Vanguard Materials Index Fund

Summary Prospectus 

December 15, 2010

Admiral™ Shares

Vanguard Materials Index Fund Admiral Shares (VMIAX)

The Fund’s statutory Prospectus and Statement of Additional Information dated

December 15, 2010, and financial highlights information from the most recent

shareholder report 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. You can also get this information at no

cost by calling 800-662-7447 or by sending an e-mail request to

online@vanguard.com.

The Securities and Exchange Commission 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 materials stocks.

Fees and Expenses
The following tables describe the fees and expenses you may pay if you buy and hold
Admiral Shares of the Fund.

Shareholder Fees
(Fees paid directly from your investment)
Sales Charge (Load) Imposed on Purchases	None
Purchase Fee	None1
Sales Charge (Load) Imposed on Reinvested Dividends	None
Redemption Fee	2%2

1 The Fund reserves the right to deduct a purchase fee from future purchases of shares.
2 The 2% fee applies only if you redeem shares within one year of purchase by selling or by exchanging to another Vanguard
fund, or if Vanguard liquidates your Fund account because the balance falls below the minimum initial investment for any
reason, including market fluctuation.

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Management Expenses	0.21%
12b-1 Distribution Fee	None
Other Expenses	0.03%
Total Annual Fund Operating Expenses	0.24%

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 invest
$10,000 in the Fund’s shares. This example assumes that the Shares provide a return
of 5% a year and that operating expenses remain as stated in the preceding table. The
results apply whether or not you 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:

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1 Year	3 Years	5 Years	10 Years
$25	$77	$135	$306

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 higher 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 10%.

Primary Investment Strategies
The Fund employs a “passive management”—or indexing—investment approach
designed to track the performance of the MSCI^® US Investable Market Materials
25/50 Index, an index made up of stocks of large, medium-size, and small U.S.
companies within the materials sector, as classified under the Global Industry
Classification Standard (GICS). The GICS materials sector is made up of companies in
a wide range of commodity-related manufacturing industries. Included within this
sector are companies that manufacture chemicals, construction materials, glass,
paper, forest products, and related packaging products, as well as metals, minerals,
and mining companies, including producers of steel.

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.

Primary Risks
An investment in the Fund could lose money over short or even long periods. You should
expect the Fund’s share price and total return to fluctuate within a wide range, like the
fluctuations of the overall stock market. The Fund’s performance could be hurt by:

• 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 may, at times, become focused in stocks of a particular category
or group of companies. Because the Fund seeks to track its target index, the Fund may
underperform 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 than fluctuations
in the overall market. Because the Fund invests all, or substantially all, of its assets in

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the materials sector, the Fund’s performance largely depends—for better or for
worse—on the general condition of that sector. Companies in the materials sector
could be affected by, among other things, commodity prices, government regulation,
inflation expectations, resource availability, and economic cycles.

• Nondiversification risk, which is the chance that the Fund’s performance may be
hurt disproportionately by the poor performance of relatively few stocks or even a
single stock. The Fund is considered nondiversified, which means that it may invest a
greater percentage of its assets in the securities of a small number of issuers as
compared with other mutual funds. Because the Fund tends to invest a relatively high
percentage of its assets in its ten largest holdings, and in its single largest holding,
nondiversification risk is high for the Fund.

• Investment style risk, which is the chance that returns from small- and mid-
capitalization stocks (to the extent that the Fund’s assets are invested in small- and
mid-cap stocks) will trail returns from the overall stock market. Historically, these
stocks have been more volatile in price than the large-cap stocks that dominate the
overall market, and they often perform quite differently.

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 relevant market indexes. As of December 28, 2009, the Fund’s
benchmark was changed to the MSCI US Investable Market Materials 25/50 Index.
This index is expected to be a more suitable index because it allows the Fund to
better achieve its objective of tracking its target index while continuing to provide
exposure to its relevant market sector. During the periods covered in the Average
Annual Returns table the MSCI US Investable Market Materials 25/50 Index was not
yet in operation. 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 or
by calling Vanguard toll-free at 800-662-7447.

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Annual Total Returns—Admiral Shares¹

1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2010, was 4.60%.

During the periods shown in the bar chart, the highest return for a calendar quarter
was 22.44% (quarter ended September 30, 2009), and the lowest return for a quarter
was –31.31% (quarter ended December 31, 2008).

Average Annual Total Returns for Periods Ended December 31, 2009
			Since
			Inception
			(Feb. 11,
	1 Year	5 Years	2004)
Vanguard Materials Index Fund Admiral Shares
Return Before Taxes	51.59%	4.85%	6.83%
Return After Taxes on Distributions	51.28	4.56	6.53
Return After Taxes on Distributions and Sale of Fund Shares	33.92	4.15	5.90
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US IMI/Materials Index	51.80%	4.98%	6.97%
Spliced US IMI Materials 25/50 Index	51.80	4.98	6.97

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 will be higher than other figures for the

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same period if a capital loss occurs upon redemption and results in an assumed tax
deduction for the shareholder.

Investment Advisor
The Vanguard Group, Inc.

Portfolio Manager

Michael D. Eyre, CFA, CPA, Portfolio Manager. He has managed the Materials Index
Fund since 2010.

Purchase and Sale of Fund Shares
You may purchase or redeem shares online through our website at Vanguard.com, by
mail (The Vanguard Group, P.O. Box 1110, Valley Forge, PA 19482-1110), or by telephone
(800-662-2739). The following table provides the Fund’s minimum initial and subsequent
investment requirements.

Account Minimums	Admiral Shares
To open and maintain an account	$100,000
To add to an existing account	$100 (other than by Automatic Investment Plan, which has
	no established minimum)

Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gain. Distributions
are taxable to you for federal income tax purposes, whether or not you reinvest these
amounts in additional Fund shares. A sale or exchange of Fund shares is a taxable
event, which means that you may have a capital gain to report as income, or a capital
loss to report as a deduction, when you complete your federal income tax return.
Dividend and capital gains distributions that you receive, as well as your gains or losses
from any sale or exchange of Fund shares, may also be subject to state and local
income taxes.

Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of
Fund shares.

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Vanguard Materials Index Fund Admiral Shares—Fund Number 5481

CFA^® is a trademark owned by CFA Institute. The Funds or securities referred to herein are not sponsored, endorsed, or pro-

moted by MSCI, and MSCI bears no liability with respect to any such funds or securities. For any such funds or securities, the

Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with The Vanguard

Group and any related funds.

© 2010 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

SP 5481 122010