NPORT-EX 2 vg_500index.htm
Vanguard® 500 Index Fund
Schedule of Investments (unaudited)
As of March 31, 2025
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 (99.9%)
Communication Services (9.2%)
  Meta Platforms Inc. Class A  60,864,124    35,079,647
  Alphabet Inc. Class A 162,116,948    25,069,765
  Alphabet Inc. Class C 131,382,923    20,525,954
* Netflix Inc.  11,888,309    11,086,205
  AT&T Inc. 199,506,196     5,642,035
  Verizon Communications Inc. 116,996,582     5,306,965
  Walt Disney Co.  50,242,860     4,958,970
  Comcast Corp. Class A 104,818,886     3,867,817
  T-Mobile US Inc.  13,327,015     3,554,448
* Charter Communications Inc. Class A   2,682,917       988,735
  Electronic Arts Inc.   6,591,613       952,620
* Take-Two Interactive Software Inc.   4,562,658       945,611
* Warner Bros Discovery Inc.  62,056,626       665,868
* Live Nation Entertainment Inc.   4,359,408       569,251
  Omnicom Group Inc.   5,460,740       452,750
  Fox Corp. Class A   6,072,097       343,681
  News Corp. Class A  10,628,304       289,302
  TKO Group Holdings Inc.   1,853,619       283,252
  Interpublic Group of Cos. Inc.  10,356,148       281,273
  Match Group Inc.   6,982,455       217,853
1 Paramount Global Class B  16,544,896       197,877
  Fox Corp. Class B   3,647,187       192,243
  News Corp. Class B   2,993,126        90,901
                   121,563,023
Consumer Discretionary (10.3%)
* Amazon.com Inc. 262,143,003    49,875,328
* Tesla Inc.  77,774,907    20,156,145
  Home Depot Inc.  27,608,581    10,118,269
  McDonald's Corp.  19,917,163     6,221,524
  Booking Holdings Inc.     919,762     4,237,261
  TJX Cos. Inc.  31,243,389     3,805,445
  Lowe's Cos. Inc.  15,693,047     3,660,089
  Starbucks Corp.  31,569,565     3,096,659
* O'Reilly Automotive Inc.   1,596,915     2,287,708
  NIKE Inc. Class B  32,829,247     2,084,001
* Chipotle Mexican Grill Inc.  37,668,601     1,891,340
* AutoZone Inc.     465,633     1,775,356
* DoorDash Inc. Class A   9,426,179     1,722,823
  Hilton Worldwide Holdings Inc.   6,687,459     1,521,731
  Marriott International Inc. Class A   6,359,773     1,514,898
* Airbnb Inc. Class A  12,031,168     1,437,243
  Royal Caribbean Cruises Ltd.   6,881,627     1,413,761
  General Motors Co.  27,648,435     1,300,306
  Yum! Brands Inc.   7,755,485     1,220,403
  Ross Stores Inc.   9,170,118     1,171,849
  Ford Motor Co. 108,183,532     1,085,081
  DR Horton Inc.   7,880,987     1,001,910
  Garmin Ltd.   4,268,849       926,895
  eBay Inc.  13,311,213       901,568
* Lululemon Athletica Inc.   3,114,368       881,553
  Tractor Supply Co.  14,843,141       817,857
  Lennar Corp. Class A   6,489,082       744,817
  Darden Restaurants Inc.   3,255,349       676,331
* NVR Inc.      84,493       612,100
  PulteGroup Inc.   5,625,797       578,332
  Expedia Group Inc.   3,428,548       576,339
* Carnival Corp.  29,120,665       568,727
  Williams-Sonoma Inc.   3,427,368       541,867
* Ulta Beauty Inc.   1,287,969       472,092
Vanguard® 500 Index Fund
    Shares Market
Value
($000)
* Deckers Outdoor Corp.   4,218,432       471,663
  Genuine Parts Co.   3,862,598       460,190
  Domino's Pizza Inc.     959,998       441,071
  Tapestry Inc.   5,752,282       405,018
  Best Buy Co. Inc.   5,406,359       397,962
* Aptiv plc   6,376,187       379,383
  Las Vegas Sands Corp.   9,549,888       368,912
  Pool Corp.   1,058,200       336,878
* CarMax Inc.   4,273,390       332,983
  LKQ Corp.   7,226,446       307,413
  Ralph Lauren Corp.   1,108,077       244,597
* Norwegian Cruise Line Holdings Ltd.  12,222,404       231,737
  Hasbro Inc.   3,646,904       224,248
  Wynn Resorts Ltd.   2,489,375       207,863
