Vanguard Index Funds

09/03/2024 | Press release | Distributed by Public on 09/03/2024 07:54

Semi Annual Report by Investment Company Form N CSRS

Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-02652

Name of Registrant: Vanguard Index Funds
Address of Registrant: P.O. Box 2600
Valley Forge, PA 19482
Name and address of agent for service: John E. Schadl, Esquire
P.O. Box 876
Valley Forge, PA 19482

Registrant's telephone number, including area code: (610) 669-1000

Date of fiscal year end: December 31

Date of reporting period: January 1, 2024-June 30, 2024

Item 1: Reports to Shareholders.

TABLE OF CONTENTS

500 Index Fund
Investor Shares - VFINX

500 Index Fund
ETF Shares - VOO

500 Index Fund
Admiral™ Shares - VFIAX

500 Index Fund
Institutional Select Share Class - VFFSX

Growth Index Fund
Investor Shares - VIGRX

Growth Index Fund
ETF Shares - VUG

Growth Index Fund
Admiral™ Shares - VIGAX

Growth Index Fund
Institutional Shares - VIGIX

Value Index Fund
Investor Shares - VIVAX

Value Index Fund
ETF Shares - VTV

Value Index Fund
Admiral™ Shares - VVIAX

Value Index Fund
Institutional Shares - VIVIX

Large-Cap Index Fund
Investor Shares - VLACX

Large-Cap Index Fund
ETF Shares - VV

Large-Cap Index Fund
Admiral™ Shares - VLCAX

Large-Cap Index Fund
Institutional Shares - VLISX

Vanguard 500 Index Fund

Investor Shares (VFINX)

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard 500 Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Shares
$7
0.14%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Communication Services
9.3%
Consumer Discretionary
9.9%
Consumer Staples
5.8%
Energy
3.6%
Financials
12.4%
Health Care
11.7%
Industrials
8.1%
Information Technology
32.4%
Materials
2.2%
Real Estate
2.2%
Utilities
2.3%
Other Assets and Liabilities-Net
0.1%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$1,179,313
Number of Portfolio Holdings
514
Portfolio Turnover Rate
1%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR40

Vanguard 500 Index Fund

ETF Shares (VOO) CBOE BZK Exchange, Inc.

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard 500 Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
ETF Shares
$2
0.03%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Communication Services
9.3%
Consumer Discretionary
9.9%
Consumer Staples
5.8%
Energy
3.6%
Financials
12.4%
Health Care
11.7%
Industrials
8.1%
Information Technology
32.4%
Materials
2.2%
Real Estate
2.2%
Utilities
2.3%
Other Assets and Liabilities-Net
0.1%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$1,179,313
Number of Portfolio Holdings
514
Portfolio Turnover Rate
1%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR968

Vanguard 500 Index Fund

Admiral™ Shares (VFIAX)

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard 500 Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Admiral Shares
$2
0.04%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Communication Services
9.3%
Consumer Discretionary
9.9%
Consumer Staples
5.8%
Energy
3.6%
Financials
12.4%
Health Care
11.7%
Industrials
8.1%
Information Technology
32.4%
Materials
2.2%
Real Estate
2.2%
Utilities
2.3%
Other Assets and Liabilities-Net
0.1%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$1,179,313
Number of Portfolio Holdings
514
Portfolio Turnover Rate
1%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR540

Vanguard 500 Index Fund

Institutional Select Share Class (VFFSX)

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard 500 Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Select Share Class
$1
0.01%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Communication Services
9.3%
Consumer Discretionary
9.9%
Consumer Staples
5.8%
Energy
3.6%
Financials
12.4%
Health Care
11.7%
Industrials
8.1%
Information Technology
32.4%
Materials
2.2%
Real Estate
2.2%
Utilities
2.3%
Other Assets and Liabilities-Net
0.1%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$1,179,313
Number of Portfolio Holdings
514
Portfolio Turnover Rate
1%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Institutional Investor Services • 800-523-1036

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR1940

Vanguard Growth Index Fund

Investor Shares (VIGRX)

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard Growth Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Shares
$9
0.17%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Basic Materials
1.3%
Consumer Discretionary
16.6%
Consumer Staples
0.6%
Energy
1.0%
Financials
2.4%
Health Care
7.1%
Industrials
7.7%
Real Estate
1.3%
Technology
60.8%
Telecommunications
0.9%
Utilities
0.2%
Other Assets and Liabilities-Net
0.1%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$251,642
Number of Portfolio Holdings
193
Portfolio Turnover Rate
3%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR9

Vanguard Growth Index Fund

ETF Shares (VUG) NYSE Arca

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard Growth Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
ETF Shares
$2
0.04%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Basic Materials
1.3%
Consumer Discretionary
16.6%
Consumer Staples
0.6%
Energy
1.0%
Financials
2.4%
Health Care
7.1%
Industrials
7.7%
Real Estate
1.3%
Technology
60.8%
Telecommunications
0.9%
Utilities
0.2%
Other Assets and Liabilities-Net
0.1%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$251,642
Number of Portfolio Holdings
193
Portfolio Turnover Rate
3%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR967

Vanguard Growth Index Fund

Admiral™ Shares (VIGAX)

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard Growth Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Admiral Shares
$3
0.05%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Basic Materials
1.3%
Consumer Discretionary
16.6%
Consumer Staples
0.6%
Energy
1.0%
Financials
2.4%
Health Care
7.1%
Industrials
7.7%
Real Estate
1.3%
Technology
60.8%
Telecommunications
0.9%
Utilities
0.2%
Other Assets and Liabilities-Net
0.1%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$251,642
Number of Portfolio Holdings
193
Portfolio Turnover Rate
3%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR509

Vanguard Growth Index Fund

Institutional Shares (VIGIX)

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard Growth Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$2
0.04%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Basic Materials
1.3%
Consumer Discretionary
16.6%
Consumer Staples
0.6%
Energy
1.0%
Financials
2.4%
Health Care
7.1%
Industrials
7.7%
Real Estate
1.3%
Technology
60.8%
Telecommunications
0.9%
Utilities
0.2%
Other Assets and Liabilities-Net
0.1%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$251,642
Number of Portfolio Holdings
193
Portfolio Turnover Rate
3%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Institutional Investor Services • 800-523-1036

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR868

Vanguard Value Index Fund

Investor Shares (VIVAX)

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard Value Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Shares
$9
0.17%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Basic Materials
1.6%
Consumer Discretionary
7.5%
Consumer Staples
9.1%
Energy
7.2%
Financials
19.7%
Health Care
16.8%
Industrials
15.3%
Real Estate
3.1%
Technology
10.7%
Telecommunications
3.3%
Utilities
5.4%
Other Assets and Liabilities-Net
0.3%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$168,534
Number of Portfolio Holdings
350
Portfolio Turnover Rate
5%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR6

Vanguard Value Index Fund

ETF Shares (VTV) NYSE Arca

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard Value Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
ETF Shares
$2
0.04%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Basic Materials
1.6%
Consumer Discretionary
7.5%
Consumer Staples
9.1%
Energy
7.2%
Financials
19.7%
Health Care
16.8%
Industrials
15.3%
Real Estate
3.1%
Technology
10.7%
Telecommunications
3.3%
Utilities
5.4%
Other Assets and Liabilities-Net
0.3%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$168,534
Number of Portfolio Holdings
350
Portfolio Turnover Rate
5%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR966

Vanguard Value Index Fund

Admiral™ Shares (VVIAX)

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard Value Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Admiral Shares
$3
0.05%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Basic Materials
1.6%
Consumer Discretionary
7.5%
Consumer Staples
9.1%
Energy
7.2%
Financials
19.7%
Health Care
16.8%
Industrials
15.3%
Real Estate
3.1%
Technology
10.7%
Telecommunications
3.3%
Utilities
5.4%
Other Assets and Liabilities-Net
0.3%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$168,534
Number of Portfolio Holdings
350
Portfolio Turnover Rate
5%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR506

Vanguard Value Index Fund

Institutional Shares (VIVIX)

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard Value Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$2
0.04%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Basic Materials
1.6%
Consumer Discretionary
7.5%
Consumer Staples
9.1%
Energy
7.2%
Financials
19.7%
Health Care
16.8%
Industrials
15.3%
Real Estate
3.1%
Technology
10.7%
Telecommunications
3.3%
Utilities
5.4%
Other Assets and Liabilities-Net
0.3%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$168,534
Number of Portfolio Holdings
350
Portfolio Turnover Rate
5%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Institutional Investor Services • 800-523-1036

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR867

Vanguard Large-Cap Index Fund

Investor Shares (VLACX)

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard Large-Cap Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Investor Shares
$9
0.17%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Basic Materials
1.4%
Consumer Discretionary
13.5%
Consumer Staples
4.4%
Energy
3.7%
Financials
10.0%
Health Care
11.3%
Industrials
10.8%
Real Estate
2.1%
Technology
38.1%
Telecommunications
1.9%
Utilities
2.5%
Other Assets and Liabilities-Net
0.3%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$52,690
Number of Portfolio Holdings
506
Portfolio Turnover Rate
1%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR307

Vanguard Large-Cap Index Fund

ETF Shares (VV) NYSE Arca

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard Large-Cap Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
ETF Shares
$2
0.04%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Basic Materials
1.4%
Consumer Discretionary
13.5%
Consumer Staples
4.4%
Energy
3.7%
Financials
10.0%
Health Care
11.3%
Industrials
10.8%
Real Estate
2.1%
Technology
38.1%
Telecommunications
1.9%
Utilities
2.5%
Other Assets and Liabilities-Net
0.3%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$52,690
Number of Portfolio Holdings
506
Portfolio Turnover Rate
1%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR961

Vanguard Large-Cap Index Fund

Admiral™ Shares (VLCAX)

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard Large-Cap Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Admiral Shares
$3
0.05%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Basic Materials
1.4%
Consumer Discretionary
13.5%
Consumer Staples
4.4%
Energy
3.7%
Financials
10.0%
Health Care
11.3%
Industrials
10.8%
Real Estate
2.1%
Technology
38.1%
Telecommunications
1.9%
Utilities
2.5%
Other Assets and Liabilities-Net
0.3%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$52,690
Number of Portfolio Holdings
506
Portfolio Turnover Rate
1%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Direct Investor Account Services • 800-662-2739

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR5307

Vanguard Large-Cap Index Fund

Institutional Shares (VLISX)

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about Vanguard Large-Cap Index Fund (the "Fund") for the period of January 1, 2024, to June 30, 2024.You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Share Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional Shares
$2
0.04%Footnote Reference1
Footnote Description
Footnote1
Annualized.

This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.

Portfolio Composition % of Net Assets

(as of June 30, 2024)

Basic Materials
1.4%
Consumer Discretionary
13.5%
Consumer Staples
4.4%
Energy
3.7%
Financials
10.0%
Health Care
11.3%
Industrials
10.8%
Real Estate
2.1%
Technology
38.1%
Telecommunications
1.9%
Utilities
2.5%
Other Assets and Liabilities-Net
0.3%

Fund Statistics

(as of June 30, 2024)

Fund Net Assets (in millions)
$52,690
Number of Portfolio Holdings
506
Portfolio Turnover Rate
1%

Where can I find additional information about the Fund?

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.

Connect with Vanguard®• vanguard.com

Fund Information • 800-662-7447

Institutional Investor Services • 800-523-1036

Text Telephone for People Who Are Deaf or Hard of Hearing

800-749-7273

© 2024 The Vanguard Group, Inc.

All rights reserved.

Vanguard Marketing Corporation, Distributor.

SR807

Item 2: Code of Ethics.

Not applicable.

Item 3: Audit Committee Financial Expert.

Not applicable.

Item 4: Principal Accountant Fees and Services.

Not applicable.

Item 5: Audit Committee of Listed Registrants.

Not applicable.

Item 6: Investments.

Not applicable. The complete schedule of investments is included in the financial statements filed under Item 7 of this Form.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Financial Statements
For the six-months ended June 30, 2024
Vanguard 500 Index Fund
Contents
Financial Statements
1
500 Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2024
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.
Shares Market
Value

($000)
Common Stocks (99.9%)
Communication Services (9.3%)
Meta Platforms Inc. Class A  56,323,457    28,399,413
Alphabet Inc. Class A 150,969,651    27,499,122
Alphabet Inc. Class C 125,598,815    23,037,335
* Netflix Inc.  10,974,709     7,406,612
Walt Disney Co.  46,854,932     4,652,226
Verizon Communications Inc. 108,184,693     4,461,537
Comcast Corp. Class A 100,600,149     3,939,502
AT&T Inc. 184,285,265     3,521,691
T-Mobile US Inc.  13,252,258     2,334,783
Electronic Arts Inc.   6,252,665       871,184
* Charter Communications Inc. Class A   2,517,100       752,512
* Take-Two Interactive Software Inc.   4,081,374       634,613
Omnicom Group Inc.   5,033,046       451,464
* Warner Bros Discovery Inc.  57,308,131       426,373
* Live Nation Entertainment Inc.   3,660,885       343,171
Interpublic Group of Cos. Inc.   9,700,145       282,177
News Corp. Class A   9,756,872       268,997
* Match Group Inc.   6,827,588       207,422
Fox Corp. Class A   5,943,827       204,289
1 Paramount Global Class B  12,705,646       132,012
Fox Corp. Class B   3,387,540       108,469
News Corp. Class B   2,929,969        83,182
  110,018,086
Consumer Discretionary (9.9%)
* Amazon.com Inc. 235,370,873    45,485,421
* Tesla Inc.  71,311,858    14,111,190
Home Depot Inc.  25,471,100     8,768,171
McDonald's Corp.  18,522,746     4,720,337
Booking Holdings Inc.     872,064     3,454,681
Lowe's Cos. Inc.  14,706,049     3,242,096
TJX Cos. Inc.  29,107,126     3,204,695
NIKE Inc. Class B  31,135,806     2,346,706
Starbucks Corp.  29,111,996     2,266,369
* Chipotle Mexican Grill Inc.  35,288,956     2,210,853
* Airbnb Inc. Class A  11,347,134     1,720,566
* O'Reilly Automotive Inc.   1,513,701     1,598,559
Marriott International Inc. Class A   6,166,076     1,490,772
Hilton Worldwide Holdings Inc.   6,426,712     1,402,309
General Motors Co.  29,324,484     1,362,415
* AutoZone Inc.     444,598     1,317,833
Ford Motor Co. 100,788,719     1,263,891
Ross Stores Inc.   8,617,778     1,252,335
DR Horton Inc.   7,617,496     1,073,534
* Royal Caribbean Cruises Ltd.   6,085,046       970,139
Yum! Brands Inc.   7,238,499       958,812
Lennar Corp. Class A   6,293,504       943,207
* Lululemon Athletica Inc.   2,944,913       879,645
Tractor Supply Co.   2,770,667       748,080
eBay Inc.  13,004,812       698,618
Garmin Ltd.   3,949,566       643,463
* Deckers Outdoor Corp.     659,701       638,558
* NVR Inc.      80,741       612,708
PulteGroup Inc.   5,406,155       595,218
Genuine Parts Co.   3,580,115       495,201
* Aptiv plc   6,992,240       492,394
* Carnival Corp.  25,960,343       485,978
* Ulta Beauty Inc.   1,232,016       475,398
Darden Restaurants Inc.   3,067,011       464,100
Domino's Pizza Inc.     896,109       462,688
1
500 Index Fund
Shares Market
Value

($000)
Best Buy Co. Inc.   4,948,822       417,136
Las Vegas Sands Corp.   9,382,526       415,177
* Expedia Group Inc.   3,262,575       411,052
Pool Corp.     985,116       302,756
* CarMax Inc.   4,044,916       296,654
* MGM Resorts International   6,448,805       286,585
LKQ Corp.   6,855,903       285,137
Tapestry Inc.   5,911,060       252,934
Bath & Body Works Inc.   5,748,449       224,477
* Caesars Entertainment Inc.   5,566,849       221,227
Wynn Resorts Ltd.   2,426,807       217,199
* Norwegian Cruise Line Holdings Ltd.  11,026,806       207,194
Hasbro Inc.   3,363,360       196,757
BorgWarner Inc. (XNYS)   5,855,119       188,769
* Etsy Inc.   3,005,110       177,241
Ralph Lauren Corp.   1,003,103       175,603
* Mohawk Industries Inc.   1,360,057       154,489
  117,287,327
Consumer Staples (5.8%)
Procter & Gamble Co.  60,659,516    10,003,967
Costco Wholesale Corp.  11,398,902     9,688,953
Walmart Inc. 109,782,206     7,433,353
Coca-Cola Co.  99,649,184     6,342,671
PepsiCo Inc.  35,334,125     5,827,657
Philip Morris International Inc.  39,954,885     4,048,629
Mondelez International Inc. Class A  34,475,206     2,256,058
Colgate-Palmolive Co.  21,086,770     2,046,260
Altria Group Inc.  44,144,778     2,010,795
Target Corp.  11,890,144     1,760,217
Kimberly-Clark Corp.   8,653,977     1,195,980
Constellation Brands Inc. Class A   4,138,660     1,064,794
General Mills Inc.  14,509,943       917,899
Sysco Corp.  12,798,893       913,713
*,1 Monster Beverage Corp.  18,229,197       910,548
Keurig Dr Pepper Inc.  26,826,740       896,013
Kenvue Inc.  49,209,914       894,636
Kroger Co.  16,204,298       809,081
Archer-Daniels-Midland Co.  12,707,332       768,158
Dollar General Corp.   5,644,495       746,372
Hershey Co.   3,793,997       697,450
Kraft Heinz Co.  20,286,392       653,628
Church & Dwight Co. Inc.   6,284,653       651,593
Estee Lauder Cos. Inc. Class A   5,990,445       637,383
* Dollar Tree Inc.   5,328,106       568,882
McCormick & Co. Inc.   6,470,248       458,999
Clorox Co.   3,191,199       435,503
Tyson Foods Inc. Class A   7,351,358       420,057
Kellanova   6,766,000       390,263
Bunge Global SA   3,639,077       388,544
Conagra Brands Inc.  12,288,677       349,244
Lamb Weston Holdings Inc.   3,712,096       312,113
J M Smucker Co.   2,729,238       297,596
Molson Coors Beverage Co. Class B   4,672,897       237,523
Campbell Soup Co.   5,054,220       228,400
Hormel Foods Corp.   7,454,073       227,275
Walgreens Boots Alliance Inc.  18,408,993       222,657
Brown-Forman Corp. Class B   4,600,497       198,695
   67,911,559
Energy (3.6%)
Exxon Mobil Corp. 115,295,084    13,272,770
Chevron Corp.  44,051,167     6,890,484
ConocoPhillips  30,058,887     3,438,135
EOG Resources Inc.  14,770,931     1,859,217
Schlumberger NV  36,736,222     1,733,215
Marathon Petroleum Corp.   9,055,358     1,570,924
Phillips 66  10,896,219     1,538,219
Williams Cos. Inc.  31,324,206     1,331,279
Valero Energy Corp.   8,404,246     1,317,450
ONEOK Inc.  15,000,910     1,223,324
2
500 Index Fund
Shares Market
Value

