Important information about shareholder reports

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and transmission of shareholder reports. Shareholder reports will provide key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Financial statements will no longer be included in the shareholder report but will be available at vanguard.com, can be mailed upon request, or can be accessed on the SEC’s website at www.sec.gov.

You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.

Contents

Your Fund’s Performance at a Glance	1
About Your Fund’s Expenses	2
Performance Summary	4
Financial Statements	7

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

Your Fund’s Performance at a Glance

•	The financial markets delivered very robust returns for the 12 months ended December 31, 2023. Returns for Vanguard 500 Index Fund ranged from 26.11% for Investor Shares to 26.28% for Institutional Select Shares. It closely tracked its target index, the Standard & Poor’s 500 Index. The fund provides exposure to the stocks of the largest U.S. companies.
•	With inflation continuing to ease, a number of major central banks left off hiking interest rates. Global growth, employment, and consumer spending showed resilience, but the prospect of rates remaining high for an extended period spurred volatility at times. Toward year-end, however, global stocks and bonds rallied as falling inflation and softening economic growth raised market expectations for rate cuts in 2024.
•	All but two of the 11 industry sectors recorded positive returns for the 12 months. Information technology, communication services, and consumer discretionary all posted very strong results.
•	For the 10 years ended December 31, the fund posted average annual returns of 11.88% for Investor Shares and 11.99% for both ETF Shares (based on net asset value) and Admiral Shares. Institutional Select Shares recorded an annualized return of 14.02% since their 2016 inception.

Market Barometer

	Average Annual Total Returns Periods Ended December 31, 2023
	One Year	Three Years	Five Years
Stocks
Russell 1000 Index (Large-caps)	26.53%	8.97%	15.52%
Russell 2000 Index (Small-caps)	16.93	2.22	9.97
Russell 3000 Index (Broad U.S. market)	25.96	8.54	15.16
FTSE All-World ex US Index (International)	15.82	1.98	7.52
Bonds
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market)	5.60%	-3.33%	1.17%
Bloomberg Municipal Bond Index (Broad tax-exempt market)	6.40	-0.40	2.25
FTSE Three-Month U.S. Treasury Bill Index	5.26	2.24	1.91
CPI
Consumer Price Index	3.35%	5.60%	4.07%

1

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.

2

Six Months Ended December 31, 2023
	Beginning Account Value 6/30/2023	Ending Account Value 12/31/2023	Expenses Paid During Period
Based on Actual Fund Return
500 Index Fund
Investor Shares	$1,000.00	$1,079.60	$0.73
ETF Shares	1,000.00	1,080.30	0.16
Admiral™ Shares	1,000.00	1,080.20	0.21
Institutional Select Shares	1,000.00	1,080.30	0.05
Based on Hypothetical 5% Yearly Return
500 Index Fund
Investor Shares	$1,000.00	$1,024.50	$0.71
ETF Shares	1,000.00	1,025.05	0.15
Admiral Shares	1,000.00	1,025.00	0.20
Institutional Select Shares	1,000.00	1,025.16	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 (184/365).

3

500 Index Fund

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (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 vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: December 31, 2013, Through December 31, 2023

Initial Investment of $10,000

		Average Annual Total Returns Periods Ended December 31, 2023
		One Year	Five Years	Ten Years	Final Value of a $10,000 Investment
	500 Index Fund Investor Shares	26.11%	15.53%	11.88%	$30,725
	S&P 500 Index	26.29	15.69	12.03	31,149
	Dow Jones U.S. Total Stock Market Float Adjusted Index	26.06	15.05	11.40	29,422

		One Year	Five Years	Ten Years	Final Value of a $10,000 Investment
500 Index Fund ETF Shares Net Asset Value		26.25%	15.65%	11.99%	$31,037
500 Index Fund ETF Shares Market Price		26.33	15.66	12.00	31,054
S&P 500 Index		26.29	15.69	12.03	31,149
Dow Jones U.S. Total Stock Market Float Adjusted Index		26.06	15.05	11.40	29,422

    

See Financial Highlights for dividend and capital gains information.

4

500 Index Fund

		Average Annual Total Returns Periods Ended December 31, 2023
		One Year	Five Years	Ten Years	Final Value of a $10,000 Investment
500 Index Fund Admiral Shares		26.24%	15.65%	11.99%	$31,043
S&P 500 Index		26.29	15.69	12.03	31,149
Dow Jones U.S. Total Stock Market Float Adjusted Index		26.06	15.05	11.40	29,422

		One Year	Five Years	Since Inception (6/24/2016)	Final Value of a $5,000,000,000 Investment
500 Index Fund Institutional Select Shares		26.28%	15.68%	14.02%	$13,406,371,500
S&P 500 Index		26.29	15.69	14.02	13,410,327,500
Dow Jones U.S. Total Stock Market Float Adjusted Index		26.06	15.05	13.49	12,946,697,500

"Since Inception" performance is calculated from the Institutional Select Shares’ inception date for both the fund and its comparative standard(s).

Cumulative Returns of ETF Shares: December 31, 2013, Through December 31, 2023

	One Year	Five Years	Ten Years
500 Index Fund ETF Shares Market Price	26.33%	106.99%	210.54%
500 Index Fund ETF Shares Net Asset Value	26.25	106.84	210.37
S&P 500 Index	26.29	107.21	211.49

For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares’ market prices have compared with their net asset value, visit vanguard.com, select your ETF, click on Price, and then scroll down to the Premium/Discount chart. The ETF premium/discount chart there shows the percentage and days on which the ETF Shares’ market price was above or below the NAV.

5

500 Index Fund

Fund Allocation

As of December 31, 2023

Communication Services	8.6%
Consumer Discretionary	10.9
Consumer Staples	6.2
Energy	3.9
Financials	12.9
Health Care	12.6
Industrials	8.8
Information Technology	28.9
Materials	2.4
Real Estate	2.5
Utilities	2.3

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.

