Months Ended February 28, 2023		Year Ended August 31, 2022
	($000)		($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	33,838		60,832
Realized Net Gain (Loss)	146,059		167,428
Change in Unrealized Appreciation (Depreciation)	32,269		(390,988)
Net Increase (Decrease) in Net Assets Resulting from Operations	212,166		(162,728)
Distributions
ETF Shares	(37,362)		(54,037)
Institutional Shares	(2,197)		(3,520)
Total Distributions	(39,559)		(57,557)
Capital Share Transactions
ETF Shares	211,228		658,546
Institutional Shares	(618)		4,677
Net Increase (Decrease) from Capital Share Transactions	210,610		663,223
Total Increase (Decrease)	383,217		442,938
Net Assets
Beginning of Period	2,968,869		2,525,931
End of Period	3,352,086		2,968,869

See accompanying Notes, which are an integral part of the Financial Statements.

13

S&P 500 Value Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Six Months Ended February 28, 2023	Year Ended August 31,
		2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$136.61	$146.23	$112.29	$111.46	$111.93	$101.33
Investment Operations
Net Investment Income1	1.496	3.029	2.897	2.984	2.694	2.558
Net Realized and Unrealized Gain (Loss) on Investments	9.073	(9.703)	33.786	.683	(.511)	10.535
Total from Investment Operations	10.569	(6.674)	36.683	3.667	2.183	13.093
Distributions
Dividends from Net Investment Income	(1.769)	(2.946)	(2.743)	(2.837)	(2.653)	(2.493)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(1.769)	(2.946)	(2.743)	(2.837)	(2.653)	(2.493)
Net Asset Value, End of Period	$145.41	$136.61	$146.23	$112.29	$111.46	$111.93
Total Return	7.86%	-4.63%	33.10%	3.33%	2.05%	13.08%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$3,174	$2,801	$2,351	$1,244	$984	$873
Ratio of Total Expenses to Average Net Assets	0.10%2	0.10%	0.10%	0.10%	0.10%	0.15%
Ratio of Net Investment Income to Average Net Assets	2.13%	2.10%	2.19%	2.66%	2.48%	2.38%
Portfolio Turnover Rate3	26%	16%	18%	31%	28%	20%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.10%.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.

14

S&P 500 Value Index Fund

Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Six Months Ended February 28, 2023	Year Ended August 31,
		2022	2021	2020	2019	2018
Net Asset Value, Beginning of Period	$299.63	$320.71	$246.27	$244.40	$245.49	$222.23
Investment Operations
Net Investment Income1	3.321	6.731	6.402	6.596	5.950	6.077
Net Realized and Unrealized Gain (Loss) on Investments	19.888	(21.295)	74.102	1.491	(1.115)	22.813
Total from Investment Operations	23.209	(14.564)	80.504	8.087	4.835	28.890
Distributions
Dividends from Net Investment Income	(3.909)	(6.516)	(6.064)	(6.217)	(5.925)	(5.630)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(3.909)	(6.516)	(6.064)	(6.217)	(5.925)	(5.630)
Net Asset Value, End of Period	$318.93	$299.63	$320.71	$246.27	$244.40	$245.49
Total Return	7.89%	-4.60%	33.14%	3.39%	2.07%	13.18%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$178	$168	$175	$102	$94	$89
Ratio of Total Expenses to Average Net Assets	0.08%2	0.08%	0.08%	0.08%	0.08%	0.08%
Ratio of Net Investment Income to Average Net Assets	2.15%	2.12%	2.22%	2.68%	2.50%	2.45%
Portfolio Turnover Rate3	26%	16%	18%	31%	28%	20%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.08%.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

See accompanying Notes, which are an integral part of the Financial Statements.

15

S&P 500 Value Index Fund

Notes to Financial Statements

Vanguard S&P 500 Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia's invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.

A.  The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

During the six months ended February 28, 2023, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

16

S&P 500 Value Index Fund

3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

During the six months ended February 28, 2023, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.

4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund’s tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.

17

S&P 500 Value Index Fund

5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.