Semiannual Report | June 30, 2021

Vanguard U.S. Stock Index Funds Small-Capitalization Portfolios

Vanguard Small-Cap Index Fund

Vanguard Small-Cap Growth Index Fund

Vanguard Small-Cap Value Index Fund

Contents

About Your Fund's Expenses	1
Small-Cap Index Fund	3
Small-Cap Growth Index Fund	24
Small-Cap Value Index Fund	43
Trustees Approve Advisory Arrangements	62
Liquidity Risk Management	64

Table of Contents

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.

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Six Months Ended June 30, 2021
	Beginning Account Value 12/31/2020	Ending Account Value 6/30/2021	Expenses Paid During Period
Based on Actual Fund Return
Small-Cap Index Fund
Investor Shares	$1,000.00	$1,163.30	$0.91
ETF Shares	1,000.00	1,163.90	0.27
Admiral^TM Shares	1,000.00	1,163.90	0.27
Institutional Shares	1,000.00	1,163.90	0.21
Institutional Plus Shares	1,000.00	1,164.00	0.16
Small-Cap Growth Index Fund
Investor Shares	$1,000.00	$1,084.60	$0.98
ETF Shares	1,000.00	1,085.40	0.36
Admiral Shares	1,000.00	1,085.20	0.36
Institutional Shares	1,000.00	1,085.30	0.31
Small-Cap Value Index Fund
Investor Shares	$1,000.00	$1,230.30	$1.05
ETF Shares	1,000.00	1,231.00	0.39
Admiral Shares	1,000.00	1,231.20	0.39
Institutional Shares	1,000.00	1,231.00	0.33
Based on Hypothetical 5% Yearly Return
Small-Cap Index Fund
Investor Shares	$1,000.00	$1,023.95	$0.85
ETF Shares	1,000.00	1,024.55	0.25
Admiral Shares	1,000.00	1,024.55	0.25
Institutional Shares	1,000.00	1,024.60	0.20
Institutional Plus Shares	1,000.00	1,024.65	0.15
Small-Cap Growth Index Fund
Investor Shares	$1,000.00	$1,023.85	$0.95
ETF Shares	1,000.00	1,024.45	0.35
Admiral Shares	1,000.00	1,024.45	0.35
Institutional Shares	1,000.00	1,024.50	0.30
Small-Cap Value Index Fund
Investor Shares	$1,000.00	$1,023.85	$0.95
ETF Shares	1,000.00	1,024.45	0.35
Admiral Shares	1,000.00	1,024.45	0.35
Institutional Shares	1,000.00	1,024.50	0.30

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 Small-Cap Index Fund, 0.17% for Investor Shares, 0.05% for ETF Shares, 0.05% for Admiral Shares, 0.04% for Institutional Shares, and 0.03% for Institutional Plus Shares; for the Small-Cap Growth Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, 0.07% for Admiral Shares, and 0.06% for Institutional Shares; and for the Small-Cap Value Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, 0.07% for Admiral Shares, and 0.06% 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).

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Small-Cap Index Fund

Fund Allocation

As of June 30, 2021

Basic Materials	4.1%
Consumer Discretionary	15.9
Consumer Staples	3.2
Energy	4.3
Financials	13.7
Health Care	14.2
Industrials	18.5
Other	0.0
Real Estate	8.8
Technology	13.1
Telecommunications	1.4
Utilities	2.8

The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB 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 Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

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Small-Cap Index Fund

Financial Statements (unaudited)

Schedule of Investments—Investments Summary

As of June 30, 2021

This Statement summarizes the fund’s holdings by asset type. Details are reported for each of the fund’s 50 largest individual holdings and for investments that, in total for any issuer, represent more than 1% of the fund’s net assets. The total value of smaller holdings is reported as a single amount within each category.

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) four times in each fiscal year. For the second and fourth quarters the complete list of the fund’s holdings is available on vanguard.com and on Form N-CSR, or you can have it mailed to you without charge by calling 800-662-7447. For the first and third quarters of each fiscal year, the complete list of the fund’s holdings is available as an exhibit to its reports on Form N-PORT. The fund’s Form N-CSR and Form N-PORT reports are available on the SEC’s website at www.sec.gov.

		Shares	Market Value• ($000)	Percentage of Net Assets
Common Stocks
Basic Materials
	Steel Dynamics Inc.	4,994,495	297,672	0.22%
^†	Basic Materials—Other^*,1		5,297,469	3.85%
			5,595,141	4.07%
Consumer Discretionary
	Pool Corp.	948,446	435,014	0.32%
	Tapestry Inc.^*	6,941,632	301,822	0.22%
	Williams-Sonoma Inc.	1,874,202	299,216	0.22%
	RH^*	418,202	283,959	0.21%
	Chegg Inc.^*	3,356,058	278,922	0.20%
	Floor & Decor Holdings Inc. Class A^*	2,611,902	276,078	0.20%
^†	Consumer Discretionary—Other^*,1		19,888,326	14.45%
			21,763,337	15.82%
Consumer Staples
	Darling Ingredients Inc.^*	4,062,191	274,198	0.20%
^†	Consumer Staples —Other^*,1		4,035,802	2.93%
			4,310,000	3.13%
Energy
	Diamondback Energy Inc.	4,505,533	423,024	0.31%
	Enphase Energy Inc.^*	1,520,262	279,166	0.20%
^†	Energy—Other^*,1		5,154,396	3.75%
			5,856,586	4.26%
Financials
	Signature Bank	1,433,846	352,224	0.26%
	Apollo Global Management Inc.	5,205,052	323,754	0.24%
	Brown & Brown Inc.	5,962,465	316,845	0.23%

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Small-Cap Index Fund

		Shares	Market Value• ($000)	Percentage of Net Assets
	Invesco Ltd.	10,339,327	276,370	0.20%
^†	Financials—Other^*,1,2		17,467,514	12.69%
			18,736,707	13.62%
Health Care
	Charles River Laboratories International Inc.^*	1,251,206	462,846	0.34%
	Avantor Inc.^*	12,317,881	437,408	0.32%
	Bio-Techne Corp.	968,271	435,974	0.32%
	PerkinElmer Inc.	2,790,564	430,891	0.31%
	Novavax Inc.^*,1	1,844,526	391,611	0.28%
	Molina Healthcare Inc.^*	1,453,789	367,896	0.27%
	Masimo Corp.^*	1,232,476	298,814	0.22%
	Guardant Health Inc.^*	2,391,570	297,009	0.22%
^†	Health Care—Other^*,1,2		16,342,718	11.87%
			19,465,167	14.15%
Industrials
	IDEX Corp.	1,890,302	415,961	0.30%
	Bill.com Holdings Inc.^*	1,967,876	360,476	0.26%
	Fair Isaac Corp.^*	680,579	342,113	0.25%
	Howmet Aerospace Inc.^*	9,731,016	335,428	0.24%
	Graco Inc.	4,217,330	319,252	0.23%
	Quanta Services Inc.	3,468,793	314,169	0.23%
	Allegion plc	2,239,598	311,976	0.23%
	Lennox International Inc.¹	846,207	296,849	0.22%
	Toro Co.	2,678,969	294,365	0.21%
	Trex Co. Inc.^*	2,871,745	293,521	0.21%
	Booz Allen Hamilton Holding Corp. Class A	3,370,743	287,120	0.21%
	RPM International Inc.	3,224,202	285,922	0.21%
	Nordson Corp.	1,301,333	285,656	0.21%
	Axon Enterprise Inc.^*	1,610,008	284,649	0.21%
	Pentair plc	4,136,647	279,182	0.20%
^†	Industrials—Other^*,1,3		20,556,656	14.95%
			25,263,295	18.37%
^†Other^*,2,4			59	0.00%
Real Estate
	VICI Properties Inc.	13,370,659	414,758	0.30%
	Equity LifeStyle Properties Inc.	4,085,356	303,583	0.22%
	Medical Properties Trust Inc.	14,645,826	294,381	0.21%
^†	Real Estate—Other^*,1,2		10,989,136	8.00%
			12,001,858	8.73%
Technology
	Entegris Inc.	3,372,994	414,777	0.30%
	Nuance Communications Inc.^*	7,123,106	387,782	0.28%
	PTC Inc.^*	2,618,508	369,890	0.27%
	Ceridian HCM Holding Inc.^*	3,344,195	320,775	0.23%
	Avalara Inc.^*	1,942,807	314,346	0.23%
	Five9 Inc.^*	1,669,222	306,119	0.22%
	Dynatrace Inc.^*	4,934,533	288,275	0.21%
	Cree Inc.^*	2,874,760	281,525	0.20%
^†	Technology—Other^*,1,2		15,163,493	11.03%
			17,846,982	12.97%