6

500 Index Fund

Financial Statements

Schedule of Investments

As of December 31, 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 (99.6%)
Communication Services (8.5%)
*	Alphabet Inc. Class A	144,509,039	20,186,468
*	Meta Platforms Inc. Class A	54,200,007	19,184,634
*	Alphabet Inc. Class C	121,624,966	17,140,606
*	Netflix Inc.	10,587,876	5,155,025
	Comcast Corp. Class A	98,052,056	4,299,583
	Walt Disney Co.	44,683,849	4,034,505
	Verizon Communications Inc.	102,662,958	3,870,394
	AT&T Inc.	174,606,397	2,929,895
	T-Mobile US Inc.	12,424,521	1,992,023
*	Charter Communications Inc. Class A	2,455,884	954,553
	Electronic Arts Inc.	5,976,212	817,606
*	Take-Two Interactive Software Inc.	3,861,695	621,540
*	Warner Bros Discovery Inc.	54,181,706	616,588
	Omnicom Group Inc.	4,835,350	418,306
*	Live Nation Entertainment Inc.	3,466,690	324,482
	Interpublic Group of Cos. Inc.	9,352,490	305,265
	News Corp. Class A	12,202,001	299,559
*	Match Group Inc.	6,637,240	242,259
	Fox Corp. Class A	5,977,661	177,357
1	Paramount Global Class B	11,774,681	174,148
	Fox Corp. Class B	3,286,597	90,874
	News Corp. Class B	1,428	37
			83,835,707
Consumer Discretionary (10.8%)
*	Amazon.com Inc.	222,063,192	33,740,281
*	Tesla Inc.	67,534,747	16,781,034
	Home Depot Inc.	24,420,596	8,462,958
	McDonald's Corp.	17,712,117	5,251,820
	NIKE Inc. Class B	29,889,659	3,245,120
	Lowe's Cos. Inc.	14,093,315	3,136,467
*	Booking Holdings Inc.	852,064	3,022,458
	Starbucks Corp.	27,902,973	2,678,964

		Shares	Market Value• ($000)
	TJX Cos. Inc.	27,939,258	2,620,982
*	Chipotle Mexican Grill Inc.	670,127	1,532,554
*	Airbnb Inc. Class A	10,617,698	1,445,493
*	Lululemon Athletica Inc.	2,811,535	1,437,510
*	O'Reilly Automotive Inc.	1,444,697	1,372,578
	Marriott International Inc. Class A	6,023,765	1,358,419
	General Motors Co.	33,437,882	1,201,089
	Ford Motor Co.	96,006,048	1,170,314
	Ross Stores Inc.	8,267,869	1,144,190
	Hilton Worldwide Holdings Inc.	6,261,561	1,140,168
	DR Horton Inc.	7,357,619	1,118,211
*	AutoZone Inc.	430,533	1,113,190
	Lennar Corp. Class A	6,045,529	901,026
	Yum! Brands Inc.	6,844,002	894,237
*	Royal Caribbean Cruises Ltd.	5,755,863	745,327
*	Aptiv plc	6,906,151	619,620
*	Ulta Beauty Inc.	1,202,055	588,995
	Tractor Supply Co.	2,639,680	567,610
	eBay Inc.	12,672,899	552,792
	PulteGroup Inc.	5,263,004	543,247
*	NVR Inc.	77,516	542,647
*	Expedia Group Inc.	3,255,653	494,176
	Darden Restaurants Inc.	2,937,601	482,648
	Garmin Ltd.	3,736,865	480,337
	Genuine Parts Co.	3,422,913	474,073
*	Carnival Corp.	24,597,900	456,045
	Las Vegas Sands Corp.	9,011,932	443,477
	Pool Corp.	944,450	376,562
	Best Buy Co. Inc.	4,729,631	370,235
	Domino's Pizza Inc.	851,789	351,133
	LKQ Corp.	6,534,086	312,264
*	MGM Resorts International	6,672,901	298,145
*	CarMax Inc.	3,876,418	297,476
*	Caesars Entertainment Inc.	5,266,193	246,879
	Bath & Body Works Inc.	5,552,172	239,632

7

500 Index Fund

8

500 Index Fund

9

500 Index Fund

10

500 Index Fund

11

500 Index Fund

12

500 Index Fund

		Shares	Market Value• ($000)
	AES Corp.	16,347,204	314,684
	Evergy Inc.	5,607,298	292,701
	NRG Energy Inc.	5,516,965	285,227
	NiSource Inc.	10,088,087	267,839
	Pinnacle West Capital Corp.	2,773,003	199,212
			22,874,545
Total Common Stocks (Cost $588,003,536)			976,810,547
Temporary Cash Investments (0.3%)
Money Market Fund (0.3%)
3,4	Vanguard Market Liquidity Fund, 5.435% (Cost $2,581,279)	25,824,367	2,581,920
Total Investments (99.9%) (Cost $590,584,815)			979,392,467
Other Assets and Liabilities—Net (0.1%)			955,501
Net Assets (100%)			980,347,968
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 $37,536,000.
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 $40,254,000 was received for securities on loan.
	CVR—Contingent Value Rights.

13

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	March 2024	11,305	2,724,505	70,958

    

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)
Citigroup Inc.	8/29/25	BANA	30,864	(5.931)	—	(132)
Fidelity National Information Services Inc.	8/30/24	BANA	33,639	(5.881)	136	—
Fidelity National Information Services Inc.	8/30/24	BANA	30,035	(5.978)	152	—
Fidelity National Information Services Inc.	8/30/24	BANA	30,035	(5.977)	—	(93)
Fidelity National Information Services Inc.	8/30/24	BANA	30,035	(5.976)	—	(88)
Fidelity National Information Services Inc.	8/30/24	BANA	30,035	(5.976)	—	(83)
Fidelity National Information Services Inc.	8/30/24	BANA	30,035	(5.975)	—	(77)
Fidelity National Information Services Inc.	8/30/24	BANA	18,021	(5.881)	73	—
Global Payments Inc.	8/30/24	BANA	172,085	(5.931)	—	(415)
Goldman Sachs Group Inc.	8/29/25	BANA	251,136	(6.031)	710	—
Invesco Ltd.	8/30/24	BANA	4,460	(5.881)	33	—
Kroger Co.	1/31/24	GSI	44,110	(5.324)	1,522	—
Netflix Inc.	8/30/24	BANA	48,688	(5.331)	—	(204)
VICI Properties Inc.	8/30/24	BANA	84,482	(5.981)	718	—
Visa Inc. Class A	8/30/24	BANA	65,088	5.231	—	(140)
					3,344	(1,232)

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 December 31, 2023, the counterparties had deposited in segregated accounts securities with a value of $69,246,000 in connection with open over-the-counter swap contracts.

