UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-02652

Name of Registrant:	Vanguard Index Funds
Address of Registrant:	P.O. Box 2600
	Valley Forge, PA 19482

Name and address of agent for service:	Anne E. Robinson, Esquire
	P.O. Box 876
	Valley Forge, PA 19482

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

Date of fiscal year end: December 31

Date of reporting period: January 1, 2021—June 30, 2021

Item 1: Reports to Shareholders

Semiannual Report   |   June 30, 2021

Vanguard 500 Index Fund

Contents

About Your Fund’s Expenses	1
Financial Statements	4
Trustees Approve Advisory Arrangement	25
Liquidity Risk Management	27

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, 2021
	Beginning Account Value 12/31/2020	Ending Account Value 6/30/2021	Expenses Paid During Period
Based on Actual Fund Return
500 Index Fund
Investor Shares	$1,000.00	$1,151.80	$0.75
ETF Shares	1,000.00	1,152.40	0.16
Admiral™ Shares	1,000.00	1,152.40	0.21
Institutional Select Shares	1,000.00	1,152.60	0.05
Based on Hypothetical 5% Yearly Return
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, 2021

Communication Services	11.1%
Consumer Discretionary	12.3
Consumer Staples	5.9
Energy	2.8
Financials	11.3
Health Care	13.0
Industrials	8.6
Information Technology	27.4
Materials	2.6
Real Estate	2.6
Utilities	2.4

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, 2021

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 (99.5%)
Communication Services (11.1%)
*	Facebook Inc. Class A	49,523,774	17,219,911
*	Alphabet Inc. Class A	6,211,784	15,167,872
*	Alphabet Inc. Class C	5,889,591	14,761,200
*	Walt Disney Co.	37,554,585	6,600,969
	Comcast Corp. Class A	94,765,610	5,403,535
	Verizon Communications Inc.	85,569,609	4,794,465
*	Netflix Inc.	9,064,871	4,788,156
	AT&T Inc.	147,572,827	4,247,146
*	Charter Communications Inc. Class A	2,846,782	2,053,811
*	T-Mobile US Inc.	12,112,691	1,754,281
	Activision Blizzard Inc.	16,061,180	1,532,879
*	Twitter Inc.	16,499,164	1,135,307
	Electronic Arts Inc.	5,916,614	850,987
	ViacomCBS Inc. Class B	12,515,313	565,692
*	Take-Two Interactive Software Inc.	2,390,149	423,104
	Omnicom Group Inc.	4,446,427	355,670
	Lumen Technologies Inc.	20,558,516	279,390
	News Corp. Class A	10,419,421	268,509
	Interpublic Group of Cos. Inc.	8,132,888	264,238
*	Live Nation Entertainment Inc.	2,986,336	261,573
	Fox Corp. Class A	6,751,012	250,665
*	DISH Network Corp. Class A	5,135,506	214,664
*	Discovery Inc. Class C	6,224,186	180,377
	Fox Corp. Class B	3,147,387	110,788
*,1	Discovery Inc. Class A	3,471,895	106,518
	News Corp. Class B	14,719	358
			83,592,065
Consumer Discretionary (12.2%)
*	Amazon.com Inc.	8,860,354	30,481,035
*	Tesla Inc.	15,928,782	10,826,793
	Home Depot Inc.	21,976,017	7,007,932
	NIKE Inc. Class B	26,351,684	4,071,072
	McDonald's Corp.	15,422,665	3,562,481
	Lowe's Cos. Inc.	14,610,378	2,833,975
	Starbucks Corp.	24,354,756	2,723,105
	Target Corp.	10,225,899	2,472,009

		Shares	Market Value• ($000)
*	Booking Holdings Inc.	848,513	1,856,623
	TJX Cos. Inc.	24,927,708	1,680,626
*	General Motors Co.	26,386,880	1,561,312
*	Ford Motor Co.	81,047,181	1,204,361
	Dollar General Corp.	4,882,840	1,056,598
	eBay Inc.	13,374,943	939,055
	Ross Stores Inc.	7,369,749	913,849
*	Chipotle Mexican Grill Inc. Class A	581,853	902,070
*	Aptiv plc	5,591,382	879,692
*	O'Reilly Automotive Inc.	1,441,786	816,354
*	Marriott International Inc. Class A	5,518,394	753,371
	Yum! Brands Inc.	6,156,582	708,192
*	Hilton Worldwide Holdings Inc.	5,756,268	694,321
*	AutoZone Inc.	446,967	666,973
	DR Horton Inc.	6,782,220	612,909
	Lennar Corp. Class A	5,640,669	560,400
	VF Corp.	6,645,771	545,219
*	Etsy Inc.	2,626,756	540,691
	Best Buy Co. Inc.	4,607,060	529,720
*	Expedia Group Inc.	2,923,204	478,558
*	Dollar Tree Inc.	4,793,562	476,959
	Garmin Ltd.	3,097,094	447,964
*	Caesars Entertainment Inc.	4,313,173	447,492
	Tractor Supply Co.	2,381,935	443,183
*	CarMax Inc.	3,371,684	435,453
*	Carnival Corp.	16,498,012	434,888
	Darden Restaurants Inc.	2,704,215	394,788
*	Ulta Beauty Inc.	1,132,008	391,414
*	Royal Caribbean Cruises Ltd.	4,525,199	385,909
	Pool Corp.	829,423	380,423
	Genuine Parts Co.	2,985,686	377,600
	Domino's Pizza Inc.	802,514	374,365
	MGM Resorts International	8,414,735	358,888
*	Las Vegas Sands Corp.	6,790,168	357,774
*	NVR Inc.	70,593	351,080
	L Brands Inc.	4,842,112	348,923
	PulteGroup Inc.	5,464,846	298,217
*	LKQ Corp.	5,745,617	282,799
	Whirlpool Corp.	1,294,059	282,131
	Advance Auto Parts Inc.	1,352,602	277,473

