Vanguard 500 Index Fund · • For the 12 months ended December 31, 2018, Vanguard 500 Index Fund...

See the inside front cover for important information about accessto your fund’s annual and semiannual shareholder reports.

Annual Report | December 31, 2018

Vanguard 500 Index Fund

Contents

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

Important information about access to shareholder reports

Beginning on January 1, 2021, as permitted by regulations adopted by theSecurities and Exchange Commission, paper copies of your fund’s annual andsemiannual shareholder reports will no longer be sent to you by mail, unless youspecifically request them. Instead, you will be notified by mail each time a reportis posted on the website and will be provided with a link to access the report.

If you have already elected to receive shareholder reports electronically, you will notbe affected by this change and do not need to take any action. You may elect toreceive shareholder reports and other communications from the fund electronicallyby contacting your financial intermediary (such as a broker-dealer or bank) or, if youinvest directly with the fund, by calling Vanguard at one of the phone numbers onthe back cover of this report or by logging on to vanguard.com.

You may elect to receive paper copies of all future shareholder reports freeof charge. If you invest through a financial intermediary, you can contact theintermediary to request that you continue to receive paper copies. If you investdirectly with the fund, you can call Vanguard at one of the phone numbers on theback cover of this report or log on to vanguard.com. Your election to receive papercopies will apply to all the funds you hold through an intermediary or directly withVanguard.

A Note From Our CEO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Your Fund’s Performance at a Glance. . . . . . . . . . . . . . . . . . 2

About Your Fund’s Expenses. . . . . . . . . . . . . . . . . . . . . . . . . 3

Performance Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Dear Shareholder,

Over the years, I’ve found that prudent

investors exhibit a common trait:

discipline. No matter how the markets

move or what new investing fad hits the

headlines, those who stay focused on

their goals and tune out the noise are

set up for long-term success.

The prime gateway to investing is saving,

and you don’t usually become a saver

without a healthy dose of discipline.

Savers make the decision to sock away

part of their income, which means

spending less and delaying gratification,

no matter how difficult that may be.

Of course, disciplined investing extends

beyond diligent saving. The financial

markets, in the short term especially,

are unpredictable; I have yet to meet the

investor who can time them perfectly.

It takes discipline to resist the urge to

go all-in when markets are frothy or to

retreat when things look bleak.

Staying put with your investments is one

strategy for handling volatility. Another,

rebalancing, requires even more discipline

because it means steering your money

away from strong performers and toward

poorer performers.

Patience—a form of discipline—is also

the friend of long-term investors. Higher

returns are the potential reward for

weathering the market’s turbulence

and uncertainty.

It’s important to be prepared for that

turbulence, whenever it appears. Don’t

panic. Don’t chase returns or look for

answers outside the asset classes you

trust. And be sure to rebalance periodically,

even when there’s turmoil.

Whether you’re a master of self-control,

get a boost from technology, or work with

a professional advisor, know that discipline

is necessary to get the most out of your

investment portfolio. And know that

Vanguard is with you for the entire ride.

Thank you for your continued loyalty.

Sincerely,

Mortimer J. Buckley

Chairman and Chief Executive Officer

January 17, 2019

A Note From Our CEO

Tim BuckleyChairman and Chief Executive Officer

1

• For the 12 months ended December 31, 2018, Vanguard 500 Index Fund returned

–4.52% for Investor Shares and –4.43% for Admiral Shares. The fund, which provides

exposure to the stocks of the largest U.S. companies, closely tracked its target index,

the Standard & Poor’s 500 Index, which returned –4.38%.

• The broad U.S. stock market returned about –5%, its first negative calendar-year result

since 2008. Growth stocks outperformed value; large-capitalization stocks bested small-

and mid-caps.

• Among sectors, financials and industrials were the biggest detractors. Health care and

information technology contributed most.

• For the ten years ended December 31, 2018, the 500 Index Fund posted an average

annual return of about 13%, in line with its target index.

• In November, Vanguard lowered the investment minimum for your fund’s Admiral

Shares from $10,000 to $3,000.

Your Fund’s Performance at a Glance

Market Barometer Average Annual Total Returns

Periods Ended December 31, 2018

One Year Three Years Five Years

Stocks

Russell 1000 Index (Large-caps) -4.78% 9.09% 8.21%

Russell 2000 Index (Small-caps) -11.01 7.36 4.41

Russell 3000 Index (Broad U.S. market) -5.24 8.97 7.91

FTSE All-World ex US Index (International) -14.13 4.58 1.05

Bonds

Bloomberg Barclays U.S. Aggregate Bond Index

(Broad taxable market) 0.01% 2.06% 2.52%

Bloomberg Barclays Municipal Bond Index

(Broad tax-exempt market) 1.28 2.30 3.82

FTSE Three-Month U.S. Treasury Bill Index 1.86 0.98 0.59

CPI

Consumer Price Index 1.91% 2.03% 1.51%

2

About Your Fund’s Expenses

3

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund’s costs in two ways:

• Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading ”Expenses Paid During Period.“

• Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and sellingsecurities. Further, the expenses do not include any purchase, redemption, or account servicefees described in the fund prospectus. If such fees were applied to your account, your costswould be higher. Your fund does not carry a “sales load.”

The calculations assume no shares were bought or sold during the period. Your actual costs mayhave been higher or lower, depending on the amount of your investment and the timing of anypurchases or redemptions.

You can find more information about the fund’s expenses, including annual expense ratios, in theFinancial Statements section of this report. For additional information on operating expenses andother shareholder costs, please refer to your fund’s current prospectus.

4

Six Months Ended December 31, 2018

500 Index Fund

BeginningAccount Value

6/30/2018

EndingAccount Value

12/31/2018

ExpensesPaid During

Period

Based on Actual Fund Return

Investor Shares $1,000.00 $930.77 $0.68

ETF Shares 1,000.00 931.45 0.10

Admiral™ Shares 1,000.00 931.25 0.19

Institutional Select Shares 1,000.00 931.42 0.05

Based on Hypothetical 5% Yearly Return

Investor Shares $1,000.00 $1,024.50 $0.71

ETF Shares 1,000.00 1,025.10 0.10

Admiral Shares 1,000.00 1,025.00 0.20

Institutional Select Shares 1,000.00 1,025.16 0.05

The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios forthat period are 0.14% for Investor Shares, 0.02% for ETF Shares, 0.04% for Admiral Shares, and 0.01% for Institutional Select Shares. Thedollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over theperiod, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent12-month period (184/365).

1234567

1234567

33,870

$43,000

5,000

Performance Summary

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

See Financial Highlights for dividend and capital gains information.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

500 Index Fund

5

Cumulative Performance: December 31, 2008, Through December 31, 2018Initial Investment of $10,000

Average Annual Total ReturnsPeriods Ended December 31, 2018

OneYear

FiveYears

TenYears

Final Valueof a $10,000Investment

500 Index Fund Investor Shares -4.52% 8.34% 12.97% $33,870

- - - - - - - - - - S&P 500 Index -4.38 8.49 13.12 34,304

Dow Jones U.S. Total Stock MarketFloat Adjusted Index -5.30 7.86 13.22 34,625

OneYear

FiveYears

SinceInception

(9/7/2010)


500 Index FundETF Shares Net Asset Value -4.42% 8.45% 12.81% $27,248

S&P 500 Index -4.38 8.49 12.85 27,325

Dow Jones U.S. Total Stock Market FloatAdjusted Index -5.30 7.86 12.63 26,886

"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards.

500 Index Fund

6

Average Annual Total ReturnsPeriods Ended December 31, 2018

OneYear

FiveYears

TenYears


500 Index Fund Admiral Shares -4.43% 8.46% 13.10% $34,247

S&P 500 Index -4.38 8.49 13.12 34,304

Dow Jones U.S. Total Stock Market Float Adjusted Index -5.30 7.86 13.22 34,625

OneYear

SinceInception

(6/24/2016)

Final Valueof a $5,000,000,000

Investment

500 Index Fund Institutional Select Shares -4.40% 10.78% $6,471,250,500

S&P 500 Index -4.38 10.79 6,471,833,715

Dow Jones U.S. Total Stock Market FloatAdjusted Index -5.30 10.46 6,423,697,561

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

Cumulative Returns of ETF Shares: September 7, 2010, Through December 31, 2018

OneYear

FiveYears

SinceInception

(9/7/2010)

500 Index Fund ETF Shares Market Price -4.47% 50.02% 172.43%

500 Index Fund ETF Shares Net Asset Value -4.42 50.05 172.48

S&P 500 Index -4.38 50.33 173.25

"Since Inception" performance is calculated from the ETF Shares’ inception date for both the fund and its comparative standards.