($000)
Occidental Petroleum Corp.  17,090,812     1,077,234
Hess Corp.   7,103,331     1,047,883
Kinder Morgan Inc.  49,627,014       986,089
1 Diamondback Energy Inc.   4,583,754       917,622
Baker Hughes Co.  25,650,178       902,117
Devon Energy Corp.  16,242,670       769,903
Halliburton Co.  22,753,801       768,623
Targa Resources Corp.   5,698,418       733,842
Coterra Energy Inc.  19,127,501       510,130
EQT Corp.  11,349,606       419,708
Marathon Oil Corp.  14,495,859       415,596
APA Corp.   9,252,972       272,408
   42,996,172
Financials (12.4%)
* Berkshire Hathaway Inc. Class B  46,529,130    18,928,050
JPMorgan Chase & Co.  73,806,187    14,928,039
Visa Inc. Class A  40,207,984    10,553,390
Mastercard Inc. Class A  21,100,763     9,308,813
Bank of America Corp. 174,865,496     6,954,401
Wells Fargo & Co.  89,602,583     5,321,497
S&P Global Inc.   8,226,896     3,669,196
Goldman Sachs Group Inc.   7,636,970     3,454,354
American Express Co.  14,604,797     3,381,741
Progressive Corp.  15,052,539     3,126,563
Morgan Stanley  32,162,297     3,125,854
Citigroup Inc.  49,024,308     3,111,083
Charles Schwab Corp.  38,370,145     2,827,496
BlackRock Inc.   3,590,183     2,826,623
Marsh & McLennan Cos. Inc.  12,663,771     2,668,510
Chubb Ltd.  10,436,542     2,662,153
Blackstone Inc.  18,367,259     2,273,867
* Fiserv Inc.  15,037,818     2,241,236
Intercontinental Exchange Inc.  14,742,015     2,018,034
CME Group Inc.   9,253,999     1,819,336
KKR & Co. Inc.  17,114,663     1,801,147
Moody's Corp.   4,036,031     1,698,886
Aon plc Class A (XNYS)   5,588,385     1,640,638
US Bancorp  40,106,131     1,592,213
PNC Financial Services Group Inc.  10,226,736     1,590,053
* PayPal Holdings Inc.  26,884,397     1,560,102
Arthur J Gallagher & Co.   5,615,819     1,456,238
Capital One Financial Corp.   9,820,458     1,359,642
Truist Financial Corp.  34,391,241     1,336,100
American International Group Inc.  17,056,650     1,266,286
Travelers Cos. Inc.   5,885,372     1,196,732
Aflac Inc.  13,289,726     1,186,905
Bank of New York Mellon Corp.  19,219,936     1,151,082
Ameriprise Financial Inc.   2,552,880     1,090,565
Allstate Corp.   6,783,186     1,083,003
Prudential Financial Inc.   9,226,938     1,081,305
MetLife Inc.  15,352,563     1,077,596
Fidelity National Information Services Inc.  14,295,959     1,077,343
MSCI Inc.   2,036,050       980,867
* Arch Capital Group Ltd.   9,611,721       969,726
Discover Financial Services   6,440,553       842,489
Hartford Financial Services Group Inc.   7,601,420       764,247
Willis Towers Watson plc   2,627,592       688,797
T Rowe Price Group Inc.   5,739,008       661,765
M&T Bank Corp.   4,288,218       649,065
Fifth Third Bancorp  17,581,094       641,534
Raymond James Financial Inc.   4,794,586       592,659
Nasdaq Inc.   9,780,896       589,397
State Street Corp.   7,742,746       572,963
Brown & Brown Inc.   6,085,088       544,068
Global Payments Inc.   5,205,017       503,325
Huntington Bancshares Inc.  37,244,590       490,884
Synchrony Financial  10,319,737       486,988
* Corpay Inc.   1,805,945       481,122
Cincinnati Financial Corp.   4,023,753       475,205
3
500 Index Fund
Shares Market
Value

($000)
Regions Financial Corp.  23,536,898       471,679
Cboe Global Markets Inc.   2,702,596       459,603
Northern Trust Corp.   5,258,190       441,583
Principal Financial Group Inc.   5,541,954       434,766
Everest Group Ltd.   1,117,523       425,799
Citizens Financial Group Inc.  11,693,800       421,328
W R Berkley Corp.   5,191,150       407,921
FactSet Research Systems Inc.     979,295       399,817
Loews Corp.   4,666,519       348,776
KeyCorp.  24,232,293       344,341
Jack Henry & Associates Inc.   1,874,487       311,202
Assurant Inc.   1,336,016       222,113
MarketAxess Holdings Inc.     975,089       195,535
Globe Life Inc.   2,157,779       177,542
Franklin Resources Inc.   7,701,491       172,128
Invesco Ltd.  11,328,099       169,468
  145,784,774
Health Care (11.7%)
Eli Lilly & Co.  20,518,702    18,577,222
UnitedHealth Group Inc.  23,655,307    12,046,702
Johnson & Johnson  61,855,500     9,040,800
Merck & Co. Inc.  65,097,387     8,059,056
AbbVie Inc.  45,385,646     7,784,546
Thermo Fisher Scientific Inc.   9,810,760     5,425,350
Abbott Laboratories  44,711,296     4,645,951
Amgen Inc.  13,787,156     4,307,797
Danaher Corp.  16,942,985     4,233,205
Pfizer Inc. 145,640,709     4,075,027
* Intuitive Surgical Inc.   9,116,559     4,055,501
Elevance Health Inc.   5,973,314     3,236,700
* Vertex Pharmaceuticals Inc.   6,632,214     3,108,651
Stryker Corp.   8,713,855     2,964,889
* Boston Scientific Corp.  37,786,123     2,909,909
* Regeneron Pharmaceuticals Inc.   2,726,104     2,865,217
Medtronic plc  34,127,039     2,686,139
Cigna Group   7,300,914     2,413,463
Gilead Sciences Inc.  32,020,268     2,196,911
Bristol-Myers Squibb Co.  52,099,472     2,163,691
Zoetis Inc.  11,727,400     2,033,062
McKesson Corp.   3,340,723     1,951,116
CVS Health Corp.  32,264,808     1,905,560
Becton Dickinson & Co.   7,427,949     1,735,986
HCA Healthcare Inc.   4,981,380     1,600,418
* Edwards Lifesciences Corp.  15,487,427     1,430,574
* DexCom Inc.  10,221,039     1,158,861
Humana Inc.   3,097,097     1,157,230
* IDEXX Laboratories Inc.   2,122,531     1,034,097
* Moderna Inc.   8,569,517     1,017,630
* IQVIA Holdings Inc.   4,682,800       990,131
Agilent Technologies Inc.   7,532,066       976,382
Cencora Inc.   4,254,969       958,644
* Centene Corp.  13,715,859       909,361
* Biogen Inc.   3,741,968       867,463
GE Healthcare Inc.  10,910,521       850,148
* Mettler-Toledo International Inc.     548,860       767,081
ResMed Inc.   3,775,698       722,744
West Pharmaceutical Services Inc.   1,872,108       616,654
Cardinal Health Inc.   6,260,001       615,483
Zimmer Biomet Holdings Inc.   5,287,395       573,841
STERIS plc   2,539,607       557,545
* Molina Healthcare Inc.   1,506,113       447,767
Cooper Cos. Inc.   5,108,311       445,956
* Hologic Inc.   5,997,965       445,349
* Waters Corp.   1,524,625       442,324
Labcorp Holdings Inc.   2,166,503       440,905
Baxter International Inc.  13,096,682       438,084
* Align Technology Inc.   1,799,374       434,423
Quest Diagnostics Inc.   2,854,281       390,694
* Insulet Corp.   1,800,168       363,274
4
500 Index Fund
Shares Market
Value

($000)
Revvity Inc.   3,171,281       332,540
Viatris Inc.  30,602,463       325,304
Bio-Techne Corp.   4,049,764       290,166
Universal Health Services Inc. Class B   1,533,872       283,659
* Charles River Laboratories International Inc.   1,323,868       273,485
* Catalent Inc.   4,647,531       261,331
Teleflex Inc.   1,211,185       254,749
* Incyte Corp.   4,086,393       247,717
* Henry Schein Inc.   3,291,085       210,959
* Solventum Corp.   3,555,118       187,995
* DaVita Inc.   1,329,853       184,278
* Bio-Rad Laboratories Inc. Class A     524,070       143,129
*,2 ABIOMED Inc. CVR         180            -
  138,070,826
Industrials (8.1%)
General Electric Co.  28,133,072     4,472,314
Caterpillar Inc.  12,569,005     4,186,736
* Uber Technologies Inc.  53,704,275     3,903,227
Honeywell International Inc.  16,736,374     3,573,885
Union Pacific Corp.  15,681,156     3,548,018
RTX Corp.  34,170,472     3,430,374
Eaton Corp. plc  10,275,649     3,221,930
* Boeing Co.  14,831,013     2,699,393
United Parcel Service Inc. Class B (XNYS)  18,746,553     2,565,466
Lockheed Martin Corp.   5,488,590     2,563,720
Automatic Data Processing Inc.  10,519,383     2,510,872
Deere & Co.   6,653,376     2,485,901
Waste Management Inc.   9,380,484     2,001,233
Trane Technologies plc   5,817,641     1,913,597
TransDigm Group Inc.   1,438,277     1,837,557
FedEx Corp.   5,818,615     1,744,654
General Dynamics Corp.   5,843,638     1,695,473
CSX Corp.  50,244,562     1,680,681
Parker-Hannifin Corp.   3,304,169     1,671,282
Illinois Tool Works Inc.   6,979,141     1,653,777
1 Emerson Electric Co.  14,706,277     1,620,044
Northrop Grumman Corp.   3,575,312     1,558,657
Cintas Corp.   2,216,238     1,551,943
3M Co.  14,223,201     1,453,469
PACCAR Inc.  13,471,413     1,386,747
Carrier Global Corp.  21,536,225     1,358,505
Norfolk Southern Corp.   5,806,314     1,246,558
* Copart Inc.  22,491,338     1,218,131
* GE Vernova Inc.   7,044,509     1,208,204
Johnson Controls International plc  17,314,349     1,150,885
United Rentals Inc.   1,711,499     1,106,878
L3Harris Technologies Inc.   4,874,651     1,094,749
Republic Services Inc.   5,262,359     1,022,687
WW Grainger Inc.   1,123,844     1,013,977
Otis Worldwide Corp.  10,391,317     1,000,268
AMETEK Inc.   5,949,230       991,796
Verisk Analytics Inc.   3,666,886       988,409
Paychex Inc.   8,235,605       976,413
Cummins Inc.   3,515,460       973,536
Quanta Services Inc.   3,762,302       955,963
Ingersoll Rand Inc. (XYNS)  10,368,760       941,898
Fastenal Co.  14,718,083       924,884
Xylem Inc.   6,231,265       845,147
Old Dominion Freight Line Inc.   4,579,189       808,685
Rockwell Automation Inc.   2,930,018       806,575
Delta Air Lines Inc.  16,583,277       786,711
Howmet Aerospace Inc.   9,966,447       773,695
Equifax Inc.   3,176,821       770,252
Westinghouse Air Brake Technologies Corp.   4,533,400       716,504
Fortive Corp.   9,047,580       670,426
Dover Corp.   3,531,822       637,317
Broadridge Financial Solutions Inc.   3,037,478       598,383
Veralto Corp.   5,648,892       539,300
* Axon Enterprise Inc.   1,823,401       536,518
5
500 Index Fund
Shares Market
Value

($000)
Leidos Holdings Inc.   3,475,152       506,955
Hubbell Inc.   1,379,116       504,039
Expeditors International of Washington Inc.   3,630,236       453,017
Jacobs Solutions Inc.   3,218,133       449,605
Southwest Airlines Co.  15,379,769       440,015
* Builders FirstSource Inc.   3,136,943       434,184
Textron Inc.   4,901,210       420,818
* United Airlines Holdings Inc.   8,454,932       411,417
IDEX Corp.   1,944,887       391,311
Masco Corp.   5,663,870       377,610
Snap-on Inc.   1,354,995       354,182
Rollins Inc.   7,218,193       352,176
JB Hunt Transport Services Inc.   2,095,367       335,259
Pentair plc   4,266,923       327,145
Nordson Corp.   1,397,193       324,065
Stanley Black & Decker Inc.   3,954,643       315,936
Allegion plc   2,247,137       265,499
CH Robinson Worldwide Inc.   3,009,464       265,194
A O Smith Corp.   3,104,033       253,848
Huntington Ingalls Industries Inc.   1,013,406       249,632
* Generac Holdings Inc.   1,557,680       205,956
*,1 Dayforce Inc.   4,057,972       201,275
* American Airlines Group Inc.  16,874,860       191,192
Paycom Software Inc.   1,235,216       176,685
   95,801,219
Information Technology (32.4%)
Microsoft Corp. 191,022,070    85,377,314
NVIDIA Corp. 632,214,848    78,103,822
Apple Inc. 370,462,227    78,026,754
Broadcom Inc.  11,196,095    17,975,666
* Advanced Micro Devices Inc.  41,541,929     6,738,516
Salesforce Inc.  24,962,608     6,417,887
* Adobe Inc.  11,514,063     6,396,523
Oracle Corp.  40,972,018     5,785,249
QUALCOMM Inc.  28,734,377     5,723,313
Applied Materials Inc.  21,355,421     5,039,666
Cisco Systems Inc. 104,070,728     4,944,400
Accenture plc Class A  16,159,225     4,902,870
Intuit Inc.   7,195,702     4,729,087
Texas Instruments Inc.  23,400,784     4,552,155
* ServiceNow Inc.   5,268,898     4,144,884
International Business Machines Corp.  23,609,738     4,083,304
Micron Technology Inc.  28,461,162     3,743,497
Lam Research Corp.   3,360,133     3,578,038
Intel Corp. 109,411,737     3,388,482
Analog Devices Inc.  12,745,360     2,909,256
KLA Corp.   3,460,385     2,853,122
* Palo Alto Networks Inc.   8,304,452     2,815,292
* Synopsys Inc.   3,920,524     2,332,947
* Arista Networks Inc.   6,523,864     2,286,484
* Crowdstrike Holdings Inc. Class A   5,931,704     2,272,970
* Cadence Design Systems Inc.   6,994,381     2,152,521
Amphenol Corp. Class A  30,873,490     2,079,947
NXP Semiconductors NV   6,571,383     1,768,293
Motorola Solutions Inc.   4,286,617     1,654,848
Roper Technologies Inc.   2,751,328     1,550,814
* Autodesk Inc.   5,497,734     1,360,414
Microchip Technology Inc.  13,888,377     1,270,787
TE Connectivity Ltd.   7,870,385     1,183,942
* Super Micro Computer Inc.   1,294,242     1,060,437
Monolithic Power Systems Inc.   1,251,023     1,027,941
* Fortinet Inc.  16,296,267       982,176
* Fair Isaac Corp.     635,082       945,421
* Gartner Inc.   1,995,269       895,996
Cognizant Technology Solutions Corp. Class A  12,778,732       868,954
HP Inc.  22,181,980       776,813
CDW Corp.   3,454,246       773,198
Corning Inc.  19,814,949       769,811
* ON Semiconductor Corp.  11,057,249       757,974
6
500 Index Fund
Shares Market
Value

($000)
* ANSYS Inc.   2,243,682       721,344
Hewlett Packard Enterprise Co.  33,405,535       707,195
NetApp Inc.   5,304,673       683,242
* Western Digital Corp.   8,392,471       635,898
* First Solar Inc.   2,751,213       620,288
* Keysight Technologies Inc.   4,486,215       613,490
Teradyne Inc.   4,012,123       594,958
* PTC Inc.   3,077,747       559,134
* Tyler Technologies Inc.   1,091,029       548,548
Seagate Technology Holdings plc   5,019,495       518,363
* GoDaddy Inc. Class A   3,624,162       506,332
* Teledyne Technologies Inc.   1,218,842       472,886
Skyworks Solutions Inc.   4,125,185       439,662
* Zebra Technologies Corp. Class A   1,320,699       408,004
* VeriSign Inc.   2,227,033       395,966
Gen Digital Inc. (XNGS)  14,161,486       353,754
* Akamai Technologies Inc.   3,914,654       352,632
* Trimble Inc.   6,276,489       350,981
* Enphase Energy Inc.   3,497,076       348,693
Jabil Inc.   3,099,369       337,180
Juniper Networks Inc.   8,353,244       304,559
* Qorvo Inc.   2,483,564       288,193
* EPAM Systems Inc.   1,489,932       280,271
* F5 Inc.   1,506,403       259,448
  382,302,806
Materials (2.2%)
Linde plc  12,354,843     5,421,429
Freeport-McMoRan Inc.  36,919,906     1,794,307
Sherwin-Williams Co.   5,995,164     1,789,137
Ecolab Inc.   6,531,964     1,554,607
Air Products and Chemicals Inc.   5,713,461     1,474,359
Newmont Corp. (XNYS)  29,636,695     1,240,888
Nucor Corp.   6,162,015       974,091
Corteva Inc.  17,912,785       966,216
Dow Inc.  18,073,890       958,820
DuPont de Nemours Inc.  10,745,506       864,906
Martin Marietta Materials Inc.   1,584,225       858,333
Vulcan Materials Co.   3,399,183       845,309
PPG Industries Inc.   6,048,863       761,491
LyondellBasell Industries NV Class A   6,611,221       632,429
International Flavors & Fragrances Inc.   6,564,516       625,007
Steel Dynamics Inc.   3,796,216       491,610
Ball Corp.   7,976,874       478,772
Avery Dennison Corp.   2,070,949       452,813
Packaging Corp. of America   2,291,085       418,260
International Paper Co.   8,926,688       385,187
Amcor plc  37,144,250       363,271
Celanese Corp.   2,582,295       348,326
CF Industries Holdings Inc.   4,697,473       348,177
Westrock Co.   6,634,524       333,451
Eastman Chemical Co.   3,023,545       296,217
1 Albemarle Corp.   3,022,696       288,728
Mosaic Co.   8,259,329       238,695
FMC Corp.   3,211,205       184,805
   25,389,641
Real Estate (2.2%)
Prologis Inc.  23,795,959     2,672,524
American Tower Corp.  12,002,057     2,332,960
Equinix Inc.   2,439,291     1,845,568
Welltower Inc.  15,368,576     1,602,174
Simon Property Group Inc.   8,377,493     1,271,703
Digital Realty Trust Inc.   8,340,294     1,268,142
Realty Income Corp.  22,381,855     1,182,210
Public Storage   4,065,061     1,169,315
Crown Castle Inc.  11,168,152     1,091,128
Extra Space Storage Inc.   5,441,746       845,702
* CoStar Group Inc.  10,494,964       778,097
AvalonBay Communities Inc.   3,650,586       755,270
VICI Properties Inc.  24,963,637       714,958
7
500 Index Fund
Shares Market
Value

($000)
* CBRE Group Inc. Class A   7,751,809       690,764
Iron Mountain Inc.   7,534,485       675,240
Equity Residential   8,864,572       614,669
SBA Communications Corp.   2,761,577       542,098
Ventas Inc.  10,403,949       533,306
Weyerhaeuser Co.  18,738,192       531,977
Invitation Homes Inc.  14,791,605       530,871
Alexandria Real Estate Equities Inc.   4,045,558       473,209
Essex Property Trust Inc.   1,649,431       448,975
Mid-America Apartment Communities Inc.   3,001,174       427,997
Healthpeak Properties Inc.  18,089,169       354,548
Kimco Realty Corp.  17,148,407       333,708
Host Hotels & Resorts Inc.  18,109,471       325,608
UDR Inc.   7,782,218       320,238
Camden Property Trust   2,738,384       298,785
Regency Centers Corp.   4,225,949       262,854
Boston Properties Inc.   3,713,316       228,592
Federal Realty Investment Trust   1,919,458       193,808
   25,316,998
Utilities (2.3%)
NextEra Energy Inc.  52,804,881     3,739,114
Southern Co.  28,103,673     2,180,002
Duke Energy Corp.  19,833,640     1,987,926
Constellation Energy Corp.   8,102,160     1,622,620
Sempra  16,265,502     1,237,154
American Electric Power Co. Inc.  13,548,346     1,188,732
Dominion Energy Inc.  21,543,504     1,055,632
PG&E Corp.  54,926,035       959,009
Public Service Enterprise Group Inc.  12,801,889       943,499
Exelon Corp.  25,702,666       889,569
Consolidated Edison Inc.   8,888,712       794,829
Xcel Energy Inc.  14,281,020       762,749
Vistra Corp.   8,394,596       721,767
Edison International   9,889,418       710,159
American Water Works Co. Inc.   5,007,217       646,732
WEC Energy Group Inc.   8,117,444       636,895
DTE Energy Co.   5,318,455       590,402
Entergy Corp.   5,488,678       587,289
PPL Corp.  18,957,336       524,170
Eversource Energy   9,053,624       513,431
FirstEnergy Corp.  13,313,554       509,510
CenterPoint Energy Inc.  16,442,199       509,379
Ameren Corp.   6,853,853       487,377
CMS Energy Corp.   7,675,259       456,908
Atmos Energy Corp.   3,879,179       452,506
NRG Energy Inc.   5,359,683       417,305
Alliant Energy Corp.   6,590,003       335,431
NiSource Inc.  11,522,362       331,959
AES Corp.  18,265,804       320,930
Evergy Inc.   5,906,288       312,856
Pinnacle West Capital Corp.   2,917,130       222,810
   26,648,651
Total Common Stocks
(Cost $665,833,778)
1,177,528,059
Temporary Cash Investments (0.2%)
8
500 Index Fund
Shares Market
Value