* MGM Resorts International   6,216,399       184,254
* Mohawk Industries Inc.   1,458,036       166,479
* Caesars Entertainment Inc.   5,908,781       147,720
                   136,205,979
Consumer Staples (6.0%)
  Costco Wholesale Corp.  12,337,660    11,668,712
  Procter & Gamble Co.  65,170,859    11,106,418
  Walmart Inc. 120,564,266    10,584,337
  Coca-Cola Co. 107,608,206     7,706,900
  Philip Morris International Inc.  43,214,016     6,859,361
  PepsiCo Inc.  38,117,097     5,715,278
  Altria Group Inc.  47,104,672     2,827,222
  Mondelez International Inc. Class A  35,948,818     2,439,127
  Colgate-Palmolive Co.  22,554,451     2,113,352
  Target Corp.  12,734,417     1,328,964
  Kimberly-Clark Corp.   9,218,102     1,310,998
  Kenvue Inc.  53,285,762     1,277,793
  Kroger Co.  17,499,830     1,184,563
* Monster Beverage Corp.  19,460,257     1,138,814
  Keurig Dr Pepper Inc.  33,181,613     1,135,475
  Sysco Corp.  13,595,263     1,020,189
  General Mills Inc.  15,322,184       916,113
  Constellation Brands Inc. Class A   4,319,151       792,651
  Church & Dwight Co. Inc.   6,836,062       752,582
  Kraft Heinz Co.  24,245,590       737,793
  Hershey Co.   4,105,203       702,113
  Archer-Daniels-Midland Co.  13,295,392       638,312
  Kellanova   7,469,683       616,174
  McCormick & Co. Inc.   7,019,438       577,770
  Dollar General Corp.   6,114,718       537,667
  Tyson Foods Inc. Class A   7,955,460       507,638
  Clorox Co.   3,424,180       504,210
  Estee Lauder Cos. Inc. Class A   6,508,548       429,564
* Dollar Tree Inc.   5,619,611       421,864
  Conagra Brands Inc.  13,264,072       353,753
  J M Smucker Co.   2,958,409       350,305
  Molson Coors Beverage Co. Class B   4,784,105       291,208
  Bunge Global SA   3,709,966       283,516
  Hormel Foods Corp.   8,083,481       250,103
  Walgreens Boots Alliance Inc.  19,954,169       222,888
  Campbell's Co.   5,463,140       218,089
  Lamb Weston Holdings Inc.   3,965,460       211,359
  Brown-Forman Corp. Class B   5,065,066       171,908
                    79,905,083
Energy (3.7%)
  Exxon Mobil Corp. 120,980,005    14,388,152
  Chevron Corp.  46,450,236     7,770,660
  ConocoPhillips  35,459,017     3,723,906
  Williams Cos. Inc.  33,880,812     2,024,717
  EOG Resources Inc.  15,633,546     2,004,846
  ONEOK Inc.  17,244,306     1,710,980
  Schlumberger NV  38,933,738     1,627,430
  Kinder Morgan Inc.  53,723,773     1,532,739
  Phillips 66  11,478,140     1,417,321
  Marathon Petroleum Corp.   8,781,710     1,279,407
Vanguard® 500 Index Fund
    Shares Market
Value
($000)
  Hess Corp.   7,681,752     1,227,006
  Targa Resources Corp.   6,060,698     1,214,988
  Baker Hughes Co.  27,513,396     1,209,214
  Valero Energy Corp.   8,798,440     1,162,010
  Occidental Petroleum Corp.  18,775,153       926,742
  EQT Corp.  16,579,722       885,855
  Diamondback Energy Inc.   5,192,897       830,241
  Texas Pacific Land Corp.     523,803       694,034
  Devon Energy Corp.  18,251,582       682,609
  Expand Energy Corp.   5,854,340       651,705
  Halliburton Co.  24,130,040       612,179
  Coterra Energy Inc.  20,458,278       591,244
  APA Corp.  10,287,770       216,249
                    48,384,234
Financials (14.6%)
* Berkshire Hathaway Inc. Class B  50,942,161    27,130,776
  JPMorgan Chase & Co.  77,710,209    19,062,314
  Visa Inc. Class A  47,646,857    16,698,318
  Mastercard Inc. Class A  22,633,909    12,406,098
  Bank of America Corp. 177,627,345     7,412,389
  Wells Fargo & Co.  91,406,434     6,562,068
  Progressive Corp.  16,281,082     4,607,709
  Goldman Sachs Group Inc.   8,295,557     4,531,780
  S&P Global Inc.   8,755,142     4,448,488