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Small-Cap Index Fund

			Shares	Market Value• ($000)	Percentage of Net Assets
^†Telecommunications^*,1				1,928,303	1.40%
Utilities
	Atmos Energy Corp.		3,254,453	312,785	0.23%
	Essential Utilities Inc.		6,117,284	279,560	0.20%
^†	Utilities—Other^*			3,286,888	2.39%
				3,879,233	2.82%
Total Common Stocks (Cost $88,662,578)				136,646,668	99.34%
		Coupon
Temporary Cash Investments
Money Market Fund
	Vanguard Market Liquidity Fund^5,6 (Cost $3,099,342)	0.056%	30,997,404	3,099,741	2.25%
Total Investments (Cost $91,761,920)				139,746,409	101.59%
Other Assets and Liabilities—Net				(2,193,233)	(1.59%)
Net Assets				137,553,176	100.00%

Cost is in $000.
•	See Note A in Notes to Financial Statements.
†	Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
*	Includes non-income-producing security.
1	Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $2,236,521,000.
2	Certain securities are valued using significant unobservable inputs.
3	Certain securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the aggregate value of these securities was $73,256,000, representing 0.1% of net assets.
4	“Other” represents securities that are not classified by the fund’s benchmark index.
5	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
6	Collateral of $2,342,714,000 was received for securities on loan, of which $2,323,711,000 is held in Vanguard Market Liquidity Fund and $19,003,000 is held in cash.

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Small-Cap 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 Russell 2000 Index	September 2021	3,204	369,710	(3,074)
E-mini S&P Mid-Cap 400 Index	September 2021	1,829	492,440	(9,071)
				(12,145)

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)
Alcoa Corp.	8/31/21	BOANA	13,488	(0.586)	—	(969)
Avalara Inc.	8/31/21	BOANA	11,895	(0.086)	2,665	—
Bandwidth Inc. Class A	8/31/21	BOANA	16,561	(0.536)	2,742	—
National Fuel Gas Co.	8/31/21	BOANA	4,670	(0.486)	72	—
New York Community Bancorp Inc.	8/31/21	BOANA	2,394	(0.436)	—	(191)
Ollie's Bargain Outlet Holdings Inc.	1/31/22	GSI	26,403	(0.082)	—	(1,165)
Penn National Gaming Inc.	8/31/21	BOANA	32,788	(0.536)	—	(2,206)
Popular Inc.	8/31/21	BOANA	11,425	(0.486)	—	(866)
United Therapeutics Corp.	8/31/21	BOANA	22,308	(0.086)	—	(779)
					5,479	(6,176)

1	Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
	1M—1-month.
	BOANA—Bank of America, N.A.
	GSI—Goldman Sachs International.

At June 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $930,000 in connection with open over-the-counter swap contracts.

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

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Small-Cap Index Fund

Statement of Assets and Liabilities

As of June 30, 2021


($000s, except shares and per-share amounts)	Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $88,662,578)	136,646,668
Affiliated Issuers (Cost $3,099,342)	3,099,741
Total Investments in Securities	139,746,409
Investment in Vanguard	4,698
Cash	19,003
Cash Collateral Pledged—Futures Contracts	45,519
Cash Collateral Pledged—Over-the-Counter Swap Contracts	1,200
Receivables for Investment Securities Sold	571,301
Receivables for Accrued Income	105,731
Receivables for Capital Shares Issued	35,238
Variation Margin Receivable—Futures Contracts	988
Unrealized Appreciation—Over-the-Counter Swap Contracts	5,479
Total Assets	140,535,566
Liabilities
Due to Custodian	304,917
Payables for Investment Securities Purchased	202,826
Collateral for Securities on Loan	2,342,714
Payables for Capital Shares Redeemed	123,091
Payables to Vanguard	2,666
Unrealized Depreciation—Over-the-Counter Swap Contracts	6,176
Total Liabilities	2,982,390
Net Assets	137,553,176

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Small-Cap Index Fund

Statement of Assets and Liabilities (continued)
At June 30, 2021, net assets consisted of:
($000s, except shares and per-share amounts)	Amount
Paid-in Capital	90,234,123
Total Distributable Earnings (Loss)	47,319,053
Net Assets	137,553,176

Investor Shares—Net Assets
Applicable to 6,976,458 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	752,875
Net Asset Value Per Share—Investor Shares	$107.92

ETF Shares—Net Assets
Applicable to 209,093,163 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	47,099,455
Net Asset Value Per Share—ETF Shares	$225.26

Admiral Shares—Net Assets
Applicable to 515,744,189 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	55,668,104
Net Asset Value Per Share—Admiral Shares	$107.94

Institutional Shares—Net Assets
Applicable to 207,660,777 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	22,413,608
Net Asset Value Per Share—Institutional Shares	$107.93

Institutional Plus Shares—Net Assets
Applicable to 37,296,198 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	11,619,134
Net Asset Value Per Share—Institutional Plus Shares	$311.54

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

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Small-Cap Index Fund

Statement of Operations


	Six Months Ended June 30, 2021
	($000)
Investment Income
Income
Dividends	632,102
Interest¹	323
Securities Lending—Net	23,011
Total Income	655,436
Expenses
The Vanguard Group—Note B
Investment Advisory Services	1,895
Management and Administrative—Investor Shares	607
Management and Administrative—ETF Shares	8,429
Management and Administrative—Admiral Shares	11,184
Management and Administrative—Institutional Shares	3,508
Management and Administrative—Institutional Plus Shares	1,384
Marketing and Distribution—Investor Shares	18
Marketing and Distribution—ETF Shares	778
Marketing and Distribution—Admiral Shares	751
Marketing and Distribution—Institutional Shares	248
Marketing and Distribution—Institutional Plus Shares	70
Custodian Fees	435
Shareholders’ Reports—Investor Shares	2
Shareholders’ Reports—ETF Shares	890
Shareholders’ Reports—Admiral Shares	251
Shareholders’ Reports—Institutional Shares	89
Shareholders’ Reports—Institutional Plus Shares	29
Trustees’ Fees and Expenses	18
Total Expenses	30,586
Net Investment Income	624,850
Realized Net Gain (Loss)
Investment Securities Sold^1,2	6,382,455
Futures Contracts	132,320
Swap Contracts	(4,061)
Realized Net Gain (Loss)	6,510,714

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Small-Cap Index Fund

Statement of Operations (continued)
	Six Months Ended June 30, 2021
	($000)
Change in Unrealized Appreciation (Depreciation)
Investment Securities¹	11,793,333
Futures Contracts	(25,843)
Swap Contracts	(8,104)
Change in Unrealized Appreciation (Depreciation)	11,759,386
Net Increase (Decrease) in Net Assets Resulting from Operations	18,894,950

1	Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $323,000, $12,000, and ($11,000), respectively. Purchases and sales are for temporary cash investment purposes.
2	Includes $4,495,802,000 of net gain (loss) resulting from in-kind redemptions.

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

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Small-Cap Index Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2021	Year Ended December 31, 2020
	($000)	($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	624,850	1,296,033
Realized Net Gain (Loss)	6,510,714	3,870,929
Change in Unrealized Appreciation (Depreciation)	11,759,386	13,074,363
Net Increase (Decrease) in Net Assets Resulting from Operations	18,894,950	18,241,325
Distributions
Investor Shares	(3,438)	(8,214)
ETF Shares	(229,993)	(413,915)
Admiral Shares	(275,127)	(548,152)
Institutional Shares	(111,439)	(223,749)
Institutional Plus Shares	(59,915)	(122,453)
Total Distributions	(679,912)	(1,316,483)
Capital Share Transactions
Investor Shares	(65,706)	(147,445)
ETF Shares	3,631,351	4,228,769
Admiral Shares	853,560	(1,839,081)
Institutional Shares	438,987	(1,146,922)
Institutional Plus Shares	(163,044)	(141,850)
Net Increase (Decrease) from Capital Share Transactions	4,695,148	953,471
Total Increase (Decrease)	22,910,186	17,878,313
Net Assets
Beginning of Period	114,642,990	96,764,677
End of Period	137,553,176	114,642,990

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

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Small-Cap Index Fund

Financial Highlights

Investor Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$93.20	$79.35	$63.21	$70.76	$61.75	$53.03
Investment Operations
Net Investment Income	.439¹	.928¹	.832¹	.967¹	.876¹	.843
Net Realized and Unrealized Gain (Loss) on Investments	14.754	13.897	16.319	(7.552)	9.011	8.734
Total from Investment Operations	15.193	14.825	17.151	(6.585)	9.887	9.577
Distributions
Dividends from Net Investment Income	(.473)	(.975)	(1.011)	(.965)	(.877)	(.857)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.473)	(.975)	(1.011)	(.965)	(.877)	(.857)
Net Asset Value, End of Period	$107.92	$93.20	$79.35	$63.21	$70.76	$61.75
Total Return²	16.33%	18.96%	27.22%	-9.43%	16.10%	18.17%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$753	$709	$754	$3,332	$4,345	$4,401
Ratio of Total Expenses to Average Net Assets	0.17%	0.17%	0.17%	0.17%	0.17%	0.18%
Ratio of Net Investment Income to Average Net Assets	0.88%	1.26%	1.14%	1.34%	1.36%	1.55%
Portfolio Turnover Rate³	9%	22%	16%	15%	15%	14%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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.