See accompanying Notes, which are an integral part of the Financial Statements.

14

500 Index Fund

Statement of Assets and Liabilities

As of December 31, 2023

($000s, except shares, footnotes, and per-share amounts)	Amount
Assets
Investments in Securities, at Value1
Unaffiliated Issuers (Cost $588,003,536)	976,810,547
Affiliated Issuers (Cost $2,581,279)	2,581,920
Total Investments in Securities	979,392,467
Investment in Vanguard	31,035
Cash	2,982
Cash Collateral Pledged—Futures Contracts	134,729
Receivables for Investment Securities Sold	60,221
Receivables for Accrued Income	928,234
Receivables for Capital Shares Issued	645,981
Unrealized Appreciation—Over-the-Counter Swap Contracts	3,344
Total Assets	981,198,993
Liabilities
Payables for Investment Securities Purchased	247,045
Collateral for Securities on Loan	40,254
Payables for Capital Shares Redeemed	541,870
Payables to Vanguard	13,694
Variation Margin Payable—Futures Contracts	6,930
Unrealized Depreciation—Over-the-Counter Swap Contracts	1,232
Total Liabilities	851,025
Net Assets	980,347,968
1 Includes $37,536,000 of securities on loan.

15

500 Index Fund

Statement of Assets and Liabilities (continued)
At December 31, 2023, net assets consisted of:
($000s, except shares, footnotes, and per-share amounts)	Amount
Paid-in Capital	609,117,816
Total Distributable Earnings (Loss)	371,230,152
Net Assets	980,347,968
Investor Shares—Net Assets
Applicable to 7,218,564 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	3,176,561
Net Asset Value Per Share—Investor Shares	$440.05
ETF Shares—Net Assets
Applicable to 852,102,904 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	372,050,529
Net Asset Value Per Share—ETF Shares	$436.63
Admiral Shares—Net Assets
Applicable to 1,038,239,890 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	456,812,377
Net Asset Value Per Share—Admiral Shares	$439.99
Institutional Select Shares—Net Assets
Applicable to 635,921,838 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	148,308,501
Net Asset Value Per Share—Institutional Select Shares	$233.22

  

See accompanying Notes, which are an integral part of the Financial Statements.

16

500 Index Fund

Statement of Operations

	Year Ended December 31, 2023
	($000)
Investment Income
Income
Dividends1	14,020,764
Interest2	149,303
Securities Lending—Net	516
Total Income	14,170,583
Expenses
The Vanguard Group—Note B
Investment Advisory Services	18,349
Management and Administrative—Investor Shares	4,142
Management and Administrative—ETF Shares	66,283
Management and Administrative—Admiral Shares	136,013
Management and Administrative—Institutional Select Shares	9,506
Marketing and Distribution—Investor Shares	138
Marketing and Distribution—ETF Shares	14,875
Marketing and Distribution—Admiral Shares	16,088
Marketing and Distribution—Institutional Select Shares	249
Custodian Fees	3,015
Auditing Fees	45
Shareholders’ Reports—Investor Shares	4
Shareholders’ Reports—ETF Shares	3,958
Shareholders’ Reports—Admiral Shares	1,792
Shareholders’ Reports—Institutional Select Shares	—
Trustees’ Fees and Expenses	521
Other Expenses	23
Total Expenses	275,001
Expenses Paid Indirectly	(175)
Net Expenses	274,826
Net Investment Income	13,895,757
Realized Net Gain (Loss)
Investment Securities Sold2,3	20,395,522
Futures Contracts	306,185
Swap Contracts	94,710
Realized Net Gain (Loss)	20,796,417

17

500 Index Fund

Statement of Operations (continued)
	Year Ended December 31, 2023
	($000)
Change in Unrealized Appreciation (Depreciation)
Investment Securities2	164,440,380
Futures Contracts	130,883
Swap Contracts	(994)
Change in Unrealized Appreciation (Depreciation)	164,570,269
Net Increase (Decrease) in Net Assets Resulting from Operations	199,262,443

1	Dividends are net of foreign withholding taxes of $3,752,000.
2	Interest income, realized net gain (loss), capital gain distributions received, and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $142,398,000, $229,000, $15,000, and ($303,000), respectively. Purchases and sales are for temporary cash investment purposes.
3	Includes $25,287,854,000 of net gain (loss) resulting from in-kind redemptions.

  

See accompanying Notes, which are an integral part of the Financial Statements.

18

500 Index Fund

Statement of Changes in Net Assets

	Year Ended December 31,
	2023 ($000)	2022 ($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	13,895,757	12,276,461
Realized Net Gain (Loss)	20,796,417	27,249,293
Change in Unrealized Appreciation (Depreciation)	164,570,269	(197,719,707)
Net Increase (Decrease) in Net Assets Resulting from Operations	199,262,443	(158,193,953)
Distributions
Investor Shares	(46,502)	(51,118)
ETF Shares	(5,133,943)	(4,305,991)
Admiral Shares	(6,583,499)	(6,152,722)
Institutional Select Shares	(2,092,603)	(1,760,089)
Total Distributions	(13,856,547)	(12,269,920)
Capital Share Transactions
Investor Shares	(596,976)	(599,158)
ETF Shares	42,127,992	39,905,931
Admiral Shares	331,303	2,645,315
Institutional Select Shares	8,310,030	17,199,992
Net Increase (Decrease) from Capital Share Transactions	50,172,349	59,152,080
Total Increase (Decrease)	235,578,245	(111,311,793)
Net Assets
Beginning of Period	744,769,723	856,081,516
End of Period	980,347,968	744,769,723

  

See accompanying Notes, which are an integral part of the Financial Statements.