  American Express Co.  15,425,564     4,150,248
  Morgan Stanley  34,378,028     4,010,885
  Blackrock Inc.   4,046,990     3,830,395
  Charles Schwab Corp.  47,361,399     3,707,450
* Fiserv Inc.  15,812,233     3,491,815
  Citigroup Inc.  48,118,231     3,415,913
  Marsh & McLennan Cos. Inc.  13,650,376     3,331,101
  Chubb Ltd.  10,357,102     3,127,741
  Blackstone Inc.  20,343,020     2,843,547
  Intercontinental Exchange Inc.  15,968,221     2,754,518
  CME Group Inc.  10,014,792     2,656,824
  Arthur J Gallagher & Co.   7,069,244     2,440,586
  Aon plc Class A (XNYS)   6,010,008     2,398,534
  KKR & Co. Inc.  18,761,331     2,168,998
  Moody's Corp.   4,302,243     2,003,512
  PNC Financial Services Group Inc.  11,005,131     1,934,372
  Capital One Financial Corp.  10,594,982     1,899,680
  US Bancorp  43,355,622     1,830,474
* PayPal Holdings Inc.  27,492,608     1,793,893
  Apollo Global Management Inc.  12,423,339     1,701,252
  Bank of New York Mellon Corp.  19,947,440     1,672,992
  Travelers Cos. Inc.   6,302,024     1,666,633
  Aflac Inc.  13,757,299     1,529,674
  Allstate Corp.   7,365,338     1,525,141
  Truist Financial Corp.  36,571,864     1,504,932
  American International Group Inc.  16,488,710     1,433,528
  Ameriprise Financial Inc.   2,673,920     1,294,471
  MetLife Inc.  16,090,144     1,291,878
  MSCI Inc.   2,158,151     1,220,434
  Discover Financial Services   6,975,913     1,190,788
  Fidelity National Information Services Inc.  14,720,134     1,099,300
  Prudential Financial Inc.   9,838,680     1,098,784
  Arch Capital Group Ltd.  10,419,015     1,002,101
  Hartford Insurance Group Inc.   7,993,644       989,054
  Willis Towers Watson plc   2,773,313       937,241
  Nasdaq Inc.  11,499,921       872,384
  M&T Bank Corp.   4,610,780       824,177
  Brown & Brown Inc.   6,595,303       820,456
  Fifth Third Bancorp  18,617,702       729,814
  State Street Corp.   8,017,739       717,828
  Raymond James Financial Inc.   5,125,528       711,987
* Corpay Inc.   1,936,994       675,469
  Cboe Global Markets Inc.   2,910,767       658,677
  Cincinnati Financial Corp.   4,346,438       642,056
  Huntington Bancshares Inc.  40,399,156       606,391
Vanguard® 500 Index Fund
    Shares Market
Value
($000)
  W R Berkley Corp.   8,345,571       593,871
  Synchrony Financial  10,805,208       572,028
  T Rowe Price Group Inc.   6,188,168       568,507
  Regions Financial Corp.  25,265,160       549,012
  Northern Trust Corp.   5,446,846       537,331
  Citizens Financial Group Inc.  12,148,797       497,736
  Global Payments Inc.   5,081,295       497,560
  Principal Financial Group Inc.   5,845,434       493,179
  FactSet Research Systems Inc.   1,057,403       480,738
  Loews Corp.   4,907,412       451,040
  KeyCorp.  27,681,257       442,623
  Everest Group Ltd.   1,193,826       433,753
  Jack Henry & Associates Inc.   2,025,536       369,863
  Globe Life Inc.   2,334,334       307,479
  Assurant Inc.   1,426,078       299,120
  Erie Indemnity Co. Class A     692,313       290,114
  MarketAxess Holdings Inc.   1,048,038       226,743
  Invesco Ltd.  12,447,591       188,830
  Franklin Resources Inc.   8,619,103       165,918
                   193,033,313
Health Care (11.2%)
  Eli Lilly & Co.  21,897,902    18,085,696
  UnitedHealth Group Inc.  25,577,699    13,396,320
  Johnson & Johnson  66,914,807    11,097,152
  AbbVie Inc.  49,064,348    10,279,962
  Abbott Laboratories  48,204,801     6,394,367
  Merck & Co. Inc.  70,305,587     6,310,630
  Thermo Fisher Scientific Inc.  10,629,854     5,289,415
* Intuitive Surgical Inc.   9,911,806     4,909,020
  Amgen Inc.  14,929,497     4,651,285