4

500 Index Fund

		Shares	Market Value• ($000)
*	Wynn Resorts Ltd.	2,175,900	266,113
*	Tapestry Inc.	5,764,591	250,644
	Hasbro Inc.	2,644,223	249,932
	BorgWarner Inc. (XNYS)	4,956,646	240,596
*	Mohawk Industries Inc.	1,210,107	232,570
*	Norwegian Cruise Line Holdings Ltd.	7,645,441	224,852
	Newell Brands Inc.	7,821,600	214,859
*	Penn National Gaming Inc.	2,768,812	211,786
*	PVH Corp.	1,473,115	158,492
	Gap Inc.	4,292,541	144,444
	Leggett & Platt Inc.	2,755,746	142,775
	Hanesbrands Inc.	7,219,055	134,780
	Ralph Lauren Corp. Class A	998,350	117,616
*	Under Armour Inc. Class A	3,906,439	82,621
*	Under Armour Inc. Class C	4,052,908	75,263
	Lennar Corp. Class B	76,975	6,270
			92,180,632
Consumer Staples (5.8%)
	Procter & Gamble Co.	50,602,920	6,827,852
	Coca-Cola Co.	80,205,846	4,339,938
	PepsiCo Inc.	28,556,256	4,231,180
	Walmart Inc.	28,378,386	4,001,920
	Costco Wholesale Corp.	9,137,202	3,615,317
	Philip Morris International Inc.	32,213,284	3,192,659
	Altria Group Inc.	38,244,852	1,823,515
	Mondelez International Inc. Class A	29,034,917	1,812,940
	Estee Lauder Cos. Inc. Class A	4,793,351	1,524,669
	Colgate-Palmolive Co.	17,486,519	1,422,528
	Kimberly-Clark Corp.	6,975,551	933,189
	Sysco Corp.	10,576,195	822,299
	Constellation Brands Inc. Class A	3,492,489	816,858
	Walgreens Boots Alliance Inc.	14,826,606	780,028
	General Mills Inc.	12,605,465	768,051
	Archer-Daniels-Midland Co.	11,546,462	699,716
*	Monster Beverage Corp.	7,646,088	698,470
	Kroger Co.	14,646,054	561,090
	Kraft Heinz Co.	13,397,251	546,340
	Hershey Co.	3,026,353	527,130
	Clorox Co.	2,570,282	462,419
	McCormick & Co. Inc.	5,146,076	454,501
	Tyson Foods Inc. Class A	6,091,810	449,332
	Church & Dwight Co. Inc.	5,068,606	431,947
	Conagra Brands Inc.	9,919,011	360,854
	Kellogg Co.	5,206,975	334,965
	J M Smucker Co.	2,265,676	293,564
	Brown-Forman Corp. Class B	3,776,101	282,981
	Hormel Foods Corp.	5,825,146	278,151
	Lamb Weston Holdings Inc.	3,025,196	244,012

		Shares	Market Value• ($000)
*	Molson Coors Beverage Co. Class B	3,894,897	209,117
	Campbell Soup Co.	4,199,111	191,438
			43,938,970
Energy (2.8%)
	Exxon Mobil Corp.	87,495,385	5,519,209
	Chevron Corp.	39,942,482	4,183,576
	ConocoPhillips	27,935,544	1,701,275
	EOG Resources Inc.	12,061,031	1,006,372
	Schlumberger NV	28,898,041	925,026
	Marathon Petroleum Corp.	13,167,646	795,589
	Pioneer Natural Resources Co.	4,789,426	778,378
	Phillips 66	9,049,201	776,602
	Kinder Morgan Inc.	40,249,671	733,752
	Valero Energy Corp.	8,447,605	659,589
	Williams Cos. Inc.	21,505,626	570,974
	Occidental Petroleum Corp.	17,361,672	542,899
	ONEOK Inc.	9,207,970	512,331
	Hess Corp.	5,673,093	495,374
	Halliburton Co.	18,387,903	425,128
	Devon Energy Corp.	12,311,179	359,363
	Diamondback Energy Inc.	3,740,788	351,223
	Baker Hughes Co. Class A	15,031,029	343,760
	Marathon Oil Corp.	16,295,443	221,944
	APA Corp.	7,807,101	168,868
	Cabot Oil & Gas Corp.	8,246,434	143,983
*	NOV Inc.	8,073,490	123,686
			21,338,901
Financials (11.2%)
*	Berkshire Hathaway Inc. Class B	38,987,484	10,835,402
	JPMorgan Chase & Co.	62,561,484	9,730,813
	Bank of America Corp.	155,841,150	6,425,331
	Wells Fargo & Co.	85,430,794	3,869,161
	Citigroup Inc.	42,717,324	3,022,251
	Morgan Stanley	30,764,598	2,820,806
	Goldman Sachs Group Inc.	7,032,285	2,668,963
	BlackRock Inc.	2,931,934	2,565,354
	Charles Schwab Corp.	31,001,115	2,257,191
	American Express Co.	13,448,769	2,222,140
	S&P Global Inc.	4,979,184	2,043,706
	PNC Financial Services Group Inc.	8,779,867	1,674,847
	U.S. Bancorp	28,062,336	1,598,711
	CME Group Inc.	7,422,451	1,578,607
	Truist Financial Corp.	27,839,575	1,545,096
	Marsh & McLennan Cos. Inc.	10,511,316	1,478,732
	Chubb Ltd.	9,294,738	1,477,306
	Capital One Financial Corp.	9,330,746	1,443,373
	Intercontinental Exchange Inc.	11,630,181	1,380,502
	Moody's Corp.	3,327,121	1,205,649
	Progressive Corp.	12,093,815	1,187,734
	Aon plc Class A (XNYS)	4,664,455	1,113,685
	T Rowe Price Group Inc.	4,688,299	928,143