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Small-Cap Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$194.54	$165.64	$131.94	$147.71	$128.90	$110.71
Investment Operations
Net Investment Income	1.026¹	2.262¹	2.298¹	2.239¹	2.037¹	1.899
Net Realized and Unrealized Gain (Loss) on Investments	30.813	28.863	33.707	(15.808)	18.768	18.221
Total from Investment Operations	31.839	31.125	36.005	(13.569)	20.805	20.120
Distributions
Dividends from Net Investment Income	(1.119)	(2.225)	(2.305)	(2.201)	(1.995)	(1.930)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(1.119)	(2.225)	(2.305)	(2.201)	(1.995)	(1.930)
Net Asset Value, End of Period	$225.26	$194.54	$165.64	$131.94	$147.71	$128.90
Total Return	16.39%	19.08%	27.37%	-9.30%	16.24%	18.31%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$47,099	$37,492	$27,442	$20,914	$21,605	$16,153
Ratio of Total Expenses to Average Net Assets	0.05%	0.05%	0.05%	0.05%	0.05%	0.06%
Ratio of Net Investment Income to Average Net Assets	0.98%	1.47%	1.49%	1.46%	1.48%	1.67%
Portfolio Turnover Rate²	9%	22%	16%	15%	15%	14%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	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.

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Financial Highlights

Admiral Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$93.22	$79.37	$63.23	$70.78	$61.77	$53.05
Investment Operations
Net Investment Income	.496¹	1.029¹	1.108¹	1.067¹	.970¹	.910
Net Realized and Unrealized Gain (Loss) on Investments	14.760	13.887	16.136	(7.563)	8.997	8.733
Total from Investment Operations	15.256	14.916	17.244	(6.496)	9.967	9.643
Distributions
Dividends from Net Investment Income	(.536)	(1.066)	(1.104)	(1.054)	(.957)	(.923)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.536)	(1.066)	(1.104)	(1.054)	(.957)	(.923)
Net Asset Value, End of Period	$107.94	$93.22	$79.37	$63.23	$70.78	$61.77
Total Return²	16.39%	19.11%	27.37%	-9.31%	16.24%	18.30%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$55,668	$47,313	$42,386	$31,382	$33,801	$27,778
Ratio of Total Expenses to Average Net Assets	0.05%	0.05%	0.05%	0.05%	0.05%	0.06%
Ratio of Net Investment Income to Average Net Assets	0.99%	1.40%	1.50%	1.46%	1.48%	1.67%
Portfolio Turnover Rate³	9%	22%	16%	15%	15%	14%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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.

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Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$93.22	$79.37	$63.22	$70.78	$61.77	$53.05
Investment Operations
Net Investment Income	.501¹	1.034¹	1.101¹	1.076¹	.975¹	.915
Net Realized and Unrealized Gain (Loss) on Investments	14.750	13.889	16.161	(7.575)	8.998	8.734
Total from Investment Operations	15.251	14.923	17.262	(6.499)	9.973	9.649
Distributions
Dividends from Net Investment Income	(.541)	(1.073)	(1.112)	(1.061)	(.963)	(.929)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.541)	(1.073)	(1.112)	(1.061)	(.963)	(.929)
Net Asset Value, End of Period	$107.93	$93.22	$79.37	$63.22	$70.78	$61.77
Total Return	16.39%	19.12%	27.40%	-9.32%	16.25%	18.32%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$22,414	$18,957	$17,337	$14,454	$15,352	$13,030
Ratio of Total Expenses to Average Net Assets	0.04%	0.04%	0.04%	0.04%	0.04%	0.05%
Ratio of Net Investment Income to Average Net Assets	1.00%	1.41%	1.49%	1.47%	1.49%	1.68%
Portfolio Turnover Rate²	9%	22%	16%	15%	15%	14%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	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.

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Financial Highlights

Institutional Plus Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$269.07	$229.09	$182.49	$204.30	$178.28	$153.11
Investment Operations
Net Investment Income	1.465¹	2.988¹	3.186¹	3.102¹	2.835¹	2.660
Net Realized and Unrealized Gain (Loss) on Investments	42.581	40.111	46.645	(21.825)	25.980	25.213
Total from Investment Operations	44.046	43.099	49.831	(18.723)	28.815	27.873
Distributions
Dividends from Net Investment Income	(1.576)	(3.119)	(3.231)	(3.087)	(2.795)	(2.703)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(1.576)	(3.119)	(3.231)	(3.087)	(2.795)	(2.703)
Net Asset Value, End of Period	$311.54	$269.07	$229.09	$182.49	$204.30	$178.28
Total Return	16.40%	19.13%	27.40%	-9.30%	16.27%	18.33%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$11,619	$10,172	$8,846	$7,866	$9,531	$8,080
Ratio of Total Expenses to Average Net Assets	0.03%	0.03%	0.03%	0.03%	0.03%	0.04%
Ratio of Net Investment Income to Average Net Assets	1.01%	1.41%	1.49%	1.48%	1.50%	1.69%
Portfolio Turnover Rate²	9%	22%	16%	15%	15%	14%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	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.

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Notes to Financial Statements

Vanguard Small-Cap Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers five classes of shares: Investor Shares, ETF Shares, Admiral Shares, Institutional Shares, and Institutional Plus 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.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus 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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

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.

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During the six months ended June 30, 2021, the fund’s average investments in long and short futures contracts represented 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

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 June 30, 2021, 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 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

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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.

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.

6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes, subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate (or an acceptable alternate rate, if necessary), federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread, except that borrowings under the uncommitted credit facility may bear interest based upon an alternative rate agreed to by the fund and Vanguard.

In accordance with an exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment objective and investment policies. Interfund loans and

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borrowings normally extend overnight, but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.

For the six months ended June 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.

8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities are amortized and accreted, respectively, to interest income over the lives of the respective securities, except for premiums on certain callable debt securities that are amortized to the earliest call date. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2021, the fund had contributed to Vanguard capital in the amount of $4,698,000, representing less than 0.01% of the fund’s net assets and 1.88% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.

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The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2021, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks	136,644,793	—	1,875	136,646,668
Temporary Cash Investments	3,099,741	—	—	3,099,741
Total	139,744,534	—	1,875	139,746,409

Derivative Financial Instruments
Assets
Swap Contracts	—	5,479	—	5,479
Liabilities
Futures Contracts¹	12,145	—	—	12,145
Swap Contracts	—	6,176	—	6,176
Total	12,145	6,176	—	18,321

1	Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

D.	As of June 30, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	92,055,550
Gross Unrealized Appreciation	52,659,228
Gross Unrealized Depreciation	(4,981,211)
Net Unrealized Appreciation (Depreciation)	47,678,017

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $6,934,547,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

During the six months ended June 30, 2021, the fund purchased $22,519,646,000 of investment securities and sold $17,791,269,000 of investment securities, other than temporary cash investments. Purchases and sales include $8,749,645,000 and $6,121,147,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.