19

500 Index Fund

Financial Highlights

Investor Shares
For a Share Outstanding Throughout Each Period	Year Ended December 31,
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$354.17	$439.86	$346.60	$298.16	$231.44
Investment Operations
Net Investment Income1	5.990	5.605	4.910	5.128	4.801
Net Realized and Unrealized Gain (Loss) on Investments	85.860	(85.733)	93.389	48.323	67.211
Total from Investment Operations	91.850	(80.128)	98.299	53.451	72.012
Distributions
Dividends from Net Investment Income	(5.970)	(5.562)	(5.039)	(5.011)	(5.292)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(5.970)	(5.562)	(5.039)	(5.011)	(5.292)
Net Asset Value, End of Period	$440.05	$354.17	$439.86	$346.60	$298.16
Total Return2	26.11%	-18.23%	28.53%	18.25%	31.33%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$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%	0.14%	0.14%
Ratio of Net Investment Income to Average Net Assets	1.52%	1.47%	1.25%	1.73%	1.82%
Portfolio Turnover Rate4	2%	2%	2%	4%	4%

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.

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500 Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Year Ended December 31,
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$351.41	$436.47	$343.93	$295.87	$229.68
Investment Operations
Net Investment Income1	6.412	6.012	5.353	5.413	5.298
Net Realized and Unrealized Gain (Loss) on Investments	85.165	(85.125)	92.624	47.950	66.463
Total from Investment Operations	91.577	(79.113)	97.977	53.363	71.761
Distributions
Dividends from Net Investment Income	(6.357)	(5.947)	(5.437)	(5.303)	(5.571)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(6.357)	(5.947)	(5.437)	(5.303)	(5.571)
Net Asset Value, End of Period	$436.63	$351.41	$436.47	$343.93	$295.87
Total Return2	26.25%	-18.15%	28.66%	18.35%	31.46%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$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%	0.03%	0.03%
Ratio of Net Investment Income to Average Net Assets	1.63%	1.60%	1.36%	1.83%	1.98%
Portfolio Turnover Rate4	2%	2%	2%	4%	4%

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 were 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.

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500 Index Fund

Financial Highlights

Admiral Shares
For a Share Outstanding Throughout Each Period	Year Ended December 31,
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$354.11	$439.83	$346.57	$298.14	$231.44
Investment Operations
Net Investment Income1	6.404	6.000	5.326	5.427	5.319
Net Realized and Unrealized Gain (Loss) on Investments	85.843	(85.767)	93.371	48.314	66.962
Total from Investment Operations	92.247	(79.767)	98.697	53.741	72.281
Distributions
Dividends from Net Investment Income	(6.367)	(5.953)	(5.437)	(5.311)	(5.581)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(6.367)	(5.953)	(5.437)	(5.311)	(5.581)
Net Asset Value, End of Period	$439.99	$354.11	$439.83	$346.57	$298.14
Total Return2	26.24%	-18.15%	28.66%	18.37%	31.46%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$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%	0.04%	0.04%
Ratio of Net Investment Income to Average Net Assets	1.62%	1.58%	1.35%	1.83%	1.97%
Portfolio Turnover Rate4	2%	2%	2%	4%	4%

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.

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500 Index Fund

Financial Highlights

Institutional Select Shares
For a Share Outstanding Throughout Each Period	Year Ended December 31,
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$187.66	$233.06	$183.64	$157.98	$122.64
Investment Operations
Net Investment Income1	3.462	3.249	2.885	2.924	2.857
Net Realized and Unrealized Gain (Loss) on Investments	45.493	(45.458)	49.478	25.597	35.484
Total from Investment Operations	48.955	(42.209)	52.363	28.521	38.341
Distributions
Dividends from Net Investment Income	(3.395)	(3.191)	(2.943)	(2.861)	(3.001)
Distributions from Realized Capital Gains	—	—	—	—	—
Total Distributions	(3.395)	(3.191)	(2.943)	(2.861)	(3.001)
Net Asset Value, End of Period	$233.22	$187.66	$233.06	$183.64	$157.98
Total Return	26.28%	-18.13%	28.70%	18.40%	31.49%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$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%	0.01%	0.01%
Ratio of Net Investment Income to Average Net Assets	1.65%	1.62%	1.38%	1.86%	2.00%
Portfolio Turnover Rate3	2%	2%	2%	4%	4%

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.

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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

24

500 Index Fund

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 year ended December 31, 2023, 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 year ended December 31, 2023, 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.

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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

26

500 Index Fund

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 year ended December 31, 2023, 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 December 31, 2023, the fund had contributed to Vanguard capital in the amount of $31,035,000, representing less than 0.01% of the fund’s net assets and 12.41% 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 year ended December 31, 2023, custodian fee offset arrangements reduced the fund’s expenses by $175,000 (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.).

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500 Index Fund

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 December 31, 2023, based on the inputs used to value them:

	Level 1 ($000)	Level 2 ($000)	Level 3 ($000)	Total ($000)
Investments
Assets
Common Stocks	976,810,547	—	—	976,810,547
Temporary Cash Investments	2,581,920	—	—	2,581,920
Total	979,392,467	—	—	979,392,467
Derivative Financial Instruments
Assets
Futures Contracts1	70,958	—	—	70,958
Swap Contracts	—	3,344	—	3,344
Total	70,958	3,344	—	74,302
Liabilities
Swap Contracts	—	1,232	—	1,232

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.

Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for applicable in-kind redemptions and swap agreements were reclassified between the following accounts:

	Amount ($000)
Paid-in Capital	25,288,331
Total Distributable Earnings (Loss)	(25,288,331)

Temporary differences between book-basis and tax-basis components of total distributable earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. The differences are primarily related to capital loss carryforwards; the deferral of losses from wash sales; and the recognition of unrealized gains or losses from certain derivative contracts. As of period end, the tax-basis components of total distributable earnings (loss) are detailed in the table as follows:  

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500 Index Fund

	Amount ($000)
Undistributed Ordinary Income	212,833
Undistributed Long-Term Gains	—
Net Unrealized Gains (Losses)	388,378,108
Capital Loss Carryforwards	(17,360,789)
Qualified Late-Year Losses	—
Other Temporary Differences	—
Total	371,230,152

The tax character of distributions paid was as follows:

	Year Ended December 31,
	2023 Amount ($000)	2022 Amount ($000)
Ordinary Income*	13,856,547	12,269,920
Long-Term Capital Gains	—	—
Total	13,856,547	12,269,920

*	Includes short-term capital gains, if any.

As of December 31, 2023, 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	591,014,359
Gross Unrealized Appreciation	413,939,478
Gross Unrealized Depreciation	(25,561,370)
Net Unrealized Appreciation (Depreciation)	388,378,108

F.