5

500 Index Fund

		Shares	Market Value• ($000)
	MetLife Inc.	15,377,573	920,348
	MSCI Inc. Class A	1,703,869	908,298
	Bank of New York Mellon Corp.	16,673,010	854,158
	American International Group Inc.	17,734,384	844,157
	Prudential Financial Inc.	8,142,085	834,319
	Allstate Corp.	6,186,044	806,908
	Travelers Cos. Inc.	5,197,295	778,087
	Discover Financial Services	6,300,847	745,327
	Aflac Inc.	13,062,488	700,933
	First Republic Bank	3,637,111	680,758
*	SVB Financial Group	1,122,542	624,616
	Willis Towers Watson plc	2,665,235	613,057
	Ameriprise Financial Inc.	2,395,518	596,197
	Arthur J Gallagher & Co.	4,234,361	593,149
	Fifth Third Bancorp	14,548,890	556,204
	Synchrony Financial	11,177,833	542,348
	Northern Trust Corp.	4,301,464	497,335
	Hartford Financial Services Group Inc.	7,384,436	457,614
	Huntington Bancshares Inc.	30,495,785	435,175
	State Street Corp.	5,286,999	435,014
	Nasdaq Inc.	2,373,921	417,335
	KeyCorp.	20,056,728	414,171
	Citizens Financial Group Inc.	8,802,478	403,770
	Regions Financial Corp.	19,866,383	400,904
	M&T Bank Corp.	2,660,172	386,550
	MarketAxess Holdings Inc.	785,331	364,072
	Cincinnati Financial Corp.	3,097,569	361,239
	Principal Financial Group Inc.	5,227,819	330,346
	Raymond James Financial Inc.	2,527,204	328,284
	Cboe Global Markets Inc.	2,204,778	262,479
	Loews Corp.	4,623,196	252,658
	Lincoln National Corp.	3,698,440	232,410
	W R Berkley Corp.	2,899,110	215,781
	Invesco Ltd.	7,820,851	209,051
	Everest Re Group Ltd.	828,414	208,769
	Comerica Inc.	2,885,553	205,855
	Assurant Inc.	1,251,726	195,495
	Globe Life Inc.	1,960,645	186,751
	Franklin Resources Inc.	5,624,515	179,928
	Zions Bancorp NA	3,381,083	178,724
	People's United Financial Inc.	8,838,111	151,485
	Unum Group	4,221,669	119,895
*	Berkshire Hathaway Inc. Class A	124	51,907
			84,555,364
Health Care (13.0%)
	Johnson & Johnson	54,428,748	8,966,592
	UnitedHealth Group Inc.	19,503,281	7,809,894
	Pfizer Inc.	115,696,924	4,530,692

		Shares	Market Value• ($000)
	Abbott Laboratories	36,722,288	4,257,215
	AbbVie Inc.	36,505,435	4,111,972
	Thermo Fisher Scientific Inc.	8,123,475	4,098,049
	Merck & Co. Inc.	52,333,846	4,070,003
	Eli Lilly & Co.	16,452,216	3,776,113
	Danaher Corp.	13,119,120	3,520,647
	Medtronic plc	27,851,495	3,457,206
	Bristol-Myers Squibb Co.	46,171,394	3,085,173
	Amgen Inc.	11,875,253	2,894,593
	CVS Health Corp.	27,254,091	2,274,081
*	Intuitive Surgical Inc.	2,447,101	2,250,452
	Anthem Inc.	5,059,847	1,931,850
	Zoetis Inc.	9,812,753	1,828,705
	Gilead Sciences Inc.	25,922,451	1,785,020
	Stryker Corp.	6,773,631	1,759,315
	Cigna Corp.	7,091,460	1,681,172
	Becton Dickinson and Co.	6,009,999	1,461,572
*	Illumina Inc.	3,017,284	1,427,809
*	Edwards Lifesciences Corp.	12,846,688	1,330,531
*	Boston Scientific Corp.	29,364,371	1,255,620
*	Regeneron Pharmaceuticals Inc.	2,163,519	1,208,412
	Humana Inc.	2,666,151	1,180,358
	HCA Healthcare Inc.	5,431,252	1,122,857
*	IDEXX Laboratories Inc.	1,762,358	1,113,017
*	Vertex Pharmaceuticals Inc.	5,349,641	1,078,648
*	Biogen Inc.	3,112,165	1,077,649
*	IQVIA Holdings Inc.	3,961,043	959,840
	Agilent Technologies Inc.	6,271,278	926,958
*	Align Technology Inc.	1,488,319	909,363
*	Centene Corp.	12,042,515	878,261
*	DexCom Inc.	1,998,494	853,357
*	Alexion Pharmaceuticals Inc.	4,567,637	839,121
	Baxter International Inc.	10,391,822	836,542
	ResMed Inc.	3,007,203	741,336
	Zimmer Biomet Holdings Inc.	4,308,596	692,908
*	Mettler-Toledo International Inc.	480,830	666,113
	McKesson Corp.	3,269,045	625,172
*	Laboratory Corp. of America Holdings	2,017,860	556,627
	West Pharmaceutical Services Inc.	1,525,703	547,880
	Cerner Corp.	6,226,504	486,664
*	Waters Corp.	1,275,580	440,853
	STERIS plc	2,018,116	416,337
	Cooper Cos. Inc.	1,017,723	403,293
	Teleflex Inc.	965,845	388,067
*	Charles River Laboratories International Inc.	1,038,737	384,250
*	Catalent Inc.	3,520,354	380,621
	PerkinElmer Inc.	2,316,729	357,726
	Viatris Inc.	24,977,818	356,933