The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2021, such purchases and sales were $316,484,000 and $3,741,966,000,

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respectively; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

F.	Capital share transactions for each class of shares were:

	Six Months Ended June 30, 2021		Year Ended December 31, 2020
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
Investor Shares
Issued	57,522	561	52,197	745
Issued in Lieu of Cash Distributions	3,438	33	8,214	109
Redeemed	(126,666)	(1,221)	(207,856)	(2,748)
Net Increase (Decrease)—Investor Shares	(65,706)	(627)	(147,445)	(1,894)
ETF Shares
Issued	9,393,196	42,746	16,291,928	103,198
Issued in Lieu of Cash Distributions	—	—	—	—
Redeemed	(5,761,845)	(26,375)	(12,063,159)	(76,150)
Net Increase (Decrease)—ETF Shares	3,631,351	16,371	4,228,769	27,048
Admiral Shares
Issued	5,333,361	51,813	7,197,182	101,668
Issued in Lieu of Cash Distributions	245,642	2,388	488,424	6,445
Redeemed	(4,725,443)	(45,975)	(9,524,687)	(134,614)
Net Increase (Decrease)—Admiral Shares	853,560	8,226	(1,839,081)	(26,501)
Institutional Shares
Issued	2,949,087	28,561	3,037,642	42,453
Issued in Lieu of Cash Distributions	105,507	1,026	210,983	2,787
Redeemed	(2,615,607)	(25,286)	(4,395,547)	(60,308)
Net Increase (Decrease)—Institutional Shares	438,987	4,301	(1,146,922)	(15,068)
Institutional Plus Shares
Issued	1,313,683	4,419	1,822,548	8,480
Issued in Lieu of Cash Distributions	59,915	202	122,453	562
Redeemed	(1,536,642)	(5,131)	(2,086,851)	(9,851)
Net Increase (Decrease)—Institutional Plus Shares	(163,044)	(510)	(141,850)	(809)

G.	Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.

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Small-Cap Growth Index Fund

Fund Allocation

As of June 30, 2021

Basic Materials	1.7%
Consumer Discretionary	15.4
Consumer Staples	2.9
Energy	2.9
Financials	4.0
Health Care	23.8
Industrials	16.7
Other	0.0
Real Estate	7.8
Technology	21.7
Telecommunications	1.7
Utilities	1.4

The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

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Small-Cap Growth Index Fund

Financial Statements (unaudited)

Schedule of Investments—Investments Summary

As of June 30, 2021

		Shares	Market Value• ($000)	Percentage of Net Assets
Common Stocks
^†Basic Materials^*,1			656,566	1.74%
Consumer Discretionary
	Pool Corp.	599,882	275,142	0.73%
	RH^*	264,607	179,668	0.47%
	Chegg Inc.^*	2,124,412	176,560	0.47%
	Floor & Decor Holdings Inc. Class A^*	1,653,039	174,726	0.46%
	Zynga Inc. Class A^*	16,290,143	173,164	0.46%
	Five Below Inc.^*	882,092	170,482	0.45%
	Liberty Media Corp.-Liberty Formula One Class C^*	3,044,636	146,782	0.39%
	Liberty Media Corp.-Liberty Formula One Class A^*	386,186	16,463	0.04%
^†	Consumer Discretionary—Other^*,1		4,505,849	11.91%
			5,818,836	15.38%
Consumer Staples
	Boston Beer Co. Inc. Class A^*	143,357	146,339	0.39%
^†	Consumer Staples —Other^*,1		947,556	2.50%
			1,093,895	2.89%
Energy
	Enphase Energy Inc.^*	962,184	176,686	0.47%
	Texas Pacific Land Corp.	97,753	156,379	0.41%
^†	Energy—Other^*,1		747,846	1.98%
			1,080,911	2.86%
^†Financials^*,1			1,495,905	3.95%
Health Care
	Charles River Laboratories International Inc.^*	791,143	292,660	0.77%
	Avantor Inc.^*	7,792,662	276,717	0.73%
	Bio-Techne Corp.	612,606	275,832	0.73%

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Small-Cap Growth Index Fund

		Shares	Market Value• ($000)	Percentage of Net Assets
	PerkinElmer Inc.	1,765,488	272,609	0.72%
	Masimo Corp.^*	779,330	188,949	0.50%
	Guardant Health Inc.^*	1,513,816	188,001	0.50%
	Intellia Therapeutics Inc.^*	1,025,109	165,975	0.44%
	Repligen Corp.^*	821,936	164,075	0.43%
	Penumbra Inc.^*	546,133	149,673	0.40%
	Syneos Health Inc.^*	1,635,018	146,318	0.39%
^†	Health Care—Other^*,1,2		6,828,054	18.05%
			8,948,863	23.66%
Industrials
	Fair Isaac Corp.^*	430,271	216,289	0.57%
	Bill.com Holdings Inc.^*	1,145,450	209,824	0.56%
	Graco Inc.	2,666,950	201,888	0.53%
	Lennox International Inc.	535,192	187,745	0.50%
	Toro Co.	1,694,124	186,150	0.49%
	Trex Co. Inc.^*	1,817,195	185,736	0.49%
	Nordson Corp.	822,942	180,644	0.48%
	Axon Enterprise Inc.^*	1,019,291	180,211	0.48%
	MKS Instruments Inc.	872,332	155,231	0.41%
	A O Smith Corp.	2,118,181	152,636	0.40%
	Watsco Inc.	518,243	148,549	0.39%
^†	Industrials—Other^*,1		4,272,429	11.29%
			6,277,332	16.59%
^†Other^*,2,3			30	0.00%
Real Estate
	Equity LifeStyle Properties Inc.	2,582,815	191,929	0.51%
	American Homes 4 Rent Class A	4,343,805	168,757	0.45%
	Americold Realty Trust	3,976,199	150,499	0.40%
	CubeSmart	3,173,041	146,975	0.39%
^†	Real Estate—Other^*		2,294,667	6.06%
			2,952,827	7.81%
Technology
	Entegris Inc.	2,134,071	262,427	0.69%
	PTC Inc.^*	1,655,485	233,854	0.62%
	Avalara Inc.^*	1,286,677	208,184	0.55%
	Ceridian HCM Holding Inc.^*	2,115,543	202,923	0.54%
	Five9 Inc.^*	1,056,065	193,672	0.51%
	Dynatrace Inc.^*	3,121,338	182,349	0.48%
	Cree Inc.^*	1,819,566	178,190	0.47%
	MongoDB Inc. Class A^*	464,794	168,032	0.44%
	Proofpoint Inc.^*	902,792	156,869	0.41%
	Guidewire Software Inc.^*	1,318,485	148,620	0.39%
	Universal Display Corp.	668,241	148,570	0.39%
	Aspen Technology Inc.^*	1,070,916	147,294	0.39%
	Manhattan Associates Inc.^*	1,001,712	145,088	0.38%
^†	Technology—Other^*,1,2		5,812,395	15.38%
			8,188,467	21.64%
Telecommunications
	Cable One Inc.	85,544	163,629	0.43%
^†	Telecommunications—Other^*,1		493,545	1.31%
			657,174	1.74%

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Small-Cap Growth Index Fund

			Shares	Market Value• ($000)	Percentage of Net Assets
Utilities
	Sunrun Inc.^*		3,053,667	170,334	0.45%
^†	Utilities—Other^*			340,715	0.90%
				511,049	1.35%
Total Common Stocks (Cost $25,020,640)				37,681,855	99.61%
		Coupon
Temporary Cash Investments
Money Market Fund
	Vanguard Market Liquidity Fund^4,5 (Cost $902,938)	0.056%	9,030,335	903,033	2.39%
Total Investments (Cost $25,923,578)				38,584,888	102.00%
Other Assets and Liabilities—Net				(754,819)	(2.00%)
Net Assets				37,830,069	100.00%

Cost is in $000.
•	See Note A in Notes to Financial Statements.
†	Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
*	Includes non-income-producing security.
1	Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $733,508,000.
2	Certain securities are valued using significant unobservable inputs.
3	“Other” represents securities that are not classified by the fund’s benchmark index.
4	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5	Collateral of $766,093,000 was received for securities on loan, of which $760,150,000 is held in Vanguard Market Liquidity Fund and $5,943,000 is held in cash.

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Small-Cap Growth 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 Russell 2000 Index	September 2021	399	46,041	388

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)
Bandwidth Inc. Class A	8/31/21	BOANA	5,915	(0.536)	979	—
Beyond Meat Inc.	8/31/21	BOANA	34,901	(0.086)	2,896	—
Bill.com Holdings Inc.	8/31/21	BOANA	14,892	(0.086)	3,424	—
Invitae Corp.	8/31/21	BOANA	10,361	(0.086)	1,782	—
Novocure Ltd.	8/31/21	BOANA	36,720	(0.086)	3,204	—
					12,285	—

1	Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
	1M—1-month.
	BOANA—Bank of America, N.A.

At June 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $12,257,000 in connection with open over-the-counter swap contracts.

