Vanguard Industrials Index Fund

Summary Prospectus
December 20, 2024

Admiral™ Shares

Vanguard Industrials Index Fund Admiral Shares (VINAX)

The Fund’s statutory Prospectus and Statement of Additional

Information dated December 20, 2024, as may be amended or
supplemented, 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 and
https://personal.vanguard.com/us/literature/reports/MFs. You can also
obtain this information at no cost by calling 800-662-7447 or by
sending an email request to [email protected].

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 industrial stocks.

Fees and Expenses

The following tables describe the fees and expenses you may pay if you buy,
hold, and sell Admiral Shares of the Fund. You may pay other fees, such as
brokerage commissions and other fees to financial intermediaries, which
are not reflected in the tables and example below.

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
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) $25

Annual Fund Operating Expenses

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

Management Fees 0.09%

12b-1 Distribution Fee None
Other Expenses 0.01%
Total Annual Fund Operating Expenses 0.10%

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Example

The following example is intended to help you compare the cost of investing in
the Fund’s Admiral Shares with the cost of investing in other mutual funds. It
illustrates the hypothetical expenses that you would incur over various periods if
you were to invest $10,000 in the Fund’s shares. This example assumes that the
shares provide a return of 5% each year and that total annual fund operating
expenses remain as stated in the preceding table. You would incur these
hypothetical expenses whether or not you were to 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
$10 $32 $56 $128

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 example, reduce the Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover
rate was 4% of the average value of its portfolio.

Principal Investment Strategies

The Fund employs an indexing investment approach designed to track the
performance of the MSCI US Investable Market Index (IMI)/Industrials 25/50 (the
Index), an index made up of stocks of large, mid-size, and small U.S. companies
within the industrials sector, as classified under the Global Industry Classification
Standard (GICS). The GICS industrials sector is made up of companies that
manufacture and distribute capital goods such as aerospace and defense,
building products, electrical equipment and machinery and companies that offer
construction and engineering services. It also includes providers of commercial
and professional services including printing, environmental and facilities services,
office services and supplies, security and alarm services, human resource and
employment services, and research and consulting services. It also includes
companies that provide transportation services.

The Fund attempts to replicate the target index by seeking to invest all, or
substantially all, of its assets in the stocks that make up the Index, in order to
hold each stock in approximately the same proportion as its weighting in
the Index.

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Principal Risks
An investment in the Fund could lose money over short or long periods of time.
You should expect the Fund’s share price and total return to fluctuate within a
wide range. The Fund is subject to the following risks, which could affect the
Fund’s performance:
• 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 tracks a subset of the U.S. stock market,
which could cause the Fund to perform differently from the overall stock market.
• Sector risk, which is the chance that significant problems will affect a particular
sector, or that returns from that sector will trail returns from the overall stock
market. Daily fluctuations in specific market sectors are often more extreme or
volatile than fluctuations in the overall market. Because the Fund seeks to invest
all, or substantially all, of its assets in the industrials sector, the Fund’s
performance largely depends—for better or for worse—on the general condition
of that sector. Companies in the industrials sector could be affected by, among
other things, government regulation, world events and economic conditions,
insurance costs, and labor relations issues. Sector risk is expected to be high for
the Fund.
• Investment style risk, which is the chance that returns from the types of stocks
in which the Fund invests will trail returns from the overall stock market. Small-,
mid-, and large-cap stocks each tend to go through cycles of doing better or
worse than other segments of the stock market or the stock market in general.
These periods have, in the past, lasted for as long as several years. Historically,
small- and mid-cap stocks have been more volatile in price than large-cap
stocks. The stock prices of small and mid-size companies tend to experience
greater volatility because, among other things, these companies tend to be more
sensitive to changing economic conditions.
• Index-related risks. The Fund is subject to risks associated with index
investing, which include passive management risk, tracking error risk, and index
provider risk. Passive management risk is the chance that the Fund’s use of an
indexing strategy will negatively impact the Fund’s performance. Because the
Fund seeks to track the performance of its target index regardless of how that
index is performing, the Fund’s performance may be lower than it would be if the
Fund were actively managed. Tracking error risk is the chance that the Fund’s
performance will deviate from the performance of its target index. Tracking error
risk may be heightened during times of increased market volatility or under other
unusual market conditions. Index provider risk is the chance that the Fund will be
negatively impacted by changes or errors made by the index provider. Any gains,
losses, or costs associated with or resulting from an error made by the index

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provider will generally be borne by the Fund and, as a result, the
Fund’s shareholders.
• Index replicating risk, which is the chance that the Fund may be prevented
from holding one or more securities in the same proportion as in its target index.

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
Admiral Shares has varied from one calendar year to another over the periods
shown. The table shows how the average annual total returns of the Admiral
Shares compare with those of the Fund’s target index and another comparative
index, 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.

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Annual Total Returns — Vanguard Industrials Index Fund Admiral Shares1

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

40% 30.16
30% 20.36 21.51 20.72 22.39
20% 12.32
8.55
10%
0%
-10% –3.58
–8.51
-20% –13.93
-30%

1 The year-to-date return as of the most recent calendar quarter, which ended on September 30,
2024, was 19.02%.

During the periods shown in the bar chart, the highest and lowest returns for a
calendar quarter were:
Total Return Quarter
Highest 18.18% June 30, 2020
Lowest -27.87% March 31, 2020

Average Annual Total Returns for Periods Ended December 31, 2023
1 Year 5 Years 10 Years
Vanguard Industrials Index Fund Admiral Shares
Return Before Taxes 22.39% 14.59% 10.04%
Return After Taxes on Distributions 21.96 14.17 9.60
Return After Taxes on Distributions and Sale of Fund Shares 13.51 11.67 8.15
MSCI US IMI/Industrials 25/50
(reflects no deduction for fees, expenses, or taxes) 22.47% 14.70% 10.13%
MSCI US Investable Market 2500 Index
(reflects no deduction for fees, expenses, or taxes) 26.26 15.33 11.58

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 may 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.

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Investment Advisor
The Vanguard Group, Inc. (Vanguard)

Portfolio Managers

Michelle Louie, CFA, Portfolio Manager and Principal of Vanguard. She has
co-managed the Fund since 2017.

Walter Nejman, Portfolio Manager at Vanguard. He has managed the Fund since
2015 (co-managed since 2017).

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 982901, El Paso, TX
79998-2901), or by telephone (800-662-2739). The minimum investment amount
required to open and maintain a Fund account for Admiral Shares is $100,000.
The minimum investment amount required to add to an existing Fund account is
generally $1. Financial intermediaries, institutional clients, and Vanguard-advised
clients should contact Vanguard for information on special eligibility rules that
may apply to them regarding Admiral Shares. If you are investing through an
intermediary, please contact that firm directly for more information regarding your
eligibility. If you are investing through an employer-sponsored retirement or
savings plan, your plan administrator or your benefits office can provide you with
detailed information on how you can invest through your plan.

Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gains. If
you are investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply. You
should consult your own tax advisor with respect to any particular U.S. or
non-U.S. tax consequences of your investment in the Fund.

Payments to Financial Intermediaries

The Fund and its investment advisor do not pay financial intermediaries for sales
of Fund shares.
CFA® is a registered 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 THIS FUND, OWNERS OF THIS FUND,
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 Industrials Index Fund Admiral Shares—Fund Number 5482

To request additional information about the Fund, please visit vanguard.com or contact us at 800-662-7447.

© 2024 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.
SP 5482 122024