6

500 Index Fund

		Shares	Market Value• ($000)
	Quest Diagnostics Inc.	2,699,757	356,287
*	Hologic Inc.	5,295,355	353,306
	AmerisourceBergen Corp. Class A	3,056,323	349,918
	Cardinal Health Inc.	5,995,959	342,309
*	Incyte Corp.	3,866,041	325,250
*	ABIOMED Inc.	936,040	292,147
*	Bio-Rad Laboratories Inc. Class A	445,081	286,761
	DENTSPLY SIRONA Inc.	4,511,860	285,420
	Universal Health Services Inc. Class B	1,611,412	235,959
*	Henry Schein Inc.	2,907,653	215,719
*	DaVita Inc.	1,449,810	174,601
*	Organon & Co.	5,234,530	158,397
	Perrigo Co. plc	2,760,788	126,582
			97,496,095
Industrials (8.5%)
	Honeywell International Inc.	14,355,610	3,148,903
	United Parcel Service Inc. Class B	14,950,303	3,109,214
	Union Pacific Corp.	13,730,059	3,019,652
*	Boeing Co.	11,362,380	2,721,972
	Raytheon Technologies Corp.	31,314,013	2,671,398
	Caterpillar Inc.	11,322,514	2,464,119
	General Electric Co.	181,450,755	2,442,327
	3M Co.	11,981,282	2,379,842
	Deere & Co.	6,447,834	2,274,216
	Lockheed Martin Corp.	5,055,163	1,912,621
	CSX Corp.	46,967,632	1,506,722
	FedEx Corp.	5,045,959	1,505,361
	Norfolk Southern Corp.	5,172,798	1,372,912
	Illinois Tool Works Inc.	5,941,570	1,328,297
	Eaton Corp. plc	8,236,966	1,220,554
	Emerson Electric Co.	12,394,620	1,192,858
	Northrop Grumman Corp.	3,094,456	1,124,618
	Waste Management Inc.	8,025,642	1,124,473
	Roper Technologies Inc.	2,175,558	1,022,947
	Johnson Controls International plc	14,816,243	1,016,839
	L3Harris Technologies Inc.	4,236,273	915,670
	Trane Technologies plc	4,943,929	910,375
	General Dynamics Corp.	4,730,385	890,542
	IHS Markit Ltd.	7,741,943	872,207
	Carrier Global Corp.	16,883,171	820,522
	Parker-Hannifin Corp.	2,667,006	819,064
	Cummins Inc.	3,021,335	736,632
*	TransDigm Group Inc.	1,134,867	734,588
	Cintas Corp.	1,823,565	696,602
	Rockwell Automation Inc.	2,399,723	686,369
	Stanley Black & Decker Inc.	3,337,452	684,144
	Otis Worldwide Corp.	8,336,460	681,672
*	Southwest Airlines Co.	12,220,731	648,799

		Shares	Market Value• ($000)
	PACCAR Inc.	7,173,882	640,269
	AMETEK Inc.	4,771,762	637,030
	Fastenal Co.	11,868,815	617,178
	Equifax Inc.	2,515,994	602,606
	Verisk Analytics Inc. Class A	3,349,700	585,260
*	Delta Air Lines Inc.	13,227,423	572,218
*	Copart Inc.	4,302,417	567,188
*	Generac Holdings Inc.	1,301,020	540,118
	Kansas City Southern	1,879,395	532,564
	Old Dominion Freight Line Inc.	1,965,273	498,786
	Fortive Corp.	6,995,656	487,877
	Republic Services Inc. Class A	4,351,317	478,688
*	United Rentals Inc.	1,495,889	477,204
	Dover Corp.	2,974,319	447,932
	Xylem Inc.	3,720,494	446,310
	Expeditors International of Washington Inc.	3,490,204	441,860
*	Teledyne Technologies Inc.	959,900	402,035
	WW Grainger Inc.	904,616	396,222
*	Ingersoll Rand Inc.	7,715,029	376,571
	Jacobs Engineering Group Inc.	2,691,295	359,073
*	United Airlines Holdings Inc.	6,687,012	349,664
	IDEX Corp.	1,569,365	345,339
	Textron Inc.	4,664,927	320,807
	Masco Corp.	5,243,997	308,924
	Westinghouse Air Brake Technologies Corp.	3,671,433	302,159
	Fortune Brands Home & Security Inc.	2,862,192	285,103
	JB Hunt Transport Services Inc.	1,725,819	281,222
*	American Airlines Group Inc.	13,254,933	281,137
*	Howmet Aerospace Inc.	8,078,966	278,482
	Leidos Holdings Inc.	2,747,266	277,749
	Quanta Services Inc.	2,880,262	260,865
	Allegion plc	1,859,353	259,008
	CH Robinson Worldwide Inc.	2,748,098	257,414
	Snap-on Inc.	1,118,386	249,881
	Pentair plc	3,435,825	231,884
	Robert Half International Inc.	2,330,467	207,342
	A O Smith Corp.	2,778,791	200,240
	Nielsen Holdings plc	7,409,373	182,789
	Huntington Ingalls Industries Inc.	831,419	175,222
	Rollins Inc.	4,575,932	156,497
*	Alaska Air Group Inc.	2,573,652	155,217
			64,130,965
Information Technology (27.3%)
	Apple Inc.	324,220,488	44,405,238
	Microsoft Corp.	155,669,485	42,170,863
	NVIDIA Corp.	12,876,785	10,302,716
	Visa Inc. Class A	34,717,256	8,117,589
*	PayPal Holdings Inc.	24,280,315	7,077,226
	Mastercard Inc. Class A	18,080,552	6,601,029
*	Adobe Inc.	9,879,737	5,785,969