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

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Small-Cap Growth Index Fund

Statement of Assets and Liabilities

As of June 30, 2021


($000s, except shares and per-share amounts)	Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $25,020,640)	37,681,855
Affiliated Issuers (Cost $902,938)	903,033
Total Investments in Securities	38,584,888
Investment in Vanguard	1,256
Cash	5,943
Cash Collateral Pledged—Futures Contracts	2,600
Receivables for Investment Securities Sold	187,198
Receivables for Accrued Income	17,927
Receivables for Capital Shares Issued	13,854
Variation Margin Receivable—Futures Contracts	64
Unrealized Appreciation—Over-the-Counter Swap Contracts	12,285
Total Assets	38,826,015
Liabilities
Due to Custodian	95,170
Payables for Investment Securities Purchased	107,876
Collateral for Securities on Loan	766,093
Payables for Capital Shares Redeemed	25,738
Payables to Vanguard	1,069
Total Liabilities	995,946
Net Assets	37,830,069

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Small-Cap Growth Index Fund

Statement of Assets and Liabilities (continued)
At June 30, 2021, net assets consisted of:
($000s, except shares and per-share amounts)	Amount
Paid-in Capital	25,007,909
Total Distributable Earnings (Loss)	12,822,160
Net Assets	37,830,069

Investor Shares—Net Assets
Applicable to 2,207,276 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	179,830
Net Asset Value Per Share—Investor Shares	$81.47

ETF Shares—Net Assets
Applicable to 55,535,866 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	16,087,098
Net Asset Value Per Share—ETF Shares	$289.67

Admiral Shares—Net Assets
Applicable to 172,595,616 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	17,578,335
Net Asset Value Per Share—Admiral Shares	$101.85

Institutional Shares—Net Assets
Applicable to 48,855,094 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	3,984,806
Net Asset Value Per Share—Institutional Shares	$81.56

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

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Small-Cap Growth Index Fund

Statement of Operations


	Six Months Ended June 30, 2021
	($000)
Investment Income
Income
Dividends	62,937
Interest¹	37
Securities Lending—Net	6,508
Total Income	69,482
Expenses
The Vanguard Group—Note B
Investment Advisory Services	1,276
Management and Administrative—Investor Shares	175
Management and Administrative—ETF Shares	4,116
Management and Administrative—Admiral Shares	4,963
Management and Administrative—Institutional Shares	921
Marketing and Distribution—Investor Shares	6
Marketing and Distribution—ETF Shares	281
Marketing and Distribution—Admiral Shares	247
Marketing and Distribution—Institutional Shares	48
Custodian Fees	118
Shareholders’ Reports—Investor Shares	1
Shareholders’ Reports—ETF Shares	391
Shareholders’ Reports—Admiral Shares	82
Shareholders’ Reports—Institutional Shares	33
Trustees’ Fees and Expenses	5
Total Expenses	12,663
Net Investment Income	56,819
Realized Net Gain (Loss)
Investment Securities Sold^1,2	2,603,062
Futures Contracts	3,247
Swap Contracts	(2,664)
Realized Net Gain (Loss)	2,603,645
Change in Unrealized Appreciation (Depreciation)
Investment Securities¹	189,084
Futures Contracts	(188)
Swap Contracts	12,801
Change in Unrealized Appreciation (Depreciation)	201,697
Net Increase (Decrease) in Net Assets Resulting from Operations	2,862,161

1	Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $37,000, less than $1,000, and $0, respectively. Purchases and sales are for temporary cash investment purposes.
2	Includes $1,878,936,000 of net gain (loss) resulting from in-kind redemptions.

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

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Small-Cap Growth Index Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2021	Year Ended December 31, 2020
	($000)	($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	56,819	144,245
Realized Net Gain (Loss)	2,603,645	2,982,774
Change in Unrealized Appreciation (Depreciation)	201,697	5,875,892
Net Increase (Decrease) in Net Assets Resulting from Operations	2,862,161	9,002,911
Distributions
Investor Shares	(212)	(736)
ETF Shares	(27,380)	(61,658)
Admiral Shares	(30,171)	(72,055)
Institutional Shares	(6,987)	(17,057)
Total Distributions	(64,750)	(151,506)
Capital Share Transactions
Investor Shares	(44,728)	(12,462)
ETF Shares	507,692	850,058
Admiral Shares	94,790	(644,807)
Institutional Shares	4,393	(513,761)
Net Increase (Decrease) from Capital Share Transactions	562,147	(320,972)
Total Increase (Decrease)	3,359,558	8,530,433
Net Assets
Beginning of Period	34,470,511	25,940,078
End of Period	37,830,069	34,470,511

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

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Small-Cap Growth Index Fund

Financial Highlights

Investor Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$75.20	$55.89	$42.36	$45.24	$37.43	$34.18
Investment Operations
Net Investment Income	.079¹	.241¹	.178¹	.274¹	.315¹	.355
Net Realized and Unrealized Gain (Loss) on Investments	6.280	19.331	13.617	(2.879)	7.814	3.257
Total from Investment Operations	6.359	19.572	13.795	(2.605)	8.129	3.612
Distributions
Dividends from Net Investment Income	(.089)	(.262)	(.265)	(.275)	(.319)	(.362)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.089)	(.262)	(.265)	(.275)	(.319)	(.362)
Net Asset Value, End of Period	$81.47	$75.20	$55.89	$42.36	$45.24	$37.43
Total Return²	8.46%	35.12%	32.60%	-5.80%	21.78%	10.61%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$180	$209	$171	$1,461	$1,816	$1,850
Ratio of Total Expenses to Average Net Assets	0.19%	0.19%	0.19%	0.19%	0.19%	0.19%
Ratio of Net Investment Income to Average Net Assets	0.21%	0.42%	0.35%	0.58%	0.78%	1.03%
Portfolio Turnover Rate³	16%	24%	18%	22%	19%	27%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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.

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Small-Cap Growth Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$267.36	$198.68	$150.57	$160.81	$133.07	$121.53
Investment Operations
Net Investment Income	.434¹	1.129¹	1.175¹	1.214¹	1.320¹	1.416
Net Realized and Unrealized Gain (Loss) on Investments	22.371	68.729	48.077	(10.263)	27.731	11.563
Total from Investment Operations	22.805	69.858	49.252	(9.049)	29.051	12.979
Distributions
Dividends from Net Investment Income	(.495)	(1.178)	(1.142)	(1.191)	(1.311)	(1.439)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.495)	(1.178)	(1.142)	(1.191)	(1.311)	(1.439)
Net Asset Value, End of Period	$289.67	$267.36	$198.68	$150.57	$160.81	$133.07
Total Return	8.54%	35.29%	32.75%	-5.68%	21.90%	10.74%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$16,087	$14,436	$9,833	$7,286	$6,981	$5,328
Ratio of Total Expenses to Average Net Assets	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%
Ratio of Net Investment Income to Average Net Assets	0.32%	0.55%	0.64%	0.70%	0.90%	1.15%
Portfolio Turnover Rate²	16%	24%	18%	22%	19%	27%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	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.

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Small-Cap Growth Index Fund

Financial Highlights

Admiral Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$94.02	$69.87	$52.95	$56.55	$46.79	$42.73
Investment Operations
Net Investment Income	.153¹	.392¹	.419¹	.423¹	.465¹	.496
Net Realized and Unrealized Gain (Loss) on Investments	7.851	24.172	16.902	(3.605)	9.755	4.069
Total from Investment Operations	8.004	24.564	17.321	(3.182)	10.220	4.565
Distributions
Dividends from Net Investment Income	(.174)	(.414)	(.401)	(.418)	(.460)	(.505)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.174)	(.414)	(.401)	(.418)	(.460)	(.505)
Net Asset Value, End of Period	$101.85	$94.02	$69.87	$52.95	$56.55	$46.79
Total Return²	8.52%	35.30%	32.76%	-5.68%	21.92%	10.73%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$17,578	$16,149	$12,717	$8,560	$8,729	$6,648
Ratio of Total Expenses to Average Net Assets	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%
Ratio of Net Investment Income to Average Net Assets	0.32%	0.54%	0.65%	0.70%	0.90%	1.15%
Portfolio Turnover Rate³	16%	24%	18%	22%	19%	27%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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.

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Small-Cap Growth Index Fund

Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$75.29	$55.95	$42.40	$45.29	$37.47	$34.22
Investment Operations
Net Investment Income	.126¹	.319¹	.327¹	.335¹	.375¹	.401
Net Realized and Unrealized Gain (Loss) on Investments	6.287	19.358	13.550	(2.886)	7.818	3.257
Total from Investment Operations	6.413	19.677	13.877	(2.551)	8.193	3.658
Distributions
Dividends from Net Investment Income	(.143)	(.337)	(.327)	(.339)	(.373)	(.408)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.143)	(.337)	(.327)	(.339)	(.373)	(.408)
Net Asset Value, End of Period	$81.56	$75.29	$55.95	$42.40	$45.29	$37.47
Total Return	8.53%	35.31%	32.77%	-5.69%	21.94%	10.74%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$3,985	$3,676	$3,218	$2,858	$3,690	$2,969
Ratio of Total Expenses to Average Net Assets	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%
Ratio of Net Investment Income to Average Net Assets	0.33%	0.55%	0.64%	0.71%	0.91%	1.16%
Portfolio Turnover Rate²	16%	24%	18%	22%	19%	27%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	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.