($000)
Money Market Fund (0.2%)
3,4 Vanguard Market Liquidity Fund, 5.380%(Cost$2,724,567) 27,255,249 2,725,252
Total Investments (100.1%) (Cost $668,558,345) 1,180,253,311
Other Assets and Liabilities-Net (-0.1%) (939,850)
Net Assets (100%) 1,179,313,461
Cost is in $000.
See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $33,515,000.
2 Security value determined using significant unobservable inputs.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Collateral of $34,952,000 was received for securities on loan.
CVR-Contingent Value Rights.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000)
Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini S&P 500 Index September 2024 4,211 1,162,552 239
Over-the-Counter Total Return Swaps
Reference Entity Termination
Date
Counterparty Notional
Amount
($000)
Floating
Interest Rate
Received
(Paid)1
(%)
Value and
Unrealized
Appreciation
($000)
Value and
Unrealized
(Depreciation)
($000)
Global Payments Inc. 8/30/24 BANA 131,029 (5.930) - (252)
Goldman Sachs Group Inc. 8/29/25 BANA 294,460 (6.030) 496 -
Invesco Ltd. 8/30/24 BANA 3,740 (5.880) 35 -
Kroger Co. 1/31/25 GSI 51,050 (5.324) - (1,211)
Netflix Inc. 8/30/24 BANA 67,488 (5.330) - (247)
VICI Properties Inc. 8/30/24 BANA 52,984 (5.980) 538 -
Visa Inc. Class A 8/30/24 BANA 65,618 (5.230) - (127)
1,069 (1,837)
1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly.
BANA-Bank of America, N.A.
GSI-Goldman Sachs International.
See accompanying Notes, which are an integral part of the Financial Statements.
9
500 Index Fund
Statement of Assets and Liabilities
As of June 30, 2024
($000s, except shares, footnotes, and per-share amounts) Amount
Assets
Investments in Securities, at Value1
Unaffiliated Issuers (Cost $665,833,778) 1,177,528,059
Affiliated Issuers (Cost $2,724,567) 2,725,252
Total Investments in Securities 1,180,253,311
Investment in Vanguard 33,504
Cash Collateral Pledged-Futures Contracts 113,249
Cash Collateral Pledged-Over-the-Counter Swap Contracts 15,530
Receivables for Investment Securities Sold 46,101
Receivables for Accrued Income 611,280
Receivables for Capital Shares Issued 856,783
Unrealized Appreciation-Over-the-Counter Swap Contracts 1,069
Total Assets 1,181,930,827
Liabilities
Due to Custodian 371
Payables for Investment Securities Purchased 288,512
Collateral for Securities on Loan 34,952
Payables for Capital Shares Redeemed 349,273
Payables for Distributions 1,915,706
Payables to Vanguard 15,385
Variation Margin Payable-Futures Contracts 11,330
Unrealized Depreciation-Over-the-Counter Swap Contracts 1,837
Total Liabilities 2,617,366
Net Assets 1,179,313,461
1 Includes $33,515,000 of securities on loan.
At June 30, 2024, net assets consisted of:
Paid-in Capital 661,953,404
Total Distributable Earnings (Loss) 517,360,057
Net Assets 1,179,313,461
Investor Shares-Net Assets
Applicable to 6,270,137 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
3,159,193
Net Asset Value Per Share-Investor Shares $503.85
ETF Shares-Net Assets
Applicable to 944,186,514 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
472,008,711
Net Asset Value Per Share-ETF Shares $499.91
Admiral Shares-Net Assets
Applicable to 1,041,954,346 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
524,893,707
Net Asset Value Per Share-Admiral Shares $503.76
Institutional Select Shares-Net Assets
Applicable to 671,236,951 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
179,251,850
Net Asset Value Per Share-Institutional Select Shares $267.05
See accompanying Notes, which are an integral part of the Financial Statements.
10
500 Index Fund
Statement of Operations
Six Months Ended
June 30, 2024
($000)
Investment Income
Income
Dividends1 7,553,229
Interest2 60,449
Securities Lending-Net 2,572
Total Income 7,616,250
Expenses
The Vanguard Group-Note B
Investment Advisory Services 10,302
Management and Administrative-Investor Shares 2,080
Management and Administrative-ETF Shares 47,046
Management and Administrative-Admiral Shares 82,524
Management and Administrative-Institutional Select Shares 6,262
Marketing and Distribution-Investor Shares 68
Marketing and Distribution-ETF Shares 9,057
Marketing and Distribution-Admiral Shares 9,073
Marketing and Distribution-Institutional Select Shares 136
Custodian Fees 1,745
Shareholders' Reports-Investor Shares 1
Shareholders' Reports-ETF Shares 2,267
Shareholders' Reports-Admiral Shares 1,083
Shareholders' Reports-Institutional Select Shares 16
Trustees' Fees and Expenses 316
Other Expenses 13
Total Expenses 171,989
Expenses Paid Indirectly (148)
Net Expenses 171,841
Net Investment Income 7,444,409
Realized Net Gain (Loss)
Investment Securities Sold2,3 23,220,582
Futures Contracts 350,391
Swap Contracts 17,467
Realized Net Gain (Loss) 23,588,440
Change in Unrealized Appreciation (Depreciation)
Investment Securities2 122,887,314
Futures Contracts (70,719)
Swap Contracts (2,880)
Change in Unrealized Appreciation (Depreciation) 122,813,715
Net Increase (Decrease) in Net Assets Resulting from Operations 153,846,564
1 Dividends are net of foreign withholding taxes of $1,995,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $57,491,000, $124,000, and $44,000, respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $25,050,656,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
11
500 Index Fund
Statement of Changes in Net Assets
Six Months Ended
June 30,
2024
Year Ended
December 31,
2023
($000) ($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 7,444,409 13,895,757
Realized Net Gain (Loss) 23,588,440 20,796,417
Change in Unrealized Appreciation (Depreciation) 122,813,715 164,570,269
Net Increase (Decrease) in Net Assets Resulting from Operations 153,846,564 199,262,443
Distributions
Investor Shares (19,760) (46,502)
ETF Shares (3,067,711) (5,133,943)
Admiral Shares (3,457,283) (6,583,499)
Institutional Select Shares (1,171,905) (2,092,603)
Total Distributions (7,716,659) (13,856,547)
Capital Share Transactions
Investor Shares (440,225) (596,976)
ETF Shares 42,519,350 42,127,992
Admiral Shares 1,817,593 331,303
Institutional Select Shares 8,938,870 8,310,030
Net Increase (Decrease) from Capital Share Transactions 52,835,588 50,172,349
Total Increase (Decrease) 198,965,493 235,578,245
Net Assets
Beginning of Period 980,347,968 744,769,723
End of Period 1,179,313,461 980,347,968
See accompanying Notes, which are an integral part of the Financial Statements.
12
500 Index Fund
Financial Highlights
Investor Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $440.05 $354.17 $439.86 $346.60 $298.16 $231.44
Investment Operations
Net Investment Income1 2.979 5.990 5.605 4.910 5.128 4.801
Net Realized and Unrealized Gain (Loss) on Investments 63.891 85.860 (85.733) 93.389 48.323 67.211
Total from Investment Operations 66.870 91.850 (80.128) 98.299 53.451 72.012
Distributions
Dividends from Net Investment Income (3.070) (5.970) (5.562) (5.039) (5.011) (5.292)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (3.070) (5.970) (5.562) (5.039) (5.011) (5.292)
Net Asset Value, End of Period $503.85 $440.05 $354.17 $439.86 $346.60 $298.16
Total Return2 15.21% 26.11% -18.23% 28.53% 18.25% 31.33%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $3,159 $3,177 $3,093 $4,512 $4,504 $4,723
Ratio of Total Expenses to Average Net Assets 0.14%3 0.14%3 0.14%3 0.14% 0.14% 0.14%
Ratio of Net Investment Income to Average Net Assets 1.28% 1.52% 1.47% 1.25% 1.73% 1.82%
Portfolio Turnover Rate4 1% 2% 2% 2% 4% 4%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.14%.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
13
500 Index Fund
Financial Highlights
ETF Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $436.63 $351.41 $436.47 $343.93 $295.87 $229.68
Investment Operations
Net Investment Income1 3.230 6.412 6.012 5.353 5.413 5.298
Net Realized and Unrealized Gain (Loss) on Investments 63.376 85.165 (85.125) 92.624 47.950 66.463
Total from Investment Operations 66.606 91.577 (79.113) 97.977 53.363 71.761
Distributions
Dividends from Net Investment Income (3.326) (6.357) (5.947) (5.437) (5.303) (5.571)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (3.326) (6.357) (5.947) (5.437) (5.303) (5.571)
Net Asset Value, End of Period $499.91 $436.63 $351.41 $436.47 $343.93 $295.87
Total Return2 15.27% 26.25% -18.15% 28.66% 18.35% 31.46%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $472,009 $372,051 $262,211 $279,850 $177,991 $130,728
Ratio of Total Expenses to Average Net Assets 0.03%3 0.03%3 0.03%3 0.03% 0.03% 0.03%
Ratio of Net Investment Income to Average Net Assets 1.39% 1.63% 1.60% 1.36% 1.83% 1.98%
Portfolio Turnover Rate4 1% 2% 2% 2% 4% 4%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.03%.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
14
500 Index Fund
Financial Highlights
Admiral Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $439.99 $354.11 $439.83 $346.57 $298.14 $231.44
Investment Operations
Net Investment Income1 3.224 6.404 6.000 5.326 5.427 5.319
Net Realized and Unrealized Gain (Loss) on Investments 63.873 85.843 (85.767) 93.371 48.314 66.962
Total from Investment Operations 67.097 92.247 (79.767) 98.697 53.741 72.281
Distributions
Dividends from Net Investment Income (3.327) (6.367) (5.953) (5.437) (5.311) (5.581)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (3.327) (6.367) (5.953) (5.437) (5.311) (5.581)
Net Asset Value, End of Period $503.76 $439.99 $354.11 $439.83 $346.57 $298.14
Total Return2 15.27% 26.24% -18.15% 28.66% 18.37% 31.46%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $524,894 $456,812 $367,498 $453,239 $359,553 $319,624
Ratio of Total Expenses to Average Net Assets 0.04%3 0.04%3 0.04%3 0.04% 0.04% 0.04%
Ratio of Net Investment Income to Average Net Assets 1.38% 1.62% 1.58% 1.35% 1.83% 1.97%
Portfolio Turnover Rate4 1% 2% 2% 2% 4% 4%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
15
500 Index Fund
Financial Highlights
Institutional Select Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $233.22 $187.66 $233.06 $183.64 $157.98 $122.64
Investment Operations
Net Investment Income1 1.747 3.462 3.249 2.885 2.924 2.857
Net Realized and Unrealized Gain (Loss) on Investments 33.860 45.493 (45.458) 49.478 25.597 35.484
Total from Investment Operations 35.607 48.955 (42.209) 52.363 28.521 38.341
Distributions
Dividends from Net Investment Income (1.777) (3.395) (3.191) (2.943) (2.861) (3.001)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (1.777) (3.395) (3.191) (2.943) (2.861) (3.001)
Net Asset Value, End of Period $267.05 $233.22 $187.66 $233.06 $183.64 $157.98
Total Return 15.28% 26.28% -18.13% 28.70% 18.40% 31.49%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $179,252 $148,309 $111,968 $118,481 $94,870 $81,230
Ratio of Total Expenses to Average Net Assets 0.01%2 0.01%2 0.01%2 0.01% 0.01% 0.01%
Ratio of Net Investment Income to Average Net Assets 1.41% 1.65% 1.62% 1.38% 1.86% 2.00%
Portfolio Turnover Rate3 1% 2% 2% 2% 4% 4%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.01%.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
16
500 Index Fund
Notes to Financial Statements
Vanguard 500 Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Select Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on Cboe BZK Exchange, Inc; they can be purchased and sold through a broker.
In March 2023, the board of trustees approved a plan of reorganization whereby the fund will reorganize from Vanguard Index Funds (such fund the "Predecessor Fund") to a newly created shell series under Vanguard Tax-Managed Funds. The purpose of the reorganization is to improve administrative efficiencies for all funds within the Vanguard complex by spreading the filing and reporting requirements across different legal entities. After the reorganization the surviving fund will be identical in its management to the Predecessor Fund and its investment objective, strategies, and policies will remain unchanged. The reorganization is anticipated to qualify as a tax-free reorganization under the Internal Revenue Code of 1986, as amended.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended June 30, 2024, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
During the six months ended June 30, 2024, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
17
500 Index Fund
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended June 30, 2024, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2024, the fund had contributed to Vanguard capital in the amount of $33,504,000, representing less than 0.01% of the fund's net assets and 13.40% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended June 30, 2024, custodian fee offset arrangements reduced the fund's expenses by $148,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
18
500 Index Fund
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2024, based on the inputs used to value them:
Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments
Assets
Common Stocks 1,177,528,059 - - 1,177,528,059
Temporary Cash Investments 2,725,252 - - 2,725,252
Total 1,180,253,311 - - 1,180,253,311
Derivative Financial Instruments
Assets
Futures Contracts1 239 - - 239
Swap Contracts - 1,069 - 1,069
Total 239 1,069 - 1,308
Liabilities
Swap Contracts - 1,837 - 1,837
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.
E. As of June 30, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount
($000)
Tax Cost 669,036,605
Gross Unrealized Appreciation 536,560,506
Gross Unrealized Depreciation (25,343,561)
Net Unrealized Appreciation (Depreciation) 511,216,945
The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2023, the fund had available capital losses totaling $17,360,789,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2024; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended June 30, 2024, the fund purchased $19,370,796,000 of investment securities and sold $10,018,848,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $78,383,837,000 and $32,995,568,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2024, such purchases were $707,640,000 and sales were $1,364,467,000, resulting in net realized loss of $669,006,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
G. Capital share transactions for each class of shares were:
Six Months Ended
June 30, 2024
Year Ended
December 31, 2023
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
Investor Shares
Issued 81,631 172 148,701 374
Issued in Lieu of Cash Distributions 19,757 40 46,496 117
Redeemed (541,613) (1,161) (792,173) (2,005)
Net Increase (Decrease)-Investor Shares (440,225) (949) (596,976) (1,514)
19
500 Index Fund
Six Months Ended
June 30, 2024
Year Ended
December 31, 2023
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
ETF Shares
Issued 75,239,284 159,484 73,338,523 182,751
Issued in Lieu of Cash Distributions - - - -
Redeemed (32,719,934) (67,400) (31,210,531) (76,825)
Net Increase (Decrease)-ETF Shares 42,519,350 92,084 42,127,992 105,926
Admiral Shares
Issued 23,433,579 49,749 34,205,497 86,235
Issued in Lieu of Cash Distributions 3,014,275 6,104 5,732,224 14,309
Redeemed (24,630,261) (52,139) (39,606,418) (100,108)
Net Increase (Decrease)-Admiral Shares 1,817,593 3,714 331,303 436
Institutional Select Shares
Issued 10,491,352 41,708 20,807,286 97,892
Issued in Lieu of Cash Distributions 1,171,905 4,475 2,092,603 9,846
Redeemed (2,724,387) (10,868) (14,589,859) (68,463)
Net Increase (Decrease)-Institutional Select Shares 8,938,870 35,315 8,310,030 39,275
H. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
I. Management has determined that no events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in these financial statements.
Q402 082024
20
Financial Statements
For the six-months ended June 30, 2024
Vanguard U.S. Stock Index Funds Large-Capitalization Portfolios
Vanguard Growth Index Fund
Vanguard Value Index Fund
Vanguard Large-Cap Index Fund
Contents
Growth Index Fund
1
Value Index Fund
16
Large-Cap Index Fund
34
Growth Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2024
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.
Shares Market
Value

($000)
Common Stocks (99.9%)
Basic Materials (1.3%)
Linde plc   4,804,695   2,108,348
Ecolab Inc.   2,652,347     631,259
Fastenal Co.   6,086,968     382,505
Albemarle Corp.     824,153      78,723
  3,200,835
Consumer Discretionary (16.6%)
* Amazon.com Inc.  64,576,832  12,479,473
* Tesla Inc.  26,890,476   5,321,087
Costco Wholesale Corp.   4,406,672   3,745,627
* Netflix Inc.   4,193,687   2,830,236
McDonald's Corp.   7,216,340   1,839,012
* Uber Technologies Inc.  19,981,814   1,452,278
Booking Holdings Inc.     341,955   1,354,655
TJX Cos. Inc.  11,434,019   1,258,886
NIKE Inc. Class B  12,238,077     922,384
Walt Disney Co.   9,265,936     920,015
Starbucks Corp.  11,510,621     896,102
* Chipotle Mexican Grill Inc.  13,987,403     876,311
* O'Reilly Automotive Inc.     609,564     643,736
* Airbnb Inc. Class A   4,110,649     623,298
Marriott International Inc. Class A   2,375,352     574,289
Hilton Worldwide Holdings Inc.   2,605,322     568,481
* AutoZone Inc.     180,711     535,645
Ross Stores Inc.   3,500,857     508,745
* Copart Inc.   9,065,634     490,995
* Trade Desk Inc. Class A   4,690,137     458,086
Yum! Brands Inc.   2,977,628     394,417
* Lululemon Athletica Inc.   1,220,791     364,650
* Take-Two Interactive Software Inc.   1,775,967     276,145
Estee Lauder Cos. Inc. Class A   2,417,760     257,250
* Roblox Corp. Class A   5,744,726     213,761
* Aptiv plc   3,027,773     213,216
* Ulta Beauty Inc.     543,946     209,892
Domino's Pizza Inc.     398,674     205,847
* Royal Caribbean Cruises Ltd.   1,260,307     200,931
Las Vegas Sands Corp.   4,297,525     190,166
* Expedia Group Inc.   1,482,896     186,830
* Burlington Stores Inc.     751,980     180,475
* Live Nation Entertainment Inc.   1,907,952     178,851
Tractor Supply Co.     635,372     171,550
Rollins Inc.   3,468,405     169,223
1 Warner Music Group Corp. Class A   2,209,439      67,719
 41,780,264
Consumer Staples (0.6%)
Colgate-Palmolive Co.   4,344,044     421,546
* Monster Beverage Corp.   7,818,216     390,520
Hershey Co.   1,598,830     293,913
Church & Dwight Co. Inc.   2,672,737     277,109
Brown-Forman Corp. Class B   2,045,408      88,341
Lamb Weston Holdings Inc.   1,039,421      87,395
Brown-Forman Corp. Class A     341,998      15,092
  1,573,916
Energy (1.0%)
Hess Corp.   3,076,424     453,834
Diamondback Energy Inc.   1,907,177     381,798
Schlumberger NV   7,681,786     362,427
* First Solar Inc.   1,107,776     249,759
Cheniere Energy Inc.   1,248,460     218,268
1
Growth Index Fund
Shares Market
Value