7

500 Index Fund

		Shares	Market Value• ($000)
	Intel Corp.	83,460,441	4,685,469
*	salesforce.com Inc.	19,139,536	4,675,214
	Cisco Systems Inc.	87,102,010	4,616,407
	Broadcom Inc.	8,439,079	4,024,090
	Accenture plc Class A	13,137,798	3,872,891
	Texas Instruments Inc.	19,087,922	3,670,607
	QUALCOMM Inc.	23,314,573	3,332,352
	Oracle Corp.	37,547,686	2,922,712
	Intuit Inc.	5,648,064	2,768,512
	International Business Machines Corp.	18,467,705	2,707,181
	Applied Materials Inc.	18,967,843	2,701,021
*	Advanced Micro Devices Inc.	25,114,039	2,358,962
*	ServiceNow Inc.	4,081,254	2,242,853
*	Micron Technology Inc.	23,179,309	1,969,778
	Lam Research Corp.	2,947,976	1,918,248
	Fidelity National Information Services Inc.	12,817,666	1,815,879
	Automatic Data Processing Inc.	8,795,436	1,746,949
*	Autodesk Inc.	4,547,958	1,327,549
*	Fiserv Inc.	12,311,493	1,315,975
	Analog Devices Inc.	7,623,950	1,312,539
	NXP Semiconductors NV	5,700,217	1,172,649
	Global Payments Inc.	6,101,000	1,144,182
	KLA Corp.	3,168,771	1,027,347
	TE Connectivity Ltd.	6,824,217	922,702
*	Synopsys Inc.	3,153,753	869,774
	Microchip Technology Inc.	5,652,657	846,429
	Amphenol Corp. Class A	12,349,583	844,835
*	Cadence Design Systems Inc.	5,752,981	787,123
	Motorola Solutions Inc.	3,506,477	760,380
	Cognizant Technology Solutions Corp. Class A	10,899,711	754,914
	HP Inc.	24,835,609	749,787
	Xilinx Inc.	5,080,478	734,840
	Paychex Inc.	6,629,328	711,327
*	Fortinet Inc.	2,801,502	667,290
	Corning Inc.	16,010,123	654,814
	Skyworks Solutions Inc.	3,411,811	654,215
*	ANSYS Inc.	1,801,154	625,108
*	Keysight Technologies Inc.	3,807,159	587,863
*	Zebra Technologies Corp. Class A	1,105,905	585,566
	Maxim Integrated Products Inc.	5,549,095	584,653
*	Enphase Energy Inc.	2,804,385	514,969
	CDW Corp.	2,897,374	506,026
*	VeriSign Inc.	2,048,134	466,340
	Teradyne Inc.	3,435,996	460,286
*	Qorvo Inc.	2,326,828	455,244
*	Western Digital Corp.	6,333,028	450,722
*	FleetCor Technologies Inc.	1,723,348	441,280
*	Gartner Inc.	1,779,529	431,002
*	Trimble Inc.	5,187,221	424,470
*	Arista Networks Inc.	1,136,003	411,585

		Shares	Market Value• ($000)
	Hewlett Packard Enterprise Co.	26,986,562	393,464
*	Akamai Technologies Inc.	3,369,540	392,888
	Broadridge Financial Solutions Inc.	2,400,143	387,695
*	Tyler Technologies Inc.	841,970	380,882
	NetApp Inc.	4,602,647	376,589
*	Paycom Software Inc.	1,015,112	368,963
	Seagate Technology Holdings plc	4,115,019	361,834
	Monolithic Power Systems Inc.	888,902	331,960
	NortonLifeLock Inc.	11,985,476	326,245
*	PTC Inc.	2,173,723	307,060
	Citrix Systems Inc.	2,566,055	300,921
	Jack Henry & Associates Inc.	1,535,227	251,025
*	F5 Networks Inc.	1,232,114	229,986
*	DXC Technology Co.	5,268,461	205,154
	Western Union Co.	8,458,413	194,290
	Juniper Networks Inc.	6,776,479	185,337
*	IPG Photonics Corp.	743,016	156,605
			205,844,438
Materials (2.6%)
	Linde plc	10,751,765	3,108,335
	Sherwin-Williams Co.	4,947,569	1,347,965
	Air Products and Chemicals Inc.	4,574,563	1,316,010
	Freeport-McMoRan Inc.	30,295,362	1,124,261
	Ecolab Inc.	5,142,288	1,059,157
	Newmont Corp.	16,561,297	1,049,655
	Dow Inc.	15,436,990	976,853
	DuPont de Nemours Inc.	10,996,953	851,274
	PPG Industries Inc.	4,901,471	832,123
	International Flavors & Fragrances Inc.	5,144,079	768,525
	Corteva Inc.	15,232,839	675,577
	Nucor Corp.	6,184,128	593,243
	Ball Corp.	6,786,703	549,859
	LyondellBasell Industries NV Class A	5,320,198	547,289
	International Paper Co.	8,094,911	496,299
	Vulcan Materials Co.	2,741,433	477,201
	Martin Marietta Materials Inc.	1,288,830	453,423
	Albemarle Corp.	2,412,223	406,363
	Amcor plc	31,856,984	365,081
	Avery Dennison Corp.	1,716,501	360,877
	Celanese Corp. Class A	2,327,827	352,899
	Eastman Chemical Co.	2,821,318	329,389
	Westrock Co.	5,499,108	292,663
	FMC Corp.	2,663,303	288,169
	Packaging Corp. of America	1,962,797	265,802
	CF Industries Holdings Inc.	4,433,307	228,094
	Mosaic Co.	7,142,867	227,929
	Sealed Air Corp.	3,143,702	186,264
			19,530,579