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Small-Cap Growth Index Fund

Notes to Financial Statements

Vanguard Small-Cap Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral 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.

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.

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Small-Cap Growth Index Fund

During the six months ended June 30, 2021, 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.

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Small-Cap Growth Index Fund

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Small-Cap Growth Index Fund

For the six months ended June 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2021, the fund had contributed to Vanguard capital in the amount of $1,256,000, representing less than 0.01% of the fund’s net assets and 0.50% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

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Small-Cap Growth Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2021, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks	37,680,844	—	1,011	37,681,855
Temporary Cash Investments	903,033	—	—	903,033
Total	38,583,877	—	1,011	38,584,888

Derivative Financial Instruments
Assets
Futures Contracts¹	388	—	—	388
Swap Contracts	—	12,285	—	12,285
Total	388	12,285	—	12,673

1	Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

D.	As of June 30, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	25,961,786
Gross Unrealized Appreciation	13,924,562
Gross Unrealized Depreciation	(1,288,787)
Net Unrealized Appreciation (Depreciation)	12,635,775

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $2,420,434,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

During the six months ended June 30, 2021, the fund purchased $9,302,354,000 of investment securities and sold $8,805,322,000 of investment securities, other than temporary cash investments. Purchases and sales include $3,282,671,000 and $3,138,458,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.

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Small-Cap Growth Index Fund

F.	Capital share transactions for each class of shares were:

	Six Months Ended June 30, 2021		Year Ended December 31, 2020
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
Investor Shares
Issued	18,980	236	34,870	559
Issued in Lieu of Cash Distributions	212	3	736	12
Redeemed	(63,920)	(811)	(48,068)	(856)
Net Increase (Decrease)—Investor Shares	(44,728)	(572)	(12,462)	(285)
ETF Shares
Issued	3,709,864	13,041	6,364,154	29,978
Issued in Lieu of Cash Distributions	—	—	—	—
Redeemed	(3,202,172)	(11,500)	(5,514,096)	(25,475)
Net Increase (Decrease)—ETF Shares	507,692	1,541	850,058	4,503
Admiral Shares
Issued	1,920,815	19,358	2,496,750	35,213
Issued in Lieu of Cash Distributions	27,089	277	65,017	860
Redeemed	(1,853,114)	(18,813)	(3,206,574)	(46,325)
Net Increase (Decrease)—Admiral Shares	94,790	822	(644,807)	(10,252)
Institutional Shares
Issued	440,924	5,565	658,957	11,461
Issued in Lieu of Cash Distributions	6,511	83	15,526	256
Redeemed	(443,042)	(5,618)	(1,188,244)	(20,410)
Net Increase (Decrease)—Institutional Shares	4,393	30	(513,761)	(8,693)

G.	Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.

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Small-Cap Value Index Fund

Fund Allocation

As of June 30, 2021

Basic Materials	5.9%
Consumer Discretionary	16.4
Consumer Staples	3.3
Energy	5.4
Financials	21.3
Health Care	6.7
Industrials	19.9
Real Estate	9.5
Technology	6.4
Telecommunications	1.2
Utilities	4.0

The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

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Small-Cap Value Index Fund

Financial Statements (unaudited)

Schedule of Investments—Investments Summary

As of June 30, 2021

		Shares	Market Value• ($000)	Percentage of Net Assets
Common Stocks
Basic Materials
	Steel Dynamics Inc.	3,110,808	185,404	0.39%
	Mosaic Co.	5,301,033	169,156	0.35%
	Cleveland-Cliffs Inc.^*,1	6,972,292	150,323	0.31%
	Reliance Steel & Aluminum Co.	987,557	149,022	0.31%
^†	Basic Materials—Other^*,1		2,186,171	4.55%
			2,840,076	5.91%
Consumer Discretionary
	Tapestry Inc.^*	4,324,343	188,022	0.39%
	Williams-Sonoma Inc.	1,167,535	186,397	0.39%
	Norwegian Cruise Line Holdings Ltd.^*	5,738,289	168,763	0.35%
	Newell Brands Inc.	5,933,409	162,991	0.34%
	Lithia Motors Inc. Class A	461,561	158,611	0.33%
	Gap Inc.	4,361,772	146,774	0.31%
^†	Consumer Discretionary—Other^*,1		6,853,481	14.26%
			7,865,039	16.37%
Consumer Staples
	Bunge Ltd.	2,083,835	162,852	0.34%
^†	Consumer Staples —Other^*,1		1,407,310	2.93%
			1,570,162	3.27%
Energy
	Diamondback Energy Inc.	2,807,266	263,574	0.55%
	Marathon Oil Corp.	12,225,426	166,510	0.35%
	Targa Resources Corp.	3,545,959	157,618	0.33%
	Devon Energy Corp.	5,249,223	153,225	0.32%
^†	Energy—Other^*,1		1,843,137	3.83%
			2,584,064	5.38%
Financials
	Signature Bank	893,190	219,412	0.46%

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Small-Cap Value Index Fund

		Shares	Market Value• ($000)	Percentage of Net Assets
	Apollo Global Management Inc.	3,242,269	201,669	0.42%
	Brown & Brown Inc.	3,713,746	197,348	0.41%
	Invesco Ltd.	6,439,298	172,122	0.36%
	LPL Financial Holdings Inc.	1,177,642	158,958	0.33%
	East West Bancorp Inc.	2,199,461	157,679	0.33%
	Comerica Inc.	2,164,893	154,443	0.32%
	Ares Management Corp. Class A	2,391,112	152,051	0.32%
	First Horizon Corp.	8,565,801	148,017	0.31%
	Assurant Inc.	939,390	146,714	0.31%
^†	Financials—Other^*,1,2		8,489,540	17.66%
			10,197,953	21.23%
Health Care
	Molina Healthcare Inc.^*	905,392	229,118	0.48%
	Novavax Inc.^*	999,024	212,103	0.44%
	Jazz Pharmaceuticals plc^*	894,247	158,854	0.33%
^†	Health Care—Other^*,1,2		2,628,086	5.47%
			3,228,161	6.72%
Industrials
	IDEX Corp.	1,177,247	259,053	0.54%
	Howmet Aerospace Inc.^*	6,061,554	208,942	0.43%
	Quanta Services Inc.	2,161,168	195,737	0.41%
	Allegion plc	1,394,709	194,283	0.40%
	Booz Allen Hamilton Holding Corp. Class A	2,100,021	178,880	0.37%
	RPM International Inc.	2,007,995	178,069	0.37%
	Pentair plc	2,577,056	173,926	0.36%
	Owens Corning	1,619,675	158,566	0.33%
	Carlisle Cos. Inc.	809,242	154,873	0.32%
	Robert Half International Inc.	1,661,586	147,831	0.31%
	AECOM^*	2,270,040	143,739	0.30%
	AptarGroup Inc.	1,018,822	143,491	0.30%
	Sensata Technologies Holding plc^*	2,452,643	142,180	0.30%
^†	Industrials—Other^*,1,3		7,238,434	15.07%
			9,518,004	19.81%
Real Estate
	VICI Properties Inc.	8,327,310	258,313	0.54%
	Medical Properties Trust Inc.	9,120,146	183,315	0.38%
	Gaming & Leisure Properties Inc.	3,428,951	158,863	0.33%
	Jones Lang LaSalle Inc.^*	795,768	155,541	0.32%
^†	Real Estate—Other^*,1,2		3,813,436	7.94%
			4,569,468	9.51%
Technology
	Nuance Communications Inc.^*	4,437,205	241,561	0.50%
	DXC Technology Co.^*	3,948,718	153,763	0.32%
^†	Technology—Other^*,1		2,676,692	5.57%
			3,072,016	6.39%
^†Telecommunications^*,1			554,099	1.15%
Utilities
	Atmos Energy Corp.	2,026,326	194,750	0.41%
	Essential Utilities Inc.	3,809,864	174,111	0.36%

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Small-Cap Value Index Fund

			Shares	Market Value• ($000)	Percentage of Net Assets
	UGI Corp.		3,235,261	149,825	0.31%
^†	Utilities—Other^*			1,394,741	2.90%
				1,913,427	3.98%
Total Common Stocks (Cost $33,246,557)				47,912,469	99.72%
		Coupon
Temporary Cash Investments
Money Market Fund
	Vanguard Market Liquidity Fund^4,5 (Cost $462,038)	0.056%	4,620,875	462,087	0.96%
Total Investments (Cost $33,708,595)				48,374,556	100.68%
Other Assets and Liabilities—Net				(325,523)	(0.68%)
Net Assets				48,049,033	100.00%

Cost is in $000.
•	See Note A in Notes to Financial Statements.
*	Includes non-income-producing security.
†	Represents the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
1	Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $415,462,000.
2	Certain securities are valued using significant unobservable inputs.
3	Certain securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, the aggregate value of these securities was $45,661,000, representing 0.1% of net assets.
4	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
5	Collateral of $439,320,000 was received for securities on loan, of which $425,425,000 is held in Vanguard Market Liquidity Fund and $13,895,000 is held in cash.