* Boston Scientific Corp.  40,962,038     4,132,250
  Pfizer Inc. 157,497,408     3,990,984
  Gilead Sciences Inc.  34,636,616     3,881,033
  Danaher Corp.  17,787,495     3,646,436
  Stryker Corp.   9,544,550     3,552,959
* Vertex Pharmaceuticals Inc.   7,136,148     3,459,747
  Bristol-Myers Squibb Co.  56,401,407     3,439,922
  Medtronic plc  35,637,914     3,202,423
  Elevance Health Inc.   6,325,293     2,751,249
  Cigna Group   7,609,354     2,503,477
  CVS Health Corp.  35,039,792     2,373,946
  McKesson Corp.   3,483,134     2,344,114
  Zoetis Inc.  12,445,527     2,049,156
  Regeneron Pharmaceuticals Inc.   2,923,141     1,853,944
  Becton Dickinson & Co.   7,979,686     1,827,827
  HCA Healthcare Inc.   4,969,917     1,717,355
  Cencora Inc.   4,796,081     1,333,742
* Edwards Lifesciences Corp.  16,391,319     1,188,043
  GE HealthCare Technologies Inc.  12,709,731     1,025,802
* IDEXX Laboratories Inc.   2,275,619       955,646
  Agilent Technologies Inc.   7,928,587       927,486
  Cardinal Health Inc.   6,714,493       925,056
  ResMed Inc.   4,081,786       913,708
  Humana Inc.   3,352,357       887,034
* Centene Corp.  13,782,101       836,711
* IQVIA Holdings Inc.   4,649,375       819,685
* Dexcom Inc.  10,860,663       741,675
* Mettler-Toledo International Inc.     580,661       685,708
  Zimmer Biomet Holdings Inc.   5,534,128       626,353
  STERIS plc   2,729,861       618,723
* Waters Corp.   1,650,997       608,508
* Biogen Inc.   4,067,514       556,599
  Labcorp Holdings Inc.   2,317,099       539,282
  Quest Diagnostics Inc.   3,086,043       522,158
* Insulet Corp.   1,950,403       512,195
* Molina Healthcare Inc.   1,542,222       507,993
  Baxter International Inc.  14,197,339       485,975
* Cooper Cos. Inc.   5,546,342       467,834
  West Pharmaceutical Services Inc.   2,011,657       450,370
Vanguard® 500 Index Fund
    Shares Market
Value
($000)
* Hologic Inc.   6,234,606       385,112
  Revvity Inc.   3,384,433       358,073
* Align Technology Inc.   1,951,371       309,995
  Universal Health Services Inc. Class B   1,632,472       306,741
* Solventum Corp.   3,840,899       292,062
  Viatris Inc.  33,190,376       289,088
* Incyte Corp.   4,463,217       270,248
* Moderna Inc.   9,411,736       266,823
  Bio-Techne Corp.   4,391,413       257,469
* Henry Schein Inc.   3,467,198       237,468
* Charles River Laboratories International Inc.   1,422,089       214,053
* DaVita Inc.   1,222,537       187,011
*,2 ABIOMED Inc. CVR         180            —
                   147,651,098
Industrials (8.5%)
  General Electric Co.  29,829,073     5,970,289
  RTX Corp.  37,023,696     4,904,159
  Caterpillar Inc.  13,281,934     4,380,382
* Uber Technologies Inc.  58,058,269     4,230,125
  Union Pacific Corp.  16,794,480     3,967,528
  Honeywell International Inc.  18,072,415     3,826,834
* Boeing Co.  20,846,802     3,555,422
  Automatic Data Processing Inc.  11,309,104     3,455,271
  Deere & Co.   7,038,852     3,303,685
  Eaton Corp. plc  10,983,713     2,985,703
  Lockheed Martin Corp.   5,822,002     2,600,746
  Waste Management Inc.  10,151,535     2,350,182
  GE Vernova Inc.   7,667,531     2,340,744
  United Parcel Service Inc. Class B (XNYS)  20,327,378     2,235,808
  3M Co.  15,088,743     2,215,933
  Parker-Hannifin Corp.   3,578,269     2,175,051
  TransDigm Group Inc.   1,559,112     2,156,704
  Trane Technologies plc   6,233,384     2,100,152
  Cintas Corp.   9,534,316     1,959,588
  Northrop Grumman Corp.   3,781,554     1,936,193
  General Dynamics Corp.   7,051,837     1,922,190
  Illinois Tool Works Inc.   7,423,872     1,841,194
  Emerson Electric Co.  15,671,537     1,718,227
