Overview

Vanguard Morningstar Large-Cap Index Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks.


Investment approach


  • Seeks to track the performance of the Morningstar US Large Cap Index.
  • Predominantly large U.S. companies, diversified across growth and value styles.
  • Passively managed, full-replication approach.
  • Fund remains fully invested.
  • Low expenses minimize net tracking error.

With respect to 75% of its total assets, the fund may not: (1) purchase more than 10% of the outstanding voting securities of any one issuer or (2) purchase securities of any issuer if, as a result, more than 5% of the fund’s total assets would be invested in that issuer’s securities; except as may be necessary to approximate the composition of its target index. This limitation does not apply to obligations of the U.S. government or its agencies or instrumentalities.

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Fund facts


as of 04/28/2026		 0.05%
YTD Returns (NAV)
as of 11/13/2026		11.34%

30 day as of 10/31/2026  		0.98%

as of 10/31/2026		 1.05%
Inception date
 02/02/2004

$74.9B

$17.0B
Fund number
 5307
CUSIP
 922908579
Designation
 Domestic Large Blend
Benchmark
 Morningstar U.S. Large Cap Index
Fees & minimum


 None

None
Minimum investment
 $3.0 K

Performance

Total returns

:
0.05%
performance summary
performance summary
RECENT RETURNS
AVERAGE ANNUAL
RECENT RETURNS and AVERAGE ANNUAL chart for VLCAX. Navigate to the performance summary table below for detailed values.
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Note: Except the most recent quarter, the expense ratios presented are the funds' actual operating expenses and they exclude any acquired fees and expenses, which result from the funds' holding in business development companies (BDCs). BDCs expenses are not direct costs paid by fund shareholders and are not used to calculate the funds' net asset value.

*MSCI US Prime Market 750 Index through January 30, 2013; Morningstar US Large Cap Index thereafter.
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Quarterly commentary

  • For the three months ended September 30, 2026, U.S. stocks posted modest gains. Despite generally resilient economic growth and corporate earnings, persistently high inflation and rising interest rates weighed on investor sentiment.
  • Global stocks returned 1.19% for the period, as measured by the FTSE Global All Cap Index in U.S. dollars. Gains in the Pacific region and the U.S. more than offset declines in European equities.
  • The fund’s benchmark, the Morningstar U.S. Large Cap Index, returned 2.46% for the quarter.
  • Technology (+7.1%), energy (+17.6%), and health care (+5.9%) were the top contributors. They accounted for 59.0% of the index’s weighting at quarter-end and added about 4.1 percentage points to its result.
  • Industrials (–6.6%), consumer discretionary (–4.5%), and utilities (–11.3%) were the top detractors.
  • For the 12 months ended September 30, the index returned 15.47%. Technology (+28.8%), health care (+20.9%), and energy (+42.7%) were the top contributors. Consumer discretionary (–7.3%) and utilities (–6.7%) were the only detractors.
The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
Performance data for periods of less than one year does not reflect the deduction of purchase and redemption fees. Maintenance, low balance, and service fees may be assessed by some funds. None of these fees are reflected in the performance figures. If these fees were included, the performance would be lower. All other performance data are adjusted for purchase and redemption fees, where applicable.
The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Benchmark comparative indexes represent unmanaged or average returns on various financial assets, which can be compared with funds' total returns for the purpose of measuring relative performance.

Price & Distributions

Closing price

Closing price as of

NAV
NAV change
52-week high
52-week low
52-week difference

Realized/Unrealized gains

as of

Realized gain
Distribution schedule
Quarterly
Unrealized gains of NAV
Fiscal year-end date

Distribution

Use this table to view or export up to ten years of distributions for this fund.

No distribution records available.
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Distribution yields are not available for products with less than 12 months of distribution history.

Portfolio


Market capitalization

as of 10/31/2026 

MARKET SIZEVLCAX +/- WEIGHT
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More information about market capitalization

Style box


Stocks


Index portfolio of large-capitalization U.S. stocks diversified across investment styles.

This is Equity/Stock Stylebox Image
Central Tendency legend

Central Tendency

Expected range legend

Expected range

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Fundamentals

FUNDAMENTALVLCAX
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Foreign holdings — —

Holdings details

As of date
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Sector categories are based on the Industry Classification Benchmark system (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.

* Percentages may not add up to 100%. SEC regulations allow us to withhold a certain amount of holdings as proprietary information.

Weighted exposures

as of  
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Sector categories are based on the Industry Classification Benchmark system (“ICB”), except for the “Other” category (if applicable), which includes securities that have not been provided an ICB classification as of the effective reporting period.


The composition of the portfolio's primary asset class. (i.e., for a bond fund, weighted exposures show the composition of the fund's bond allocation and will exclude other asset classes such as the short-term reserves).

Risk and volatility

as of
Risk and volatility
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Risk measures are calculated from trailing 3, 5, and 10 year fund returns relative to the associated benchmarks.

*

MSCI US Prime Market 750 Index through January 30, 2013; Morningstar US Large Cap Index thereafter.