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Small-Cap 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 Russell 2000 Index	September 2021	762	87,927	245

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)
Alcoa Corp.	8/31/21	BOANA	7,736	(0.586)	—	(554)
Alliance Data Systems Corp.	8/31/21	BOANA	24,210	(0.086)	—	(3,332)
Bridgebio Pharma Inc.	8/31/21	BOANA	17,760	(0.086)	528	—
National Fuel Gas Co.	8/31/21	BOANA	3,373	(0.486)	52	—
New York Community Bancorp Inc.	8/31/21	BOANA	1,197	(0.436)	—	(96)
Novavax Inc.	1/31/22	GSI	28,061	(0.082)	3,784	—
Popular Inc.	8/31/21	BOANA	8,569	(0.486)	—	(650)
					4,364	(4,632)

1	Based on 1M USD London Interbank Offered Rate (LIBOR) as of the most recent payment date. Floating interest payment received/paid monthly.
	1M—1-month.
	BOANA—Bank of America, N.A.
	GSI—Goldman Sachs International.

At June 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $3,432,000 in connection with open over-the-counter swap contracts.

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

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Small-Cap Value Index Fund

Statement of Assets and Liabilities

As of June 30, 2021


($000s, except shares and per-share amounts)	Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $33,246,557)	47,912,469
Affiliated Issuers (Cost $462,038)	462,087
Total Investments in Securities	48,374,556
Investment in Vanguard	1,675
Cash	13,895
Cash Collateral Pledged—Futures Contracts	3,950
Cash Collateral Pledged—Over-the-Counter Swap Contracts	4,690
Receivables for Investment Securities Sold	124,331
Receivables for Accrued Income	47,723
Receivables for Capital Shares Issued	21,758
Variation Margin Receivable—Futures Contracts	92
Unrealized Appreciation—Over-the-Counter Swap Contracts	4,364
Total Assets	48,597,034
Liabilities
Due to Custodian	43,410
Payables for Investment Securities Purchased	34,631
Collateral for Securities on Loan	439,320
Payables for Capital Shares Redeemed	24,630
Payables to Vanguard	1,378
Unrealized Depreciation—Over-the-Counter Swap Contracts	4,632
Total Liabilities	548,001
Net Assets	48,049,033

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Small-Cap Value Index Fund

Statement of Assets and Liabilities (continued)
At June 30, 2021, net assets consisted of:
($000s, except shares and per-share amounts)	Amount
Paid-in Capital	35,326,365
Total Distributable Earnings (Loss)	12,722,668
Net Assets	48,049,033

Investor Shares—Net Assets
Applicable to 6,057,782 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	252,209
Net Asset Value Per Share—Investor Shares	$41.63

ETF Shares—Net Assets
Applicable to 141,428,073 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	24,556,783
Net Asset Value Per Share—ETF Shares	$173.63

Admiral Shares—Net Assets
Applicable to 249,431,190 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	18,609,767
Net Asset Value Per Share—Admiral Shares	$74.61

Institutional Shares—Net Assets
Applicable to 111,029,825 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	4,630,274
Net Asset Value Per Share—Institutional Shares	$41.70

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

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Small-Cap Value Index Fund

Statement of Operations


	Six Months Ended June 30, 2021
	($000)
Investment Income
Income
Dividends	320,975
Interest¹	35
Securities Lending—Net	7,612
Total Income	328,622
Expenses
The Vanguard Group—Note B
Investment Advisory Services	1,327
Management and Administrative—Investor Shares	232
Management and Administrative—ETF Shares	5,851
Management and Administrative—Admiral Shares	4,971
Management and Administrative—Institutional Shares	1,023
Marketing and Distribution—Investor Shares	7
Marketing and Distribution—ETF Shares	348
Marketing and Distribution—Admiral Shares	265
Marketing and Distribution—Institutional Shares	55
Custodian Fees	310
Shareholders’ Reports—Investor Shares	1
Shareholders’ Reports—ETF Shares	785
Shareholders’ Reports—Admiral Shares	93
Shareholders’ Reports—Institutional Shares	31
Trustees’ Fees and Expenses	6
Total Expenses	15,305
Net Investment Income	313,317
Realized Net Gain (Loss)
Investment Securities Sold^1,2	1,589,796
Futures Contracts	7,185
Swap Contracts	15,889
Realized Net Gain (Loss)	1,612,870
Change in Unrealized Appreciation (Depreciation)
Investment Securities¹	6,648,378
Futures Contracts	(38)
Swap Contracts	1,780
Change in Unrealized Appreciation (Depreciation)	6,650,120
Net Increase (Decrease) in Net Assets Resulting from Operations	8,576,307

1	Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $35,000, $8,000, and ($9,000), respectively. Purchases and sales are for temporary cash investment purposes.
2	Includes $821,366,000 of net gain (loss) resulting from in-kind redemptions.

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

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Small-Cap Value Index Fund

Statement of Changes in Net Assets


	Six Months Ended June 30, 2021	Year Ended December 31, 2020
	($000)	($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	313,317	620,314
Realized Net Gain (Loss)	1,612,870	(634,360)
Change in Unrealized Appreciation (Depreciation)	6,650,120	2,345,495
Net Increase (Decrease) in Net Assets Resulting from Operations	8,576,307	2,331,449
Distributions
Investor Shares	(1,915)	(3,847)
ETF Shares	(179,214)	(285,203)
Admiral Shares	(135,736)	(241,645)
Institutional Shares	(33,704)	(63,508)
Total Distributions	(350,569)	(594,203)
Capital Share Transactions
Investor Shares	(33,671)	(25,540)
ETF Shares	2,566,617	1,967,955
Admiral Shares	1,076,103	(82,929)
Institutional Shares	55,267	(39,394)
Net Increase (Decrease) from Capital Share Transactions	3,664,316	1,820,092
Total Increase (Decrease)	11,890,054	3,557,338
Net Assets
Beginning of Period	36,158,979	32,601,641
End of Period	48,049,033	36,158,979

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

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Small-Cap Value Index Fund

Financial Highlights

Investor Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$34.08	$32.86	$27.35	$31.82	$29.00	$23.69
Investment Operations
Net Investment Income	.260¹	.550¹	.543¹	.603¹	.534¹	.477
Net Realized and Unrealized Gain (Loss) on Investments	7.575	1.208	5.608	(4.471)	2.820	5.315
Total from Investment Operations	7.835	1.758	6.151	(3.868)	3.354	5.792
Distributions
Dividends from Net Investment Income	(.285)	(.538)	(.641)	(.602)	(.534)	(.482)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.285)	(.538)	(.641)	(.602)	(.534)	(.482)
Net Asset Value, End of Period	$41.63	$34.08	$32.86	$27.35	$31.82	$29.00
Total Return²	23.03%	5.72%	22.61%	-12.34%	11.67%	24.65%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$252	$234	$255	$1,501	$2,060	$2,357
Ratio of Total Expenses to Average Net Assets	0.19%	0.19%	0.19%	0.19%	0.19%	0.19%
Ratio of Net Investment Income to Average Net Assets	1.35%	1.98%	1.76%	1.92%	1.82%	1.96%
Portfolio Turnover Rate³	8%	26%	19%	18%	19%	18%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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.