  CSX Corp.  53,595,939     1,577,328
  FedEx Corp.   6,158,509     1,501,321
  Norfolk Southern Corp.   6,293,815     1,490,690
  Johnson Controls International plc  18,346,625     1,469,748
  Howmet Aerospace Inc.  11,256,305     1,460,280
  Carrier Global Corp.  22,442,407     1,422,849
  PACCAR Inc.  14,573,277     1,419,000
* Copart Inc.  24,366,574     1,378,904
  Paychex Inc.   8,906,432     1,374,084
  Republic Services Inc.   5,642,296     1,366,338
  Fastenal Co.  15,938,375     1,236,021
  WW Grainger Inc.   1,231,740     1,216,750
  Cummins Inc.   3,821,493     1,197,809
  Verisk Analytics Inc.   3,924,661     1,168,058
  Otis Worldwide Corp.  11,021,001     1,137,367
  United Rentals Inc.   1,814,509     1,137,153
  AMETEK Inc.   6,428,216     1,106,553
  L3Harris Technologies Inc.   5,233,690     1,095,464
* Axon Enterprise Inc.   2,012,748     1,058,605
  Quanta Services Inc.   4,102,543     1,042,784
  Ingersoll Rand Inc. (XYNS)  11,197,570       896,142
  Old Dominion Freight Line Inc.   5,221,041       863,821
  Westinghouse Air Brake Technologies Corp.   4,748,843       861,203
  Equifax Inc.   3,444,579       838,962
  Rockwell Automation Inc.   3,141,851       811,791
  Xylem Inc.   6,750,650       806,433
  Broadridge Financial Solutions Inc.   3,252,527       788,608
  Delta Air Lines Inc.  17,836,603       777,676
  Fortive Corp.   9,483,932       694,034
  Dover Corp.   3,814,596       670,148
  Veralto Corp.   6,871,505       669,628
Vanguard® 500 Index Fund
    Shares Market
Value
($000)
* United Airlines Holdings Inc.   9,137,374       630,936
  Southwest Airlines Co.  16,469,630       553,050
  Lennox International Inc.     889,431       498,820
  Hubbell Inc.   1,490,568       493,244
  Leidos Holdings Inc.   3,644,502       491,789
  Snap-on Inc.   1,456,535       490,867
  Expeditors International of Washington Inc.   3,888,208       467,557
  Rollins Inc.   7,801,010       421,489
  Jacobs Solutions Inc.   3,406,028       411,755
  Masco Corp.   5,891,427       409,690
  Pentair plc   4,594,756       401,949
* Builders FirstSource Inc.   3,199,520       399,748
  IDEX Corp.   2,102,608       380,509
  Textron Inc.   5,074,591       366,639
  CH Robinson Worldwide Inc.   3,299,617       337,881
  Stanley Black & Decker Inc.   4,286,989       329,584
  JB Hunt Transport Services Inc.   2,206,803       326,496
  Allegion plc   2,416,964       315,317
  Nordson Corp.   1,506,565       303,904
  Paycom Software Inc.   1,239,221       270,745
* Dayforce Inc.   4,418,891       257,754
  Huntington Ingalls Industries Inc.   1,087,279       221,848
  A O Smith Corp.   3,281,327       214,468
* Generac Holdings Inc.   1,657,687       209,946
                   111,873,647
Information Technology (29.6%)
  Apple Inc. 417,498,920    92,739,035
  Microsoft Corp. 206,610,686    77,559,585
  NVIDIA Corp. 680,640,932    73,767,864
  Broadcom Inc. 130,275,162    21,811,970
  Salesforce Inc.  26,598,070     7,137,858
  Cisco Systems Inc. 110,692,732     6,830,849
  International Business Machines Corp.  25,697,527     6,389,947
  Oracle Corp.  45,086,173     6,303,498
  Accenture plc Class A  17,384,464     5,424,648
* Palantir Technologies Inc. Class A  56,970,421     4,808,304
  Intuit Inc.   7,779,383     4,776,463
  QUALCOMM Inc.  30,738,007     4,721,665
* Adobe Inc.  12,098,109     4,639,988
* Advanced Micro Devices Inc.  45,037,115     4,627,113
* ServiceNow Inc.   5,724,941     4,557,855
  Texas Instruments Inc.  25,300,029     4,546,415
  Applied Materials Inc.  22,587,053     3,277,833
* Palo Alto Networks Inc.  18,402,544     3,140,210
  Analog Devices Inc.  13,788,645     2,780,756
  Intel Corp. 120,342,723     2,732,983
