Semiannual Report   |   June 30, 2023
Vanguard 500 Index Fund

 

Contents
About Your Fund’s Expenses

1
Financial Statements

4
Trustees Approve Advisory Arrangement

27
Liquidity Risk Management

29

 

About Your Fund’s Expenses
As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.
A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The accompanying table illustrates your fund’s costs in two ways:
Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“
Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
You can find more information about the fund’s expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund’s current prospectus.
1

 

Six Months Ended June 30, 2023      
  Beginning
Account Value
12/31/2022
Ending
Account Value
6/30/2023
Expenses
Paid During
Period
Based on Actual Fund Return      
500 Index Fund      
Investor Shares $1,000.00 $1,168.10 $0.75
ETF Shares 1,000.00 1,168.70 0.16
Admiral™ Shares 1,000.00 1,168.70 0.22
Institutional Select Shares 1,000.00 1,168.90 0.05
Based on Hypothetical 5% Yearly Return      
500 Index Fund      
Investor Shares $1,000.00 $1,024.10 $0.70
ETF Shares 1,000.00 1,024.65 0.15
Admiral Shares 1,000.00 1,024.60 0.20
Institutional Select Shares 1,000.00 1,024.75 0.05
The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.14% for Investor Shares, 0.03% for ETF Shares, 0.04% for Admiral Shares, and 0.01% for Institutional Select Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (181/365).
2

 

500 Index Fund
Fund Allocation
As of June 30, 2023
Communication Services 8.4%
Consumer Discretionary 10.6
Consumer Staples 6.7
Energy 4.1
Financials 12.4
Health Care 13.4
Industrials 8.5
Information Technology 28.3
Materials 2.5
Real Estate 2.5
Utilities 2.6
The table reflects the fund’s investments, except for short-term investments and derivatives. 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.
The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited to, attempting to remain fully invested and tracking its target index as closely as possible.
Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for use by Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classification makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved in making or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
3

 

500 Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of June 30, 2023
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%)
Communication Services (8.4%)
* Alphabet Inc. Class A 141,453,080  16,931,934
* Meta Platforms Inc. Class A  52,671,671  15,115,716
* Alphabet Inc. Class C 121,682,871  14,719,977
* Netflix Inc.  10,484,394   4,618,271
  Comcast Corp. Class A  99,037,000   4,114,987
* Walt Disney Co.  43,508,380   3,884,428
  Verizon Communications Inc. 100,096,965   3,722,606
  AT&T Inc. 170,217,653   2,714,972
* T-Mobile US Inc.  13,713,987   1,904,873
* Activision Blizzard Inc.  17,033,664   1,435,938
* Charter Communications Inc. Class A   2,473,863     908,823
  Electronic Arts Inc.   6,202,896     804,516
* Warner Bros Discovery Inc.  52,783,436     661,904
* Take-Two Interactive Software Inc.   3,776,317     555,723
  Omnicom Group Inc.   4,751,083     452,065
  Interpublic Group of Cos. Inc.   9,186,222     354,404
* Live Nation Entertainment Inc.   3,426,965     312,231
* Match Group Inc.   6,626,977     277,339
  News Corp. Class A  11,891,878     231,892
  Fox Corp. Class A   6,399,533     217,584
1 Paramount Global Class B  12,072,526     192,074
  Fox Corp. Class B   3,262,591     104,044
  News Corp. Class B       1,428          28
       74,236,329
Consumer Discretionary (10.6%)
* Amazon.com Inc. 212,539,454  27,706,643
* Tesla Inc.  64,145,824  16,791,452
  Home Depot Inc.  24,112,093   7,490,181
  McDonald's Corp.  17,383,485   5,187,406
  NIKE Inc. Class B  29,336,681   3,237,889
  Lowe's Cos. Inc.  14,199,292   3,204,780
  Starbucks Corp.  27,295,862   2,703,928
* Booking Holdings Inc.     879,344   2,374,519
  TJX Cos. Inc.  27,417,447   2,324,725
  Ford Motor Co.  93,571,085   1,415,730
    Shares Market
Value

