reitindexsp1355-secpub.htm - Generated by SEC Publisher for SEC Filing

Vanguard REIT Index Fund

Summary Prospectus

May 26, 2011

Signal^®Shares

Vanguard REIT Index Fund Signal Shares (VGRSX)

The Fund’s statutory Prospectus and Statement of Additional Information dated

May 26, 2011, are incorporated into and made part of this Summary Prospectus

by reference.

Before you invest, you may want to review the Fund’s Prospectus, which

contains more information about the Fund and its risks. You can find

the Fund’s Prospectus and other information about the Fund online at

www.vanguard.com/prospectus. You can also get this information at no

cost by calling 800-662-7447 or by sending an e-mail request to

online@vanguard.com.

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or

passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Investment Objective
The Fund seeks to provide a high level of income and moderate long-term capital
appreciation by tracking the performance of a benchmark index that measures the
performance of publicly traded equity REITs.

Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold
Signal Shares of the Fund.

Shareholder Fees
(Fees paid directly from your investment)


Sales Charge (Load) Imposed on Purchases	None
Purchase Fee	None
Sales Charge (Load) Imposed on Reinvested Dividends	None
Redemption Fee (on shares held less than one year)	1%

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)


Management Expenses	0.09%
12b-1 Distribution Fee	None
Other Expenses	0.03%
Total Annual Fund Operating Expenses	0.12%

Example

The following example is intended to help you compare the cost of investing in the
Fund’s Signal Shares with the cost of investing in other mutual funds. It illustrates the
hypothetical expenses that you would incur over various periods if you invest $10,000
in the Fund’s shares. This example assumes that the Shares provide a return of 5% a
year and that operating expenses remain as stated in the preceding table. The results
apply whether or not you redeem your investment at the end of the given period.
Although your actual costs may be higher or lower, based on these assumptions your
costs would be:


1 Year	3 Years	5 Years	10 Years
$12	$39	$68	$154

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate
higher transaction costs and may result in higher taxes when Fund shares are held in
a taxable account. These costs, which are not reflected in annual fund operating
expenses or in the previous expense example, reduce the Fund’s performance. During
the most recent fiscal year, the Fund’s portfolio turnover rate was 12%.

Primary Investment Strategies
The Fund employs a “passive management”—or indexing—investment approach
designed to track the performance of the MSCI US REIT Index. The Index is
composed of stocks of publicly traded equity real estate investment trusts (known as
REITs). The Fund attempts to replicate the Index by investing all, or substantially all, of
its assets in the stocks that make up the Index, holding each stock in approximately
the same proportion as its weighting in the Index.

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

• Industry concentration risk, which is the chance that the stocks of REITs will decline
because of adverse developments affecting the real estate industry and real property
values. Because the Fund concentrates its assets in REIT stocks, industry
concentration risk is high.

• Stock market risk, which is the chance that stock prices overall will decline. Stock
markets tend to move in cycles, with periods of rising prices and periods of falling
prices. The Fund’s target index may, at times, become focused in stocks of a limited
number of companies. Because the Fund seeks to track its target index, the Fund may
underperform the overall stock market.

• Interest rate risk, which is the chance that REIT stock prices overall will decline
because of rising interest rates. Interest rate risk should be high for the Fund.

• Investment style risk, which is the chance that the returns from REIT stocks—which
typically are small- or mid-capitalization stocks—will trail returns from the overall stock
market. Historically, these stocks have performed quite differently from the overall market.

An investment in the fund is not a deposit of a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.

Annual Total Returns
The following bar chart and table are intended to help you understand the risks of
investing in the Fund. The bar chart shows how the performance of the Fund‘s Signal
Shares has varied from one calendar year to another over the periods shown. The
table shows how the average annual total returns of the Signal Shares compare with
those of the Fund‘s target index and a comparative index, which have investment
characteristics similar to those of the Fund. Keep in mind that the Fund’s past
performance (before and after taxes) does not indicate how the Fund will perform in
the future. Updated performance information is available on our website at
vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.

Annual Total Returns — Vanguard REIT Index Fund Signal Shares¹

1 The year-to-date return as of the most recent calendar quarter, which ended on March 31, 2011, was 6.50%.

During the periods shown in the bar chart, the highest return for a calendar quarter
was 34.70% (quarter ended September 30, 2009), and the lowest return for a quarter
was –38.17% (quarter ended December 31, 2008).

Average Annual Total Returns for Periods Ended December 31, 2010


		Since
		Inception
		(Jun. 4,
	1 Year	2007)
Vanguard REIT Index Fund Signal Shares
Return Before Taxes	28.47%	–4.54%
Return After Taxes on Distributions	26.85	–5.90
Return After Taxes on Distributions and Sale of Fund Shares	18.43	–4.63
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US REIT Index	28.48%	–5.35%
REIT Spliced Index	28.48	–4.75

Actual after-tax returns depend on your tax situation and may differ from those shown in
the preceding table. When after-tax returns are calculated, it is assumed that the
shareholder was in the highest individual federal marginal income tax bracket at the time
of each distribution of income or capital gains or upon redemption. State and local
income taxes are not reflected in the calculations. Please note that after-tax returns are
not relevant for a shareholder who holds fund shares in a tax-deferred account, such as
an individual retirement account or a 401(k) plan. Also, figures captioned Return After
Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the
same period if a capital loss occurs upon redemption and results in an assumed tax
deduction for the shareholder.

Investment Advisor
The Vanguard Group, Inc.

Portfolio Manager

Gerard C. O’Reilly, Principal of Vanguard. He has managed the Fund since its inception
in 1996.

Purchase and Sale of Fund Shares
You may purchase or redeem shares online through our website (vanguard.com), by
mail (The Vanguard Group, P.O. Box 1110, Valley Forge, PA 19482-1110), or by telephone
(800-662-2739). Signal Shares generally are available to certain institutional and financial
intermediary clients with no minimum initial or subsequent investment requirements.

Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain. Distributions
are taxable to you for federal income tax purposes, whether or not you reinvest these
amounts in additional Fund shares. A sale or exchange of Fund shares is a taxable
event, which means that you may have a capital gain to report as income, or a capital
loss to report as a deduction, when you complete your federal income tax return.
Dividend and capital gains distributions that you receive, as well as your gains or losses
from any sale or exchange of Fund shares, may also be subject to state and local
income taxes.

Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of
Fund shares.

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Vanguard REIT Index Fund Signal Shares—Fund Number 1355

© 2011 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
	SP 1355 052011