  Micron Technology Inc.  30,965,870     2,690,624
  Lam Research Corp.  35,675,807     2,593,631
  KLA Corp.   3,693,313     2,510,714
* Crowdstrike Holdings Inc. Class A   6,845,818     2,413,699
* Arista Networks Inc.  28,709,572     2,224,418
  Amphenol Corp. Class A  33,659,562     2,207,731
  Motorola Solutions Inc.   4,645,306     2,033,761
* Cadence Design Systems Inc.   7,622,996     1,938,757
* Synopsys Inc.   4,295,954     1,842,320
  Roper Technologies Inc.   2,980,285     1,757,116
* Fortinet Inc.  17,681,223     1,701,995
* Autodesk Inc.   5,975,914     1,564,494
* Workday Inc. Class A   5,947,463     1,388,911
  NXP Semiconductors NV   7,063,366     1,342,463
* Fair Isaac Corp.     678,003     1,250,346
  TE Connectivity plc   8,291,728     1,171,787
  Cognizant Technology Solutions Corp. Class A  13,746,177     1,051,583
  Corning Inc.  21,426,216       980,892
* Gartner Inc.   2,134,688       896,014
  Dell Technologies Inc. Class C   8,669,411       790,217
  Monolithic Power Systems Inc.   1,328,999       770,793
* ANSYS Inc.   2,429,986       769,236
  Microchip Technology Inc.  14,946,405       723,555
Vanguard® 500 Index Fund
    Shares Market
Value
($000)
  HP Inc.  26,061,606       721,646
* Keysight Technologies Inc.   4,805,241       719,681
* GoDaddy Inc. Class A   3,924,852       707,023
* Tyler Technologies Inc.   1,188,845       691,183
* Teledyne Technologies Inc.   1,294,585       644,328
  CDW Corp.   3,702,579       593,375
* VeriSign Inc.   2,261,871       574,221
  Hewlett Packard Enterprise Co.  36,501,493       563,218
* PTC Inc.   3,343,524       518,079
  Seagate Technology Holdings plc   5,885,606       499,982
  NetApp Inc.   5,650,134       496,308
*,1 Super Micro Computer Inc. (XNGS)  14,001,984       479,428
* ON Semiconductor Corp.  11,711,969       476,560
* Trimble Inc.   6,830,744       448,438
* F5 Inc.   1,601,573       426,451
  Jabil Inc.   3,043,468       414,125
* Zebra Technologies Corp. Class A   1,427,780       403,434
  Gen Digital Inc. (XNGS)  15,078,376       400,180
* Western Digital Corp.   9,666,306       390,809
* First Solar Inc.   2,976,789       376,355
  Teradyne Inc.   4,527,328       373,957
* Akamai Technologies Inc.   4,175,655       336,140
  Juniper Networks Inc.   9,202,946       333,055
  Skyworks Solutions Inc.   4,466,525       288,672
* EPAM Systems Inc.   1,577,095       266,277
* Enphase Energy Inc.   3,680,866       228,398
                   391,561,219
Materials (2.0%)
  Linde plc  13,233,853     6,162,211
  Sherwin-Williams Co.   6,439,278     2,248,531
  Air Products & Chemicals Inc.   6,183,641     1,823,679
  Ecolab Inc.   7,004,765     1,775,848
  Newmont Corp. (XNYS)  31,640,590     1,527,608
  Freeport-McMoRan Inc.  39,939,768     1,512,120
  Corteva Inc.  19,052,794     1,198,992
  DuPont de Nemours Inc.  11,621,812       867,917
  Vulcan Materials Co.   3,669,922       856,193
  Martin Marietta Materials Inc.   1,697,824       811,781
  Nucor Corp.   6,525,083       785,229
  International Paper Co.  14,653,639       781,772
  PPG Industries Inc.   6,446,910       704,970
1 Dow Inc.  19,558,976       682,999
  Smurfit WestRock plc  13,740,018       619,125
  International Flavors & Fragrances Inc.   7,103,518       551,304
  LyondellBasell Industries NV Class A   7,203,992       507,161
  Steel Dynamics Inc.   3,936,715       492,404
  Packaging Corp. of America   2,479,531       490,997
  Ball Corp.   8,289,039       431,610
  Avery Dennison Corp.   2,233,401       397,478
1 Amcor plc  40,140,679       389,365
  CF Industries Holdings Inc.   4,838,854       378,156
  Eastman Chemical Co.   3,200,735       282,017