($000)
* Chipotle Mexican Grill Inc. Class A     657,346   1,406,063
* O'Reilly Automotive Inc.   1,449,826   1,385,019
  General Motors Co.  33,098,984   1,276,297
  Marriott International Inc. Class A   6,139,820   1,127,824
* AutoZone Inc.     438,045   1,092,204
  Yum! Brands Inc.   6,668,821     923,965
  Hilton Worldwide Holdings Inc.   6,300,754     917,075
  Ross Stores Inc.   8,144,491     913,242
  DR Horton Inc.   7,390,237     899,318
  Lennar Corp. Class A   5,977,351     749,022
* Aptiv plc   6,440,238     657,484
  Tractor Supply Co.   2,608,757     576,796
  eBay Inc.  12,732,195     569,002
  Genuine Parts Co.   3,346,283     566,291
* Ulta Beauty Inc.   1,192,822     561,336
* Royal Caribbean Cruises Ltd.   5,236,637     543,249
  Darden Restaurants Inc.   2,878,174     480,885
* NVR Inc.      71,973     457,073
* Las Vegas Sands Corp.   7,824,509     453,822
* Carnival Corp.  23,914,246     450,305
  PulteGroup Inc.   5,312,230     412,654
  Garmin Ltd.   3,645,693     380,209
  Best Buy Co. Inc.   4,633,932     379,751
* Expedia Group Inc.   3,395,312     371,413
  LKQ Corp.   6,046,883     352,352
  Pool Corp.     929,180     348,108
  MGM Resorts International   7,195,551     316,029
* CarMax Inc.   3,766,924     315,292
  Domino's Pizza Inc.     841,886     283,707
  BorgWarner Inc. (XNYS)   5,580,834     272,959
* Caesars Entertainment Inc.   5,123,638     261,152
  Wynn Resorts Ltd.   2,465,656     260,398
* Etsy Inc.   2,937,239     248,520
  Tapestry Inc.   5,523,295     236,397
* Norwegian Cruise Line Holdings Ltd.  10,099,084     219,857
  Bath & Body Works Inc.   5,451,513     204,432
  Hasbro Inc.   3,102,583     200,954
  Whirlpool Corp.   1,303,883     194,005
4

 

500 Index Fund
    Shares Market
Value

($000)
  VF Corp.   7,855,227     149,956
* Mohawk Industries Inc.   1,256,894     129,661
  Ralph Lauren Corp. Class A     977,959     120,582
  Advance Auto Parts Inc.   1,415,266      99,493
  Newell Brands Inc.   8,964,242      77,989
  Lennar Corp. Class B      74,560       8,424
       94,287,819
Consumer Staples (6.6%)
  Procter & Gamble Co.  56,119,393   8,515,557
  PepsiCo Inc.  32,802,971   6,075,766
  Costco Wholesale Corp.  10,559,382   5,684,960
  Coca-Cola Co.  92,671,323   5,580,667
  Walmart Inc.  33,395,389   5,249,087
  Philip Morris International Inc.  36,957,438   3,607,785
  Mondelez International Inc. Class A  32,427,777   2,365,282
  Altria Group Inc.  42,502,189   1,925,349
  Colgate-Palmolive Co.  19,752,197   1,521,709
  Target Corp.  10,989,618   1,449,531
  Kimberly-Clark Corp.   8,033,223   1,109,067
  Estee Lauder Cos. Inc. Class A   5,521,080   1,084,230
  General Mills Inc.  13,985,267   1,072,670
* Monster Beverage Corp.  18,192,912   1,045,001
  Archer-Daniels-Midland Co.  12,967,642     979,835
  Constellation Brands Inc. Class A   3,839,055     944,907
  Sysco Corp.  12,063,945     895,145
  Dollar General Corp.   5,216,913     885,727
  Hershey Co.   3,507,012     875,701
* Dollar Tree Inc.   4,950,633     710,416
  Kroger Co.  14,549,519     683,827
  Kraft Heinz Co.  18,993,978     674,286
  Keurig Dr Pepper Inc.  20,055,006     627,120
  Church & Dwight Co. Inc.   5,815,908     582,928
  McCormick & Co. Inc.   5,972,438     520,976
  Walgreens Boots Alliance Inc.  17,050,671     485,774
  Clorox Co.   2,943,556     468,143
  Kellogg Co.   6,120,889     412,548
  Lamb Weston Holdings Inc.   3,469,308     398,797
  Conagra Brands Inc.  11,355,538     382,909
  J M Smucker Co.   2,537,903     374,772
  Tyson Foods Inc. Class A   6,800,078     347,076
  Bunge Ltd.   3,585,360     338,279
  Molson Coors Beverage Co. Class B   4,468,408     294,200
  Brown-Forman Corp. Class B   4,355,271     290,845
  Hormel Foods Corp.   6,896,917     277,394
  Campbell Soup Co.   4,774,809     218,256
       58,956,522
Energy (4.1%)
  Exxon Mobil Corp.  96,265,828  10,324,510
  Chevron Corp.  41,494,364   6,529,138
    Shares Market
Value