8

500 Index Fund

		Shares	Market Value• ($000)
Real Estate (2.6%)
	American Tower Corp.	9,398,018	2,538,781
	Prologis Inc.	15,290,577	1,827,683
	Crown Castle International Corp.	8,933,053	1,742,839
	Equinix Inc.	1,851,601	1,486,095
	Public Storage	3,147,050	946,286
	Simon Property Group Inc.	6,791,727	886,185
	Digital Realty Trust Inc.	5,819,185	875,555
	SBA Communications Corp. Class A	2,260,583	720,448
	Welltower Inc.	8,628,182	717,002
	AvalonBay Communities Inc.	2,884,932	602,056
*	CBRE Group Inc. Class A	6,936,755	594,688
	Equity Residential	7,110,409	547,501
	Weyerhaeuser Co.	15,483,308	532,935
	Alexandria Real Estate Equities Inc.	2,834,688	515,743
	Realty Income Corp.	7,719,928	515,228
	Extra Space Storage Inc.	2,763,592	452,732
	Ventas Inc.	7,752,349	442,659
	Essex Property Trust Inc.	1,343,975	403,206
	Mid-America Apartment Communities Inc.	2,366,080	398,495
	Healthpeak Properties Inc.	11,136,886	370,747
	Duke Realty Corp.	7,749,678	366,947
	Boston Properties Inc.	2,935,042	336,326
	UDR Inc.	6,137,540	300,617
	Iron Mountain Inc.	5,968,832	252,601
*	Host Hotels & Resorts Inc.	14,592,051	249,378
	Regency Centers Corp.	3,263,408	209,087
	Kimco Realty Corp.	8,958,056	186,775
	Federal Realty Investment Trust	1,462,226	171,329
	Vornado Realty Trust	3,247,925	151,581
			19,341,505
Utilities (2.4%)
	NextEra Energy Inc.	40,539,888	2,970,763
	Duke Energy Corp.	15,899,689	1,569,617
	Southern Co.	21,882,024	1,324,081
	Dominion Energy Inc.	16,670,557	1,226,453
	Exelon Corp.	20,194,186	894,804
	American Electric Power Co. Inc.	10,331,409	873,934
	Sempra Energy	6,511,128	862,594

		Shares	Market Value• ($000)
	Xcel Energy Inc.	11,126,891	733,040
	Public Service Enterprise Group Inc.	10,437,954	623,563
	WEC Energy Group Inc.	6,521,639	580,100
	American Water Works Co. Inc.	3,750,057	577,996
	Eversource Energy	7,097,692	569,519
	DTE Energy Co.	4,003,952	518,912
	Edison International	7,841,139	453,375
	PPL Corp.	15,900,749	444,744
	Ameren Corp.	5,281,064	422,696
	FirstEnergy Corp.	11,240,224	418,249
	Entergy Corp.	4,146,796	413,436
	AES Corp.	13,768,099	358,934
	CMS Energy Corp.	5,982,122	353,424
	Consolidated Edison Inc.	4,684,116	335,945
	CenterPoint Energy Inc.	11,996,401	294,152
	Alliant Energy Corp.	5,169,988	288,278
	Evergy Inc.	4,738,294	286,335
	Atmos Energy Corp.	2,700,746	259,569
	NRG Energy Inc.	5,061,686	203,986
	NiSource Inc.	8,110,466	198,706
	Pinnacle West Capital Corp.	2,331,900	191,146
			18,248,351
Total Common Stocks (Cost $391,980,002)			750,197,865
Temporary Cash Investments (0.5%)
Money Market Fund (0.5%)
2,3	Vanguard Market Liquidity Fund, 0.056% (Cost $3,654,902)	36,556,991	3,655,699
Total Investments (100.0%) (Cost $395,634,904)			753,853,564
Other Assets and Liabilities—Net (0.0%)			(328,073)
Net Assets (100%)			753,525,491
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 $28,612,000.
2	Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
3	Collateral of $28,911,000 was received for securities on loan.

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 2021	13,371	2,867,144	35,426

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)
Consolidated Edison Inc.	8/31/21	BOANA	100,408	(0.636)	1,030	—
Consolidated Edison Inc.	8/31/21	BOANA	71,720	(0.486)	745	—
Kroger Co.	1/31/22	GSI	37,870	(0.082)	439	—
Netflix Inc.	8/31/21	BOANA	52,821	(0.086)	—	(3)
Penn National Gaming Inc.	8/31/21	BOANA	22,947	(0.536)	—	(12)
State Street Corp.	8/31/22	BOANA	156,332	(0.586)	910	—
Visa Inc.	8/31/21	BOANA	58,455	0.014	81	—
Williams Cos. Inc.	8/31/21	BOANA	95,580	(0.486)	1,439	—
					4,644	(15)

1	Based on 1M USD London Interbank Offered Rate (LIBOR ) as of the most recent payment date. Floating interest payment received/paid monthly.
	1M—1-month.
	BOANA—Bank of America, N.A.
	GSI—Goldman Sachs International.