During the year ended December 31, 2023, the fund purchased $102,584,036,000 of investment securities and sold $52,488,052,000 of investment securities, other than temporary cash investments. Purchases and sales include $76,816,130,000 and $33,972,887,000, 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 year ended December 31, 2023, such purchases were $2,817,287,000 and sales were $2,813,426,000, resulting in net realized loss of $1,479,724,000; these amounts, other than temporary cash investments, are included in the purchases and sales of investment securities noted above.

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500 Index Fund

G.	Capital share transactions for each class of shares were:

    

	Year Ended December 31,
	2023			2022
	Amount ($000)	Shares (000)		Amount ($000)	Shares (000)
Investor Shares
Issued	148,701	374		156,806	409
Issued in Lieu of Cash Distributions	46,496	117		51,111	142
Redeemed	(792,173)	(2,005)		(807,075)	(2,076)
Net Increase (Decrease)—Investor Shares	(596,976)	(1,514)		(599,158)	(1,525)
ETF Shares
Issued	73,338,523	182,751		85,049,475	222,763
Issued in Lieu of Cash Distributions	—	—		—	—
Redeemed	(31,210,531)	(76,825)		(45,143,544)	(117,750)
Net Increase (Decrease)—ETF Shares	42,127,992	105,926		39,905,931	105,013
Admiral Shares
Issued	34,205,497	86,235		39,120,573	102,648
Issued in Lieu of Cash Distributions	5,732,224	14,309		5,367,387	14,913
Redeemed	(39,606,418)	(100,108)		(41,842,645)	(110,248)
Net Increase (Decrease)—Admiral Shares	331,303	436		2,645,315	7,313
Institutional Select Shares
Issued	20,807,286	97,892		19,836,476	100,749
Issued in Lieu of Cash Distributions	2,092,603	9,846		1,760,089	9,243
Redeemed	(14,589,859)	(68,463)		(4,396,573)	(21,716)
Net Increase (Decrease)—Institutional Select Shares	8,310,030	39,275		17,199,992	88,276

H.

Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g., Russia’s invasion of Ukraine), 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 December 31, 2023, that would require recognition or disclosure in these financial statements.

30

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Vanguard Index Funds and Shareholders of Vanguard 500 Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Vanguard 500 Index Fund (one of the funds constituting Vanguard Index Funds, referred to hereafter as the "Fund") as of December 31, 2023, the related statement of operations for the year ended December 31, 2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 15, 2024

We have served as the auditor of one or more investment companies in The Vanguard Group of Funds since 1975.

31

Tax information (unaudited)

For corporate shareholders, 91.8%, or if subsequently determined to be different, the maximum percentage allowable by law, of ordinary income (dividend income plus short-term gains, if any) for the fiscal year qualified for the dividends-received deduction.

The fund hereby designates $13,356,325,000, or if subsequently determined to be different, the maximum amount allowable by law, as qualified dividend income for individual shareholders for the fiscal year.

The fund hereby designates $56,849,000, or if subsequently determined to be different, the maximum amount allowable by law, of interest earned from obligations of the U.S. government which is generally exempt from state income tax.

The fund hereby designates $500,221,000, or if subsequently determined to be different, the maximum amount allowable by law, of qualified business income for individual shareholders for the fiscal year.

32

The S&P 500 Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and has been licensed for use by Vanguard. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). The trademarks have been licensed to SPDJI and have been sublicensed for use for certain purposes by Vanguard. Vanguard 500 Index Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices make no representation or warranty, express or implied, to the owners of Vanguard 500 Index Fund or any member of the public regarding the advisability of investing in securities generally or in Vanguard 500 Index Fund particularly or the ability of the S&P 500 Index to track general market performance. S&P Dow Jones Indices’ only relationship to Vanguard with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Vanguard or Vanguard 500 Index Fund. S&P Dow Jones Indices have no obligation to take the needs of Vanguard or the owners of Vanguard 500 Index Fund into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of Vanguard 500 Index Fund or the timing of the issuance or sale of Vanguard 500 Index Fund or in the determination or calculation of the equation by which Vanguard 500 Index Fund is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices have no obligation or liability in connection with the administration, marketing or trading of Vanguard 500 Index Fund. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY VANGUARD, OWNERS OF VANGUARD 500 INDEX FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND VANGUARD, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

33

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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard funds and provides services to them.

A majority of Vanguard’s board members are independent, meaning that they have no affiliation with Vanguard or the funds they oversee, apart from the sizable personal investments they have made as private individuals. The independent board members have distinguished backgrounds in business, academia, and public service. Each of the trustees and executive officers oversees 208 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. That information, as well as the Vanguard fund count, is as of the date on the cover of this fund report. The mailing address of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the trustees is in the Statement of Additional Information, which can be obtained, without charge, by contacting Vanguard at 800-662-7447, or online at vanguard.com.

officer (retired 2013) of IBM (information technology services). Fiduciary member of IBM’s Retirement Plan Committee (2004–2013), senior vice president and general manager (2002–2004) of IBM Global Financing, vice president and controller (1998–2002) of IBM, and a variety of other prior management roles at IBM. Member of the Council on Chicago Booth.

Scott C. Malpass

Born in 1962. Trustee since March 2012. Principal occupation(s) during the past five years and other experience: co-founder and managing partner (2022–present) of Grafton Street Partners (investment advisory firm). Chief investment officer (retired 2020) and vice president (retired 2020) of the University of Notre Dame. Chair of the board of Catholic Investment Services, Inc. (investment advisors). Member of the board of superintendence of the Institute for the Works of Religion, the Notre Dame 403(b) Investment Committee, and the board of directors of Paxos Trust Company (finance).

Deanna Mulligan

Born in 1963. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: chief executive officer of Purposeful (advisory firm for CEOs and C-level executives; 2021–present). Board chair (2020), chief executive officer (2011–2020), and president (2010–2019) of The Guardian Life Insurance Company of America. Chief operating officer (2010–2011) and executive vice president (2008–2010) of Individual Life and Disability of the Guardian Life Insurance Company of America. Director of DuPont. Member of the board of the Economic Club of New York. Trustee of the Partnership for New York City (business leadership), Chief Executives for Corporate Purpose, and the NewYork-Presbyterian Hospital.

