Contents

AboutYour Fund's Expenses	1
S&P Small-Cap 600 Index Fund	3
S&P Small-Cap 600 Value Index Fund	22
S&P Small-Cap 600 Growth Index Fund	41

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 Small-Cap 600 Index Fund
ETF Shares	$1,000.00	$1,063.60	$0.51
Institutional Shares	1,000.00	1,063.80	0.41
S&P Small-Cap 600 Value Index Fund
ETF Shares	$1,000.00	$1,095.30	$0.78
Institutional Shares	1,000.00	1,095.90	0.42
S&P Small-Cap 600 Growth Index Fund
ETF Shares	$1,000.00	$1,031.70	$0.76
Based on Hypothetical 5% Yearly Return
S&P Small-Cap 600 Index Fund
ETF Shares	$1,000.00	$1,024.30	$0.50
Institutional Shares	1,000.00	1,024.40	0.40
S&P Small-Cap 600 Value Index Fund
ETF Shares	$1,000.00	$1,024.05	$0.75
Institutional Shares	1,000.00	1,024.40	0.40
S&P Small-Cap 600 Growth Index Fund
ETF Shares	$1,000.00	$1,024.05	$0.75

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 Small-Cap 600 Index Fund, 0.10% for ETF Shares and 0.08% for Institutional Shares; for the S&P Small-Cap 600 Value Index Fund, 0.15% for ETF Shares and 0.08% for Institutional Shares; and for the S&P Small-Cap 600 Growth Index Fund, 0.15% for ETF 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 Small-Cap 600 Index Fund

Fund Allocation

As of February 28, 2023

Communication Services	2.1%
Consumer Discretionary	13.6
Consumer Staples	5.2
Energy	4.7
Financials	17.6
Health Care	10.6
Industrials	17.5
Information Technology	13.6
Materials	6.0
Real Estate	6.9
Utilities	2.2

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 Small-Cap 600 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 (99.9%)
Communication Services (2.1%)
	Cogent Communications Holdings Inc.				199,394	12,909
*	Yelp Inc. Class A				325,258	9,764
	Shutterstock Inc.				112,038	8,428
*	Cinemark Holdings Inc.				499,055	6,792
	Scholastic Corp.				138,412	6,313
	Telephone & Data Systems Inc.				464,638	5,896
*	Cars.com Inc.				288,867	5,546
*	Gogo Inc.				302,569	4,980
*	TechTarget Inc.				125,616	4,740
	Shenandoah Telecommunications Co.				233,770	4,563
*	QuinStreet Inc.				234,769	3,984
*	Thryv Holdings Inc.				143,233	3,415
*	EW Scripps Co. Class A				269,909	3,406
*	AMC Networks Inc. Class A				131,276	2,935
	ATN International Inc.				50,039	2,104
*	Gannett Co. Inc.				676,976	2,051
1	Marcus Corp.				113,917	1,833
*	Consolidated Communications Holdings Inc.				345,371	1,047
						90,706
Consumer Discretionary (13.6%)
*	Asbury Automotive Group Inc.				103,227	23,443
	Academy Sports & Outdoors Inc.				371,975	22,002
*	Meritage Homes Corp.				170,534	18,627
	Signet Jewelers Ltd.				215,731	15,451
	Group 1 Automotive Inc.				68,015	15,036
*	National Vision Holdings Inc.				368,186	13,755
	LCI Industries				118,624	13,382
	Installed Building Products Inc.				109,430	12,626
	Steven Madden Ltd.				341,649	12,402
*	Dorman Products Inc.				131,929	12,273

					Shares	Market Value• ($000)
	Kontoor Brands Inc.				230,408	12,016
	American Eagle Outfitters Inc.				812,828	11,680
*	Sonos Inc.				593,876	11,539
*	Tri Pointe Homes Inc.				471,009	11,229
*	Cavco Industries Inc.				38,656	11,017
*	Boot Barn Holdings Inc.				139,110	10,774
*	Frontdoor Inc.				380,329	10,744
	Bloomin' Brands Inc.				409,792	10,696
*	LGI Homes Inc.				95,637	9,976
	MDC Holdings Inc.				266,102	9,846
*	Gentherm Inc.				154,912	9,838
*	Shake Shack Inc. Class A				174,186	9,718
*	Six Flags Entertainment Corp.				345,431	9,119
	Winnebago Industries Inc.				142,346	9,048
	Strategic Education Inc.				103,891	8,857
*	Leslie's Inc.				692,116	8,728
*	ODP Corp.				188,202	8,522
	Cheesecake Factory Inc.				222,714	8,338
*	Adtalem Global Education Inc.				211,477	8,273
	Oxford Industries Inc.				69,689	8,196
*	Stride Inc.				190,383	8,086
*	Sally Beauty Holdings Inc.				498,440	8,020
	Century Communities Inc.				131,690	7,876
*	Dave & Buster's Entertainment Inc.				195,444	7,822
*	Brinker International Inc.				205,064	7,792
	Jack in the Box Inc.				98,062	7,688
*	Vista Outdoor Inc.				263,448	7,524
*	Urban Outfitters Inc.				279,034	7,520
	Monro Inc.				146,516	7,390
*	M/I Homes Inc.				127,756	7,389
	Patrick Industries Inc.				100,270	7,305
*	Abercrombie & Fitch Co. Class A				230,315	6,774
	La-Z-Boy Inc.				200,416	6,490
	Upbound Group Inc.				233,357	6,266
	Wolverine World Wide Inc.				366,770	6,143
*	XPEL Inc.				91,316	6,101
	Buckle Inc.				137,702	5,617

4

S&P Small-Cap 600 Index Fund

5

S&P Small-Cap 600 Index Fund

6

S&P Small-Cap 600 Index Fund

7

S&P Small-Cap 600 Index Fund

8

S&P Small-Cap 600 Index Fund

9

S&P Small-Cap 600 Index Fund