($000)
  ConocoPhillips  28,811,907   2,985,202
  Schlumberger NV  33,935,112   1,666,893
  EOG Resources Inc.  13,925,326   1,593,614
  Marathon Petroleum Corp.  10,103,075   1,178,019
  Pioneer Natural Resources Co.   5,565,147   1,152,987
  Phillips 66  10,925,567   1,042,081
  Valero Energy Corp.   8,608,512   1,009,778
  Occidental Petroleum Corp.  17,107,672   1,005,931
  Williams Cos. Inc.  29,004,879     946,429
  Hess Corp.   6,579,868     894,533
  Kinder Morgan Inc.  46,959,922     808,650
  Baker Hughes Co. Class A  24,101,938     761,862
  Devon Energy Corp.  15,279,381     738,605
  Halliburton Co.  21,488,653     708,911
  ONEOK Inc.  10,653,575     657,539
  Diamondback Energy Inc.   4,312,017     566,427
  Coterra Energy Inc.  18,035,819     456,306
  Targa Resources Corp.   5,380,605     409,464
  EQT Corp.   8,611,020     354,171
  Marathon Oil Corp.  14,705,448     338,519
  APA Corp.   7,348,267     251,090
       36,380,659
Financials (12.3%)
* Berkshire Hathaway Inc. Class B  42,460,812  14,479,137
  JPMorgan Chase & Co.  69,579,074  10,119,581
  Visa Inc. Class A  38,279,933   9,090,718
  Mastercard Inc. Class A  19,923,210   7,835,798
  Bank of America Corp. 165,080,139   4,736,149
  Wells Fargo & Co.  89,342,707   3,813,147
  S&P Global Inc.   7,809,562   3,130,775
  Morgan Stanley  31,019,537   2,649,068
  American Express Co.  14,157,475   2,466,232
  BlackRock Inc.   3,565,759   2,464,439
  Goldman Sachs Group Inc.   7,264,763   2,343,177
  Marsh & McLennan Cos. Inc.  11,779,212   2,215,434
  Citigroup Inc.  46,352,223   2,134,056
  Charles Schwab Corp.  35,384,592   2,005,599
  Chubb Ltd.   9,861,499   1,898,930
* Fiserv Inc.  14,698,721   1,854,244
  Progressive Corp.  13,937,297   1,844,880
* PayPal Holdings Inc.  26,565,574   1,772,721
  Aon plc Class A (XNYS)   4,862,939   1,678,687
  CME Group Inc.   8,565,045   1,587,017
  Intercontinental Exchange Inc.  13,330,308   1,507,391
  Moody's Corp.   3,757,102   1,306,419
  PNC Financial Services Group Inc.   9,502,885   1,196,888
  Arthur J Gallagher & Co.   5,100,056   1,119,819
  US Bancorp  33,214,211   1,097,398
  Capital One Financial Corp.   9,090,770     994,258
  American International Group Inc.  17,232,580     991,563
  Truist Financial Corp.  31,713,168     962,495
 
5

 

500 Index Fund
    Shares Market
Value

($000)
  Travelers Cos. Inc.   5,499,517     955,046
  Aflac Inc.  13,091,749     913,804
  MSCI Inc. Class A   1,906,261     894,589
  MetLife Inc.  15,316,741     865,855
  Ameriprise Financial Inc.   2,480,879     824,049
  Fidelity National Information Services Inc.  14,104,214     771,500
  Prudential Financial Inc.   8,690,206     766,650
  Bank of New York Mellon Corp.  16,699,146     743,446
  Discover Financial Services   6,046,958     706,587
  Allstate Corp.   6,260,373     682,631
* Arch Capital Group Ltd.   8,867,490     663,732
  T Rowe Price Group Inc.   5,347,230     598,997
  Willis Towers Watson plc   2,533,461     596,630
  State Street Corp.   7,959,341     582,465
  Hartford Financial Services Group Inc.   7,386,439     531,971
  M&T Bank Corp.   3,949,579     488,800
  Global Payments Inc.   4,882,065     480,981
  Raymond James Financial Inc.   4,540,856     471,205
* FleetCor Technologies Inc.   1,757,754     441,337
  Fifth Third Bancorp  16,208,374     424,821
  Principal Financial Group Inc.   5,375,553     407,682
  Nasdaq Inc.   8,058,799     401,731
  Regions Financial Corp.  22,342,379     398,141
  Brown & Brown Inc.   5,605,650     385,893
  Huntington Bancshares Inc.  34,349,958     370,293
  Northern Trust Corp.   4,960,480     367,770
  FactSet Research Systems Inc.     912,774     365,703
  Cincinnati Financial Corp.   3,742,947     364,264
  Everest Re Group Ltd.   1,021,049     349,056
  Cboe Global Markets Inc.   2,513,939     346,949
  Synchrony Financial  10,204,526     346,138
  Citizens Financial Group Inc.  11,524,749     300,565
  Jack Henry & Associates Inc.   1,734,896     290,300
  W R Berkley Corp.   4,780,902     284,751
  Loews Corp.   4,503,872     267,440
  MarketAxess Holdings Inc.     896,586     234,385
  Globe Life Inc.   2,115,682     231,921
  KeyCorp.  22,269,208     205,767
  Invesco Ltd.  10,909,227     183,384
  Franklin Resources Inc.   6,797,989     181,574
  Assurant Inc.   1,265,848     159,142
  Comerica Inc.   3,135,060     132,801
  Lincoln National Corp.   3,677,413      94,730
  Zions Bancorp NA   3,526,647      94,726
      109,466,222
    Shares Market
Value