André F. Perold

Born in 1952. Trustee since December 2004. Principal occupation(s) during the past five years and other experience: George Gund Professor of Finance and Banking, Emeritus at the Harvard Business School (retired 2011). Chief investment officer and partner of HighVista Strategies (private investment firm). Member of the board of RIT Capital Partners (investment firm).

Sarah Bloom Raskin

Born in 1961. Trustee since January 2018. Principal occupation(s) during the past five years and other experience: deputy secretary (2014–2017) of the United States Department of the Treasury. Governor (2010–2014) of the Federal Reserve Board. Commissioner (2007–2010) of financial regulation for the State of Maryland. Colin W. Brown Distinguished Professor of the Practice of Law, Duke Law School (2021–present); Rubenstein Fellow, Duke University (2017–2020); Distinguished Fellow of the Global

Financial Markets Center, Duke Law School (2020–2022); and Senior Fellow, Duke Center on Risk (2020–present). Partner of Kaya Partners (climate policy advisory services). Member of the board of directors of Arcadia (energy solution technology).

Grant Reid

Born in 1959. Trustee since July 2023. Principal occupation(s) during the past five years and other experience: chief executive officer and president (2014–2022) and member of the board of directors (2015–2022) of Mars, Incorporated (multinational manufacturer). Member of the board of directors of Marriott International, Inc. Chair of Agribusiness Task Force, Sustainable Markets Initiative.

David Thomas

Born in 1956. Trustee since July 2021. Principal occupation(s) during the past five years and other experience: president of Morehouse College (2018–present). Professor of business administration, emeritus at Harvard University (2017–2018). Dean (2011–2016) and professor of management (2016–2017) at the Georgetown University McDonough School of Business. Director of DTE Energy Company. Trustee of Common Fund.

Peter F. Volanakis

Born in 1955. Trustee since July 2009. Principal occupation(s) during the past five years and other experience: president and chief operating officer (retired 2010) of Corning Incorporated (communications equipment) and director of Corning Incorporated (2000–2010) and Dow Corning (2001–2010). Director (2012) of SPX Corporation (multi-industry manufacturing). Overseer of the Amos Tuck School of Business Administration, Dartmouth College (2001–2013). Member of the BMW Group Mobility Council.

Executive Officers

Jacqueline Angell

Born in 1974. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief compliance officer (November 2022–present) of Vanguard and of each of the investment companies served by Vanguard. Chief compliance officer (2018–2022) and deputy chief compliance officer (2017–2019) of State Street.

Christine M. Buchanan

Born in 1970. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Chief financial officer (2021–present) and treasurer (2017–2022) of each of the investment companies served by Vanguard. Partner (2005–2017) at KPMG (audit, tax, and advisory services).

John Galloway

Born in 1973. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Investment stewardship officer (September 2020–present) of each of the investment companies served by Vanguard. Head of Investor Advocacy (February 2020–present) and head of Marketing Strategy and Planning (2017–2020) at Vanguard. Special assistant to the President of the United States (2015).

Ashley Grim

Born in 1984. Principal occupation(s) during the past five years and other experience: treasurer (February 2022–present) of each of the investment companies served by Vanguard. Fund transfer agent controller (2019–2022) and director of Audit Services (2017–2019) at Vanguard. Senior manager (2015–2017) at PriceWaterhouseCoopers (audit and assurance, consulting, and tax services).

Jodi Miller

Born in 1980. Principal occupation(s) during the past five years and other experience: principal of Vanguard. Finance director (2022–present) of each of the investment companies served by Vanguard. Head of Enterprise Investment Services (2020–present), head of Retail Client Services and Operations (2020–2022), and head of Retail Strategic Support (2018–2020) at Vanguard.

Anne E. Robinson

Born in 1970. Principal occupation(s) during the past five years and other experience: general counsel (2016–present) of Vanguard. Secretary (2016–present) of Vanguard and of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Managing director and general counsel of Global Cards and Consumer Services (2014–2016) at Citigroup. Counsel (2003–2014) at American Express. Nonexecutive director (2022–present) of the board of National Grid (energy).

Michael Rollings

Born in 1963. Principal occupation(s) during the past five years and other experience: finance director (2017–present) and treasurer (2017) of each of the investment companies served by Vanguard. Managing director (2016–present) of Vanguard. Chief financial officer (2016–present) of Vanguard. Director (2016–present) of Vanguard Marketing Corporation. Executive vice president and chief financial officer (2006–2016) of MassMutual Financial Group.

Vanguard Senior Management Team

Matthew Benchener	Thomas M. Rampulla
Joseph Brennan	Karin A. Risi
Mortimer J. Buckley	Anne E. Robinson
Gregory Davis	Michael Rollings
John James	Nitin Tandon
Chris D. Mclsaac	Lauren Valente

Fund Information > 800-662-7447

Direct Investor Account Services > 800-662-2739

Institutional Investor Services > 800-523-1036

Text Telephone for People Who Are Deaf or Hard of Hearing > 800-749-7273

This material may be used in conjunction with the offering of shares of any Vanguard fund only if preceded or accompanied by the fund’s current prospectus.

All comparative mutual fund data are from Morningstar, Inc., unless otherwise noted.

You can obtain a free copy of Vanguard’s proxy voting guidelines by visiting vanguard.com/proxyreporting or by calling Vanguard at 800-662-2739. The guidelines are also available from the SEC’s website, www.sec.gov. In addition, you may obtain a free report on how your fund voted the proxies for securities it owned during the 12 months ended June 30. To get the report, visit either vanguard.com/proxyreporting or www.sec.gov.

You can review information about your fund on the SEC’s website, and you can receive copies of this information, for a fee, by sending a request via email addressed to publicinfo@sec.gov.

Source for Bloomberg indexes: Bloomberg Index Services Limited. Copyright 2024, Bloomberg. All rights reserved.

© 2024 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.

Q400 022024

Important information about shareholder reports

Beginning in July 2024, amendments adopted by the Securities and Exchange Commission will substantially impact the design, content, and transmission of shareholder reports. Shareholder reports will provide key fund information in a clear and concise format and must be mailed to each shareholder that has not elected to receive the reports electronically. Financial statements will no longer be included in the shareholder report but will be available at vanguard.com, can be mailed upon request, or can be accessed on the SEC’s website at www.sec.gov.