  Mosaic Co.   8,832,304       238,561
  Albemarle Corp.   3,267,138       235,299
                    26,753,327
Real Estate (2.3%)
  Prologis Inc.  25,760,035     2,879,714
  American Tower Corp.  12,986,282     2,825,815
  Welltower Inc.  16,933,863     2,594,437
  Equinix Inc.   2,705,834     2,206,202
  Simon Property Group Inc.   8,524,440     1,415,739
  Realty Income Corp.  24,324,264     1,411,051
  Public Storage   4,379,668     1,310,791
  Digital Realty Trust Inc.   8,794,474     1,260,160
  Crown Castle Inc.  12,077,294     1,258,816
* CBRE Group Inc. Class A   8,214,447     1,074,285
* CoStar Group Inc.  11,712,444       927,977
  Extra Space Storage Inc.   5,893,266       875,091
  VICI Properties Inc.  26,695,011       870,791
Vanguard® 500 Index Fund
    Shares Market
Value
($000)
  AvalonBay Communities Inc.   3,948,702       847,470
  Ventas Inc.  12,151,580       835,543
  Iron Mountain Inc.   8,165,215       702,535
  Equity Residential   9,493,861       679,571
  SBA Communications Corp.   2,987,612       657,304
  Weyerhaeuser Co.  20,165,134       590,435
  Invitation Homes Inc.  15,842,598       552,115
  Essex Property Trust Inc.   1,786,137       547,576
  Mid-America Apartment Communities Inc.   3,247,291       544,181
  Kimco Realty Corp.  18,884,617       401,109
  Alexandria Real Estate Equities Inc.   4,280,523       395,991
  Healthpeak Properties Inc.  19,452,530       393,330
  UDR Inc.   8,368,035       377,984
  Camden Property Trust   2,962,777       362,348
  Regency Centers Corp.   4,538,974       334,795
  Host Hotels & Resorts Inc.  19,428,928       276,085
  BXP Inc.   4,045,205       271,797
  Federal Realty Investment Trust   2,142,983       209,627
* Millrose Properties Inc.          65             2
                    29,890,667
Utilities (2.5%)
  NextEra Energy Inc.  57,152,944     4,051,572
  Southern Co.  30,452,334     2,800,092
  Duke Energy Corp.  21,568,047     2,630,655
  Constellation Energy Corp.   8,694,184     1,753,008
  American Electric Power Co. Inc.  14,820,347     1,619,419
  Dominion Energy Inc.  23,345,091     1,308,959
  Exelon Corp.  27,939,999     1,287,475
  Sempra  17,603,246     1,256,168
  Public Service Enterprise Group Inc.  13,846,693     1,139,583
  Xcel Energy Inc.  15,959,830     1,129,796
  Vistra Corp.   9,455,693     1,110,477
  Consolidated Edison Inc.   9,627,778     1,064,736
  PG&E Corp.  60,965,461     1,047,387
  Entergy Corp.  11,917,410     1,018,819
  WEC Energy Group Inc.   8,830,418       962,339
  American Water Works Co. Inc.   5,417,648       799,211
  DTE Energy Co.   5,758,776       796,266
  Ameren Corp.   7,502,757       753,277
  PPL Corp.  20,521,065       741,016
  Atmos Energy Corp.   4,412,447       682,076
  CenterPoint Energy Inc.  18,117,442       656,395
  Edison International  10,756,687       633,784
  Eversource Energy  10,194,673       633,191
  CMS Energy Corp.   8,300,928       623,483
  FirstEnergy Corp.  14,257,966       576,307
  NRG Energy Inc.   5,627,148       537,168
  NiSource Inc.  13,062,182       523,663
  Alliant Energy Corp.   7,131,526       458,914
  Evergy Inc.   6,395,178       440,947
  Pinnacle West Capital Corp.   3,156,989       300,703
  AES Corp.  19,771,702       245,564
                    33,582,450
Total Common Stocks (Cost $860,701,943) 1,320,404,040
Vanguard® 500 Index Fund
    Shares Market
Value
($000)
Temporary Cash Investments (0.1%)
Money Market Fund (0.1%)
3,4 Vanguard Market Liquidity Fund, 4.342% (Cost $1,110,266) 11,103,770        1,110,266
Total Investments (100.0%) (Cost $861,812,209) 1,321,514,306
Other Assets and Liabilities—Net (0.0%) 467,646
Net Assets (100%) 1,321,981,952
Cost is in $000.