At June 30, 2021, the counterparties had deposited in segregated accounts securities with a value of $1,346,000 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, 2021

($000s, except shares and per-share amounts)	Amount
Assets
Investments in Securities, at Value
Unaffiliated Issuers (Cost $391,980,002)	750,197,865
Affiliated Issuers (Cost $3,654,902)	3,655,699
Total Investments in Securities	753,853,564
Investment in Vanguard	25,688
Cash	152,852
Cash Collateral Pledged—Futures Contracts	152,479
Cash Collateral Pledged—Over-the-Counter Swap Contracts	15,540
Receivables for Investment Securities Sold	3,719,577
Receivables for Accrued Income	436,163
Receivables for Capital Shares Issued	299,500
Variation Margin Receivable—Futures Contracts	4,455
Unrealized Appreciation—Over-the-Counter Swap Contracts	4,644
Total Assets	758,664,462
Liabilities
Payables for Investment Securities Purchased	176,748
Collateral for Securities on Loan	28,911
Payables for Capital Shares Redeemed	4,135,865
Payables for Distributions	787,228
Payables to Vanguard	10,204
Unrealized Depreciation—Over-the-Counter Swap Contracts	15
Total Liabilities	5,138,971
Net Assets	753,525,491

11

500 Index Fund

Statement of Assets and Liabilities (continued)
At June 30, 2021, net assets consisted of:
($000s, except shares and per-share amounts)	Amount
Paid-in Capital	392,898,851
Total Distributable Earnings (Loss)	360,626,640
Net Assets	753,525,491
Investor Shares—Net Assets
Applicable to 12,033,436 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	4,773,674
Net Asset Value Per Share—Investor Shares	$396.70
ETF Shares—Net Assets
Applicable to 591,338,298 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	232,771,820
Net Asset Value Per Share—ETF Shares	$393.64
Admiral Shares—Net Assets
Applicable to 1,033,855,285 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	410,092,485
Net Asset Value Per Share—Admiral Shares	$396.66
Institutional Select Shares—Net Assets
Applicable to 503,781,827 outstanding $.001 par value shares of beneficial interest (unlimited authorization)	105,887,512
Net Asset Value Per Share—Institutional Select Shares	$210.19

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

12

500 Index Fund

Statement of Operations

	Six Months Ended June 30, 2021
	($000)
Investment Income
Income
Dividends	4,839,278
Interest1	944
Securities Lending—Net	3,296
Total Income	4,843,518
Expenses
The Vanguard Group—Note B
Investment Advisory Services	5,650
Management and Administrative—Investor Shares	3,060
Management and Administrative—ETF Shares	23,991
Management and Administrative—Admiral Shares	67,020
Management and Administrative—Institutional Select Shares	4,020
Marketing and Distribution—Investor Shares	96
Marketing and Distribution—ETF Shares	3,445
Marketing and Distribution—Admiral Shares	4,396
Marketing and Distribution—Institutional Select Shares	1
Custodian Fees	1,377
Shareholders’ Reports—Investor Shares	7
Shareholders’ Reports—ETF Shares	1,294
Shareholders’ Reports—Admiral Shares	830
Shareholders’ Reports—Institutional Select Shares	—
Trustees’ Fees and Expenses	95
Total Expenses	115,282
Net Investment Income	4,728,236
Realized Net Gain (Loss)
Investment Securities Sold1,2	10,463,836
Futures Contracts	345,153
Swap Contracts	72,959
Realized Net Gain (Loss)	10,881,948
Change in Unrealized Appreciation (Depreciation)
Investment Securities1	83,438,495
Futures Contracts	6,591
Swap Contracts	(794)
Change in Unrealized Appreciation (Depreciation)	83,444,292
Net Increase (Decrease) in Net Assets Resulting from Operations	99,054,476

1	Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $918,000, $129,000, and ($129,000), respectively. Purchases and sales are for temporary cash investment purposes.
2	Includes $10,348,047,000 of net gain (loss) resulting from in-kind redemptions.

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

13

500 Index Fund

Statement of Changes in Net Assets

	Six Months Ended June 30, 2021	Year Ended December 31, 2020
	($000)	($000)
Increase (Decrease) in Net Assets
Operations
Net Investment Income	4,728,236	10,026,083
Realized Net Gain (Loss)	10,881,948	26,755,026
Change in Unrealized Appreciation (Depreciation)	83,444,292	63,111,484
Net Increase (Decrease) in Net Assets Resulting from Operations	99,054,476	99,892,593
Distributions
Investor Shares	(29,570)	(71,146)
ETF Shares	(1,501,696)	(2,722,198)
Admiral Shares	(2,675,684)	(5,575,193)
Institutional Select Shares	(727,085)	(1,461,548)
Total Distributions	(4,934,035)	(9,830,085)
Capital Share Transactions
Investor Shares	(352,578)	(861,357)
ETF Shares	26,848,864	21,243,502
Admiral Shares	(1,252,290)	(10,267,593)
Institutional Select Shares	(2,756,182)	434,639
Net Increase (Decrease) from Capital Share Transactions	22,487,814	10,549,191
Total Increase (Decrease)	116,608,255	100,611,699
Net Assets
Beginning of Period	636,917,236	536,305,537
End of Period	753,525,491	636,917,236