You may elect to receive shareholder reports and other communications from the fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the fund, by calling Vanguard at one of the phone numbers on the back cover of this report or by logging on to vanguard.com.

Contents

Your Fund’s Performance at a Glance	1
AboutYour Fund's Expenses	2
Small-Cap Index Fund	4
Small-Cap Growth Index Fund	46
Small-Cap Value Index Fund	75

Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus.

Your Fund’s Performance at a Glance

•	The financial markets delivered robust returns for the 12 months ended December 31, 2023. Returns for the Vanguard Small-Cap Index Funds ranged from 15.86% for Investor Shares of the Small-Cap Value Index Fund to 21.44% for Institutional Shares of the Small-Cap Growth Index Fund. Strong net returns from securities lending helped most share classes of all three funds to slightly outperform their target indexes.
•	Major central banks stopped hiking interest rates as inflation continued to ease. Global growth, employment, and consumer spending proved resilient, but the prospect of rates remaining high for an extended period spurred occasional volatility. Toward year-end, however, stocks and bonds rallied worldwide as expectations for rate cuts in 2024 rose.
•	Strong equity returns were widespread. Consumer discretionary and industrial stocks were among the top sector-level contributors to all three funds’ target indexes. Technology shares also drove the Small-Cap Index Fund and the Small-Cap Growth Index Fund, while financials also boosted the Small-Cap Value Index Fund. Telecommunications slightly weighed on all three.
•	For the 10 years ended December 31, 2023, the funds’ annualized returns ranged from 7.73% for Investor Shares of the Small-Cap Growth Index Fund to 8.51% for Institutional Shares of the Small-Cap Value Index Fund. The funds closely tracked their indexes.

Market Barometer

	Average Annual Total Returns Periods Ended December 31, 2023
	One Year	Three Years	Five Years
Stocks
Russell 1000 Index (Large-caps)	26.53%	8.97%	15.52%
Russell 2000 Index (Small-caps)	16.93	2.22	9.97
Russell 3000 Index (Broad U.S. market)	25.96	8.54	15.16
FTSE All-World ex US Index (International)	15.82	1.98	7.52
Bonds
Bloomberg U.S. Aggregate Float Adjusted Index (Broad taxable market)	5.60%	-3.33%	1.17%
Bloomberg Municipal Bond Index (Broad tax-exempt market)	6.40	-0.40	2.25
FTSE Three-Month U.S. Treasury Bill Index	5.26	2.24	1.91
CPI
Consumer Price Index	3.35%	5.60%	4.07%

1

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.

2

Six Months Ended December 31, 2023
	Beginning Account Value 6/30/2023	Ending Account Value 12/31/2023	Expenses Paid During Period
Based on Actual Fund Return
Small-Cap Index Fund
Investor Shares	$1,000.00	$1,081.20	$0.89
ETF Shares	1,000.00	1,081.80	0.26
Admiral™ Shares	1,000.00	1,081.80	0.26
Institutional Shares	1,000.00	1,081.90	0.21
Institutional Plus Shares	1,000.00	1,081.90	0.16
Small-Cap Growth Index Fund
Investor Shares	$1,000.00	$1,056.00	$0.98
ETF Shares	1,000.00	1,056.60	0.36
Admiral Shares	1,000.00	1,056.70	0.36
Institutional Shares	1,000.00	1,056.70	0.31
Small-Cap Value Index Fund
Investor Shares	$1,000.00	$1,100.80	$1.01
ETF Shares	1,000.00	1,101.40	0.37
Admiral Shares	1,000.00	1,101.40	0.37
Institutional Shares	1,000.00	1,101.40	0.32
Based on Hypothetical 5% Yearly Return
Small-Cap Index Fund
Investor Shares	$1,000.00	$1,024.35	$0.87
ETF Shares	1,000.00	1,024.95	0.26
Admiral Shares	1,000.00	1,024.95	0.26
Institutional Shares	1,000.00	1,025.00	0.20
Institutional Plus Shares	1,000.00	1,025.05	0.15
Small-Cap Growth Index Fund
Investor Shares	$1,000.00	$1,024.25	$0.97
ETF Shares	1,000.00	1,024.85	0.36
Admiral Shares	1,000.00	1,024.85	0.36
Institutional Shares	1,000.00	1,024.90	0.31
Small-Cap Value Index Fund
Investor Shares	$1,000.00	$1,024.25	$0.97
ETF Shares	1,000.00	1,024.85	0.36
Admiral Shares	1,000.00	1,024.85	0.36
Institutional Shares	1,000.00	1,024.90	0.31

The calculations are based on expenses incurred in the most recent six-month period. The funds’ annualized six-month expense ratios for that period are: for the Small-Cap Index Fund, 0.17% for Investor Shares, 0.05% for ETF Shares, 0.05% for Admiral Shares, 0.04% for Institutional Shares, and 0.03% for Institutional Plus Shares; for the Small-Cap Growth Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, 0.07% for Admiral Shares, and 0.06% for Institutional Shares; and for the Small-Cap Value Index Fund, 0.19% for Investor Shares, 0.07% for ETF Shares, 0.07% for Admiral Shares, and 0.06% for Institutional 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 (184/365).

3

Small-Cap Index Fund

Performance Summary

All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the fund. (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 vanguard.com/performance.) Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares, when sold, could be worth more or less than their original cost. The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.

Cumulative Performance: December 31, 2013, Through December 31, 2023

Initial Investment of $10,000

		Average Annual Total Returns Periods Ended December 31, 2023
		One Year	Five Years	Ten Years	Final Value of a $10,000 Investment
	Small-Cap Index Fund Investor Shares	18.05%	11.57%	8.30%	$22,195
	CRSP US Small Cap Index	18.09	11.66	8.41	22,413
	Dow Jones U.S. Total Stock Market Float Adjusted Index	26.06	15.05	11.40	29,422

		One Year	Five Years	Ten Years	Final Value of a $10,000 Investment
Small-Cap Index Fund ETF Shares Net Asset Value		18.21%	11.70%	8.43%	$22,469
Small-Cap Index Fund ETF Shares Market Price		18.31	11.73	8.44	22,484
CRSP US Small Cap Index		18.09	11.66	8.41	22,413
Dow Jones U.S. Total Stock Market Float Adjusted Index		26.06	15.05	11.40	29,422

    

See Financial Highlights for dividend and capital gains information.

