Vanguard High Dividend Yield Index Fund

1 Semiannual Report| April 30, 2020 Vanguard high Dividend Yield Index FundSee the inside front cover for important information about accessto your fund s annual and semiannual shareholder information about access to shareholder reportsBeginning on January 1, 2021, as permitted by regulations adopted by theSecurities and Exchange Commission, paper copies of your fund s annual andsemiannual shareholder reports will no longer be sent to you by mail, unless youspecifically request them. Instead, you will be notified by mail each time a report isposted on the website and will be provided with a link to access the you have already elected to receive shareholder reports electronically, you willnot be affected by this change and do not need to take any may elect toreceive shareholder reports and other communications from the fund electronicallyby contacting your financial intermediary (such as a broker-dealer or bank) or, if youinvest directly with the fund , by calling Vanguard at one of the phone numbers onthe back cover of this report or by logging on to may elect to receive paper copies of all future shareholder reports free ofcharge.

2 If you invest through a financial intermediary, you can contact theintermediary to request that you continue to receive paper copies. If you investdirectly with the fund , you can call Vanguard at one of the phone numbers on theback cover of this report or log on to election to receive papercopies will apply to all the funds you hold through an intermediary or directly fund s 1 Financial 4 Trustees Approve Advisory Risk a shareholder of the fund , you incur ongoing costs, which include costs for portfoliomanagement, administrative services, and shareholder reports (like this one), among expenses, which are deducted from a fund s gross income, directly reduce theinvestment return of the fund s expenses are expressed as a percentage of its average net figure is knownas the expense following examples are intended to help you understand the ongoingcosts (in dollars)

3 Of investing in your fund and to compare these costs with those of other examples are based on an investment of $1,000 made at the beginning of the periodshown and held for the entire accompanying table illustrates your fund s costs in two ways: Based on actual fund section helps you to estimate the actual expenses that youpaid over 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 whostarted with $1,000 in the may use the information here, together with the amount youinvested, to estimate the expenses that you paid over the do so, simply divide your account value by $1,000 (for example, an $8,600 account valuedivided by $1,000 = ), then multiply the result by the number given for your fund under theheading Expenses Paid During Period.

4 Based on hypothetical 5% yearly section is intended to help you compare yourfund 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 usedis not the fund s actual return the results do not apply to your example is usefulin making comparisons because the Securities and Exchange Commission requires all mutualfunds to calculate expenses based on a 5% can assess your fund s costs by comparingthis hypothetical example with the hypothetical examples that appear in shareholder reports ofother that the expenses shown in the table are meant to highlight and help you compareongoingcosts only and do not reflect transaction costs incurred by the fund for buying and sellingsecurities.

5 Further, the expenses do not include any purchase, redemption, or account service feesdescribed in the fund prospectus. If such fees were applied to your account, your costs would fund does not carry a sales load. The calculations assume no shares were bought or sold during the actual costs mayhave been higher or lower, depending on the amount of your investment and the timing of anypurchases or can find more information about the fund s expenses, including annual expense ratios, in theFinancial Statements section of this report. For additional information on operating expenses andother shareholder costs, please refer to your fund s current Your fund s Expenses1 Six Months Ended April 30, 2020 BeginningAccount Value10/31/2019 EndingAccount Value4/30/2020 ExpensesPaid DuringPeriodBased on Actual fund ReturnHigh Dividend Yield Index FundETF Shares$1, $ $ , on Hypothetical 5%Yearly ReturnHigh Dividend Yield Index FundETF Shares$1, $1, $ Shares1, , calculations are based on expenses incurred in the most recent six-month period.

6 The fund s annualized six-month expense ratios forthat period are: for ETF Shares and for Admiral Shares. The dollar amounts shown as Expenses Paid are equal to theannualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recentsix-month period, then divided by the number of days in the most recent 12-month period (182/366).2 Basic & table reflects the fund s investments, except for short-terminvestments and derivatives. Sector categories are based on theIndustry Classification Benchmark ( ICB ), except for the Other category (if applicable), which includes securities that have notbeen provided an ICB classification as of the effective fund may invest in derivatives (such as futures and swapcontracts) for various reasons, including, but not limited to,attempting to remain fully invested and tracking their target indexas closely as Industry Classification Benchmark ( ICB ) is owned by FTSE.

