Vanguardfi 500 Index Fund

Vanguard? 500 Index Fund

Investment Approach Seeks to track the performance of the S&P 500 Index. U.S. large-cap equity diversified across growth and value styles. Passively managed, full-replication approach. Fund remains fully invested. Low expenses minimize net tracking error.

Market capitalization

Vanguard?

Vanguard Style View: Large Blend Index portfolio of large-capitalization U.S. stocks diversified across investment styles.

Investment style Value Blend Growth Large Mid Small

Central tendency Expected range of fund holdings

Note: The Investor Shares are closed to new investors.

Quarterly Commentary

The pace of inflation and the timing of potential interest rate cuts remained center stage in the second quarter of 2024. Financial markets lost ground in April amid slow or stalled progress on inflation and strong economic data from some markets, including the United States. This delayed expectations for monetary easing. However, global stocks soon resumed their upward trajectory, and enthusiasm about artificial intelligence in the tech sector helped push a number of indexes to record highs. In the final month of the period, the Bank of Canada and the European Central Bank cut policy rates.

Global stocks returned 2.42% for the quarter, as measured by the FTSE Global All Cap Index. U.S. and emerging markets equities led the way, while those in Europe and the Asia-Pacific region lagged.

The fund's benchmark, the Standard & Poor's 500 Index, returned 4.28% for the quarter ended June 30.

Information technology (+13.8%), communication services (+9.4%), and utilities (+4.7%) were the top contributors.

Industrials (?2.9%), financials (?2.0%), and health care (?1.0%) were the top detractors.

For the 12 months ended June 30, the index returned 24.56%. All industry sectors added to the benchmark's results. Information technology (+41.9%), communication services (+44.7%), and financials (+24.2%) were the top contributors.

People and Process

Vanguard 500 Index Fund seeks to track the investment performance of the Standard & Poor's 500 Index, an unmanaged benchmark representing U.S. large-capitalization stocks. Using full replication, the portfolio holds all stocks in the same capitalization weighting as the index. The experience and stability of Vanguard's Equity Index Group have permitted continuous refinement of techniques for reducing tracking error. The group uses proprietary software to implement trading decisions that accommodate cash flow and maintain close correlation with index characteristics. Vanguard's refined indexing process, combined with low management fees and efficient trading, has provided tight tracking net of expenses.

Vanguard Equity Index Group

Launched in 1975, The Vanguard Group, Malvern, Pennsylvania, is among the world's largest equity and fixed income managers. As chief investment officer, Gregory Davis, CFA, oversees Vanguard's Equity Index, Investment Strategy, Quantitative Equity, and Fixed Income Groups. Rodney Comegys, Principal and global head of Vanguard's Equity Index Group, is responsible for all equity index funds. The Equity Index Group manages indexed equity portfolios covering U.S. and international markets. It has developed sophisticated portfolio construction methodologies and efficient trading strategies that seek to deliver returns that are highly correlated with target portfolio benchmarks. The group has advised Vanguard 500 Index Fund since 1976.

Investment Manager Biographies

Michelle Louie, CFA, Principal. Portfolio manager. Advised the fund since 2017. Worked in investment management since 2011. B.S., The American University. M.B.A., Georgia Institute of Technology.

Aaron Choi, CFA. Portfolio manager. Advised the fund since 2023. Worked in investment management since 2015. B.S., Pennsylvania State University.

As of June 30, 2024

Vanguard 500 Index Fund

Nick Birkett, CFA. Portfolio manager. Advised the fund since 2023. Worked in investment management since 2005. BSc, University of Bath.

Total Returns

500 Index Fund Investor Shares (8/31/1976) Admiral Shares (11/13/2000) Institutional Select Shares (6/24/2016)

S&P 500 Index

Expense Ratio

0.14% 0.04 0.01

--

Quarter

4.25% 4.27 4.28 4.28

Year to Date

15.21% 15.27 15.28 15.29

1 Year

3 Years

5 Years

10 Years

Since Inception

24.38% 24.51 24.54 24.56

9.86% 9.97 10.00 10.01

14.89% 15.00 15.04 15.05

12.70% 12.82

-- 12.86

-- -- 15.12% --

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at performance. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.

Note: Admiral class shareholders are required to maintain specific minimum balances and meet other special criteria.