For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York StockExchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information abouthow the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select thePrice and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' marketprice was above or below the NAV.

Sector DiversificationAs of December 31, 2018

500 Index Fund

7

Communication Services 10.1%

Consumer Discretionary 9.9

Consumer Staples 7.4

Energy 5.3

Financials 13.4

Health Care 15.6

Industrials 9.2

Information Technology 20.1

Materials 2.7

Real Estate 3.0

Utilities 3.3

The table reflects the fund’s equity exposure, based on itsinvestments in stocks and stock index futures. Any holdings inshort-term reserves are excluded. Sector categories are based onthe Global Industry Classification Standard (“GICS”), except for the“Other” category (if applicable), which includes securities thathave not been provided a GICS classification as of the effectivereporting period.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service markof MSCI Inc. (“MSCI”) and Standard and Poor’s, a division of McGraw-Hill Companies, Inc. (“S&P”), and is licensed for useby Vanguard. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classificationmakes any express or implied warranties or representations with respect to such standard or classification (or the resultsto be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy,completeness, merchantability or fitness for a particular purpose with respect to any such standard or classification.Without limiting any of the foregoing, in no event shall MSCI, S&P, any of its affiliates or any third party involved inmaking or compiling the GICS or any GICS classification have any liability for any direct, indirect, special, punitive,consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Common Stocks (99.5%)1

Communication Services (10.1%) * Alphabet Inc. Class C 5,829,972 6,037,577* Facebook Inc. Class A 45,525,094 5,967,885* Alphabet Inc. Class A 5,665,331 5,920,044

Verizon

Communications Inc. 78,298,803 4,401,959

AT&T Inc. 137,912,898 3,936,034

Walt Disney Co. 28,209,421 3,093,163

Comcast Corp. Class A 86,031,121 2,929,360* Netflix Inc. 8,263,443 2,211,793

Twenty-First Century

Fox Inc. Class A 20,028,496 963,771* Charter

Communications Inc.

Class A 3,340,064 951,818

Activision Blizzard Inc. 14,459,184 673,364* Electronic Arts Inc. 5,725,288 451,782

Twenty-First Century

Fox Inc. 9,230,177 441,018* Twitter Inc. 13,704,746 393,874

Omnicom Group Inc. 4,248,007 311,124

CBS Corp. Class B 6,379,638 278,918

CenturyLink Inc. 18,027,593 273,118* Take-Two Interactive

Software Inc. 2,159,061 222,254

Viacom Inc. Class B 6,692,871 172,007* Discovery

Communications Inc. 6,819,337 157,390

Interpublic Group of

Cos. Inc. 7,277,853 150,142

News Corp. Class A 9,690,119 109,983* DISH Network Corp.

Class A 4,340,468 108,382* TripAdvisor Inc. 1,938,827 104,580*,^ Discovery

Communications Inc.

Class A 2,982,141 73,778

News Corp. Class B 6,219 72

40,335,190

Consumer Discretionary (9.9%) * Amazon.com Inc. 7,783,149 11,690,056

Home Depot Inc. 21,403,764 3,677,595

McDonald’s Corp. 14,608,127 2,593,965

NIKE Inc. Class B 24,125,282 1,788,648

Starbucks Corp. 23,508,155 1,513,925* Booking Holdings Inc. 877,958 1,512,212

Lowe’s Cos. Inc. 15,215,641 1,405,317

TJX Cos. Inc. 23,450,854 1,049,191

General Motors Co. 24,876,139 832,107

Target Corp. 9,888,774 653,549

Ross Stores Inc. 7,074,761 588,620

Marriott International

Inc. Class A 5,364,662 582,388

Ford Motor Co. 74,038,120 566,392

Yum! Brands Inc. 5,917,251 543,914

Dollar General Corp. 4,981,374 538,387* O’Reilly Automotive Inc. 1,517,671 522,580* eBay Inc. 17,150,081 481,403

VF Corp. 6,166,167 439,894* Dollar Tree Inc. 4,509,590 407,306

Hilton Worldwide

Holdings Inc. 5,619,315 403,467* AutoZone Inc. 477,831 400,585

Carnival Corp. 7,588,411 374,109

Royal Caribbean

Cruises Ltd. 3,248,096 317,631

Aptiv plc 4,993,164 307,429

Genuine Parts Co. 2,782,312 267,158* Ulta Beauty Inc. 1,068,392 261,585

Expedia Group Inc. 2,246,142 253,028

Best Buy Co. Inc. 4,439,195 235,100

Darden Restaurants Inc. 2,353,060 234,977

MGM Resorts

International 9,496,286 230,380

DR Horton Inc. 6,492,484 225,030

Advance Auto Parts Inc. 1,382,224 217,645

Lennar Corp. Class A 5,483,844 214,692

Kohl’s Corp. 3,131,552 207,747* CarMax Inc. 3,311,320 207,719

Financial Statements

Statement of Net AssetsAs of December 31, 2018

The fund reports a complete list of its holdings in regulatory filings four times in each fiscal year, at

the quarter-ends. For the second and fourth fiscal quarters, the lists appear in the fund’s semiannual

and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with

the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms

N-Q on the SEC’s website at sec.gov.

500 Index Fund

8

500 Index Fund

Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

* Chipotle Mexican Grill

Inc. Class A 463,587 200,172

Tractor Supply Co. 2,311,699 192,888

Tapestry Inc. 5,496,446 185,505

Wynn Resorts Ltd. 1,856,047 183,582

Hasbro Inc. 2,203,874 179,065* Norwegian Cruise Line

Holdings Ltd. 4,165,404 176,571

Macy’s Inc. 5,822,145 173,383

Tiffany & Co. 2,056,582 165,575

Newell Brands Inc. 8,132,211 151,178

Garmin Ltd. 2,288,155 144,886* LKQ Corp. 6,025,277 142,980* Mohawk Industries Inc. 1,195,481 139,823

BorgWarner Inc. 3,943,926 137,012

PVH Corp. 1,433,903 133,281

Whirlpool Corp. 1,208,525 129,155

PulteGroup Inc. 4,892,310 127,151

Foot Locker Inc. 2,175,981 115,762

L Brands Inc. 4,324,237 111,003* Michael Kors Holdings

Ltd. 2,844,728 107,872

Ralph Lauren Corp.

Class A 1,032,984 106,873

Harley-Davidson Inc. 3,083,735 105,217

Gap Inc. 4,045,102 104,202

Nordstrom Inc. 2,154,400 100,417

H&R Block Inc. 3,891,806 98,735

Goodyear Tire & Rubber

Co. 4,412,322 90,055

Leggett & Platt Inc. 2,469,041 88,490

Hanesbrands Inc. 6,830,936 85,592*,^ Mattel Inc. 6,535,351 65,288*,^ Under Armour Inc.

Class A 3,552,722 62,777*,^ Under Armour Inc. 3,642,688 58,902

Lennar Corp. Class B 76,975 2,412

Wyndham Hotels &

Resorts Inc. 216 10

39,611,545

Consumer Staples (7.4%)

Procter & Gamble Co. 47,210,675 4,339,605

Coca-Cola Co. 72,594,382 3,437,344

PepsiCo Inc. 26,748,745 2,955,201

Walmart Inc. 26,976,018 2,512,816

Philip Morris

International Inc. 29,457,223 1,966,564

Altria Group Inc. 35,606,812 1,758,620

Costco Wholesale Corp. 8,303,690 1,691,545

Mondelez International

Inc. Class A 27,550,051 1,102,829

Walgreens Boots

Alliance Inc. 15,233,759 1,040,923

Colgate-Palmolive Co. 16,435,661 978,251

Kimberly-Clark Corp. 6,562,385 747,718

Sysco Corp. 9,060,573 567,735

Estee Lauder Cos. Inc.

Class A 4,166,605 542,075

Kraft Heinz Co. 11,783,458 507,160

Constellation Brands

Inc. Class A 3,148,094 506,276

General Mills Inc. 11,297,934 439,942

Archer-Daniels-Midland

Co. 10,623,847 435,259

Kroger Co. 15,121,904 415,852

Clorox Co. 2,419,216 372,898* Monster Beverage Corp. 7,544,980 371,364

McCormick & Co. Inc. 2,308,071 321,376

Church & Dwight Co.

Inc. 4,667,283 306,921

Tyson Foods Inc.

Class A 5,593,626 298,700

Hershey Co. 2,658,362 284,923

Kellogg Co. 4,802,235 273,775^ Hormel Foods Corp. 5,163,036 220,358

Lamb Weston Holdings

Inc. 2,773,254 204,001

JM Smucker Co. 2,154,136 201,390

Molson Coors Brewing

Co. Class B 3,546,671 199,181

Conagra Brands Inc. 9,208,854 196,701

Brown-Forman Corp.