($000)
Health Care (13.4%)
  UnitedHealth Group Inc.  22,167,773  10,654,718
  Johnson & Johnson  61,875,763  10,241,676
  Eli Lilly & Co.  18,759,903   8,798,019
  Merck & Co. Inc.  60,415,926   6,971,394
  AbbVie Inc.  42,008,061   5,659,746
  Pfizer Inc. 134,412,930   4,930,266
  Thermo Fisher Scientific Inc.   9,184,131   4,791,820
  Abbott Laboratories  41,404,621   4,513,932
  Danaher Corp.  15,811,966   3,794,872
  Bristol-Myers Squibb Co.  50,021,466   3,198,873
* Intuitive Surgical Inc.   8,342,759   2,852,723
  Amgen Inc.  12,722,074   2,824,555
  Medtronic plc  31,677,275   2,790,768
  Elevance Health Inc.   5,644,219   2,507,670
  Stryker Corp.   8,044,228   2,454,214
  Gilead Sciences Inc.  29,699,256   2,288,922
* Vertex Pharmaceuticals Inc.   6,132,464   2,158,075
  CVS Health Corp.  30,524,792   2,110,179
  Cigna Group   7,044,485   1,976,682
  Zoetis Inc.  11,002,844   1,894,800
* Boston Scientific Corp.  34,231,548   1,851,584
* Regeneron Pharmaceuticals Inc.   2,569,221   1,846,088
  Becton Dickinson and Co.   6,762,337   1,785,325
  HCA Healthcare Inc.   4,912,776   1,490,929
  McKesson Corp.   3,228,575   1,379,602
* Edwards Lifesciences Corp.  14,434,281   1,361,586
  Humana Inc.   2,974,672   1,330,065
* DexCom Inc.   9,229,631   1,186,100
* IQVIA Holdings Inc.   4,419,058     993,272
* IDEXX Laboratories Inc.   1,976,520     992,668
* Biogen Inc.   3,446,401     981,707
* Moderna Inc.   7,805,817     948,407
* Centene Corp.  13,065,909     881,296
  Agilent Technologies Inc.   7,040,759     846,651
  ResMed Inc.   3,498,105     764,336
  GE Healthcare Inc.   9,309,344     756,291
  AmerisourceBergen Corp. Class A   3,856,594     742,124
  Zimmer Biomet Holdings Inc.   4,965,931     723,040
* Illumina Inc.   3,764,347     705,777
* Mettler-Toledo International Inc.     524,263     687,644
  West Pharmaceutical Services Inc.   1,767,265     675,926
* Align Technology Inc.   1,694,672     599,304
  Cardinal Health Inc.   6,060,944     573,183
  Baxter International Inc.  12,044,241     548,736
  STERIS plc   2,364,424     531,948
  Laboratory Corp. of America Holdings   2,110,081     509,226
* Insulet Corp.   1,659,362     478,460
* Hologic Inc.   5,857,888     474,313
  Cooper Cos. Inc.   1,177,843     451,620
 
6

 

500 Index Fund
    Shares Market
Value

($000)
* Molina Healthcare Inc.   1,388,241     418,194
  Quest Diagnostics Inc.   2,666,980     374,871
* Waters Corp.   1,405,279     374,563
  Revvity Inc.   2,986,586     354,777
  Bio-Techne Corp.   3,750,509     306,154
  Viatris Inc.  28,548,118     284,910
* Incyte Corp.   4,408,710     274,442
  Teleflex Inc.   1,118,519     270,715
* Charles River Laboratories International Inc.   1,218,538     256,198
* Henry Schein Inc.   3,119,198     252,967
  Universal Health Services Inc. Class B   1,498,165     236,366
  DENTSPLY SIRONA Inc.   5,058,960     202,460
* Bio-Rad Laboratories Inc. Class A     508,335     192,720
* Catalent Inc.   4,291,682     186,087
* DaVita Inc.   1,317,177     132,337
  Organon & Co.   6,078,912     126,502
*,2 ABIOMED Inc. CVR         180          —
      118,755,375
Industrials (8.5%)
  Raytheon Technologies Corp.  34,789,686   3,407,998
  Honeywell International Inc.  15,843,688   3,287,565
  United Parcel Service Inc. Class B (XNYS)  17,257,026   3,093,322
  Caterpillar Inc.  12,270,763   3,019,221
  Union Pacific Corp.  14,517,058   2,970,480
  General Electric Co.  25,928,074   2,848,199
* Boeing Co.  13,464,541   2,843,172
  Deere & Co.   6,420,358   2,601,465
  Lockheed Martin Corp.   5,366,759   2,470,748
  Automatic Data Processing Inc.   9,836,538   2,161,973
  Eaton Corp. plc   9,490,627   1,908,565
  CSX Corp.  48,410,104   1,650,785
  Illinois Tool Works Inc.   6,584,660   1,647,219
  Northrop Grumman Corp.   3,398,729   1,549,141
  Waste Management Inc.   8,814,454   1,528,603
  FedEx Corp.   5,505,973   1,364,931
  3M Co.  13,135,090   1,314,691
  Emerson Electric Co.  13,607,299   1,229,964
  Norfolk Southern Corp.   5,420,304   1,229,108
  Parker-Hannifin Corp.   3,054,473   1,191,367
  General Dynamics Corp.   5,356,263   1,152,400
  Johnson Controls International plc  16,333,300   1,112,951
  TransDigm Group Inc.   1,242,145   1,110,689
  PACCAR Inc.  12,442,505   1,040,816
  Trane Technologies plc   5,430,498   1,038,637
  Cintas Corp.   2,058,455   1,023,217
  Carrier Global Corp.  19,878,179     988,144
* Copart Inc.  10,213,035     931,531
  Rockwell Automation Inc.   2,735,207     901,114
  AMETEK Inc.   5,487,392     888,299
    Shares Market
Value

