UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-02652
| Name of Registrant: | ||
| Address of Registrant: | P.O. Box 2600 | |
| Valley Forge, PA 19482 |
| Name and address of agent for service: | Tonya T. 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, 2024—
Item 1: Reports to Shareholders.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the Standard & Poor's 500 Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Information technology, the index’s largest sector by weight, posted extremely strong results and was by far the greatest contributor to return. Financials and communication services were also among the top contributors.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Investor Shares | |||
S&P 500 Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Communication Services | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Information Technology | ||
Materials | ||
Real Estate | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
How has the Fund changed?
The Fund’s principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025 at
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR40
Vanguard 500 Index Fund
ETF Shares (VOO ) CBOE BZK Exchange, Inc.
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
ETF Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the Standard & Poor's 500 Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Information technology, the index’s largest sector by weight, posted extremely strong results and was by far the greatest contributor to return. Financials and communication services were also among the top contributors.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
ETF Shares Net Asset Value | |||
ETF Shares Market Price | |||
S&P 500 Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Communication Services | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Information Technology | ||
Materials | ||
Real Estate | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
How has the Fund changed?
The Fund’s principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025 at
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR968
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Admiral Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the Standard & Poor's 500 Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Information technology, the index’s largest sector by weight, posted extremely strong results and was by far the greatest contributor to return. Financials and communication services were also among the top contributors.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Admiral Shares | |||
S&P 500 Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Communication Services | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Information Technology | ||
Materials | ||
Real Estate | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
How has the Fund changed?
The Fund’s principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025 at
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR540
Vanguard 500 Index Fund
Institutional Select Share Class (VFFSX )
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Select Share Class | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the Standard & Poor's 500 Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration.
Ten of the benchmark’s 11 industry sectors recorded positive returns for the 12 months. Information technology, the index’s largest sector by weight, posted extremely strong results and was by far the greatest contributor to return. Financials and communication services were also among the top contributors.
How did the Fund perform since inception?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares.
Cumulative Performance: June 24, 2016, Through December 31, 2024
Initial Investment of $5,000,000,000
6/24/16 | $ | $ | $ |
|---|---|---|---|
6/30/16 | $ | $ | $ |
9/30/16 | $ | $ | $ |
12/31/16 | $ | $ | $ |
3/31/17 | $ | $ | $ |
6/30/17 | $ | $ | $ |
9/30/17 | $ | $ | $ |
12/31/17 | $ | $ | $ |
3/31/18 | $ | $ | $ |
6/30/18 | $ | $ | $ |
9/30/18 | $ | $ | $ |
12/31/18 | $ | $ | $ |
3/31/19 | $ | $ | $ |
6/30/19 | $ | $ | $ |
9/30/19 | $ | $ | $ |
12/31/19 | $ | $ | $ |
3/31/20 | $ | $ | $ |
6/30/20 | $ | $ | $ |
9/30/20 | $ | $ | $ |
12/31/20 | $ | $ | $ |
3/31/21 | $ | $ | $ |
6/30/21 | $ | $ | $ |
9/30/21 | $ | $ | $ |
12/31/21 | $ | $ | $ |
3/31/22 | $ | $ | $ |
6/30/22 | $ | $ | $ |
9/30/22 | $ | $ | $ |
12/31/22 | $ | $ | $ |
3/31/23 | $ | $ | $ |
6/30/23 | $ | $ | $ |
9/30/23 | $ | $ | $ |
12/31/23 | $ | $ | $ |
3/31/24 | $ | $ | $ |
6/30/24 | $ | $ | $ |
9/30/24 | $ | $ | $ |
12/31/24 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | Since Inception 6/24/16 | |
|---|---|---|---|
Institutional Select Share Class | |||
S&P 500 Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Communication Services | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Information Technology | ||
Materials | ||
Real Estate | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
How has the Fund changed?
The Fund’s principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025 at
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR1940
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Large Cap Value Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
Nine of the benchmark’s 11 industry sectors posted positive returns. Financials, industrials, and technology stocks contributed the most to the benchmark’s return. Basic materials and health care, the two sectors that posted negative returns, detracted slightly.