Class B 3,149,087 149,834*,^ Campbell Soup Co. 3,647,856 120,343

Coty Inc. Class A 8,538,203 56,011

29,523,491

Energy (5.3%)

Exxon Mobil Corp. 80,227,601 5,470,720

Chevron Corp. 36,207,844 3,939,051

ConocoPhillips 21,814,925 1,360,161

EOG Resources Inc. 10,988,511 958,308

Schlumberger Ltd. 26,240,368 946,753

Occidental Petroleum

Corp. 14,307,129 878,172

Marathon Petroleum

Corp. 13,091,083 772,505

Phillips 66 8,038,870 692,549

Valero Energy Corp. 8,039,814 602,745

Kinder Morgan Inc. 35,961,578 553,089

Williams Cos. Inc. 22,937,434 505,770

Halliburton Co. 16,601,107 441,257

Pioneer Natural

Resources Co. 3,230,016 424,812

ONEOK Inc. 7,795,538 420,569

Anadarko Petroleum

Corp. 9,555,625 418,919* Concho Resources Inc. 3,794,822 390,070

Diamondback Energy

Inc. 2,923,951 271,050

Marathon Oil Corp. 15,762,200 226,030

9

500 Index Fund

Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Baker Hughes a GE

Co. Class A 9,735,695 209,317

Devon Energy Corp. 8,878,674 200,125

Hess Corp. 4,719,423 191,137

Apache Corp. 7,197,985 188,947

National Oilwell Varco

Inc. 7,259,501 186,569

Cabot Oil & Gas Corp. 8,164,170 182,469

Noble Energy Inc. 9,084,927 170,433

TechnipFMC plc 8,068,418 157,980

HollyFrontier Corp. 3,018,880 154,325

Cimarex Energy Co. 1,810,628 111,625

Helmerich & Payne Inc. 2,064,754 98,984* Newfield Exploration

Co. 3,793,561 55,614

21,180,055

Financials (13.3%) * Berkshire Hathaway

Inc. Class B 35,620,768 7,273,048

JPMorgan Chase & Co. 63,012,774 6,151,307

Bank of America Corp. 172,949,801 4,261,483

Wells Fargo & Co. 80,278,244 3,699,222

Citigroup Inc. 46,275,685 2,409,112

US Bancorp 28,785,034 1,315,476

CME Group Inc. 6,779,749 1,275,406

American Express Co. 13,273,589 1,265,239

Chubb Ltd. 8,732,407 1,128,052

Goldman Sachs Group

Inc. 6,555,332 1,095,068

PNC Financial Services

Group Inc. 8,743,198 1,022,167

Morgan Stanley 24,773,515 982,270

Charles Schwab Corp. 22,775,616 945,871

BlackRock Inc. 2,301,255 903,979

Intercontinental

Exchange Inc. 10,793,314 813,060

Bank of New York

Mellon Corp. 17,238,503 811,416

S&P Global Inc. 4,754,508 807,981

MetLife Inc. 18,700,775 767,854

Marsh & McLennan

Cos. Inc. 9,545,045 761,217

Capital One Financial

Corp. 8,975,495 678,458

Progressive Corp. 11,048,936 666,582

Aon plc 4,563,513 663,352

American International

Group Inc. 16,763,427 660,647

Aflac Inc. 14,425,060 657,206

Prudential Financial Inc. 7,826,355 638,239

BB&T Corp. 14,601,642 632,543

Travelers Cos. Inc. 5,019,120 601,040

Allstate Corp. 6,527,029 539,328

State Street Corp. 7,191,607 453,575

Moody’s Corp. 3,159,022 442,390

SunTrust Banks Inc. 8,512,790 429,385

T. Rowe Price Group Inc. 4,560,379 421,014

M&T Bank Corp. 2,659,308 380,627

Discover Financial

Services 6,367,349 375,546

Willis Towers Watson

plc 2,462,788 373,999

Northern Trust Corp. 4,196,374 350,775

Hartford Financial

Services Group Inc. 6,800,110 302,265

Synchrony Financial 12,534,629 294,062

Fifth Third Bancorp 12,429,791 292,473

KeyCorp 19,611,814 289,863

Ameriprise Financial Inc. 2,641,767 275,721

Citizens Financial Group

Inc. 8,871,096 263,738

Regions Financial Corp. 19,601,153 262,264

Arthur J Gallagher & Co. 3,478,024 256,330* Berkshire Hathaway Inc.

Class A 829 253,674

MSCI Inc. Class A 1,669,070 246,071

Huntington Bancshares

Inc. 20,126,960 239,913

Loews Corp. 5,240,114 238,530

Cincinnati Financial

Corp. 2,866,225 221,903

Principal Financial

Group Inc. 4,989,511 220,387* First Republic Bank 2,493,174 216,657

E*TRADE Financial

Corp. 4,814,558 211,263

Comerica Inc. 3,066,358 210,628

Cboe Global Markets Inc. 2,127,539 208,137

Lincoln National Corp. 4,051,149 207,865* SVB Financial Group 1,009,726 191,767

Raymond James

Financial Inc. 2,441,987 181,708

Nasdaq Inc. 2,173,545 177,296

Everest Re Group Ltd. 770,747 167,838

Franklin Resources Inc. 5,635,744 167,156

Zions Bancorp NA 3,639,463 148,272

Torchmark Corp. 1,943,232 144,829

Invesco Ltd. 7,789,213 130,391

Unum Group 4,142,041 121,693

People’s United

Financial Inc. 7,146,950 103,131

Affiliated Managers

Group Inc. 997,564 97,203

Jefferies Financial

Group Inc. 5,322,804 92,404

Assurant Inc. 987,217 88,297* Brighthouse Financial

Inc. 2,246,095 68,461

53,246,124

10

500 Index Fund

Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Health Care (15.5%)

Johnson & Johnson 50,821,665 6,558,536

Pfizer Inc. 109,536,080 4,781,250

UnitedHealth Group

Inc. 18,229,528 4,541,340

Merck & Co. Inc. 49,275,377 3,765,132

AbbVie Inc. 28,503,743 2,627,760

Abbott Laboratories 33,280,869 2,407,205

Amgen Inc. 12,074,725 2,350,587

Medtronic plc 25,449,683 2,314,903

Eli Lilly & Co. 17,865,346 2,067,378

Thermo Fisher

Scientific Inc. 7,628,314 1,707,140

Bristol-Myers Squibb

Co. 30,929,173 1,607,698

CVS Health Corp. 24,504,922 1,605,563

Gilead Sciences Inc. 24,513,109 1,533,295* Cigna Corp. 7,215,333 1,370,336

Anthem Inc. 4,901,034 1,287,159

Danaher Corp. 11,687,843 1,205,250* Biogen Inc. 3,817,943 1,148,895

Becton Dickinson and

Co. 5,083,179 1,145,342* Intuitive Surgical Inc. 2,163,912 1,036,341* Boston Scientific Corp. 26,221,568 926,670

Stryker Corp. 5,885,193 922,504* Celgene Corp. 13,250,106 849,199* Illumina Inc. 2,785,485 835,451

Allergan plc 6,007,860 803,011* Vertex Pharmaceuticals

Inc. 4,842,540 802,457

Zoetis Inc. 9,104,263 778,779

Humana Inc. 2,599,549 744,719

HCA Healthcare Inc. 5,086,636 633,032

Baxter International Inc. 9,376,999 617,194* Edwards Lifesciences

Corp. 3,960,971 606,702* Regeneron

Pharmaceuticals Inc. 1,470,635 549,282* Centene Corp. 3,890,524 448,577* Alexion

Pharmaceuticals Inc. 4,227,397 411,579

McKesson Corp. 3,702,524 409,018

Agilent Technologies

Inc. 6,040,189 407,471

Zimmer Biomet

Holdings Inc. 3,865,297 400,909* IQVIA Holdings Inc. 3,003,029 348,862* Cerner Corp. 6,244,996 327,488

ResMed Inc. 2,701,120 307,577* IDEXX Laboratories Inc. 1,634,335 304,019* Align Technology Inc. 1,379,864 288,985* ABIOMED Inc. 853,164 277,312* Waters Corp. 1,435,813 270,866

* Mettler-Toledo

International Inc. 474,782 268,527* Mylan NV 9,774,432 267,819

Cardinal Health Inc. 5,677,589 253,220* Laboratory Corp. of

America Holdings 1,912,714 241,691

Cooper Cos. Inc. 930,756 236,877* Henry Schein Inc. 2,888,455 226,802* WellCare Health Plans

