In December 1986, Vanguard launched its second mutual fund, a bond index fund called the Total Bond Fund, which was the first bond index fund ever offered to individual investors.[21] One earlier criticism of the First Index fund was that it was only an index of the S&P 500.[2][3] In December 1987, Vanguard launched its third fund, the Vanguard Extended Market Index Fund, an index fund of the entire stock market, excluding the S&P 500.[22] Over the next five years, other funds were launched, including a small cap index fund, an international stock index fund, and a total stock market index fund.