($000)
  L3Harris Technologies Inc.   4,510,815     883,082
  Otis Worldwide Corp.   9,840,472     875,900
  Paychex Inc.   7,639,093     854,585
  WW Grainger Inc.   1,062,920     838,208
  Cummins Inc.   3,370,627     826,343
  Fastenal Co.  13,596,228     802,041
  Old Dominion Freight Line Inc.   2,141,126     791,681
  Verisk Analytics Inc. Class A   3,448,026     779,357
  Republic Services Inc. Class A   4,894,957     749,761
  United Rentals Inc.   1,636,598     728,892
* Delta Air Lines Inc.  15,302,774     727,494
  Equifax Inc.   2,920,422     687,175
  Quanta Services Inc.   3,456,574     679,044
  Xylem Inc.   5,697,145     641,612
  Ingersoll Rand Inc. (XYNS)   9,633,433     629,641
  Fortive Corp.   8,417,765     629,396
  Southwest Airlines Co.  14,168,440     513,039
  Dover Corp.   3,329,373     491,582
  Westinghouse Air Brake Technologies Corp.   4,282,767     469,691
  Broadridge Financial Solutions Inc.   2,808,776     465,218
  Expeditors International of Washington Inc.   3,638,274     440,704
  Howmet Aerospace Inc.   8,762,945     434,292
* United Airlines Holdings Inc.   7,808,881     428,473
  IDEX Corp.   1,799,699     387,403
  Paycom Software Inc.   1,157,140     371,720
  Snap-on Inc.   1,260,756     363,337
  Jacobs Solutions Inc.   3,020,445     359,101
  JB Hunt Transport Services Inc.   1,973,173     357,203
  Stanley Black & Decker Inc.   3,646,053     341,672
* Axon Enterprise Inc.   1,671,069     326,059
  Textron Inc.   4,802,175     324,771
  Nordson Corp.   1,281,701     318,093
  Masco Corp.   5,357,662     307,423
  Leidos Holdings Inc.   3,266,347     289,006
* American Airlines Group Inc.  15,544,747     278,873
  CH Robinson Worldwide Inc.   2,772,549     261,590
  Pentair plc   3,927,192     253,697
  Allegion plc   2,094,230     251,349
* Ceridian HCM Holding Inc.   3,691,152     247,196
  Rollins Inc.   5,515,379     236,224
* Generac Holdings Inc.   1,480,690     220,815
  Huntington Ingalls Industries Inc.     948,795     215,946
  A O Smith Corp.   2,965,606     215,837
  Robert Half International Inc.   2,567,270     193,110
* Alaska Air Group Inc.   3,045,466     161,958
       75,155,909
 
7

 

500 Index Fund
    Shares Market
Value

($000)
Information Technology (28.2%)
  Apple Inc. 352,032,288  68,283,703
  Microsoft Corp. 177,039,014  60,288,866
  NVIDIA Corp.  58,884,844  24,909,467
  Broadcom Inc.   9,927,050   8,611,021
* Adobe Inc.  10,921,555   5,340,531
  Cisco Systems Inc.  97,521,499   5,045,762
* Salesforce Inc.  23,310,820   4,924,644
  Accenture plc Class A  15,036,690   4,640,022
* Advanced Micro Devices Inc.  38,342,521   4,367,597
  Oracle Corp.  36,640,875   4,363,562
  Texas Instruments Inc.  21,611,261   3,890,459
  Intel Corp.  99,310,088   3,320,929
  QUALCOMM Inc.  26,524,847   3,157,518
  Intuit Inc.   6,679,688   3,060,566
  Applied Materials Inc.  20,122,408   2,908,493
  International Business Machines Corp.  21,620,299   2,893,012
* ServiceNow Inc.   4,850,988   2,726,110
  Analog Devices Inc.  12,044,286   2,346,347
  Lam Research Corp.   3,198,729   2,056,335
* Palo Alto Networks Inc.   7,195,872   1,838,617
  Micron Technology Inc.  26,057,234   1,644,472
  KLA Corp.   3,266,925   1,584,524
* Synopsys Inc.   3,626,678   1,579,092
* Cadence Design Systems Inc.   6,492,663   1,522,659
  NXP Semiconductors NV   6,184,106   1,265,763
  Roper Technologies Inc.   2,537,681   1,220,117
  Amphenol Corp. Class A  14,174,228   1,204,101
* Fortinet Inc.  15,516,934   1,172,925
  Motorola Solutions Inc.   3,993,309   1,171,158
  Microchip Technology Inc.  13,043,004   1,168,523
  TE Connectivity Ltd.   7,502,696   1,051,578
* Autodesk Inc.   5,098,979   1,043,302
* ON Semiconductor Corp.  10,282,851     972,552
* Arista Networks Inc.   5,945,451     963,520
  Cognizant Technology Solutions Corp. Class A  12,082,849     788,768
* Keysight Technologies Inc.   4,241,859     710,299
* ANSYS Inc.   2,063,472     681,503
* Gartner Inc.   1,882,186     659,349
  Corning Inc.  18,217,369     638,337
  HP Inc.  20,640,760     633,878
  CDW Corp.   3,209,198     588,888
  Monolithic Power Systems Inc.   1,072,323     579,301
* Enphase Energy Inc.   3,263,183     546,518
  Hewlett Packard Enterprise Co.  30,854,424     518,354
* VeriSign Inc.   2,155,677     487,118
* Fair Isaac Corp.     595,106     481,566
* Teledyne Technologies Inc.   1,120,218     460,533
* First Solar Inc.   2,365,272     449,614
    Shares Market
Value

($000)
  Skyworks Solutions Inc.   3,789,620     419,473
* Tyler Technologies Inc.     998,195     415,718
  Teradyne Inc.   3,691,382     410,962
  NetApp Inc.   5,093,344     389,131
* Zebra Technologies Corp. Class A   1,224,412     362,218
* SolarEdge Technologies Inc.   1,341,621     360,963
* PTC Inc.   2,535,903     360,859
* Akamai Technologies Inc.   3,624,106     325,698
* Trimble Inc.   5,898,563     312,270
* EPAM Systems Inc.   1,378,745     309,873
* Western Digital Corp.   7,617,690     288,939
  Seagate Technology Holdings plc   4,585,546     283,708
  Gen Digital Inc. (XNGS)  13,547,444     251,305
* Qorvo Inc.   2,378,636     242,692
  Juniper Networks Inc.   7,657,542     239,911
* F5 Inc.   1,440,021     210,617
* DXC Technology Co.   5,430,688     145,108
      250,091,318
Materials (2.5%)
  Linde plc  11,657,341   4,442,379
  Air Products and Chemicals Inc.   5,288,629   1,584,103
  Sherwin-Williams Co.   5,587,777   1,483,667
  Freeport-McMoRan Inc.  34,125,765   1,365,031
  Ecolab Inc.   5,897,772   1,101,055
  Nucor Corp.   5,981,557     980,856
  Corteva Inc.  16,926,019     969,861
  Dow Inc.  16,840,832     896,943
  PPG Industries Inc.   5,605,397     831,280
  Newmont Corp.  18,922,054     807,215
  DuPont de Nemours Inc.  10,928,874     780,759
  Vulcan Materials Co.   3,167,884     714,168
  Martin Marietta Materials Inc.   1,475,919     681,417
  Albemarle Corp.   2,793,563     623,216
  LyondellBasell Industries NV Class A   6,043,759     554,998
  International Flavors & Fragrances Inc.   6,073,518     483,391
  Ball Corp.   7,489,333     435,954
  Steel Dynamics Inc.   3,823,536     416,498
  Amcor plc  35,036,047     349,660
  Avery Dennison Corp.   1,921,295     330,078
  CF Industries Holdings Inc.   4,641,096     322,185
  FMC Corp.   2,977,008     310,621
  Packaging Corp. of America   2,141,589     283,032
  Mosaic Co.   7,907,531     276,764
  Celanese Corp. Class A   2,382,958     275,946
  International Paper Co.   8,263,855     262,873
  Eastman Chemical Co.   2,836,993     237,513
  Westrock Co.   6,098,205     177,275
  Sealed Air Corp.   3,438,869     137,555
       22,116,293
 
8

 

500 Index Fund
    Shares Market
Value

($000)
Real Estate (2.5%)
  Prologis Inc.  21,987,184   2,696,288
  American Tower Corp.  11,096,278   2,152,012
  Equinix Inc.   2,226,900   1,745,756
  Crown Castle Inc.  10,325,392   1,176,475
  Public Storage   3,767,428   1,099,637
  Realty Income Corp.  16,028,161     958,324
  Welltower Inc.  11,833,415     957,205
  Simon Property Group Inc.   7,785,589     899,080
* CoStar Group Inc.   9,726,895     865,694
  Digital Realty Trust Inc.   6,936,659     789,877
  VICI Properties Inc. Class A  21,260,843     668,228
  AvalonBay Communities Inc.   3,380,811     639,886
  SBA Communications Corp. Class A   2,579,718     597,875
* CBRE Group Inc. Class A   7,401,201     597,351
  Weyerhaeuser Co.  17,436,766     584,306
  Equity Residential   8,119,213     535,624
  Extra Space Storage Inc.   3,215,386     478,610
  Invitation Homes Inc.  13,840,920     476,128
  Ventas Inc.   9,525,052     450,249
  Alexandria Real Estate Equities Inc.   3,748,270     425,391
  Mid-America Apartment Communities Inc.   2,777,551     421,799
  Iron Mountain Inc.   6,943,479     394,528
  Essex Property Trust Inc.   1,528,473     358,121
  UDR Inc.   7,367,542     316,510
  Kimco Realty Corp.  14,759,928     291,066
  Host Hotels & Resorts Inc.  16,934,553     285,009
  Camden Property Trust   2,541,849     276,731
  Healthpeak Properties Inc.  13,024,404     261,790
  Regency Centers Corp.   3,660,687     226,121
  Boston Properties Inc.   3,399,698     195,789
  Federal Realty Investment Trust   1,746,694     169,028
       21,990,488
Utilities (2.6%)
  NextEra Energy Inc.  48,176,487   3,574,695
  Southern Co.  25,962,504   1,823,866
  Duke Energy Corp.  18,349,151   1,646,653
  Sempra Energy (XNYS)   7,491,834   1,090,736
  American Electric Power Co. Inc.  12,257,345   1,032,068
  Dominion Energy Inc.  19,903,532   1,030,804
  Exelon Corp.  23,680,802     964,756
  Xcel Energy Inc.  13,103,816     814,664
    Shares Market
Value