Inc. 947,736 223,751

AmerisourceBergen

Corp. Class A 2,973,622 221,237

Quest Diagnostics Inc. 2,578,393 214,703* Incyte Corp. 3,349,492 212,994* Hologic Inc. 5,108,414 209,956* Varian Medical Systems

Inc. 1,727,880 195,786

Universal Health

Services Inc. Class B 1,614,389 188,173

PerkinElmer Inc. 2,106,588 165,473

Dentsply Sirona Inc. 4,213,865 156,798* DaVita Inc. 2,390,362 123,008* Nektar Therapeutics

Class A 3,277,605 107,735

Perrigo Co. plc 2,366,820 91,714

61,939,037

Industrials (9.1%)

Boeing Co. 10,007,835 3,227,527

3M Co. 11,034,372 2,102,489

Union Pacific Corp. 13,961,870 1,929,949

Honeywell

International Inc. 14,029,386 1,853,562

United Technologies

Corp. 15,379,543 1,637,614

Caterpillar Inc. 11,182,475 1,420,957

United Parcel Service

Inc. Class B 13,174,028 1,284,863

General Electric Co. 164,825,076 1,247,726

Lockheed Martin Corp. 4,689,184 1,227,816

CSX Corp. 15,201,433 944,465

Deere & Co. 6,095,837 909,316

General Dynamics Corp. 5,275,452 829,354

Raytheon Co. 5,392,938 827,007

Northrop Grumman

Corp. 3,290,114 805,749* Norfolk Southern Corp. 5,160,816 771,748

FedEx Corp. 4,593,930 741,139

Illinois Tool Works Inc. 5,784,654 732,858

Emerson Electric Co. 11,865,621 708,971

Waste Management Inc. 7,432,697 661,436

Delta Air Lines Inc. 11,820,974 589,867

Eaton Corp. plc 8,212,033 563,838

Roper Technologies Inc. 1,959,866 522,343

Johnson Controls

International plc 17,508,466 519,126

11

500 Index Fund

Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

Southwest Airlines Co. 9,589,879 445,738

Ingersoll-Rand plc 4,655,268 424,700

PACCAR Inc. 6,622,700 378,421

Fortive Corp. 5,569,982 376,865

Cummins Inc. 2,799,683 374,150

Parker-Hannifin Corp. 2,508,279 374,085* United Continental

Holdings Inc. 4,337,723 363,197

Rockwell Automation

Inc. 2,287,291 344,191

Stanley Black & Decker

Inc. 2,863,251 342,846* Verisk Analytics Inc.

Class A 3,120,120 340,218* IHS Markit Ltd. 6,799,803 326,187* TransDigm Group Inc. 919,951 312,838

Harris Corp. 2,230,372 300,320

AMETEK Inc. 4,400,303 297,900

Republic Services Inc.

Class A 4,122,571 297,196

Fastenal Co. 5,441,724 284,548

Cintas Corp. 1,641,194 275,704

L3 Technologies Inc. 1,490,454 258,832

American Airlines

Group Inc. 7,771,217 249,534

WW Grainger Inc. 864,058 243,975

Xylem Inc. 3,403,098 227,055

Expeditors International

of Washington Inc. 3,268,322 222,540

CH Robinson

Worldwide Inc. 2,607,146 219,235

Equifax Inc. 2,283,180 212,633

Textron Inc. 4,600,891 211,595

Dover Corp. 2,770,941 196,598* Copart Inc. 3,899,580 186,322

Kansas City Southern 1,927,991 184,027

Masco Corp. 5,794,433 169,429* United Rentals Inc. 1,535,743 157,460

Nielsen Holdings plc 6,730,531 157,023

Huntington Ingalls

Industries Inc. 813,229 154,766

JB Hunt Transport

Services Inc. 1,653,872 153,876

Snap-on Inc. 1,054,445 153,200

Allegion plc 1,799,903 143,470

Alaska Air Group Inc. 2,334,344 142,045

Arconic Inc. 8,144,268 137,312

Jacobs Engineering

Group Inc. 2,263,670 132,334

Robert Half

International Inc. 2,300,450 131,586

AO Smith Corp. 2,724,690 116,344

Pentair plc 3,024,175 114,253

Fortune Brands Home

& Security Inc. 2,679,909 101,810

Rollins Inc. 2,789,287 100,693

Flowserve Corp. 2,477,712 94,203

Fluor Corp. 2,663,869 85,777

Quanta Services Inc. 2,765,158 83,231

36,659,982

Information Technology (20.0%)

Microsoft Corp. 146,457,745 14,875,713

Apple Inc. 85,426,039 13,475,103

Visa Inc. Class A 33,298,615 4,393,419

Intel Corp. 86,484,577 4,058,721

Cisco Systems Inc. 85,196,774 3,691,576

Mastercard Inc.

Class A 17,217,931 3,248,163

Oracle Corp. 48,295,933 2,180,561* Adobe Inc. 9,249,785 2,092,671

Broadcom Inc. 7,834,481 1,992,152* salesforce.com Inc. 14,496,209 1,985,546

International Business

Machines Corp. 17,221,251 1,957,540* PayPal Holdings Inc. 22,329,121 1,877,656

Texas Instruments Inc. 18,201,450 1,720,037

Accenture plc Class A 12,079,529 1,703,334

NVIDIA Corp. 11,558,944 1,543,119

QUALCOMM Inc. 22,969,654 1,307,203

Automatic Data

Processing Inc. 8,295,138 1,087,659

Intuit Inc. 4,918,157 968,139

Cognizant Technology

Solutions Corp.

Class A 10,972,201 696,515* Micron Technology Inc. 21,224,841 673,464

Fidelity National

Information Services

Inc. 6,205,227 636,346

HP Inc. 29,986,763 613,529

Applied Materials Inc. 18,626,443 609,830

Analog Devices Inc. 7,013,798 601,994* Red Hat Inc. 3,349,145 588,244* Fiserv Inc. 7,549,671 554,825* Autodesk Inc. 4,149,645 533,686

TE Connectivity Ltd. 6,499,545 491,561

Amphenol Corp.

Class A 5,709,714 462,601

Corning Inc. 15,163,861 458,100

Xilinx Inc. 4,794,978 408,388

Lam Research Corp. 2,941,010 400,477

Paychex Inc. 6,056,502 394,581

Motorola Solutions Inc. 3,099,001 356,509

Hewlett Packard

Enterprise Co. 26,970,197 356,276^ Microchip Technology

Inc. 4,482,459 322,378* FleetCor Technologies

Inc. 1,680,859 312,169

Global Payments Inc. 2,999,038 309,291

12

500 Index Fund

Market

Value•

Shares ($000)

Market

Value•

Shares ($000)

* Advanced Micro

Devices Inc. 16,670,013 307,728* VeriSign Inc. 2,016,603 299,042

NetApp Inc. 4,774,759 284,910

DXC Technology Co. 5,310,304 282,349

Maxim Integrated

Products Inc. 5,252,079 267,068

KLA-Tencor Corp. 2,901,944 259,695

Total System Services

Inc. 3,182,092 258,672

Citrix Systems Inc. 2,424,338 248,398* Synopsys Inc. 2,829,838 238,386* Cadence Design

Systems Inc. 5,342,623 232,297

Symantec Corp. 12,113,840 228,891* ANSYS Inc. 1,584,294 226,459

Skyworks Solutions Inc. 3,361,865 225,312* Keysight Technologies

Inc. 3,554,085 220,638* Gartner Inc. 1,721,042 220,018

Broadridge Financial

Solutions Inc. 2,210,669 212,777* Arista Networks Inc. 985,571 207,660

Western Digital Corp. 5,480,405 202,611* Fortinet Inc. 2,741,908 193,113

Seagate Technology plc 4,931,844 190,320* Akamai Technologies

Inc. 3,084,398 188,395* F5 Networks Inc. 1,149,705 186,287

Jack Henry &

Associates Inc. 1,463,743 185,193

Juniper Networks Inc. 6,535,701 175,876* Qorvo Inc. 2,367,308 143,767

Western Union Co. 8,385,006 143,048

Alliance Data Systems

Corp. 887,010 133,123

FLIR Systems Inc. 2,619,317 114,045

Xerox Corp. 3,924,937 77,557* IPG Photonics Corp. 678,622 76,881

80,169,592

Materials (2.7%)