* Non-income-producing security.
1 Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $43,693.
2 Security value determined using significant unobservable inputs.
3 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
4 Collateral of $44,588 was received for securities on loan.
  CVR—Contingent Value Rights.
  
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 June 2025 1,622 458,479 (3,561)
    
Over-the-Counter Total Return Swaps
Reference Entity Termination
Date 		Counterparty Notional
Amount
($000) 		Floating
Interest Rate
Received
(Paid)1
(%) 		Value and
Unrealized
Appreciation
($000) 		Value and
Unrealized
(Depreciation)
($000)
Bank of America Corp. 1/30/26 CITNA 141,882 (5.187) 229 —
Bank of America Corp. 1/30/26 CITNA 123,750 (5.180) 2,202 —
Citigroup Inc. 8/31/26 BANA 75,888 (5.084) — (195)
Citigroup Inc. 8/31/26 BANA 70,990 (5.087) — (328)
Citigroup Inc. 8/31/26 BANA 63,891 (5.084) — (154)
Citigroup Inc. 8/31/26 BANA 40,819 (5.087) — (188)
Citigroup Inc. 8/31/26 BANA 18,173 (5.087) — (84)
Citigroup Inc. 8/31/26 BANA 17,748 (5.187) — (84)
Elevance Health Inc. 8/29/25 BANA 52,195 (5.033) — (95)
Global Payments Inc. 8/29/25 BANA 125,338 (5.087) — (232)
Global Payments Inc. 8/29/25 BANA 36,230 (5.087) — (67)
Global Payments Inc. 8/29/25 BANA 14,688 (5.083) — (30)
Goldman Sachs Group Inc. 8/29/25 BANA 79,758 (5.037) 69 —
Goldman Sachs Group Inc. 8/29/25 BANA 71,018 (5.087) 58 —
Goldman Sachs Group Inc. 8/29/25 BANA 54,629 (5.037) 48 —
Kroger Co. 1/30/26 GSI 66,390 (4.333) 1,188 —
Paycom Software Inc. 8/29/25 BANA 9,832 (5.187) — (24)
Paycom Software Inc. 8/29/25 BANA 5,244 (5.187) — (13)
VICI Properties Inc. 8/29/25 BANA 60,347 (5.087) 554 —
VICI Properties Inc. 8/29/25 BANA 24,465 (5.083) 276 —
Visa Inc. Class A 8/29/25 BANA 87,615 (4.337) — (169)
          4,624 (1,663)
1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly.
  BANA—Bank of America, N.A.
  CITNA—Citibank, N.A.
  GSI—Goldman Sachs International.
Vanguard® 500 Index Fund
At March 31, 2025, the counterparties had deposited in segregated accounts securities with a value of $263 in connection with open over-the-counter swap contracts.
A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
B. 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. Fluctuations in the value of the contracts are recorded as an asset (liability).
C. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.
A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.
Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.
D. Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.
Vanguard® 500 Index Fund
The following table summarizes the market value of the fund’s investments and derivatives as of March 31, 2025, based on the inputs used to value them:
  Level 1
($000) 		Level 2
($000) 		Level 3
($000) 		Total
($000)
Investments         
Assets        
Common Stocks 1,320,404,040 — — 1,320,404,040
Temporary Cash Investments 1,110,266 — — 1,110,266
Total 1,321,514,306 — — 1,321,514,306
Derivative Financial Instruments         
Assets        
Swap Contracts — 4,624 — 4,624
Liabilities        
Futures Contracts1 (3,561) — — (3,561)
Swap Contracts — (1,663) — (1,663)
Total (3,561) (1,663) — (5,224)
1 Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments.