Vanguard Total Stock Market Index Fund

Semiannual Report | June 30, 2023

Vanguard Total Stock Market Index Fund

Contents

About Your Fund's Expenses . . . . . . . . . . . . . . . . . . . . . . . . 1 Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Trustees Approve Advisory Arrangement . . . . . . . . . . . .78 Liquidity Risk Management. . . . . . . . . . . . . . . . . . . . . . . . . .80

About Your Fund's Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the fund.

A fund`s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund's costs in two ways:

? Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."

? Based on hypothetical 5% yearly return. This section is intended to help you compare your fund`s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case--because the return used is not the fund's actual return--the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a "sales load."

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund's expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund's current prospectus.

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Six Months Ended June 30, 2023

Beginning Account Value

12/31/2022

Ending Account Value

6/30/2023

Expenses Paid During

Period

Based on Actual Fund Return

Total Stock Market Index Fund

Investor Shares

$1,000.00

$1,161.20

$0.75

ETF Shares

1,000.00

1,161.80

0.16

AdmiralTM Shares

1,000.00

1,161.70

0.21

Institutional Shares

1,000.00

1,161.80

0.16

Institutional Plus Shares

1,000.00

1,161.80

0.11

Institutional Select Shares

1,000.00

1,161.90

0.05

Based on Hypothetical 5% Yearly Return

Total Stock Market Index Fund

Investor Shares

$1,000.00

$1,024.10

$0.70

ETF Shares

1,000.00

1,024.65

0.15

Admiral Shares

1,000.00

1,024.60

0.20

Institutional Shares

1,000.00

1,024.65

0.15

Institutional Plus Shares

1,000.00

1,024.70

0.10

Institutional Select Shares

1,000.00

1,024.75

0.05

The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratios for that period are: 0.14% for Investor Shares, 0.03% for ETF Shares, 0.04% for Admiral Shares, 0.03% for Institutional Shares, 0.02% for Institutional Plus Shares, and 0.01% for Institutional Select Shares. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).

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Total Stock Market Index Fund

Fund Allocation

As of June 30, 2023

Basic Materials

2.0%

Consumer Discretionary

14.5

Consumer Staples

5.2

Energy

4.3

Financials

10.2

Health Care

12.9

Industrials

13.0

Real Estate

3.0

Technology

29.9

Telecommunications

2.1

Utilities

2.9

The table reflects the fund's investments, except for short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark ("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.

The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.

The Industry Classification Benchmark ("ICB") is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

3

Total Stock Market Index Fund

Financial Statements (unaudited)

Schedule of Investments

As of June 30, 2023

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at .

Shares

Common Stocks (99.8%)

Basic Materials (2.0%)

Linde plc

Air Products and Chemicals Inc.

FreeportMcMoRan Inc.

Ecolab Inc.

Nucor Corp.

Dow Inc.

Newmont Corp.

Fastenal Co.

Albemarle Corp.

LyondellBasell Industries NV Class A

International Flavors & Fragrances Inc.

Steel Dynamics Inc.

Reliance Steel & Aluminum Co.

Avery Dennison Corp.

CF Industries Holdings Inc.

FMC Corp.

Mosaic Co.

Celanese Corp. Class A

International Paper Co.

Eastman Chemical Co.

* Cleveland-Cliffs Inc.

Royal Gold Inc.

Olin Corp.

Hexcel Corp.

* RBC Bearings Inc.

Commercial Metals Co.

Alcoa Corp.

Timken Co.

UFP Industries Inc.

15,283,856

6,948,403

44,744,067 7,992,178 7,837,472

22,080,540 24,761,050 17,795,149 3,653,386

8,132,568

7,952,893 5,015,109

1,831,001

2,518,447

6,099,925 3,883,348 10,356,897

3,044,243

10,899,562

3,703,231 16,076,171 2,049,627 4,098,945 2,621,432

907,432

3,644,704 5,569,974 2,034,910 1,827,214

Market Value? ($000)

5,824,372

2,081,255

1,789,763 1,492,060 1,285,189 1,176,010 1,056,306 1,049,736

815,034

746,814

632,971 546,296

497,282

432,669

423,457 405,189 362,491

352,523

346,715

310,034 269,437 235,256 210,645 199,281 197,339

191,930 188,989 186,255 177,331

Shares

* Univar Solutions Inc. 4,925,392

Chemours Co.

4,627,077

Valvoline Inc.

4,328,802

United States Steel

Corp.

6,339,205

* Livent Corp.

5,598,935

Huntsman Corp.

5,477,319

Mueller

Industries Inc.

1,686,767

Balchem Corp.

1,002,401

Element

Solutions Inc.

6,751,296

Ashland Inc.

1,460,187

Westlake Corp.

995,218

Cabot Corp.

1,752,036

Avient Corp.

2,839,421

Boise Cascade Co. 1,227,363

Sensient

Technologies Corp. 1,311,867

Hecla Mining Co. 18,112,150

* Arconic Corp.

3,103,203

NewMarket Corp.

212,866

Carpenter Technology

Corp.

1,512,159

* MP Materials Corp. 3,682,583

Quaker Chemical

Corp.

421,839

Scotts Miracle-Gro

Co.

1,310,513

Innospec Inc.

771,760

Materion Corp.

640,800

Worthington

Industries Inc.

932,687

* Ingevity Corp.

1,100,211

Stepan Co.

660,484

Minerals

Technologies Inc. 1,009,941

Tronox Holdings plc 3,629,281

Sylvamo Corp.

1,131,764

Compass Minerals

International Inc. 1,296,993

*,1 Uranium Energy

Corp.

11,434,730

4

Market Value? ($000) 176,526 170,693 162,373

158,543 153,579 147,997

147,221 135,134

129,625 126,905 118,899 117,194 116,132 110,892

93,313 93,278 91,793 85,598

84,877 84,257

82,216

82,156 77,516 73,179

64,794 63,988 63,116

58,263 46,128 45,780

44,098

38,878

Total Stock Market Index Fund

Shares

Ryerson Holding

Corp.

882,399

Kaiser Aluminum

Corp.

500,346

* Ecovyst Inc.

3,076,111

* Piedmont

Lithium Inc.

549,285

GrafTech

International Ltd. 5,984,730

*,1 Energy Fuels Inc.

4,677,812

AdvanSix Inc.

806,395

* TimkenSteel Corp. 1,299,552

* US Silica

Holdings Inc.

2,244,740

Hawkins Inc.

555,705

Mativ Holdings Inc. 1,711,358

* Coeur Mining Inc.

8,941,174

Schnitzer Steel

Industries Inc.

Class A

765,690

Koppers

Holdings Inc.

600,901

Haynes

International Inc.

351,719

* LSB Industries Inc. 1,753,855

American Vanguard

Corp.

890,572

* Clearwater Paper

Corp.

486,081

Olympic Steel Inc.

285,467

* Century Aluminum

Co.

1,585,067

*,1 Origin Materials Inc. 3,032,849

Omega Flex Inc.

88,289

* Rayonier Advanced

Materials Inc.

2,021,725

* Northwest Pipe Co. 283,882

*,1 Ur-Energy Inc.

7,542,623

* Alto Ingredients Inc. 2,655,238

*,1 Amyris Inc.

6,996,944

FutureFuel Corp.

789,526

* Intrepid Potash Inc.

295,437

Tredegar Corp.

804,870

* Dakota Gold Corp. 1,512,493

* Unifi Inc.

515,832

*,1 NN Inc.

1,558,286

* Glatfelter Corp.

1,227,978

* Universal Stainless &

Alloy Products Inc. 231,105

Northern

Technologies

International Corp. 300,638

*,1 5E Advanced

Materials Inc.

968,490

Eastern Co.

163,220

Friedman

Industries Inc.

206,261

Market Value? ($000)

38,278

35,845 35,252

31,699

30,163 29,190 28,208 28,031

27,229 26,502 25,876 25,393

22,963

20,491

17,874 17,275

15,915

15,224 13,988

13,822 12,920

9,163

8,653 8,585 7,920 7,674 7,207 6,987 6,703 5,368 4,416 4,163 3,724 3,708

3,238

3,220

3,177 2,953

2,599

Shares

Gold Resource Corp. 3,809,091

* Perma-Pipe

International

Holdings Inc.

203,835

* Idaho Strategic

Resources Inc.

277,137

* Culp Inc.

296,017

*,1 Hycroft Mining

Holding Corp.

Class A

4,608,476

* Comstock Inc.

1,603,057

* Ampco-Pittsburgh

Corp.

366,153

*,1 Westwater

Resources Inc.

1,414,240

* CPS Technologies

Corp.

412,694

* Ascent Industries Co. 110,151

* United States

Antimony Corp.

2,524,776

*,1 US Gold Corp.

174,184

1 Flexible Solutions

International Inc.

277,169

Chicago Rivet &

Machine Co.

28,369

* Solitario Zinc Corp. 1,173,263

United-Guardian Inc.

73,136

* Paramount Gold

Nevada Corp.

1,223,263

*,1 Golden Minerals Co. 179,334

* Hycroft Mining

Holding Corp.

Warrants Exp.

10/6/25

155,000

Consumer Discretionary (14.5%)

* Inc. 271,951,841

* Tesla Inc.

83,996,143

Home Depot Inc. 31,339,740

Costco Wholesale

Corp.

13,824,250

Walmart Inc.

46,264,303

McDonald's Corp. 22,767,853

* Netflix Inc.

13,856,352

* Walt Disney Co.

56,944,151

NIKE Inc. Class B 38,378,640

Lowe's Cos. Inc. 18,460,883

Starbucks Corp.

35,731,536

* Booking

Holdings Inc.

1,151,750

TJX Cos. Inc.

35,875,982

* Uber

Technologies Inc. 59,942,027

* Activision

Blizzard Inc.

23,281,969

Target Corp.

14,461,096

Ford Motor Co. 122,494,671

Market Value? ($000) 2,400

1,938

1,480 1,471

1,361 1,170

1,164

1,162

1,156 1,001

795 775

740

729 675 623

385 290

4 27,358,485

35,451,642 21,987,670 9,735,377

7,442,700 7,271,823 6,794,155 6,103,584 5,083,974 4,235,850 4,166,621 3,539,566

3,110,105 3,041,925

2,587,697

1,962,670 1,907,419 1,853,344

5

Total Stock Market Index Fund

Shares

* Chipotle Mexican

Grill Inc. Class A

861,030

* O'Reilly

Automotive Inc.

1,897,476

General Motors Co. 41,131,735

* Airbnb Inc. Class A 11,575,301

Marriott

International Inc.

Class A

8,047,611

* AutoZone Inc.

573,064

* Lululemon

Athletica Inc.

3,622,519

Estee Lauder Cos.

Inc. Class A

6,503,977

* Copart Inc.

13,355,447

Yum! Brands Inc.

8,726,569

Hilton Worldwide

Holdings Inc.

8,265,478

Ross Stores Inc.

10,650,759

Dollar General Corp. 6,844,445

DR Horton Inc.

9,548,999

Electronic Arts Inc. 8,494,813

* Trade Desk Inc.

Class A

13,850,302

* Delta Air Lines Inc. 20,108,096

* Dollar Tree Inc.

6,554,898

Lennar Corp. Class A 7,267,443

* Aptiv plc

8,440,971

* Warner Bros

Discovery Inc.

68,235,565

* Take-Two Interactive

Software Inc.

5,260,276

Tractor Supply Co. 3,407,386

eBay Inc.

16,651,633

Genuine Parts Co. 4,389,625

* Ulta Beauty Inc.

1,562,535

* Royal Caribbean

Cruises Ltd.

6,767,803

Southwest Airlines

Co.

18,534,284

Darden

Restaurants Inc.

3,764,464

* Las Vegas Sands

Corp.

10,727,621

* NVR Inc.

96,083

Omnicom Group Inc. 6,231,496

*,1 Carnival Corp.

31,293,565

* United Airlines

Holdings Inc.

10,175,722

PulteGroup Inc.

6,988,582

Best Buy Co. Inc.

6,122,905

Garmin Ltd.

4,776,322

* Expedia Group Inc. 4,445,349

LKQ Corp.

8,315,486

Interpublic Group of

Cos. Inc.

12,016,335

Market Value? ($000)

1,841,743

1,812,659 1,586,040 1,483,491

1,478,266 1,428,855

1,371,123

1,277,251 1,218,150 1,209,066

1,203,040 1,194,270 1,162,050 1,162,018 1,101,777

1,069,520 955,939 940,628 910,683 861,739

855,674

774,102 753,373 744,161 742,856 735,321

702,092

671,126

628,967

622,202 610,187 592,927 589,258

558,342 542,873 501,772 498,123 486,277 484,543

463,590

Shares

* ROBLOX Corp.

Class A

11,384,964

* Live Nation

Entertainment Inc. 4,995,405

* Deckers Outdoor

Corp.

821,703

Pool Corp.

1,156,398

* Liberty Media

Corp.-Liberty

Formula One

Class C

5,652,001

* CarMax Inc.

4,930,462

MGM Resorts

International

9,079,969

Domino's Pizza Inc. 1,104,641

* Rivian

Automotive Inc.

Class A

22,038,657

* American Airlines

Group Inc.

20,305,228

BorgWarner Inc.

7,288,197

Aramark

8,116,373

* Five Below Inc.

1,735,094

Rollins Inc.

7,697,437

* Floor & Decor

Holdings Inc.

Class A

3,146,338

* DraftKings Inc.

Class A

12,288,007

* Caesars

Entertainment Inc. 6,377,016

* Etsy Inc.

3,829,181

* Burlington Stores Inc. 2,029,136

Wynn Resorts Ltd. 2,999,934

Vail Resorts Inc.

1,255,552

Tapestry Inc.

7,214,362

Churchill Downs Inc. 2,095,350

Service Corp.

International

4,460,600

* Norwegian Cruise

Line Holdings Ltd. 13,166,359

Fox Corp. Class A 8,080,247

News Corp. Class A 14,060,760

Hasbro Inc.

4,093,484

Lear Corp.

1,842,576

* BJ's Wholesale Club

Holdings Inc.

4,186,580

Lithia Motors Inc.

Class A

851,551

Toll Brothers Inc.

3,268,760

Bath & Body

Works Inc.

6,767,453

Whirlpool Corp.

1,702,400

Williams-

Sonoma Inc.

1,995,339

1 Paramount Global

Class B

15,528,647

Market Value? ($000)

458,814

455,131

433,580 433,233

425,483 412,680

398,792 372,253

367,164

364,276 356,466 349,410 341,015 329,681

327,093

326,492

325,037 323,987 319,366 316,823 316,098 308,775 291,610

288,110

286,632 274,728 274,185 265,135 264,502

263,796

258,965 258,461

253,779 253,300

249,697

247,061

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