($000)
  Consolidated Edison Inc.   8,251,328     745,920
  Public Service Enterprise Group Inc.  11,880,067     743,811
  Constellation Energy Corp.   7,724,231     707,153
* PG&E Corp.  38,491,199     665,128
  WEC Energy Group Inc.   7,510,417     662,719
  American Water Works Co. Inc.   4,634,386     661,559
  Edison International   9,118,646     633,290
  Eversource Energy   8,306,086     589,068
  DTE Energy Co.   4,907,044     539,873
  Ameren Corp.   6,252,495     510,641
  FirstEnergy Corp.  12,957,546     503,789
  Entergy Corp.   5,034,274     490,187
  PPL Corp.  17,549,779     464,367
  CenterPoint Energy Inc.  15,025,072     437,981
  CMS Energy Corp.   6,944,407     407,984
  Atmos Energy Corp.   3,440,575     400,277
  AES Corp.  15,936,712     330,368
  Evergy Inc.   5,468,183     319,451
  Alliant Energy Corp.   5,985,940     314,142
  NiSource Inc.   9,836,108     269,018
  Pinnacle West Capital Corp.   2,696,791     219,681
  NRG Energy Inc.   5,477,847     204,817
       22,799,466
Total Common Stocks
(Cost $544,648,036)
884,236,400
Temporary Cash Investments (0.4%)
Money Market Fund (0.4%)
3,4 Vanguard Market Liquidity Fund, 5.150% (Cost$3,422,757)  34,240,631            3,423,378
Total Investments (100.1%) (Cost $548,070,793) 887,659,778
Other Assets and Liabilities—Net (-0.1%) (643,906)
Net Assets (100%) 887,015,872
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 $53,419,000.
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 $57,079,000 was received for securities on loan.
  CVR—Contingent Value Rights.
 
9

 

500 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 2023 10,010 2,246,369 57,839
    
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)
Bank of New York Mellon Corp. 8/31/23 BANA 17,808 (5.522) (74)
Global Payments Inc. 8/31/23 BANA 59,112 (5.618) (60)
Global Payments Inc. 8/31/23 BANA 29,556 (5.617) (15)
Global Payments Inc. 8/31/23 BANA 13,793 (5.522) (28)
Global Payments Inc. 8/31/23 BANA 13,793 (5.522) (28)
Global Payments Inc. 8/31/23 BANA 9,852 (5.522) (20)
Global Payments Inc. 8/31/23 BANA 7,389 (5.522) (15)
Goldman Sachs Group Inc. 8/30/24 BANA 154,819 (5.672) 465
Goldman Sachs Group Inc. 8/30/24 BANA 55,154 (5.672) 166
Kroger Co. 1/31/24 GSI 45,940 (5.066) 963
Netflix Inc. 8/31/23 BANA 44,049 (5.072) (167)
VICI Properties Inc. Class A 8/31/23 BANA 83,290 (5.622) 650
Visa Inc. Class A 8/31/23 BANA 59,370 (4.972) (116)
          2,244 (523)
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.
At June 30, 2023, the counterparties had deposited in segregated accounts securities with a value of $5,668,000 in connection with open over-the-counter swap contracts.
See accompanying Notes, which are an integral part of the Financial Statements.
10

 

500 Index Fund
Statement of Assets and Liabilities
As of June 30, 2023
($000s, except shares, footnotes, and per-share amounts) Amount
Assets  
Investments in Securities, at Value1  
Unaffiliated Issuers (Cost $544,648,036) 884,236,400
Affiliated Issuers (Cost $3,422,757) 3,423,378
Total Investments in Securities 887,659,778
Investment in Vanguard 29,151
Cash Collateral Pledged—Futures Contracts 113,379
Receivables for Investment Securities Sold 12,154
Receivables for Accrued Income 660,562
Receivables for Capital Shares Issued 420,346
Variation Margin Receivable—Futures Contracts 26,566
Unrealized Appreciation—Over-the-Counter Swap Contracts 2,244
Total Assets 888,924,180
Liabilities  
Due to Custodian 78,084
Payables for Investment Securities Purchased 118,301
Collateral for Securities on Loan 57,079
Payables for Capital Shares Redeemed 393,679
Payables for Distributions 1,249,142
Payables to Vanguard 11,500
Unrealized Depreciation—Over-the-Counter Swap Contracts 523
Total Liabilities 1,908,308
Net Assets 887,015,872
1 Includes $53,419,000 of securities on loan.  
11