DowDuPont Inc. 43,477,540 2,325,179

Linde plc 10,442,646 1,629,471

Ecolab Inc. 4,816,379 709,693

Air Products &

Chemicals Inc. 4,159,378 665,708

Sherwin-Williams Co. 1,561,239 614,285

LyondellBasell

Industries NV Class A 5,961,019 495,718

PPG Industries Inc. 4,545,880 464,725

Newmont Mining Corp. 10,095,418 349,806

International Paper Co. 7,677,192 309,851

Nucor Corp. 5,950,270 308,284

Ball Corp. 6,429,896 295,647

Freeport-McMoRan

Inc. 27,445,469 282,963

International Flavors &

Fragrances Inc. 1,920,170 257,821

Vulcan Materials Co. 2,500,645 247,064

Celanese Corp. Class A 2,533,833 227,969

Martin Marietta

Materials Inc. 1,188,887 204,334

Mosaic Co. 6,725,352 196,448

Eastman Chemical Co. 2,651,826 193,875

CF Industries Holdings

Inc. 4,370,049 190,141

FMC Corp. 2,549,777 188,582

Westrock Co. 4,808,191 181,557^ Albemarle Corp. 2,011,100 154,995

Packaging Corp. of

America 1,789,333 149,338

Avery Dennison Corp. 1,641,842 147,487

Sealed Air Corp. 2,971,537 103,528

10,894,469

Real Estate (2.9%)

American Tower Corp. 8,346,720 1,320,368

Simon Property Group

Inc. 5,860,830 984,561

Crown Castle

International Corp. 7,860,938 853,934

Prologis Inc. 11,928,876 700,464

Public Storage 2,841,332 575,114

Equinix Inc. 1,523,189 537,015

Welltower Inc. 7,117,481 494,024

Equity Residential 6,981,353 460,839

AvalonBay

Communities Inc. 2,619,136 455,861

Digital Realty Trust Inc. 3,909,234 416,529

Ventas Inc. 6,755,246 395,790

Realty Income Corp. 5,593,015 352,584* SBA Communications

Corp. Class A 2,147,687 347,689

Boston Properties Inc. 2,927,318 329,470

Weyerhaeuser Co. 14,201,202 310,438

Essex Property Trust

Inc. 1,252,251 307,064

HCP Inc. 9,052,416 252,834* CBRE Group Inc.

Class A 6,010,257 240,651

Alexandria Real Estate

Equities Inc. 2,038,952 234,969

Host Hotels & Resorts

Inc. 14,069,715 234,542

Extra Space Storage Inc. 2,398,782 217,042

UDR Inc. 5,225,309 207,027

Mid-America Apartment

Communities Inc. 2,155,657 206,296

Vornado Realty Trust 3,284,004 203,707

Regency Centers Corp. 3,208,714 188,287

13

500 Index Fund

Market

Value•

Shares ($000)

Face Market

Amount Value•

($000) ($000)

Duke Realty Corp. 6,784,916 175,729

Iron Mountain Inc. 5,419,867 175,658

Federal Realty

Investment Trust 1,398,701 165,103

Apartment Investment

& Management Co. 2,947,391 129,331

SL Green Realty Corp. 1,614,840 127,701

Kimco Realty Corp. 7,979,347 116,897

Macerich Co. 2,003,046 86,692

11,804,210

Utilities (3.3%)

NextEra Energy Inc. 9,055,989 1,574,112

Duke Energy Corp. 13,507,473 1,165,695

Dominion Energy Inc. 12,436,218 888,692

Southern Co. 19,495,839 856,257

Exelon Corp. 18,322,197 826,331

American Electric

Power Co. Inc. 9,342,694 698,273

Sempra Energy 5,185,085 560,974

Public Service

Enterprise Group Inc. 9,577,021 498,484

Xcel Energy Inc. 9,738,524 479,817

Consolidated Edison Inc. 5,901,631 451,239

WEC Energy Group Inc. 5,979,680 414,153

Eversource Energy 6,005,874 390,622

PPL Corp. 13,646,719 386,612

DTE Energy Co. 3,447,503 380,260

Edison International 6,174,898 350,549

FirstEnergy Corp. 9,208,603 345,783

American Water Works

Co. Inc. 3,423,377 310,740

Ameren Corp. 4,630,479 302,046

Entergy Corp. 3,433,879 295,554

Evergy Inc. 4,994,125 283,516

CenterPoint Energy Inc. 9,500,860 268,209

CMS Energy Corp. 5,371,303 266,685* PG&E Corp. 9,833,830 233,553

NRG Energy Inc. 5,490,331 217,417* Alliant Energy Corp. 4,474,811 189,061

AES Corp. 12,540,941 181,342

Pinnacle West Capital

Corp. 2,125,498 181,092

NiSource Inc. 6,879,203 174,388

SCANA Corp. 2,706,750 129,329

13,300,785

Total Common Stocks

(Cost $290,571,598) 398,664,480

Temporary Cash Investments (0.5%)1

Money Market Fund (0.5%)2,3 Vanguard Market

Liquidity Fund,

2.530% 21,319,887 2,131,989

U.S. Government and Agency Obligations (0.0%)

United States

Treasury Bill,

2.280%, 2/7/19 10,000 9,9764 United States

Treasury Bill,

2.314%, 2/28/19 32,000 31,8804 United States

Treasury Bill,

2.365%, 3/21/19 20,000 19,9004 United States

Treasury Bill,

2.474%, 5/9/19 28,000 27,7624 United States

Treasury Bill,

2.497%, 5/23/19 8,000 7,924

97,442

Total Temporary Cash Investments

(Cost $2,229,269) 2,229,431

Total Investments (100.0%)

(Cost $292,800,867) 400,893,911

Amount

($000)

Other Assets and Liabilities (0.0%)

Other Assets

Investment in Vanguard 23,100

Receivables for Investment

Securities Sold 297,942

Receivables for Accrued Income 467,536

Receivables for Capital Shares Issued 796,468

Variation Margin Receivable—

Futures Contracts 14,508

Other Assets 986

Total Other Assets 1,600,540

Liabilities

Payables for Investment Securities

Purchased (444,886)

Collateral for Securities on Loan (540,005)

Payables for Capital Shares Redeemed (688,890)

Payables to Vanguard (113,321)

Total Liabilities (1,787,102)

Net Assets (100%) 400,707,349

14

500 Index Fund

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

At December 31, 2018, net assets consisted of:

Amount

($000)

Amount

($000)

Paid-in Capital 293,056,767

Total Distributable Earnings (Loss) 107,650,582

Net Assets 400,707,349

Investor Shares—Net Assets

Applicable to 100,077,825 outstanding

$.001 par value shares of beneficial

interest (unlimited authorization) 23,161,935

Net Asset Value Per Share—

Investor Shares $231.44

ETF Shares—Net Assets





ETF Shares $229.68

Admiral Shares—Net Assets





Admiral Shares $231.44

Institutional Select Shares—Net Assets





Institutional Select Shares $122.64

• See Note A in Notes to Financial Statements.

* Non-income-producing security.

^ Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $519,980,000.

1 The fund invests a portion of its cash reserves in equity markets through the use of index futures contracts. After giving effect to futures investments, the fund’s effective common stock and temporary cash investment positions represent 100.0% and 0.0%, respectively, of net assets.

2 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.

3 Includes $540,005,000 of collateral received for securities on loan.

4 Securities with a value of $87,366,000 have been segregated as initial margin for open futures contracts.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

($000)

Value and

Number of Unrealized

Long (Short) Notional Appreciation

Expiration Contracts Amount (Depreciation)

Long Futures Contracts

E-mini S&P 500 Index March 2019 16,570 2,075,558 (64,847)

15

Year Ended

December 31, 2018

($000)

Investment Income

Income

Dividends 8,795,154

Interest1 31,767

Securities Lending—Net 3,598

Total Income 8,830,519

Expenses

The Vanguard Group—Note B

Investment Advisory Services 15,468

Management and Administrative—Investor Shares 32,487

Management and Administrative—ETF Shares 19,222

Management and Administrative—Admiral Shares 73,345

Management and Administrative—Institutional Select Shares 3,138

Marketing and Distribution—Investor Shares 4,019

Marketing and Distribution—ETF Shares 4,647

Marketing and Distribution—Admiral Shares 13,909

Marketing and Distribution—Institutional Select Shares 2

Custodian Fees 2,346

Auditing Fees 48

Shareholders’ Reports—Investor Shares 373

Shareholders’ Reports—ETF Shares 782

Shareholders’ Reports—Admiral Shares 1,220

Shareholders’ Reports—Institutional Select Shares 14

Trustees’ Fees and Expenses 275

Total Expenses 171,295

Net Investment Income 8,659,224

Realized Net Gain (Loss)

Investment Securities Sold1,2 14,389,018

Futures Contracts (85,932)

Realized Net Gain (Loss) 14,303,086

Change in Unrealized Appreciation (Depreciation)

Investment Securities1 (43,303,022)

Futures Contracts (75,009)

Change in Unrealized Appreciation (Depreciation) (43,378,031)

Net Increase (Decrease) in Net Assets Resulting from Operations (20,415,721)

1 Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $30,057,000, ($358,000), and $33,000, respectively. Purchases and sales are for temporary cash investment purposes.