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 10%, annualized.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Investor Shares | |||
CRSP US Large Cap Value Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Basic Materials | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Real Estate | ||
Technology | ||
Telecommunications | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR6
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
ETF Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Large Cap Value Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
Nine of the benchmark’s 11 industry sectors posted positive returns. Financials, industrials, and technology stocks contributed the most to the benchmark’s return. Basic materials and health care, the two sectors that posted negative returns, detracted slightly.
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 10%, annualized.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
ETF Shares Net Asset Value | |||
ETF Shares Market Price | |||
CRSP US Large Cap Value Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Basic Materials | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Real Estate | ||
Technology | ||
Telecommunications | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR966
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Admiral Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Large Cap Value Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
Nine of the benchmark’s 11 industry sectors posted positive returns. Financials, industrials, and technology stocks contributed the most to the benchmark’s return. Basic materials and health care, the two sectors that posted negative returns, detracted slightly.
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 10%, annualized.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Admiral Shares | |||
CRSP US Large Cap Value Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Basic Materials | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Real Estate | ||
Technology | ||
Telecommunications | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR506
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Large Cap Value Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
Nine of the benchmark’s 11 industry sectors posted positive returns. Financials, industrials, and technology stocks contributed the most to the benchmark’s return. Basic materials and health care, the two sectors that posted negative returns, detracted slightly.
For the decade ended December 31, 2024, the Fund performed in line with its benchmark, which returned about 10%, annualized.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $5,000,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Institutional Shares | |||
CRSP US Large Cap Value Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Basic Materials | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Real Estate | ||
Technology | ||
Telecommunications | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR867
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Large Cap Growth Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
Ten of the benchmark’s 11 industry sectors posted positive returns. Technology stocks contributed by far the most to the benchmark’s return. Consumer discretionary, industrials, and health care also performed well. Consumer staples detracted slightly.
For the decade ended December 31, 2024, the Fund tracked its benchmark, which returned nearly 16%, annualized.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Investor Shares | |||
CRSP US Large Cap Growth Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Basic Materials | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Real Estate | ||
Technology | ||
Telecommunications | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR9
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
ETF Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Large Cap Growth Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
Ten of the benchmark’s 11 industry sectors posted positive returns. Technology stocks contributed by far the most to the benchmark’s return. Consumer discretionary, industrials, and health care also performed well. Consumer staples detracted slightly.
For the decade ended December 31, 2024, the Fund tracked its benchmark, which returned nearly 16%, annualized.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
ETF Shares Net Asset Value | |||
ETF Shares Market Price | |||
CRSP US Large Cap Growth Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Basic Materials | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Real Estate | ||
Technology | ||
Telecommunications | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR967
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Admiral Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Large Cap Growth Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
Ten of the benchmark’s 11 industry sectors posted positive returns. Technology stocks contributed by far the most to the benchmark’s return. Consumer discretionary, industrials, and health care also performed well. Consumer staples detracted slightly.
For the decade ended December 31, 2024, the Fund tracked its benchmark, which returned nearly 16%, annualized.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Admiral Shares | |||
CRSP US Large Cap Growth Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Basic Materials | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Real Estate | ||
Technology | ||
Telecommunications | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR509
Vanguard Growth Index Fund
Institutional Shares (VIGIX )
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Large Cap Growth Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
Ten of the benchmark’s 11 industry sectors posted positive returns. Technology stocks contributed by far the most to the benchmark’s return. Consumer discretionary, industrials, and health care also performed well. Consumer staples detracted slightly.
For the decade ended December 31, 2024, the Fund tracked its benchmark, which returned nearly 16%, annualized.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $5,000,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Institutional Shares | |||
CRSP US Large Cap Growth Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Basic Materials | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Real Estate | ||
Technology | ||
Telecommunications | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR868
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Large Cap Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
Ten of the benchmark’s 11 industry sectors posted positive returns. Technology stocks contributed by far the most to the benchmark’s return. Consumer discretionary, financials, and industrials also performed well. Basic materials, the only sector that produced a negative return, contributed the least.
