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It details shareholder reporting changes effective July 2024, including electronic delivery options and the removal of financial statements from shareholder reports. 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Shareholder reports will provide key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Financial statements will no longer be included in the shareholder report but will be available [at vanguard.com](at vanguard.com), can be mailed upon request, or can be accessed on the SEC’s website [at www.sec.gov](at www.sec.gov).  \nYou may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on [to vanguard.com](to vanguard.com).  \nContents  \nYour Fund’s Performance at a Glance ................ 1  \nAbout Your Fund’s Expenses ........................ 2  \nS&P 500 Value Index Fund ........................... 4  \nS&P 500 Growth Index Fund ........................25  \nTrustees Approve Advisory Arrangements ...........46  \nLiquidity Risk Management..........................48  \nPlease note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.  \nYour Fund’s Performance at a Glance  \n• For the 12 months ended August 31, 2023, Vanguard S&P 500 Value Index Fund returned 17. 15% for ETF Shares and 17. 19% for Institutional Shares. Vanguard S&P 500 Growth Index Fund returned 13.26% for ETF Shares and 13.29% for Institutional Shares. Both funds tracked their target indexes. (Returns for ETF Shares are based on net asset value.)  \n• Early in the period, inflation in many developed markets began to ease off multidecade highs but remained stubbornly high in some sectors—including services, which felt the effects of a tight labor market. While aggressive interest rate hikes by many major central banks including the Federal Reserve fanned fears of recession, the economy proved more resilient than expected.  \n• Large-capitalization stocks outperformed their small-and mid-cap counterparts for the period. Value and growth stocks both posted positive returns, but growth significantly outperformed value.  \n• Multiple sectors across both funds posted positive results for the 12 months. Information technology, financial, and communication services stocks contributed most to the performance of the Growth Index Fund, as did information technology, consumer discretionary, and communication services for the Value Index Fund.  \nMarket Barometer  \nAverage Annual Total Returns Periods Ended August 31, 2023  \n\n|  | One Year | Three Years | Five Years |\n| --- | --- | --- | --- |\n| Stocks |  |  |  |\n| Russell 1000 Index (Large-caps) | 15.40% | 9.93% | 10.77% |\n| Russell 2000 Index (Small-caps) | 4.65 | 8.12 | 3.14 |\n| Russell 3000 Index (Broad [U.S. market](U.S. market)) | 14.76 | 9.81 | 10.25 |\n| FTSE All-World ex US Index (International) | 12.02 | 4.49 | 3.74 |\n| Bonds |  |  |  |\n| Bloomberg U. S. Aggregate Float Adjusted Index\u003Cbr>(Broad taxable market) | -1.05% | -4.40% | 0.55% |\n| Bloomberg Municipal Bond Index\u003Cbr>(Broad tax-exempt market) | 1.70 | -1.32 | 1.52 |\n| FTSE Three-Month U. S. Treasury Bill Index | 4.44 | 1.63 | 1.68 |\n| CPI |  |  |  |\n| Consumer Price Index | 3.67% ","cbCaikEPjtz47fAc","https://ap.wps.com/l/cbCaikEPjtz47fAc","pdf",201646,56,"English","# Your Fund’s Performance at a Glance\n## Market Barometer\n# About Your Fund’s Expenses\n## Expense ratio and cost examples\n# S&P 500 Value Index Fund\n# S&P 500 Growth Index Fund\n# Trustees Approve Advisory Arrangements\n# Liquidity Risk Management","[{\"question\":\"What key shareholder report changes take effect in July 2024?\",\"answer\":\"Amendments adopted by the SEC will substantially impact shareholder report design, content, and transmission. Shareholder reports will use a clear, concise format, be mailed to shareholders who did not elect electronic delivery, and no longer include financial statements.\"},{\"question\":\"How can investors receive shareholder reports electronically?\",\"answer\":\"Investors can elect electronic delivery by contacting their financial intermediary (broker-dealer or bank). If investing directly, they can call Vanguard using the phone numbers on the back cover or log on to vanguard.com.\"},{\"question\":\"What is an expense ratio and how is it used in this report?\",\"answer\":\"Expenses are expressed as a percentage of a fund’s average net assets, called the expense ratio. The report explains ongoing costs and provides examples to estimate expenses based on actual fund return or a hypothetical 5% yearly return before expenses.\"}]","Vanguard S&P 500 Value and Growth Index Funds - Annual Report - August 31, 2023 | PDF",1791844781,20]