 

500 Index Fund
Statement of Assets and Liabilities (continued)

At June 30, 2023, net assets consisted of:  
($000s, except shares, footnotes, and per-share amounts) Amount
Paid-in Capital 555,960,925
Total Distributable Earnings (Loss) 331,054,947
Net Assets 887,015,872
 
Investor Shares—Net Assets  
Applicable to 7,669,553 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
3,149,379
Net Asset Value Per Share—Investor Shares $410.63
 
ETF Shares—Net Assets  
Applicable to 800,034,668 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
325,949,536
Net Asset Value Per Share—ETF Shares $407.42
 
Admiral Shares—Net Assets  
Applicable to 1,035,493,734 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
425,129,392
Net Asset Value Per Share—Admiral Shares $410.56
 
Institutional Select Shares—Net Assets  
Applicable to 610,248,539 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
132,787,565
Net Asset Value Per Share—Institutional Select Shares $217.60
  
See accompanying Notes, which are an integral part of the Financial Statements.
12

 

500 Index Fund
Statement of Operations
  Six Months Ended
June 30, 2023
  ($000)
Investment Income  
Income  
Dividends1 6,612,907
Interest2 57,777
Securities Lending—Net 438
Total Income 6,671,122
Expenses  
The Vanguard Group—Note B  
Investment Advisory Services 9,011
Management and Administrative—Investor Shares 2,068
Management and Administrative—ETF Shares 29,431
Management and Administrative—Admiral Shares 63,056
Management and Administrative—Institutional Select Shares 4,296
Marketing and Distribution—Investor Shares 71
Marketing and Distribution—ETF Shares 7,429
Marketing and Distribution—Admiral Shares 8,808
Marketing and Distribution—Institutional Select Shares 126
Custodian Fees 1,426
Shareholders’ Reports—Investor Shares 1
Shareholders’ Reports—ETF Shares 1,818
Shareholders’ Reports—Admiral Shares 900
Shareholders’ Reports—Institutional Select Shares
Trustees’ Fees and Expenses 209
Other Expenses 13
Total Expenses 128,663
Expenses Paid Indirectly (111)
Net Expenses 128,552
Net Investment Income 6,542,570
Realized Net Gain (Loss)  
Investment Securities Sold2,3 4,465,416
Futures Contracts 152,413
Swap Contracts 3,298
Realized Net Gain (Loss) 4,621,127
13

 

500 Index Fund
Statement of Operations (continued)
  Six Months Ended
June 30, 2023
  ($000)
Change in Unrealized Appreciation (Depreciation)  
Investment Securities2 115,221,713
Futures Contracts 117,764
Swap Contracts (1,385)
Change in Unrealized Appreciation (Depreciation) 115,338,092
Net Increase (Decrease) in Net Assets Resulting from Operations 126,501,789
1 Dividends are net of foreign withholding taxes of $1,844,000.
2 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $54,938,000, $55,000, and ($323,000), respectively. Purchases and sales are for temporary cash investment purposes.
3 Includes $7,325,439,000 of net gain (loss) resulting from in-kind redemptions.
  
See accompanying Notes, which are an integral part of the Financial Statements.
14

 

500 Index Fund
Statement of Changes in Net Assets
  Six Months Ended
June 30,
2023
  Year Ended
December 31,
2022
  ($000)   ($000)
Increase (Decrease) in Net Assets      
Operations      
Net Investment Income 6,542,570   12,276,461
Realized Net Gain (Loss) 4,621,127   27,249,293
Change in Unrealized Appreciation (Depreciation) 115,338,092   (197,719,707)
Net Increase (Decrease) in Net Assets Resulting from Operations 126,501,789   (158,193,953)
Distributions      
Investor Shares (23,477)   (51,118)
ETF Shares (2,375,716)   (4,305,991)
Admiral Shares (3,167,500)   (6,152,722)
Institutional Select Shares (992,736)   (1,760,089)
Total Distributions (6,559,429)   (12,269,920)
Capital Share Transactions      
Investor Shares (411,083)   (599,158)
ETF Shares 20,839,421   39,905,931
Admiral Shares (820,390)   2,645,315
Institutional Select Shares 2,695,841   17,199,992
Net Increase (Decrease) from Capital Share Transactions 22,303,789   59,152,080
Total Increase (Decrease) 142,246,149   (111,311,793)
Net Assets      
Beginning of Period 744,769,723   856,081,516
End of Period 887,015,872   744,769,723
  
See accompanying Notes, which are an integral part of the Financial Statements.
15

 

500 Index Fund
Financial Highlights
Investor Shares            
For a Share Outstanding
Throughout Each Period 
Six Months
Ended
June 30,
2023
Year Ended December 31,
2022 2021 2020 2019 2018
Net Asset Value, Beginning of Period $354.17 $439.86 $346.60 $298.16 $231.44 $246.82
Investment Operations            
Net Investment Income1 2.881 5.605 4.91