Vanguardfi Value Index Fund

Vanguard ?

Vanguard? Value Index Fund

Investment Approach

Seeks to track the performance of the CRSP US Large Cap Value

Index.

Vanguard Style View: Large Value

Index portfolio of large-capitalization value stocks.

Large-cap value equity.

Fund remains fully invested.

Low expenses minimize net tracking error.

Note: The Investor Shares are closed to new investors.

Investment style

Value Blend Growth

Market capitalization

Passively managed, full-replication approach.

Large

Mid

Small

Central tendency

Expected range of fund holdings

Quarterly Commentary

People and Process

The pace of inflation and the timing of potential interest rate cuts

remained center stage in the second quarter of 2024. Financial

markets lost ground in April amid slow or stalled progress on inflation

and strong economic data from some markets, including the United

States. This delayed expectations for monetary easing. However,

global stocks soon resumed their upward trajectory, and enthusiasm

about artificial intelligence in the tech sector helped push a number of

indexes to record highs. In the final month of the period, the Bank of

Canada and the European Central Bank cut policy rates.

Vanguard Value Index Fund seeks to track the investment

performance of the CRSP US Large Cap Value Index, an unmanaged

benchmark representing U.S. large-capitalization value stocks. 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 experience and stability of Vanguard��s

Equity Index Group have permitted continuous refinement of

techniques for reducing tracking error. The group uses proprietary

software to implement trading decisions that accommodate cash

flow and maintain close correlation with index characteristics.

Vanguard��s refined indexing process, combined with low management

fees and efficient trading, has provided tight tracking net of expenses.

Global stocks returned 2.42% for the quarter, as measured by the

FTSE Global All Cap Index. U.S. and emerging markets equities led the

way, while those in Europe and the Asia-Pacific region lagged.

The fund��s benchmark, the CRSP US Large Cap Value Index, returned

�C0.93% for the quarter ended June 30. Its growth counterpart, the

CRSP US Large Cap Growth Index, returned 8.68%.

Health care (�C3.6%), industrials (�C3.2%), and consumer discretionary

(�C5.3%) were the top detractors.

Technology (+9.0%) and utilities (+4.2%) were the only contributors.

For the 12 months ended June 30, the index returned 15.77%. All

sectors added to the benchmark��s results. Financials (+30.7%),

technology (+47.6%), and industrials (+16.7%) were the top

contributors.

Vanguard Equity Index Group

Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is

among the world��s largest equity and fixed income managers. As chief

investment officer, Gregory Davis, CFA, oversees Vanguard��s Equity

Index, Investment Strategy, Quantitative Equity, and Fixed Income

Groups. Rodney Comegys, Principal and global head of Vanguard��s

Equity Index Group, is responsible for all equity index funds. The Equity

Index Group manages indexed equity portfolios covering U.S. and

international markets. It has developed sophisticated portfolio

construction methodologies and efficient trading strategies that seek

to deliver returns that are highly correlated with target portfolio

benchmarks. The group has advised Vanguard Value Index Fund since

1992.

Investment Manager Biographies

Gerard C. O��Reilly, Principal. Portfolio manager. Advised the fund

since 1994. Worked in investment management since 1992. B.S.,

Villanova University.

Walter Nejman. Portfolio manager. Advised the fund since 2016.

Worked in investment management since 2008. B.A., Arcadia

University. M.B.A., Villanova University.

As of June 30, 2024

Vanguard Value Index Fund

Total Returns

Expense

Ratio

Quarter

Year

to Date

1 Year

3 Years

5 Years

10 Years

Value Index Fund

Investor Shares (11/2/1992)

0.17%

-0.97%

8.66%

15.68%

7.86%

10.36%

9.74%

Admiral Shares (11/13/2000)

0.05

-0.93

8.73

15.84

7.99

10.50

9.88

Institutional Shares (7/2/1998)

0.04

-0.93

8.73

15.85

8.01

10.51

9.89

��

-0.93

8.73

15.77

8.00

10.50

9.90

Spliced Value Index

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so

investors�� shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For

performance data current to the most recent month-end, visit our website at performance. The performance of an index is not an exact

representation of any particular investment, as you cannot invest directly in an index. Figures for periods of less than one year are cumulative returns. All other

figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of

expenses.

Note: Spliced Value Index: S&P 500 Value Index (formerly known as the S&P 500/Barra Value Index) through May 16, 2003; MSCI US Prime Market Value Index

through April 16, 2013; CRSP US Large Cap Value Index thereafter. Admiral class shareholders are required to maintain specific minimum balances and meet other

special criteria. Institutional class shareholders are required to maintain a minimum balance of $5 million.

