Vanguard 500 Index Fund 

Summary Prospectus 

April 29, 2011 

Signal^® Shares for Participants 

Vanguard 500 Index Fund Signal Shares (VIFSX) 

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

April 29, 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 800-523-1188 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 track the performance of a benchmark index that measures the
investment return of large-capitalization stocks.

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	None

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

Management Expenses	0.03%
12b-1 Distribution Fee	None
Other Expenses	0.03%
Total Annual Fund Operating Expenses	0.06%

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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
$6	$19	$34	$77

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 5%.

Primary Investment Strategies
The Fund employs a “passive management”—or indexing—investment approach
designed to track the performance of the Standard & Poor‘s 500 Index, a widely
recognized benchmark of U.S. stock market performance that is dominated by the
stocks of large U.S. companies. The Fund attempts to replicate the target 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:

• 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 particular sector,
category, or group of companies. Because the Fund seeks to track its target index, the
Fund may underperform the overall stock market.

2

• Investment style risk, which is the chance that returns from large-capitalization
stocks will trail returns from the overall stock market. Large-cap stocks tend to go
through cycles of doing better—or worse—than the stock market in general. These
periods have, in the past, lasted for as long as several years.

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 compare with those of the Fund‘s
target index, which has investment characteristics similar to those of the Fund. Keep
in mind that the Fund’s past performance 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 500 Index Fund Signal Shares

During the periods shown in the bar chart, the highest return for a calendar quarter
was 16.00% (quarter ended June 30, 2009), and the lowest return for a quarter was
–21.92% (quarter ended December 31, 2008).

3

Average Annual Total Returns for Periods Ended December 31, 2010

		Since
		Inception
		(Sep. 29,
	1 Year	2006)
Vanguard 500 Index Fund Signal Shares	15.05%	0.77%
Standard & Poor’s 500 Index
(reflects no deduction for fees or expenses)	15.06%	0.74%

Investment Advisor
The Vanguard Group, Inc.

Portfolio Manager

Michael H. Buek, CFA, Principal of Vanguard. He has managed the Fund since 1991.

Tax Information
The Fund’s distributions will be reinvested in additional Fund shares and accumulate on
a tax-deferred basis if you are investing through an employer-sponsored retirement or
savings plan. You will not owe taxes on these distributions until you begin withdrawals
from the plan. You should consult your plan administrator, your plan’s Summary Plan
Description, or your tax advisor about the tax consequences of plan withdrawals.

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 500 Index Fund Investor Shares—Fund Number 1340

CFA^® is a trademark owned by CFA Institute. Standard & Poor’s ^®, S&P ^® , S&P 500 ^®, Standard & Poor’s 500, and 500 are
trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use by The Vanguard Group, Inc. Vanguard mutual
funds are not sponsored, endorsed, sold, or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation
regarding the advisability of investing in the funds. This fund is not sponsored, endorsed, sold or promoted by Standard &
Poor’s and its affiliates ("S&P"). S&P makes no representation, condition or warranty, express or implied, to the owners of the
fund or any member of the public regarding the advisability of investing in securities generally or in the fund particularly or
the ability of the Standard & Poor’s 500 Index to track the performance of certain financial markets and/or sections thereof
and/or of groups of assets or asset classes. S&P’s only relationship to The Vanguard Group, Inc. is the licensing of certain
trademarks and trade names and of the Standard & Poor’s 500 Index which is determined, composed and calculated by S&P
without regard to The Vanguard Group, Inc. or the fund. S&P has no obligation to take the needs of The Vanguard Group, Inc.
or the owners of the fund into consideration in determining, composing or calculating the Standard & Poor’s 500 Index. S&P is
not responsible for and has not participated in the determination of the prices and amount of the fund or the timing of the
issuance or sale of the fund or in the determination or calculation of the equation by which the fund shares are to be
converted into cash. S&P has no obligation or liability in connection with the administration, marketing, or trading of the fund.
S&P does not guarantee the accuracy and/or the completeness of the Standard & Poor’s 500 Index or any data included
therein and S&P shall have no liability for any errors, omissions, or interruptions therein. S&P makes no warranty, condition or
representation, express or implied, as to results to be obtained by The Vanguard Group, Inc., owners of the fund, or any other
person or entity from the use of the Standard & Poor’s 500 Index or any data included therein. S&P makes no express or
implied warranties, representations or conditions, and expressly disclaims all warranties or conditions of merchantability or
fitness for a particular purpose or use and any other express or implied warranty or condition with respect to the Standard &
Poor’s 500 Index or any data included therein. Without limiting any of the foregoing, in no event shall S&P have any liability
for any special, punitive, indirect, or consequential damages (including lost profits) resulting from the use of the Standard &
Poor’s 500 Index or any data included therein, even if notified of the possibility of such damages.

© 2011 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
	SPI 1340 042011