For the decade ended December 31, 2024, the Fund tracked its benchmark, which returned about 13%, annualized.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Investor Shares | |||
CRSP US Large Cap Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Basic Materials | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Real Estate | ||
Technology | ||
Telecommunications | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
How has the Fund changed?
The Fund’s principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025 at
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR307
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
ETF Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Large Cap Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
Ten of the benchmark’s 11 industry sectors posted positive returns. Technology stocks contributed by far the most to the benchmark’s return. Consumer discretionary, financials, and industrials also performed well. Basic materials, the only sector that produced a negative return, contributed the least.
For the decade ended December 31, 2024, the Fund tracked its benchmark, which returned about 13%, annualized.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
ETF Shares Net Asset Value | |||
ETF Shares Market Price | |||
CRSP US Large Cap Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Basic Materials | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Real Estate | ||
Technology | ||
Telecommunications | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
How has the Fund changed?
The Fund’s principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025 at
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR961
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Admiral Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Large Cap Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
Ten of the benchmark’s 11 industry sectors posted positive returns. Technology stocks contributed by far the most to the benchmark’s return. Consumer discretionary, financials, and industrials also performed well. Basic materials, the only sector that produced a negative return, contributed the least.
For the decade ended December 31, 2024, the Fund tracked its benchmark, which returned about 13%, annualized.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $10,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Admiral Shares | |||
CRSP US Large Cap Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Basic Materials | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Real Estate | ||
Technology | ||
Telecommunications | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
How has the Fund changed?
The Fund’s principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025 at
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR5307
Vanguard Large-Cap Index Fund
Institutional Shares (VLISX )
Annual Shareholder Report | December 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Share Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $ |
How did the Fund perform during the reporting period?
For the 12 months ended December 31, 2024, the Fund performed in line with its benchmark, the CRSP US Large Cap Index.
U.S. economic growth hovered around 3% on a year-over-year basis for much of the period, and consumer price inflation trended lower, falling below 3% in July. The Federal Reserve began cutting short-term interest rates in September, which boosted stock returns, as did the prospect of tax cuts and deregulation under the incoming administration. But near the end of the period, reduced expectations for further rate cuts weighed on stock returns and bond prices.
Ten of the benchmark’s 11 industry sectors posted positive returns. Technology stocks contributed by far the most to the benchmark’s return. Consumer discretionary, financials, and industrials also performed well. Basic materials, the only sector that produced a negative return, contributed the least.
For the decade ended December 31, 2024, the Fund tracked its benchmark, which returned about 13%, annualized.
How did the Fund perform over the past 10 years?
Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447. The graph and 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, 2014, Through December 31, 2024
Initial Investment of $5,000,000
2014 | $ | $ | $ |
|---|---|---|---|
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2015 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2016 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2017 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2018 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2019 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2020 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2021 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2022 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2023 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
2024 | $ | $ | $ |
Average Annual Total Returns
1 Year | 5 Years | 10 Years | |
|---|---|---|---|
Institutional Shares | |||
CRSP US Large Cap Index | |||
Dow Jones U.S. Total Stock Market Float Adjusted Index |
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
Portfolio Composition % of Net Assets
(as of December 31, 2024)
Basic Materials | ||
Consumer Discretionary | ||
Consumer Staples | ||
Energy | ||
Financials | ||
Health Care | ||
Industrials | ||
Real Estate | ||
Technology | ||
Telecommunications | ||
Utilities | ||
Other Assets and Liabilities—Net |
Fund Statistics
(as of December 31, 2024)
Fund Net Assets (in millions) | $ |
|---|---|
Number of Portfolio Holdings | |
Portfolio Turnover Rate | |
Total Investment Advisory Fees (in thousands) | $ |
How has the Fund changed?
The Fund’s principal investment strategy disclosure was modified to add that the Fund may become nondiversified under the Investment Company Act of 1940 solely as a result of an index rebalance or market movement. The Fund added nondiversification risk and sector risk as principal risks.
This is a summary of certain changes to the Fund since December 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by April 30, 2025 at
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2025 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
AR807