2 Includes $14,063,188,000 of net gain (loss) resulting from in-kind redemptions; such gain (loss) is not taxable to the fund.

Statement of Operations

500 Index Fund


16

Statement of Changes in Net Assets

500 Index Fund


Year Ended December 31,

2018 2017

($000) ($000)

Increase (Decrease) in Net Assets

Operations

Net Investment Income 8,659,224 6,543,479

Realized Net Gain (Loss) 14,303,086 6,306,381

Change in Unrealized Appreciation (Depreciation) (43,378,031) 52,957,229

Net Increase (Decrease) in Net Assets Resulting from Operations (20,415,721) 65,807,089

Distributions

Net Investment Income

Investor Shares (474,872) (502,714)

ETF Shares (1,812,323) (1,392,614)

Admiral Shares (4,653,557) (4,061,760)

Institutional Select Shares (1,066,831) (593,341)

Realized Capital Gain

Investor Shares — —

ETF Shares — —

Admiral Shares — —

Institutional Select Shares — —

Total Distributions (8,007,583) (6,550,429)

Capital Share Transactions

Investor Shares (3,019,824) (3,875,867)

ETF Shares 14,094,239 14,595,756

Admiral Shares 10,715,967 16,802,846

Institutional Select Shares 15,905,665 22,089,206

Net Increase (Decrease) from Capital Share Transactions 37,696,047 49,611,941

Total Increase (Decrease) 9,272,743 108,868,601

Net Assets

Beginning of Period 391,434,606 282,566,005

End of Period 400,707,349 391,434,606

17

Investor Shares

For a Share Outstanding Year Ended December 31,

Throughout Each Period 2018 2017 2016 2015 2014

Net Asset Value, Beginning of Period $246.82 $206.57 $188.48 $189.89 $170.36

Investment Operations

Net Investment Income 4.8961 4.2211 3.997 3.775 3.326

Net Realized and Unrealized Gain (Loss)

on Investments (15.776) 40.205 18.069 (1.438) 19.507

Total from Investment Operations (10.880) 44.426 22.066 2.337 22.833

Distributions

Dividends from Net Investment Income (4.500) (4.176) (3.976) (3.747) (3.303)

Distributions from Realized Capital Gains — — — — —

Total Distributions (4.500) (4.176) (3.976) (3.747) (3.303)

Net Asset Value, End of Period $231.44 $246.82 $206.57 $188.48 $189.89

Total Return2 -4.52% 21.67% 11.82% 1.25% 13.51%

Ratios/Supplemental Data

Net Assets, End of Period (Millions) $23,162 $27,656 $26,652 $26,092 $28,040

Ratio of Total Expenses to Average Net Assets 0.14% 0.14% 0.14% 0.16% 0.17%

Ratio of Net Investment Income to

Average Net Assets 1.95% 1.87% 2.05% 2.00% 1.88%

Portfolio Turnover Rate3 4% 3% 4% 3% 3%

1 Calculated based on average shares outstanding.

2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.

3 Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF Creation Units.

Financial Highlights


500 Index Fund

18



500 Index Fund

ETF Shares







on Investments (15.719) 39.874 17.933 (1.427) 19.352


Distributions





Total Return -4.42% 21.78% 11.93% 1.35% 13.63%









19



500 Index Fund

Admiral Shares







on Investments (15.808) 40.193 18.074 (1.439) 19.503


Distributions





Total Return2 -4.43% 21.79% 11.93% 1.36% 13.64%








2 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.


20



500 Index Fund

Institutional Select Shares

June 24,

Year Ended 20161 to

Dec. 31, Dec. 31,

For a Share Outstanding Throughout Each Period 2018 2017 2016

Net Asset Value, Beginning of Period $130.79 $109.45 $99.57


Net Investment Income 2.8082 2.4232 1.200

Net Realized and Unrealized Gain (Loss) on Investments (8.400) 21.283 9.859

Total from Investment Operations (5.592) 23.706 11.059

Distributions

Dividends from Net Investment Income (2.558) (2.366) (1.179)

Distributions from Realized Capital Gains — — —

Total Distributions (2.558) (2.366) (1.179)

Net Asset Value, End of Period $122.64 $130.79 $109.45

Total Return -4.40% 21.83% 11.12%


Net Assets, End of Period (Millions) $56,531 $44,907 $17,753

Ratio of Total Expenses to Average Net Assets 0.01% 0.01% 0.01%3

Ratio of Net Investment Income to Average Net Assets 2.08% 2.00% 2.26%3

Portfolio Turnover Rate4 4% 3% 4%5

1 Inception.


3 Annualized.


5 Reflects the fund’s portfolio turnover for the fiscal year ended December 31, 2016.

21

Notes to Financial Statements

500 Index Fund

22

Vanguard 500 Index Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers four classes of shares: Investor Shares, ETF Shares, Admiral Shares, and Institutional Select Shares. Each of the share classes has different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker.

On November 19, 2018, the fund announced changes to the availability and minimum investment criteria of the Investor and Admiral share classes. It is anticipated that all of the outstanding Investor Shares will be automatically converted to Admiral Shares beginning in April 2019, with the exception of those held by Vanguard funds and certain other institutional investors.

A. The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.

1. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services.

2. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any assets pledged as initial margin for open contracts are noted in the Statement of Net Assets.

Futures contracts are valued at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Net Assets. Fluctuations in the value of the contracts are recorded in the Statement of Net Assets as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized futures gains (losses).

500 Index Fund

23

During the year ended December 31, 2018, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end during the period.

3. Federal Income Taxes: The fund intends to continue to qualify as a regulated investment company and distribute all of its taxable income. Management has analyzed the fund’s tax positions taken for all open federal income tax years (December 31, 2015–2018), and has concluded that no provision for federal income tax is required in the fund’s financial statements.

4. Distributions: Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

5. Securities Lending: To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Net Assets for the return of the collateral, during the period the securities are on loan. Securities lending income represents fees charged to borrowers plus income earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.

6. Credit Facility: The fund and certain other funds managed by The Vanguard Group (“Vanguard”) participate in a $3.1 billion committed credit facility provided by a syndicate of lenders pursuant to a credit agreement that may be renewed annually; each fund is individually liable for its borrowings, if any, under the credit facility. Borrowings may be utilized for temporary and emergency purposes, and are subject to the fund’s regulatory and contractual borrowing restrictions. The participating funds are charged administrative fees and an annual commitment fee of 0.10% of the undrawn amount of the facility; these fees are allocated to the funds based on a method approved by the fund’s board of trustees and included in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under this facility bear interest at a rate based upon the higher of the one-month London Interbank Offered Rate, federal funds effective rate, or overnight bank funding rate plus an agreed-upon spread.

The fund had no borrowings outstanding at December 31, 2018, or at any time during the period then ended.

7. Other: Dividend income is recorded on the ex-dividend date. Interest income includes income distributions received from Vanguard Market Liquidity Fund and is accrued daily. Premiums and discounts on debt securities purchased are amortized and accreted, respectively, to interest income

500 Index Fund

over the lives of the respective securities. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment securities are those of the specific securities sold.

Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses) and shareholder reporting. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and gains and losses on investments are allocated to each class of shares based on its relative net assets.

B. In accordance with the terms of a Funds’ Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees. Vanguard does not require reimbursement in the current period for certain costs of operations (such as deferred compensation/benefits and risk/insurance costs); the fund’s liability for these costs of operations is included in Payables to Vanguard on the Statement of Net Assets. All other costs of operations payable to Vanguard are generally settled twice a month.

Upon the request of Vanguard, the fund may invest up to 0.40% of its net assets as capital in Vanguard. At December 31, 2018, the fund had contributed to Vanguard capital in the amount of $23,100,000, representing 0.01% of the fund’s net assets and 9.24% of Vanguard’s capitalization. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.

C. Various inputs may be used to determine the value of the fund’s investments. 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 valued with significant unobservable inputs are noted on the Statement of Net Assets.

The following table summarizes the market value of the fund’s investments as of December 31, 2018, based on the inputs used to value them:

Level 1 Level 2 Level 3 Investments ($000) ($000) ($000)

Common Stocks 398,664,480 — —

Temporary Cash Investments 2,131,989 97,442 —

Futures Contracts—Assets1 14,508 — —

Total 400,810,977 97,442 —

1 Represents variation margin on the last day of the reporting period.

24

500 Index Fund

D. Permanent differences between book-basis and tax-basis components of net assets are

reclassified among capital accounts in the financial statements to reflect their tax character.