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

14

500 Index Fund

Financial Highlights

Investor Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
		2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$346.60	$298.16	$231.44	$246.82	$206.57	$188.48
Investment Operations
Net Investment Income	2.3151	5.1281	4.8011	4.8961	4.2211	3.997
Net Realized and Unrealized Gain (Loss) on Investments	50.185	48.323	67.211	(15.776)	40.205	18.069
Total from Investment Operations	52.500	53.451	72.012	(10.880)	44.426	22.066
Distributions
Dividends from Net Investment Income	(2.400)	(5.011)	(5.292)	(4.500)	(4.176)	(3.976)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(2.400)	(5.011)	(5.292)	(4.500)	(4.176)	(3.976)
Net Asset Value, End of Period	$396.70	$346.60	$298.16	$231.44	$246.82	$206.57
Total Return2	15.18%	18.25%	31.33%	-4.52%	21.67%	11.82%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$4,774	$4,504	$4,723	$23,162	$27,656	$26,652
Ratio of Total Expenses to Average Net Assets	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%
Ratio of Net Investment Income to Average Net Assets	1.25%	1.73%	1.82%	1.95%	1.87%	2.05%
Portfolio Turnover Rate3	1%	4%	4%	4%	3%	4%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

15

500 Index Fund

Financial Highlights

ETF Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
		2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$343.93	$295.87	$229.68	$244.94	$205.00	$187.05
Investment Operations
Net Investment Income	2.5121	5.4131	5.2981	5.1961	4.4341	4.155
Net Realized and Unrealized Gain (Loss) on Investments	49.793	47.950	66.463	(15.719)	39.874	17.933
Total from Investment Operations	52.305	53.363	71.761	(10.523)	44.308	22.088
Distributions
Dividends from Net Investment Income	(2.595)	(5.303)	(5.571)	(4.737)	(4.368)	(4.138)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(2.595)	(5.303)	(5.571)	(4.737)	(4.368)	(4.138)
Net Asset Value, End of Period	$393.64	$343.93	$295.87	$229.68	$244.94	$205.00
Total Return	15.24%	18.35%	31.46%	-4.42%	21.78%	11.93%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$232,772	$177,991	$130,728	$90,639	$83,640	$56,648
Ratio of Total Expenses to Average Net Assets	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%
Ratio of Net Investment Income to Average Net Assets	1.36%	1.83%	1.98%	2.06%	1.97%	2.15%
Portfolio Turnover Rate2	1%	4%	4%	4%	3%	4%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

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

16

500 Index Fund

Financial Highlights

Admiral Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,
		2020	2019	2018	2017	2016
Net Asset Value, Beginning of Period	$346.57	$298.14	$231.44	$246.82	$206.57	$188.48
Investment Operations
Net Investment Income	2.5041	5.4271	5.3191	5.1811	4.4581	4.185
Net Realized and Unrealized Gain (Loss) on Investments	50.180	48.314	66.962	(15.808)	40.193	18.074
Total from Investment Operations	52.684	53.741	72.281	(10.627)	44.651	22.259
Distributions
Dividends from Net Investment Income	(2.594)	(5.311)	(5.581)	(4.753)	(4.401)	(4.169)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(2.594)	(5.311)	(5.581)	(4.753)	(4.401)	(4.169)
Net Asset Value, End of Period	$396.66	$346.57	$298.14	$231.44	$246.82	$206.57
Total Return2	15.24%	18.37%	31.46%	-4.43%	21.79%	11.93%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$410,092	$359,553	$319,624	$230,375	$235,232	$181,513
Ratio of Total Expenses to Average Net Assets	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
Ratio of Net Investment Income to Average Net Assets	1.35%	1.83%	1.97%	2.05%	1.97%	2.15%
Portfolio Turnover Rate3	1%	4%	4%	4%	3%	4%
The expense ratio and net investment income ratio for the current period have been annualized.

1	Calculated based on average shares outstanding.
2	Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
3	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.

17

500 Index Fund

Financial Highlights

Institutional Select Shares
For a Share Outstanding Throughout Each Period	Six Months Ended June 30, 2021	Year Ended December 31,				June 24, 20161 to December 31, 2016
		2020	2019	2018	2017
Net Asset Value, Beginning of Period	$183.64	$157.98	$122.64	$130.79	$109.45	$99.57
Investment Operations
Net Investment Income	1.3562	2.9242	2.8572	2.8082	2.4232	1.200
Net Realized and Unrealized Gain (Loss) on Investments	26.599	25.597	35.484	(8.400)	21.283	9.859
Total from Investment Operations	27.955	28.521	38.341	(5.592)	23.706	11.059
Distributions
Dividends from Net Investment Income	(1.405)	(2.861)	(3.001)	(2.558)	(2.366)	(1.179)
Distributions from Realized Capital Gains	—	—	—	—	—	—
Total Distributions	(1.405)	(2.861)	(3.001)	(2.558)	(2.366)	(1.179)
Net Asset Value, End of Period	$210.19	$183.64	$157.98	$122.64	$130.79	$109.45
Total Return	15.26%	18.40%	31.49%	-4.40%	21.83%	11.12%
Ratios/Supplemental Data
Net Assets, End of Period (Millions)	$105,888	$94,870	$81,230	$56,531	$44,907	$17,753
Ratio of Total Expenses to Average Net Assets	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%3
Ratio of Net Investment Income to Average Net Assets	1.38%	1.86%	2.00%	2.08%	2.00%	2.26%3
Portfolio Turnover Rate4	1%	4%	4%	4%	3%	4%5
The expense ratio and net investment income ratio for the current period have been annualized.

1	Inception.
2	Calculated based on average shares outstanding.
3	Annualized.
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.
5	Reflects the fund’s portfolio turnover for the fiscal year ended December 31, 2016.

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

18

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 NYSE Arca; they can be purchased and sold through a broker.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the fund and thus fund performance.

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 materially 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 board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

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 notion