7 FTSE does not accept any liability to any person for anyloss or damage arising out of any error or omission in the Dividend Yield Index FundFund AllocationAs of April 30, 20203 The fund files its complete schedule of portfolio holdings with the Securities and ExchangeCommission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports onForm fund s Form N-PORT reports are available on the SEC s website ($000)Common Stocks ( )Basic Materials ( )Linde plc1,986,848 365,560 Air Products &Chemicals ,027 183,628 DuPont de Nemours Inc. 2,767,911 130,147 Dow ,768,331 101,570 LyondellBasell IndustriesNV Class A984,004 57,023 International Paper ,453,154 49,771 Nucor ,129,443 46,522 RPM International ,947 31,408 Eastman Chemical ,158 30,688CF Industries Holdings Inc.

8 803,579 22,098 Reliance Steel &Aluminum ,999 21,499 Scotts Miracle-Gro ,483 18,044 Huntsman ,434 13,371 Southern Copper ,1089,865 Olin ,1537,852 Cabot ,5367,000 Commercial Metals ,2356,874 Compass MineralsInternational ,2806,159 Domtar ,5324,895 Schweitzer-MauduitInternational ,4423,655 Trinseo SA143,3752,932 Orion Engineered CarbonsSA222,4162,026 Schnitzer SteelIndustries Inc. Class A101,4691,5791 Nexa Resources SA126,3725301,124,696 Consumer Goods ( )Procter & Gamble ,016,881 1,062,820 PepsiCo ,181,038 685,400 Coca-Cola ,181,668 650,797 Philip MorrisInternational ,758,378 429,575 Altria Group ,918,293 271,543 Colgate-Palmolive ,128,203 219,819 SharesMarketValue ($000)Kimberly-Clark ,260,589 174,567 General Mills ,237,371 133,996 General Motors ,576,934 102,020 Clorox ,673 86,820 Archer-Daniels-Midland Co.

9 2,060,179 76,515 Ford Motor ,475,776 73,682 Corteva ,775,494 72,690 Hershey ,624 70,668 Kraft Heinz ,321,929 70,424VF ,138,689 66,158 Conagra Brands ,783,885 59,653 Kellogg ,380 59,630JM Smucker ,086 46,663 Garmin ,754 43,563 Genuine Parts ,100 41,234 Hasbro ,743 33,631 Campbell Soup ,615 30,968 Molson Coors BeverageCo. Class B645,142 26,457 Whirlpool ,800 25,678 Coca-Cola EuropeanPartners plc647,018 25,648 Bunge ,319 20,125 Autoliv ,264 19,462 Newell Brands ,398,722 19,414 Leggett & Platt ,748 16,959 Flowers Foods ,328 16,004 Tapestry ,018,700 15,158 Polaris ,804 15,023 Hanesbrands ,322,167 13,142 Harley-Davidson ,131 12,337 LCI Industries89,0807,725 Spectrum BrandsHoldings ,0047,191 GoodyearTire & ,8356,151 Coty Inc.

10 Class A1,090,9565,946Nu Skin Enterprises A202,3645,911 MDC Holdings ,5485,4271B&G Foods ,5524,516 Vector Group ,9474,354 high Dividend Yield Index FundFinancial Statements (unaudited)Schedule of InvestmentsAs of April 30, 20204 SharesMarketValue ($000)Universal ,7904,343 HNI ,0703,823 Steelcase Inc. Class A333,6343,653 Kontoor Brands ,5993,137 Knoll ,5352,094 Signet Jewelers ,4611,906 National PrestoIndustries ,4181,498*Tenneco Inc. Class A188,793980 Ethan Allen Interiors ,7949594,857,857 Consumer Services ( )Comcast Corp. Class A 16,663,705 627,055 Walmart ,146,774 625,590 McDonald's ,795,576 524,338 CVS Health ,805,339 295,769 Target ,812,792 198,936 Walgreens BootsAlliance ,781,038 120,391 Sysco ,743,086 98,083 Best Buy Co. ,604 62,812 Las Vegas Sands ,245,590 59,813 Omnicom Group ,380 45,475 Darden Restaurants ,740 35,3261 Carnival ,644,944 26,155 Vail Resorts ,081 25,322 Interpublic Group of ,431,523 24,307 Nielsen Holdings plc1,310,351 19,301*IAA ,036 18,877 Williams-Sonoma ,67717,543 Delta Air Lines ,300 15,735 Wyndham Hotels &Resorts ,409 13,365H&R Block ,555 12,047 Kohl's ,397 10,640L Brands ,7389,985 Cracker Barrel Old CountryStore ,8318,555 TEGNA ,1368,545 WyndhamDestinations ,7828,4331 Nordstrom ,4327,483 Extended StayAmerica ,5807,289 KAR Auction Services Inc.