As of June 30, 2024

Vanguard Value Index Fund

Quarterly Returns: Investor Shares

Year-End

Year

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Value

Index

Spliced

Value

Index

Assets

(Millions)

2024

9.72%

-0.97%

��

��

��

��

2023

-1.01

3.54

-2.38%

9.05%

9.11%

9.17%

$143

2022

0.96

-10.30

-5.77

14.62

-2.18

-2.01

233

2021

10.93

5.22

-0.99

9.29

26.31

26.51

264

2020

-25.00

12.69

5.58

14.50

2.18

2.26

273

2019

10.72

3.76

1.08

8.22

25.67

25.85

328

2018

-2.35

1.22

7.31

-10.95

-5.55

-5.40

1,381

2017

3.22

1.79

4.12

6.93

16.99

17.16

1,626

2016

1.60

3.77

3.01

7.50

16.75

16.93

1,587

2015

-0.60

0.44

-7.28

6.92

-1.03

-0.86

1,397

2014

2.78

4.25

0.80

4.67

13.05

13.29

1,593

147

Quarterly Returns: Admiral Shares

Year-End

Year

2024

1st Quarter

9.75%

2nd Quarter

3rd Quarter

4th Quarter

Value

Index

Spliced

Value

Index

-0.93%

��

��

��

��

2023

-0.98

3.55

-2.33%

9.09%

9.24%

9.17%

2022

0.99

-10.29

-5.74

14.66

-2.08

-2.01

Assets

(Millions)

$35,674

33,518

32,071

2021

10.99

5.25

-0.96

9.33

26.49

26.51

31,741

2020

-24.97

12.73

5.62

14.51

2.29

2.26

22,486

2019

10.76

3.77

1.14

8.23

25.82

25.85

22,414

2018

-2.32

1.28

7.32

-10.93

-5.43

-5.40

16,522

2017

3.25

1.82

4.16

6.96

17.13

17.16

16,778

2016

1.63

3.80

3.04

7.51

16.86

16.93

13,424

2015

-0.57

0.51

-7.28

6.99

-0.86

-0.86

10,408

2014

2.82

4.29

0.81

4.71

13.18

13.29

9,701

As of June 30, 2024

Vanguard Value Index Fund

Quarterly Returns: Institutional Shares

Year-End

Year

1st Quarter

2024

9.76%

2nd Quarter

3rd Quarter

-0.93%

��

4th Quarter

��

Value

Index

��

��

$16,874

-1.00

3.57

-2.33%

9.09%

2022

0.99

-10.27

-5.74

14.67

-2.05

-2.01

16,452

2021

10.99

5.24

-0.94

9.31

26.48

26.51

15,446

2020

-24.99

12.76

5.62

14.52

2.30

2.26

12,579

2019

10.76

3.78

1.12

8.26

25.83

25.85

12,481

2018

-2.32

1.25

7.35

-10.93

-5.42

-5.40

9,789

2017

3.26

1.82

4.16

6.97

17.14

17.16

10,085

2016

1.63

3.77

3.04

7.54

16.87

16.93

8,684

2015

-0.56

0.51

-7.28

6.99

-0.85

-0.86

7,176

2014

2.82

4.26

0.84

4.71

13.19

13.29

7,860

Fund Number

Ticker

Newspaper

Listing

CUSIP Number

Assets (millions)

(Total

$168,534)

Inception

Expense Ratio

(as of 4/2024)

Investor

Shares

Admiral

Shares

Institutional

Shares

0006

0506

0867

VIVAX

VVIAX

VIVIX

Value

ValAdml

ValueInst

922908405

922908678

922908850

$143

$35,674

$16,874

11/2/1992

11/13/2000

7/2/1998

0.17%

0.05%

0.04%

9.17%

Assets

(Millions)

2023

Fund Facts

9.26%

Spliced

Value

Index

16,183

Volatility Measures

R-Squared

Beta

Spliced Value Index

1.00

1.00

DJ US Total Stock Mkt Float Adj Idx

0.81

0.78

R-squared and beta are calculated from trailing 36-month fund returns relative

to the associated benchmark.

Top 10 Largest Holdings

% of

Total Net Assets

Broadcom Inc.

3.6 %

Berkshire Hathaway Inc.

3.6

JPMorgan Chase & Co.

2.8

Exxon Mobil Corp.

2.5

UnitedHealth Group Inc.

2.3

Procter & Gamble Co.

1.9

Johnson & Johnson

1.7

Home Depot Inc.

1.7

Merck & Co. Inc.

1.5

AbbVie Inc.

1.5

Total

23.1 %

The holdings listed exclude any temporary cash investments and equity index

products.

As of June 30, 2024

Vanguard Value Index Fund

Equity Characteristics

Value

Index

Number of stocks

CRSP US

Large Cap

Value Index

342

340

Median market cap

$131.8 Billion

$131.8 Billion

Average market cap

$213.7 Billion

$213.5 Billion

Price/earnings ratio

19.7x

19.7x

Price/book ratio

2.8x

2.8x

Return on equity

16.1%

16.1%

Earnings growth rate

11.4%

11.4%

Equity yield (dividend)

2.3%

2.3%

Foreign holdings

0.2%

0.0%

Short-term reserves

0.0%

��

Turnover rate (fiscal year end)

10.3%

��

Sector Diversification (% of Stocks)

Value

Index

CRSP US

Large Cap

Value Index

Overweight/

Underweight

Basic Materials

1.7%

1.7%

0.0

Consumer Discretionary

7.5

7.5

0.0

Consumer Staples

9.2

9.2

0.0

Energy

7.2

7.2

0.0

Financials

19.8

19.8

0.0

Health Care

16.8

16.8

0.0

Industrials

15.3

15.3

0.0

Other

0.0

0.0

0.0

Real Estate

3.1

3.1

0.0

Technology

10.7

10.7

0.0

3.3

3.3

0.0

5.4

5.4

0.0

100.0%

100.0%

Telecommunications

Utilities

Total

Sector categories are based on the Industry Classification Benchmark system

(��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.

As of June 30, 2024

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