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Small-Cap Value Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$142.13	$137.05	$114.05	$132.71	$120.95	$98.81
Investment Operations
Net Investment Income	1.169¹	2.584¹	2.840¹	2.720¹	2.427¹	2.119
Net Realized and Unrealized Gain (Loss) on Investments	31.618	4.884	22.984	(18.702)	11.709	22.159
Total from Investment Operations	32.787	7.468	25.824	(15.982)	14.136	24.278
Distributions
Dividends from Net Investment Income	(1.287)	(2.388)	(2.824)	(2.678)	(2.376)	(2.138)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(1.287)	(2.388)	(2.824)	(2.678)	(2.376)	(2.138)
Net Asset Value, End of Period	$173.63	$142.13	$137.05	$114.05	$132.71	$120.95
Total Return	23.10%	5.82%	22.76%	-12.22%	11.79%	24.80%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$24,557	$17,837	$14,808	$11,560	$12,650	$10,042
Ratio of Total Expenses to Average Net Assets	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%
Ratio of Net Investment Income to Average Net Assets	1.45%	2.23%	2.19%	2.04%	1.94%	2.08%
Portfolio Turnover Rate²	8%	26%	19%	18%	19%	18%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	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.

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Small-Cap Value Index Fund

Financial Highlights

Admiral Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$61.07	$58.89	$49.01	$57.02	$51.97	$42.46
Investment Operations
Net Investment Income	.503¹	1.058¹	1.230¹	1.165¹	1.039¹	.911
Net Realized and Unrealized Gain (Loss) on Investments	13.590	2.148	9.863	(8.024)	5.032	9.518
Total from Investment Operations	14.093	3.206	11.093	(6.859)	6.071	10.429
Distributions
Dividends from Net Investment Income	(.553)	(1.026)	(1.213)	(1.151)	(1.021)	(.919)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.553)	(1.026)	(1.213)	(1.151)	(1.021)	(.919)
Net Asset Value, End of Period	$74.61	$61.07	$58.89	$49.01	$57.02	$51.97
Total Return²	23.12%	5.85%	22.76%	-12.23%	11.80%	24.78%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$18,610	$14,314	$13,907	$10,167	$11,278	$9,469
Ratio of Total Expenses to Average Net Assets	0.07%	0.07%	0.07%	0.07%	0.07%	0.07%
Ratio of Net Investment Income to Average Net Assets	1.45%	2.13%	2.21%	2.04%	1.94%	2.08%
Portfolio Turnover Rate³	8%	26%	19%	18%	19%	18%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
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.

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Small-Cap Value Index Fund

Financial Highlights

Institutional Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$34.14	$32.92	$27.39	$31.87	$29.05	$23.73
Investment Operations
Net Investment Income	.283¹	.597¹	.684¹	.651¹	.587¹	.510
Net Realized and Unrealized Gain (Loss) on Investments	7.588	1.199	5.527	(4.485)	2.808	5.324
Total from Investment Operations	7.871	1.796	6.211	(3.834)	3.395	5.834
Distributions
Dividends from Net Investment Income	(.311)	(.576)	(.681)	(.646)	(.575)	(.514)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(.311)	(.576)	(.681)	(.646)	(.575)	(.514)
Net Asset Value, End of Period	$41.70	$34.14	$32.92	$27.39	$31.87	$29.05
Total Return	23.10%	5.86%	22.81%	-12.23%	11.80%	24.80%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$4,630	$3,774	$3,632	$3,077	$3,649	$2,882
Ratio of Total Expenses to Average Net Assets	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%
Ratio of Net Investment Income to Average Net Assets	1.46%	2.14%	2.20%	2.05%	1.95%	2.09%
Portfolio Turnover Rate²	8%	26%	19%	18%	19%	18%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	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.

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Small-Cap Value Index Fund

Notes to Financial Statements

Vanguard Small-Cap Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral 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.

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.

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Small-Cap Value Index Fund

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Small-Cap Value Index Fund

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Small-Cap Value Index Fund

For the six months ended June 30, 2021, the fund did not utilize the credit facilities or the Interfund Lending Program.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2021, the fund had contributed to Vanguard capital in the amount of $1,675,000, representing less than 0.01% of the fund’s net assets and 0.67% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

Level 1—Quoted prices in active markets for identical securities.

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

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Small-Cap Value Index Fund

The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2021, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks	47,912,379	—	90	47,912,469
Temporary Cash Investments	462,087	—	—	462,087
Total	48,374,466	—	90	48,374,556

Derivative Financial Instruments
Assets
Futures Contracts¹	245	—	—	245
Swap Contracts	—	4,364	—	4,364
Total	245	4,364	—	4,609
Liabilities
Swap Contracts	—	4,632	—	4,632

1	Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities.

D.	As of June 30, 2021, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	Amount ($000)
Tax Cost	33,756,987
Gross Unrealized Appreciation	16,021,391
Gross Unrealized Depreciation	(1,403,845)
Net Unrealized Appreciation (Depreciation)	14,617,546

The fund’s tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2020, the fund had available capital losses totaling $3,492,784,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2021; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.

During the six months ended June 30, 2021, the fund purchased $8,470,511,000 of investment securities and sold $4,843,519,000 of investment securities, other than temporary cash investments. Purchases and sales include $3,511,209,000 and $1,205,310,000, respectively, in connection with in-kind purchases and redemptions of the fund’s capital shares.

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Small-Cap Value Index Fund

respectively; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

F.	Capital share transactions for each class of shares were:

	Six Months Ended June 30, 2021		Year Ended December 31, 2020
	Amount ($000)	Shares (000)	Amount ($000)	Shares (000)
Investor Shares
Issued	44,585	1,136	19,233	700
Issued in Lieu of Cash Distributions	1,915	48	3,847	138
Redeemed	(80,171)	(1,989)	(48,620)	(1,724)
Net Increase (Decrease)—Investor Shares	(33,671)	(805)	(25,540)	(886)
ETF Shares
Issued	3,681,583	22,505	4,997,914	43,220
Issued in Lieu of Cash Distributions	—	—	—	—
Redeemed	(1,114,966)	(6,575)	(3,029,959)	(25,775)
Net Increase (Decrease)—ETF Shares	2,566,617	15,930	1,967,955	17,445
Admiral Shares
Issued	2,736,489	38,698	3,197,023	67,416
Issued in Lieu of Cash Distributions	117,985	1,654	210,169	4,208
Redeemed	(1,778,371)	(25,313)	(3,490,121)	(73,393)
Net Increase (Decrease)—Admiral Shares	1,076,103	15,039	(82,929)	(1,769)
Institutional Shares
Issued	653,471	16,451	884,087	33,455
Issued in Lieu of Cash Distributions	31,499	790	57,484	2,056
Redeemed	(629,703)	(16,769)	(980,965)	(35,290)
Net Increase (Decrease)—Institutional Shares	55,267	472	(39,394)	221

G.	Management has determined that no events or transactions occurred subsequent to June 30, 2021, that would require recognition or disclosure in these financial statements.

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Trustees Approve Advisory Arrangements

The board of trustees of Vanguard Small-Cap Index Fund, Vanguard Small-Cap Growth Index Fund, and Vanguard Small-Cap Value Index Fund has renewed each fund’s investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund’s internalized management structure was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of the advisor’s investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard’s Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made monthly presentations to the board during the fiscal year that directed the board’s focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor’s assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received monthly reports, which included a Market and Economic Report, a Fund Dashboard Monthly Summary, and a Fund Performance Report.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board’s decisions.

Nature, extent, and quality of services

The board reviewed the quality of each fund’s investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard’s experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.

Investment performance

The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.

Cost

The board concluded that each fund’s expense ratio was well below the average expense ratio charged by funds in its peer group and that each fund’s advisory expenses were also well below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard’s unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

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The benefit of economies of scale

The board concluded that the funds’ arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangements again after a one-year period.

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Liquidity Risk Management

Vanguard funds (except for the money market funds) have adopted and implemented a written liquidity risk management program (the “Program”) as required by Rule 22e-4 under the Investment Company Act of 1940. Rule 22e-4 requires that each fund adopt a program that is reasonably designed to assess and manage the fund’s liquidity risk, which is the risk that the fund could not meet redemption requests without significant dilution of remaining investors’ interests in the fund.

Assessment and management of a fund’s liquidity risk under the Program take into consideration certain factors, such as the fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.

The board of trustees of Vanguard Index Funds approved the appointment of liquidity risk management program administrators responsible for administering the Program for Vanguard Small-Cap Index Fund, Vanguard Small-Cap Growth Index Fund, and Vanguard Small-Cap Value Index Fund, and for carrying out the specific responsibilities set forth in the Program, including reporting to the board on at least an annual basis regarding the Program's operation, its adequacy, and the effectiveness of its implementation for the past year (the “Program Administrator Report”). The board has reviewed the Program Administrator Report covering the period from January 1, 2020, through December 31, 2020 (the “Review Period”). The Program Administrator Report stated that during the Review Period the Program operated and was implemented effectively to manage the funds' liquidity risk.

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You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to [email protected].

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