These reclassifications have no effect on net assets or net asset value per share. As of period

end, permanent differences primarily attributable to the accounting for in-kind redemptions were

reclassified between the following accounts:

Amount

($000)

Paid-in Capital 14,063,188

Total Distributable Earnings (Loss) (14,063,188)

Temporary differences between book-basis and tax-basis components of total distributable

earnings (loss) arise when certain items of income, gain, or loss are recognized in different periods

for financial statement and tax purposes; these differences will reverse at some time in the future.

The differences are primarily related to the tax deferral of losses on wash sales and the realization

of unrealized gains or losses on certain futures contracts. As of period end, the tax-basis

components of total distributable earnings (loss) are detailed in the table as follows:

Amount

($000)

Undistributed Ordinary Income 660,893

Undistributed Long-Term Gains —

Capital Loss Carryforwards (Non-expiring)* (996,573)

Net Unrealized Gains (Losses) 108,093,044

* The fund used capital loss carryforwards of $164,889,000 to offset taxable capital gains realized during the year ended December 31, 2018, reducing the amount of capital gains that would otherwise be available to distribute to shareholders.

As of December 31, 2018, gross unrealized appreciation and depreciation for investments and

derivatives based on cost for U.S. federal income tax purposes were as follows:

E. During the year ended December 31, 2018, the fund purchased $74,314,407,000 of

investment securities and sold $36,727,631,000 of investment securities, other than temporary

cash investments. Purchases and sales include $47,248,097,000 and $21,334,284,000, respectively,

in connection with in-kind purchases and redemptions of the fund’s capital shares.

25

Amount

($000)

Tax Cost 292,800,867

Gross Unrealized Appreciation 134,554,192

Gross Unrealized Depreciation (26,461,148)

Net Unrealized Appreciation (Depreciation) 108,093,044

500 Index Fund

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

Year Ended December 31,

2018 2017

Amount Shares Amount Shares

($000) (000) ($000) (000)

Investor Shares

Issued 3,739,073 14,707 4,064,839 18,044

Issued in Lieu of Cash Distributions 444,813 1,788 473,688 2,063

Redeemed (7,203,710) (28,466) (8,414,394) (37,077)

Net Increase (Decrease)—Investor Shares (3,019,824) (11,971) (3,875,867) (16,970)

ETF Shares

Issued 33,022,329 130,065 23,401,120 104,080

Issued in Lieu of Cash Distributions — — — —

Redeemed (18,928,090) (76,900) (8,805,364) (38,950)

Net Increase (Decrease)—ETF Shares 14,094,239 53,165 14,595,756 65,130

Admiral Shares

Issued 40,632,052 160,485 38,394,575 170,114

Issued in Lieu of Cash Distributions 4,116,552 16,541 3,598,566 15,616

Redeemed (34,032,637) (134,667) (25,190,295) (111,384)

Net Increase (Decrease)—Admiral Shares 10,715,967 42,359 16,802,846 74,346

Institutional Select Shares

Issued 19,415,700 143,348 22,971,601 188,566

Issued in Lieu of Cash Distributions 1,066,831 8,093 593,340 4,807

Redeemed (4,576,866) (33,838) (1,475,735) (12,216)

Net Increase (Decrease)—

Institutional Select Shares 15,905,665 117,603 22,089,206 181,157

G. Management has determined that no events or transactions occurred subsequent to

December 31, 2018, that would require recognition or disclosure in these financial statements.

26

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

Opinion on the Financial Statements

We have audited the accompanying statement of net assets of Vanguard 500 Index Fund (one of the

funds constituting Vanguard Index Funds, referred to hereafter as the “Fund”) as of December 31,

2018, the related statement of operations for the year ended December 31, 2018, the statement of

changes in net assets for each of the two years in the period ended December 31, 2018, including

the related notes, and the financial highlights for each of the periods indicated therein (collectively

referred to as the “financial statements”). In our opinion, the financial statements present fairly, in

all material respects, the financial position of the Fund as of December 31, 2018, the results of its

operations for the year then ended, the changes in its net assets for each of the two years in the

period ended December 31, 2018 and the financial highlights for each of the periods indicated therein

in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility

is to express an opinion on the Fund’s financial statements based on our audits. We are a public

accounting firm registered with the Public Company Accounting Oversight Board (United States)

(“PCAOB”) and are required to be independent with respect to the Fund in accordance with the

U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange

Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of

the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether the financial statements are free of material misstatement, whether

due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the

financial statements, whether due to error or fraud, and performing procedures that respond to

those risks. Such procedures included examining, on a test basis, evidence regarding the amounts

and disclosures in the financial statements. Our audits also included evaluating the accounting

principles used and significant estimates made by management, as well as evaluating the overall

presentation of the financial statements. Our procedures included confirmation of securities owned

as of December 31, 2018 by correspondence with the custodians and brokers and by agreement to

the underlying ownership records of the transfer agent; when replies were not received from brokers,

we performed other auditing procedures. We believe that our audits provide a reasonable basis for

our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 13, 2019

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

Funds since 1975.

Report of Independent Registered Public Accounting Firm

27

Special 2018 tax information (unaudited) for Vanguard 500 Index Fund

This information for the fiscal year ended December 31, 2018, is included pursuant to provisions

of the Internal Revenue Code.

The fund distributed $8,007,583,000 of qualified dividend income to shareholders during the

fiscal year.

For corporate shareholders, 94.5% of investment income (dividend income plus short-term gains,

if any) qualifies for the dividends-received deduction.

28

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The People Who Govern Your Fund

The trustees of your mutual fund are there to see that the fund is operated and managed in your

best interests since, as a shareholder, you are a part owner of the fund. Your fund’s trustees also

serve on the board of directors of The Vanguard Group, Inc., which is owned by the Vanguard

funds and provides services to them.

A majority of Vanguard’s board members are independent, meaning that they have no affiliation

with Vanguard or the funds they oversee, apart from the sizable personal investments they have

made as private individuals. The independent board members have distinguished backgrounds

in business, academia, and public service. Each of the trustees and executive officers oversees

212 Vanguard funds.

Information for each trustee and executive officer of the fund appears below. The mailing address

of the trustees and officers is P.O. Box 876, Valley Forge, PA 19482. More information about the

trustees is in the Statement of Additional Information, which can be obtained, without charge,

by contacting Vanguard at 800-662-7447, or online at vanguard.com.

Interested Trustees1

F. William McNabb III

Born in 1957. Trustee since July 2009. Principal

occupation(s) during the past five years and

other experience: chairman of the board

(January 2010–present) of Vanguard and of each

of the investment companies served by Vanguard,

trustee (2009–present) of each of the investment

companies served by Vanguard, and director

(2008–present) of Vanguard. Chief executive officer

and president (2008–2017) of Vanguard and each

of the investment companies served by Vanguard,

managing director (1995–2008) of Vanguard,

and director (1997–2018) of Vanguard Marketing

Corporation. Director (2018–present) of

UnitedHealth Group.

Mortimer J. Buckley

Born in 1969. Trustee since January 2018. Principal

occupation(s) during the past five years and

other experience: chief executive officer

(January 2018–present) of Vanguard; chief executive

officer, president, and trustee (January 2018–present)

of each of the investment companies served by

Vanguard; president and director (2017–present) of

Vanguard; and president (February 2018–present) of

Vanguard Marketing Corporation. Chief investment

officer (2013–2017), managing director (2002–2017),

head of the Retail Investor Group (2006–2012), and

chief information officer (2001–2006) of Vanguard.

Chairman of the board (2011–2017) of the Children’s

Hospital of Philadelphia.

Independent Trustees

Emerson U. Fullwood


occupation(s) during the past five years and other

experience: executive chief staff and marketing officer

for North America and corporate vice president (retired

2008) of Xerox Corporation (document management

products and services). Former president of the

Worldwide Channels Group, Latin America, and

Worldwide Customer Service and executive chief

staff officer of Developing Markets of Xerox. Executive

in residence and 2009–2010 Distinguished Minett

Professor at the Rochester Institute of Technology.

Lead director of SPX FLOW, Inc. (multi-industry

manufacturing). Director of the University of Rochester

Medical Center, the Monroe Community College

Foundation, the United Way of Rochester, North

Carolina A&T University, and Roberts Wesleyan

College. Trustee of the University of Rochester.

Amy Gutmann

Born in 1949. Trustee since June 2006. Principal


experience: president (2004–present) of the University

of Pennsylvania. Christopher H. Browne Distinguished

Professor of Political Science, School of Arts and

Sciences, and professor of communication, Annenberg

School for Communication, with secondary faculty

appointments in the Department of Philosophy, School

of Arts and Sciences, and at the Graduate School of

Education, University of Pennsylvania. Trustee of the

National Constitution Center.