4

Small-Cap Index Fund

		Average Annual Total Returns Periods Ended December 31, 2023
		One Year	Five Years	Ten Years	Final Value of a $10,000 Investment
Small-Cap Index Fund Admiral Shares		18.20%	11.70%	8.43%	$22,467
CRSP US Small Cap Index		18.09	11.66	8.41	22,413
Dow Jones U.S. Total Stock Market Float Adjusted Index		26.06	15.05	11.40	29,422

		One Year	Five Years	Ten Years	Final Value of a $5,000,000 Investment
Small-Cap Index Fund Institutional Shares		18.22%	11.72%	8.44%	$11,246,770
CRSP US Small Cap Index		18.09	11.66	8.41	11,206,742
Dow Jones U.S. Total Stock Market Float Adjusted Index		26.06	15.05	11.40	14,710,990

		One Year	Five Years	Ten Years	Final Value of a $100,000,000 Investment
Small-Cap Index Fund Institutional Plus Shares		18.22%	11.73%	8.46%	$225,184,560
CRSP US Small Cap Index		18.09	11.66	8.41	224,134,830
Dow Jones U.S. Total Stock Market Float Adjusted Index		26.06	15.05	11.40	294,219,800

Cumulative Returns of ETF Shares: December 31, 2013, Through December 31, 2023
	One Year	Five Years	Ten Years
Small-Cap Index Fund ETF Shares Market Price	18.31%	74.13%	124.84%
Small-Cap Index Fund ETF Shares Net Asset Value	18.21	73.91	124.69
CRSP US Small Cap Index	18.09	73.60	124.13

For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares’ market prices have compared with their net asset value, visit vanguard.com, select your ETF, click on Price, and then scroll down to the Premium/Discount chart. The ETF premium/discount chart there shows the percentage and days on which the ETF Shares’ market price was above or below the NAV.

5

Small-Cap Index Fund

Fund Allocation

As of December 31, 2023

Basic Materials	3.9%
Consumer Discretionary	16.2
Consumer Staples	3.1
Energy	5.3
Financials	14.1
Health Care	11.0
Industrials	21.7
Real Estate	7.5
Technology	13.0
Telecommunications	1.3
Utilities	2.9

The table reflects the fund’s investments, except for short-term investments and derivatives. Sector categories are based on the Industry Classification Benchmark (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB 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.

The Industry Classification Benchmark (“ICB”) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

6

Small-Cap Index Fund

Financial Statements

Schedule of Investments

As of December 31, 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 (99.8%)
Basic Materials (3.9%)
	Reliance Steel & Aluminum Co.				1,463,615	409,344
*	Cleveland-Cliffs Inc.				12,857,161	262,543
	United States Steel Corp.				5,112,020	248,700
	Steel Dynamics Inc.				1,957,481	231,178
*	RBC Bearings Inc.				740,709	211,021
	Royal Gold Inc.				1,672,945	202,359
	UFP Industries Inc.				1,495,463	187,755
	Olin Corp.				3,121,010	168,378
	Hexcel Corp.				2,142,048	157,976
	Alcoa Corp.				4,545,033	154,531
	Commercial Metals Co.				2,977,173	148,978
	Eastman Chemical Co.				1,508,093	135,457
	Element Solutions Inc.				5,843,056	135,208
	Boise Cascade Co.				1,008,209	130,422
	Timken Co.				1,617,070	129,608
	Mueller Industries Inc.				2,746,654	129,505
*	Valvoline Inc.				3,327,453	125,046
	Balchem Corp.				821,086	122,137
	Chemours Co.				3,780,184	119,227
	Cabot Corp.				1,408,544	117,613
	Huntsman Corp.				4,303,874	108,156
	FMC Corp.				1,586,868	100,052
	NewMarket Corp.				183,157	99,973
	Ashland Inc.				1,174,863	99,053
	Avient Corp.				2,321,591	96,508
	Carpenter Technology Corp.				1,192,949	84,461
*,1	Livent Corp.				4,579,180	82,334
	Innospec Inc.				633,241	78,041
	Quaker Chemical Corp.				343,527	73,315
	Hecla Mining Co.				14,957,025	71,943
*	MP Materials Corp.				3,622,655	71,910
	Sensient Technologies Corp.				1,075,934	71,012
	Scotts Miracle-Gro Co.				1,080,124	68,858

					Shares	Market Value• ($000)
	Materion Corp.				525,681	68,407
	Minerals Technologies Inc.				828,774	59,100
	Westlake Corp.				407,899	57,090
	Stepan Co.				541,161	51,167
	Tronox Holdings plc				2,994,774	42,406
*	Ingevity Corp.				830,394	39,211
*	Coeur Mining Inc.				8,768,643	28,586
	Kaiser Aluminum Corp.				387,444	27,582
	Compass Minerals International Inc.				1,048,059	26,537
*	Ecovyst Inc.				2,661,397	26,002
	Koppers Holdings Inc.				503,769	25,803
*	Worthington Steel Inc.				827,080	23,241
	Mativ Holdings Inc.				1,311,268	20,075
	Schnitzer Steel Industries Inc. Class A				626,007	18,880
*	Century Aluminum Co.				1,294,260	15,712
	GrafTech International Ltd.				4,905,059	10,742
						5,173,143
Consumer Discretionary (16.2%)
*	Deckers Outdoor Corp.				655,281	438,009
*	DraftKings Inc. Class A				10,685,556	376,666
*	Liberty Media Corp.-Liberty Formula One Class C				5,282,278	333,470
	Williams-Sonoma Inc.				1,633,301	329,567
	RB Global Inc.				4,643,367	310,595
*	Floor & Decor Holdings Inc. Class A				2,578,250	287,630
*	Five Below Inc.				1,347,292	287,189
	Toll Brothers Inc.				2,737,019	281,338
	Bath & Body Works Inc.				5,790,307	249,910
*	Etsy Inc.				3,047,925	247,034
	Service Corp. International				3,574,509	244,675

7

Small-Cap Index Fund

8

Small-Cap Index Fund