($000)
Baker Hughes Co.   5,808,654     204,290
Halliburton Co.   4,753,015     160,557
* Enphase Energy Inc.   1,503,520     149,916
Coterra Energy Inc.   4,505,074     120,150
EQT Corp.   2,870,612     106,155
1 Texas Pacific Land Corp.     138,989     102,056
  2,509,210
Financials (2.4%)
S&P Global Inc.   3,223,741   1,437,789
Blackstone Inc.   7,287,287     902,166
Moody's Corp.   1,600,398     673,656
Apollo Global Management Inc.   4,179,073     493,423
* Coinbase Global Inc. Class A   1,986,181     441,389
MSCI Inc.     799,645     385,229
Aon plc Class A (XNYS)   1,117,724     328,141
Ares Management Corp. Class A   2,002,421     266,883
Broadridge Financial Solutions Inc.   1,307,181     257,515
LPL Financial Holdings Inc.     836,988     233,771
FactSet Research Systems Inc.     444,393     181,432
Tradeweb Markets Inc. Class A   1,412,362     149,710
Brown & Brown Inc.   1,436,451     128,433
Interactive Brokers Group Inc. Class A     728,882      89,361
  5,968,898
Health Care (7.1%)
Eli Lilly & Co.   8,467,958   7,666,720
* Intuitive Surgical Inc.   3,565,201   1,585,980
* Vertex Pharmaceuticals Inc.   2,603,005   1,220,080
Stryker Corp.   3,461,401   1,177,742
* Boston Scientific Corp.  14,862,251   1,144,542
Zoetis Inc.   4,209,010     729,674
* Edwards Lifesciences Corp.   6,249,667     577,282
* DexCom Inc.   4,165,466     472,280
* Moderna Inc.   3,586,864     425,940
* IDEXX Laboratories Inc.     871,169     424,434
* Alnylam Pharmaceuticals Inc.   1,431,210     347,784
ResMed Inc.   1,581,759     302,780
* Veeva Systems Inc. Class A   1,585,553     290,172
West Pharmaceutical Services Inc.     807,554     266,000
Agilent Technologies Inc.   1,656,389     214,718
Cooper Cos. Inc.   2,257,596     197,088
* Align Technology Inc.     815,167     196,806
* Illumina Inc.   1,818,260     189,790
* BioMarin Pharmaceutical Inc.   2,220,610     182,823
STERIS plc     611,517     134,252
* Incyte Corp.   2,066,945     125,298
* Insulet Corp.     492,186      99,323
*,2 ABIOMED Inc. CVR          15          -
 17,971,508
Industrials (7.7%)
Visa Inc. Class A  15,178,666   3,983,944
Mastercard Inc. Class A   8,249,281   3,639,253
* Boeing Co.   6,201,837   1,128,796
Automatic Data Processing Inc.   4,147,616     989,994
Accenture plc Class A   3,197,491     970,151
General Electric Co.   5,301,355     842,756
Sherwin-Williams Co.   2,346,896     700,384
TransDigm Group Inc.     545,741     697,244
Cintas Corp.     891,797     624,490
* Fiserv Inc.   3,070,100     457,568
WW Grainger Inc.     467,148     421,480
Verisk Analytics Inc.   1,513,207     407,885
Paychex Inc.   3,423,510     405,891
Quanta Services Inc.   1,547,708     393,257
* Block Inc. (XNYS)   5,919,143     381,726
* Fair Isaac Corp.     252,913     376,501
Old Dominion Freight Line Inc.   2,094,943     369,967
Vulcan Materials Co.   1,417,492     352,502
Equifax Inc.   1,340,100     324,921
* Mettler-Toledo International Inc.     230,130     321,627
2
Growth Index Fund
Shares Market
Value

($000)
* GE Vernova Inc.   1,524,658     261,494
* Waters Corp.     677,944     196,685
Martin Marietta Materials Inc.     354,901     192,285
Rockwell Automation Inc.     671,995     184,987
Howmet Aerospace Inc.   2,347,507     182,237
JB Hunt Transport Services Inc.     989,786     158,366
HEICO Corp. Class A     836,625     148,518
Veralto Corp.   1,439,455     137,425
HEICO Corp.     456,959     102,181
*,1 Symbotic Inc.   1,008,832      35,471
 19,389,986
Real Estate (1.3%)
American Tower Corp.   4,749,981     923,301
Equinix Inc.     973,329     736,421
Welltower Inc.   6,167,850     642,998
* CoStar Group Inc.   4,395,011     325,846
Realty Income Corp.   4,820,058     254,596
SBA Communications Corp.   1,204,745     236,491
Sun Communities Inc.   1,472,269     177,173
  3,296,826
Technology (60.8%)
Microsoft Corp.  73,356,965  32,786,896
Apple Inc. 143,793,474  30,285,782
NVIDIA Corp. 230,687,155  28,499,091
Meta Platforms Inc. Class A  21,667,254  10,925,063
Alphabet Inc. Class A  58,012,814  10,567,034
Alphabet Inc. Class C  47,153,423   8,648,881
* Advanced Micro Devices Inc.  16,106,543   2,612,642
* Adobe Inc.   4,478,294   2,487,871
Salesforce Inc.   9,194,159   2,363,818
Applied Materials Inc.   8,291,794   1,956,780
Texas Instruments Inc.   9,122,051   1,774,513
Intuit Inc.   2,667,916   1,753,381
* ServiceNow Inc.   2,061,892   1,622,029
Lam Research Corp.   1,318,487   1,403,991
KLA Corp.   1,364,367   1,124,934
* Palo Alto Networks Inc.   3,286,310   1,114,092
* Synopsys Inc.   1,560,220     928,425
* Crowdstrike Holdings Inc. Class A   2,355,413     902,571
* Cadence Design Systems Inc.   2,779,273     855,321
Amphenol Corp. Class A  12,276,989     827,101
Marvell Technology Inc.   8,954,593     625,926
Roper Technologies Inc.   1,106,494     623,686
* Autodesk Inc.   2,240,062     554,303
* Palantir Technologies Inc. Class A  21,168,314     536,193
* Workday Inc. Class A   2,221,536     496,647
* Super Micro Computer Inc.     527,311     432,052
* Snowflake Inc. Class A   3,181,368     429,771
Monolithic Power Systems Inc.     493,300     405,335
* Fortinet Inc.   6,496,514     391,545
* Datadog Inc. Class A   2,993,938     388,284
* DoorDash Inc. Class A   3,446,915     374,955
* Gartner Inc.     791,836     355,582
Vertiv Holdings Co. Class A   3,826,681     331,276
* HubSpot Inc.     524,472     309,328
* Atlassian Corp. Ltd. Class A   1,723,676     304,884
* ANSYS Inc.     947,435     304,600
* Pinterest Inc. Class A   6,546,728     288,514
* Cloudflare Inc. Class A   3,217,708     266,523
Teradyne Inc.   1,738,753     257,840
* Tyler Technologies Inc.     476,956     239,804
* MongoDB Inc.     806,024     201,474
* Snap Inc. Class A  12,059,244     200,304
* Zscaler Inc.   1,041,877     200,238
* Okta Inc.   1,908,561     178,660
* VeriSign Inc.     995,059     176,921
* ON Semiconductor Corp.   2,509,822     172,048
Seagate Technology Holdings plc   1,327,790     137,121
* MicroStrategy Inc. Class A      95,371     131,372
3
Growth Index Fund
Shares Market
Value

($000)
* GoDaddy Inc. Class A     896,585     125,262
Bentley Systems Inc. Class B   2,117,726     104,531
* EPAM Systems Inc.     294,725      55,441
153,040,636
Telecommunications (0.9%)
T-Mobile US Inc.   5,356,705     943,744
* Arista Networks Inc.   2,567,051     899,700
Motorola Solutions Inc.     898,000     346,673
  2,190,117
Utilities (0.2%)
Waste Connections Inc. (XTSE)   2,714,947     476,093
Total Common Stocks (Cost $113,562,614) 251,398,289
Temporary Cash Investments (0.2%)
Money Market Fund (0.2%)
3,4 Vanguard Market Liquidity Fund, 5.380%(Cost$386,724)   3,867,938 386,755
Total Investments (100.1%) (Cost $113,949,338) 251,785,044
Other Assets and Liabilities-Net (-0.1%) (142,737)
Net Assets (100%) 251,642,307
Cost is in $000.
See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $27,224,000.
2 Security value determined using significant unobservable inputs.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Collateral of $27,971,000 was received for securities on loan.
CVR-Contingent Value Rights.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000)
Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini S&P 500 Index September 2024 281 77,577 (131)
Over-the-Counter Total Return Swaps
Reference Entity Termination
Date
Counterparty Notional
Amount
($000)
Floating
Interest Rate
Received
(Paid)1
(%)
Value and
Unrealized
Appreciation
($000)
Value and
Unrealized
(Depreciation)
($000)
Netflix Inc. 8/30/24 BANA 67,488 (5.330) - (247)
Visa Inc. Class A 8/30/24 BANA 116,799 (5.230) - (226)
- (473)
1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly.
BANA-Bank of America, N.A.
At June 30, 2024, the counterparties had deposited in segregated accounts securities with a value of $1,298,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
4
Growth Index Fund
Statement of Assets and Liabilities
As of June 30, 2024
($000s, except shares, footnotes, and per-share amounts) Amount
Assets
Investments in Securities, at Value1
Unaffiliated Issuers (Cost $113,562,614) 251,398,289
Affiliated Issuers (Cost $386,724) 386,755
Total Investments in Securities 251,785,044
Investment in Vanguard 6,925
Cash Collateral Pledged-Futures Contracts 2,435
Receivables for Investment Securities Sold 24,676
Receivables for Accrued Income 35,466
Receivables for Capital Shares Issued 81,095
Total Assets 251,935,641
Liabilities
Due to Custodian 22,527
Payables for Investment Securities Purchased 5,964
Collateral for Securities on Loan 27,971
Payables for Capital Shares Redeemed 68,312
Payables for Distributions 163,291
Payables to Vanguard 4,541
Variation Margin Payable-Futures Contracts 255
Unrealized Depreciation-Over-the-Counter Swap Contracts 473
Total Liabilities 293,334
Net Assets 251,642,307
1 Includes $27,224,000 of securities on loan.
At June 30, 2024, net assets consisted of:
Paid-in Capital 117,271,673
Total Distributable Earnings (Loss) 134,370,634
Net Assets 251,642,307
Investor Shares-Net Assets
Applicable to 2,426,407 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
466,833
Net Asset Value Per Share-Investor Shares $192.40
ETF Shares-Net Assets
Applicable to 358,169,157 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
133,820,526
Net Asset Value Per Share-ETF Shares $373.62
Admiral Shares-Net Assets
Applicable to 426,764,853 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
82,076,752
Net Asset Value Per Share-Admiral Shares $192.32
Institutional Shares-Net Assets
Applicable to 183,422,188 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
35,278,196
Net Asset Value Per Share-Institutional Shares $192.33
See accompanying Notes, which are an integral part of the Financial Statements.
5
Growth Index Fund
Statement of Operations
Six Months Ended
June 30, 2024
($000)
Investment Income
Income
Dividends1 611,483
Interest2 10,582
Securities Lending-Net 376
Total Income 622,441
Expenses
The Vanguard Group-Note B
Investment Advisory Services 2,169
Management and Administrative-Investor Shares 352
Management and Administrative-ETF Shares 18,826
Management and Administrative-Admiral Shares 15,815
Management and Administrative-Institutional Shares 5,463
Marketing and Distribution-Investor Shares 11
Marketing and Distribution-ETF Shares 2,226
Marketing and Distribution-Admiral Shares 1,575
Marketing and Distribution-Institutional Shares 406
Custodian Fees 558
Shareholders' Reports-Investor Shares 1
Shareholders' Reports-ETF Shares 935
Shareholders' Reports-Admiral Shares 264
Shareholders' Reports-Institutional Shares 55
Trustees' Fees and Expenses 64
Other Expenses 8
Total Expenses 48,728
Expenses Paid Indirectly (47)
Net Expenses 48,681
Net Investment Income 573,760
Realized Net Gain (Loss)
Investment Securities Sold2,3 7,362,579
Futures Contracts 35,701
Swap Contracts 15,564
Foreign Currencies (2)
Realized Net Gain (Loss) 7,413,842
Change in Unrealized Appreciation (Depreciation)
Investment Securities2 34,085,200
Futures Contracts (5,826)
Swap Contracts (20)
Change in Unrealized Appreciation (Depreciation) 34,079,354
Net Increase (Decrease) in Net Assets Resulting from Operations 42,066,956
1 Dividends are net of foreign withholding taxes of $209,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $10,244,000, $15,000, and $17,000, respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $7,941,682,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
6
Growth Index Fund
Statement of Changes in Net Assets
Six Months Ended
June 30,
2024
Year Ended
December 31,
2023
($000) ($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 573,760 1,122,556
Realized Net Gain (Loss) 7,413,842 6,637,003
Change in Unrealized Appreciation (Depreciation) 34,079,354 55,188,180
Net Increase (Decrease) in Net Assets Resulting from Operations 42,066,956 62,947,739
Distributions
Investor Shares (884) (2,067)
ETF Shares (324,241) (594,545)
Admiral Shares (198,638) (382,500)
Institutional Shares (86,308) (159,537)
Total Distributions (610,071) (1,138,649)
Capital Share Transactions
Investor Shares (27,864) (71,816)
ETF Shares 7,516,237 4,133,790
Admiral Shares 792,486 1,324,290
Institutional Shares 1,355,037 1,050,251
Net Increase (Decrease) from Capital Share Transactions 9,635,896 6,436,515
Total Increase (Decrease) 51,092,781 68,245,605
Net Assets
Beginning of Period 200,549,526 132,303,921
End of Period 251,642,307 200,549,526
See accompanying Notes, which are an integral part of the Financial Statements.
7
Growth Index Fund
Financial Highlights
Investor Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $160.06 $109.76 $165.20 $130.50 $93.87 $69.10
Investment Operations
Net Investment Income1 .335 .735 .638 .565 .728 .746
Net Realized and Unrealized Gain (Loss) on Investments 32.362 50.316 (55.480) 34.731 36.631 24.802
Total from Investment Operations 32.697 51.051 (54.842) 35.296 37.359 25.548
Distributions
Dividends from Net Investment Income (.357) (.751) (.598) (.596) (.729) (.778)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (.357) (.751) (.598) (.596) (.729) (.778)
Net Asset Value, End of Period $192.40 $160.06 $109.76 $165.20 $130.50 $93.87
Total Return2 20.44% 46.60% -33.22% 27.10% 40.01% 37.08%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $467 $415 $345 $692 $750 $572
Ratio of Total Expenses to Average Net Assets 0.17%3 0.17%3 0.17%3 0.17% 0.17% 0.17%
Ratio of Net Investment Income to Average Net Assets 0.39% 0.54% 0.50% 0.39% 0.69% 0.92%
Portfolio Turnover Rate4 3% 5% 5% 8% 6% 11%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
8
Growth Index Fund
Financial Highlights
ETF Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $310.82 $213.14 $320.83 $253.44 $182.31 $134.21
Investment Operations
Net Investment Income1 .875 1.786 1.584 1.483 1.683 1.773
Net Realized and Unrealized Gain (Loss) on Investments 62.849 97.696 (107.775) 67.447 71.131 48.065
Total from Investment Operations 63.724 99.482 (106.191) 68.930 72.814 49.838
Distributions
Dividends from Net Investment Income (.924) (1.802) (1.499) (1.540) (1.684) (1.738)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (.924) (1.802) (1.499) (1.540) (1.684) (1.738)
Net Asset Value, End of Period $373.62 $310.82 $213.14 $320.83 $253.44 $182.31
Total Return 20.51% 46.78% -33.13% 27.26% 40.16% 37.26%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $133,821 $104,484 $68,198 $90,506 $68,474 $46,481
Ratio of Total Expenses to Average Net Assets 0.04%2 0.04%2 0.04%2 0.04% 0.04% 0.04%
Ratio of Net Investment Income to Average Net Assets 0.52% 0.67% 0.64% 0.52% 0.81% 1.09%
Portfolio Turnover Rate3 3% 5% 5% 8% 6% 11%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
9
Growth Index Fund
Financial Highlights
Admiral Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $160.00 $109.72 $165.15 $130.46 $93.84 $69.09
Investment Operations
Net Investment Income1 .441 .905 .799 .748 .855 .907
Net Realized and Unrealized Gain (Loss) on Investments 32.345 50.289 (55.471) 34.720 36.621 24.728
Total from Investment Operations 32.786 51.194 (54.672) 35.468 37.476 25.635
Distributions
Dividends from Net Investment Income (.466) (.914) (.758) (.778) (.856) (.885)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (.466) (.914) (.758) (.778) (.856) (.885)
Net Asset Value, End of Period $192.32 $160.00 $109.72 $165.15 $130.46 $93.84
Total Return2 20.50% 46.77% -33.14% 27.26% 40.19% 37.23%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $82,077 $67,555 $45,295 $68,372 $53,928 $38,103
Ratio of Total Expenses to Average Net Assets 0.05%3 0.05%3 0.05%3 0.05% 0.05% 0.05%
Ratio of Net Investment Income to Average Net Assets 0.51% 0.66% 0.63% 0.51% 0.80% 1.08%
Portfolio Turnover Rate4 3% 5% 5% 8% 6% 11%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
10
Growth Index Fund
Financial Highlights
Institutional Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $160.00 $109.72 $165.16 $130.47 $93.85 $69.09
Investment Operations
Net Investment Income1 .451 .920 .812 .762 .867 .912
Net Realized and Unrealized Gain (Loss) on Investments 32.354 50.288 (55.481) 34.721 36.620 24.742
Total from Investment Operations 32.805 51.208 (54.669) 35.483 37.487 25.654
Distributions
Dividends from Net Investment Income (.475) (.928) (.771) (.793) (.867) (.894)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (.475) (.928) (.771) (.793) (.867) (.894)
Net Asset Value, End of Period $192.33 $160.00 $109.72 $165.16 $130.47 $93.85
Total Return 20.51% 46.78% -33.14% 27.27% 40.20% 37.26%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $35,278 $28,096 $18,465 $27,688 $22,582 $16,426
Ratio of Total Expenses to Average Net Assets 0.04%2 0.04%2 0.04%2 0.04% 0.04% 0.04%
Ratio of Net Investment Income to Average Net Assets 0.52% 0.67% 0.64% 0.52% 0.82% 1.09%
Portfolio Turnover Rate3 3% 5% 5% 8% 6% 11%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
11
Growth Index Fund
Notes to Financial Statements
Vanguard Growth Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
3. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended June 30, 2024, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
4. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
During the six months ended June 30, 2024, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
12
Growth Index Fund
5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
6. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
7. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended June 30, 2024, the fund did not utilize the credit facilities or the Interfund Lending Program.
9. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2024, the fund had contributed to Vanguard capital in the amount of $6,925,000, representing less than 0.01% of the fund's net assets and 2.77% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended June 30, 2024, custodian fee offset arrangements reduced the fund's expenses by $47,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
13
Growth Index Fund
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2024, based on the inputs used to value them:
Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments
Assets
Common Stocks 251,398,289 - - 251,398,289
Temporary Cash Investments 386,755 - - 386,755
Total 251,785,044 - - 251,785,044
Derivative Financial Instruments
Liabilities
Futures Contracts1 131 - - 131
Swap Contracts - 473 - 473
Total 131 473 - 604
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.
E. As of June 30, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount
($000)
Tax Cost 114,029,026
Gross Unrealized Appreciation 140,209,188
Gross Unrealized Depreciation (2,453,301)
Net Unrealized Appreciation (Depreciation) 137,755,887
The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2023, the fund had available capital losses totaling $10,798,796,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2024; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended June 30, 2024, the fund purchased $9,434,569,000 of investment securities and sold $7,056,931,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $18,173,109,000 and $10,744,907,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2024, such purchases were $2,217,726,000 and sales were $3,676,947,000, resulting in net realized loss of $599,312,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
G. Capital share transactions for each class of shares were:
Six Months Ended
June 30, 2024
Year Ended
December 31, 2023
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
Investor Shares
Issued 33,378 192 55,136 397
Issued in Lieu of Cash Distributions 884 5 2,067 15
Redeemed (62,126) (363) (129,019) (961)
Net Increase (Decrease)-Investor Shares (27,864) (166) (71,816) (549)
ETF Shares
Issued 18,428,844 52,215 19,484,306 70,663
Issued in Lieu of Cash Distributions - - - -
Redeemed (10,912,607) (30,200) (15,350,516) (54,475)
Net Increase (Decrease)-ETF Shares 7,516,237 22,015 4,133,790 16,188
14
Growth Index Fund
Six Months Ended
June 30, 2024
Year Ended
December 31, 2023
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
Admiral Shares
Issued 5,943,040 34,158 8,600,018 62,400
Issued in Lieu of Cash Distributions 177,807 958 341,776 2,406
Redeemed (5,328,361) (30,581) (7,617,504) (55,420)
Net Increase (Decrease)-Admiral Shares 792,486 4,535 1,324,290 9,386
Institutional Shares
Issued 2,927,170 16,846 3,413,487 24,671
Issued in Lieu of Cash Distributions 83,403 449 153,620 1,081
Redeemed (1,655,536) (9,468) (2,516,856) (18,452)
Net Increase (Decrease)-Institutional Shares 1,355,037 7,827 1,050,251 7,300
H. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
I. Management has determined that no events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in these financial statements.
15
Value Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2024
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.
Shares Market
Value