As of June 30, 2024

Vanguard 500 Index Fund

Quarterly Returns: Investor Shares

Year 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014

1st Quarter 10.52% 7.46 -4.63 6.15 -19.63 13.62 -0.79 6.03 1.31 0.91 1.76

2nd Quarter 4.25% 8.70

-16.13 8.51

20.52 4.27 3.40 3.05 2.42 0.26 5.19

3rd Quarter --

-3.30% -4.92 0.54 8.89 1.67 7.67 4.45 3.82 -6.48 1.09

4th Quarter --

11.65% 7.52 10.99 12.12 9.03 -13.55 6.61 3.80 7.00 4.89

500 Index

-- 26.11% -18.23 28.53 18.25 31.33 -4.52 21.67 11.82 1.25 13.51

S&P 500 Index --

26.29% -18.11 28.71 18.40 31.49 -4.38 21.83 11.96

1.38 13.69

Year-End Assets

(Millions) $3,159 3,177 3,093 4,512 4,504 4,723 23,162 27,656 26,652 26,092 28,040

Quarterly Returns: Admiral Shares

Year 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014

1st Quarter 10.54% 7.49 -4.61 6.18 -19.61 13.65 -0.77 6.05 1.34 0.94 1.79

2nd Quarter 4.27% 8.73

-16.11 8.54 20.54 4.29 3.42 3.07 2.45 0.28 5.22

3rd Quarter --

-3.28% -4.89 0.57 8.92

1.69 7.70 4.48 3.84 -6.45 1.12

4th Quarter --

11.68% 7.55 11.02 12.15 9.06 -13.53 6.64 3.82 7.04 4.92

500 Index -- 26.24% -18.15 28.66 18.37 31.46 -4.43 21.79 11.93 1.36 13.64

S&P 500 Index --

26.29% -18.11 28.71 18.40 31.49 -4.38 21.83 11.96

1.38 13.69

Year-End Assets

(Millions) $524,894

456,812 367,498 453,239 359,553 319,624 230,375 235,232 181,513 152,740 143,043

As of June 30, 2024

Vanguard 500 Index Fund

Quarterly Returns: Institutional Select Shares

Year 2024 2023 2022 2021 2020 2019 2018 2017 2016 1

1 Since inception of the share class, 6/24/2016.

1st Quarter 10.55% 7.50 -4.61 6.18 -19.60 13.65 -0.76 6.06 --

2nd Quarter 4.28% 8.74

-16.10 8.55

20.55 4.30 3.43 3.09 3.05

3rd Quarter --

-3.28% -4.89 0.58 8.93 1.70 7.70 4.49 3.85

4th Quarter --

11.69% 7.56 11.02 12.15 9.07 -13.52 6.64 3.83

500 Index

-- 26.28% -18.13 28.70 18.40 31.49 -4.40 21.83 11.12

S&P 500 Index --

26.29% -18.11 28.71 18.40 31.49 -4.38 21.83

11.11

Year-End

Assets (Millions) $179,252 148,309

111,968 118,481 94,870 81,230 56,531 44,907 17,753

Fund Facts

Fund Number Ticker Newspaper Listing CUSIP Number Assets (millions)

(Total $1,179,314) Inception Expense Ratio (as of 4/2024)

Investor Shares

0040 VFINX

500

922908108 $3,159

8/31/1976

0.14%

Equity Characteristics

Number of stocks Median market cap Average market cap

Price/earnings ratio Price/book ratio Return on equity Earnings growth rate Equity yield (dividend) Foreign holdings Short-term reserves Turnover rate (fiscal year end)

Admiral Shares

0540 VFIAX 500Adml

Institutional Select Shares

1940

VFFSX

Van500IxInstSel

922908710 $524,894

922908348 $179,252

11/13/2000 0.04%

6/24/2016 0.01%

500 Index

S&P 500 Index

504

503

$274.2 Billion $274.2 Billion

$1011.0 Billion

$1010.5 Billion

27.1x

27.1x

4.7x

4.7x

25.0%

25.0%

17.5%

17.5%

1.3%

1.3%

0.0%

0.0%

0.0%

--

2.2%

--

Volatility Measures

R-Squared

Beta

S&P 500 Index DJ US Total Stock Mkt Float Adj Idx

1.00

1.00

0.99

0.98

R-squared and beta are calculated from trailing 36-month fund returns relative to the associated benchmark.

Top 10 Largest Holdings

% of Total Net Assets

Microsoft Corp.

7.2 %

NVIDIA Corp.

6.6

Apple Inc.

6.6

Alphabet Inc.

4.3

Inc.

3.9

Meta Platforms Inc.

2.4

Berkshire Hathaway Inc.

1.6

Eli Lilly & Co.

1.6

Broadcom Inc.

1.5

JPMorgan Chase & Co.

1.3

Total

37.0 %

The holdings listed exclude any temporary cash investments and equity index products.

As of June 30, 2024

Vanguard 500 Index Fund

Sector Diversification (% of Stocks)

500 Index

S&P 500 Overweight/ Index Underweight

Communication Services

9.3%

9.3%

0.0

Consumer Discretionary

10.0

10.0

0.0

Consumer Staples

5.8

5.8

0.0

Energy

3.6

3.6

0.0

Financials Health Care Industrials

12.4

12.4

0.0

11.7

11.7

0.0

8.1

8.1

0.0

Information Technology

32.5

32.4

0.1

Materials

2.2

2.2

0.0

Other

0.0

0.0

0.0

Real Estate

2.1

2.2

-0.1

Utilities

2.3

2.3

0.0

Total

100.0%

100.0%

Sector categories are based on the Global Industry Classification Standard ("GICS"), except for the "Other" category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.

As of June 30, 2024

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