| Vanguard Value Index Fund |
| Vanguard Growth Index Fund |
| Vanguard Small-Cap Value Index Fund |
| Vanguard Small-Cap Growth Index Fund |
Supplement to the Prospectuses and Summary Prospectuses for Institutional Shares
New Target Indexes
Effective immediately, Vanguard Value Index Fund, Vanguard Growth Index Fund, Vanguard Small-Cap Value Index Fund, and Vanguard Small-Cap Growth Index Fund have begun tracking new target indexes, as previously approved by the Funds’ board of trustees. The board believes that the new indexes, listed below, are well-constructed and offer comprehensive coverage of the Funds’ respective market segments. In addition, Vanguard’s agreement with the new index provider may result in considerable savings to shareholders over time in the form of lower expense ratios.
| Vanguard Fund | Previous Target Index | New Target Index |
| MSCI US Prime Market | CRSP US Large Cap | |
| Value Index Fund | Value Index | Value Index |
| MSCI US Prime Market | CRSP US Large Cap | |
| Growth Index Fund | Growth Index | Growth Index |
| MSCI US Small Cap | CRSP US Small Cap | |
| Small-Cap Value Index Fund | Value Index | Value Index |
| MSCI US Small Cap | CRSP US Small Cap | |
| Small-Cap Growth Index Fund | Growth Index | Growth Index |
Each new index measures the same market segment as the corresponding previous index, so the investment objectives and risks described in each Fund’s current prospectus will not change. A Fund’s new target index could provide different investment returns (either lower or higher) or different levels of volatility from those of the previous index.
Prospectus and Summary Prospectus Text Changes for Vanguard Value Index Fund
The paragraph under “Primary Investment Strategies” is replaced with the following:
The Fund employs an indexing investment approach designed to track the performance of the CRSP US Large Cap Value Index, a broadly diversified index predominantly made up of value 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.
The paragraph under “Annual Total Returns” is replaced with the following:
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 Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index and other comparative indexes, 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.
The following credit line is added:
Vanguard funds are not sponsored, endorsed, sold, or promoted by the University of Chicago or its Center for Research in Security Prices, and neither the University of Chicago nor its Center for Research in Security Prices makes any representation regarding the advisability of investing in the funds.
Prospectus and Summary Prospectus Text Changes for Vanguard Growth Index Fund
The paragraph under “Primary Investment Strategies” is replaced with the following:
The Fund employs an indexing investment approach designed to track the performance of the CRSP US Large Cap Growth Index, a broadly diversified index predominantly made up of growth 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.
The paragraph under “Annual Total Returns” is replaced with the following:
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 Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index and other comparative indexes, 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.
The following credit line is added:
Vanguard funds are not sponsored, endorsed, sold, or promoted by the University of Chicago or its Center for Research in Security Prices, and neither the University of Chicago nor its Center for Research in Security Prices makes any representation regarding the advisability of investing in the funds.
Prospectus and Summary Prospectus Text Changes for Vanguard Small-Cap Value Index Fund
The paragraph and table under “Fees and Expenses” is replaced with the following:
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Institutional 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 | 0.05% |
| 12b-1 Distribution Fee | None |
| Other Expenses | 0.03% |
| Total Annual Fund Operating Expenses1 | 0.08% |
| 1 The expense information shown in the table has been restated to reflect the removal of expenses incurred | |
| indirectly by the Fund through its investment in business development companies. The Fund’s target benchmark no | |
| longer includes business development companies. | |
In the same section, under “Example,” the table illustrating hypothetical expenses is restated as follows:
| 1 Year | 3 Years | 5 Years | 10 Years |
| $8 | $26 | $45 | $103 |
The paragraph under “Primary Investment Strategies” is replaced with the following:
The Fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Value Index, a broadly diversified index of value stocks of small 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.
The paragraph under “Annual Total Returns” is replaced with the following:
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 Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index and other comparative indexes, 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.
The following credit line is added:
Vanguard funds are not sponsored, endorsed, sold, or promoted by the University of Chicago or its Center for Research in Security Prices, and neither the University of Chicago nor its Center for Research in Security Prices makes any representation regarding the advisability of investing in the funds.
Prospectus and Summary Prospectus Text Changes for Vanguard Small-Cap Growth Index Fund
The paragraph under “Primary Investment Strategies” is replaced with the following:
The Fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Growth Index, a broadly diversified index of growth stocks of small 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.
The paragraph under “Annual Total Returns” is replaced with the following:
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 Institutional Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Institutional Shares compare with those of a relevant market index and other comparative indexes, 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.
The following credit line is added:
Vanguard funds are not sponsored, endorsed, sold, or promoted by the University of Chicago or its Center for Research in Security Prices, and neither the University of Chicago nor its Center for Research in Security Prices makes any representation regarding the advisability of investing in the funds.
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Vanguard funds are not sponsored, endorsed, sold, or promoted by the University of Chicago or its Center for Research in Security Prices, and neither the University of Chicago nor its Center for Research in Security Prices makes any representation regarding the advisability of investing in the funds.
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| Vanguard Marketing Corporation, Distributor. | PS 855 042013 |