1 Mr. McNabb and Mr. Buckley are considered “interested persons,” as defined in the Investment Company Act of 1940, because they are officers of the Vanguard funds.

JoAnn Heffernan Heisen



experience: corporate vice president of Johnson &

Johnson (pharmaceuticals/medical devices/consumer

products) and member of its executive committee

(1997–2008). Chief global diversity officer (retired

2008), vice president and chief information officer

(1997–2006), controller (1995–1997), treasurer

(1991–1995), and assistant treasurer (1989–1991)

of Johnson & Johnson. Director of Skytop Lodge

Corporation (hotels) and the Robert Wood Johnson

Foundation. Member of the advisory board of the

Institute for Women’s Leadership at Rutgers University.

F. Joseph Loughrey

Born in 1949. Trustee since October 2009. Principal


experience: president and chief operating officer

(retired 2009) and vice chairman of the board

(2008–2009) of Cummins Inc. (industrial machinery).

Chairman of the board of Hillenbrand, Inc. (specialized

consumer services), Oxfam America, and the Lumina

Foundation for Education. Director of the V Foundation

for Cancer Research. Member of the advisory council

for the College of Arts and Letters and chair of the

advisory board to the Kellogg Institute for International

Studies, both at the University of Notre Dame.

Mark Loughridge

Born in 1953. Trustee since March 2012. Principal


experience: senior vice president and chief financial

officer (retired 2013) of IBM (information technology

services). Fiduciary member of IBM’s Retirement

Plan Committee (2004–2013), senior vice president

and general manager (2002–2004) of IBM Global

Financing, vice president and controller (1998–2002)

of IBM, and a variety of other prior management roles

at IBM. Member of the Council on Chicago Booth.

Scott C. Malpass

Born in 1962. Trustee since March 2012. Principal


experience: chief investment officer (1989–present)

and vice president (1996–present) of the University

of Notre Dame. Assistant professor of finance at the

Mendoza College of Business, University of Notre

Dame, and member of the Notre Dame 403(b)

Investment Committee. Chairman of the board of

TIFF Advisory Services, Inc. Member of the board

of Catholic Investment Services, Inc. (investment

advisors), the board of advisors for Spruceview

Capital Partners, and the board of superintendence

of the Institute for the Works of Religion.

Deanna Mulligan



experience: president (2010–present) and chief

executive officer (2011–present) of The Guardian

Life Insurance Company of America. Chief operating

officer (2010–2011) and executive vice president

(2008–2010) of Individual Life and Disability of

The Guardian Life Insurance Company of America.

Member of the board of The Guardian Life Insurance

Company of America, the American Council of Life

Insurers, the Partnership for New York City (business

leadership), and the Committee Encouraging Corporate

Philanthropy. Trustee of the Economic Club of New

York and the Bruce Museum (arts and science).

Member of the Advisory Council for the Stanford

Graduate School of Business.

André F. Perold

Born in 1952. Trustee since December 2004. Principal


experience: George Gund Professor of Finance and

Banking, Emeritus at the Harvard Business School

(retired 2011). Chief investment officer and co-

managing partner of HighVista Strategies LLC

(private investment firm). Overseer of the Museum

of Fine Arts Boston.

Sarah Bloom Raskin



experience: deputy secretary (2014–2017) of

the United States Department of the Treasury.

Governor (2010–2014) of the Federal Reserve Board.

Commissioner (2007–2010) of financial regulation

for the State of Maryland. Member of the board of

directors (2012–2014) of Neighborhood Reinvestment

Corporation. Director of i(x) Investments, LLC.

Peter F. Volanakis



experience: president and chief operating officer

(retired 2010) of Corning Incorporated (communications

equipment) and director of Corning Incorporated

(2000–2010) and Dow Corning (2001–2010).

Director (2012) of SPX Corporation (multi-industry

manufacturing). Overseer of the Amos Tuck School

of Business Administration, Dartmouth College

(2001–2013). Chairman of the board of trustees of

Colby-Sawyer College. Member of the Board of

Hypertherm Inc. (industrial cutting systems, software,

and consumables).

Executive Officers

Glenn Booraem

Born in 1967. Principal occupation(s) during the past

five years and other experience: principal of Vanguard.

Investment stewardship officer (2017–present),

treasurer (2015–2017), controller (2010–2015),

and assistant controller (2001–2010) of each of

the investment companies served by Vanguard.

Christine M. Buchanan


five years and other experience: principal of Vanguard

and global head of Fund Administration at Vanguard.

Treasurer (2017–present) of each of the investment

companies served by Vanguard. Partner (2005–2017)

at KPMG LLP (audit, tax, and advisory services).

Brian Dvorak



Chief compliance officer (2017–present) of Vanguard

and each of the investment companies served by

Vanguard. Assistant vice president (2017–present) of

Vanguard Marketing Corporation. Vice president and

director of Enterprise Risk Management (2011–2013)

at Oppenheimer Funds, Inc.

Thomas J. Higgins



Chief financial officer (2008–present) and treasurer

(1998–2008) of each of the investment companies

served by Vanguard.

Peter Mahoney



Controller (2015–present) of each of the investment

companies served by Vanguard. Head of International

Fund Services (2008–2014) at Vanguard.

Anne E. Robinson

Born in 1970. Principal occupation(s) during the

past five years and other experience: general

counsel (2016–present) of Vanguard. Secretary

(2016–present) of Vanguard and of each of the

investment companies served by Vanguard.

Managing director (2016–present) of Vanguard.

Director and senior vice president (2016–2018)

of Vanguard Marketing Corporation. Managing

director and general counsel of Global Cards and

Consumer Services (2014–2016) at Citigroup.

Counsel (2003–2014) at American Express.

Michael Rollings

Born in 1963. Principal occupation(s) during the

past five years and other experience: finance

director (2017–present) and treasurer (2017) of each

of the investment companies served by Vanguard.

Managing director (2016–present) of Vanguard. Chief

financial officer (2016–present) of Vanguard. Director

(2016–present) of Vanguard Marketing Corporation.

Executive vice president and chief financial officer

(2006–2016) of MassMutual Financial Group.

Vanguard Senior Management Team

Joseph Brennan Chris D. McIsaac

Mortimer J. Buckley James M. Norris

Gregory Davis Thomas M. Rampulla

John James Karin A. Risi

Martha G. King Anne E. Robinson

John T. Marcante Michael Rollings

Chairman Emeritus and Senior Advisor

John J. Brennan

Chairman, 1996–2009

Chief Executive Officer and President, 1996–2008

Founder

John C. Bogle

Chairman and Chief Executive Officer, 1974–1996

P.O. Box 2600Valley Forge, PA 19482-2600

Connect with Vanguard® > vanguard.com

Fund Information > 800-662-7447

Direct Investor Account Services > 800-662-2739

Institutional Investor Services > 800-523-1036

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

This material may be used in conjunctionwith the offering of shares of any Vanguardfund only if preceded or accompanied bythe fund’s current prospectus.

All comparative mutual fund data are from Lipper, aThomson Reuters Company, or Morningstar, Inc., unlessotherwise noted.

You can obtain a free copy of Vanguard’s proxy votingguidelines by visiting vanguard.com/proxyreporting or bycalling Vanguard at 800-662-2739. The guidelines arealso available from the SEC’s website, sec.gov. Inaddition, you may obtain a free report on how your fundvoted the proxies for securities it owned during the 12months ended June 30. To get the report, visit eithervanguard.com/proxyreporting or sec.gov.

You can review information about your fund on theSEC’s website, and you can receive copies of thisinformation, for a fee, by sending a request via emailaddressed to [email protected].

The index is a product of S&P Dow Jones Indices LLC(“SPDJI”), and has been licensed for use by Vanguard. Standard & Poor’s® and S&P® are registeredtrademarks of Standard & Poor’s Financial Services LLC(“S&P”); Dow Jones® is a registered trademark of DowJones Trademark Holdings LLC (“Dow Jones”); S&P®and S&P 500® are trademarks of S&P; and thesetrademarks have been licensed for use by SPDJI andsublicensed for certain purposes by Vanguard. Vanguard product(s) are not sponsored, endorsed, soldor promoted by SPDJI, Dow Jones, S&P, or theirrespective affiliates and none of such parties make anyrepresentation regarding the advisability of investing insuch product(s) nor do they have any liability for anyerrors, omissions, or interruptions of the index.

Source for Bloomberg Barclays indexes: BloombergIndex Services Limited. Copyright 2019, Bloomberg. Allrights reserved.

© 2019 The Vanguard Group, Inc.All rights reserved.U.S. Patent Nos. 6,879,964; 7,337,138;7,720,749; 7,925,573; 8,090,646; 8,417,623; and 8,626,636.Vanguard Marketing Corporation, Distributor.

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