($000)
Common Stocks (99.7%)
Basic Materials (1.6%)
Freeport-McMoRan Inc. 11,771,171     572,079
Air Products and Chemicals Inc.  1,821,141     469,945
Newmont Corp. (XNYS)  9,449,700     395,659
Nucor Corp.  1,963,580     310,403
LyondellBasell Industries NV Class A  2,130,475     203,801
International Flavors & Fragrances Inc.  2,097,065     199,661
Avery Dennison Corp.    661,623     144,664
International Paper Co.  2,852,254     123,075
Celanese Corp.    897,043     121,002
CF Industries Holdings Inc.  1,501,066     111,259
Steel Dynamics Inc.    613,009      79,385
Albemarle Corp.    482,086      46,049
Westlake Corp.    158,563      22,963
  2,799,945
Consumer Discretionary (7.5%)
Home Depot Inc.  8,126,338   2,797,411
Walmart Inc. 36,323,936   2,459,494
Lowe's Cos. Inc.  4,669,112   1,029,352
Walt Disney Co.  7,469,021     741,599
Target Corp.  3,782,969     560,031
General Motors Co.  9,345,130     434,175
Ford Motor Co. 32,131,177     402,925
DR Horton Inc.  2,428,091     342,191
Lennar Corp. Class A  2,066,909     309,768
Electronic Arts Inc.  2,181,350     303,927
Delta Air Lines Inc.  5,279,139     250,442
Dollar General Corp.  1,799,316     237,924
eBay Inc.  4,139,935     222,397
Garmin Ltd.  1,262,003     205,606
PulteGroup Inc.  1,720,041     189,377
* NVR Inc.     24,389     185,077
* Dollar Tree Inc.  1,700,616     181,575
Genuine Parts Co.  1,144,028     158,242
* Carnival Corp.  8,294,958     155,282
Darden Restaurants Inc.    980,170     148,319
Omnicom Group Inc.  1,608,727     144,303
* Royal Caribbean Cruises Ltd.    898,257     143,209
Southwest Airlines Co.  4,914,614     140,607
* Warner Bros Discovery Inc. 18,112,090     134,754
Best Buy Co. Inc.  1,591,873     134,179
* United Airlines Holdings Inc.  2,700,060     131,385
Tractor Supply Co.    442,248     119,407
News Corp. Class A  4,045,270     111,528
* MGM Resorts International  1,932,166      85,865
Fox Corp. Class A  1,842,372      63,322
Pool Corp.    149,580      45,970
LKQ Corp.  1,096,820      45,617
Fox Corp. Class B  1,028,833      32,943
Endeavor Group Holdings Inc. Class A    559,479      15,123
* Liberty Media Corp. - Liberty SiriusXM Class A    120,103       2,660
* Liberty Media Corp. - Liberty SiriusXM Class C    107,096       2,373
Lennar Corp. Class B     15,602       2,175
Sirius XM Holdings Inc.    465,014       1,316
News Corp. Class B     14,085         400
 12,672,250
Consumer Staples (9.1%)
Procter & Gamble Co. 19,343,036   3,190,053
Coca-Cola Co. 31,780,153   2,022,807
PepsiCo Inc. 11,267,031   1,858,271
16
Value Index Fund
Shares Market
Value

($000)
Philip Morris International Inc. 12,738,832   1,290,826
Mondelez International Inc. Class A 10,991,142     719,260
Altria Group Inc. 14,069,315     640,857
McKesson Corp.  1,065,168     622,101
CVS Health Corp. 10,285,813     607,480
Kimberly-Clark Corp.  2,757,855     381,135
Constellation Brands Inc. Class A  1,348,486     346,938
Colgate-Palmolive Co.  3,360,177     326,072
Cencora Inc.  1,371,153     308,921
Corteva Inc.  5,632,926     303,840
Keurig Dr Pepper Inc.  8,880,862     296,621
General Mills Inc.  4,623,206     292,464
Sysco Corp.  4,078,076     291,134
Kenvue Inc. 15,677,982     285,026
Archer-Daniels-Midland Co.  4,047,004     244,641
Kroger Co.  4,316,984     215,547
Kraft Heinz Co.  6,455,733     208,004
McCormick & Co. Inc.  2,067,603     146,676
Clorox Co.  1,019,895     139,185
Tyson Foods Inc. Class A  2,349,103     134,228
Kellanova  2,246,491     129,578
Conagra Brands Inc.  3,926,325     111,586
Hormel Foods Corp.  2,477,054      75,525
Campbell Soup Co.  1,591,594      71,924
Walgreens Boots Alliance Inc.  5,668,027      68,555
Brown-Forman Corp. Class B  1,235,052      53,342
J M Smucker Co.    414,625      45,211
Brown-Forman Corp. Class A    217,849       9,614
 15,437,422
Energy (7.2%)
Exxon Mobil Corp. 36,764,471   4,232,326
Chevron Corp. 14,382,598   2,249,726
ConocoPhillips  9,584,177   1,096,238
EOG Resources Inc.  4,709,077     592,732
Marathon Petroleum Corp.  2,887,197     500,871
Phillips 66  3,474,311     490,469
Williams Cos. Inc.  9,987,342     424,462
Valero Energy Corp.  2,679,386     420,021
ONEOK Inc.  4,782,912     390,046
Occidental Petroleum Corp.  5,081,948     320,315
Kinder Morgan Inc. 15,449,783     306,987
Schlumberger NV  5,850,367     276,020
Devon Energy Corp.  5,171,842     245,145
Cheniere Energy Inc.    892,010     155,950
Baker Hughes Co.  4,098,156     144,132
Marathon Oil Corp.  4,631,723     132,792
Halliburton Co.  3,271,916     110,525
Coterra Energy Inc.  2,903,800      77,444
 12,166,201
Financials (19.7%)
* Berkshire Hathaway Inc. Class B 12,260,610   4,987,616
JPMorgan Chase & Co. 23,534,564   4,760,101
Bank of America Corp. 54,476,425   2,166,527
Wells Fargo & Co. 28,571,650   1,696,870
Goldman Sachs Group Inc.  2,392,648   1,082,243
* Berkshire Hathaway Inc. Class A      1,763   1,079,381
Progressive Corp.  4,800,247     997,059
Morgan Stanley  9,988,821     970,814
Citigroup Inc. 14,849,973     942,379
BlackRock Inc.  1,156,863     910,821
Charles Schwab Corp. 11,651,653     858,610
Marsh & McLennan Cos. Inc.  4,037,723     850,829
Chubb Ltd.  3,327,904     848,882
Intercontinental Exchange Inc.  4,701,079     643,531
CME Group Inc.  2,950,884     580,144
KKR & Co. Inc.  5,453,773     573,955
PNC Financial Services Group Inc.  3,260,510     506,944
US Bancorp 12,034,440     477,767
Arthur J Gallagher & Co.  1,790,001     464,165
17
Value Index Fund
Shares Market
Value

($000)
Truist Financial Corp. 10,961,814     425,866
Aflac Inc.  4,656,203     415,845
American International Group Inc.  5,435,770     403,552
Travelers Cos. Inc.  1,875,793     381,424
Bank of New York Mellon Corp.  6,126,783     366,933
Ameriprise Financial Inc.    813,756     347,628
MetLife Inc.  4,951,651     347,556
Allstate Corp.  2,161,946     345,176
Prudential Financial Inc.  2,941,082     344,665
* Arch Capital Group Ltd.  2,920,964     294,696
Discover Financial Services  2,051,286     268,329
Aon plc Class A (XNYS)    847,199     248,721
Hartford Financial Services Group Inc.  2,420,445     243,352
Willis Towers Watson plc    836,354     219,242
Nasdaq Inc.  3,536,722     213,123
T Rowe Price Group Inc.  1,826,563     210,621
M&T Bank Corp.  1,364,744     206,568
Fifth Third Bancorp  5,595,068     204,164
Raymond James Financial Inc.  1,525,156     188,525
State Street Corp.  2,350,008     173,901
* Markel Group Inc.    101,410     159,788
Huntington Bancshares Inc. 11,902,703     156,878
Cincinnati Financial Corp.  1,285,743     151,846
Principal Financial Group Inc.  1,925,010     151,017
Regions Financial Corp.  7,521,979     150,740
Cboe Global Markets Inc.    863,532     146,852
Everest Group Ltd.    354,652     135,129
Northern Trust Corp.  1,596,160     134,046
Citizens Financial Group Inc.  3,550,369     127,920
W R Berkley Corp.  1,574,754     123,744
Loews Corp.  1,545,995     115,548
KeyCorp.  7,743,743     110,039
Fidelity National Financial Inc.  2,131,924     105,360
Corebridge Financial Inc.  1,997,371      58,163
Franklin Resources Inc.  2,591,958      57,930
Interactive Brokers Group Inc. Class A    417,845      51,228
* Rocket Cos. Inc. Class A  1,087,442      14,898
 33,199,651
Health Care (16.8%)
UnitedHealth Group Inc.  7,542,618   3,841,154
Johnson & Johnson 19,722,935   2,882,704
Merck & Co. Inc. 20,756,810   2,569,693
AbbVie Inc. 14,471,952   2,482,229
Thermo Fisher Scientific Inc.  3,127,992   1,729,780
Abbott Laboratories 14,255,071   1,481,244
Amgen Inc.  4,396,205   1,373,594
Danaher Corp.  5,462,623   1,364,836
Pfizer Inc. 46,434,898   1,299,249
Elevance Health Inc.  1,904,516   1,031,981
* Regeneron Pharmaceuticals Inc.    843,693     886,747
Medtronic plc 10,877,892     856,199
Cigna Group  2,327,824     769,509
Gilead Sciences Inc. 10,208,918     700,434
Bristol-Myers Squibb Co. 16,607,527     689,711
Becton Dickinson & Co.  2,367,477     553,303
HCA Healthcare Inc.  1,609,539     517,113
Humana Inc.    987,183     368,861
* IQVIA Holdings Inc.  1,416,810     299,570
* Centene Corp.  4,380,472     290,425
GE Healthcare Inc.  3,550,490     276,654
* Biogen Inc.  1,191,952     276,318
Cardinal Health Inc.  2,000,364     196,676
Zimmer Biomet Holdings Inc.  1,689,579     183,370
Agilent Technologies Inc.  1,202,077     155,825
* Molina Healthcare Inc.    484,592     144,069
* Hologic Inc.  1,916,650     142,311
Labcorp Holdings Inc.    692,303     140,891
Baxter International Inc.  4,184,819     139,982
Quest Diagnostics Inc.    912,387     124,888
18
Value Index Fund
Shares Market
Value

($000)
* Avantor Inc.  5,578,367     118,261
Revvity Inc.  1,013,322     106,257
Viatris Inc.  9,779,128     103,952
STERIS plc    406,177      89,172
Royalty Pharma plc Class A  3,148,596      83,029
 28,269,991
Industrials (15.3%)
Caterpillar Inc.  4,007,949   1,335,048
Honeywell International Inc.  5,335,892   1,139,426
Union Pacific Corp.  5,000,503   1,131,414
RTX Corp. 10,895,037   1,093,753
Eaton Corp. plc  3,276,844   1,027,454
American Express Co.  4,127,207     955,655
Lockheed Martin Corp.  1,966,332     918,474
United Parcel Service Inc. Class B (XNYS)  5,977,060     817,961
Deere & Co.  2,145,393     801,583
Accenture plc Class A  2,575,787     781,519
General Electric Co.  4,260,758     677,333
Trane Technologies plc  1,855,181     610,225
General Dynamics Corp.  2,023,671     587,148
Illinois Tool Works Inc.  2,324,112     550,722
FedEx Corp.  1,814,848     544,164
CSX Corp. 16,018,239     535,810
Parker-Hannifin Corp.  1,053,377     532,809
Emerson Electric Co.  4,687,940     516,423
* PayPal Holdings Inc.  8,569,463     497,286
Northrop Grumman Corp.  1,091,103     475,666
3M Co.  4,533,647     463,293
Carrier Global Corp.  7,013,575     442,416
PACCAR Inc.  4,295,932     442,223
Capital One Financial Corp.  2,973,219     411,642
Norfolk Southern Corp.  1,850,867     397,363
* Fiserv Inc.  2,395,382     357,008
Johnson Controls International plc  5,356,519     356,048
United Rentals Inc.    545,526     352,808
L3Harris Technologies Inc.  1,553,703     348,931
Fidelity National Information Services Inc.  4,555,534     343,305
Ferguson plc  1,653,447     320,190
Otis Worldwide Corp.  3,311,776     318,791
AMETEK Inc.  1,895,854     316,058
Cummins Inc.  1,120,219     310,222
Dow Inc.  5,757,892     305,456
Ingersoll Rand Inc. (XYNS)  3,303,853     300,122
Xylem Inc.  1,984,993     269,225
DuPont de Nemours Inc.  3,079,722     247,887
PPG Industries Inc.  1,926,091     242,476
Westinghouse Air Brake Technologies Corp.  1,443,328     228,118
Fortive Corp.  2,879,620     213,380
Dover Corp.  1,123,962     202,819
Global Payments Inc.  2,086,574     201,772
* Keysight Technologies Inc.  1,433,597     196,044
* GE Vernova Inc.  1,125,356     193,010
Synchrony Financial  3,278,462     154,711
Ball Corp.  2,549,076     152,995
* Teledyne Technologies Inc.    389,271     151,029
* Corpay Inc.    547,994     145,991
Expeditors International of Washington Inc.  1,153,554     143,952
Jacobs Solutions Inc.  1,028,386     143,676
Martin Marietta Materials Inc.    253,026     137,089
Packaging Corp. of America    737,530     134,643
Textron Inc.  1,566,313     134,484
* Zebra Technologies Corp. Class A    422,289     130,458
Howmet Aerospace Inc.  1,678,017     130,264
Rockwell Automation Inc.    467,622     128,727
Masco Corp.  1,808,880     120,598
TransUnion  1,594,920     118,279
Snap-on Inc.    432,973     113,175
* Trimble Inc.  2,005,718     112,160
Stanley Black & Decker Inc.  1,263,665     100,954
19
Value Index Fund
Shares Market
Value

($000)
Veralto Corp.    962,928      91,931
Hubbell Inc.    220,428      80,562
 25,736,158
Real Estate (3.1%)
Prologis Inc.  7,587,529     852,155
Digital Realty Trust Inc.  2,646,245     402,362
Simon Property Group Inc.  2,535,838     384,940
Public Storage  1,296,009     372,797
Crown Castle Inc.  3,559,547     347,768
Extra Space Storage Inc.  1,733,439     269,394
VICI Properties Inc.  8,535,952     244,470
AvalonBay Communities Inc.  1,163,586     240,734
* CBRE Group Inc. Class A  2,510,182     223,682
Iron Mountain Inc.  2,397,946     214,904
Equity Residential  2,944,083     204,143
Realty Income Corp.  3,574,952     188,829
Invitation Homes Inc.  4,779,494     171,536
Weyerhaeuser Co.  5,992,073     170,115
Ventas Inc.  3,307,260     169,530
Alexandria Real Estate Equities Inc.  1,429,077     167,159
Essex Property Trust Inc.    527,359     143,547
Mid-America Apartment Communities Inc.    958,330     136,667
WP Carey Inc.  1,797,184      98,935
Healthpeak Properties Inc.  2,890,212      56,648
UDR Inc.  1,352,373      55,650
Host Hotels & Resorts Inc.  2,889,192      51,948
  5,167,913
Technology (10.7%)
Broadcom Inc.  3,797,796   6,097,475
Oracle Corp. 13,514,485   1,908,245
QUALCOMM Inc.  9,145,603   1,821,621
International Business Machines Corp.  7,527,899   1,301,950
Micron Technology Inc.  9,074,675   1,193,592
Intel Corp. 34,884,056   1,080,359
Analog Devices Inc.  4,065,972     928,099
Microchip Technology Inc.  4,397,211     402,345
TE Connectivity Ltd.  2,507,870     377,259
Dell Technologies Inc. Class C  2,132,770     294,130
Cognizant Technology Solutions Corp. Class A  4,070,648     276,804
HP Inc.  7,610,611     266,524
CDW Corp.  1,100,008     246,226
Corning Inc.  6,309,455     245,122
Hewlett Packard Enterprise Co. 10,635,693     225,158
NetApp Inc.  1,694,926     218,306
* Western Digital Corp.  2,681,552     203,181
Skyworks Solutions Inc.  1,317,700     140,440
* ON Semiconductor Corp.  1,766,645     121,104
* Zoom Video Communications Inc. Class A  1,947,297     115,260
* Akamai Technologies Inc.  1,250,829     112,675
Gen Digital Inc. (XNGS)  4,370,976     109,187
SS&C Technologies Holdings Inc.  1,726,915     108,226
Seagate Technology Holdings plc    862,300      89,050
Leidos Holdings Inc.    555,234      80,998
* GoDaddy Inc. Class A    578,808      80,865
* EPAM Systems Inc.    112,970      21,251
 18,065,452
Telecommunications (3.3%)
Cisco Systems Inc. 29,867,560   1,419,008
Verizon Communications Inc. 31,045,462   1,280,315
Comcast Corp. Class A 32,074,743   1,256,047
AT&T Inc. 58,764,068   1,122,981
Motorola Solutions Inc.    682,697     263,555
* Charter Communications Inc. Class A    767,936     229,582
  5,571,488
Utilities (5.4%)
NextEra Energy Inc. 15,840,618   1,121,674
Waste Management Inc.  3,286,742     701,193
Southern Co.  8,972,693     696,012
20
Value Index Fund
Shares Market
Value

($000)
Duke Energy Corp.  6,322,130     633,667
Constellation Energy Corp.  2,582,382     517,174
Sempra  5,183,182     394,233
American Electric Power Co. Inc.  4,314,648     378,567
PG&E Corp. 21,418,598     373,969
Dominion Energy Inc.  6,861,581     336,217
Republic Services Inc.  1,676,920     325,893
Public Service Enterprise Group Inc.  4,083,105     300,925
Exelon Corp.  8,185,323     283,294
Consolidated Edison Inc.  2,821,420     252,291
Vistra Corp.  2,842,250     244,377
Xcel Energy Inc.  4,547,173     242,864
Edison International  3,141,591     225,598
American Water Works Co. Inc.  1,593,776     205,852
WEC Energy Group Inc.  2,582,715     202,640
Entergy Corp.  1,751,303     187,389
FirstEnergy Corp.  4,490,686     171,859
DTE Energy Co.  1,529,526     169,793
PPL Corp.  6,053,713     167,385
Eversource Energy  2,880,379     163,346
CenterPoint Energy Inc.  5,253,322     162,748
Ameren Corp.  2,188,664     155,636
CMS Energy Corp.  2,452,145     145,976
Alliant Energy Corp.  2,105,869     107,189
NiSource Inc.  1,840,852      53,035
AES Corp.  2,918,423      51,277
Evergy Inc.    896,136      47,468
Avangrid Inc.    636,185      22,604
  9,042,145
Total Common Stocks (Cost $125,556,248) 168,128,616
Temporary Cash Investments (0.6%)
Money Market Fund (0.6%)
1 Vanguard Market Liquidity Fund, 5.380%(Cost$980,624)  9,807,299 980,632
Total Investments (100.3%) (Cost $126,536,872) 169,109,248
Other Assets and Liabilities-Net (-0.3%) (575,108)
Net Assets (100%) 168,534,140
Cost is in $000.
See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000)
Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini S&P 500 Index September 2024 489 135,001 (310)
Over-the-Counter Total Return Swaps
Reference Entity Termination
Date
Counterparty Notional
Amount
($000)
Floating
Interest Rate
Received
(Paid)1
(%)
Value and
Unrealized
Appreciation
($000)
Value and
Unrealized
(Depreciation)
($000)
Goldman Sachs Group Inc. 8/29/25 BANA 113,080 (6.030) 191 -
Johnson Controls International plc 8/30/24 BANA 10,835 (5.330) 15 -
Kroger Co. 1/31/25 GSI 51,050 (5.324) - (1,211)
21
Value Index Fund
Over-the-Counter Total Return Swaps (continued)
Reference Entity Termination
Date
Counterparty Notional
Amount
($000)
Floating
Interest Rate
Received
(Paid)1
(%)
Value and
Unrealized
Appreciation
($000)
Value and
Unrealized
(Depreciation)
($000)
NextEra Energy Inc. 1/31/25 GSI 72,310 (5.324) - (1,628)
US Bancorp 8/30/24 BANA 29,775 (5.330) 250 -
456 (2,839)
1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly.
BANA-Bank of America, N.A.
GSI-Goldman Sachs International.
See accompanying Notes, which are an integral part of the Financial Statements.
22
Value Index Fund
Statement of Assets and Liabilities
As of June 30, 2024
($000s, except shares, footnotes, and per-share amounts) Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $125,556,248) 168,128,616
Affiliated Issuers (Cost $980,624) 980,632
Total Investments in Securities 169,109,248
Investment in Vanguard 4,963
Cash Collateral Pledged-Futures Contracts 4,890
Cash Collateral Pledged-Over-the-Counter Swap Contracts 4,640
Receivables for Investment Securities Sold 1,761
Receivables for Accrued Income 161,790
Receivables for Capital Shares Issued 29,136
Unrealized Appreciation-Over-the-Counter Swap Contracts 456
Total Assets 169,316,884
Liabilities
Due to Custodian 2,366
Payables for Investment Securities Purchased 5,465
Payables for Capital Shares Redeemed 35,628
Payables for Distributions 733,002
Payables to Vanguard 2,934
Variation Margin Payable-Futures Contracts 510
Unrealized Depreciation-Over-the-Counter Swap Contracts 2,839
Total Liabilities 782,744
Net Assets 168,534,140
At June 30, 2024, net assets consisted of:
Paid-in Capital 131,651,905
Total Distributable Earnings (Loss) 36,882,235
Net Assets 168,534,140
Investor Shares-Net Assets
Applicable to 2,286,785 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
143,182
Net Asset Value Per Share-Investor Shares $62.61
ETF Shares-Net Assets
Applicable to 722,051,877 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
115,843,879
Net Asset Value Per Share-ETF Shares $160.44
Admiral Shares-Net Assets
Applicable to 569,967,700 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
35,673,571
Net Asset Value Per Share-Admiral Shares $62.59
Institutional Shares-Net Assets
Applicable to 269,605,968 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
16,873,508
Net Asset Value Per Share-Institutional Shares $62.59
See accompanying Notes, which are an integral part of the Financial Statements.
23
Value Index Fund
Statement of Operations
Six Months Ended
June 30, 2024
($000)
Investment Income
Income
Dividends 1,913,514
Interest1 6,476
Securities Lending-Net 3,390
Total Income 1,923,380
Expenses
The Vanguard Group-Note B
Investment Advisory Services 1,645
Management and Administrative-Investor Shares 117
Management and Administrative-ETF Shares 17,236
Management and Administrative-Admiral Shares 7,259
Management and Administrative-Institutional Shares 2,796
Marketing and Distribution-Investor Shares 5
Marketing and Distribution-ETF Shares 2,474
Marketing and Distribution-Admiral Shares 870
Marketing and Distribution-Institutional Shares 283
Custodian Fees 470
Shareholders' Reports-Investor Shares -
Shareholders' Reports-ETF Shares 1,100
Shareholders' Reports-Admiral Shares 164
Shareholders' Reports-Institutional Shares 70
Trustees' Fees and Expenses 47
Other Expenses 8
Total Expenses 34,544
Expenses Paid Indirectly (68)
Net Expenses 34,476
Net Investment Income 1,888,904
Realized Net Gain (Loss)
Investment Securities Sold1,2 2,333,622
Futures Contracts 22,669
Swap Contracts 12,819
Realized Net Gain (Loss) 2,369,110
Change in Unrealized Appreciation (Depreciation)
Investment Securities1 9,331,022
Futures Contracts (947)
Swap Contracts (4,566)
Change in Unrealized Appreciation (Depreciation) 9,325,509
Net Increase (Decrease) in Net Assets Resulting from Operations 13,583,523
1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $6,224,000, $35,000, and ($2,000), respectively. Purchases and sales are for temporary cash investment purposes.
2 Includes $3,010,214,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
24
Value Index Fund
Statement of Changes in Net Assets
Six Months Ended
June 30,
2024
Year Ended
December 31,
2023
($000) ($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 1,888,904 3,868,984
Realized Net Gain (Loss) 2,369,110 5,193,662
Change in Unrealized Appreciation (Depreciation) 9,325,509 3,919,426
Net Increase (Decrease) in Net Assets Resulting from Operations 13,583,523 12,982,072
Distributions
Investor Shares (1,780) (4,056)
ETF Shares (1,449,854) (2,609,981)
Admiral Shares (446,693) (824,747)
Institutional Shares (215,387) (406,537)
Total Distributions (2,113,714) (3,845,321)
Capital Share Transactions
Investor Shares (14,582) (93,887)
ETF Shares 1,970,364 438,660
Admiral Shares (298,995) (580,686)
Institutional Shares (482,729) (1,225,419)
Net Increase (Decrease) from Capital Share Transactions 1,174,058 (1,461,332)
Total Increase (Decrease) 12,643,867 7,675,419
Net Assets
Beginning of Period 155,890,273 148,214,854
End of Period 168,534,140 155,890,273
See accompanying Notes, which are an integral part of the Financial Statements.
25
Value Index Fund
Financial Highlights
Investor Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $58.31 $54.78 $57.39 $46.43 $46.78 $38.18
Investment Operations
Net Investment Income1 .665 1.332 1.301 1.177 1.142 1.093
Net Realized and Unrealized Gain (Loss) on Investments 4.382 3.557 (2.604) 10.945 (.362) 8.623
Total from Investment Operations 5.047 4.889 (1.303) 12.122 .780 9.716
Distributions
Dividends from Net Investment Income (.747) (1.359) (1.307) (1.162) (1.130) (1.116)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (.747) (1.359) (1.307) (1.162) (1.130) (1.116)
Net Asset Value, End of Period $62.61 $58.31 $54.78 $57.39 $46.43 $46.78
Total Return2 8.66% 9.11% -2.18% 26.31% 2.18% 25.67%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $143 $147 $233 $264 $273 $328
Ratio of Total Expenses to Average Net Assets 0.17%3 0.17%3 0.17%3 0.17% 0.17% 0.17%
Ratio of Net Investment Income to Average Net Assets 2.20% 2.43% 2.38% 2.22% 2.75% 2.58%
Portfolio Turnover Rate4 5% 10% 5% 9% 10% 12%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
26
Value Index Fund
Financial Highlights
ETF Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $149.41 $140.37 $147.08 $118.98 $119.90 $97.84
Investment Operations
Net Investment Income1 1.810 3.677 3.529 3.212 3.055 3.046
Net Realized and Unrealized Gain (Loss) on Investments 11.241 9.034 (6.707) 28.045 (.935) 22.014
Total from Investment Operations 13.051 12.711 (3.178) 31.257 2.120 25.060
Distributions
Dividends from Net Investment Income (2.021) (3.671) (3.532) (3.157) (3.040) (3.000)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (2.021) (3.671) (3.532) (3.157) (3.040) (3.000)
Net Asset Value, End of Period $160.44 $149.41 $140.37 $147.08 $118.98 $119.90
Total Return 8.74% 9.26% -2.05% 26.47% 2.23% 25.85%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $115,844 $106,042 $99,459 $92,776 $61,580 $55,909
Ratio of Total Expenses to Average Net Assets 0.04%2 0.04%2 0.04%2 0.04% 0.04% 0.04%
Ratio of Net Investment Income to Average Net Assets 2.33% 2.61% 2.52% 2.35% 2.87% 2.76%
Portfolio Turnover Rate3 5% 10% 5% 9% 10% 12%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
27
Value Index Fund
Financial Highlights
Admiral Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $58.29 $54.76 $57.38 $46.41 $46.77 $38.17
Investment Operations
Net Investment Income1 .702 1.427 1.370 1.245 1.188 1.185
Net Realized and Unrealized Gain (Loss) on Investments 4.383 3.529 (2.618) 10.951 (.367) 8.581
Total from Investment Operations 5.085 4.956 (1.248) 12.196 .821 9.766
Distributions
Dividends from Net Investment Income (.785) (1.426) (1.372) (1.226) (1.181) (1.166)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (.785) (1.426) (1.372) (1.226) (1.181) (1.166)
Net Asset Value, End of Period $62.59 $58.29 $54.76 $57.38 $46.41 $46.77
Total Return2 8.73% 9.24% -2.08% 26.49% 2.29% 25.82%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $35,674 $33,518 $32,071 $31,741 $22,486 $22,414
Ratio of Total Expenses to Average Net Assets 0.05%3 0.05%3 0.05%3 0.05% 0.05% 0.05%
Ratio of Net Investment Income to Average Net Assets 2.32% 2.60% 2.51% 2.34% 2.86% 2.75%
Portfolio Turnover Rate4 5% 10% 5% 9% 10% 12%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
28
Value Index Fund
Financial Highlights
Institutional Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $58.29 $54.76 $57.37 $46.41 $46.77 $38.17
Investment Operations
Net Investment Income1 .705 1.429 1.377 1.250 1.193 1.189
Net Realized and Unrealized Gain (Loss) on Investments 4.384 3.533 (2.609) 10.941 (.368) 8.581
Total from Investment Operations 5.089 4.962 (1.232) 12.191 .825 9.770
Distributions
Dividends from Net Investment Income (.789) (1.432) (1.378) (1.231) (1.185) (1.170)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (.789) (1.432) (1.378) (1.231) (1.185) (1.170)
Net Asset Value, End of Period $62.59 $58.29 $54.76 $57.37 $46.41 $46.77
Total Return 8.73% 9.26% -2.05% 26.48% 2.30% 25.83%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $16,874 $16,183 $16,452 $15,446 $12,579 $12,481
Ratio of Total Expenses to Average Net Assets 0.04%2 0.04%2 0.04%2 0.04% 0.04% 0.04%
Ratio of Net Investment Income to Average Net Assets 2.33% 2.60% 2.52% 2.35% 2.87% 2.76%
Portfolio Turnover Rate3 5% 10% 5% 9% 10% 12%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
29
Value Index Fund
Notes to Financial Statements
Vanguard Value Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended June 30, 2024, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
3. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
During the six months ended June 30, 2024, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
4. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
5. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
30
Value Index Fund
6. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended June 30, 2024, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2024, the fund had contributed to Vanguard capital in the amount of $4,963,000, representing less than 0.01% of the fund's net assets and 1.98% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended June 30, 2024, custodian fee offset arrangements reduced the fund's expenses by $68,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
31
Value Index Fund
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2024, based on the inputs used to value them:
Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments
Assets
Common Stocks 168,128,616 - - 168,128,616
Temporary Cash Investments 980,632 - - 980,632
Total 169,109,248 - - 169,109,248
Derivative Financial Instruments
Assets
Swap Contracts - 456 - 456
Liabilities
Futures Contracts1 310 - - 310
Swap Contracts - 2,839 - 2,839
Total 310 2,839 - 3,149
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.
E. As of June 30, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount
($000)
Tax Cost 126,605,589
Gross Unrealized Appreciation 47,268,203
Gross Unrealized Depreciation (4,764,854)
Net Unrealized Appreciation (Depreciation) 42,503,349
The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2023, the fund had available capital losses totaling $7,926,054,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2024; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended June 30, 2024, the fund purchased $8,952,430,000 of investment securities and sold $9,433,948,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $7,488,433,000 and $6,009,153,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2024, such purchases were $3,584,878,000 and sales were $1,958,186,000, resulting in net realized loss of $410,806,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
G. Capital share transactions for each class of shares were:
Six Months Ended
June 30, 2024
Year Ended
December 31, 2023
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
Investor Shares
Issued 7,731 127 15,265 279
Issued in Lieu of Cash Distributions 1,780 28 4,056 74
Redeemed (24,093) (395) (113,208) (2,078)
Net Increase (Decrease)-Investor Shares (14,582) (240) (93,887) (1,725)
ETF Shares
Issued 7,949,911 50,280 17,753,209 125,354
Issued in Lieu of Cash Distributions - - - -
Redeemed (5,979,547) (37,950) (17,314,549) (124,175)
Net Increase (Decrease)-ETF Shares 1,970,364 12,330 438,660 1,179
32
Value Index Fund
Six Months Ended
June 30, 2024
Year Ended
December 31, 2023
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
Admiral Shares
Issued 2,136,039 34,946 4,041,652 73,435
Issued in Lieu of Cash Distributions 389,531 6,219 718,875 13,124
Redeemed (2,824,565) (46,226) (5,341,213) (97,180)
Net Increase (Decrease)-Admiral Shares (298,995) (5,061) (580,686) (10,621)
Institutional Shares
Issued 1,044,773 17,154 2,550,479 46,217
Issued in Lieu of Cash Distributions 208,882 3,335 394,481 7,209
Redeemed (1,736,384) (28,531) (4,170,379) (76,228)
Net Increase (Decrease)-Institutional Shares (482,729) (8,042) (1,225,419) (22,802)
H. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
I. Management has determined that no events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in these financial statements.
33
Large-Cap Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2024
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.
Shares Market
Value

($000)
Common Stocks (99.7%)
Basic Materials (1.4%)
Linde plc    548,517    240,695
Freeport-McMoRan Inc.  1,639,251     79,668
Ecolab Inc.    293,298     69,805
Air Products and Chemicals Inc.    253,683     65,463
Newmont Corp. (XNYS)  1,315,940     55,098
Nucor Corp.    273,625     43,255
Fastenal Co.    653,261     41,051
LyondellBasell Industries NV Class A    297,288     28,438
International Flavors & Fragrances Inc.    291,406     27,745
Avery Dennison Corp.     91,955     20,106
International Paper Co.    396,321     17,101
Celanese Corp.    124,641     16,813
CF Industries Holdings Inc.    208,566     15,459
Albemarle Corp.    134,119     12,811
Steel Dynamics Inc.     85,189     11,032
Westlake Corp.     22,055      3,194
   747,734
Consumer Discretionary (13.5%)
* Amazon.com Inc. 10,688,243  2,065,503
* Tesla Inc.  3,093,528    612,147
Costco Wholesale Corp.    506,117    430,194
Home Depot Inc.  1,131,616    389,547
Walmart Inc.  5,057,665    342,454
* Netflix Inc.    491,818    331,918
McDonald's Corp.    822,401    209,581
Walt Disney Co.  2,080,401    206,563
* Uber Technologies Inc.  2,265,304    164,642
Booking Holdings Inc.     38,713    153,362
Lowe's Cos. Inc.    650,301    143,365
TJX Cos. Inc.  1,292,932    142,352
NIKE Inc. Class B  1,382,486    104,198
Starbucks Corp.  1,292,011    100,583
* Chipotle Mexican Grill Inc.  1,567,317     98,192
Target Corp.    526,866     77,997
* O'Reilly Automotive Inc.     67,207     70,975
* Airbnb Inc. Class A    453,445     68,756
Marriott International Inc. Class A    260,766     63,045
Hilton Worldwide Holdings Inc.    285,351     62,264
General Motors Co.  1,301,283     60,458
* AutoZone Inc.     19,749     58,538
Ford Motor Co.  4,474,949     56,116
Ross Stores Inc.    382,506     55,586
* Copart Inc.    988,397     53,532
* Trade Desk Inc. Class A    508,088     49,625
DR Horton Inc.    338,214     47,665
Yum! Brands Inc.    321,395     42,572
Lennar Corp. Class A    283,509     42,489
Electronic Arts Inc.    303,959     42,351
* Royal Caribbean Cruises Ltd.    249,630     39,799
* Lululemon Athletica Inc.    131,044     39,143
Delta Air Lines Inc.    736,414     34,935
Tractor Supply Co.    123,029     33,218
Dollar General Corp.    250,935     33,181
eBay Inc.    577,448     31,021
* Take-Two Interactive Software Inc.    185,797     28,890
Garmin Ltd.    175,366     28,571
Estee Lauder Cos. Inc. Class A    252,594     26,876
PulteGroup Inc.    240,059     26,430
* NVR Inc.      3,401     25,809
34
Large-Cap Index Fund
Shares Market
Value

($000)
* Dollar Tree Inc.    236,317     25,232
Genuine Parts Co.    159,082     22,004
* Aptiv plc    310,464     21,863
* Carnival Corp.  1,152,637     21,577
* Roblox Corp. Class A    573,570     21,343
* Ulta Beauty Inc.     54,460     21,014
Darden Restaurants Inc.    136,206     20,611
Domino's Pizza Inc.     39,800     20,550
Omnicom Group Inc.    223,487     20,047
Southwest Airlines Co.    682,950     19,539
Las Vegas Sands Corp.    425,146     18,813
* Warner Bros Discovery Inc.  2,516,591     18,723
Best Buy Co. Inc.    221,207     18,646
* Expedia Group Inc.    145,179     18,291
* United Airlines Holdings Inc.    375,177     18,256
* Burlington Stores Inc.     72,833     17,480
* Live Nation Entertainment Inc.    184,909     17,333
Rollins Inc.    331,636     16,181
* MGM Resorts International    268,076     11,913
News Corp. Class A    418,948     11,550
Fox Corp. Class A    271,791      9,341
Pool Corp.     20,783      6,387
LKQ Corp.    152,230      6,331
Warner Music Group Corp. Class A    145,460      4,458
News Corp. Class B    144,842      4,112
Fox Corp. Class B    125,739      4,026
Endeavor Group Holdings Inc. Class A     76,992      2,081
* CarMax Inc.     18,033      1,323
Interpublic Group of Cos. Inc.     43,122      1,254
Lennar Corp. Class B      7,103        990
* Liberty Media Corp. - Liberty SiriusXM Class A     18,087        401
* Liberty Media Corp. - Liberty SiriusXM Class C     14,347        318
Sirius XM Holdings Inc.     57,471        163
 7,116,594
Consumer Staples (4.4%)
Procter & Gamble Co.  2,693,268    444,174
Coca-Cola Co.  4,424,442    281,616
PepsiCo Inc.  1,568,859    258,752
Philip Morris International Inc.  1,773,978    179,757
Mondelez International Inc. Class A  1,530,694    100,169
Colgate-Palmolive Co.    936,268     90,855
Altria Group Inc.  1,960,012     89,278
McKesson Corp.    148,339     86,636
CVS Health Corp.  1,432,567     84,607
Kimberly-Clark Corp.    384,239     53,102
Constellation Brands Inc. Class A    187,907     48,345
Cencora Inc.    191,025     43,038
Corteva Inc.    784,922     42,339
* Monster Beverage Corp.    843,082     42,112
Keurig Dr Pepper Inc.  1,237,510     41,333
General Mills Inc.    644,282     40,757
Sysco Corp.    568,367     40,576
Kenvue Inc.  2,184,771     39,719
Kroger Co.    741,219     37,009
Archer-Daniels-Midland Co.    564,249     34,109
Hershey Co.    168,458     30,968
Kraft Heinz Co.    900,625     29,018
Church & Dwight Co. Inc.    279,081     28,935
McCormick & Co. Inc.    287,331     20,383
Clorox Co.    141,727     19,341
Tyson Foods Inc. Class A    326,604     18,662
Kellanova    312,215     18,009
Conagra Brands Inc.    545,591     15,506
Brown-Forman Corp. Class B    342,582     14,796
Hormel Foods Corp.    344,323     10,498
Campbell Soup Co.    221,095      9,991
Walgreens Boots Alliance Inc.    786,753      9,516
Lamb Weston Holdings Inc.     82,406      6,929
J M Smucker Co.     57,541      6,274
35
Large-Cap Index Fund
Shares Market
Value

($000)
Brown-Forman Corp. Class A     61,611      2,719
 2,319,828
Energy (3.7%)
Exxon Mobil Corp.  5,119,119    589,313
Chevron Corp.  2,002,663    313,256
ConocoPhillips  1,334,610    152,653
EOG Resources Inc.    655,823     82,548
Schlumberger NV  1,631,063     76,954
Marathon Petroleum Corp.    402,063     69,750
Phillips 66    483,814     68,300
Williams Cos. Inc.  1,390,863     59,112
Valero Energy Corp.    373,163     58,497
ONEOK Inc.    666,084     54,319
Hess Corp.    334,018     49,274
Occidental Petroleum Corp.    708,158     44,635
Cheniere Energy Inc.    248,176     43,389
Kinder Morgan Inc.  2,152,731     42,775
Diamondback Energy Inc.    203,517     40,742
Baker Hughes Co.  1,138,992     40,058
Devon Energy Corp.    721,144     34,182
Halliburton Co.    909,343     30,718
* First Solar Inc.    116,042     26,163
Coterra Energy Inc.    806,898     21,520
Marathon Oil Corp.    643,447     18,448
* Enphase Energy Inc.    147,508     14,708
EQT Corp.    251,938      9,317
Texas Pacific Land Corp.     10,517      7,722
 1,948,353
Financials (10.0%)
* Berkshire Hathaway Inc. Class B  1,992,151    810,407
JPMorgan Chase & Co.  3,277,063    662,819
Bank of America Corp.  7,585,603    301,679
Wells Fargo & Co.  3,978,437    236,279
Goldman Sachs Group Inc.    367,944    166,428
S&P Global Inc.    365,460    162,995
Progressive Corp.    668,377    138,829
Morgan Stanley  1,390,917    135,183
Citigroup Inc.  2,067,791    131,222
BlackRock Inc.    161,093    126,832
Charles Schwab Corp.  1,622,548    119,566
Marsh & McLennan Cos. Inc.    562,256    118,479
Chubb Ltd.    463,355    118,193
Blackstone Inc.    815,564    100,967
Intercontinental Exchange Inc.    654,526     89,598
CME Group Inc.    410,860     80,775
KKR & Co. Inc.    759,511     79,931
Moody's Corp.    177,122     74,556
US Bancorp  1,780,884     70,701
PNC Financial Services Group Inc.    454,123     70,607
Aon plc Class A (XNYS)    235,715     69,201
Arthur J Gallagher & Co.    249,349     64,659
Truist Financial Corp.  1,527,128     59,329
Aflac Inc.    648,393     57,908
American International Group Inc.    757,187     56,214
Apollo Global Management Inc.    454,426     53,654
Travelers Cos. Inc.    261,294     53,131
Bank of New York Mellon Corp.    853,342     51,107
Ameriprise Financial Inc.    113,361     48,427
MetLife Inc.    689,767     48,415
* Coinbase Global Inc. Class A    216,559     48,126
Allstate Corp.    301,149     48,081
Prudential Financial Inc.    409,715     48,014
MSCI Inc.     85,887     41,376
* Arch Capital Group Ltd.    407,060     41,068
Discover Financial Services    285,979     37,409
* Berkshire Hathaway Inc. Class A         57     34,898
Hartford Financial Services Group Inc.    337,454     33,928
Willis Towers Watson plc    116,661     30,581
Nasdaq Inc.    493,403     29,732
36
Large-Cap Index Fund
Shares Market
Value

($000)
T Rowe Price Group Inc.    254,749     29,375
M&T Bank Corp.    190,456     28,827
Fifth Third Bancorp    780,831     28,492
Ares Management Corp. Class A    207,298     27,629
Broadridge Financial Solutions Inc.    134,897     26,575
Raymond James Financial Inc.    212,901     26,317
State Street Corp.    326,518     24,162
LPL Financial Holdings Inc.     85,261     23,813
* Markel Group Inc.     14,095     22,209
Huntington Bancshares Inc.  1,654,099     21,801
Cincinnati Financial Corp.    178,617     21,095
Principal Financial Group Inc.    267,525     20,987
Regions Financial Corp.  1,045,324     20,948
Cboe Global Markets Inc.    119,962     20,401
Everest Group Ltd.     49,582     18,892
Northern Trust Corp.    221,831     18,629
Citizens Financial Group Inc.    493,340     17,775
FactSet Research Systems Inc.     43,496     17,758
W R Berkley Corp.    218,614     17,179
Loews Corp.    214,845     16,057
KeyCorp.  1,076,053     15,291
Fidelity National Financial Inc.    296,277     14,642
Interactive Brokers Group Inc. Class A    116,155     14,241
Tradeweb Markets Inc. Class A    132,586     14,054
Brown & Brown Inc.    130,216     11,643
Corebridge Financial Inc.    277,256      8,074
Franklin Resources Inc.    359,641      8,038
* Rocket Cos. Inc. Class A    151,028      2,069
 5,288,277
Health Care (11.3%)
Eli Lilly & Co.    976,120    883,760
UnitedHealth Group Inc.  1,050,312    534,882
Johnson & Johnson  2,746,431    401,418
Merck & Co. Inc.  2,890,382    357,829
AbbVie Inc.  2,015,163    345,641
Thermo Fisher Scientific Inc.    435,583    240,877
Abbott Laboratories  1,985,187    206,281
Amgen Inc.    612,154    191,267
Danaher Corp.    760,713    190,064
Pfizer Inc.  6,466,498    180,933
* Intuitive Surgical Inc.    404,784    180,068
Elevance Health Inc.    265,251    143,729
* Vertex Pharmaceuticals Inc.    294,481    138,029
Stryker Corp.    391,273    133,131
* Boston Scientific Corp.  1,677,720    129,201
* Regeneron Pharmaceuticals Inc.    117,480    123,475
Medtronic plc  1,515,316    119,271
Cigna Group    324,185    107,166
Gilead Sciences Inc.  1,421,688     97,542
Bristol-Myers Squibb Co.  2,313,263     96,070
Zoetis Inc.    468,639     81,243
Becton Dickinson & Co.    329,799     77,077
HCA Healthcare Inc.    224,170     72,021
* Edwards Lifesciences Corp.    686,222     63,386
* DexCom Inc.    453,831     51,455
Humana Inc.    137,551     51,396
* Moderna Inc.    393,607     46,741
* IDEXX Laboratories Inc.     94,252     45,920
Agilent Technologies Inc.    334,410     43,350
* IQVIA Holdings Inc.    197,535     41,767
* Centene Corp.    610,436     40,472
GE Healthcare Inc.    494,860     38,559
* Biogen Inc.    166,140     38,515
* Alnylam Pharmaceuticals Inc.    144,362     35,080
ResMed Inc.    167,622     32,086
* Veeva Systems Inc. Class A    165,766     30,337
West Pharmaceutical Services Inc.     83,125     27,381
Cardinal Health Inc.    277,984     27,331
Zimmer Biomet Holdings Inc.    234,759     25,478
37
Large-Cap Index Fund
Shares Market
Value

($000)
STERIS plc    112,873     24,780
* Molina Healthcare Inc.     67,335     20,019
Cooper Cos. Inc.    226,826     19,802
* Hologic Inc.    266,300     19,773
* Align Technology Inc.     81,613     19,704
Labcorp Holdings Inc.     96,194     19,576
Baxter International Inc.    581,484     19,451
* Illumina Inc.    181,604     18,956
* BioMarin Pharmaceutical Inc.    216,662     17,838
Quest Diagnostics Inc.    126,777     17,353
* Avantor Inc.    775,102     16,432
Revvity Inc.    140,952     14,780
Viatris Inc.  1,358,798     14,444
* Incyte Corp.    191,292     11,596
Royalty Pharma plc Class A    437,549     11,538
* Insulet Corp.     39,964      8,065
*,1 ABIOMED Inc. CVR         12         -
 5,944,336
Industrials (10.8%)
Visa Inc. Class A  1,646,048    432,038
Mastercard Inc. Class A    947,301    417,911
Accenture plc Class A    717,480    217,691
General Electric Co.  1,186,654    188,642
Caterpillar Inc.    558,092    185,900
Honeywell International Inc.    743,135    158,689
Union Pacific Corp.    696,263    157,536
RTX Corp.  1,517,147    152,306
Eaton Corp. plc    456,336    143,084
American Express Co.    574,576    133,043
Lockheed Martin Corp.    273,798    127,891
* Boeing Co.    700,532    127,504
United Parcel Service Inc. Class B (XNYS)    832,404    113,914
Deere & Co.    298,756    111,624
Automatic Data Processing Inc.    467,090    111,490
* Fiserv Inc.    667,424     99,473
Trane Technologies plc    258,314     84,967
General Dynamics Corp.    281,804     81,763
Sherwin-Williams Co.    260,399     77,711
TransDigm Group Inc.     60,671     77,514
Illinois Tool Works Inc.    323,532     76,664
FedEx Corp.    252,738     75,781
CSX Corp.  2,230,532     74,611
Parker-Hannifin Corp.    146,693     74,199
Emerson Electric Co.    652,837     71,917
* PayPal Holdings Inc.  1,193,549     69,262
Cintas Corp.     98,417     68,917
Northrop Grumman Corp.    151,985     66,258
3M Co.    631,486     64,532
Carrier Global Corp.    976,853     61,620
PACCAR Inc.    598,141     61,573
Capital One Financial Corp.    413,979     57,315
Norfolk Southern Corp.    257,818     55,351
* GE Vernova Inc.    312,776     53,644
Johnson Controls International plc    768,793     51,102
United Rentals Inc.     75,994     49,148
L3Harris Technologies Inc.    216,520     48,626
Fidelity National Information Services Inc.    634,547     47,819
WW Grainger Inc.     50,399     45,472
Ferguson plc    230,382     44,613
Otis Worldwide Corp.    461,441     44,418
AMETEK Inc.    264,143     44,035
Verisk Analytics Inc.    162,820     43,888
Paychex Inc.    369,721     43,834
Cummins Inc.    156,069     43,220
Dow Inc.    802,527     42,574
Quanta Services Inc.    167,065     42,450
Ingersoll Rand Inc. (XYNS)    460,388     41,822
* Block Inc. (XNYS)    635,056     40,955
* Fair Isaac Corp.     26,791     39,883
38
Large-Cap Index Fund
Shares Market
Value

($000)
Old Dominion Freight Line Inc.    223,194     39,416
Martin Marietta Materials Inc.     70,325     38,102
Xylem Inc.    276,691     37,528
Vulcan Materials Co.    150,896     37,525
Howmet Aerospace Inc.    465,829     36,162
Rockwell Automation Inc.    130,096     35,813
DuPont de Nemours Inc.    429,406     34,563
Equifax Inc.    141,066     34,203
* Mettler-Toledo International Inc.     24,371     34,061
PPG Industries Inc.    268,579     33,811
Westinghouse Air Brake Technologies Corp.    201,283     31,813
Fortive Corp.    401,758     29,770
Dover Corp.    156,823     28,299
Global Payments Inc.    291,088     28,148
* Keysight Technologies Inc.    199,116     27,229
Veralto Corp.    267,612     25,549
Synchrony Financial    458,053     21,615
Ball Corp.    354,218     21,260
* Teledyne Technologies Inc.     54,128     21,001
* Corpay Inc.     76,125     20,280
Expeditors International of Washington Inc.    161,213     20,118
Jacobs Solutions Inc.    142,907     19,966
* Waters Corp.     67,693     19,639
Packaging Corp. of America    102,489     18,710
Textron Inc.    217,628     18,686
* Zebra Technologies Corp. Class A     58,685     18,130
Masco Corp.    251,368     16,759
TransUnion    221,645     16,437
Snap-on Inc.     60,174     15,729
* Trimble Inc.    278,714     15,586
HEICO Corp. Class A     85,868     15,243
JB Hunt Transport Services Inc.     94,156     15,065
Stanley Black & Decker Inc.    175,587     14,028
Hubbell Inc.     30,631     11,195
HEICO Corp.     46,994     10,508
* Symbotic Inc.     28,650      1,007
 5,709,148
Real Estate (2.1%)
Prologis Inc.  1,056,553    118,662
American Tower Corp.    532,885    103,582
Equinix Inc.    108,298     81,938
Welltower Inc.    682,307     71,131
Digital Realty Trust Inc.    368,511     56,032
Simon Property Group Inc.    353,179     53,613
Realty Income Corp.    993,596     52,482
Public Storage    180,608     51,952
Crown Castle Inc.    495,849     48,444
Extra Space Storage Inc.    241,624     37,551
* CoStar Group Inc.    466,015     34,550
VICI Properties Inc.  1,190,329     34,091
AvalonBay Communities Inc.    162,278     33,574
* CBRE Group Inc. Class A    350,166     31,203
Iron Mountain Inc.    334,555     29,983
Equity Residential    410,587     28,470
SBA Communications Corp.    122,605     24,067
Invitation Homes Inc.    664,249     23,840
Ventas Inc.    461,911     23,678
Weyerhaeuser Co.    832,879     23,645
Alexandria Real Estate Equities Inc.    199,511     23,337
Essex Property Trust Inc.     73,328     19,960
Mid-America Apartment Communities Inc.    133,086     18,979
Sun Communities Inc.    142,244     17,118
WP Carey Inc.    249,759     13,749
Healthpeak Properties Inc.    401,643      7,872
UDR Inc.    188,240      7,746
Host Hotels & Resorts Inc.    401,564      7,220
* Zillow Group Inc. Class A      4,551        205
 1,078,674
39
Large-Cap Index Fund
Shares Market
Value

($000)
Technology (38.1%)
Microsoft Corp.  8,481,564  3,790,835
Apple Inc. 16,623,960  3,501,339
NVIDIA Corp. 26,669,321  3,294,728
Meta Platforms Inc. Class A  2,500,827  1,260,967
Alphabet Inc. Class A  6,703,955  1,221,125
Alphabet Inc. Class C  5,447,808    999,237
Broadcom Inc.    528,842    849,072
* Advanced Micro Devices Inc.  1,844,492    299,195
* Adobe Inc.    511,238    284,013
Salesforce Inc.  1,050,497    270,083
Oracle Corp.  1,881,935    265,729
QUALCOMM Inc.  1,273,563    253,668
Applied Materials Inc.    944,885    222,983
Texas Instruments Inc.  1,039,036    202,124
Intuit Inc.    303,059    199,173
* ServiceNow Inc.    233,937    184,031
International Business Machines Corp.  1,048,291    181,302
Micron Technology Inc.  1,263,690    166,213
Lam Research Corp.    149,192    158,867
Intel Corp.  4,857,775    150,445
Analog Devices Inc.    566,278    129,259
KLA Corp.    153,656    126,691
* Palo Alto Networks Inc.    369,510    125,268
* Synopsys Inc.    174,844    104,043
* Crowdstrike Holdings Inc. Class A    263,236    100,869
* Cadence Design Systems Inc.    310,554     95,573
Amphenol Corp. Class A  1,370,801     92,351
Marvell Technology Inc.    988,280     69,081
Roper Technologies Inc.    122,147     68,849
* Autodesk Inc.    244,110     60,405
* Palantir Technologies Inc. Class A  2,309,554     58,501
Microchip Technology Inc.    612,697     56,062
* Workday Inc. Class A    241,920     54,084
TE Connectivity Ltd.    349,490     52,574
* Super Micro Computer Inc.     56,797     46,537
* Snowflake Inc. Class A    343,241     46,368
Monolithic Power Systems Inc.     52,774     43,363
* Fortinet Inc.    697,424     42,034
* Datadog Inc. Class A    316,803     41,086
Dell Technologies Inc. Class C    297,235     40,992
* DoorDash Inc. Class A    370,247     40,276
Cognizant Technology Solutions Corp. Class A    567,351     38,580
* Gartner Inc.     84,172     37,798
HP Inc.  1,060,912     37,153
Vertiv Holdings Co. Class A    405,849     35,134
CDW Corp.    153,391     34,335
Corning Inc.    879,856     34,182
* ON Semiconductor Corp.    490,984     33,657
* HubSpot Inc.     55,244     32,582
* ANSYS Inc.     99,630     32,031
* Atlassian Corp. Ltd. Class A    179,588     31,766
Hewlett Packard Enterprise Co.  1,483,505     31,406
NetApp Inc.    235,535     30,337
* Pinterest Inc. Class A    683,990     30,143
* Western Digital Corp.    372,613     28,233
* Cloudflare Inc. Class A    326,441     27,039
Teradyne Inc.    178,167     26,420
Seagate Technology Holdings plc    239,659     24,750
* Tyler Technologies Inc.     48,454     24,362
* GoDaddy Inc. Class A    160,845     22,472
* MongoDB Inc.     78,962     19,737
* Zscaler Inc.    102,614     19,721
* Snap Inc. Class A  1,186,984     19,716
Skyworks Solutions Inc.    183,097     19,515
* VeriSign Inc.     97,139     17,271
* Okta Inc.    183,681     17,194
* Zoom Video Communications Inc. Class A    270,734     16,025
* Akamai Technologies Inc.    173,799     15,656
Gen Digital Inc. (XNGS)    607,396     15,173
40
Large-Cap Index Fund
Shares Market
Value

($000)
SS&C Technologies Holdings Inc.    240,054     15,044
* MicroStrategy Inc. Class A      8,992     12,386
Leidos Holdings Inc.     77,052     11,240
Bentley Systems Inc. Class B    181,117      8,940
* EPAM Systems Inc.     31,423      5,911
20,055,304
Telecommunications (1.9%)
Cisco Systems Inc.  4,158,660    197,578
Verizon Communications Inc.  4,323,154    178,287
Comcast Corp. Class A  4,466,662    174,915
AT&T Inc.  8,182,363    156,365
T-Mobile US Inc.    601,745    106,015
* Arista Networks Inc.    286,086    100,267
Motorola Solutions Inc.    190,348     73,484
* Charter Communications Inc. Class A    107,096     32,017
 1,018,928
Utilities (2.5%)
NextEra Energy Inc.  2,345,090    166,056
Waste Management Inc.    457,668     97,639
Southern Co.  1,249,121     96,894
Duke Energy Corp.    879,819     88,184
Constellation Energy Corp.    359,602     72,017
Sempra    722,157     54,927
American Electric Power Co. Inc.    600,910     52,724
PG&E Corp.  2,983,990     52,100
Waste Connections Inc. (XTSE)    294,474     51,639
Dominion Energy Inc.    955,891     46,839
Republic Services Inc.    233,605     45,399
Public Service Enterprise Group Inc.    569,164     41,947
Exelon Corp.  1,140,744     39,481
Consolidated Edison Inc.    393,513     35,188
Vistra Corp.    396,518     34,093
Xcel Energy Inc.    634,023     33,863
Edison International    438,229     31,469
American Water Works Co. Inc.    222,406     28,726
WEC Energy Group Inc.    360,381     28,276
Entergy Corp.    243,327     26,036
FirstEnergy Corp.    624,108     23,885
DTE Energy Co.    212,577     23,598
PPL Corp.    841,173     23,258
Eversource Energy    400,280     22,700
CenterPoint Energy Inc.    729,884     22,612
Ameren Corp.    304,148     21,628
CMS Energy Corp.    340,668     20,280
Alliant Energy Corp.    292,648     14,896
NiSource Inc.    255,825      7,370
AES Corp.    405,951      7,133
Evergy Inc.    124,469      6,593
Avangrid Inc.     88,312      3,138
 1,320,588
Total Common Stocks (Cost $24,949,300) 52,547,764
Temporary Cash Investments (0.4%)
Money Market Fund (0.4%)
2 Vanguard Market Liquidity Fund, 5.380%(Cost$208,379)  2,084,029 208,382
Total Investments (100.1%) (Cost $25,157,679) 52,756,146
Other Assets and Liabilities-Net (-0.1%) (66,411)
Net Assets (100%) 52,689,735
Cost is in $000.
See Note A in Notes to Financial Statements.
* Non-income-producing security.
1 Security value determined using significant unobservable inputs.
2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
CVR-Contingent Value Rights.
41
Large-Cap Index Fund
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
($000)
Expiration Number of
Long (Short)
Contracts
Notional
Amount
Value and
Unrealized
Appreciation
(Depreciation)
Long Futures Contracts
E-mini S&P 500 Index September 2024 401 110,706 30
Over-the-Counter Total Return Swaps
Reference Entity Termination
Date
Counterparty Notional
Amount
($000)
Floating
Interest Rate
Received
(Paid)1
(%)
Value and
Unrealized
Appreciation
($000)
Value and
Unrealized
(Depreciation)
($000)
Visa Inc. Class A 8/30/24 BANA 39,371 (5.230) - (76)
1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly.
BANA-Bank of America, N.A.
See accompanying Notes, which are an integral part of the Financial Statements.
42
Large-Cap Index Fund
Statement of Assets and Liabilities
As of June 30, 2024
($000s, except shares, footnotes, and per-share amounts) Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $24,949,300) 52,547,764
Affiliated Issuers (Cost $208,379) 208,382
Total Investments in Securities 52,756,146
Investment in Vanguard 1,497
Cash Collateral Pledged-Futures Contracts 8,087
Cash Collateral Pledged-Over-the-Counter Swap Contracts 950
Receivables for Investment Securities Sold 4,001
Receivables for Accrued Income 26,480
Receivables for Capital Shares Issued 50,798
Total Assets 52,847,959
Liabilities
Due to Custodian 7,148
Payables for Investment Securities Purchased 2,138
Payables for Capital Shares Redeemed 11,673
Payables for Distributions 135,396
Payables to Vanguard 924
Variation Margin Payable-Futures Contracts 869
Unrealized Depreciation-Over-the-Counter Swap Contracts 76
Total Liabilities 158,224
Net Assets 52,689,735
At June 30, 2024, net assets consisted of:
Paid-in Capital 26,206,341
Total Distributable Earnings (Loss) 26,483,394
Net Assets 52,689,735
Investor Shares-Net Assets
Applicable to 269,435 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
27,171
Net Asset Value Per Share-Investor Shares $100.84
ETF Shares-Net Assets
Applicable to 144,123,201 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
35,982,216
Net Asset Value Per Share-ETF Shares $249.66
Admiral Shares-Net Assets
Applicable to 107,391,685 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
13,540,209
Net Asset Value Per Share-Admiral Shares $126.08
Institutional Shares-Net Assets
Applicable to 6,051,182 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
3,140,139
Net Asset Value Per Share-Institutional Shares $518.93
See accompanying Notes, which are an integral part of the Financial Statements.
43
Large-Cap Index Fund
Statement of Operations
Six Months Ended
June 30, 2024
($000)
Investment Income
Income
Dividends1 334,443
Interest2 2,897
Securities Lending-Net 563
Total Income 337,903
Expenses
The Vanguard Group-Note B
Investment Advisory Services 492
Management and Administrative-Investor Shares 19
Management and Administrative-ETF Shares 5,440
Management and Administrative-Admiral Shares 2,705
Management and Administrative-Institutional Shares 497
Marketing and Distribution-Investor Shares 1
Marketing and Distribution-ETF Shares 539
Marketing and Distribution-Admiral Shares 268
Marketing and Distribution-Institutional Shares 40
Custodian Fees 189
Shareholders' Reports-Investor Shares -
Shareholders' Reports-ETF Shares 213
Shareholders' Reports-Admiral Shares 38
Shareholders' Reports-Institutional Shares 2
Trustees' Fees and Expenses 14
Other Expenses 7
Total Expenses 10,464
Expenses Paid Indirectly (6)
Net Expenses 10,458
Net Investment Income 327,445
Realized Net Gain (Loss)
Investment Securities Sold2,3 277,325
Futures Contracts 17,845
Swap Contracts (595)
Realized Net Gain (Loss) 294,575
Change in Unrealized Appreciation (Depreciation)
Investment Securities2 6,310,124
Futures Contracts (1,047)
Swap Contracts 8
Change in Unrealized Appreciation (Depreciation) 6,309,085
Net Increase (Decrease) in Net Assets Resulting from Operations 6,931,105
1 Dividends are net of foreign withholding taxes of $25,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $2,763,000, $1,000, and less than $1,000, respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $400,833,000 of net gain (loss) resulting from in-kind redemptions.
See accompanying Notes, which are an integral part of the Financial Statements.
44
Large-Cap Index Fund
Statement of Changes in Net Assets
Six Months Ended
June 30,
2024
Year Ended
December 31,
2023
($000) ($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income 327,445 632,197
Realized Net Gain (Loss) 294,575 632,321
Change in Unrealized Appreciation (Depreciation) 6,309,085 8,468,541
Net Increase (Decrease) in Net Assets Resulting from Operations 6,931,105 9,733,059
Distributions
Investor Shares (161) (290)
ETF Shares (243,224) (430,519)
Admiral Shares (90,815) (166,820)
Institutional Shares (21,022) (36,408)
Total Distributions (355,222) (634,037)
Capital Share Transactions
Investor Shares 1,356 1,298
ETF Shares 773,363 435,596
Admiral Shares (117,989) (43,037)
Institutional Shares 105,439 50,913
Net Increase (Decrease) from Capital Share Transactions 762,169 444,770
Total Increase (Decrease) 7,338,052 9,543,792
Net Assets
Beginning of Period 45,351,683 35,807,891
End of Period 52,689,735 45,351,683
See accompanying Notes, which are an integral part of the Financial Statements.
45
Large-Cap Index Fund
Financial Highlights
Investor Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $88.20 $70.38 $89.03 $71.00 $59.72 $46.36
Investment Operations
Net Investment Income1 .567 1.142 1.058 .956 .969 .918
Net Realized and Unrealized Gain (Loss) on Investments 12.693 17.823 (18.646) 18.025 11.268 13.466
Total from Investment Operations 13.260 18.965 (17.588) 18.981 12.237 14.384
Distributions
Dividends from Net Investment Income (.620) (1.145) (1.062) (.951) (.957) (1.024)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (.620) (1.145) (1.062) (.951) (.957) (1.024)
Net Asset Value, End of Period $100.84 $88.20 $70.38 $89.03 $71.00 $59.72
Total Return2 15.05% 27.12% -19.78% 26.87% 20.89% 31.23%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $27 $23 $17 $36 $37 $30
Ratio of Total Expenses to Average Net Assets 0.17%3 0.17%3 0.17%3 0.17% 0.17% 0.17%
Ratio of Net Investment Income to Average Net Assets 1.21% 1.44% 1.38% 1.19% 1.61% 1.75%
Portfolio Turnover Rate4 1% 2% 3% 4% 3% 5%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.17%.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
46
Large-Cap Index Fund
Financial Highlights
ETF Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $218.35 $174.22 $220.44 $175.80 $147.88 $114.77
Investment Operations
Net Investment Income1 1.561 3.079 2.905 2.646 2.594 2.581
Net Realized and Unrealized Gain (Loss) on Investments 31.436 44.134 (46.233) 44.617 27.890 33.204
Total from Investment Operations 32.997 47.213 (43.328) 47.263 30.484 35.785
Distributions
Dividends from Net Investment Income (1.687) (3.083) (2.892) (2.623) (2.564) (2.675)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (1.687) (3.083) (2.892) (2.623) (2.564) (2.675)
Net Asset Value, End of Period $249.66 $218.35 $174.22 $220.44 $175.80 $147.88
Total Return 15.13% 27.29% -19.68% 27.02% 20.99% 31.39%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $35,982 $30,728 $24,137 $28,242 $21,540 $16,270
Ratio of Total Expenses to Average Net Assets 0.04%2 0.04%2 0.04%2 0.04% 0.04% 0.04%
Ratio of Net Investment Income to Average Net Assets 1.34% 1.57% 1.55% 1.33% 1.74% 1.93%
Portfolio Turnover Rate3 1% 2% 3% 4% 3% 5%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
47
Large-Cap Index Fund
Financial Highlights
Admiral Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $110.27 $87.98 $111.33 $88.79 $74.69 $57.96
Investment Operations
Net Investment Income1 .782 1.544 1.456 1.325 1.303 1.299
Net Realized and Unrealized Gain (Loss) on Investments 15.874 22.293 (23.348) 22.530 14.084 16.774
Total from Investment Operations 16.656 23.837 (21.892) 23.855 15.387 18.073
Distributions
Dividends from Net Investment Income (.846) (1.547) (1.458) (1.315) (1.287) (1.343)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (.846) (1.547) (1.458) (1.315) (1.287) (1.343)
Net Asset Value, End of Period $126.08 $110.27 $87.98 $111.33 $88.79 $74.69
Total Return2 15.12% 27.28% -19.70% 27.01% 21.03% 31.39%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $13,540 $11,953 $9,583 $11,847 $9,338 $7,546
Ratio of Total Expenses to Average Net Assets 0.05%3 0.05%3 0.05%3 0.05% 0.05% 0.05%
Ratio of Net Investment Income to Average Net Assets 1.33% 1.56% 1.54% 1.32% 1.73% 1.92%
Portfolio Turnover Rate4 1% 2% 3% 4% 3% 5%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.05%.
4 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
48
Large-Cap Index Fund
Financial Highlights
Institutional Shares
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2024
Year Ended December 31,
2023 2022 2021 2020 2019
Net Asset Value, Beginning of Period $453.84 $362.12 $458.22 $365.43 $307.39 $238.57
Investment Operations
Net Investment Income1 3.248 6.401 6.032 5.477 5.389 5.363
Net Realized and Unrealized Gain (Loss) on Investments 65.348 91.727 (96.092) 92.764 57.981 69.016
Total from Investment Operations 68.596 98.128 (90.060) 98.241 63.370 74.379
Distributions
Dividends from Net Investment Income (3.506) (6.408) (6.040) (5.451) (5.330) (5.559)
Distributions from Realized Capital Gains - - - - - -
Total Distributions (3.506) (6.408) (6.040) (5.451) (5.330) (5.559)
Net Asset Value, End of Period $518.93 $453.84 $362.12 $458.22 $365.43 $307.39
Total Return 15.13% 27.28% -19.69% 27.03% 21.05% 31.39%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $3,140 $2,648 $2,071 $2,524 $2,149 $1,796
Ratio of Total Expenses to Average Net Assets 0.04%2 0.04%2 0.04%2 0.04% 0.04% 0.04%
Ratio of Net Investment Income to Average Net Assets 1.35% 1.57% 1.55% 1.32% 1.74% 1.92%
Portfolio Turnover Rate3 1% 2% 3% 4% 3% 5%
The expense ratio and net investment income ratio for the current period have been annualized.
1 Calculated based on average shares outstanding.
2 The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.04%.
3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund's capital shares, including ETF Creation Units.
See accompanying Notes, which are an integral part of the Financial Statements.
49
Large-Cap Index Fund
Notes to Financial Statements
Vanguard Large-Cap Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.
A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
2. Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund's pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses).
3. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.
Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.
During the six months ended June 30, 2024, the fund's average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.
4. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
The notional amounts of swap contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
During the six months ended June 30, 2024, the fund's average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
50
Large-Cap Index Fund
5. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its taxable income. The fund's tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund's tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the fund's financial statements.
6. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial reporting purposes.
7. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty's default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
8. Credit Facilities and Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be utilized for temporary or emergency purposes and are subject to the fund's regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund's board of trustees and included in Management and Administrative expenses on the fund's Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an exemptive order (the "Order") from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each other for temporary or emergency purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund's investment objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day's notice. The interest rate to be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended June 30, 2024, the fund did not utilize the credit facilities or the Interfund Lending Program.
9. Other: Dividend income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.
B. In accordance with the terms of a Funds' Service Agreement (the "FSA") between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard's cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month.
Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At June 30, 2024, the fund had contributed to Vanguard capital in the amount of $1,497,000, representing less than 0.01% of the fund's net assets and 0.60% of Vanguard's capital received pursuant to the FSA. The fund's trustees and officers are also directors and employees, respectively, of Vanguard.
C. The fund's custodian bank has agreed to reduce its fees when the fund maintains cash on deposit in the non-interest-bearing custody account. For the six months ended June 30, 2024, custodian fee offset arrangements reduced the fund's expenses by $6,000 (an annual rate of less than 0.01% of average net assets).
D. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
51
Large-Cap Index Fund
Level 1-Quoted prices in active markets for identical securities.
Level 2-Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3-Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
The following table summarizes the market value of the fund's investments and derivatives as of June 30, 2024, based on the inputs used to value them:
Level 1
($000)
Level 2
($000)
Level 3
($000)
Total
($000)
Investments
Assets
Common Stocks 52,547,764 - - 52,547,764
Temporary Cash Investments 208,382 - - 208,382
Total 52,756,146 - - 52,756,146
Derivative Financial Instruments
Assets
Futures Contracts1 30 - - 30
Liabilities
Swap Contracts - 76 - 76
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.
E. As of June 30, 2024, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
Amount
($000)
Tax Cost 25,194,232
Gross Unrealized Appreciation 28,217,425
Gross Unrealized Depreciation (655,481)
Net Unrealized Appreciation (Depreciation) 27,561,944
The fund's tax-basis capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at December 31, 2023, the fund had available capital losses totaling $1,354,375,000 that may be carried forward indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending December 31, 2024; should the fund realize net capital losses for the year, the losses will be added to the loss carryforward balance above.
F. During the six months ended June 30, 2024, the fund purchased $729,632,000 of investment securities and sold $604,419,000 of investment securities, other than temporary cash investments. In addition, the fund purchased and sold investment securities of $1,111,012,000 and $504,714,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
The fund purchased securities from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment Company Act of 1940. For the six months ended June 30, 2024, such purchases were $151,844,000 and sales were $245,275,000, resulting in net realized loss of $115,827,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.
G. Capital share transactions for each class of shares were:
Six Months Ended
June 30, 2024
Year Ended
December 31, 2023
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
Investor Shares
Issued 9,025 94 3,063 40
Issued in Lieu of Cash Distributions 160 2 290 3
Redeemed (7,829) (84) (2,055) (26)
Net Increase (Decrease)-Investor Shares 1,356 12 1,298 17
ETF Shares
Issued 1,282,272 5,493 1,678,374 8,513
Issued in Lieu of Cash Distributions - - - -
Redeemed (508,909) (2,100) (1,242,778) (6,325)
Net Increase (Decrease)-ETF Shares 773,363 3,393 435,596 2,188
52
Large-Cap Index Fund
Six Months Ended
June 30, 2024
Year Ended
December 31, 2023
Amount
($000)
Shares
(000)
Amount
($000)
Shares
(000)
Admiral Shares
Issued 791,788 6,739 1,245,186 12,576
Issued in Lieu of Cash Distributions 74,196 601 135,776 1,352
Redeemed (983,973) (8,345) (1,423,999) (14,448)
Net Increase (Decrease)-Admiral Shares (117,989) (1,005) (43,037) (520)
Institutional Shares
Issued 398,399 814 436,811 1,089
Issued in Lieu of Cash Distributions 17,989 35 31,807 77
Redeemed (310,949) (633) (417,705) (1,050)
Net Increase (Decrease)-Institutional Shares 105,439 216 50,913 116
H. Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, or other events, can adversely affect local and global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund's investments and fund performance.
To the extent the fund's investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to increased price volatility and other risks.
The use of derivatives may expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding the fund's use of derivative(s) and the specific risks associated is described under significant accounting policies.
I. Management has determined that no events or transactions occurred subsequent to June 30, 2024, that would require recognition or disclosure in these financial statements.
Q03072 082024
53

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9: Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contracts.

Trustees Approve Advisory Arrangements - U.S. Stock Index Large-Cap Funds

The board of trustees of Vanguard Growth Index Fund, Vanguard Value Index Fund, and Vanguard Large-Cap Index Fund has renewed each fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing each fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decisions upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Portfolio Review Department. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the portfolio's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Portfolio Review Department's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangements. Rather, it was the totality of the circumstances that drove the board's decisions.

Nature, extent, and quality of services

The board reviewed the quality of each fund's investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of each advisory arrangement.

Investment performance

The board considered the short- and long-term performance of each fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that each advisory arrangement should continue.

Cost

The board concluded that each fund's expense ratio was below the average expense ratio charged by funds in its peer group and that each fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

The benefit of economies of scale

The board concluded that the funds' arrangements with Vanguard ensure that the funds will realize economies of scale as they grow, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangements again after a one-year period.

Trustees Approve Advisory Arrangement - 500 Index Fund

The board of trustees of Vanguard 500 Index Fund has renewed the fund's investment advisory arrangement with The Vanguard Group, Inc. (Vanguard), through its Equity Index Group. The board determined that continuing the fund's internalized management structure was in the best interests of the fund and its shareholders.

The board based its decision upon an evaluation of the advisor's investment staff, portfolio management process, and performance. This evaluation included information provided to the board by Vanguard's Portfolio Review Department, which is responsible for fund and advisor oversight and product management. The Portfolio Review Department met regularly with the advisor and made presentations to the board during the fiscal year that directed the board's focus to relevant information and topics.

The board, or an investment committee made up of board members, also received information throughout the year during advisor presentations conducted by the Portfolio Review Department. For each advisor presentation, the board was provided with letters and reports that included information about, among other things, the advisory firm and the advisor's assessment of the investment environment, portfolio performance, and portfolio characteristics.

In addition, the board received periodic reports throughout the year, which included information about the portfolio's performance relative to its peers and benchmark, as applicable, and updates, as needed, on the Portfolio Review Department's ongoing assessment of the advisor.

Prior to their meeting, the trustees were provided with a memo and materials that summarized the information they received over the course of the year. They also considered the factors discussed below, among others. However, no single factor determined whether the board approved the arrangement. Rather, it was the totality of the circumstances that drove the board's decision.

Nature, extent, and quality of services

The board reviewed the quality of the fund's investment management services over both the short and long term, and took into account the organizational depth and stability of the advisor. The board considered that Vanguard has been managing investments for more than four decades. The Equity Index Group adheres to a sound, disciplined investment management process; the team has considerable experience, stability, and depth.

The board concluded that Vanguard's experience, stability, depth, and performance, among other factors, warranted continuation of the advisory arrangement.

Investment performance

The board considered the short- and long-term performance of the fund, including any periods of outperformance or underperformance compared with its target index and peer group. The board concluded that the performance was such that the advisory arrangement should continue.

Cost

The board concluded that the fund's expense ratio was below the average expense ratio charged by funds in its peer group and that the fund's advisory expenses were also below the peer-group average.

The board does not conduct a profitability analysis of Vanguard because of Vanguard's unique structure. Unlike most other mutual fund management companies, Vanguard is owned by the funds it oversees.

The benefit of economies of scale

The board concluded that the fund's arrangement with Vanguard ensures that the fund will realize economies of scale as it grows, with the cost to shareholders declining as fund assets increase.

The board will consider whether to renew the advisory arrangement again after a one-year period.

Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13: Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15: Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 16: Controls and Procedures.

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control Over Financial Reporting. In February 2024, a third-party service provider began performing security pricing services for the Registrant. There were no other changes in the Registrant's Internal Control Over Financial Reporting or in other factors that could significantly affect this control during the period covered by this report, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18: Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19: Exhibits.

(a)(1) Not applicable.
(a)(2) Certifications filed herewith.
(a)(2) Certifications filed herewith.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VANGUARD INDEX FUNDS
BY: /s/ SALIM RAMJI*
SALIM RAMJI
CHIEF EXECUTIVE OFFICER

Date: August 21, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

VANGUARD INDEX FUNDS
BY: /s/ SALIM RAMJI*
SALIM RAMJI
CHIEF EXECUTIVE OFFICER

Date: August 21, 2024

VANGUARD INDEX FUNDS
BY: /s/ CHRISTINE BUCHANAN*
CHRISTINE BUCHANAN
CHIEF FINANCIAL OFFICER

Date: August 21, 2024

* By: /s/ John E. Schadl

John E. Schadl, pursuant to a Power of Attorney filed on July 25, 2024 (see File Number 33-48863), Incorporated by Reference.