smallcapindex497k_sp860.htm - Generated by SEC Publisher for SEC Filing

Vanguard Small-Cap Value Index Fund

Summary Prospectus

April 26, 2012

Investor Shares & Admiral™ Shares

Vanguard Small-Cap Value Index Fund Investor Shares (VISVX)

Vanguard Small-Cap Value Index Fund Admiral Shares (VSIAX)

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

April 26, 2012, 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 track the performance of a benchmark index that measures the
investment return of small-capitalization value stocks.

Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold
Investor Shares or Admiral Shares of the Fund. “Acquired Fund Fees and Expenses”
are expenses incurred indirectly by the Fund through its ownership of shares in other
investment companies, such as business development companies. Business
development company expenses are similar to the expenses paid by any operating
company held by the Fund. They are not direct costs paid by Fund shareholders and
are not used to calculate the Fund’s net asset value. They have no impact on the costs
associated with fund operations. Acquired Fund Fees and Expenses are not included
in the Fund’s financial statements, which provide a clearer picture of a fund’s actual
operating costs.


Shareholder Fees
(Fees paid directly from your investment)
	Investor Shares	Admiral Shares
Sales Charge (Load) Imposed on Purchases	None	None
Purchase Fee	None	None
Sales Charge (Load) Imposed on Reinvested Dividends	None	None
Redemption Fee	None	None
Account Service Fee (for fund account balances below $10,000)	$20/year	$20/year


Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
	Investor Shares	Admiral Shares
Management Expenses	0.21%	0.10%
12b-1 Distribution Fee	None	None
Other Expenses	0.03%	None
Acquired Fund Fees and Expenses	0.11%	0.11%
Total Annual Fund Operating Expenses	0.35%	0.21%

Examples

The following examples are intended to help you compare the cost of investing in the
Fund’s Investor Shares or Admiral Shares with the cost of investing in other mutual
funds. They illustrate the hypothetical expenses that you would incur over various
periods if you invest $10,000 in the Fund’s shares. These examples assume that the
Shares provide a return of 5% a year and that total annual fund 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
Investor Shares	$36	$113	$197	$443
Admiral Shares	$22	$68	$118	$268

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 more 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 examples, reduce the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 30%.

Primary Investment Strategies
The Fund employs an indexing investment approach designed to track the performance of
the MSCI US Small Cap Value Index, a broadly diversified index of value stocks of smaller
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, which could cause the Fund to underperform the
overall stock market.

• Investment style risk, which is the chance that returns from small-capitalization
value stocks will trail returns from the overall stock market. Historically, small-cap
stocks have been more volatile in price than the large-cap stocks that dominate the
overall market, and they often perform quite differently.

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
Investor Shares has varied from one calendar year to another over the periods shown.
The table shows how the average annual total returns of the Investor Shares compare
with those of the Fund‘s target index and other comparative indexes, which have
investment characteristics similiar to those of the Fund. The Fund‘s Admiral Shares
have not been in operation long enough to report a full calendar year return.
Performance based on net asset value for the Admiral Shares would be substantially
similar because both share classes constitute an investment in the same portfolio of
securities; their returns generally should differ only to the extent that the expenses of
the two classes differ. 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 Small-Cap Value Index Fund Investor Shares

During the periods shown in the bar chart, the highest return for a calendar quarter
was 23.89% (quarter ended September 30, 2009), and the lowest return for a quarter
was –25.57% (quarter ended December 31, 2008).


Average Annual Total Returns for Periods Ended December 31, 2011
	1 Year	5 Years	10 Years
Vanguard Small-Cap Value Index Fund Investor Shares
Return Before Taxes	–4.16%	–0.31%	6.12%
Return After Taxes on Distributions	–4.56	–0.76	5.59
Return After Taxes on Distributions and Sale of Fund Shares	–2.44	–0.42	5.13
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
S&P SmallCap 600 Value Index	–1.38%	0.12%	6.83%
Spliced Small-Cap Value Index	–4.04	–0.25	6.04
MSCI US Small Cap Value Index	–4.04	–0.25	7.65

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

Michael H. Buek, CFA, Principal of Vanguard. He has managed the Fund since its
inception in 1998.

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). The following table provides the Fund’s minimum initial and subsequent
investment requirements.


Account Minimums	Investor Shares	Admiral Shares
To open and maintain an account	$3,000	$10,000
To add to an existing account	Generally $100 (other than	Generally $100 (other than
	by Automatic Investment	by Automatic Investment
	Plan, which has no	Plan, which has no
	established minimum)	established minimum)

Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain.

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 Small-Cap Value Index Fund Investor Shares—Fund Number 860

Vanguard Small-Cap Value Index Fund Admiral Shares—Fund Number 5860

CFA^®is a trademark owned by CFA Institute.

THIS FUND IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS AFFILIATES, ANY OF ITS

DIRECT OR INDIRECT INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING,

COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE EXCLUSIVE

PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN

LICENSED FOR USE FOR CERTAIN PURPOSES BY VANGUARD. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR

WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OF THIS FUND OR ANY MEMBER OF THE PUBLIC REGARDING THE

ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THIS FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO

TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN

TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED

AND CALCULATED BY MSCI WITHOUT REGARD TO THIS FUND OR THE ISSUER OR OWNER OF THIS FUND. NONE OF THE MSCI

PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUERS OR OWNERS OF THIS FUND INTO CONSIDERATION IN

DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR

HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS FUND TO BE ISSUED OR IN

THE DETERMINATION OR CALCULATION OF THE CONSIDERATION INTO WHICH THIS FUND IS REDEEMABLE. NONE OF THE

MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE OWNERS OF THIS FUND IN CONNECTION WITH THE

ADMINISTRATION, MARKETING OR OFFERING OF THIS FUND.

ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES

FROM SOURCES WHICH MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE

ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE

MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, LICENSEE’S

CUSTOMERS OR COUNTERPARTIES, ISSUERS OF THE FUNDS, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY,

FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED

HEREUNDER OR FOR ANY OTHER USE. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS

OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE

MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY

DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ANY MSCI

INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE

MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES

(INCLUDING WITHOUT LIMITATION LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

Vanguard Marketing Corporation, Distributor.

SP 860 042012