As with any investment, an investment in the fund could lose money over any time period. The fund’s share price and total return may fluctuate, potentially within a wide range. The principal risks of investing in the fund are summarized below. Each of the following risks could affect the fund’s performance:

  • General Market Risk. The markets in which the fund invests can be affected by a variety of factors. These factors, which can be real or perceived, may include economic, market, political, and regulatory conditions and developments as well as local, regional, or global events such as wars, military conflicts, natural disasters, and public health issues. In addition, investor sentiment and expectations regarding these factors can also impact the markets. Different parts of the market, including different industries and sectors as well as different types of securities, may react differently to factors that affect the market. These factors can contribute to market uncertainty, market volatility, and fluctuations in the value of the fund’s investments, thereby resulting in potential losses to the fund over short or long periods.
  • Investing in Equity Markets. The fund invests in the equity markets. Equity markets have historically been cyclical, having periods of time when stock values rise and fall. Market volatility can lead to significant fluctuations in stock values, resulting in potential losses to the fund.
  • Market Capitalization (Market Cap). Companies are generally classified into three types of market cap depending on their size: small-, mid-, and large-cap. Companies can be further classified into micro- or mega-cap. Different factors can affect each market cap uniquely, and historically small-and mid-cap stocks have typically been more volatile due to the effects of changing economic conditions. Large companies may not reach the same levels of growth or performance as smaller companies, and they may be slower to react to competitive challenges. The performance of funds that invest in a subset of market caps could diverge from the performance of a fund that is focused on a broader representation of the stock market.
  • Index Investing. The fund is subject to risks associated with index investing. Because the fund generally seeks to track the performance of the target index regardless of how the target index is performing, the fund’s performance may be lower than it would be if it were actively managed. Although the fund seeks to hold substantially all of the securities included in the target index, it may be unable to do so. In addition, the fund could be prevented from holding one or more securities in the same proportion as in the target index. The performance of the fund’s investments, in the aggregate, may not match the investment performance of the target index. This risk, known as tracking error risk, may be heightened during times of increased market volatility or under other unusual market conditions. The fund also could be negatively impacted by changes to the target index made by the index provider or by errors made by the index provider. Any gains, losses, or costs associated with or resulting from an error made by the index provider will generally be borne by the fund and, as a result, the fund’s shareholders.
  • Nondiversification. By tracking its broad-based target index, the fund could become nondiversified, as defined under the Investment Company Act of 1940, due to events such as an index rebalance or market movement. The performance of nondiversified funds may be negatively impacted by relatively few securities or even a single security and their shares may experience significant fluctuations in value.
  • Concentration Risk. Except as may be necessary to approximate the composition of its target index, the fund will not concentrate its investments in the securities of issuers whose principal business activities are in the same industry or group of industries. If the target index becomes concentrated and the fund needs to concentrate in the same industry or group of industries, its performance could be negatively impacted by the industry or industries in which it is concentrated.
  • Information Technology Sector. As of the fund’s most recent fiscal year end, stocks of companies within the information technology sector made up a significant portion of the target index. As a result, the performance of the target index, and therefore the performance of the fund, may be impacted by the general condition of the information technology sector.

Management

Vanguard Morningstar Large-Cap Index Fund seeks to track the investment performance of the Morningstar US Large Cap Index, an unmanaged benchmark representing predominantly large U.S. firms. Using full replication, the portfolio holds each index stock in approximately the same proportion as its weighting in the index. The Strategic Equity Index Management team applies sophisticated portfolio construction methodologies and efficient trading strategies designed to accommodate cash flows and maintain close alignment with benchmark characteristics. Vanguard’s refined indexing process, combined with low management fees and efficient trading, has provided tight tracking net of expenses.

Launched in 1975, The Vanguard Group Inc., Malvern, Pennsylvania, is among the world’s largest equity and fixed income managers. Vanguard’s wholly owned subsidiary, Vanguard Portfolio Management, an independent investment advisor designed to enhance fund oversight and operational efficiency, is focused on equity strategies. Equity index funds are managed by Strategic Equity Index Management, covering the U.S. market. Strategic Equity Index Management has developed sophisticated portfolio construction methodologies and efficient trading strategies that seek to deliver returns that are highly correlated with target portfolio benchmarks. The group has advised Vanguard Morningstar Large-Cap Index Fund since 2004.

Chris Nieves, CFA,Portfolio manager.

  • Advised the fund since 2025.
  • Worked in investment management since 2013.
  • B.A., Cornell University.
  • MEng., Cornell University.

Jena Stenger, CFA,Portfolio manager.

  • Advised the fund since 2025.
  • Worked in investment management since 2013.
  • B.S., Villanova University.
  • M.B.A., University of Chicago Booth School of Business.

Proxy voting

This fund is eligible for Investor Choice.

Through the Investor Choice program, investors can select from a set of policies to help direct the proxy voting at the portfolio companies held by the fund. View policies

The policy adopted by the fund's trustees will be applied for all shares held by investors who have not yet made a policy selection through the Investor Choice program. Fund proxy policy

Proxy voting record

Please refer to the Literature section below to access the Statement of Additional Information (SAI), which details the fund's approach to proxy voting.

Literature


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